Document:

Employee Stock Ownership Plan

 Exhibit 10.3 
 PUBLIX SUPER MARKETS, INC. 
 EMPLOYEE STOCK OWNERSHIP PLAN 
 AMENDED AND RESTATED 
 AS OF JANUARY
1, 2007 

 PUBLIX SUPER MARKETS, INC. 
 EMPLOYEE STOCK OWNERSHIP PLAN 
 AMENDED AND RESTATED 
 AS OF JANUARY 1, 2007 
 Table of
Contents 
  

					
	 Article
	  	 Title
	  	Page
	I	  	Definitions	  	1
			
	II	  	Amendment and Restatement and Name of the Plan	  	14
			
	III	  	Purpose of the Plan and the Trust	  	14
			
	IV	  	Plan Administrator	  	15
			
	V	  	Eligibility and Participation	  	19
			
	VI	  	Contributions to the Trust	  	20
			
	VII	  	Participants’ Accounts and Allocation of Contributions	  	21
			
	VIII	  	Benefits Under the Plan	  	28
			
	IX	  	Payment of Benefits, Put Option and Right of First Refusal	  	33
			
	X	  	Diversification Distributions	  	40
			
	XI	  	Hardship Withdrawals	  	42
			
	XII	  	Trust Fund	  	44
			
	XIII	  	Expenses of Administration of the Plan and the Trust Fund	  	44
			
	XIV	  	Amendment and Termination	  	45
			
	XV	  	Miscellaneous	  	46

 PUBLIX SUPER MARKETS, INC. 
 EMPLOYEE STOCK OWNERSHIP PLAN 
 AMENDED AND RESTATED 
 AS OF JANUARY 1, 2007 
 The Publix Super Markets, Inc. Employee Stock Ownership Plan, commonly known as the Publix PROFIT
Plan, originally adopted as of October 1, 1974, as a stock bonus plan with employee stock ownership plan features, is hereby amended and restated this 22nd day of January, 2008, but is effective for all purposes as of January 1,
2007, except as may be otherwise noted herein, by Publix Super Markets, Inc. (the “Company”). 
 W I T N E S S E T H: 

 WHEREAS, the Company has previously adopted the Publix Super Markets, Inc. Employee Stock Ownership Plan, which has been amended
from time to time (as amended to date, the “Plan”); and 
 WHEREAS, the Company is authorized and empowered to amend the
Plan further; and 
 WHEREAS, the Company has determined that it is advisable and in the best interests of the Participants to amend
and restate the Plan to reflect statutory and regulatory modifications and to make other desired changes. 
 NOW, THEREFORE, the Plan
is hereby amended and restated in its entirety to read as follows: 
 ARTICLE I 
 Definitions 
 1.1
“Account” or “Accounts” shall mean, as required by the context, the entire amount held from time to time for the benefit of any one Participant, or the portion thereof attributable to a
Participant’s Company Stock Account and/or Other Investments Account established pursuant to section 7.2 with respect to Employer contributions made pursuant to Article VI, and shall include amounts credited to the account of a Participant
under the terms of the Publix Super Markets, Inc. Profit Sharing Plan at the time of the merger of that plan with this Plan effective as of the close of business on December 31, 1999. 
 1.2 “Administrator” shall mean the Plan Administrator. 
 1.3 “Affiliate” shall mean, with respect to an Employer, any corporation other than such Employer that is a member of a
controlled group of corporations, within the meaning of Section 414(b) of the Code, of which such Employer 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 Employer; any service organization other
than such Employer that is a member of an affiliated service group, within the meaning of Section 414(m) of the Code, of which such Employer is a member; any other organization that is required to be aggregated with such Employer under
Section 414(o) of the Code; and, for purposes of determining Hours of Service and Years of Service in Plan Years beginning before January 1, 1993, Publix Food Stores, Inc. and Publix Market, Inc. For purposes of determining the limitations
on Annual Additions, the special rules of Section 415(h) of the Code shall apply. 
 1.4 “Anniversary Date”
shall mean the date on which an Employee first had an Hour of Service (or, except as otherwise provided in Department of Labor Regulation Section 2530.200b-4(b), first had an Hour of Service following a One Year Break in Service which occurred
as a result of a separation from employment) or any succeeding anniversary thereof. 
 1.5 “Annual Additions” shall
mean, with respect to each Limitation Year beginning after December 31, 1986, the sum of: 
 (a) the amount of Employer
contributions (including elective contributions made in accordance with Section 401(k) of the Code, other than amounts distributed as “excess deferrals” in accordance with Treasury Regulation Section 1.402(g)-1(e)(2) or
(3)) allocated to the Participant under any defined contribution plan maintained by an Employer or an Affiliate; 
 (b)
the amount of the Employee’s contributions (other than rollover contributions, if any) to any contributory defined contribution plan maintained by an Employer or an Affiliate; 
 (c) any forfeitures separately allocated to the Participant under any defined contribution plan maintained by an Employer or an Affiliate;

 (d) if the Participant is a Key Employee during the current Plan Year or the preceding Plan Year, any contributions
allocated to an individual account on behalf of such Participant under Section 419A(d)(2) of the Code; provided, however, that the contributions subject to this subsection shall not be subject to the limitation of section 7.7(a)(2); and

 (e) effective January 1, 2008, contributions allocated pursuant to Code Section 415(l)(1) to any individual
medical benefit account that is part of a pension or annuity plan established pursuant to Section 401(h) of the Code; provided, however, that the contributions subject to this subsection shall not be subject to the limitation of section
7.7(a)(2). 
 1.6 “Board of Directors” and “Board” shall mean the board of directors of the
Company or, when required by the context, the board of directors of an Employer other than the Company. 
  

 2. 

 1.7 “Code” shall mean the Internal Revenue Code of 1986, as amended, or any
successor statute. References to a specific section of the Code shall include references to any successor provisions. 
 1.8
“Company” shall mean Publix Super Markets, Inc. and its successors. 
 1.9 “Company Stock
Account” shall mean an account established pursuant to section 7.2 with respect to Employer contributions invested in Employer Securities and adjustments thereto. 
 1.10 (a) “Compensation” shall mean, with respect to a Participant, the wages, salaries, fees for professional services, and other
amounts received (without regard to whether the amount is paid in cash) to such Participant by an Employer, including, but not limited to, tips received by such Participant, for personal services actually rendered in the course of employment with an
Employer to the extent that the amounts are includible in gross income, as well as amounts that would be included in wages but for an election under Sections 125, 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b) of the Code, but shall not
include amounts realized from the exercise of a nonstatutory stock option (an option other than a statutory stock option as defined in Treasury Regulation Section 1.421-1(b)) or when restricted stock or other property either becomes freely
transferable or is no longer subject to a substantial risk of forfeiture, amounts realized from the sale, exchange or other disposition of stock acquired under a statutory stock option (as defined in Treasury Regulation Section 1.421-1(b)), and
other amounts that receive special tax benefits (such as premiums for group-term life insurance, but only to the extent that the premiums are not includible in the gross income of the Employee and are not salary reduction amounts that are described
in Section 125 of the Code), and also shall not include (even if such amounts are includible in gross income) reimbursements or other expense allowances, fringe benefits (whether or not in cash), moving expenses, deferred compensation and
Employer-paid welfare benefits. 
 (b) For purposes of making allocations of Employer contributions pursuant to section 7.4
with respect to any Plan Year, no Compensation paid by an Employer with respect to an Employee prior to the Employee’s first day of participation in the Plan shall be taken into account. 
 (c) No Compensation in excess of $200,000 (as adjusted from time to time under applicable law) shall be taken into account for any
Employee. 
 1.11 “Direct Rollover” shall mean a payment of an Eligible Rollover Distribution by the Plan to an
Eligible Retirement Plan specified by the Distributee. 
  

 3. 

 1.12 “Distributee” shall mean 
 (a) a Participant who is entitled to benefits payable as a result of his retirement, disability or other severance of employment as
provided in section 8.1, 8.2 or 8.3, 
 (b) a Participant’s surviving Eligible Spouse who is entitled to death benefits
payable pursuant to section 8.4, 
 (c) a Participant’s spouse or former spouse who is the alternate payee under a
qualified domestic relations order, as defined in Section 414(p) of the Code, entitled to benefits payable as provided by section 15.2(b), and 
 (d) effective January 1, 2008, an individual other than an Eligible Spouse who is the designated beneficiary of a deceased Participant and who is thus entitled to death benefits payable pursuant to
Section 8.4. 
 1.13 “Diversification Election Period” shall mean, for Plan Years beginning on or after
October 1, 1987, the period of six (6) Plan Years beginning with the Plan Year after the first Plan Year during which the Participant has attained the age of fifty-five (55) years and has completed ten (10) years of participation
in the Plan. 
 1.14 “Effective Date” of this amended and restated Publix Super Markets, Inc. Employee Stock
Ownership Plan shall mean January 1, 2007. 
 1.15 “Eligibility Date” shall mean the Employee’s Anniversary
Date immediately following the completion of the Employee’s first Year of Service (as defined for purposes of Article V). 
 1.16
“Eligible Retirement Plan” shall mean an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in
Section 403(a) of the Code, a qualified trust described in Section 401(a) of the Code, an annuity contract described in Section 403(b) of the Code, or an eligible plan under Section 457(b) of the Code that is maintained by a
state or any agency or instrumentality of a state or political subdivision of a state that agrees to separately account for amounts transferred into such plan from this Plan, in each case provided that the account or plan accepts a
Distributee’s Eligible Rollover Distribution; provided, however, that effective January 1, 2008, with respect to a nonspouse beneficiary, an Eligible Retirement Plan shall mean an individual retirement account described in
Section 408(a) of the Code or an individual retirement annuity described in Section 408(b) of the Code. 
  

 4. 

 1.17 “Eligible Rollover Distribution” shall mean any distribution of all or any
portion of the balance to the credit of a Distributee, other than: 
 (a) any distribution that is one of a series of
substantially equal periodic payments (not less frequently than annually) made 
 (1) for the life (or life expectancy) of the
Distributee, or the joint lives (or life expectancies) of the Distributee and the Distributee’s designated beneficiary, or 
 (2) for a specified period of ten years or more; 
 (b) any distribution to the extent such distribution is required
under Section 401(a)(9) of the Code; and 
 (c) any distribution on account of Hardship. 
 A portion of a distribution shall not fail to be an Eligible Rollover Distribution merely because the portion consists of after-tax Employee contributions that are not
includible in gross income. However, such portion may be transferred only to an individual retirement account or annuity described in Section 408(a) or (b) of the Code, or to a qualified defined contribution plan described in
Section 401(a) or 403(a) of the Code that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution that is includible in gross income and the portion of such distribution that
is not so includible. 
 Notwithstanding the preceding provisions of this section, an Eligible Rollover Distribution shall not include one or more
distributions during a Plan Year if the aggregate amount distributed during the Plan Year is less than $200 (as adjusted from time to time under applicable law). 
 1.18 “Eligible Spouse” shall mean a Participant’s husband or wife, provided the Participant and such husband or wife have been married throughout the one-year period ending on the earlier
of (a) the date payment of the Participant’s benefit commences or (b) the date of the Participant’s death. 
 1.19
“Employee” shall mean any person employed by an Employer or an Affiliate; provided, however, that the term “Employee” shall not include: 
 (a) a person who serves only as a director of an Employer; 
 (b) a member of a collective bargaining unit if retirement benefits were a subject of good faith bargaining between such unit and an
Employer; 
 (c) a nonresident alien who does not receive earned income from sources within the United States; and 

 

 5. 

