Document:

Quality Distribution, Inc. Key Employee Deferred Compensation Plan

  Exhibit 10.34 
   
 QUALITY DISTRIBUTION, INC. 
 KEY EMPLOYEE DEFERRED COMPENSATION PLAN 
  
 EFFECTIVE 
 AS OF 
 JANUARY 1, 2005 
  
 WARD
ROVELL 
 Professional Association 
 TAMPA, FL 

 QUALITY DISTRIBUTION, INC. 
 KEY EMPLOYEE DEFERRED COMPENSATION PLAN 
  
 EFFECTIVE 
 AS OF 
 JANUARY 1, 2005 
  

					
	 	    	 	  	Page

	ARTICLE I	    	Definitions	  	I-1
			
	 ARTICLE II
	    	Administration	  	II-1
			
	 ARTICLE III
	    	Eligibility	  	III-1
			
	 ARTICLE IV
	    	Deferral Elections and Company Contributions	  	IV-1
			
	 ARTICLE V
	    	Participant Accounts and Investment of Deferred Amounts	  	V-1
			
	 ARTICLE VI
	    	Distributions	  	VI-1
			
	 ARTICLE VII
	    	Amendment and Termination	  	VII-1
			
	 ARTICLE VIII
	    	Miscellaneous	  	VIII-1

 QUALITY DISTRIBUTION, INC. 
 KEY EMPLOYEE DEFERRED COMPENSATION PLAN 
  
 PURPOSE 
  
 Quality Distribution, Inc. (the “Company”) hereby establishes the Quality Distribution, Inc. Key Employee Deferred Compensation Plan (the “Plan”), effective January 1, 2005, for a select group of management or highly
compensated employees of the Company and its Related Employers to provide such employees of the Company and its Related Employers with the opportunity to defer the receipt of compensation. The Plan is intended to be an unfunded plan within the
meaning of the Employee Retirement Income Security Act of 1974 (“ERISA”) and the Internal Revenue Code of 1986, as amended. 
  
 ARTICLE I  
  
 Definitions 
  
 (a) “Account” or “Accounts” shall mean a Participant’s Deferred Compensation Account and/or Employer
Contribution Account described in Article V. 
  
 (b)
“Affiliate” shall mean with respect to the Company, any corporation other than such Company that is a member of a controlled group of corporations, within the meaning of Section 414(b) of the Code, of which such Company is a
member; all other trades or businesses (whether or not incorporated) under common control, within the meaning of Section 414(c) of the Code, with such Company; any service organization other than such Company that is a member of an Affiliated
service group, within the meaning of Section 414(m) of the Code, of which such Company is a member; and any other organization that is required to be aggregated with such Company under Section 414(o) of the Code. 
  
 (c) “Code” shall mean the Internal Revenue Code of
1986, as amended. 
  
 (d) “Company” shall
mean Quality Distribution, Inc. and its successors. 
  
 (e)
“Effective Date” of the Plan shall mean January 1, 2005. 
  
 (f) “Normal Retirement Date” shall mean the later of the date of Participant attains age 65 or completes ten years of participation in the Plan. 
  
 (g) “Participant” shall mean any employee of the
Company or a Related Employer who is covered by this Plan as provided in Article III. 
  
 (h) “Plan” shall mean the Quality Distribution, Inc. Key Employee Deferred Compensation Plan hereby created and as it may be amended from time to time. 
  

 I-1 

 (i) “Plan Administrator” shall mean the Company. 
  
 (j) “Plan Year” shall mean the 12–month period
ending on December 31. 
  
 (k) “Related
Employer” shall mean a subsidiary or affiliate of the Company that the Company, in its sole discretion, allows to participate in the Plan. 
  
 (l) “Year of Participation” shall be credited for each full calendar year of participation in the Plan by a Participant.
Notwithstanding the foregoing, a Participant will be credited with a Year of Participation for the first year in which he commences participation in the Plan regardless of when the Participant actually commences participation. 
  

 I-2 

 ARTICLE II  
  
 Administration 
  
 (a) Plan Administrator. 
  
 (1) The Plan Administrator shall have complete control and discretion to manage the operation and administration of the Plan. Not in
limitation, but in amplification of the foregoing, the Plan Administrator shall have the following powers: 
  
 (A) To determine all questions relating to the eligibility of employees to participate or continue to participate; 
  
 (B) To maintain all records and books of account necessary
for the administration of the Plan; 
  
 (C) To
interpret the provisions of the Plan and to make and to publish such interpretive or procedural rules as are not inconsistent with the Plan and applicable law; 
  

(D) To compute, certify and arrange for the payment of benefits to which any Participant or beneficiary is entitled; 
  
 (E) To process claims for benefits under the Plan by
Participants or beneficiaries; 
  
 (F) To engage
consultants and professionals to assist the Plan Administrator in carrying out its duties under this Plan; and 
  
 (G) To develop and maintain such instruments as may be deemed necessary from time to time by the Plan Administrator to facilitate payment
of benefits under the Plan. 
  
 (2) The Plan
Administrator may designate a committee to assist the Plan Administrator in the administration of the Plan and perform the duties required of the Plan Administrator hereunder. 
  
 (b) Plan Administrator’s Authority. The Plan Administrator may consult with Company officers, legal and
financial advisers to the Company and others, but nevertheless the Plan Administrator shall have the full authority and discretion to act, and the Plan Administrator’s actions shall be final and conclusive on all parties. 
  
 (c) Claims and Appeal Procedure for Denial of Benefits. The
Participant or a beneficiary (“Claimant”) may file with the Plan Administrator a written claim for benefits if the Participant or beneficiary determines the distribution procedures of the Plan have not provided him his proper interest in
the Plan. The Plan Administrator must render a decision on the claim within a reasonable period of time of the Claimant’s 

  

 II-1 

 
written claim for benefits. The Plan Administrator must provide adequate notice in writing to the Claimant whose claim for benefits under the Plan the Plan
Administrator has denied. The Plan Administrator’s notice to the Claimant must set forth: 
  
 (1) The specific reason for the denial; 
  
 (2) Specific references to pertinent Plan provisions on which the Plan Administrator based its denial; 
  
 (3) A description of any additional material and information
needed for the Claimant to perfect his claim and an explanation of why the material or information is needed; and 
  
 (4) That any appeal the Claimant wishes to make of the adverse determination must be made in writing to the Plan Administrator within
sixty (60) days after receipt of the Plan Administrator’s notice of denial of benefits. The Plan Administrator’s notice must further advise the Claimant that his failure to appeal the action to the Plan Administrator in writing will render
the Plan Administrator’s determination final, binding and conclusive. The Plan Administrator’s notice of denial of benefits must identify the name and address of the Plan Administrator to whom the Claimant may forward his appeal.

  
 If the Claimant should appeal to the Plan Administrator, he, or his duly
authorized representative, must submit, in writing, whatever issues and comments he, or his duly authorized representative, believes are pertinent. The Claimant, or his duly authorized representative, may review pertinent Plan documents. The Plan
Administrator will re-examine all facts related to the appeal and make a final determination as to whether the denial of benefits is justified under the circumstances. The Plan Administrator must advise the Claimant of its decision within a
reasonable period of time of the Claimant’s written request for review. 
  

 II-2 

 ARTICLE III  
  
 Eligibility 
  
 (a) Eligibility. The Company or a Related Employer, in its sole discretion, shall determine those employees of the Company or a Related
Employer eligible to participate in the Plan. Accordingly, an employee of the Company or a Related Employer who, in the opinion of the Plan Administrator based upon its then current guidelines, has contributed significantly to the growth and
successful operations of the Company or a Related Employer and who meets any additional criteria for eligibility that the Plan Administrator, in its sole discretion, may adopt from time to time, will be eligible to become a Participant. 

 
 (b) Participation. An eligible employee shall become a
Participant upon the timely filing of a deferral election pursuant to Article IV. 
  

 III-1 

 ARTICLE IV 
  
 Deferral Elections and Company Contributions 
  
 (a) Deferral Procedures. 
  
 (1) Any Participant may elect to defer, for any calendar year, such portion of his base salary or cash bonus
from the Employer during such calendar year as may be permitted in the discretion of the Plan Administrator. 
  
 (2) (A) Any deferral election permitted under this paragraph (a) shall be in writing, signed by the Participant. Any election to defer all or a portion of
base salary must be delivered to the Plan Administrator prior to the January 1 of the calendar year in which the base salary to be deferred is otherwise earned. Any election to defer all or a portion of a bonus to be paid in a calendar year ending
on or before December 31, 2005 must be made prior to the January 1 of the Plan Year in which the bonus would otherwise become payable. For any bonuses that become payable in a calendar year ending after December 31, 2005, any election to defer must
be made prior to the January 1 of the calendar year in which the bonus is to be earned; provided, however, that any election for a bonus that is based on at least a 12-month performance period as described in Code Section 409A, must be made at least
six (6) months prior to the end of the performance period. 
  
