Document:

VSEA, Inc.'s Deferred Compensation Plan

 Exhibit 10.1 
 Varian Semiconductor Equipment 
 Associates, Inc. 
 Deferred Compensation Plan 
 IMPORTANT
NOTE 
 This document has not been approved by the Department of Labor, Internal Revenue Service or any other governmental entity. An adopting Employer must
determine whether the Plan is subject to the Federal securities laws and the securities laws of the various states. An adopting Employer may not rely on this document to ensure any particular tax consequences or to ensure that the Plan is
“unfunded and maintained primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees” under Title I of the Employee Retirement Income Security Act of 1974, as amended, with
respect to the Employer’s particular situation. Fidelity Investments Institutional Operations Company, Inc., its affiliates and employees cannot provide you with legal advice in connection with the execution of this document. This document
should be reviewed by the Employer’s attorney prior to execution. 

 TABLE OF CONTENTS 
 PREAMBLE 
  

					
	ARTICLE 1 – GENERAL	  	1-1
	1.1	  	Plan	  	1-1
	1.2	  	Effective Dates	  	1-1
	1.3	  	Grandfathering of Amounts Not Subject to Code Section 409A	  	1-1
		
	ARTICLE 2 – DEFINITIONS	  	2-1
	2.1	  	Account	  	2-1
	2.2	  	Administrator	  	2-1
	2.3	  	Adoption Agreement	  	2-1
	2.4	  	Beneficiary	  	2-1
	2.5	  	Board or Board of Directors	  	2-1
	2.6	  	Bonus	  	2-1
	2.7	  	Change in Control	  	2-1
	2.8	  	Code	  	2-1
	2.9	  	Compensation	  	2-1
	2.10	  	Director	  	2-2
	2.11	  	Disabled	  	2-2
	2.12	  	Eligible Employee	  	2-2
	2.13	  	Employer	  	2-2
	2.14	  	ERISA	  	2-2
	2.15	  	Identification Date	  	2-2
	2.16	  	Key Employee	  	2-2
	2.17	  	Participant	  	2-2
	2.18	  	Plan	  	2-3
	2.19	  	Plan Sponsor	  	2-3
	2.20	  	Plan Year	  	2-3
	2.21	  	Related Employer	  	2-3
	2.22	  	Retirement	  	2-3
	2.23	  	Separation from Service	  	2-3
	2.24	  	Unforeseeable Emergency	  	2-3
	2.25	  	Valuation Date	  	2-3
	2.26	  	Years of Service	  	2-3
		
	ARTICLE 3 – PARTICIPATION	  	3-1
	3.1	  	Participation	  	3-1
	3.2	  	Termination of Participation	  	3-1

  

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	ARTICLE 4 – PARTICIPANT CONTRIBUTIONS	  	4-1
	4.1	  	Deferral Agreement	  	4-1
	4.2	  	Amount of Deferral	  	4-1
	4.3	  	Timing of Election to Defer	  	4-1
	4.4	  	Election of Payment Schedule and Form of Payment	  	4-2
	4.5	  	2005 Transitional Rules	  	4-2
	4.6	  	2006 Transitional Rule	  	4-3
		
	ARTICLE 5 – EMPLOYER CONTRIBUTIONS	  	5-1
	5.1	  	Matching Contributions	  	5-1
	5.2	  	Other Contributions	  	5-1
		
	ARTICLE 6 – ACCOUNTS AND CREDITS	  	6-1
	6.1	  	Establishment of Account	  	6-1
	6.2	  	Credits to Account	  	6-1
		
	ARTICLE 7 – INVESTMENT OF CONTRIBUTIONS	  	7-1
	7.1	  	Investment Options	  	7-1
	7.2	  	Adjustment of Accounts	  	7-1
		
	ARTICLE 8 – RIGHT TO BENEFITS	  	8-1
	8.1	  	Vesting	  	8-1
	8.2	  	Death	  	8-1
	8.3	  	Disability	  	8-2
		
	ARTICLE 9 – DISTRIBUTION OF BENEFITS	  	9-1
	9.1	  	Amount of Benefits	  	9-1
	9.2	  	Method and Timing of Distributions	  	9-1
	9.3	  	Unforeseeable Emergency	  	9-1
	9.4	  	Termination Before Retirement	  	9-2
	9.5	  	Cashouts of Amounts Not Exceeding Stated Limit	  	9-2
	9.6	  	Key Employees	  	9-2
	9.7	  	Change in Control	  	9-2
	9.8	  	Permissible Delays in Payment	  	9-6

  

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	ARTICLE 10 – AMENDMENT AND TERMINATION	  	10-1
	10.1	  	Amendment by Employer	  	10-1
	10.2	  	Retroactive Amendments	  	10-1
	10.3	  	Plan Termination	  	10-1
	10.4	  	Distribution Upon Termination of the Plan	  	10-2
		
	ARTICLE 11 – THE TRUST	  	11-1
	11.1	  	Establishment of Trust	  	11-1
	11.2	  	Grantor Trust	  	11-1
	11.3	  	Investment of Trust Funds	  	11-1
		
	ARTICLE 12 – PLAN ADMINISTRATION	  	12-1
	12.1	  	Powers and Responsibilities of the Administrator	  	12-1
	12.2	  	Claims and Review Procedures	  	12-2
	12.3	  	Plan Administrative Costs	  	12-3
		
	ARTICLE 13 – MISCELLANEOUS	  	13-1
	13.1	  	Unsecured General Creditor of the Employer	  	13-1
	13.2	  	Employer’s Liability	  	13-1
	13.3	  	Limitation of Rights	  	13-1
	13.4	  	Anti-Assignment	  	13-1
	13.5	  	Facility of Payment	  	13-1
	13.6	  	Notices	  	13-2
	13.7	  	Tax Withholding	  	13-2
	13.8	  	Indemnification	  	13-2
	13.9	  	Permitted Acceleration of Payment	  	13-2
	13.10	  	Governing Law	  	13-3

  

 iii 

 PREAMBLE 
 The Plan is intended to be a “plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the
meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended, and is further intended to conform with the requirements of Internal Revenue Code Section 409A and shall be implemented and
administered in a manner consistent therewith. 

 ARTICLE 1 – GENERAL 
  

	1.1	Plan. The Plan will be referred to by the name specified in the Adoption Agreement. 

  

	1.2	Effective Dates. 

  

	 	(a)	Original Effective Date. The Original Effective Date is the date as of which the Plan was initially adopted. 

  

	 	(b)	Amendment Effective Date. The Amendment Effective Date is the date specified in the Adoption Agreement as of which the Plan is amended and restated. 

 

	 	(c)	Special Effective Date. A Special Effective Date may apply to any given provision if so specified in Appendix C of the Adoption Agreement. A Special Effective Date will
control over the Original Effective Date or Amendment Effective Date, whichever is applicable, with respect to such provision of the Plan. 