 (d) any individual categorized by his Employer as an independent contractor or leased
employee, regardless of whether such person is subsequently determined to satisfy the common law employee definition under any applicable law. 
 1.20 “Employer” shall mean the Company, Publix Alabama, LLC, and Publix Asset Management Company, as well as any other subsidiary, related corporation, or other entity that adopts this Plan with the consent of the
Company. 
 1.21 “Employer Securities” shall mean common stock, any other type of stock or any marketable obligation
(as defined in Section 407(e) of ERISA) issued by the Company or any Affiliate of the Company. 
 1.22 “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended, or any successor statute. References to a specific section of ERISA shall include references to any successor provisions. 
 1.23 “Fair Market Value” shall mean, for purposes of the valuation of Employer Securities, the closing price (or, if there is no
closing price, then the closing bid price) of such Employer Securities as reported on the Composite Tape, or if not reported thereon, then such price as reported in the trading reports of the principal securities exchange in the United States on
which such Employer Securities are listed, or if the Employer Securities are not listed on a securities exchange in the United States, the mean between the dealer closing “bid” and “ask” prices on the over-the-counter market as
reported by the National Association of Securities Dealers Automated Quotation System (“NASDAQ”), or NASDAQ’s successor, or if not reported on NASDAQ, the fair market value of the securities as determined in good faith and based on
all relevant factors; provided, however, that the Fair Market Value of Employer Securities not readily tradable on an established securities market shall be determined by an independent appraiser as required by Section 401(a)(28)(C) of the
Code, and, for purposes of sections 9.3, 9.6, 9.7, and 11.5, Fair Market Value shall mean the independent appraiser’s latest appraisal that has been delivered to the Company as of the date in question. 
 1.24 “Forfeitable Interest” shall mean, as of any date, the amount equal to the percentage of a Participant’s Account
balance or contribution that is not the Participant’s Vested Interest. 
 1.25 “Forfeiture” shall mean an amount
previously credited to one or more Participants’ Forfeiture Suspense Accounts that has been forfeited pursuant to the provisions of section 7.4(i), as well as any amount forfeited pursuant to sections 6.6 and 9.9. 
 1.26 “Forfeiture Suspense Account” shall mean an account established pursuant to section 7.2 and maintained as provided in
section 7.4(i) with respect to a Forfeitable Interest of a Participant who has incurred a One Year Break in Service. 
 1.27
“Hardship” shall mean an immediate and heavy financial need of the Participant for which a distribution from the Participant’s Vested Interest in his Account is necessary to satisfy such need, as described in Article XI.

  

 6. 

 1.28 “Highly Compensated Employee” shall mean, with respect to any Plan Year:

 (a) any Employee who: 
 (1) was a five percent (5%) owner of an Employer at any time during the Plan Year or the preceding Plan Year; or 
 (2) for the preceding Plan Year, had Section 415 Compensation in excess of $80,000 (as adjusted from time to time under applicable law); or 
 (b) any former Employee who separated from service (or was deemed to have separated from service) prior to the Plan Year and performs no
service for an Employer during the Plan Year, but was an actively employed Highly Compensated Employee in the Plan Year of his separation or any Plan Year ending on or after the date he attained age fifty-five (55). 
 1.29 (a) “Hour of Service” shall mean 
 (1) an hour for which an Employee is paid, or entitled to payment, for the performance of duties for an Employer or an Affiliate;

 (2) an hour for which an Employee is paid, or entitled to payment, by an Employer or an Affiliate on account of a period of
time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), bereavement, lay-off, jury duty, military duty or leave of absence.
Notwithstanding the preceding, 
 (A) an hour for which an Employee is directly or indirectly paid, or entitled to payment,
on account of a period during which no duties are performed shall not be credited under this section 1.29(a)(2) to the Employee if such payment is made or due under a plan maintained solely for the purpose of complying with applicable worker’s
compensation, unemployment compensation or disability insurance laws; and 
 (B) an hour shall not be credited for a payment
which solely reimburses an Employee for medical or medically related expenses incurred by the Employee; 
 (3) an hour for
which back pay, irrespective of mitigation of damages, is either awarded or agreed to by an Employer or an Affiliate; provided, however, that the same Hour of Service shall not be credited both under section 1.29(a)(1), 1.29(a)(2) or
1.29(a)(5), as the case may be, and under this section 1.29(a)(3). Crediting of an Hour of Service for back pay awarded or agreed to with respect to periods described in section 1.29(a)(2) shall be subject to the limitations set forth in
that section; 
  

 7. 

 (4) an hour for which an Employee is on an unpaid leave of absence or during a similar
approved time off period where the Employee is not paid, or entitled to payment, by an Employer or Affiliate for such time, but only in the following situations and subject to the following limitations: 
 (A) any time for which an Employee is on a Family Medical Leave Act of 1993 (“FMLA”) unpaid leave, which period shall not
exceed twelve (12) weeks reduced by any time for which the Employee receives sick pay from an Employer or an Affiliate for the FMLA leave; 
 (B) any time for which an Employee is on an unpaid military leave, which period shall not exceed twelve (12) weeks; 
 (C) any time for which an Employee is absent from work due to a worker’s compensation injury, which period shall not exceed fifty-two (52) weeks reduced by any time for which the Employee receives sick pay
from an Employer or an Affiliate for the absence; and 
 (D) effective July 1, 2007, any time for which an Employee is
absent from work for a reason related to domestic violence as set forth in Florida Statutes Section 741.313; and 
 (5)
an hour for which an Employee is absent from work, is not otherwise paid or entitled to payment for such absence, but is receiving long-term disability benefits under policies provided by the Employer or an Affiliate; provided, however, that no more
than 501 Hours of Service shall be credited under this section 1.29(a)(5) to an Employee on account of any single continuous period during which the Employee performs no duties and is eligible for Hours of Service hereunder (whether or not such
period occurs in a single Plan Year); and, provided further, that if the Employee, solely by virtue of receiving such long-term disability benefits, would otherwise be entitled to Hours of Service under section 1.29(a)(2) for such absence, the
Employee shall not receive Hours of Service under section 1.29(a)(2) but shall instead receive Hours of Service under this section 1.29(a)(5) subject to the limitations contained herein. 
 In determining Hours of Service under the foregoing section 1.29(a)(4) and section 1.29(a)(5), Employees determined to be exempt by an Employer or an
Affiliate in accordance with the then current employment law shall be credited with Hours of Service pro-rata based on forty-five (45) hours for a full payroll period (one week), non-exempt, hourly-paid full-time Employees shall be credited
with Hours of Service pro-rata based on 40 hours for a full payroll period (one week), and non-exempt, hourly-paid, part-time Employees shall be credited with Hours of Service pro-rata based on a full payroll period equal to the average hours worked
by the Employee for an Employer or an Affiliate during the fifty-two (52)

  

 8. 

 
week payroll period immediately preceding the unpaid period for which Hours of Service are being given hereunder; or in any case in which the Administrator
is unable to determine Hours of Service for a non-exempt, hourly-paid, part-time Employee, such Employee shall be credited with Hours of Service pro-rata based on forty (40) hours for a full payroll period. Notwithstanding the preceding, in
determining the average hours worked by a non-exempt, hourly-paid, part-time Employee for an Employer or an Affiliate during the fifty-two (52) week payroll period immediately preceding the unpaid period for which Hours of Service are being
given hereunder, hours worked by such Employee shall be deemed to be forty (40) hours for any week ending prior to March 20, 2004. 
 The definition set forth in the foregoing sections 1.29(a)(1) through (3) is subject to the special rules contained in Department of Labor Regulations Sections 2530.200b-2(b) and (c), and any regulations amending or superseding such
Sections, which special rules are hereby incorporated in the definition of “Hour of Service” by this reference. 
 (b) Notwithstanding the provisions of section 1.29(a), each Employee who was employed by the Company, Publix Food Stores, Inc., or Publix Market, Inc. on October 1, 1975, shall be credited with one thousand (1,000) Hours of
Service for each twelve (12) continuous months of service commencing with his most recent employment commencement date prior to October 1, 1975, and ending October 1, 1975. In addition, each such Employee shall be credited with forty
(40) Hours of Service for each week of employment during the period beginning on his most recent Anniversary Date prior to October 1, 1975, and ending on October 1, 1975. 
 (c)   (1) Notwithstanding the other provisions of this “Hour of Service” definition, in the case of an Employee who is absent from
work for any period by reason of her pregnancy, by reason of the birth of a child of the Employee, by reason of the placement of a child with the Employee in connection with the adoption of such child by the Employee or for purposes of caring for
such child for a reasonable period beginning immediately following such birth or placement, the Employee shall be treated as having those Hours of Service described in section 1.29(c)(2). 
 (2) The Hours of Service to be credited to an Employee under the provisions of section 1.29(c)(1) are the Hours of Service that otherwise
would normally have been credited to such Employee but for the absence in question or, in any case in which the Plan is unable to determine such hours, eight (8) Hours of Service per day of such absence; provided, however, that the total number
of hours treated as Hours of Service under this section 1.29(c) by reason of any such pregnancy or placement shall not exceed 501 hours. 
 (3) The hours treated as Hours of Service under this section 1.29(c) shall be credited only in the consecutive 12-month period beginning with the Employee’s Anniversary Date in which the absence from work begins,
if the crediting is necessary to prevent a One Year Break in Service in such 12-month period or, in any other case, in the immediately following 12-month period. 
  

 9. 

 (4) Credit shall be given for Hours of Service under this section 1.29(c) solely for
purposes of determining whether a One Year Break in Service has occurred for participation or vesting purposes; credit shall not be given hereunder for any other purposes (including, without limitation, benefit accrual). 
 (5) Notwithstanding any other provision of this section 1.29(c), no credit shall be given under this section 1.29(c) unless the Employee
in question furnishes to the Plan Administrator such timely information as the Administrator may reasonably require to establish that the absence from work is for reasons referred to in section 1.29(c)(1) and the number of days for which there was
such an absence. 
 1.30 “Investment Fund” shall mean an investment fund established under section 12.2 and
attributable to Participants’ Other Investments Accounts, the combined assets of which shall consist of the common investments (other than Employer Securities) of all Participants other than those Participants who have terminated employment and
have elected to receive their distributable benefits in the form of installment payments (as such payment option previously existed in the Plan prior to November 1, 2005). 
 1.31 “Key Employee” shall mean any Employee or former Employee (including any deceased Employee) of an Employer or an Affiliate
who at any time during the Plan Year that includes the determination date was an officer of an Employer or nonparticipating Affiliate having annual compensation greater than $130,000 (as adjusted from time to time under applicable law), a
five-percent owner of an Employer or nonparticipating Affiliate, or a one-percent owner of an Employer or nonparticipating Affiliate having annual compensation of more than $150,000. For this purpose, annual compensation means compensation within
the meaning of Section 415(c)(3) of the Code; and the determination date means the last day of the Plan Year immediately preceding the Plan Year for which top-heaviness is to be determined. The determination of who is a Key Employee will be
made in accordance with Section 416(i)(1) of the Code and the applicable regulations and other guidance of general applicability issued thereunder. 
 1.32 “Limitation Year” shall mean the 12-month period ending on each December 31. 
 1.33 “Non-Key Employee” shall mean, with respect to any Plan Year, an Employee or former Employee who is not a Key Employee (including any such Employee who formerly was a Key Employee). 
 1.34 “Normal Retirement Date” shall mean the date on which a Participant attains the age of sixty (60) years. 
  

 10. 