 (B) Notwithstanding the foregoing, an election may be made by a Participant to defer base salary or bonuses earned subsequent to his deferral election within (i) the 30-day period following a Participant’s
initial eligibility to participate in the Plan, or (ii) 30 days following the Effective Date of the Plan. 
  
 (3) Except as provided in subparagraph (4) below, any deferral election made with respect to a calendar year shall be irrevocable.

  
 (4) (A) To the extent permitted under the Code, if a
Participant suffers an unforeseen emergency as defined below, determined in the discretion of the Plan Administrator, the Participant will be permitted to revoke his deferral election for the remainder of the calendar year in which it is determined
by the Plan Administrator that the unforeseen emergency has occurred. Such revocation will be effective as of the first pay period beginning on or after the first day of the month which follows the Plan Administrator’s receipt of written
notification of the Participant’s unforeseen emergency. 
  
 (B) A Participant who revokes his deferral election pursuant to this subparagraph (4) shall be eligible to make a new deferral election pursuant to the provisions of subparagraph (2) above effective as of the January
1 that next follows the effective date of the revocation of his deferral election under subparagraph (4)(A) above. 
  

 IV-1 

 (C) For this purpose, the term “unforeseen emergency” shall mean a severe
financial hardship resulting from (i) an illness or accident of the Participant or the Participant’s spouse or dependent (as defined in Section 152(a) of the Code); (ii) loss of the Participant’s property due to casualty; or (iii) other
similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. Hardship does not include an event that may be relieved through reimbursement or compensation by insurance or otherwise, or by
liquidation of a Participant’s assets (to the extent the liquidation would not in itself cause a financial hardship). 
  
 (b) Election Forms. Any election, permitted revocation or change in any election by a Participant under this Article IV shall be in writing
and shall be on a form or forms as may be approved by the Plan Administrator. 
  
 (c) Employer Contributions. As of each Plan Year, the Company or a Related Employer, may credit a Participant with a discretionary employer contribution. The amount of discretionary employer contribution
credited to a Participant, if any, shall be determined by the Company or Related Employer in its sole discretion. 
  

 IV-2 

 ARTICLE V 
  

Participant Accounts and Investment of Deferred Amounts 
  
 (a) In General. 
  
 (1) Any compensation deferred pursuant to this Plan shall be recorded by the Plan Administrator in a “Deferred Compensation
Account”, a bookkeeping account maintained in the name of the Participant. The Deferred Compensation Account shall be credited with all amounts that have been deferred by the Participant during the Plan Year pursuant to Article IV, and such
Account shall be charged from time to time with all amounts that are distributed to the Participant. 
  
 (2) Discretionary employer contributions, if any, credited to a Participant pursuant to this Plan shall be recorded by the Plan
Administrator in an “Employer Contribution Account”, a bookkeeping account maintained in the name of the Participant. The Employer Contribution Account shall be credited with all amounts that have been contributed by the Company or a
Related Employer during the Plan Year pursuant to Article IV, and such Account shall be charged from time to time with all amounts that are distributed to the Participant. 
  
 (3) All amounts that are credited to the Participants’ Accounts shall be credited solely for purposes
of accounting and computation. A Participant shall not have any interest in or right to such Accounts at any time. 
  
 (b) Subject to Claims. The Plan constitutes an unsecured promise by the Company or a Related Employer to pay benefits in the future.
Participants employed by the Company shall have the status of general unsecured creditors of the Company. Participants employed by a Related Employer shall have the status of general unsecured creditors of such Related Employer. The Plan is unfunded
for Federal tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974. All amounts credited to the Participants’ Accounts will remain the general assets of the Company or a Related Employer and shall remain
subject to the claims of the Company’s and the Related Employers’ creditors until such amounts are distributed to the Participants. 
  
 (c) Crediting of Interest. A Participant’s Account shall be credited at least annually with interest at a rate determined by the Plan
Administrator, in its sole discretion. 
  
 (d) Valuation;
Annual Statement. The value of a Participant’s Accounts shall be determined by the Plan Administrator and the Plan Administrator may establish such accounting procedures as are necessary to account for the Participant’s interest in
the Plan. Each Participant’s Accounts shall be valued as of the last day of each Plan Year or more frequently as determined by the Plan Administrator. The Plan Administrator shall furnish each Participant with an annual statement of his
Accounts. 
  

 V-1 

 (e) Establishment of Trust. 
  
 (1) The Company and a Related Employer may establish one or more trusts substantially in conformance with
the terms of the model trust described in Revenue Procedure 92-64 to assist in meeting its obligations to Participants under this Plan. Except as provided in paragraph (b) above and the terms of the trust agreement, any such trust or trusts shall be
established in such manner as to permit the use of assets transferred to the trust and the earnings thereon to be used by the trustee solely to satisfy the liability of the Company or a Related Employer in accordance with the Plan. 
  
 (2) The Company or a Related Employer, in its sole
discretion, and from time to time, may make contributions to the trust. Unless otherwise paid by the Company or a Related Employer, all benefits under the Plan and expenses chargeable to the Plan shall be paid from the trust. 
  
 (3) The powers, duties and responsibilities of the trustee
shall be as set forth in the trust agreement and nothing contained in the Plan, either expressly or by implication, shall impose any additional powers, duties or responsibilities upon the trustee. 
  
 (f) Alternative Funding Vehicles. In addition to creating and
maintaining a rabbi trust, the Employer may implement other financing arrangements, such as corporate owned life insurance, for the purpose of paying some or all of the benefits provided under this Plan. 
  

 V-2 

 ARTICLE VI  
  
 Distributions 
  

	 	(a)	Timing of Payment. 

  
 (1) The distribution of a Participant’s vested interest in the amount credited to his Accounts shall be paid as soon as
administratively practicable following the earlier of (i) his severance from employment with the Company or an Affiliate (for reasons other than death); or (ii) the date he attains Normal Retirement Date, in the manner described in paragraph (d) of
this Article. 
  
 (2) Upon a Participant’s
death, the distribution of the death benefit described in paragraph (c) of this Article shall commence as soon as administratively practicable following his death. 
  
 (3) Notwithstanding anything to the contrary in this paragraph (a) distributions to key employees (as
defined in Section 416(i) of the Code) as a result of a severance from employment shall be made as soon as administratively practicable following the date that is six (6) months after the date of the severance from employment. 
  

	 	(b)	Vesting of Amounts Credited to Participants. 

  
 (1) (A) A Participant shall be at all times fully vested in his Deferred Compensation Account. 
  
 (B) Discretionary contributions, if any, credited to a
Participant’s Employer Contribution Account with respect to any Plan Year shall be subject to the following vesting schedule: 
  

				
	 Years of Participation

	  	Vested Percentage

	 
	 1 Year
	  	25	%
	 2 Years
	  	50	%
	 3 Years
	  	75	%
	 4 Years or more
	  	100	%

  
 (C)
Notwithstanding (B) above, upon a Participant’s termination of employment with the Company or a Related Employer by reason of his death, he will be fully vested in his Employer Contribution Account. 
  
 (2) The Plan Administrator may establish such accounting
procedures as are necessary to accurately reflect each Participant’s vested interest in contributions and earnings thereon that are credited to his Accounts, which procedures shall be applied in a consistent, nondiscriminatory manner.

  

 VI-1 

 (3) Upon a Participant’s termination of employment with the Company or a Related
Employer, the nonvested interest in his Accounts, if any, shall be forfeited. Such amount may be forfeited to the Company or a Related Employer or, if applicable, the trust established pursuant to Article V. 
  

	 	(c)	Death Benefit. 

  
 (1) In the event of the death of a Participant who is listed in the Appendix as a Group I Participant, his designated beneficiary shall
receive a lump sum payment of the amounts credited to and/or remaining in his Accounts. 
  
 (2) In the event of the death of a Participant who is listed in the Appendix as a Group II Participant, his designated beneficiary shall
receive a lump sum payment equal to the greater of: 
  
 (A) the value of the amounts credited to and/or remaining in his Accounts, or 
  
 (B) the value of any death benefit paid by the Company to the Participant’s beneficiary. 
  