  

	1.3	Grandfathering of Amounts Not Subject to Code Section 409A 

 If the Plan Sponsor has elected to treat amounts deferred before January 1, 2005 that are earned and vested on December 31, 2004 as subject to the provisions of the Plan as in effect on December 31,
2004, such grandfathered amounts will be separately accounted for and administered in accordance with the terms of the Plan as in effect on such date, except as otherwise provided in this Plan document. A summary of the grandfathered provisions is
set forth in Appendix B of the Adoption Agreement. 
  

 1-1 

 ARTICLE 2 – DEFINITIONS 
 Pronouns used in the Plan are in the masculine gender but include the feminine gender unless the context clearly indicates otherwise. Wherever used herein, the following terms have the meanings set forth below, unless
a different meaning is clearly required by the context: 
  

	2.1	“Account” means an account established for the purpose of recording amounts credited on behalf of a Participant and any income, expenses, gains, losses or
distributions included thereon. The Account shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant pursuant to the Plan. 

 

	2.2	“Administrator” means the person or persons designated by the Employer in Section 1.05 of the Adoption Agreement to be responsible for the administration of
the Plan. If no Administrator is designated in the Adoption Agreement, the Administrator is the Employer. 

  

	2.3	“Adoption Agreement” means the agreement adopted by the Plan Sponsor that establishes the Plan. 

  

	2.4	“Beneficiary” means the persons, trusts, estates or other entitities entitled under Section 8.2 to receive benefits under the Plan upon the death of a
Participant. 

  

	2.5	“Board” or “Board of Directors” means the Board of Directors of the Plan Sponsor. 

  

	2.6	“Bonus” means an amount of incentive remuneration payable by the Employer to a Participant. 

  

	2.7	“Change in Control” means the occurrence of an event involving the Employer that is described in Section 9.7. 

  

	2.8	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	2.9	“Compensation” means the total cash and non-cash remuneration provided to Participant by the Employer for professional services rendered during a Plan Year, whether
or not includible in the gross income of the Participant for Federal income tax purposes, including bonuses but excluding reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, deferred compensation and
welfare benefits. Alternatively, Compensation has the meaning specified in Section 3.01b of the Adoption Agreement. In the case of a Director, 

  

 2-1 

 Compensation means the total of (1) the fees paid to the Director for attendance at meetings of the
Board or meetings of the Board’s committees, and (2) the annual retainer fee paid to the Director for service on the Board or committee(s) of the Board, including the Board retainer, committee chair and member retainers and any other form
of retainer paid to a Director for service on the Board. 
  

	2.10	“Director” means a non-employee member of the Board who has been designated by the Employer as eligible to participate in the Plan. 

  

	2.11	“Disabled” means a determination by the Administrator that the Participant is either (1) unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (2) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or last for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees
of the Employer. A Participant will be considered disabled if he is determined to be totally disabled by the Social Security Administration. 

  

	2.12	“Eligible Employee” means an employee of the Employer who is determined by the Administrator to be a member of a select group of management or highly compensated
employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and who satisfies the requirements in Section 2.01 of the Adoption Agreement. 

  

	2.13	“Employer” means the Plan Sponsor and any other entity which is authorized by the Plan Sponsor to participate in and, in fact, does adopt the Plan.

  

	2.14	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

  

	2.15	“Identification Date” means the date as of which Key Employees are determined which is specified in Section 1.06 of the Adoption Agreement.

  

	2.16	“Key Employee” means a ‘specified employee’ within the meaning of Section 409A(a)(2)(B)(i) of the Code who satisfies the conditions set forth in
Section 9.6. 

  

	2.17	“Participant” means an Eligible Employee or Director who commences participation in the Plan in accordance with Article 3. 

  

 2-2 

	2.18	“Plan” means the unfunded plan of deferred compensation set forth herein, including the Adoption Agreement and any trust agreement, as adopted by the Employer and
as amended from time to time. 

  

	2.19	“Plan Sponsor” means the entity specified in the Adoption Agreement. 

  

	2.20	“Plan Year” means the period specified in the Adoption Agreement. 

  

	2.21	“Related Employer” means the Employer and (a) any corporation that is a member of a controlled group of corporations as defined in Section 414(b) of the
Code that includes the Employer and (b) any trade or business that is under common control as defined in Section 414(c) of the Code that includes the Employer. 

  

	2.22	“Retirement” has the meaning specified in 6.01f of the Adoption Agreement. 

  

	2.23	“Separation from Service” means the date that the Participant dies, retires or otherwise has a termination of employment with respect to all entities comprising the
Related Employer. A Separation from Service does not occur if the Participant is on military leave, sick leave or other bona fide leave of absence if the period of leave does not exceed six months or such longer period during which the
Participant’s right to re-employment is provided by statute or contract. If the period of leave exceeds six months and the Participant’s right to re-employment is not provided either by statute or contract, a Separation from Service will
be deemed to have occurred on the first day following the six-month period. 

  

	2.24	“Unforeseeable Emergency” means a severe financial hardship of the Participant resulting from an illness or accident of the Participant, the Participant’s
spouse, or the Participant’s dependent (as defined in Code Section 152(a)); loss of the Participant’s property due to casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the
control of the Participant. 

  

	2.25	“Valuation Date” means each business day of the Plan Year and such other date(s) as designated by the Employer. 

  

	2.26	“Years of Service” means each one year period for which the Participant receives service credit in accordance with the provisions of Section 7.01d of the
Adoption Agreement. 

  

 2-3 

 ARTICLE 3 – PARTICIPATION 
  

	3.1	Participation. The Participants in the Plan shall be those Directors and those “management” or “highly compensated” employees of the Employer within the
meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA who satisfy the requirements of Section 2.01 of the Adoption Agreement. 

  

	3.2	Termination of Participation. The Administrator may terminate a Participant’s participation in the Plan but any such termination at the direction of the Administrator
shall not take effect until the first day of the next Plan Year. 

  

 3-1 

 ARTICLE 4 – PARTICIPANT CONTRIBUTIONS 
  

	4.1	Deferral Agreement. Each Eligible Employee and Director may elect to defer his Compensation within the meaning of Section 3.01 of the Adoption Agreement by executing in
writing or electronically, a deferral agreement in accordance with rules and procedures established by the Administrator and the provisions of this Article 4. 

 A new deferral agreement must be timely executed for each Plan Year during which the Eligible Employee or Director desires to defer Compensation. An
Eligible Employee or Director who does not timely execute a deferral agreement shall be deemed to have elected zero deferrals of Compensation for such Plan Year. 
 If an Eligible Employee or Director fails to have an executed deferral agreement in effect for a Plan Year during which an Employer contribution pursuant to Article 5 is made on his behalf, the Eligible Employee or
Director will be deemed to have elected to receive a lump sum distribution upon Separation from Service. 
 A deferral agreement may be
changed or revoked during the period specified by the Administrator. Except as provided in Section 9.3 or in Section 4.01c of the Adoption Agreement, a deferral agreement becomes irrevocable at the close of the specified period.

  

	4.2	Amount of Deferral. An Eligible Employee or Director may elect to defer Compensation in any amount permitted by Section 4.01a of the Adoption Agreement.