 1.35 “One Year Break in Service” shall mean a year beginning with an
Employee’s Anniversary Date in which an Employee has 500 or fewer Hours of Service, and it shall be deemed to occur on the last day of any such year. 
 1.36 “Other Investments Account” shall mean an account established pursuant to section 7.2 with respect to investments of Employer contributions in assets other than Employer Securities, and
adjustments thereto. 
 1.37 “Participant” shall mean any eligible Employee of an Employer who has become a
Participant under Article V of the Plan and shall include any former employee of an Employer who became a Participant under the Plan and who still has a balance in an Account under the Plan. 
 1.38 “Plan” shall mean the Publix Super Markets, Inc. Employee Stock Ownership Plan as herein set forth, as it may be amended
from time to time. 
 1.39 “Plan Administrator” shall mean the Company. 
 1.40 “Plan Year” shall mean the 12-month period ending on each December 31. 
 1.41 “Section 415 Compensation” shall include all wages within the meaning of Section 3401(a) of the Code (for purposes of
tax withholding at the source) paid to a Participant from an Employer or Affiliate plus all other payments of compensation to the Participant from an Employer or Affiliate (in the course of the trade or business of the Employer or Affiliate) for
which the Employer or Affiliate is required to furnish the Participant a written statement under Sections 6041(d), 6051(a)(3) and 6052 of the Code (and without regard to any provisions under Section 3401(a) of the Code that limit the
remuneration included in wages based on the nature or location of the employment or the services performed), together with any amount that is contributed by an Employer at the election of the Employee and that is not includible in the gross income
of the Employee under Sections 125, 132(f)(4), 401(k), 402(h), 403(b), or 457 of the Code. 
 1.42 “Section 415 Suspense
Account” shall mean an account established pursuant to section 7.7(c) with respect to excess Annual Additions held for reallocation in future Plan Years. 
 1.43 “Top Heavy Plan” shall mean this Plan if the aggregate account balances (not including voluntary rollover contributions made by any Participant from an unrelated plan) of the Key Employees
and their beneficiaries for such Plan Year exceed 60% of the aggregate account balances (not including voluntary rollover contributions made by any Participant from an unrelated plan) for all Participants and their beneficiaries. Such values shall
be determined for any Plan Year as of the last day of the immediately preceding Plan Year. The account balances on any determination date shall include the aggregate distributions made with respect to Participants under the Plan and any plan
aggregated with the Plan under Section 416(g)(2) of the Code during the one-year period ending on such determination date; provided, that in the case of a distribution made for a reason other than separation from service, death, or disability,
this provision shall be applied by substituting “five-year period” for “one-year period.” For the 

  

 11. 

 
purposes of this definition, the aggregate account balances for any Plan Year shall include the account balances and accrued benefits of all retirement plans
qualified under Section 401(a) of the Code with which this Plan is required to be aggregated to meet the requirements of Section 401(a)(4) or 410 of the Code (including terminated plans that would have been required to be aggregated with
this Plan) and all plans of an Employer or an Affiliate in which a Key Employee participates; and such term may include (at the discretion of the Plan Administrator) any other retirement plan qualified under Section 401(a) of the Code that is
maintained by an Employer or an Affiliate, provided the resulting aggregation group satisfies the requirements of Sections 401(a) and 410 of the Code. All calculations shall be on the basis of actuarial assumptions that are specified by the Plan
Administrator and applied on a uniform basis to all plans in the applicable aggregation group. The account balance of any Participant shall not be taken into account if: 
 (a) he is a Non-Key Employee for any Plan Year, but was a Key Employee for any prior Plan Year, or 
 (b) he has not performed any service for an Employer during the one-year period ending on the determination date. 
 1.44 “Trust” shall mean the Publix Super Markets, Inc. Employee Stock Ownership Trust, as it may be amended from time to time.

 1.45 “Trustee” shall mean the individual, individuals or corporation designated as trustee under the Trust.

 1.46 “Trust Fund” shall mean the trust fund established under the Trust from which the amounts of benefits
provided for by the Plan are to be paid or are to be funded. 
 1.47 “Valuation Date” shall mean each
December 31 and such other date(s) as may be selected by the Administrator for such purpose. 
 1.48 “Valuation
Period” shall mean the period beginning with the first day after a Valuation Date and ending with the next Valuation Date. 
 1.49 “Vested Interest” shall mean, as of any date, the amount equal to a fixed, non-forfeitable percentage of a Participant’s Account balance or contribution as determined pursuant to section 8.3(b). 

1.50 (a) “Year of Service” shall mean each of the consecutive 12-month periods beginning with the Employee’s Anniversary
Date if during such consecutive 12-month period, the Employee completes 1,000 Hours of Service for an Employer or an Affiliate thereof. 
 (b) For purposes of Article V and section 7.4, a Year of Service is not completed until the end of each consecutive 12-month period without regard to when during the period that 1,000 Hours of Service are
completed. For purposes of Article V, an Employee’s Years of Service shall not include any Year of Service prior to a One Year Break in Service until the Employee completes a Year of Service after the One Year Break in Service. 
  

 12. 

 (c) For purposes of Article VIII and section 14.1(e), an Employee’s Years of Service
shall not include any Year of Service prior to a One Year Break in Service, but only prior to such time as the Participant has completed a Year of Service after such One Year Break in Service. 
 (d) For all purposes of this Plan, an Employee’s Years of Service shall include the following: 
 (1) for persons employed in stores acquired by the Company from Kroger Company on or after November 7, 1988, and before
September 1, 1992, service with such predecessor employer if such person was employed by such predecessor employer immediately before the acquisition; 
 (2) for persons employed by the Par 3 Golf Center, Lakeland, Florida acquired by the Company on September 9, 1988, service with such predecessor employer if such person was employed by such predecessor employer
immediately before the acquisition; 
 (3) for persons employed by Wolfson Pharmacy acquired by the Company on July 31,
1988, service with such predecessor employer if such person was employed by such predecessor employer immediately before the acquisition; and 
 (4) for persons employed by Care Systems Corporation acquired by the Company on December 27, 1996, service with such predecessor employer if such person became an Employee of the Company on December 28,
1996. 
  

 13. 

 ARTICLE II 
 Amendment and Restatement and Name of the Plan 
 The Company’s employee stock
ownership plan is hereby amended and restated in accordance with the terms hereof and shall continue to be known as the “PUBLIX SUPER MARKETS, INC. EMPLOYEE STOCK OWNERSHIP PLAN.” 
 ARTICLE III 
 Purpose of the Plan
and the Trust 
 3.1 Exclusive Benefit. This Plan is created for the sole purpose of providing benefits to the
Participants and enabling them to share in the growth of their Employer, and is designed to invest primarily in Employer Securities. Except as otherwise permitted by law, in no event shall any part of the principal or income of the Trust be paid to
or reinvested in any Employer or be used for or diverted to any purpose whatsoever other than for the exclusive benefit of the Participants and their beneficiaries. 
 3.2 Mistake of Fact. Notwithstanding the provisions of section 3.1, any contribution made by an Employer to this Plan by a mistake of fact may be returned to the Employer within one year after the
payment of the contribution; and any contribution made by an Employer that is conditioned upon the deductibility of the contribution under Section 404 of the Code (each contribution shall be presumed to be so conditioned unless the Employer
specifies otherwise) may be returned to the Employer if the deduction is disallowed and the contribution is returned (to the extent disallowed) within one year after the disallowance of the deduction. 
 3.3 Participant’s Rights. The establishment of this Plan shall not be considered as giving any Employee, or any other person, any
legal or equitable right against any Employer, any Affiliate, the Plan Administrator, the Trustee or the principal or the income of the Trust, except to the extent otherwise provided by law. The establishment of this Plan shall not be considered as
giving any Employee, or any other person, the right to be retained in the employ of any Employer or any Affiliate. 
 3.4 Qualified
Plan. This Plan and the Trust are intended to qualify under the Code as a tax-free employees’ plan and trust, and particularly as an employee stock ownership plan within the meaning of Section 4975(e)(7) of the Code, and the
provisions of this Plan and the Trust should be interpreted accordingly. 
  

 14. 

 ARTICLE IV 
 Plan Administrator 
 4.1 Administration of the Plan. The Plan Administrator
shall control and manage the operation and administration of the Plan, except with respect to the investments to be made of the funds in the Trust and except with respect to such other duties of the Trustee as set forth in the Trust. 
 4.2 Powers and Duties. The Administrator shall have complete control over the administration of the Plan herein embodied, with all powers
necessary to enable it to carry out its duties in that respect. Not in limitation, but in amplification of the foregoing, the Administrator shall have the power and discretion to interpret or construe this Plan and to determine all questions that
may arise as to the status and rights of the Participants and others hereunder. Also not in limitation, but in amplification of the foregoing, the Administrator shall have the power and discretion to adopt and implement rules for the purpose of
helping Participants and other interested parties to comply with the provisions of Section 16 of the Securities Exchange Act of 1934, as amended, and any regulations issued thereunder. 
 4.3 Direction of Trustee. It shall be the duty of the Administrator to direct the Trustee with regard to the distribution of the benefits
to the Participants and others hereunder. 
 4.4 Summary Plan Description. The Plan Administrator shall prepare or cause to be
prepared a Summary Plan Description (if required by law) and such periodic and annual reports as are required by law. 
 4.5
Disclosure. From time to time, the Administrator shall furnish to each Participant a statement containing the value of his interest in the Trust Fund and such other information as may be required by law. 
 4.6 Conflict in Terms. The Administrator shall notify each Employee, in writing, as to the existence of the Plan and Trust and the basic
provisions thereof. In the event of any conflict between the terms of this Plan and Trust as set forth in this Plan and in the Trust and as set forth in any explanatory booklet or other description, this Plan and the Trust shall control. 

4.7 Nondiscrimination. The Administrator shall not take any action or direct the Trustee to take any action whatsoever that would result
in unfairly benefiting one Participant or group of Participants at the expense of another or in improperly discriminating between Participants similarly situated or in the application of different rules to substantially similar sets of facts.

 4.8 Records. The Plan Administrator shall keep a complete record of all its proceedings as the administrator of the Plan and
all data necessary for the administration of the Plan. All of the foregoing records and data shall be located at the principal office of the Administrator. 
  

 15. 

 4.9 Final Authority. Except to the extent otherwise required by law, the decision of the
Plan Administrator in matters within its jurisdiction shall be final, binding and conclusive upon each Employer and each Employee, Participant and beneficiary and every other interested or concerned person or party. 
 4.10 Claims. 
 (a) For claims unrelated to disability: 
 (1) Claims for benefits under the Plan may be made by a Participant,
alternate payee or a deceased beneficiary of a Participant on forms supplied by the Plan Administrator. Written or electronic notice of the disposition of a claim shall be furnished to the claimant by the Administrator within ninety (90) days
after the application is filed with the Administrator, unless special circumstances, which are made known to the claimant, require an extension of time for processing, in which event action shall be taken as soon as possible, but not later than one
hundred eighty (180) days after the application is filed with the Administrator; and, in the event that no action has been taken within such ninety (90) or one hundred eighty (180) day period, the claimant shall be permitted to
proceed to the review stage under subsection (2). In the event that the claim is denied, the denial shall be written in a manner calculated to be understood by the claimant and shall include the specific reasons for the denial, specific
references to pertinent provisions of the Plan on which the denial is based, a description of the material information, if any, necessary for the claimant to perfect the claim, an explanation of why such material information is necessary, a
statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA and an explanation of the claim review procedure. 
 (2) If a claim is denied, a claimant or his duly authorized representative shall have sixty (60) days after the receipt of such denial to petition the Plan Administrator in writing for a full and fair review of
the denial, during which time the claimant or his duly authorized representative shall have the right to review, upon request and free of charge, pertinent documents, records or other information relevant to the claim and to submit issues, documents
and comments in writing. The Plan Administrator shall promptly review the claim and shall make a decision not later than sixty (60) days after receipt of the request for review, unless special circumstances, such as when the Administrator
determines in its sole discretion that it is appropriate to hold a hearing, require an extension of time for processing, in which event a decision shall be rendered as soon as possible, but not later than one hundred twenty (120) days after the
receipt of the request for review. If such an extension is required because of special circumstances, written or electronic notice of the extension shall be furnished to the claimant prior to the commencement of the extension. The decision of the
review shall be written in a manner calculated to be understood by the claimant and shall include the specific reasons for the denial, specific references to pertinent provisions of the Plan on which the denial is based, a statement 

  

 16. 

 
regarding the claimant’s right to review, upon request and free of charge, all documents, records or other information relevant to the claim and
decision and a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA. 
 (b) For
claims related to total and permanent disability under section 8.2, the following procedures shall apply: 
 (1) Claims for
disability benefits under the Plan may be made by a Participant on forms supplied by the Plan Administrator. Written or electronic notice of the disposition of a claim shall be furnished to the claimant by the Administrator within forty-five
(45) days after the application is filed with the Administrator, unless the Administrator determines that an extension of time is necessary to process the claim, in which event the Administrator will provide the claimant with written or
electronic notice of any extension, including the reasons for the extension and the date by which a decision by the Plan Administrator is expected to be made. The initial forty-five (45) day period may be extended twice by thirty (30) days
for matters beyond the control of the Administrator, including cases where a claim is incomplete. Any notice of extension must explain to the claimant the standards on which entitlement to a disability benefit is based, the unresolved issues that
prevent a decision on the claim, and, where a claim is incomplete, the additional information needed to resolve those issues. Any extension notice must provide that the claimant has forty-five (45) days from receipt of the notice in which to
provide the specified information. Where the time period for the notice of denial of a claim is extended because additional information is needed, the period during which the Administrator must render a decision shall stop running from the time the
notice of extension is sent until the date of the claimant’s response to the request for additional information. In the event that the claim is wholly or partly denied, the Plan Administrator shall notify the claimant in written or electronic
form, and the notice of the denial shall include the specific reasons for the denial, the specific Plan provisions on which the denial is based, a description of any additional material or information necessary for the claim to be granted, an
explanation of why such material or information is necessary, a description of the Plan’s claim review procedures, the time limits under those procedures, and a statement of the claimant’s right to bring a civil action under
Section 502(a) of ERISA, and, if applicable, a copy of any internal rule, guideline, protocol, or similar criterion that was relied upon in making the adverse determination on the claim, or a statement that an internal rule, guideline,
protocol, or similar criterion was relied upon in making the adverse determination and will be provided to the claimant free of charge upon request. 
 (2) If a claim for disability benefits is wholly or partly denied, a claimant or his authorized representative shall have one hundred eighty (180) days after the receipt of such denial to file a request with the
Plan Administrator for a review of the denial. Review of a denied claim for disability benefits shall be 