 (3) A designation of a beneficiary or beneficiaries shall be
made on a form prescribed by and filed with the Plan Administrator, and may be changed at any time by filing a new form with the Plan Administrator. If the Participant has designated no beneficiary, or if no beneficiary that he has designated
survives him, then such unpaid amounts shall be paid to his estate. In the event of any dispute as to the entitlement of any beneficiary, the Plan Administrator’s determination shall be final, and the Plan Administrator may withhold any payment
until such dispute has been resolved. 
  

	 	(d)	Form of Benefit Payment. 

  
 (1) (A) (i) A Participant shall elect one of the following forms of payment for his benefit upon commencing participation in the Plan:

  
 a. a lump sum, or 
  
 b. 10 annual installments. 
  
 (ii) At least 13 months prior to the date a
Participant’s benefit payment is to commence under the Plan, the Participant may, subject to the approval of the Plan Administrator, revise the form of payment to the extent permitted under 409A of the Code. 
  
 (B) The death benefit described in paragraph (c) of this
Article shall be paid in a lump sum. 
  
 (C) If
no election is made, the benefit will be paid in a single lump sum. 
  

 VI-2 

 (2) In the event a Participant elects installment payments, each such payment shall be
equal to the balance in the Participant’s Accounts as of the end of the month immediately preceding the date of payment, divided by the factors set forth in the following table, whichever is applicable: 
  

			
	 10 Year Payment

	  	Installment Factor

	 1
	  	10
	 2
	  	9
	 3
	  	8
	 4
	  	7
	 5
	  	6
	 6
	  	5
	 7
	  	4
	 8
	  	3
	 9
	  	2
	 10
	  	1

  
 (3)
Notwithstanding anything contained in the Plan to the contrary, if the value of a Participant’s vested interest in the amount credited to his Accounts is less than $5,000, the Participant’s vested interest shall be paid in a lump sum as
soon as administratively practicable following his termination of employment. 
  
 (4) The Plan Administrator shall establish such accounting procedures as are necessary to implement the provisions of this paragraph. 
  
 (e) Accelerated Distribution for Unforeseen Emergency. If a Participant suffers an unforeseen emergency (as
described in paragraph (a)(4)(C) of Article IV), the Plan Administrator may, in its discretion, accelerate the distribution of all or a portion of the amount of his Deferred Compensation Account and the vested portion of his Employer Contribution
Account. Any such accelerated distribution shall be made in a lump sum as soon as administratively practicable following a determination of hardship. The amount of any such distribution shall be limited to the amount necessary to satisfy the
emergency need, including any amounts necessary to pay any federal, state or local income taxes reasonably anticipated to result from the distribution. 
  

 VI-3 

 ARTICLE VII 
  
 Amendment and Termination 
  
 (a) Amendment and Termination. The Plan may be amended or terminated at any time, or from time to time, by the
Company. Any such amendment or termination shall be ratified and approved by the Company’s board of directors. 
  
 (b) Effect of Amendment or Termination. No amendment or termination of the Plan shall affect the rights of any Participant with respect to
any deferral or Company or Related Employer contribution credited to the Accounts of a Participant prior to such amendment or termination. 
  

 VII-1 

 ARTICLE VIII  
  
 Miscellaneous 
  
 (a) Payments to Minors and Incompetents. If the Plan Administrator receives satisfactory evidence that a person who is entitled to receive
any benefit under the Plan, at the time such benefit becomes available, is a minor or is physically unable or mentally incompetent to receive such benefit and to give a valid release therefore, and that another person or an institution is then
maintaining or has custody of such person, and that no guardian committee, or other representative of the estate of such person shall have been duly appointed, the Plan Administrator may authorize payment of such benefit otherwise payable to such
person to such other person or institution; and the release of such other person or institution shall be a valid and complete discharge for the payment of such benefit. 
  
 (b) Plan Not a Contract of Employment. The Plan shall not be deemed to constitute a contract between the
Company or a Related Employer and any Participant, nor to be consideration for the employment of any Participant. Nothing in the Plan shall give a Participant the right to be retained in the employ of the Company or a Related Employer; all
Participants shall remain subject to discharge or discipline as employees to the same extent as if the Plan had not been adopted. 
  
 (c) No Interest in Assets. Nothing contained in the Plan shall be deemed to give any Participant any equity or other interest in the assets,
business or affairs of the Company or a Related Employer. No Participant in the Plan shall have a security interest in assets of the Company or a Related Employer used to make contributions or pay benefits. 
  
 (d) Recordkeeping. Appropriate records shall be maintained for
the purpose of the Plan by the officers and employees of the Company at the Company’s expense and subject to the supervision and control of the Plan Administrator. 
  
 (e) Non-Alienation of Benefits. No benefit under the Plan shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt to do so shall be void. No benefit under the Plan shall in any manner be liable for or subject to the debts, contracts, liabilities, engagements or torts of any
person. If any person entitled to benefits under the Plan shall become bankrupt or shall attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge any benefit under the Plan, or if any attempt shall be made to subject any
such benefit to the debts, contracts, liabilities, engagements or torts of the person entitled to any such benefit, except as specifically provided in the Plan, then such benefits shall cease and terminate at the discretion of the Plan
Administrator. The Plan Administrator may then hold or apply the same or any part thereof to or for the benefit of such person or any dependent or beneficiary of such person in such manner and proportions as it shall deem proper. 
  
 (f) State Law. This Plan shall be construed in accordance with
the laws of Florida. 
  

 VIII-1 

 (g) Corporate Successors. The Plan shall not be automatically terminated by a transfer or
sale of assets of the Company or by the merger or consolidation of the Company into or with any other corporation or other entity, but the Plan shall be continued after such sale, merger or consolidation only if and to the extent that the
transferee, purchaser or successor entity agrees to continue the Plan. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall terminate subject to the provisions of Article VII. 

 
 (h) Liability Limited. 
  
 (1) Notwithstanding any of the preceding provisions of the
Plan, neither the Company or a Related Employer nor any individual acting as an employee or agent of the Company or Related Employer shall be liable to any Participant, former Participant or other person for any claim, loss, liability or expense
incurred in connection with the Plan. 
  
 (2) The
Plan Administrator, its officers, directors and employees shall be entitled to rely conclusively on all tables, valuations, certificates, opinions and reports that shall be furnished by any actuary, accountant, trustee, insurance company,
consultant, counsel or other expert who shall be employed or engaged by the Plan Administrator in good faith. 
  
 (i) Protective Provisions. Each Participant shall cooperate with the Plan Administrator by furnishing any and all information requested by
the Plan Administrator in order to facilitate the payment of benefits hereunder, taking such physical examinations as the Plan Administrator may deem necessary and taking such other relevant action as may be requested by the Plan Administrator. If a
Participant refuses so to cooperate or makes any material misstatement of information or nondisclosure of medical history, then no benefits will be payable hereunder to such Participant or his beneficiary, provided that, in the Plan
Administrator’s sole discretion, benefits may be payable in an amount reduced to compensate the Company or a Related Employer for any loss, cost, damage or expense suffered or incurred by the Company or a Related Employer as a result in any way
of such action, misstatement or nondisclosure. 
  
 IN WITNESS
WHEREOF, the Company has caused this Plan to be executed by its duly authorized officers on this      day of December, 2004. 
  

			
	QUALITY DISTRIBUTION, INC.
		
	 By:
	 	  

	“COMPANY”

  
  

 VIII-2Altrust Financial Services, Inc 2004 Long-Term Incentive Plan

  
 Exhibit 10.1

  
 ALTRUST FINANCIAL SERVICES, INC. 
 2004 LONG-TERM INCENTIVE PLAN 
  
 ARTICLE 1 
 PURPOSE 
  
 1.1 GENERAL. The purpose of the Altrust Financial Services,
Inc. 2004 Long-Term Incentive Plan (the “Plan”) is to promote the success, and enhance the value, of Altrust Financial Services, Inc. (the “Company”), by linking the personal interests of employees, officers, directors and
consultants of the Company or any Affiliate (as defined below) to those of Company shareholders and by providing such persons with an incentive for outstanding performance. The Plan is further intended to provide flexibility to the Company in its
ability to motivate, attract, and retain the services of employees, officers, directors and consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. Accordingly, the
Plan permits the grant of incentive awards from time to time to selected employees, officers, directors and consultants of the Company and its Affiliates. 
  
 ARTICLE 2 
 DEFINITIONS

  
 2.1 DEFINITIONS. When a word or phrase
appears in this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different
meaning is required by the context. The following words and phrases shall have the following meanings: 
  
 (a) “Affiliate” means (i) any Subsidiary or Parent, or (ii) an entity that directly or through one or more intermediaries controls, is
controlled by or is under common control with, the Company, as determined by the Committee. 
  