  

	4.3	Timing of Election to Defer. Each Eligible Employee or Director who desires to defer Compensation otherwise payable during a Plan Year must execute a deferral agreement
within the period preceding the Plan Year specified by the Administrator. Each Eligible Employee who desires to defer Compensation that is a Bonus must execute a deferral agreement within the period preceding the Plan Year during which the Bonus is
earned that is specified by the Administrator, except that if the Bonus can be treated as performance based compensation as described in Code Section 409A(a)(4)(B)(iii), the deferral agreement may be executed within the period specified by the
Administrator, which period, in no event, shall end after the date which is six months prior to the end of the period during which the Bonus is earned. 

  

 4-1 

 Except as otherwise provided below, an employee who is classified or designated as an Eligible Employee
during a Plan Year or a Director who is designated as eligible to participate during a Plan Year may elect to defer Compensation otherwise payable during the remainder of such Plan Year in accordance with the rules of this Section 4.3 by
executing a deferral agreement within the thirty (30) day period beginning on the date the employee is classified or designated as an Eligible Employee or the date the Director is designated as eligible, whichever is applicable, if permitted by
Section 2.01 of the Adoption Agreement. If Compensation is based on specified performance period that begins before the Eligible Employee or Director executes his deferral agreement, the election will be deemed to apply to the portion of such
Compensation equal to the total amount of Compensation for the service period multiplied by the ratio of the number of days remaining in the performance period after the election over the total number of days in the performance period. The rules of
this paragraph shall not apply if the Eligible Employee or Director has ever participated or is participating in a “Plan” within the meaning of Prop. Reg. Sec. 1.409A-1(c) sponsored by the Employer. 
  

	4.4	Election of Payment Schedule and Form of Payment.  

 At the time an Eligible Employee or Director completes a deferral agreement, the Eligible Employee or Director must elect a distribution event (which includes a specified time) and a form of payment for the Compensation subject to the
deferral agreement from among the options the Administrator has made available for this purpose and which are specified in 6.01b of the Adoption Agreement. 
  

	4.5	2005 Transitional Rules 

 If elected by the
Employer in Section 13.01 of the Adoption Agreement, one or more of the following transitional rules set forth in Notice 2005-1 shall apply during calendar year 2005. Each transitional rule that applies during calendar year 2005 will be
implemented in accordance with rules and procedures established by the Administrator. 
  

	 	(a)	New Payment Elections. 

 A Participant may make new
payment elections with respect to amounts subject to Code Section 409A provided the elections are made no later than December 31, 2005. The new payment elections may apply to amounts deferred before the date of the election and can be made
without regard to Code Sections 409A(a)(3) and (4) and any inconsistent provisions in the Plan to the contrary. A Participant who fails to make a new payment election in accordance with this Section 4.5(a) with respect any 
  

 4-2 

 amount subject to Code Section 409A for which a valid payment election was not made in accordance
with the Plan and the requirements of Code Section 409A will be deemed to have made the default elections provided in Section 13.01a of the Adoption Agreement. 
 If the Employer elects not to permit new payment elections in accordance with this Section 4.5(a), the default elections specified in Section 13.01a of the Adoption Agreement will apply to all amounts
subject to Code Section 409A that were deferred prior to December 31, 2005 for which a valid payment election was not made in accordance with the Plan and the requirements of Code Section 409A. 
  

	 	(b)	Elections to terminate participation or cancel an outstanding election. 

 A Participant may elect to terminate participation or cancel a deferral election with respect to amounts subject to Code Section 409A. An election made pursuant to this Section 4.5(b) may apply: (i) to
all or part of calendar year 2005; (ii) to elective and/or nonelective deferred compensation under the Plan; (iii) to all or any portion of the Plan; and/or (iv) to one or more outstanding deferral elections with regard to amounts
subject to Code Section 409A. An election made pursuant to this Section 4.5(b) includes a termination or cancellation that results in a lower amount of deferral for the period without a complete elimination of deferrals. Any election made
pursuant to this Section 4.5(b) may be made without regard to Code Sections 409A(a)(2), (3) and (4) and any inconsistent provisions in the Plan to the contrary. 
  

	 	(c)	Prospective Deferral Elections. 

 A Participant may make a
deferral election with respect to Compensation that has not yet been paid or become payable at the time of the election, provided the election is made no later than March 15, 2005. The prospective deferral election may be made without regard to
Code Section 409A(a)(4) and any inconsistent provisions in the Plan to the contrary. 
  

	4.6	2006 Transitional Rule  

 If elected by the Employer
in accordance with Section 13.02 of the Adoption Agreement, the following transitional rule will apply during calendar year 2006. The rule will be implemented in accordance with rules and procedures established by the Administrator. 

 

 4-3 

 A Participant may make new payment elections with respect to amounts subject to Code Section 409A
provided: (1) the elections are made no later than December 31, 2006 and, (2) a Participant cannot in 2006 change payment elections with respect to payments that would otherwise have become payable in 2006 or cause payments to be made
in 2006. 
 A Participant who fails to make a new payment election in accordance with amount subject to Code Section 409A for which a
valid payment election was not made in accordance with the Plan and the requirements of Code Section 409A will be deemed to have made the default elections provided in Section 13.01a of the Adoption Agreement. 
 If the Employer elects not to permit new payment elections in accordance with this Section 4.6, the default elections in Section 13.01a of the
Adoption Agreement will apply to all amounts subject to Code Section 409A for which a valid payment election was not made in accordance with the Plan and the requirements of Code Section 409A. 
  

 4-4 

 ARTICLE 5 – EMPLOYER CONTRIBUTIONS 
  

	5.1	Matching Contributions. If elected by the Employer in Section 5.01a of the Adoption Agreement, the Employer will credit the Participant’s Account with a matching
contribution determined in accordance with the formula specified in Section 5.01a of the Adoption Agreement. The matching contribution will be credited to the Participant’s Account at the time specified in Section 5.01a(iii) of the
Adoption Agreement. 

  

	5.2	Other Contributions. If elected by the Employer in Section 5.01b of the Adoption Agreement, the Employer will credit the Participant’s Account with a contribution
determined in accordance with the formula or method specified in Section 5.01b of the Adoption Agreement. The contribution will be credited to the Participant’s Account at the time specified in Section 5.01b(iii) of the Adoption
Agreement. 

  

 5-1 

 ARTICLE 6 – ACCOUNTS AND CREDITS 
  

	6.1	Establishment of Account. For accounting and computational purposes only, the Administrator will establish and maintain an Account for each Participant which will reflect the
credits made pursuant to Section 6.2 along with the earnings, expenses, gains and losses allocated thereto, attributable to the hypothetical investments made with the amounts in the Participant’s Account as provided in Article 7. The
Administrator will establish and maintain such other records and accounts, as it decides in its discretion to be reasonably required or appropriate to discharge its duties under the Plan. 