  

 17. 

 
conducted by an appropriate named fiduciary who is neither the party who made the initial adverse determination, nor the subordinate of such party, and no
deference will be given to the initial denial. If the initial denial was based in whole or in part on medical judgment, the named fiduciary reviewing the denied claim shall consult with a health care professional who has appropriate training and
experience in the field of medicine involved in the medical judgment and who was not consulted in connection with the initial denial or subordinate to that health care professional. The identity of any medical or vocational experts who provided
advice to the Plan in connection with the initial denial shall be provided to the claimant without regard to whether such advice was relied upon. The review of the claim denial shall take into account all comments, documents, records, and other
information submitted by the claimant, whether or not such information was submitted or considered in connection with the initial determination on the claim. The Administrator shall notify the claimant in writing or in electronic form of the
determination of the denied claim on review (regardless of whether adverse) within forty-five (45) days after receipt of the request for review, unless the named fiduciary responsible for review of the claim determines that a hearing is needed
or if other special circumstances require an extension. If such an extension is required, written notice of the extension, including the reasons for the extension and the date by which a decision by the named fiduciary responsible for reviewing the
claim is expected to be made shall be furnished to the claimant prior to the end of the initial forty-five (45) day period. The extension shall not exceed an additional forty-five (45) days. During the review period, the claimant may
submit written comments, documents, records and other information related to the claim, and upon request, will be provided, free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim. In
the event of an adverse determination of the denied claim on review, the claimant shall be given a written or electronic notice of that determination, which shall include the specific reasons for the denial of the claim, references to the specific
Plan provisions on which the determination is based, a statement that the claimant is entitled to receive, upon request and free of charge, access to, and copies of, all documents, records and other information relevant to the claim, a description
of any voluntary appeal procedures offered under the Plan, the claimant’s right to obtain information about such procedures, a statement regarding the claimant’s right to bring a civil action under Section 502(a) of ERISA, if
applicable, a copy of any internal rule, guideline, protocol, or similar criterion that was relied upon in making the adverse determination on the claim, or a statement that an internal rule, guideline, protocol or similar criterion was relied upon
in making the adverse determination and will be provided to the claimant free of charge upon request, if the adverse determination is based on a medical necessity or experimental treatment or similar exclusion or limit, an explanation of the
scientific or clinical judgment used for the determination or a statement that such explanation will be provided free of charge upon request, and the following statement: “You and your plan may have other voluntary alternative dispute
resolution options, such as mediation. One way to find out what may be available is to contact your local U.S. Department of Labor Office and your State insurance regulatory agency.” 
  

 18. 

 (c) If a claimant fails to file a claim or request a review in the manner and in
accordance with the time limitation specified in this section 4.10, such claim or request for review shall be waived and the claimant shall thereafter be barred from asserting such claim. 
 (d) The determination of the Plan Administrator, or named fiduciary, under this section 4.10 of any factual matter relating to a claimant
or claim, including, without limitation, a Participant’s Compensation and Years of Service, shall be conclusive and binding on all parties to the claim. In making a determination on a claim, the Administrator or named fiduciary shall be
entitled to rely upon all valuations, certificates, reports or other information furnished by any accountants or administrators for the Plan, the Trustee or any investment manager(s) and upon the opinions of legal counsel, to the extent such
reliance is consistent with ERISA. 
 4.11 Appointment of Advisors. The Administrator may appoint such accountants, counsel
(who may be counsel for an Employer), specialists and other persons that it deems necessary and desirable in connection with the administration of this Plan. The Administrator, by action of its Board of Directors, shall designate one or more of its
employees to perform the duties required of the Administrator hereunder. 
 ARTICLE V 
 Eligibility and Participation 
 5.1 Current Participants. Any Employee who was a Participant in this Plan immediately prior to the Effective Date shall remain as a Participant in the Plan. 
 5.2 Eligibility and Participation. 
 (a) Any Employee of an Employer shall be eligible to become a Participant in the Plan upon completing one Year of Service. Any such eligible Employee shall enter the Plan as a Participant, if he is still an Employee
of an Employer, on his Eligibility Date. 
 (b) A person who has satisfied the eligibility requirements of this Article V
while employed by an Affiliate and who becomes an Employee of an Employer shall enter the Plan as a Participant on the date of his employment with such Employer. 
 5.3 Former Employees. A Participant who ceases to be an Employee and who subsequently reenters the employ of an Employer prior to a One Year Break in Service shall be eligible again to participate on the
date of his reemployment. A Participant who ceases to be an 

  

 19. 

 
Employee and who subsequently reenters the employ of an Employer after a One Year Break in Service shall be required to complete one Year of Service before
becoming eligible again to participate in the Plan, but upon completion of such Year of Service the Participant shall be treated as participating from the date of his reemployment. 
 ARTICLE VI 
 Contributions to the Trust 
 6.1 Employer Contribution. Each Employer may make a contribution to the Trust for each Plan Year. The amount, if any, contributed by an
Employer shall be determined by its Board of Directors. 
 6.2 Form and Timing of Contributions. Payments on account of the
contributions due from an Employer for any Plan Year shall be made in cash and/or Employer Securities. Such payments may be made by a contributing Employer at any time, but payment of the contribution for any Plan Year shall be completed on or
before the time prescribed by law, including extensions thereof, for filing such Employer’s federal income tax return for its taxable year with which or within which such Plan Year ends. 
 6.3 Participant Contributions Not Permitted. The Plan Administrator shall not accept any Participant contributions. 
 6.4 No Duty to Inquire. The Trustee shall have no right or duty to inquire into the amount of any contribution made by an Employer or the
method used in determining the amount of any such contribution, or to collect the same, but the Trustee shall be accountable only for funds actually received by it. 
 6.5 Omission of Eligible Employee. If, in any Plan Year, any Employee who should be included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a
contribution by his Employer for the Plan Year has been made, the Employer shall make a subsequent contribution with respect to the omitted Employee based on the same factors used in the allocation to other Participants for such Plan Year. Such
contribution shall be made regardless of whether or not it is deductible in whole or in part in any taxable year under applicable provisions of the Code. 
 6.6 Inclusion of Ineligible Employee. If, in any Plan Year, any Employee who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion
is not made until after a contribution for the Plan Year has been made, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to
such contribution. In such event, the amount contributed with respect to the ineligible person shall constitute a Forfeiture for the Plan Year in which the discovery is made. 
  

 20. 

 ARTICLE VII 
 Participants’ Accounts and Allocation of Contributions 
 7.1 Common Fund.
Except as otherwise provided in this Plan or the Trust, the assets of the Trust (or, to the extent provided in Article XII, the assets of the Investment Fund) shall constitute a common fund in which each Participant (or each Participant whose
Account has been invested in such Fund) shall have an undivided interest. 
 7.2 Establishment of Accounts. The Plan
Administrator shall establish and maintain with respect to each Participant two accounts, designated as a Company Stock Account and an Other Investments Account, that shall reflect the Participant’s interest in the Trust Fund. The Administrator
shall also establish and maintain separate Forfeiture Suspense Accounts to which shall be credited the Forfeitable Interest of each Participant who has incurred a One Year Break in Service. 
 7.3 Interest of Participant. The interest of a Participant in the Trust Fund shall be the combined balances remaining from time to time in
his Company Stock Account and his Other Investments Account after making the adjustments required in section 7.4. 
 7.4 Adjustments to
Accounts. Subject to the provisions of section 7.7, the Company Stock Account and the Other Investments Account of a Participant shall be adjusted from time to time as follows: 
 (a) As of each Valuation Date, a Participant’s Company Stock Account shall be credited with any stock dividends for the Valuation
Period ending with such current Valuation Date that are received on Employer Securities allocated to his Company Stock Account. 
 (b) As of each Valuation Date, the Administrator shall credit any stock dividends for the Valuation Period ending with such date that are received on Employer Securities allocated to suspense accounts maintained as of such date to such
suspense accounts. 
 (c) As of each Valuation Date, the Other Investments Account of each Participant credited with a portion
of the Investment Fund shall be credited or charged, as the case may be, with a share of the earnings of the Trust Fund attributable to the Investment Fund for the Valuation Period ending with such current Valuation Date. 
 (1) The earnings attributable to the Investment Fund (excluding earnings attributable to the Forfeiture Suspense Accounts and
Section 415 Suspense Accounts) and the share of such earnings attributable to a Participant’s Other Investments Account shall be determined as follows: 
 (A) The earnings attributable to the Investment Fund for any Valuation Period shall consist of 
  

 21. 

 (i) the aggregate of the unrealized appreciation or depreciation accruing to the portion
of the Trust Fund attributable to the Investment Fund during such period; and 
 (ii) that portion of the income earned or
the loss sustained by the portion of the Trust Fund attributable to the Investment Fund during such period (whether from investments or from the sale or exchange of assets). 
 (B) Earnings attributable to the Investment Fund for any Valuation Period shall be allocated to each Participant who has an Other
Investments Account (excluding Forfeiture Suspense Accounts) as of the preceding Valuation Date. The Other Investments Account of each eligible Participant (or, in the case of a Participant who has died, each eligible beneficiary) shall be credited
with an amount that shall bear the same ratio to the earnings attributable to the Investment Fund as the average monthly balance in such Participant’s Other Investments Account during the Valuation Period ending with the current Valuation Date
bears to the sum of the average monthly balances in the Other Investments Accounts during the Valuation Period ending with the current Valuation Date of all Participants who are entitled to share in such earnings. For purposes of this section
7.4(c)(1)(B), each Participant’s average monthly balance in his Other Investments Account shall be equal to the portion of the Investment Fund credited to his Other Investments Account at the commencement of each calendar month. For purposes of
the preceding sentence, any distribution or transfer of assets (including any payments made with the assets of such Account for the purchase of Employer Securities) from the Investment Fund during a Valuation Period which is otherwise charged
against a Participant’s Other Investments Account as of the Valuation Date at the close of such Valuation Period shall be recognized as of the actual date of distribution or transfer. Notwithstanding the foregoing, in the Plan Year in which a
Participant receives a distribution of one hundred percent (100%) of his Account, such Participant’s Other Investments Account shall not be credited with any earnings or losses for any portion of such Plan Year. 
 (2) The Administrator shall allocate any earnings (other than stock dividends described in section 7.4(b)) attributable to Forfeiture
Suspense Accounts and Section 415 Suspense Accounts maintained as of the Valuation Date at the close of the Valuation Period to the Accounts of Participants as described in section 7.4(f). 
  

 22. 