 (b) “Award” means any Option, Stock Appreciation Right, Restricted Stock or Restricted Stock Unit Award, Performance Award, Dividend Equivalent Award, or Other Stock-Based Award, or any other right or
interest relating to Stock or cash, granted to a Participant under the Plan. 
  
 (c) “Award Certificate” means a written document, in such form as the Committee prescribes from time to time, setting forth the terms and conditions of an Award. 
  
 (d) “Board” means the Board of Directors of the Company.

  
 (e) “Cause” as a reason for a Participant’s
termination of employment shall have the meaning assigned such term in the employment agreement, if any, between such Participant and the Company or an Affiliate, provided, however that if there is no such employment agreement in which such term is
defined, and unless otherwise defined in the applicable Award Certificate, “Cause” shall mean any of the following acts by the Participant, as determined by the Board: gross neglect of duty, prolonged absence from duty without the consent
of the Company, intentionally engaging in any activity that is in conflict with or adverse to the business or other interests of the Company, or willful misconduct, misfeasance or malfeasance of duty which is reasonably determined to be detrimental
to the Company. 
  

 (f) “Change of Control” means and includes the occurrence of any one of the following events
but shall specifically exclude a Public Offering: 
  
 (i) individuals who, on the Effective Date, constitute the Board of Directors of the Company (the “Incumbent Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a
director after the Effective Date and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that no
individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened
solicitation of proxies or consents by or on behalf of any “Person” (such term for purposes of this definition being as defined in Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) and 14(d)(2) of the 1934 Act) other than the
Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or 
  
 (ii) any Person is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act),
directly or indirectly, of either (A) 30% or more of the then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing 30% or more of the combined voting power of the
Company’s then outstanding securities eligible to vote for the election of directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection (ii), the following acquisitions shall not
constitute a Change of Control: (v) an acquisition directly from the Company, (w) an acquisition by the Company or a Subsidiary of the Company, (x) an acquisition by a Person who is on the Effective Date the beneficial owner, directly or indirectly,
of 50% or more of the Company Common Stock or the Company Voting Securities, (y) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary of the Company, or (z) an acquisition pursuant
to a Non-Qualifying Transaction (as defined in subsection (iii) below); or 
  
 (iii) the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or a Subsidiary (a “Reorganization”), or the sale or
other disposition of all or substantially all of the Company’s assets (a “Sale”) or the acquisition of assets or stock of another corporation (an “Acquisition”), unless immediately following such Reorganization, Sale or
Acquisition: (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the outstanding Company Common Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale
or Acquisition beneficially own, directly or indirectly, more than 60% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election
of directors, as the case may be, of the corporation resulting from such Reorganization, Sale or Acquisition (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the
Company’s assets or stock either directly or through one or more subsidiaries, the “Surviving Corporation”) in substantially the same proportions as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of
the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no Person (other than (x) the Company or 

  

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any Subsidiary of the Company, (y) the Surviving Corporation or its ultimate parent corporation, or (z) any employee benefit plan (or related trust)
sponsored or maintained by any of the foregoing is the beneficial owner, directly or indirectly, of 30% or more of the total common stock or 30% or more of the total voting power of the outstanding voting securities eligible to elect directors of
the Surviving Corporation, and (C) at least a majority of the members of the board of directors of the Surviving Corporation were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for
such Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”); or 
  
 (iv) approval by the shareholders of the Company of a
complete liquidation or dissolution of the Company. 
  
 (g)
“Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 (h) “Committee” means the committee of the Board described in Article 4. 
  
 (i) “Company” means Altrust Financial Services, Inc., an Alabama corporation. 
  
 (j) “Continuous Status as a Participant” means the absence of any interruption or termination of service as an
employee, officer, consultant or director of the Company or any Affiliate, as applicable; provided however, that for purposes of an Incentive Stock Option, or a SAR issued in tandem with an Incentive Stock Option, “Continuous Status as a
Participant” means the absence of any interruption or termination of service as an employee of the Company or any Parent or Subsidiary, as applicable. Continuous Status as a Participant shall not be considered interrupted in the case of any
leave of absence authorized in writing by the Company prior to its commencement. 
  
 (k) “Disability” or “Disabled” has the same meaning as provided in the long-term disability plan or policy maintained by the Company or if applicable, most recently maintained, by the Company or if
applicable, an Affiliate, for the Participant, whether or not such Participant actually receives disability benefits under such plan or policy. If no long-term disability plan or policy was ever maintained on behalf of Participant or if the
determination of Disability relates to an Incentive Stock Option, Disability means Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination whether a Participant is Disabled will be made
by the Committee and may be supported by the advice of a physician competent in the area to which such Disability relates. 
  
 (l) “Dividend Equivalent” means a right granted to a Participant under Article 11. 
  
 (m) “Effective Date” has the meaning assigned such term in Section 3.1. 
  
 (n) “Eligible Participant” means an employee, officer, consultant
or director of the Company or any Affiliate. 
  
 (o)
“Exchange” means any national securities exchange or, if applicable, the Nasdaq National Market on which the Stock may from time to time be listed or traded. 
  

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 (p) “Fair Market Value”, on any date, means (i) if the Stock is listed on a securities exchange
or is traded over the Nasdaq National Market, the closing sales price on the immediately preceding date on which sales were reported; (ii) if the Stock is not listed on a securities exchange or traded over the Nasdaq National Market, the mean
between the bid and offered prices as quoted by Nasdaq for such immediately preceding trading date, provided that if it is determined that the fair market value is not properly reflected by such Nasdaq quotations, Fair Market Value will be
determined by such other method as the Committee determines in good faith to be reasonable; or (iii) the fair market value of the Stock determined by such methods or procedures as may be established from time to time by the Committee, which may
include the ESOP valuation of the Stock as of the end of the last fiscal year prior to such date. 
  
 (q) “Good Reason” has the meaning assigned such term in the employment agreement, if any, between a Participant and the Company or an Affiliate,
provided, however that if there is no such employment agreement in which such term is defined, and unless otherwise defined in the applicable Award Certificate, “Good Reason” shall mean any of the following acts by the Company or an
Affiliate without the consent of the Participant (in each case, other than an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company or an Affiliate promptly after receipt of notice thereof given
by the Participant): (i) the assignment to the Participant of duties materially inconsistent with, or a material diminution in, the Participant’s position, authority, duties or responsibilities as in effect immediately prior to a Change of
Control, (ii) a reduction by the Company or an Affiliate in the Participant’s base salary, (iii) the Company or an Affiliate requiring the Participant, without his or her consent, to be based at any office or location more than 35 miles from
the location at which the Participant was stationed immediately prior to a Change of Control, or (iv) the continuing material breach by the Company or an Affiliate of any employment agreement between the Participant and the Company or an Affiliate
after the expiration of any applicable period for cure. 
  
 (r)
“Grant Date” means the date an Award is made by the Committee. 
  
 (s) “Incentive Stock Option” means an Option that is intended to be an incentive stock option and meets the requirements of Section 422 of the Code or any successor provision thereto. 
  
 (t) “Non-Employee Director” means a director of the Company who is
not a common law employee of the Company or any Affiliate. 
  
 (u)
“Nonstatutory Stock Option” means an Option that is not an Incentive Stock Option. 
  
 (v) “Option” means a right granted to a Participant under Article 7 of the Plan to purchase Stock at a specified price during specified time periods. An Option may be either an Incentive Stock Option or a
Nonstatutory Stock Option. 
  
 (w) “Other Stock-Based
Award” means a right, granted to a Participant under Article 12, that relates to or is valued by reference to Stock or other Awards relating to Stock. 
  
 (x) “Parent” means a corporation, limited liability company, partnership or other entity which owns or beneficially owns a majority of the
outstanding voting stock or voting power of the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Parent shall have the meaning set forth in Section 424(e) of the Code. 
  

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 (y) “Participant” means a person who, as an employee, officer, director or consultant of the
Company or any Affiliate, has been granted an Award under the Plan; provided that in the case of the death of a Participant, the term “Participant” refers to a beneficiary designated pursuant to Section 13.5 or the legal guardian or other
legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court supervision. 
  
 (z) “Performance Award” means Performance Shares or Performance Units granted pursuant to Article 9. 
  
 (aa) “Performance Share” means any right granted to a Participant
under Article 9 to a unit to be valued by reference to a designated number of Shares to be paid upon achievement of such performance goals as the Committee establishes with regard to such Performance Share. 
  
 (bb) “Performance Unit” means a right granted to a Participant
under Article 9 to a unit valued by reference to a designated amount of cash or property other than Shares to be paid to the Participant upon achievement of such performance goals as the Committee establishes with regard to such Performance Unit.