  

	6.2	Credits to Account. A Participant’s Account will be credited for each Plan Year with the amount of his elective deferrals under Section 4.1 at the time the amount
subject to the deferral election would otherwise have been payable to the Participant and the amount of Employer contributions made on his behalf under Article 5. Such amounts will be credited to the Participant’s Account at the times
specified, respectively, in Sections 5.01a(iii) and 5.01b(iii) of the Adoption Agreement. 

  

 6-1 

 ARTICLE 7 – INVESTMENT OF CONTRIBUTIONS 
  

	7.1	Investment Options. The amount in a Participant’s Account shall be treated as invested in the investment options designated for this purpose by the Administrator and set
forth in Appendix A to the Adoption Agreement. 

  

	7.2	Adjustment of Accounts. The amount in a Participant’s Account shall be adjusted for hypothetical investment earnings, expenses, gains or losses in an amount equal to the
earnings, expenses, gains or losses attributable to the investment options selected by the party designated in Section 9.01 of the Adoption Agreement from among the investment options provided in Section 7.1. If permitted by
Section 9.01 of the Adoption Agreement, a Participant may, in accordance with rules and procedures established by the Administrator, select the investments from among the options provided in Section 7.1 to be used for the purpose of
calculating future hypothetical investment adjustments to the Participant’s Account or to future credits to the Account under Section 6.2 effective as the Valuation Date coincident with or next following notice to the Administrator. The
Account of each Participant shall be adjusted as of each Valuation Date to reflect: (a) the hypothetical earnings, expenses, gains and losses described above; (b) amounts credited pursuant to Section 6.2; and (c) distributions or
withdrawals. In addition, the Account of each Participant may be adjusted for its allocable share of the hypothetical costs and expenses associated with the maintenance of the hypothetical investments provided in Section 7.1.

  

 7-1 

 ARTICLE 8 – RIGHT TO BENEFITS 
  

	8.1	Vesting. A Participant, at all times, has the 100% nonforfeitable interest in the amounts credited to his Account attributable to his elective deferrals made in accordance
with Section 4.1. 

 A Participant’s right to the amounts credited to his Account attributable to Employer
contributions made in accordance with Article 5 shall be determined in accordance with the relevant schedule specified in Section 7.01 of the Adoption Agreement 
  

	8.2	Death. The balance or remaining balance credited to a Participant’s vested Account shall be paid to his Beneficiary at the time specified in Section 6.01a of the
Adoption Agreement in a single lump sum payment following the date of death, unless additional forms of payment have been made available for this purpose in Section 6.01b of the Adoption Agreement and the Participant has made a valid election
(or valid elections) of a form of payment in accordance with the provisions of Article 4. If additional forms have been made available, payment to the Beneficiary shall be made at the time specified in Section 6.01a of the Adoption Agreement in
the form elected by the Participant in accordance with the provisions of Article 4. If multiple Beneficiaries have been designated, each Beneficiary shall receive payment of his specified portion of the Account at the time specified in
Section 6.01a of the Adoption Agreement in the form elected by the Participant. 

 A Participant may designate a
Beneficiary or Beneficiaries, or change any prior designation of Beneficiary or Beneficiaries in accordance with rules and procedures established by the Administrator. 
 A copy of the death notice or other sufficient documentation must be filed with and approved by the Administrator. If upon the death of the Participant there is, in the opinion of the Administrator, no designated
Beneficiary for part or all of the Participant’s vested Account, such amount will be paid to his estate (such estate shall be deemed to be the Beneficiary for purposes of the Plan) in a single lump sum payment 
  

 8-1 

	8.3	Disability. The balance or remaining balance credited to a Participant’s vested Account shall be paid to the Participant at the time specified in Section 6.01a of
the Adoption Agreement in a single lump sum cash payment following the date a Participant incurs a Disability as defined in Section 2.11, unless additional forms of payment have been made available for this purpose in Section 6.01b of the
Adoption Agreement and the Participant has made a valid election of a different form of payment. If additional forms have been made available, payment shall be made at the time specified in Section 6.01a of the Adoption Agreement and in the
form elected by the Participant in accordance with the provisions of Article 4. The Administrator, in its sole discretion, shall determine whether a Participant has experienced a disability for purposes of this Section 8.3.

  

 8-2 

 ARTICLE 9 – DISTRIBUTION OF BENEFITS 
  

	9.1	Amount of Benefits. The vested amount credited to a Participant’s Account as determined under Articles 6, 7 and 8 shall determine and constitute the basis for the value
of benefits payable to the Participant under the Plan. 

  

	9.2	Method and Timing of Distributions. Except as otherwise provided in this Article 9, distributions under the Plan shall be made in accordance with the elections made by the
Participant under Article 4. Distributions following a payment event shall commence at the time specified in Section 6.01a of the Adoption Agreement. If permitted by Section 6.01g of the Adoption Agreement, a Participant may elect, at
least twelve months before a scheduled distribution event, to delay the payment date for a minimum period of sixty months from the originally scheduled date of payment. The re-deferral election must be made in accordance with procedures and rules
established by the Administrator. The Participant may, at the same time the date of payment is deferred, change the form of payment but such change in the form of payment may not effect an acceleration of payment in violation of Section 409A of
the Code. 

  

	9.3	Unforeseeable Emergency. A Participant may request a distribution due to an Unforeseeable Emergency if the Employer has elected to permit Unforeseeable Emergency withdrawals
under Section 8.01a of the Adoption Agreement. The request must be in writing and must be submitted to the Administrator along with evidence that the circumstances constitute an Unforeseeable Emergency. The Administrator has the discretion to
require whatever evidence it deems necessary to determine whether a distribution is warranted. Whether a Participant has incurred an Unforeseeable Emergency will be determined by the Administrator on the basis of the relevant facts and circumstances
in its sole discretion, but, in no event, will an Unforeseeable Emergency be deemed to exist if the hardship can be relieved: (a) through reimbursement or compensation by insurance or otherwise, (b) by liquidation of the Participant’s
assets to the extent such liquidation would not itself cause severe financial hardship, or (c) by cessation of deferrals under the Plan. A distribution due to an Unforeseeable Emergency must be limited to the amount reasonably necessary to
satisfy the emergency need and may include any amounts necessary to pay any federal, state or local income tax penalties reasonably anticipated to result from the distribution. The distribution will be made in the form of a single lump sum cash
payment. If permitted by Section 8.01b of the Adoption Agreement, a Participant’s deferral elections for the remainder of the Plan Year will be cancelled upon a withdrawal due to Unforeseeable Emergency. 

  

 9-1 

	9.4	Termination Before Retirement. If the Employer has elected a Separation from Service override in accordance with Section 6.01d of the Adoption Agreement, the following
provisions apply. A Participant who experiences a Separation from Service before Retirement for any reason other than death shall receive the vested amount credited to his Account at the time specified in Section 6.01a of the Adoption Agreement
in a single lump sum payment following such termination or cessation of service regardless of whether the Participant had made different elections of time or form of payment as to the vested amounts credited to his Account or whether the Participant
was receiving installment payouts at the time of such termination. 