 (3) The earnings attributable to Participants’ Other Investments Accounts shall not
include any appreciation, depreciation, dividends, other income or loss attributable to the Plan’s investment in Employer Securities. 
 (d) As of each Valuation Date, the Company Stock Account of a Participant shall be credited with his allocable share of 
 (1) Employer Securities attributable to contributions by his Employer; 
 (2) Forfeitures of
Employer Securities; and 
 (3) Employer Securities purchased, directly or indirectly, with the assets of the
Participant’s Other Investments Account. 
 The Company Stock Account of a Participant shall be debited for any payments made with
Employer Securities from such Account for the purchase, directly or indirectly, of assets other than Employer Securities. 
 (e) As of each Valuation Date, the Other Investments Account of a Participant shall be credited with his allocable share of 
 (1) Contributions by his Employer in a form other than Employer Securities (except for Employer contributions used to promptly purchase Employer Securities); and 
 (2) Forfeitures of assets other than Employer Securities. 
 The Other Investments Account of a Participant shall be debited for any payments made with the assets of such Account for the purchase, directly or indirectly, of Employer Securities, and such Account shall be
credited for any cash dividends paid on Employer Securities in the Participant’s Company Stock Account to the extent that such cash dividends are not distributed to Participants pursuant to sections 7.5 or 9.2. 
 (f) For purposes of sections 7.4(c)(2), 7.4(d) and 7.4(e), Employer contributions, Forfeitures, and earnings attributable to
Forfeiture Suspense Accounts and Section 415 Suspense Accounts described in section 7.4(c)(2) (for purposes of this section 7.4(f), such earnings shall be referred to as “additional contributions”), if any, with respect to the Plan
Year shall be allocated, as of the Valuation Date, among Participants’ Company Stock Accounts and the Other Investments Accounts, as the case may be. A Participant’s share of the amount of the Employer contribution, Forfeitures, and
additional contributions for the Plan Year shall be the amount that shall bear the same ratio to the total of such amounts as the Participant’s Compensation for such Plan Year bears to the aggregate Compensation for the Plan Year of all
Participants for that period who are entitled to share in the Employer contribution, Forfeitures, and additional contributions for such Plan Year; provided that a Participant shall not be entitled to share in the Employer contribution, Forfeitures,
and additional contributions unless: 
 (1) such Participant has been credited with a Year of Service as of the date preceding
his Anniversary Date occurring during the Plan Year and the Participant is employed by his Employer on the last day of the Plan Year, or 
  

 23. 

 (2) such Participant has terminated his employment during the Plan Year (regardless of
whether such termination is the result of retirement, death, disability or severance of employment) and the Participant has a Vested Interest in the balance of his Account as of his date of termination. 
 For purposes of determining each Participant’s share of the Employer contribution, Forfeitures and additional contributions for the Plan Year ending
September 30, 1990, the Administrator shall allocate such amounts to each eligible Participant on the basis of such Participant’s Compensation attributable to the 1989 calendar year, if such Compensation exceeds the Compensation
attributable to the Plan Year ending September 30, 1990. 
 Notwithstanding the preceding provisions of this section 7.4(f), for each
Plan Year in which this Plan is a Top Heavy Plan, a Participant who is employed by an Employer on the last day of such Plan Year, who is a Non-Key Employee, who earns Compensation from an Employer for such Plan Year shall be entitled to share in the
Employer contribution, Forfeitures, and additional contributions to the extent such allocation does not exceed at least three percent (3%) of his Section 415 Compensation regardless of whether such Plan Year constitutes a Year of Service
for such Participant. However, if the Employer contributions, Forfeitures, and additional contributions allocated to each Key Employee’s Account hereunder (as well as his Employer contribution accounts under any other defined contribution plan
maintained by such Employer or an Affiliate, including any elective contributions to any plan subject to Code Section 401(k)) is less than three percent (3%) of each Key Employee’s Section 415 Compensation, the sum of Employer
contributions, Forfeitures, and additional contributions allocated, as a percentage of his Section 415 Compensation, to a Participant who is a Non-Key Employee pursuant to the immediately preceding sentence shall be equal to the largest
percentage allocated to the accounts of any Key Employee. For purposes of satisfying the three percent (3%) minimum contribution required under this section 7.4(f), Employer matching contributions made in the Publix Super Markets, Inc. 401(k)
SMART Plan shall be taken into account for purposes of calculating the minimum required contribution under the Plan. Notwithstanding the foregoing sentence, Employer matching contributions that are used to satisfy the minimum contribution
requirement hereunder shall be treated as matching contributions for purposes of the actual contribution percentage test under the Publix Super Markets, Inc. 401(k) SMART Plan. 
 (g) As of each Valuation Date (unless otherwise provided hereinabove), each Participant’s Company Stock Account and Other Investments
Account shall be charged with the amount of any distribution made to the Participant or his beneficiary from such Accounts pursuant to Article IX during the Valuation Period ending with such Valuation Date. 
 (h) In the event that a Participant elects to receive a diversification distribution from his Company Stock Account pursuant to
Article X, the Participant’s Company Stock Account shall be charged with the amount of the Employer Securities that are distributed during the Valuation Period ending with the current Valuation Date. 
  

 24. 

 (i) (1) If a Participant incurs a One Year Break
in Service, then the Forfeitable Interests of the Participant in his Accounts, determined as of the Valuation Date immediately preceding the date of his One Year Break in Service, shall be placed in Forfeiture Suspense Accounts at the end of the
Plan Year coincident with or immediately following the date such One Year Break in Service occurs. If such Participant incurs five (5) consecutive One Year Breaks in Service, then upon the occurrence of such five (5) consecutive One Year
Breaks in Service, the Forfeitable Interests of the Participant allocated to his Forfeiture Suspense Accounts shall be deemed to be forfeited and such Forfeitures shall be allocated, pursuant to the provisions of sections 7.4(d) and 7.4(e), at the
end of the Plan Year coincident with or immediately following the date such fifth (5th) consecutive One Year Break in Service occurs. 
      (2) If a Participant whose Forfeitable Interests were placed in Forfeiture Suspense Accounts under section 7.4(i)(1) does not incur five (5) consecutive One Year Breaks in Service,
then the Forfeitable Interests of the Participant held in Forfeiture Suspense Accounts pursuant to the provisions of section 7.4(i)(1) shall be reallocated to the Accounts of the Participant as of: 
 (A) (for any Participant whose One Year Break in Service occurred as a result of his failure to accrue more than 500 Hours of Service
while continuing his employment) the Valuation Date coincident with or next following the last day of the twelve consecutive month period beginning with the Participant’s Anniversary Date during which he again accrues more than 500 Hours of
Service; or 
 (B) (for any Participant whose One Year Break in Service occurred as a result of his severance of employment)
the first day of the Plan Year in which he completes a Year of Service after a One Year Break in Service. 
      (3) If a Participant is less than one hundred percent (100%) vested in his Accounts and his Forfeitable Interests have been placed in Forfeiture Suspense Accounts pursuant to section
7.4(i)(1) as a result of his One Year Break in Service, then, if the Participant continues his employment, or resumes employment with an Employer or an Affiliate before the occurrence of five (5) consecutive One Year Breaks in Service, until
such time as there is a fifth (5th) consecutive One Year Break in Service resulting in Forfeitures as described in section 7.4(i)(1) or until the reallocation of Forfeiture Suspense Accounts to a Participant’s Accounts as
described in section 7.4(i)(2), the amount equal to a Participant’s Vested Interest in his Accounts (including the Forfeiture Suspense Accounts established on his behalf pursuant to section 7.4(i)(1)) at any time shall be equal to an amount
(“X”) determined by the formula X = P(AB + D) - D, 

  

 25. 

 
where “P” is the vested percentage of the Participant at such time, “AB” is the balance in the Participant’s Accounts (including any
Forfeiture Suspense Accounts established on his behalf pursuant to section 7.4(i)(1)) at such time and “D” is the amount distributed as a severance of employment benefit. If the amount equal to the Participant’s Vested Interest,
determined under the preceding sentence, exceeds the amount credited to his Accounts (without regard to the amount credited to his Forfeiture Suspense Accounts), the portion of the Participant’s Forfeiture Suspense Accounts equal to such excess
amount shall be reallocated to the Accounts of the Participant as of the date such excess amount arises. 
      (4)
A Participant whose Forfeitable Interests are placed in a Forfeiture Suspense Account is not entitled to earnings on such Forfeitable Interests and is not entitled to any cash dividends on any Employer Securities held in the Forfeiture Suspense
Account. 
 (j) The Plan Administrator may adopt such additional accounting procedures as are necessary to accurately reflect
each Participant’s interest in the Trust Fund. All such procedures shall be applied in a consistent nondiscriminatory manner. 
 7.5
Payment of Dividends. Cash dividends paid with respect to units of Employer Securities that are credited to Participants’ Company Stock Accounts may be distributed to Participants or allocated to Participants’ Other
Investments Accounts in accordance with the terms of section 9.2 and the Trust. 
  

 26. 

 7.6 Valuation. 
 (a) Except as otherwise required in the Trust, for purposes of all computations required by this Article VII, the accrual method of
accounting shall be used, and the Trust Fund, each separate portion of the Trust Fund and the assets thereof shall be valued at their fair market value as of each Valuation Date. 
 (b) Employer Securities shall be accounted for as provided in Treasury Regulation Section 1.402(a)-1(b)(2)(ii), as amended, or any
successor regulation or statute. 
 7.7 Limitation on Allocation of Contributions. 
 (a) Notwithstanding anything contained in this Plan to the contrary, the aggregate Annual Additions to a Participant’s Accounts under
this Plan and under any other defined contribution plans maintained by an Employer or an Affiliate for any Limitation Year shall not exceed the lesser of (1) $40,000 (as adjusted from time to time under applicable law) or (2) one hundred
percent (100%) of the Participant’s Section 415 Compensation for such Limitation Year. 
 (b) In the event that
the Annual Additions, under the normal administration of the Plan, would otherwise exceed the limits set forth above for any Participant, or in the event that any Participant participates in more than one defined contribution plan maintained by any
Employer or any Affiliate and the aggregate Annual Additions to such plans, under the normal administration of such plans, would otherwise exceed the limits provided by law, then the Plan Administrator shall take such actions, applied in a uniform
and nondiscriminatory manner, as will keep the Annual Additions for such Participant from exceeding the applicable limits provided by law. Excess Annual Additions shall be disposed of as provided in section 7.7(c). Adjustments shall be made to the
Publix Super Markets, Inc. 401(k) SMART Plan, if necessary to comply with such limits, before any adjustments may be made to this Plan. Adjustments shall then be made to this Plan, if necessary to comply with such limits, before any adjustments may
be made to any other plan maintained by any Employer or any Affiliate. 
 (c) For Limitation Years beginning before
January 1, 2008, if as a result of the allocation of Forfeitures, a reasonable error in estimating a Participant’s Section 415 Compensation, a reasonable error in determining the amount of elective deferrals that may be made to the
Publix Super Markets, Inc. 401(k) SMART Plan, or other circumstances permitted under Section 415 of the Code, the Annual Additions attributable to Employer contributions for a particular Participant (including savings and matching contributions
to the Publix Super Markets, Inc. 401(k) SMART Plan) would cause the limitations set forth in this section 7.7 to be exceeded, the excess amount shall be held unallocated in the Section 415 Suspense Account for the Plan Year and reallocated
among the Participants as of the end of the next Plan Year to all of the Participants in the Plan in the same manner as an Employer contribution under the terms of sections 7.4(d) and 7.4(e) before any further Employer contributions are allocated to

  

 27. 

 
the Accounts of the Participants, and such allocations shall be treated as Annual Additions to the Accounts of the Participants. In the event that the limits
on Annual Additions for any Participant would be exceeded before all of the amounts in the Section 415 Suspense Account are allocated among the Participants, then such excess amounts shall be retained in the Section 415 Suspense Account to
be reallocated as of the end of the next Plan Year and any succeeding Plan Years until all amounts in the Section 415 Suspense Account are exhausted. The Section 415 Suspense Account shall not be credited or charged with a share of the
earnings for each Valuation Period during which it is in existence. For Limitation Years beginning on or after January 1, 2008, Annual Additions that would cause the limitations set forth in this section 7.7 to be exceeded shall be corrected as
permitted under the Employee Plans Compliance Resolution System maintained by the Internal Revenue Service. 
 ARTICLE VIII 