  
 (cc) “Person” means any individual, entity or group,
within the meaning of Section 13(d)(3) or 14(d)(2) of the 1934 Act. 
  
 (dd) “Plan” means this 2004 Long-Term Incentive Plan, as amended from time to time. 
  
 (ee) “Public Offering” shall occur on the closing date of a public offering of any class or series of the Company’s equity securities
pursuant to a registration statement filed by the Company under the 1933 Act. 
  
 (ff) “Restricted Stock Award” means Stock granted to a Participant under Article 10 that is subject to certain restrictions and to risk of forfeiture. 
  
 (gg) “Restricted Stock Unit Award” means the right to receive
shares of Stock in the future, granted to a Participant under Article 10. 
  
 (hh) “Retirement” means a Participant’s termination of employment with the Company or an Affiliate with the Committee’s approval after attaining 75 years of combined age and service with the
Company or an Affiliate. 
  
 (ii) “Shares” means shares
of the Company’s Stock. If there has been an adjustment or substitution pursuant to Section 14.1, the term “Shares” shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are
adjusted pursuant to Section 14.1. 
  
 (jj) “Stock”
means the $0.01 par value common stock of the Company and such other securities of the Company as may be substituted for Stock pursuant to Article 14. 
  
 (kk) “Stock Appreciation Right” or “SAR” means a right granted to a Participant under Article 8 to receive a payment equal to the
difference between the Fair Market Value of a Share as of the date of exercise of the SAR over the grant price of the SAR, all as determined pursuant to Article 8. 
  

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 (ll) “Subsidiary” means any corporation, limited liability company, partnership or other entity
of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Subsidiary shall have the meaning set forth in
Section 424(f) of the Code. 
  
 (mm) “1933 Act” means
the Securities Act of 1933, as amended from time to time. 
  
 (nn)
“1934 Act” means the Securities Exchange Act of 1934, as amended from time to time. 
  
 ARTICLE 3 
 TERM OF PLAN 
  
 3.1 EFFECTIVE DATE . The Plan was adopted by the Board on March 11, 2004. The Plan was approved by the
shareholders of the Company on [                    ], 2004. The Plan became effective as of the date it was approved by the shareholders of
the Company. 
  
 3.2 TERMINATION OF PLAN. The Plan shall
terminate on [                    ], 2014, which is ten (10) years after the date on which the shareholders approved the Plan. The termination
of the Plan on such date shall not affect the validity of any Award outstanding on the date of termination. 
  
 ARTICLE 4 
 ADMINISTRATION 
  
 4.1. COMMITTEE. The Plan shall be administered by a Committee
appointed by the Board (which Committee shall consist of at least two directors) or, at the discretion of the Board from time to time, the Plan may be administered by the Board. It is intended that at least two of the directors appointed to serve on
the Committee shall be “non-employee directors” (within the meaning of Rule 16b-3 promulgated under the 1934 Act) and that any such members of the Committee who do not so qualify shall abstain from participating in any decision to make or
administer Awards that are made to Eligible Participants who at the time of consideration for such Award are persons subject to the short-swing profit rules of Section 16 of the 1934 Act. However, the mere fact that a Committee member shall fail to
qualify under the foregoing requirements or shall fail to abstain from such action shall not invalidate any Award made by the Committee which Award is otherwise validly made under the Plan. The members of the Committee shall be appointed by, and may
be changed at any time and from time to time in the discretion of, the Board. The Board may reserve to itself any or all of the authority and responsibility of the Committee under the Plan or may act as administrator of the Plan for any and all
purposes. To the extent the Board has reserved any authority and responsibility or during any time that the Board is acting as administrator of the Plan, it shall have all the powers of the Committee hereunder, and any reference herein to the
Committee (other than in this Section 4.1) shall include the Board. To the extent any action of the Board under the Plan conflicts with actions taken by the Committee, the actions of the Board shall control. 
  
 4.2 ACTION AND INTERPRETATIONS BY THE COMMITTEE. For purposes of
administering the Plan, the Committee may from time to time adopt rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the
Committee may deem appropriate. The 

  

 - 6 - 

 
Committee’s interpretation of the Plan, any Awards granted under the Plan, any Award Certificate and all decisions and determinations by the Committee
with respect to the Plan are final, binding, and conclusive on all parties. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the
Company or any Affiliate, the Company’s or an Affiliate’s independent certified public accountants, Company counsel or any executive compensation consultant or other professional retained by the Company to assist in the administration of
the Plan. 
  
 4.3 AUTHORITY OF COMMITTEE. Except as
provided below, the Committee has the exclusive power, authority and discretion to: 
  

	 	(a)	Grant Awards; 

  

	 	(b)	Designate Participants; 

  

	 	(c)	Determine the type or types of Awards to be granted to each Participant; 

  

	 	(d)	Determine the number of Awards to be granted and the number of Shares to which an Award will relate; 

  

	 	(e)	Determine the terms and conditions of any Award granted under the Plan, including but not limited to, the exercise price, grant price, or purchase price, any restrictions or
limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, based in each case on such considerations as the Committee in its sole discretion
determines; 

  

	 	(f)	Accelerate the vesting, exercisability or lapse of restrictions of any outstanding Award, in accordance with Article 13, based in each case on such considerations as the Committee
in its sole discretion determines; 

  

	 	(g)	Determine whether, to what extent, and under what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Stock, other Awards, or other
property, or an Award may be canceled, forfeited, or surrendered; 

  

	 	(h)	Prescribe the form of each Award Certificate, which need not be identical for each Participant; 

  

	 	(i)	Decide all other matters that must be determined in connection with an Award; 

  

	 	(j)	Establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or advisable to administer the Plan; 

  

	 	(k)	Make all other decisions and determinations that may be required under the Plan or as the Committee deems necessary or advisable to administer the Plan; 

  

	 	(l)	Amend the Plan or any Award Certificate as provided herein; and 

  

 - 7 - 

	 	(m)	Adopt such modifications, procedures, and subplans as may be necessary or desirable to comply with provisions of the laws of non-U.S. jurisdictions in which the Company or any
Affiliate may operate, in order to assure the viability of the benefits of Awards granted to participants located in such other jurisdictions and to meet the objectives of the Plan. 

  
 Notwithstanding the above, the Board or the Committee may expressly delegate
to a special committee consisting of one or more directors who are also officers of the Company some or all of the Committee’s authority under subsections (a) through (i) above, except that no delegation of its duties and responsibilities may
be made to officers of the Company with respect to Awards to Eligible Participants who are, or who are anticipated to become, subject to the short-swing profit rules of Section 16 of the 1934 Act. The acts of such delegates shall be treated
hereunder as acts of the Committee and such delegates shall report to the Committee regarding the delegated duties and responsibilities. 
  
 4.4. AWARD CERTIFICATES. Each Award shall be evidenced by an Award Certificate. Each Award Certificate shall include such provisions, not
inconsistent with the Plan, as may be specified by the Committee. 
  
 ARTICLE 5 
 SHARES SUBJECT TO THE PLAN 
  
 5.1. NUMBER OF SHARES. Subject to adjustment as provided in Section 14.1 and 5.2, the aggregate number of
Shares reserved and available for issuance pursuant to Awards granted under the Plan shall be 250,000. 
  
 5.2. SHARE COUNTING. 
  
 (a) To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued Shares subject to the Award will
again be available for issuance pursuant to Awards granted under the Plan. 
  
 (b) Shares subject to Awards settled in cash will again be available for issuance pursuant to Awards granted under the Plan. 
  
 (c) Only the number of Shares issued and delivered upon exercise of a Stock Appreciation Right shall be considered for purposes of determining the number
of Shares remaining available for issuance pursuant to Awards granted under the Plan. 
  
 (d) If the exercise price of an Option (but not the resulting tax obligation) is satisfied by delivering Shares to the Company (by either actual delivery or attestation), only the number of Shares issued in excess of
the delivery or attestation shall be considered for purposes of determining the number of Shares remaining available for issuance pursuant to Awards granted under the Plan. 
  
 (e) To the extent that the full number of Shares subject to an Option is not issued upon exercise of the Option for any
reason (other than Shares used to satisfy an applicable tax withholding obligation), only the number of Shares issued and delivered upon exercise of the Option shall be considered for purposes of determining the number of Shares remaining available

  

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for issuance pursuant to Awards granted under the Plan. Nothing in this subsection shall imply that any particular type of cashless exercise of an Option is
permitted under the Plan, that decision being reserved to the Committee. 
  
 5.3. STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Stock, treasury Stock, or Stock purchased on the open market. 
  