  

	9.5	Cashouts Of Amounts Not Exceeding Stated Limit. If the vested amount credited to the Participant’s Account does not exceed the limit established for this purpose by the
Employer in Section 6.01e of the Adoption Agreement at the time he separates from service with the Employer for any reason, the Employer shall distribute such amount to the Participant at the time specified in Section 6.01a of the Adoption
Agreement in a single lump sum cash payment following such termination regardless of whether the Participant had made different elections of time or form of payment as to the vested amount credited to his Account or whether the Participant was
receiving installments at the time of such termination. A Participant’s Account, for purposes of this Section 9.5, shall include any amounts described in Section 1.3. 

  

	9.6	Key Employees. In no event shall a distribution made to a Key Employee from his Account occur before the date which is six months after the date of his Separation from
Service with the Employer. For purposes of this Section 9.6, a Key Employee means an employee of an Employer any of whose stock is publicly traded on an established securities market or otherwise who satisfies the requirements of
Section 416(i)(1)(A)(i), (ii) or (iii), of the Code, determined without regard to Section 416(i)(5) of the Code, at any time during the twelve-month period ending on the Identification Date. An employee who is determined to be a Key
Employee on an Identification Date shall be treated as a Key Employee for purposes of the six-month delay in distributions set forth in this Section 9.6 for the twelve-month period beginning on the first day of the fourth month following the
Identification Date. Whether any stock of the Employer is traded on an established securities market or otherwise is determined on the date a Participant experiences a Separation from Service. Installment distributions to a Key Employee that are
delayed due to the application of the requirements of this Section 9.6 shall commence as of the earliest date permitted by Code Section 409A. 

  

	9.7	Change in Control. If the Employer has elected to permit distributions upon a Change in Control, the following provisions shall apply. A 

  

 9-2 

 distribution made upon a Change in Control will be made at the time specified in Section 6.01a of
the Adoption Agreement in the form elected by the Participant in accordance with the procedures described in Article 4. A Change in Control will occur upon a change in the ownership of the Plan Sponsor, a change in the effective control of the Plan
Sponsor or a change in the ownership of a substantial portion of the assets of the Plan Sponsor. The Plan Sponsor, for this purpose, includes any corporation identified in this Section 9.7. 
 If a Participant continues to make deferrals in accordance with Article 4 after he has received a distribution due to a Change in Control, the residual
amount payable to the Participant shall be paid at the time and in the form specified in the elections he makes in accordance with Article 4 or upon his Death or Disability as provided in Article 8. 
 Whether a Change in Control has occurred will be determined by the Administrator in accordance with the rules and definitions set forth in this
Section 9.7. A distribution to the Participant will be treated as occurring upon a Change in Control if the Plan Sponsor terminates the Plan and distributes the Participant’s benefits within twelve months of a Change in Control as provided
in Section 10.3. 
  

	 	a)	Relevant Corporations. To constitute a Change in Control for purposes of the Plan, the event must relate to (i) the corporation for whom the Participant is performing
services at the time of the Change in Control, (ii) the corporation that is liable for the payment of the Participant’s benefits under the Plan (or all corporations liable if more than one corporation is liable), or (iii) a
corporation that is a majority shareholder of a corporation identified in (i) or (ii), or any corporation in a chain of corporations in which each corporation is a majority corporation of another corporation in the chain, ending in a
corporation identified in (i) or (ii). A majority shareholder is defined as a shareholder owning more than fifty percent (50%) of the total fair market value and voting power of such corporation. 

  

	 	b)	Stock Ownership. Code Section 318(a) applies for purposes of determining stock ownership. Stock underlying a vested option is considered owned by the individual who owns
the vested option (and the stock underlying an unvested option is not considered owned by the individual who holds the unvested option). If, however, a vested option is exercisable for stock that is not substantially vested (as defined by Treasury
Regulation Section 1.83-3(b) and (j)) the stock underlying the option is not treated as owned by the individual who holds the option. Mutual and cooperative corporations are treated as having stock for purposes of this Section 9.7.

  

 9-3 

	 	c)	Change in the Ownership of a Corporation. A change in the ownership of a corporation occurs on the date that any one person or more than one person acting as a group,
acquires ownership of stock of the corporation that, together with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of such corporation. If any one
person or more than one person acting as a proxy is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of a corporation, the acquisition of additional stock by the same person or
persons is not considered to cause a change in the ownership of the corporation (or to cause a change in the effective control of the corporation as discussed below in Section 9.7(d)). An increase in the percentage of stock owned by any one
person, or persons acting as a group, as a result of a transaction in which the corporation acquires its stock in exchange for property will be treated as an acquisition of stock. Section 9.7(c) applies only when there is a transfer of stock of
a corporation (or issuance of stock of a corporation) and stock in such corporation remains outstanding after the transaction. For purposes of this Section 9.7(c), persons will not be considered to be acting as a group solely because they
purchase or own stock of the same corporation at the same time or as a result of a public offering. Persons will, however, be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase
or acquisition of stock, or similar business transaction with the corporation. If a person, including an entity, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such
shareholder is considered to be acting as a group with other shareholders in a corporation prior to the transaction giving rise to the change and not with respect to the ownership interest in the other corporation. 

  

	 	d)	Change in the effective control of a corporation. A change in the effective control of a corporation occurs on the date that either (i) any one person, or more than one
person acting as a group, acquires (or has acquired during the twelve month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the corporation possessing thirty-five (35%) or more of the
total voting power of the stock of such corporation, or (ii) a majority of members of the corporation’s board of directors is replaced during any twelve month period by directors whose appointment or election is not endorsed by a majority
of the members of the corporation’s board of directors prior to the date of the appointment or election, provided that for purposes of this paragraph (ii), the term corporation refers solely to the relevant corporation identified in
Section 9.7(a) for which no other corporation is a majority shareholder for purposes of 

  

 9-4 

 Section 9.7(a). In the absence of an event described in Section 9.7(d)(i) or (ii), a change in
the effective control of a corporation will not have occurred. A change in effective control may also occur in any transaction in which either of the two corporations involved in the transaction has a change in the ownership of such corporation as
described in Section 9.7(c) or a change in the ownership of a substantial portion of the assets of such corporation as described in Section 9.7(e). If any one person, or more than one person acting as a group, is considered to effectively
control a corporation within the meaning of this Section 9.7(d), the acquisition of additional control of the corporation by the same person or persons is not considered to cause a change in the effective control of the corporation or to cause
a change in the ownership of the corporation within the meaning of Section 9.7(c). For purposes of this Section 9.7(d), persons will or will not be considered to be acting as a group in accordance with rules similar to those set forth in
Section 9.7(c) with the following exception. If a person, including an entity, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to
be acting as a group with other shareholders in a corporation only with respect to the ownership in that corporation prior to the transaction giving rise to the change and not with respect to the ownership interest in the other corporation.