Benefits Under the Plan 
 8.1 Retirement Benefit. 
 (a) A Participant shall be entitled to retire from the employ of his
Employer, regardless of whether the Participant has incurred a One Year Break in Service on such date, upon such Participant’s Normal Retirement Date. Except as otherwise provided in section 9.1(b)(2), until a Participant actually retires from
the employ of his Employer, no retirement benefits shall be payable to him, and he shall continue to be treated in all respects as a Participant. 
 (b) Upon the retirement of a Participant as provided in section 8.1(a) and subject to adjustment as provided in section 9.4, such Participant shall be entitled to a retirement benefit in an amount equal to one hundred
percent (100%) of the balance in his Accounts as of the Valuation Date immediately preceding or concurring with the date of his retirement, increased by the amount of contributions, if any, made by his Employer to, and decreased by any
distributions made to the Participant from, the Participant’s Accounts subsequent to such Valuation Date. 
 8.2 Disability
Benefit. 
 (a) In the event that a Participant’s employment with his Employer is terminated by reason of his
total and permanent disability and subject to adjustment as provided in section 9.4, such Participant shall be entitled to a disability benefit in an amount equal to one hundred percent (100%) of the balance in his Accounts as of the Valuation
Date immediately preceding or concurring with the date of the termination of his employment, increased by the amount of contributions, if any, made by his Employer to, and decreased by any distributions made to the Participant from, the
Participant’s Accounts subsequent to such Valuation Date. Notwithstanding the foregoing provisions of this paragraph (a), in the event that a Participant’s employment with his Employer is 

  

 28. 

 
terminated by reason of his total and permanent disability, he shall not become fully (100%) vested in his Accounts by virtue of such disability if, on
the date of such termination: 
 (1) the Participant had incurred a One Year Break in Service during the computation
period ending on the most recent Anniversary Date prior to such termination, or 
 (2) the Participant had reentered the
employ of an Employer but had not yet become eligible to resume participation in the Plan under section 5.3 at the time of his termination. 
 (b) Total and permanent disability shall mean the total incapacity of a Participant to perform the usual duties of his employment with his Employer and will be deemed to have occurred only when certified by a Doctor
of Medicine who is licensed to practice medicine in the State in which the Participant was employed by his Employer and who is acceptable to the Plan Administrator, and only if such proof is received by the Administrator within one hundred eighty
(180) days after the date of the termination of such Participant’s employment. 
 8.3 Severance of Employment
Benefit. 
 (a) In the event a Participant’s employment with his Employer is terminated for reasons other than
retirement, total and permanent disability or death, and subject to adjustment as provided in section 9.4, such Participant shall be entitled to a severance of employment benefit in an amount equal to his Vested Interest in the balance in his
Accounts as of the Valuation Date immediately preceding or concurring with the date of the termination of his employment, increased by his Vested Interest in the amount of contributions, if any, made by his Employer to, and decreased by any
distributions made to the Participant from, the Participant’s Accounts subsequent to such Valuation Date. 
  

	 	(b)	(1) (A) For a Participant who is not eligible to have his Vested Interest determined under the three (3) year vesting schedule set forth below in subsection (B), the Vested
Interest in the Accounts of the Participant shall be a percentage of the balance of such Accounts as of the applicable Valuation Date, based upon such Participant’s Years of Service as of the date of the termination of his employment, as
follows: 

  

			
	 TOTAL NUMBER OF YEARS OF SERVICE
	  	VESTED
INTEREST
	 Less than 5 Years of Service
	  	0%
	 5 years or more
	  	100%

  

 29. 

 (B) For a Participant who (i) receives an allocation of Employer contributions,
Forfeitures and additional contributions for any Plan Year beginning after December 31, 2006, (ii) is an Employee of an Employer on December 31, 2007, had completed two (2) Years of Service and at least 1,000 Hours of Service
during the Plan Year ended on December 31, 2007, (iii) is an Employee of an Employer on, and has completed at least three (3) Years of Service as of, December 31, 2007, if such Participant has not incurred a One Year Break in
Service or is eligible to resume participation in the Plan under section 5.3, (iv) terminated from employment as an Employee of an Employer during the Plan Year ended December 31, 2007, after completing at least two (2) Years of
Service and at least 1,000 Hours of Service in such Plan Year and terminated on a date when the Participant either had not incurred a One Year Break in Service or was eligible to resume participation in the Plan under section 5.3, or
(v) terminated from employment as an Employee of an Employer during the Plan Year ended December 31, 2007, after completing at least three (3) Years of Service and more than 500 Hours of Service in such Plan Year and terminated on a
date when the Participant either had not incurred a One Year Break in Service or was eligible to resume participation in the Plan under section 5.3, the Vested Interest in the Accounts of the Participant shall be a percentage of the balance of such
Accounts as of the applicable Valuation Date, based upon such Participant’s Years of Service as of the date of the termination of his employment, as follows: 
  

			
	 TOTAL NUMBER OF YEARS OF SERVICE
	  	VESTED
INTEREST
	 Less than 3 Years of Service
	  	0%
	 3 years or more
	  	100%

 (2) Notwithstanding the provisions of section 8.3(b)(1), for any Plan Year in which
this Plan is a Top Heavy Plan, a Participant’s Vested Interest in his Accounts shall be a percentage of the balance of such Accounts as of the applicable Valuation Date, based upon such Participant’s Years of Service as of the date of the
termination of his employment, as follows: 
  

			
	 TOTAL NUMBER OF YEARS OF SERVICE
	  	VESTED
INTEREST
	 Less than 2 Years of Service
	  	0%
	 2 years, but less than 3 years
	  	20%
	 3 years, but less than 4 years
	  	40%
	 4 years, but less than 5 years
	  	60%
	 5 years, but less than 6 years
	  	80%
	 6 years or more
	  	100%

  

 30. 

 (3) If at any time this Plan ceases to be a Top Heavy Plan after being a Top Heavy Plan
for one or more Plan Years, the change from being a Top Heavy Plan shall be treated as if it were an amendment to the Plan’s vesting schedule for purposes of sections 14.1(c) and (e). 
 (4) Notwithstanding the foregoing, a Participant shall be one hundred percent (100%) vested in his Accounts upon attaining his Normal
Retirement Date. 
 (5) Notwithstanding the foregoing, a Participant who was an Employee of the Company on December 31,
2005, and who became an employee of Publix Employees Federal Credit Union as of January 1, 2006, shall be one hundred percent (100%) vested in his Accounts as of January 1, 2006. 
 (c) Notwithstanding any other provision of this section 8.3 to the contrary, if a Participant is reemployed by an Employer or an Affiliate
before a total distribution of his benefit occurs, the Participant shall not be entitled to any severance of employment benefits (or, in the case of installment distributions that have already commenced, any further severance of employment benefits)
as a result of his prior termination of employment; provided, however, that nothing contained herein shall require or permit the Participant to return or otherwise have restored to his Accounts any Employer Securities or other funds distributed to
him prior to his reemployment. 
 8.4 Death Benefit. 
 (a) In the event that a Participant’s employment with his Employer is terminated by reason of his death and subject to adjustment as
provided in section 9.4, his beneficiary shall be entitled to a death benefit in an amount equal to one hundred percent (100%) of the balance in his Accounts as of the Valuation Date immediately preceding or concurring with the date of his
death, increased by the amount of contributions, if any, made by his Employer to, and decreased by any distributions made to the Participant from, the Participant’s Accounts subsequent to such Valuation Date. In the event that a Participant
dies after the termination of his employment, his beneficiary shall be entitled to a death benefit equal to the amount provided under section 8.1, 8.2 or 8.3, as the case may be, provided that any such death benefit shall be in lieu of the payment
of any further benefit under this Article. Notwithstanding the foregoing provisions of this 

  

 31. 

 
paragraph (a), in the event that a Participant’s employment with his Employer is terminated by reason of his death, he shall not become fully
(100%) vested in his Accounts as a result of such death if, on the date of such termination: 
 (1) the Participant
had incurred a One Year Break in Service during the computation period ending on the most recent Anniversary Date prior to such termination, or 
 (2) the Participant had reentered the employ of an Employer but had not yet become eligible to resume participation in the Plan under section 5.3 at the time of his termination. 
 (b) Subject to the provisions of section 8.4(c), at any time and from time to time, each Participant shall have the unrestricted right to
designate a beneficiary to receive his death benefit and to revoke any such designation. Each designation or revocation shall be evidenced by written instrument signed by the Participant and filed with the Plan Administrator. If the Participant
designates two or more beneficiaries, but fails to specify the portion that each beneficiary is to receive, they shall share equally. In the event that a Participant has designated two or more beneficiaries, and one or more (but less than all) of
such beneficiaries predecease the Participant, then, absent a specific designation by the Participant to the contrary, the surviving designated beneficiary or beneficiaries shall split the deceased beneficiary’s or beneficiaries’ share on
a pro-rata basis (based upon the percentages designated by the Participant). In the event that a Participant has not designated a beneficiary or beneficiaries, or if for any reason such designation shall be legally ineffective, or if such
beneficiary or all such beneficiaries shall predecease the Participant, then the Participant’s surviving Eligible Spouse, and if none, then the estate of such Participant shall be deemed to be the beneficiary designated to receive such death
benefit, or if no personal representative is appointed for the estate of such Participant or no court order authorizes a distribution pursuant to applicable state law, then his next of kin under the statute of descent and distribution of the state
in which the Participant was domiciled at the time of his death shall be deemed to be the beneficiary or beneficiaries to receive such death benefit. 
 (c) Notwithstanding the foregoing, if the Participant is married for not less than one year as of the date of his death, the Participant’s surviving Eligible Spouse shall be deemed to be his designated
beneficiary and shall receive the full amount of the death benefit attributable to the Participant unless the Eligible Spouse consents or has consented to the Participant’s designation of another beneficiary. Any such consent to the designation
of another beneficiary must acknowledge the effect of the consent, must be witnessed by a Plan representative or by a notary public and shall be effective only with respect to that Eligible Spouse. An Eligible Spouse’s consent shall be a
restricted consent (which may not be changed as to the beneficiary unless the Eligible Spouse consents to such change in the manner described herein). Notwithstanding the preceding provisions of this section 
 8.4(c), a Participant shall not be required to obtain spousal consent to his designation of another beneficiary if the Participant is legally separated or
the Participant has been abandoned, and the Participant provides the Plan Administrator with a court order to such effect. 
  

 32. 

 ARTICLE IX 
 Payment of Benefits, Put Option and Right of First Refusal 
 9.1 Time for Distribution
of Benefits. 
 (a) Except as otherwise provided under this Article IX, the amount of the benefit to which a
Participant is entitled under section 8.1, 8.2, 8.3, or 8.4 shall be paid to him or, in the case of a death benefit, shall be paid to the Participant’s beneficiary or beneficiaries, beginning as soon as practicable following the
Participant’s retirement, disability, severance of employment or death, as the case may be. 
 (b) Unless the Participant
elects otherwise, any distribution paid to a Participant (or, in the case of a death benefit, to his beneficiary or beneficiaries) pursuant to section 9.1(a) shall commence not later than the earlier of: 
 (1) the 60th day after the last day of the Plan Year in which the Participant’s employment is terminated or, if later, in which
occurs the Participant’s Normal Retirement Date, subject, in either case, to the provisions of section 9.1(c); or 
 (2) April 1 of the year immediately following the calendar year in which the
Participant reaches age 70 1/2 or retires, whichever is later; provided, however, that: 
 (A) a Participant who attains age 70 1/2 prior to January 1, 1999, shall receive his benefits in accordance with the minimum distribution requirements under Section 401(a)(9) of the Code as in effect
immediately prior to January 1, 1997, unless he elects in writing to cease receiving such benefits and instead elects to defer commencement of such benefits until his actual retirement; 
 (B) a Participant who attains age 70 1/2 on or after January 1, 1999, may elect to begin receiving his benefits in accordance with the minimum distribution requirements under Section 401(a)(9) of the
Code as in effect prior to January 1, 1997; and 
 (C) a
Participant who is a five percent (5%) owner (as defined in Section 416 of the Code) shall begin receiving payment of his retirement benefit no later than April 1 after the end of the calendar year in which he attains age 70 1/2 even if he has not actually retired from the employ of his Employer at the time, and the elections described in section
9.1(b)(2)(A) and (B) shall not apply to such Participant. 
  

 33. 