 ARTICLE 6 
 ELIGIBILITY 
  
 6.1. GENERAL. Awards may be granted only to Eligible Participants; except that Incentive Stock Options may not be granted to Eligible Participants who are not employees of the Company or a Parent or Subsidiary as defined in
Section 424(e) and (f) of the Code. 
  
 ARTICLE 7

 STOCK OPTIONS 
  
 7.1. GENERAL. The Committee is authorized to grant Options to Participants on the following terms and conditions: 
  
 (a) EXERCISE PRICE. The exercise price per Share under an Option shall
be determined by the Committee, subject to Section 7.2(a) with respect to an Incentive Stock Option. 
  
 (b) TIME AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which an Option may be exercised in whole or in part,
subject to Section 7.1(d). The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised or vested. The Committee may waive any exercise or vesting provisions
at any time in whole or in part based upon factors as the Committee may determine in its sole discretion so that the Option becomes exercisable or vested at an earlier date. The Committee may permit an arrangement whereby receipt of Stock upon
exercise of an Option is delayed until a specified future date. 
  
 (c) PAYMENT. The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including, without limitation, cash, Shares, or other property (including “cashless exercise”
arrangements), and the methods by which Shares shall be delivered or deemed to be delivered to Participants; provided, however, that if Shares are used to pay the exercise price of an Option, such Shares must have been held by the Participant for
such period of time, if any, as necessary to avoid variable accounting for the Option. 
  
 (d) EXERCISE TERM. In no event may any Option be exercisable for more than ten years from the Grant Date. 
  
 7.2. INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Options granted under the Plan must comply with the following additional
rules: 
  
 (a) EXERCISE PRICE. The exercise price of an
Incentive Stock Option shall not be less than the Fair Market Value as of the Grant Date. 
  
 (b) LAPSE OF OPTION. An Incentive Stock Option shall lapse upon the earliest of the following circumstances; provided, however, that the Committee may, prior to the lapse of the 

  

 - 9 - 

 
Incentive Stock Option under the circumstances described in subsections (3), (4), (5) and (6) below, provide in writing that the Option will extend until a
later date, but if an Option is so extended and is exercised after the dates specified in subsections (3) and (4) below or more than three months after termination of employment for any other reason, it will automatically become a Nonstatutory Stock
Option: 
  

	 	(1)	The expiration date set forth in the Award Certificate. 

  

	 	(2)	The tenth anniversary of the Grant Date. 

  

	 	(3)	Three months after termination of the Participant’s Continuous Status as a Participant for any reason other than the Participant’s Disability, death or termination by the
Company for Cause. 

  

	 	(4)	One year after the termination of the Participant’s Continuous Status as a Participant by reason of the Participant’ s Disability. 

  

	 	(5)	One year after the termination of the Participant’s death if the Participant dies while employed, or during the three-month period described in paragraph (3) or during the
one-year period described in paragraph (4) and before the Option otherwise lapses. 

  

	 	(6)	The date of the termination of the Participant’s Continuous Status as a Participant if such termination is for Cause. 

  
 Unless the exercisability of the Incentive Stock Option is accelerated as
provided in Article 13, if a Participant exercises an Option after termination of employment, the Option may be exercised only with respect to the Shares that were otherwise vested on the Participant’s termination of employment. Upon the
Participant’s death, any exercisable Incentive Stock Options may be exercised by the Participant’s beneficiary, determined in accordance with Section 13.5. 
  
 (c) INDIVIDUAL DOLLAR LIMITATION. The aggregate Fair Market Value (determined as of the Grant Date) of all Shares
with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000.00. 
  
 (d) TEN PERCENT OWNERS. No Incentive Stock Option shall be granted to any individual who, at the Grant Date, owns stock possessing more than ten
percent of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary unless the exercise price per Share of such Option is at least 110% of the Fair Market Value per Share at the Grant Date and the Option
expires no later than five years after the Grant Date. 
  
 (e)
EXPIRATION OF AUTHORITY TO GRANT INCENTIVE STOCK OPTIONS. No Incentive Stock Option may be granted pursuant to the Plan after the day immediately prior to the tenth anniversary of date the Plan was adopted by the Board, or the termination of
the Plan, if earlier. 
  
 (f) RIGHT TO EXERCISE. During a
Participant’s lifetime, an Incentive Stock Option may be exercised only by the Participant or, in the case of the Participant’s Disability, by the Participant’s guardian or legal representative. 
  

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 (g) ELIGIBLE GRANTEES. The Committee may not grant an Incentive Stock Option to a person who is
not at the Grant Date an employee of the Company or a Parent or Subsidiary. 
  
 ARTICLE 8 
 STOCK APPRECIATION RIGHTS 
  
 8.1. GRANT OF STOCK APPRECIATION RIGHTS. The Committee is
authorized to grant Stock Appreciation Rights to Participants on the following terms and conditions: 
  
 (a) RIGHT TO PAYMENT. Upon the exercise of a Stock Appreciation Right, the Participant to whom it is granted has the right to receive the excess,
if any, of: 
  

	 	(1)	The Fair Market Value of one Share on the date of exercise; over 

  

	 	(2)	The grant price of the Stock Appreciation Right as determined by the Committee, which shall not be less than the Fair Market Value of one Share on the Grant Date in the case of any
Stock Appreciation Right related to an Incentive Stock Option. 

  
 (b) OTHER TERMS. All awards of Stock Appreciation Rights shall be evidenced by an Award Certificate. The terms, methods of exercise, methods of settlement, form of consideration payable in settlement, and any
other terms and conditions of any Stock Appreciation Right shall be determined by the Committee at the time of the grant of the Award and shall be reflected in the Award Certificate. 
  
 ARTICLE 9 
 PERFORMANCE AWARDS 
  
 9.1. GRANT OF
PERFORMANCE AWARDS. The Committee is authorized to grant Performance Shares or Performance Units to Participants on such terms and conditions as may be selected by the Committee. The Committee shall have the complete discretion to determine the
number of Performance Shares or Performance Units granted to each Participant and to designate the provisions of such Performance Awards as provided in Section 4.3. 
  
 9.2. PERFORMANCE GOALS. The Committee may establish performance goals for Performance Awards which may be based on
any criteria selected by the Committee. Such performance goals may be described in terms of Company-wide objectives or in terms of objectives that relate to the performance of an Affiliate or a division, region, department or function within the
Company or an Affiliate. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company or the manner in which the Company or an Affiliate conducts its business, or other events or
circumstances render performance goals to be unsuitable, the Committee may modify such performance goals in whole or in part, as the Committee deems appropriate. If a Participant is promoted, demoted or transferred to a different business unit or
function during a performance period, the Committee may determine that the performance goals or performance period are no longer appropriate and may (i) adjust, change or eliminate the performance goals or the applicable performance period as it
deems appropriate to make such goals and period comparable to the initial goals and period, or (ii) make a cash payment to the participant in amount determined by the Committee. 
  

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 9.3. RIGHT TO PAYMENT. The grant of a Performance Share to a Participant will entitle the
Participant to receive at a specified later time a specified number of Shares, or the equivalent cash value, if the performance goals established by the Committee are achieved and the other terms and conditions thereof are satisfied. The grant of a
Performance Unit to a Participant will entitle the Participant to receive at a specified later time a specified dollar value in cash or other property, including Shares, variable under conditions specified in the Award, if the performance goals in
the Award are achieved and the other terms and conditions thereof are satisfied. The Committee shall set performance goals and other terms or conditions to payment of the Performance Awards in its discretion which, depending on the extent to which
they are met, will determine the number and value of the Performance Awards that will be paid to the Participant. 
  
 9.4. OTHER TERMS. Performance Awards may be payable in cash, Stock, or other property, and have such other terms and conditions as determined by
the Committee and reflected in the Award Certificate. For purposes of determining the number of Shares to be used in payment of a Performance Award denominated in cash but payable in whole or in part in Shares or Restricted Stock, the number of
Shares to be so paid will be determined by dividing the cash value of the Award to be so paid by the Fair Market Value of a Share on the date of determination by the Committee of the amount of the payment under the Award, or, if the Committee so
directs, the date immediately preceding the date the Award is paid. 
  
 ARTICLE 10 
 RESTRICTED STOCK AND RESTRICTED STOCK UNIT AWARDS 
  
 10.1. GRANT OF RESTRICTED STOCK AND RESTRICTED STOCK UNITS. The
Committee is authorized to make Awards of Restricted Stock or Restricted Stock Units to Participants in such amounts and subject to such terms and conditions as may be selected by the Committee. An Award of Restricted Stock or Restricted Stock Units
shall be evidenced by an Award Certificate setting forth the terms, conditions, and restrictions applicable to the Award. 
  