  

	 	e)	Change in the ownership of a substantial portion of a corporation’s assets. A change in the ownership of a substantial portion of a corporation’s assets occurs on
the date that any one person, or more than one person acting as a group (as determined in accordance with rules similar to those set forth in Section 9.7(d)), acquires (or has acquired during the twelve month period ending on the date of the
most recent acquisition by such person or persons) assets from the corporation that have a total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value of all of the assets of the corporation
immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of the corporation of the value of the assets being disposed of determined without regard to any liabilities associated
with such assets. There is no Change in Control event under this Section 9.7(e) when there is a transfer to an entity that is controlled by the shareholders of the transferring corporation immediately after the transfer. A transfer of assets by
a corporation is not treated as a change in ownership of such assets if the assets are transferred to (i) a shareholder of the corporation (immediately before the asset transfer) in exchange for or with respect to its stock, (ii) an
entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the corporation, (iii) a person, or more than one person acting as a 

  

 9-5 

 group, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting
power of all the outstanding stock of the corporation, or (iv) an entity, at least fifty (50%) of the total value or voting power of which is owned, directly or indirectly, by a person described in Section 9.7(e)(iii). For purposes of
the foregoing, and except as otherwise provided, a person’s status is determined immediately after the transfer of assets. 
  

	9.8	Permissible Delays in Payment. Distributions may be delayed beyond the date payment would otherwise occur in accordance with the provisions of Articles 8 and 9 in any of the
following circumstances. The Employer may delay payment if it reasonably anticipates that its deduction with respect to such payment would be limited or eliminated by the application of Section 162(m) of the Code. Payment must be made at the
earliest date at which the Employer reasonably anticipates that the deduction of the payment amount will not be eliminated or limited by Section 162(m) of the Code or the calendar year in which the Participant Separates from Service. The
Employer may also delay payment if it reasonably anticipates that the payment will violate a term of a loan agreement or other similar contract to which the Employer is a party and such violation will cause material harm to the Employer. Payment
must be made at the earliest date on which the Employer reasonably anticipates that the making of the payment will not cause a violation or the violation will no longer cause material harm to the Employer. Payment cannot be delayed if the facts and
circumstances indicate that the Employer entered into the loan agreement or similar contract not for legitimate business reasons but to avoid the restrictions on deferral elections and subsequent deferral elections under Section 409A of the
Code. The Employer may also delay payment if it reasonably anticipates that the making of the payment will violate Federal Securities Laws or other applicable laws provided payment is made at the earliest date on which the Employer reasonably
anticipates that the making of the payment will not cause such violation. The Employer also reserves the right to delay payment upon such other events and conditions as the Secretary of the Treasury may prescribe in generally applicable guidance
published in the Internal Revenue Bulletin. 

  

 9-6 

 ARTICLE 10 – AMENDMENT AND TERMINATION 
  

	10.1	Amendment by Employer. The Plan Sponsor reserves the right to amend the Plan (for itself and each Employer) through action of its Board of Directors. An amendment must be in
writing and executed by an officer authorized to take such action. Each amendment shall be effective when approved by the Board in its resolution. No amendment can directly or indirectly deprive any current or former Participant or Beneficiary of
all or any portion of his Account which had accrued prior to the amendment. 

  

	10.2	Retroactive Amendments. An amendment made by the Plan Sponsor in accordance with Section 10.1 may be made effective on a date prior to the first day of the Plan Year in
which it is adopted if such amendment is necessary or appropriate to enable the Plan to satisfy the applicable requirements of the Code or ERISA or to conform the Plan to any change in federal law or to any regulations or ruling thereunder. Any
retroactive amendment by the Plan Sponsor shall be subject to the provisions of Section 10.1. 

  

	10.3	Plan Termination. If so elected by the Employer in 11.01 of the Adoption Agreement, the Employer reserves the right to terminate the Plan and distribute all amounts credited
to all Participant Accounts within the 30 days preceding or the twelve months following a Change in Control as determined in accordance with the rules set forth in Section 9.7. For this purpose, the Plan will be treated as terminated only if
all substantially similar arrangements sponsored by the Employer are terminated so that all participants under the Plan and all similar arrangements are required to receive all amounts deferred under the terminated arrangements within twelve months
of the date of termination of the arrangements. In addition, the Employer reserves the right to terminate the Plan within twelve months of a corporate dissolution taxed under Section 331 of the Code or with the approval of a bankruptcy court
pursuant to United States Code Section 503(b)(1)(A) provided that amounts deferred under the Plan are included in the gross incomes of Participants in the latest of (1) the calendar year in which the termination occurs, (2) the
calendar year in which the amount is no longer subject to a substantial risk of forfeiture, or (3) the first calendar year in which payment is administratively practicable. The Employer retains the discretion to terminate the Plan if
(1) all arrangements sponsored by the Employer that would be aggregated with any terminated arrangement under Prop. Reg. Section 1.409A-1(c) are terminated, (2) no payments other than payments that would be payable under the terms of
the arrangements if the termination had not occurred are made within twelve months of the termination of the arrangements, (3) all payments are made within twenty-four months of the termination of the arrangements, (4) the Employer does
not adopt a new arrangement that would be aggregated with any terminated arrangement under Prop. Reg. 

  

 10-1 

 Section 1.409A-1(c) at any time within the five year period following the date of termination of the
arrangement. The Employer also reserves the right to terminate the Plan under such conditions and events as may be prescribed by the Secretary of the Treasury in generally applicable guidance published in the Internal Revenue Bulletin. 

 

	10.4	Distribution Upon Termination of the Plan. Except as provided in Section 10.3, the Plan may not be terminated before the date on which all amounts credited to all
Participant Accounts have been distributed in accordance with Articles 8 and 9. 

  

 10-2 

 ARTICLE 11 – THE TRUST 
  

	11.1	Establishment of Trust. The Plan Sponsor may but is not required to establish a trust to hold amounts which the Plan Sponsor may contribute from time to time to correspond to
some or all amounts credited to Participants under Section 6.2. If the Plan Sponsor elects to establish a trust in accordance with Section 10.01 of the Adoption Agreement, the provisions of Sections 11.2 and 11.3 shall become operative.

  

	11.2	Grantor Trust. Any trust established by the Plan Sponsor shall be between the Plan Sponsor and a trustee pursuant to a separate written agreement under which assets are held,
administered and managed, subject to the claims of the Plan Sponsor’s creditors in the event of the Plan Sponsor’s insolvency, until paid to the Participant and/or his Beneficiaries specified in the Plan. The trust is intended to be
treated as a grantor trust under the Code, and the establishment of the trust shall not cause the Participant to realize current income on amounts contributed thereto. The Plan Sponsor must notify the trustee in the event of a lawsuit, bankruptcy or
insolvency. 

  

	11.3	Investment of Trust Funds. Any amounts contributed to the trust by the Plan Sponsor shall be invested by the trustee in accordance with the provisions of the trust and the
instructions of the Administrator. Trust investments need not reflect the hypothetical investments selected by Participants under Section 7.1 for the purpose of adjusting Accounts and the earnings or investment results of the trust shall not
affect the hypothetical investment adjustments to Participant Accounts under the Plan. 