 (c) Notwithstanding the foregoing,
no distribution shall be made of the benefit to which a Participant is entitled under section 8.1, 8.2, or 8.3 prior to the Participant’s 62nd birthday unless the value of his benefit does not exceed $1,000 or unless the Participant
consents to the distribution. The Plan Administrator shall provide each Participant entitled to a distribution of more than $1,000 with a written notice of his rights, which shall include an explanation of the alternative dates for distribution of
benefits and the optional forms of benefit available to the Participant. The Participant may elect to exercise such rights, no less than thirty (30) days and no more than one hundred eighty (180) days before the first date upon which
distribution of the Participant’s Vested Interest in the Accounts may be made; provided, however, that such distribution may commence less than thirty (30) days after the provision of the notice if the Plan Administrator clearly informs
the Participant that the Participant has a right to a period of at least thirty (30) days after receiving the notice to consider the decision of whether or not to elect a distribution (and, if applicable, a particular distribution option), and
if the Participant, after receiving the notice, affirmatively elects a distribution. In the event that a Participant does not consent to a distribution of a benefit in excess of $1,000 to which he is entitled under section 8.1, 8.2, or 8.3, the
amount of his benefit shall commence to be paid to the Participant not later than sixty (60) days after the last day of the Plan Year in which the Participant reaches his 62nd birthday. 
 (d) Notwithstanding the other provisions of this Plan, in the event that an alternate payee under a Qualified Domestic Relations Order, as
defined in Section 414(p) of the Code, should die before receiving the entire balance under the Accounts established for such alternate payee, then the balance in his Accounts as of the Valuation Date immediately preceding or concurring with
the date of his death, decreased by any distributions made to the alternate payee from his Accounts subsequent to such Valuation Date, shall be distributed to the beneficiary or beneficiaries of the alternate payee (as determined in accordance with
the provisions of section 8.4) as soon as practicable following the death of the alternate payee, unless and to the extent that the Qualified Domestic Relations Order provides otherwise. 
 9.2 Manner of Payment. 
 (a) The amount of any benefit to which a Participant (or a beneficiary of a Participant) is entitled under Article VIII hereof shall be paid to him in the form of a lump sum. 
 (b) In the event of the death of the Participant before distribution to the Participant has been made or commenced and the death benefit
exceeds $5,000, payment of the benefit shall be made: 
 (1) in the
case where the designated beneficiary is the Participant’s surviving spouse, at the time the Participant would have reached age 70 1/2; and 
  

 34. 

 (2) in any other case, approximately five years from the date of the Participant’s
death, but in no event later than December 31 of the calendar year containing the fifth anniversary of the Participant’s death. 
 Notwithstanding the foregoing, any beneficiary whose benefits are subject to this paragraph (b) may make an irrevocable election to receive the death benefit at any time before the date of distribution described above. 
 (c) In the event of the death of the Participant after distribution to the Participant has commenced, payment of the remaining amount of
the Participant’s Account shall be made in a single lump sum payment as soon as administratively practicable following the death of the Participant. 
 (d) A Distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have all or any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified
by the Distributee in a Direct Rollover. In the event that a Distributee elects to have only a portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan, the portion must not be less than $500 (as adjusted from time
to time under applicable law). 
 (e) Notwithstanding the foregoing, benefit payments shall satisfy the incidental death
benefit requirements and all other applicable provisions of Section 401(a)(9)(G) of the Code, the regulations issued thereunder (including Regulation Section 1.401(a)(9)-5(d)), and such other rules thereunder as may be prescribed by the
Commissioner. 
 (f) In the event that distribution to the Participant commences under section 9.1(b)(2), the minimum amount
that will be distributed for each distribution calendar year during the Participant’s lifetime is the lesser of: 
 (1)
the quotient obtained by dividing the amount of the Participant’s Account balance by the distribution period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury Regulations, using the Participant’s age as
of the Participant’s birthday in the distribution calendar year; or 
 (2) if the Participant’s sole designated
beneficiary for the distribution calendar year is the Participant’s surviving spouse, the quotient obtained by dividing the amount of the Participant’s Account balance by the number in the Joint and Last Survivor Table set forth in
Section 1.401(a)(9)-9 of the Treasury Regulations, using the Participant’s and spouse’s attained ages as of the Participant’s and spouse’s birthdays in the distribution calendar year. 
 Required minimum distributions will be determined under this section 9.2(f) beginning with the first distribution calendar year and up to and including
the distribution calendar year that includes the Participant’s date of death. 
  

 35. 

 (g) For purposes of section 9.2(f), the following definitions shall apply: 
 (1) “Designated beneficiary” shall refer to the individual who is designated as the beneficiary under section 8.4 and is the
designated beneficiary in accordance with Section 401(a)(9) of the Code and the applicable Treasury regulations issued with respect thereto. 
 (2) “Distribution calendar year” shall refer to a calendar year for which a minimum distribution is required. For distributions beginning before the Participant’s death, the first distribution calendar
year is the calendar year immediately preceding the calendar year which contains the Participant’s required beginning date. The required minimum distribution for the Participant’s first distribution calendar year will be made on or before
the Participant’s required beginning date. The required minimum distribution for other distribution calendar years, including the required minimum distribution for the distribution calendar year in which the Participant’s required
beginning date occurs, will be made on or before December 31 of that distribution calendar year. 
 (3)
“Participant’s Account balance” shall refer to the Account balance as of the last Valuation Date in the calendar year immediately preceding the distribution calendar year (the “valuation calendar year”), adjusted as follows:
(i) the Account balance is increased by the amount of any contributions made and allocated or Forfeitures allocated to the Account balance as of dates in the valuation calendar year after the Valuation Date; and (ii) the Account balance is
decreased by distributions made in the valuation calendar year after the Valuation Date. The Account balance for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in the
distribution calendar year if distributed or transferred in the valuation calendar year. 
 (4) “Required beginning
date” shall refer to the date specified in section 9.1(b)(2). 
 9.3 Form of Payment. The amount of any benefit to which a
Participant is entitled under Article VIII hereof shall be paid to him, to the extent possible, in units of Employer Securities. Accordingly, any balance in the Participant’s Other Investments Account shall be converted into shares of
Employer Securities at its Fair Market Value on the date of the conversion. 
 9.4 Periodic Adjustments. To the extent the
balance of a Participant’s Accounts has not been distributed and remains in the Plan, and notwithstanding anything contained in the Plan to the contrary, the value of such remaining balance shall be subject to adjustment from time to time
pursuant to the provisions of Article VII. 
 9.5 Distribution Elections Before January 1, 1984. To the extent permitted
by the Code and other applicable law, the provisions of Article VIII and this Article IX shall not apply 

  

 36. 

 
to the distribution of any portion of the balance of a Participant’s Accounts that is subject to a designation made by a Participant prior to
January 1, 1984, if such designation was accepted by the Administrator, and met the requirements of applicable law on December 31, 1983. 
 9.6 Put Options. 
 (a) The provisions of this section 9.6 relate to all Employer Securities held as
assets of the Trust. Except to the extent hereinafter provided in this section 9.6, except as provided in section 9.7, or except as otherwise required by applicable law, no such Employer Securities may be subject to a put, call or other option, or
buy-sell or similar arrangement while held by and when distributed from the Plan. 
 (b) If any such Employer Securities, when
distributed to or for the benefit of a Participant, are not then listed on a national securities exchange registered under Section 6 of the Securities Exchange Act of 1934 (the “1934 Act”) or are not then quoted on a system sponsored
by a national securities association registered under Section 15A(b) of the 1934 Act, or, if so listed or quoted, are then subject to a trading limitation (a restriction under any federal or state securities law, any regulation thereunder or
any permissible agreement affecting such Employer Securities, that makes such Employer Securities not as freely tradable as Employer Securities not subject to such restriction), then the Participant, the Participant’s beneficiary or
beneficiaries, the persons to whom such shares are transferred by gift from the Participant, or any person to whom such Employer Securities pass by reason of the death of the Participant or a beneficiary of the Participant, as the case may be, shall
be granted an option to put any of the units of such Employer Securities to the Company. The put option shall provide that, for a period of fifteen (15) months after such shares are distributed, the Participant, the Participant’s
beneficiary or beneficiaries, the persons to whom such shares are transferred by gift from the Participant, or any person to whom such Employer Securities pass by reason of the death of the Participant or a beneficiary of the Participant, as the
case may be, shall have the right to have the Company purchase such units at their Fair Market Value on the date the put option is exercised. Any such put option shall be exercised by the holder notifying the Company in writing that the put option
is being exercised; the date of exercise shall be the date the Company receives such written notice (which, if received prior to the date of distribution, shall not be deemed to be received until such time as the date the stock is distributed to the
person entitled to the shares). Payment of the purchase price shall be made by the Company, at the election of the Company, either in cash within thirty (30) days after the date of exercise or by an installment purchase. Any installment
purchase must provide for adequate security, a reasonable interest rate and a payment schedule providing for cumulative payments at any time not less than the payments that would be made if made in substantially equal annual installments beginning
within thirty (30) days and ending not more than five (5) years (which may be extended to a date no later than the earlier of ten (10) years after the date of exercise) after the date the put option is exercised. 
 (c) The following special rules shall apply to any put option granted with respect to any such Employer Securities: 
 (1) At the time that any such put option is exercised, the Plan shall have an option to assume the rights and obligations of the Company
under the put option. 
  

 37. 

 (2) If federal or state law will be violated by the Company honoring the put option
provided in this section 9.6, the holder of any such put option shall have the right to put such Employer Securities to a third party that has substantial net worth at the time the loan is made and whose net worth is reasonably expected to remain
substantial, the identity of such third party to be selected by the Plan Administrator. 
 (3) If any such Employer Securities are publicly traded without restriction when distributed, but cease to be so traded within fifteen (15) months after distribution, the Company shall notify each holder of such
Employer Securities, in writing, on or before the tenth (10th) day after the date such Employer Securities cease to be so traded, that for the remainder of the fifteen (15) month period, such Employer Securities are subject to a
put option. Such notice shall also inform the holder of the terms of such put option (which terms shall be consistent with the provisions of this section 9.6). If such notice is given after the tenth (10th) day after the date such
Employer Securities cease to be so traded, the duration of the put option shall be extended by the number of days between such tenth (10th) day and the date on which notice is actually given. 
 (4) The period during which a put option is exercisable shall not include any time when a distributee is unable to exercise it because the
party bound by the put option is prohibited from honoring it by applicable federal or state law. 
 (d) Except as otherwise
permitted by law, the provisions of this section 9.6 are not terminable for any reason, including as a result of the cessation of the Plan as an employee stock ownership plan. 
 (e) Notwithstanding the foregoing, to the extent a Participant receives a distribution under the Plan that consists of a fractional share
of Employer Securities, the recipient of such distribution shall be deemed to have exercised the put option with respect to such fractional share at its Fair Market Value on the date the Participant is entitled to such distribution. 
 9.7 Right of First Refusal. The Company or, if the Company does not exercise such right, the Plan, shall have a right of first refusal with
respect to any Employer Securities constituting stock or another equity security or a debt security convertible into stock or another equity security that are distributed for the benefit of a Participant or his beneficiary or beneficiaries under
this Plan. Such right of first refusal shall be subject to the following terms and conditions: 
 (a) At the time the right of
first refusal may be exercised, the Employer Securities subject thereto must not then be listed on a national securities exchange registered under Section 6 of the Securities Exchange Act of 1934 (the “1934 Act”) or must not then be
quoted on a system sponsored by a national securities association registered under Section 15A(b) of the 1934 Act. 
  

 38. 