 10.2. ISSUANCE AND RESTRICTIONS. Restricted Stock or Restricted Stock Units shall be subject to such restrictions on transferability and other
restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at such
times, under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. Except as otherwise provided in an Award Certificate,
the Participant shall have all of the rights of a shareholder with respect to the Restricted Stock, and the Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units until such time as Shares of Stock are paid
in settlement of the Restricted Stock Units. 
  
 10.3.
FORFEITURE. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of Continuous Status as a Participant during the applicable restriction period or upon failure to satisfy a
performance goal during the applicable restriction period, Restricted Stock or Restricted Stock Units that are at that time subject to restrictions shall be forfeited; provided, however, that the Committee may provide in any Award Certificate that
restrictions or forfeiture conditions relating to Restricted Stock or Restricted Stock Units will be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in
part restrictions or forfeiture conditions relating to Restricted Stock or Restricted Stock Units. 
  

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 10.4. DELIVERY OF RESTRICTED STOCK. Shares of Restricted Stock shall be delivered to the
Participant at the time of grant either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company or one or more of its employees) designated by the Committee, a stock
certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates must bear an appropriate legend referring to the
terms, conditions, and restrictions applicable to such Restricted Stock. 
  
 ARTICLE 11 
 DIVIDEND EQUIVALENTS 
  
 11.1 GRANT OF DIVIDEND EQUIVALENTS. The Committee is authorized to grant Dividend Equivalents to Participants
subject to such terms and conditions as may be selected by the Committee. Dividend Equivalents shall entitle the Participant to receive payments equal to dividends with respect to all or a portion of the number of Shares of Stock subject to an
Award, as determined by the Committee. The Committee may provide that Dividend Equivalents be paid or distributed when accrued or be deemed to have been reinvested in additional Shares of Stock, or otherwise reinvested. 
  
 ARTICLE 12 
 STOCK OR OTHER STOCK-BASED AWARDS 
  
 12.1. GRANT OF STOCK OR OTHER STOCK-BASED AWARDS. The Committee is authorized, subject to limitations under applicable law, to grant to Participants such other Awards that are payable in, valued in whole
or in part by reference to, or otherwise based on or related to Shares, as deemed by the Committee to be consistent with the purposes of the Plan, including without limitation Shares awarded purely as a “bonus” and not subject to any
restrictions or conditions, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, and Awards valued by reference to book value of Shares or the value of securities of or the performance of specified
Parents or Subsidiaries. The Committee shall determine the terms and conditions of such Awards. 
  
 ARTICLE 13 
 PROVISIONS APPLICABLE TO AWARDS 
  
 13.1. STAND-ALONE, TANDEM, AND SUBSTITUTE AWARDS. Awards
granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or (subject to Section 15.2(c)) in substitution for, any other Award granted under the Plan. If an Award is granted in
substitution for another Award, the Committee may require the surrender of such other Award in consideration of the grant of the new Award. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at
a different time from the grant of such other Awards. 
  
 13.2.
TERM OF AWARD. The term of each Award shall be for the period as determined by the Committee, provided that in no event shall the term of any Incentive Stock Option or a Stock Appreciation Right granted in tandem with the Incentive Stock
Option exceed a period of ten years from its Grant Date (or, if Section 7.2(d) applies, five years from its Grant Date). 
  
 13.3. FORM OF PAYMENT FOR AWARDS. Subject to the terms of the Plan and any applicable law or Award Certificate, payments or transfers to be made by
the Company or an 

  

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Affiliate on the grant or exercise of an Award may be made in such form as the Committee determines at or after the Grant Date, including without limitation,
cash, Stock, other Awards, or other property, or any combination, and may be made in a single payment or transfer, in installments, or on a deferred basis, in each case determined in accordance with rules adopted by, and at the discretion of, the
Committee. 
  
 13.4. LIMITS ON TRANSFER. No right or
interest of a Participant in any unexercised or restricted Award may be pledged, encumbered, or hypothecated to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such
Participant to any other party other than the Company or an Affiliate. No unexercised or restricted Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution or, except in the case of an
Incentive Stock Option, pursuant to a domestic relations order that would satisfy Section 414(p)(1)(A) of the Code if such Section applied to an Award under the Plan; provided, however, that the Committee may (but need not) permit other transfers
where the Committee concludes that such transferability (i) does not result in accelerated taxation, (ii) does not cause any Option intended to be an Incentive Stock Option to fail to be described in Code Section 422(b), and (iii) is otherwise
appropriate and desirable, taking into account any factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards. 
  
 13.5 BENEFICIARIES. Notwithstanding Section 13.4, a Participant may, in the manner determined by the Committee,
designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights
under the Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate otherwise provide, and to any additional restrictions deemed necessary or
appropriate by the Committee. If no beneficiary has been designated or survives the Participant, payment shall be made to the Participant’s estate. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant
at any time provided the change or revocation is filed with the Committee. 
  
 13.6. COMPLIANCE WITH LAWS. All Stock issuable under the Plan is subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal or state
securities laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate or issue instructions to
the transfer agent to reference restrictions applicable to the Stock. 
  
 13.7 ACCELERATION UPON DEATH, DISABILITY OR RETIREMENT. Except as otherwise provided in the Award Certificate, upon the Participant’s death or Disability during his or her Continuous Status as a Participant, or upon the
Participant’s Retirement, all of such Participant’ s outstanding Options, SARs, and other Awards in the nature of rights that may be exercised shall become fully exercisable and all restrictions on his or her outstanding Awards shall
lapse. Any exercisable Awards shall thereafter continue or lapse in accordance with the other provisions of the Plan and the Award Certificate. To the extent that this provision causes Incentive Stock Options to exceed the dollar limitation set
forth in Section 7.2(c), the excess Options shall be deemed to be Nonstatutory Stock Options. 
  
 13.8. ACCELERATION UPON A CHANGE OF CONTROL. Except as otherwise provided in the Award Certificate, all of a Participant’s outstanding Options, SARs and other Awards in the nature of rights that may be
exercised shall become fully exercisable and all 

  

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restrictions on his or her outstanding Awards shall lapse if the Participant’s employment is terminated without Cause or the Participant resigns for
Good Reason within two years after the effective date of a Change of Control. 
  
 13.9. ACCELERATION FOR OTHER REASONS. Regardless of whether an event has occurred as described in Section 13.7 or 13.8 above, the Committee may in its sole discretion at any time determine that all or a portion
of a Participant’s Options, SARs and other Awards in the nature of rights that may be exercised shall become fully or partially exercisable, and/or that all or a part of the restrictions on all or a portion of a Participant’s outstanding
Awards shall lapse, in each case, as of such date as the Committee may, in its sole discretion, declare. The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this
Section 13.9. 
  
 13.10 EFFECT OF ACCELERATION. If an Award
is accelerated under Section 13.8 or Section 13.9, the Committee may, in its sole discretion, provide (i) that the Award will expire after a designated period of time after such acceleration to the extent not then exercised, (ii) that the Award will
be settled in cash rather than Stock, (iii) that the Award will be assumed by another party to a transaction giving rise to the acceleration or otherwise be equitably converted or substituted in connection with such transaction, (iv) that the Award
may be settled by payment in cash or cash equivalents equal to the excess of the Fair Market Value of the underlying Stock, as of a specified date associated with the transaction, over the exercise price of the Award, or (v) any combination of the
foregoing. The Committee’s determination need not be uniform and may be different for different Participants whether or not such Participants are similarly situated. To the extent that such acceleration causes Incentive Stock Options to exceed
the dollar limitation set forth in Section 7.2(c), the excess Options shall be deemed to be Nonstatutory Stock Options. 
  
 13.11. TERMINATION OF EMPLOYMENT. Whether military, government or other service or other leave of absence shall constitute a termination of
employment shall be determined in each case by the Committee at its discretion, and any determination by the Committee shall be final and conclusive. A Participant’s Continuous Status as a Participant shall not be deemed to terminate (i) in a
circumstance in which a Participant transfers from the Company to an Affiliate, transfers from an Affiliate to the Company, or transfers from one Affiliate to another Affiliate, or (ii) in the discretion of the Committee as specified at or prior to
such occurrence, in the case of a spin-off, sale or disposition of the Participant’s employer from the Company or any Affiliate. To the extent that this provision causes Incentive Stock Options to extend beyond three months from the date a
Participant is deemed to be an employee of the Company, a Parent or Subsidiary for purposes of Sections 424(e) and 424(f) of the Code, the Options held by such Participant shall be deemed to be Nonstatutory Stock Options. 
  