  

 11-1 

 ARTICLE 12 – PLAN ADMINISTRATION 
  

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

  

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

  

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

  

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

  

	 	(d)	To administer the claims and review procedures specified in Section 12.2; 

  

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

  

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

  

	 	(g)	To authorize the payment of benefits; 

  

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

  

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

  

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

  

 12-1 

	12.2	Claims and Review Procedures. 

  

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

  

	 	(b)	Review Procedure. Within 60 days after the date on which a person receives a written notification of denial of claim (or, if written notification is not provided, within 60
days of the date denial is considered to have occurred), such person (or his duly authorized representative) may (i) file a written request with the Administrator for a review of his denied claim and of pertinent documents and (ii) submit
written issues and comments to the Administrator. The Administrator will notify such person of its decision in writing. Such notification will be written in a manner calculated to be understood by such person and will contain specific reasons for
the decision as well as specific references to pertinent Plan provisions. The decision on review will be made within 60 days after the request for review is received by the Administrator (or within 120 days, if special circumstances require an
extension of time for processing the request, such as an election by the Administrator to hold a hearing, and if written notice of such extension and circumstances is given to such person within the initial 60-day period). If the decision on review
is not made within such period, the claim will be considered denied. 

  

 12-2 

	12.3	Plan Administrative Costs. All reasonable costs and expenses (including legal, accounting, and employee communication fees) incurred by the Administrator in administering the
Plan shall be paid by the Employer. 

  

 12-3 

 ARTICLE 13 – MISCELLANEOUS 
  

	13.1	Unsecured General Creditor of the Employer. Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims
in any property or assets of the Employer. For purposes of the payment of benefits under the Plan, any and all of the Employer’s assets shall be, and shall remain, the general, unpledged, unrestricted assets of the Employer. Each
Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. 

  

	13.2	Employer’s Liability. Each Employer’s liability for the payment of benefits under the Plan shall be defined only by the Plan and by the deferral agreements entered
into between a Participant and the Employer. An Employer shall have no obligation or liability to a Participant under the Plan except as provided by the Plan and a deferral agreement or agreements. An Employer shall have no liability to Participants
employed by other Employers. 

  

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

  

	13.4	Anti-Assignment. None of the benefits or rights of a Participant or any Beneficiary of a Participant shall be subject to the claim of any creditor. In particular, to the
fullest extent permitted by law, all such benefits and rights shall be free from attachment, garnishment, or any other legal or equitable process available to any creditor of the Participant and his or her Beneficiary. Neither the Participant nor
his or her Beneficiary shall have the right to alienate, anticipate, commute, pledge, encumber, or assign any of the payments which he or she may expect to receive, contingently or otherwise, under the Plan, except the right to designate a
Beneficiary to receive death benefits provided hereunder. 

  

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

  

 13-1 

	13.6	Notices. Any notice or other communication in connection with the Plan shall be deemed delivered in writing if addressed as provided below and if either actually delivered at
said address or, in the case or a letter, 5 business days shall have elapsed after the same shall have been deposited in the United States mails, first-class postage prepaid and registered or certified: 

  

	 	(a)	If it is sent to the Employer or Administrator, it will be at the address specified by the Employer; or 

  

	 	(b)	In each case at such address as the addressee shall have specified by written notice delivered in accordance with the foregoing to the addressor’s then effective notice
address. 

  

	13.7	Tax Withholding. The Employer shall have the right to deduct from all payments or deferrals made under the Plan any tax required by law to be withheld. If the Employer
concludes that tax is owing with respect to any deferral or payment hereunder, the Employer shall withhold such amounts from any payments due the Participant, as permitted by law, or otherwise make appropriate arrangements with the Participant or
his Beneficiary for satisfaction of such obligation. Tax, for purposes of this Section 13.7 means any federal, state, local or any other governmental income tax, employment or payroll tax, excise tax, or any other tax or assessment owing with
respect to amounts deferred, any earnings thereon, and any payments made to Participants under the Plan. 

  

	13.8	Indemnification. Each Employer shall indemnify and hold harmless each employee, officer, or director of an Employer to whom is delegated duties, responsibilities, and
authority with respect to the Plan against all claims, liabilities, fines and penalties, and all expenses reasonably incurred by or imposed upon him (including but not limited to reasonable attorney fees) which arise as a result of his actions or
failure to act in connection with the operation and administration of the Plan to the extent lawfully allowable and to the extent that such claim, liability, fine, penalty, or expense is not paid for by liability insurance purchased or paid for by
an Employer. Notwithstanding the foregoing, an Employer shall not indemnify any person for any such amount incurred through any settlement or compromise of any action unless the Employer consents in writing to such settlement or compromise.

  

	13.9	Permitted Acceleration of Payment. The Plan may permit acceleration of the time or schedule of any payment or amount scheduled to be paid pursuant to a payment under the Plan
as provided in Section 10.3 and this Section 13.9. The Plan may permit acceleration of payment (1) to an individual other than the Participant as may be necessary to fulfill a domestic relations order within the meaning of
Section 414(p)(1)(B) of the Code, (2) to 

  

 13-2 

 comply with a certificate of divestiture as defined in Section 1043(b)(2) of the Code, (3) to
pay the Federal Insurance Contributions Act (FICA) tax imposed under Sections 3101, 3121(a) and 3121(v)(2) of the Code on compensation deferred under the Plan, (4) to pay the income tax under Section 3401 of the Code or the corresponding
withholding provisions of the applicable state, local or foreign tax laws as a result of the payment of any FICA tax described in (3) and to pay the additional income tax at source on wages attributable to the pyramiding Section 3401 of
the Code, wages and taxes, and (5) to pay the amount required to be included in gross income as a result of the failure of the Plan to comply with the requirements of Section 409A of the Code. The total payment under (3) or
(4) shall, in no event, exceed the aggregate of the FICA tax and the income tax withholding related to such FICA tax. The total payment under (5) shall, in no event, exceed the amount required to be included in income as a result of the
failure to comply with requirements of Section 409A of the Code. 
  

	13.10	Governing Law. The Plan will be construed, administered and enforced according to ERISA, and to the extent not preempted thereby, the laws of the State specified by the
Employer in Section 12.01 of the Adoption Agreement. 