 ARTICLE 14 
 CHANGES IN CAPITAL STRUCTURE 
  
 14.1. GENERAL. In the event of a corporate event or transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization,
reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares), the authorization limits under Section 5.1 shall be adjusted proportionately, and the Committee may adjust Awards to preserve the benefits or potential
benefits of the Awards. Action by the Committee may include: (i) adjustment of the number and kind of shares which may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment of
the exercise price of outstanding Awards or the measure to be used to determine the amount of the benefit payable on an Award; and (iv) 

  

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any other adjustments that the Committee determines to be equitable. In addition, the Committee may, in its sole discretion, provide (i) that Awards will be
settled in cash rather than Stock, (ii) that Awards will become immediately vested and exercisable and will expire after a designated period of time to the extent not then exercised, (iii) that Awards will be assumed by another party to a
transaction or otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding Awards may be settled by payment in cash or cash equivalents equal to the excess of the Fair Market Value of the underlying
Stock, as of a specified date associated with the transaction, over the exercise price of the Award, or (v) any combination of the foregoing. The Committee’s determination need not be uniform and may be different for different Participants
whether or not such Participants are similarly situated. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the
outstanding Stock into a lesser number of Shares, the authorization limits under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically be adjusted proportionately without any
change in the aggregate purchase price therefor. 
  
 ARTICLE 15

 AMENDMENT, MODIFICATION AND TERMINATION 
  

15.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board or the Committee may, at any time and from time to time, amend, modify or
terminate the Plan without shareholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board or the Committee, (i) materially increase the number of Shares available under the Plan, (ii) expand
the types of awards available under the Plan, (iii) materially expand the class of participants eligible to participate in the Plan, (iv) materially extend the term of the Plan, or (v) otherwise constitute a material change requiring shareholder
approval under applicable laws, policies or regulations or the applicable listing or other requirements of an Exchange, then such amendment shall be subject to shareholder approval; and provided further, that the Board or Committee may condition any
other amendment or modification on the approval of shareholders of the Company for any reason, including by reason of such approval being necessary or deemed advisable to (i) permit Awards made hereunder to be exempt from liability under Section
16(b) of the 1934 Act, (ii) to comply with the listing or other requirements of an Exchange, or (iii) to satisfy any other tax, securities or other applicable laws, policies or regulations. 
  
 15.2. AWARDS PREVIOUSLY GRANTED. At any time and from time to time,
the Committee may, without additional consideration, amend, modify or terminate any outstanding Award without approval of the Participant; provided, however: 
  
 (a) Subject to the terms of the applicable Award Certificate, such amendment, modification or termination shall not, without the Participant’s
consent, reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment or termination (with the per-share value of an Option or Stock Appreciation Right
for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment or termination over the exercise or base price of such Award); 
  
 (b) The original term of an Option may not be extended without the prior approval of the shareholders of the Company;

  

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 (c) Except as otherwise provided in Article 14, the exercise price of an Option may not be reduced,
directly or indirectly, without the prior approval of the shareholders of the Company; and 
  
 (d) No termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the Plan, without the written consent of the Participant affected thereby. An outstanding Award
shall not be deemed to be “adversely affected” by a Plan amendment if such amendment would not reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of
such amendment (with the per-share value of an Option or Stock Appreciation Right for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment over the exercise or base price of such Award).

  
 ARTICLE 16 
 GENERAL PROVISIONS 
  
 16.1. NO RIGHTS TO AWARDS; NON-UNIFORM DETERMINATIONS. No Participant or any Eligible Participant shall have any claim to be granted any
Award under the Plan. Neither the Company, its Affiliates nor the Committee is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may be made by the Committee selectively among Eligible
Participants who receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly situated). 
  
 16.2. NO STOCKHOLDER RIGHTS. No Award gives a Participant any of the rights of a shareholder of the Company unless and until Shares are in fact
issued to such person in connection with such Award. 
  
 16.3.
WITHHOLDING. The Company or any Affiliate shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the
Participant’s FICA obligation) required by law to be withheld with respect to any exercise, lapse of restriction or other taxable event arising as a result of the Plan. If Shares are surrendered to the Company to satisfy withholding obligations
in excess of the minimum withholding obligation, such Shares must have been held by the Participant as fully vested shares for such period of time, if any, as necessary to avoid variable accounting for the Award. With respect to withholding required
upon any taxable event under the Plan, the Committee may, at the time the Award is granted or thereafter, require or permit that any such withholding requirement be satisfied, in whole or in part, by withholding from the Award Shares having a Fair
Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in accordance with such procedures as the Committee establishes. 
  
 16.4. NO RIGHT TO CONTINUED SERVICE. Nothing in the Plan, any Award
Certificate or any other document or statement made with respect to the Plan, shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant ‘s employment or status as an officer, director or
consultant at any time, nor confer upon any Participant any right to continue as an employee, officer, director or consultant of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise. 
  
 16.5. UNFUNDED STATUS OF AWARDS. The Plan is intended to be an
“unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award 

  

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Certificate shall give the Participant any rights that are greater than those of a general creditor of the Company or any Affiliate. 
  
 16.6. INDEMNIFICATION. To the extent allowable under applicable law,
each member of the Committee shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense (including, but not limited to, attorneys fees) that may be imposed upon or reasonably incurred by such member in
connection with or resulting from any claim, action, suit, or proceeding to which such member may be a party or in which he may be involved by reason of any action or failure to act under the Plan and against and from any and all amounts paid by
such member in satisfaction of judgment in such action, suit, or proceeding against him provided he gives the Company an opportunity, at its own expense, to handle and defend the same before he undertakes to handle and defend it on his own behalf.
The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any
power that the Company may have to indemnify them or hold them harmless. 
  
 16.7. RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or
benefit plan of the Company or any Affiliate unless provided otherwise in such other plan. 
  
 16.8. EXPENSES. The expenses of administering the Plan shall be borne by the Company or its Affiliates. 
  
 16.9. TITLES AND HEADINGS. The titles and headings of the Sections in the Plan are for convenience of reference only, and in the event of any
conflict, the text of the Plan, rather than such titles or headings, shall control. 
  
 16.10. GENDER AND NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include
the plural. 
  
 16.11. FRACTIONAL SHARES. No fractional
Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down. 
  
 16.12. GOVERNMENT AND OTHER REGULATIONS. 
  
 (a) Notwithstanding any other provision of the Plan, no Participant who
acquires Shares pursuant to the Plan may, during any period of time that such Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell such
Shares, unless such offer and sale is made (i) pursuant to an effective registration statement under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirements
of the 1933 Act, such as that set forth in Rule 144 promulgated under the 1933 Act. 
  
 (b) Notwithstanding any other provision of the Plan, if at any time the Committee shall determine that the registration, listing or qualification of the Shares covered by an Award upon any Exchange or under any
foreign, federal, state or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in 

  

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connection with, the granting of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to
such Award unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any condition not acceptable to the Committee. Any Participant receiving or purchasing Shares pursuant to an
Award shall make such representations and agreements and furnish such information as the Committee may request to assure compliance with the foregoing or any other applicable legal requirements. The Company shall not be required to issue or deliver
any certificate or certificates for Shares under the Plan prior to the Committee’ s determination that all related requirements have been fulfilled. The Company shall in no event be obligated to register any securities pursuant to the 1933 Act
or applicable state or foreign law or to take any other action in order to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement. 
  
 16.13. GOVERNING LAW. To the extent not governed by federal law, the Plan and all Award Certificates shall be
construed in accordance with and governed by the laws of the State of Alabama. 
  
 16.14 ADDITIONAL PROVISIONS. Each Award Certificate may contain such other terms and conditions as the Committee may determine; provided that such other terms and conditions are not inconsistent with the
provisions of the Plan. 
  
 16.15. NO LIMITATIONS ON RIGHTS OF
COMPANY. The grant of any Award shall not in any way affect the right or power of the Company to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer
all or any part of its business or assets. The Plan shall not restrict the authority of the Company, for proper corporate purposes, to grant or assume awards, other than under the Plan, to or with respect to any person. If the Committee so directs,
the Company may issue or transfer Shares to an Affiliate, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of
an Award granted to such Participant and specified by the Committee pursuant to the provisions of the Plan. 
  
 **************************************** 
  
 The foregoing is hereby acknowledged as being the Altrust Financial Services, Inc. 2004 Long-Term Incentive Plan as adopted by the Board on March 11, 2004 and approved by the shareholders on April 22, 2004.

  

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