  

 13-3Universal 2006 Class 1 Employee Common Share Purchase Plan

 Exhibit 4.1 
 PCL EMPLOYEES HOLDINGS LTD. 
 UNIVERSAL EMPLOYEE STOCK PURCHASE PLAN 
 CLASS 1 SERIES ‘06 COMMON NON-VOTING SHARES 
 1. Establishment of Plan. PCL Employees Holdings Ltd. (the “Company”), proposes to sell shares of its Class 1 Series ‘06 Common Non-Voting Shares (the “Plan Shares”) to Eligible
Employees (as defined below) pursuant to this Employee Stock Purchase Plan (the “Plan”). 
 2. Purpose; Nature of
Plan. 
 (a) The purpose of this Plan is to provide Eligible Employees with a means of acquiring an equity interest
in the Company. Because the Company’s shares are not publicly traded and are generally nontransferable except to the Company, Eligible Employees do not have an opportunity to acquire an equity interest in the Company except by purchasing
directly from the Company. The Company, by means of the Plan, seeks to enhance the Eligible Employees’ sense of participation in the affairs of the Company and its subsidiaries, and to provide an incentive for such Eligible Employees to exert
maximum efforts for the success of the Company. 
 (b) It is the Company’s practice to determine annually the number, if
any, and type of equity interests to be offered to employees in that year and to adopt one or more employee stock purchase plans pursuant to which such equity interests will be offered in that year. Those plans generally are of two types:
(i) “Universal Plans” under which shares are offered to all employees who have been employed by the Company for a specified period of time, up to a specified aggregate maximum number of shares, and (ii) “Regular Plans”
under which shares are offered to employees selected by the Board of Directors of the Company (the “Board”) based on various criteria, including position, performance and existing share ownership. This Plan is a Universal Plan. References
in this Plan to “Universal Plans” mean this Plan and all other Universal Plans heretofore or hereafter adopted by the Company and references to “Regular Plans” mean all Regular Plans heretofore or hereafter adopted by the
Company. The shares of stock offered each year are identified by a Series designation that indicates the year of issuance and a Class designation that indicates whether such shares are voting or nonvoting and whether such shares were offered in
Canada or the United States. The Class designations are as follows: 
  

			
	Class 1	  	Non-Voting/U.S.
	Class 2	  	Non-Voting/Canada
	Class 3	  	Voting/U.S.
	Class 4	  	Voting/Canada

 References in this Plan to “Common Shares” includes all of the Company’s common shares of all
Series and Classes heretofore or hereafter authorized or issued. 

 3. Shares Available for Issuance. A total of 41,500 Plan Shares is available for issuance
under this Plan. Such number shall be subject to adjustment upon the occurrence of certain events described in Section 10 of this Plan. 
 4. Administration. This Plan shall be administered by the Board, unless and until the Board delegates administration of the Plan to a committee appointed by the Board. As used in this Plan, references to the “Board”
shall include any such committee, if such a committee has been established. Subject to the provisions of this Plan, all questions of interpretation or application of this Plan shall be determined by the Board and its decisions shall be final and
binding upon all participants. All expenses incurred in connection with the administration of the Plan shall be paid by the Company. 
 5.
Eligibility; Participation in the Plan. 
 (a) An “Eligible Employee” shall mean any employee of the
Company or any of its subsidiaries who has been continuously employed by the Company or any one or more of its subsidiaries for a period of no less than six (6) months as of the date on which this Plan is adopted, unless such employee has
previously purchased an aggregate of 400 Common Shares under prior Universal Plans. Each Eligible Employee may purchase up to 100 Plan Shares (in multiples of ten Plan Shares and subject to a minimum of 50 Plan Shares), or such lesser number of Plan
Shares that, together with all Common Shares previously purchased by such employee under Universal Plans, equals 400 shares in the aggregate. 
 (b) The Board shall offer Eligible Employees the opportunity to purchase Plan Shares under this Plan on one occasion during 2006. The Board shall establish such forms and procedures as it deems appropriate for making
that offer and for the acceptance of the offer by Eligible Employees who elect to purchase. The Board shall have the authority, in its sole discretion, to modify or waive compliance by any Eligible Employee with any such procedures. 
 6. Purchase Price. The purchase price per share at which shares of Common Stock will be sold pursuant to this Plan shall be determined by
the Board in accordance with Section XI of the PCL Employees Holdings Ltd. Unanimous Shareholder Agreement, as amended from time to time (the “Shareholder Agreement”). 
 7. Payment of Purchase Price. The purchase price for shares purchased under the Plan shall be paid, without interest, by payroll deductions
in equal installments over a period of three years pursuant to a promissory note in form and substance determined by the Board. 
 8. Use
of Proceeds. Proceeds from the sale of shares of Common Stock pursuant to this Plan shall constitute general funds of the Company. 
 9. Termination of Employment. Termination of a participant’s employment for any reason, including disability or death, prior to the actual issuance of a certificate for any shares immediately terminates all of his or her rights
to purchase Plan Shares. For purposes of this Section 9, an employee will be not deemed to have terminated employment or failed to remain in the continuous employ of the Company in the event of (a) a transfer from the Company to any
subsidiary of the Company or from any subsidiary of the Company to the Company or any other subsidiary, or (b) sick leave, military leave, or any other leave of absence approved by the Board. 
  

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 10. Capital Changes. The number of Plan Shares which have been authorized for issuance under this
Plan but have not yet been issued and the purchase price per share shall be proportionately adjusted for any stock split, stock dividend (but only in the form of Common Shares), recapitalization, combination or any other increase or decrease in the
number of issued and outstanding Common Shares effected without receipt of any consideration by the Company. Such adjustment shall be made by the Board, whose determination shall be final, binding and conclusive. 
 11. Nonassignability. No rights to purchase or receive Common Shares under this Plan may be assigned, transferred, pledged or otherwise disposed
of in any way by the participant. Any attempt to assign, transfer, pledge or otherwise dispose of such rights shall be void and without effect. 
 12. Shareholder Agreement; Restriction on Transfer. No employee may purchase shares under this Plan unless and until such employee has signed the Shareholder Agreement and agreed to be bound by the terms and conditions thereof. The
shares purchased pursuant to this Plan are subject to the restrictions on transfer and ownership and the repurchase rights of the Company set forth in the Shareholder Agreement. Shares may not be transferred except in compliance with all applicable
laws, including, without limitation, Canadian and United States securities laws. In addition to any legend required by the Shareholder Agreement, all certificates evidencing shares issued to employees shall bear any legends which, in the
Board’s judgment, are necessary to comply with applicable securities laws. 
 13. Reports. Within a reasonable time after the end
of each fiscal year, the Company shall prepare and distribute a year-end report to its shareholders, which report shall include consolidated financial statements of the Company and its subsidiaries for the fiscal year. 
 14. No Rights to Continued Employment. Neither this Plan nor the grant of the right to purchase shares hereunder shall confer any right on any
employee to remain in the employ of the Company or any subsidiary of the Company, or restrict the right of the Company or any of its subsidiaries to terminate such employee’s employment. 
 15. Notices. All notices or other communications by a participant under or in connection with the Plan shall be given as provided in the
Shareholder Agreement. 
 16. Term; Shareholder Approval. This Plan shall become effective on the date on which it is adopted by the
Board. This Plan shall be approved by the shareholders of the Company, in any manner permitted by applicable corporate law, within 12 months after the date this Plan is adopted by the Board. This Plan shall continue until the first to occur of
(a) termination of this Plan by the Board (which termination may be effected by the Board at any time) or (b) the end of the Company’s 2006 fiscal year. 
 17. Applicable Law. The Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of the Province of Alberta, Canada. 
 18. Amendments or Termination of this Plan. The Board may, at any time, amend, terminate or extend the term of this Plan, except no amendment may
be made without approval of the stockholders of the Company before or within 12 months after the adoption of such amendment if such amendment would: (a) increase the number of shares that may be issued under this Plan, or (b) extend the
term of this Plan. 
  

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