 (b) If at any time the person owning or otherwise having the right to sell such Employer
Securities subject to the right of first refusal (whether or not such person received such securities from the Trust or as a result of a gift, a pledge or otherwise) desires to sell such securities, or any portion thereof, such person shall provide
notice in writing to the Company and to the Trustee (on behalf of the Plan), with such notice to include the name and address of the person to whom it is proposed that the securities be sold and of the person proposing to make the sale, the proposed
purchase price therefor and the proposed terms of payment. The Company and/or the Trustee shall have fourteen (14) days from the giving of such notice within which to give notice in writing to the person proposing to make the sale of the desire
to exercise the right of first refusal. If both the Company and the Trustee (on behalf of the Plan) exercise such right of first refusal, the Company shall have the first right to make the purchase. 
 (c) If the Company or the Trustee exercises the right of first refusal, the purchase of the shares shall take place as soon thereafter as
is practicable at the offices of the purchaser. The purchase price and other terms of the purchase shall not be less favorable to the seller than the greater of the Fair Market Value of the securities in question or the purchase price and other
terms offered by the proposed purchaser (other than the Company or the Plan), making a good faith offer to purchase the security. 
 9.8
Distribution for Minors. Notwithstanding the foregoing, no distribution shall be made of the benefit to which a Participant or beneficiary is entitled if the Plan Administrator has actual knowledge that such Participant or beneficiary
is legally incompetent, by age or otherwise, to receive such benefit, until either: 
 (a) a legal guardian has been appointed
to receive and account for such benefit to and on behalf of the Participant or beneficiary, or 
 (b) another person is
legally entitled to receive such benefit on behalf of the Participant or beneficiary and payment to such person will discharge the Plan’s obligation to the Participant or beneficiary. 
 Notwithstanding the foregoing, if the law of the applicable state permits distribution to a natural guardian of the child, then the Plan Administrator is authorized to
make the distribution to a natural guardian where applicable (e.g., Florida Statute Section 744.301). A payment made on behalf of a minor beneficiary pursuant to the provisions of this section 9.8 shall fully discharge the Trustee, the
Employer, and the Plan from further liability on account thereof. 
 9.9 Location of Participant or Beneficiary Unknown. In the
event that all, or any portion, of the distribution payable to a Participant or his beneficiary hereunder shall, at the 

  

 39. 

 
expiration of two (2) years after it shall become payable, remain unpaid solely by reason of the inability of the Administrator to ascertain the
whereabouts of such Participant or his beneficiary despite the reasonable effort of the Administrator to locate such Participant or his beneficiary, the amount so distributable shall be treated as a Forfeiture pursuant to the Plan. In the event that
a Participant or beneficiary are located subsequent to the reallocation of the amount of the Forfeiture, the amount forfeited (without earnings or other adjustment) shall be immediately restored to the Accounts of the Participant or beneficiary,
such restoration to be made from Forfeitures and, if necessary, by contributions of his Employer. Restoration under this section 9.9 shall constitute the first use of Forfeitures in a year, and the Forfeitures available for allocation under section
7.4(f) shall be reduced accordingly. 
 9.10 Qualified Domestic Relations Order. An alternate payee who is entitled to benefits
pursuant to a Qualified Domestic Relations Order as defined in Section 414(p) of the Code shall be entitled to receive payment of such benefits at the time specified in such order, whether or not the Participant has attained his earliest
retirement age (within the meaning of Section 414(p)(4)(B) of the Code). Payment shall be made pursuant to such an order, to the extent provided therein, as soon as practicable after the Plan Administrator has determined the order to be a
Qualified Domestic Relations Order. 
 ARTICLE X 
 Diversification Distributions 
 10.1 Diversification Distributions. Any
Participant who has attained the age of fifty-five (55) years and has completed ten (10) years of participation in the Plan, shall have the right to direct the Trustee to distribute a portion of his Company Stock Account before his
retirement, death, total and permanent disability, or severance of employment as a diversification distribution. Employer Securities distributed pursuant to this Article X shall be subject to the provisions of sections 9.6 and 9.7. 
 (a) Such a Participant may elect, within ninety (90) days after the close of the first Plan Year in the Diversification Election
Period, to receive a distribution of shares of Employer Securities in an amount not exceeding twenty-five percent (25%) of the portion of the balance of his Company Stock Account attributable to Employer Securities, determined as of the last
day of such Plan Year. 
 (b) Within ninety (90) days after the close of the second, third, fourth and fifth Plan Years
in the Diversification Election Period, such a Participant may elect to receive a distribution of shares of Employer Securities in an amount equal to the difference between 
 (1) twenty-five percent (25%) of the portion of the balance of his Company Stock Account attributable to Employer Securities,
determined as of the last day of such Plan Year, and 
  

 40. 

 (2) the amount with respect to which a diversification distribution was previously
elected. 
 (c) In the final Plan Year of the Diversification Election Period, the Participant may elect to receive a
distribution of shares of Employer Securities in an amount equal to the difference between 
 (1) fifty percent (50%) of
the portion of the balance of his Company Stock Account attributable to Employer Securities, determined as of the last day of such Plan Year, and 
 (2) the amount with respect to which a diversification distribution was previously elected. 
 10.2
Election. An eligible Participant’s diversification election shall be made in writing on such forms as may be approved by the Plan Administrator, with the Participant designating the percentage or number of shares to be
distributed from his Company Stock Account that is available for distribution as described in section 10.1. 
 10.3 Timing of
Distribution. If any Participant elects to receive a diversification distribution in any year in the Diversification Election Period, the Trustee shall distribute Employer Securities that are allocated to the Company Stock Account of the
Participant with a value equal to the amount to be distributed no later than ninety (90) days after the close of the diversification election period during which the Participant’s election is made. 
 10.4 Minimum Distribution. Notwithstanding any other provision of this Article X, no diversification distribution shall be made to any
Participant unless the value of the Employer Securities allocated to the Participant’s Company Stock Account, exceeds $500 as of the Valuation Date immediately preceding the first day on which the Participant may elect a diversification
distribution. 
 10.5 Prior Rule. Prior to January 1, 2000, this Article X of the Plan applied only to Employer Securities
acquired by, or contributed to, the Plan after December 31, 1986. 
  

 41. 

 ARTICLE XI 
 Hardship Withdrawals 
 11.1 Hardship Withdrawals In General. If a Participant
who is an active Employee incurs a Hardship, such Participant may apply to the Administrator for the withdrawal of a portion of his Vested Interest in his Accounts not in excess of the amount of such Hardship. The Administrator shall determine
whether an immediate and heavy financial need exists and the amount necessary to meet the need or the lesser amount, if any, to be distributed to such Participant, in a uniform and nondiscriminatory manner. If the Administrator approves a Hardship
withdrawal, it shall direct the Trustee to distribute such amount to such Participant from his Accounts. 
 11.2 Immediate and Heavy
Financial Need. An immediate and heavy financial need shall be deemed to include 
 (a) expenses of uninsured medical
care that are not elective cosmetic in nature incurred by the Participant or his spouse or children or necessary for such persons to obtain such uninsured medical care, 
 (b) once per Plan Year and once per purchase, payments (other than mortgage payments) up to a maximum of $10,000 directly related to the
costs due at closing for the purchase of a Participant’s primary residence, 
 (c) payment of tuition, related
educational fees and related on-campus room and board expenses for up to the next twelve (12) months of post-secondary education for the Participant or his spouse or children, 
 (d) once per Plan Year, payments necessary to prevent the eviction of the Participant from his principal residence or the foreclosure on
the mortgage of such residence, or 
 (e) expenses associated with the funeral of a Participant’s spouse, child, parent
(or parent-in-law), grandparent (or grandparent-in-law), or any other family member who resides in the Participant’s household preceding such person’s death. 
 When Employees are affected by a significant natural disaster, also known as an Act of God, the Administrator may temporarily expand the provisions of this section 11.2 to allow Participants, who are active Employees
and who are directly affected by the natural disaster to request Hardship withdrawals from their Vested Interests in their Accounts for the expenses to repair damages to their primary residences located in an area designated by the President of the
United States as a federal disaster area (the “area”) and/or to their personal vehicles that were damaged while in the area, in each case to the extent that such damage is not covered by individual insurance policies, and for which the
Participant is not otherwise compensated or reimbursed for the expenses arising from such damage. The definition of “significant natural disaster” shall be determined at the discretion of the Administrator based on factors including, but
not limited to, the impact of the disaster to participating Employers’ operations and Employees and the severity of the disaster. 
  

 42. 

 11.3 Availability. The Administrator shall determine whether a distribution is necessary to
satisfy an immediate and heavy financial need on the basis of all relevant facts and circumstances. A distribution will not be treated as necessary to satisfy an immediate and heavy financial need of a Participant to the extent the amount of the
distribution is in excess of the amount required to relieve the financial need or to the extent such need may be satisfied from other resources that are reasonably available to the Participant. A distribution generally may be treated as necessary to
satisfy a financial need if the Administrator reasonably relies upon the Participant’s representation that the need cannot be relieved 
 (a) through reimbursement or compensation by insurance or otherwise; or 
 (b) by reasonable
liquidation of the Participant’s assets, to the extent such liquidation would not itself cause an immediate and heavy financial need. 
 In determining
whether a distribution is necessary to satisfy a financial need, the Participant’s resources shall be deemed to include those assets of his spouse that are reasonably available to the Participant. 
 11.4 Minimum Distributions. The minimum amount of any hardship distribution shall be $100 (rounded up to the nearest whole number of shares
of Employer Securities being withdrawn). 
 11.5 Form and Timing of Distribution. Hardship withdrawals permitted pursuant to
this Article XI shall be: 
 (a) converted to and payable in units of Employer Securities, rounded up to the nearest
whole number of shares, to which such Participant’s requested Hardship withdrawal converts, and no fractional shares shall be issued. Such distribution shall be made first by converting the electing Participant’s Other Investments Account,
up to the entire amount of his Hardship request, to Employer Securities at its Fair Market Value on the date of the conversion as provided in this section, and then from his Company Stock Account; and 
 (b) distributed as soon as practicable following the processing of a Participant’s request for distribution; provided, however, that
no Hardship withdrawals will be made during the period during which the Trustee is awaiting a new valuation of Employer Securities from independent appraisers (generally, but not limited to, the months of January, February, April, July and October).

  

 43. 

 ARTICLE XII 
 Trust Fund 
 12.1 Employee Stock Ownership Trust. The Trust Fund shall be held
by Hoyt R. Barnett, as Trustee, or by a successor Trustee or Trustees, for use in accordance with the Plan under the Trust. The Trust may from time to time be amended in the manner therein provided. Similarly, the Trustee may be changed from time to
time in the manner provided in the Trust. 
 12.2 Investment Fund. The Trustee may maintain an Investment Fund, which shall
consist of the common investments, other than Employer Securities, of all Participants other than Participants or beneficiaries of deceased Participants who have become entitled to benefits pursuant to Article VIII and have elected to receive their
distributable benefits in the form of installment payments (as such payment option previously existed in the Plan prior to November 1, 2005). Amounts attributable to the Investment Fund shall be invested by the Trustee in the manner
set forth in the Trust. 
 ARTICLE XIII 
 Expenses of Administration of the Plan and the Trust Fund 
 The Company shall bear all
expenses of implementing this Plan and the Trust. For its services, any corporate Trustee shall be entitled to receive reasonable compensation in accordance with its rate schedule in effect from time to time for the handling of a retirement trust.
Any individual Trustee shall be entitled to such compensation as shall be arranged between the Company and the Trustee by separate instrument; provided, however, that no person who is already receiving full-time pay from any Employer or any
Affiliate shall receive compensation from the Trust Fund (except for the reimbursement of expenses properly and actually incurred). The Company may, in its sole discretion, pay all expenses of the administration of the Trust Fund, including the
Trustee’s compensation, the compensation of any investment manager, the expense incurred by the Administrator in discharging its duties, all income or other taxes of any kind whatsoever that may be levied or assessed under existing or future
laws upon or in respect of the Trust Fund, and any interest that may be payable on money borrowed by the Trustee for the purpose of the Trust, and any Employer may pay such expenses as relate to Participants employed by such Employer. Any such
payment by the Company or an Employer shall not be deemed a contribution to this Plan. Such expenses shall be paid out of the assets of the Trust Fund unless paid or provided for by the Company or another Employer. Any and all expenses (including,
without limitation, brokerage fees, closing costs, liabilities arising from the ownership or management of specific properties, and income and other taxes) incurred in connection with the investments of the Investment Fund, which are paid from the
assets of the Trust Fund, shall be charged solely against, and paid solely from, the Investment Fund. Notwithstanding anything contained herein to the contrary, no excise tax or other liability imposed upon the Trustee, the Plan Administrator or any
other person for failure to comply with the provisions of any federal law shall be subject to payment or reimbursement from the assets of the Trust. 
  

 44. 

 ARTICLE XIV 
 Amendment and Termination 
 14.1 Restrictions on Amendment and Termination of the
Plan. It is the present intention of the Company to maintain the Plan set forth herein indefinitely. Nevertheless, the Company specifically reserves to itself the right at any time and from time to time to amend or terminate this Plan in
whole or in part; provided, however, that no such amendment: 
 (a) shall have the effect of vesting in any Employer, directly
or indirectly, any interest, ownership or control in any of the present or subsequent funds held subject to the terms of the Trust; 
 (b) shall cause or permit any property held subject to the terms of the Trust to be diverted to purposes other than the exclusive benefit of the Participants and their beneficiaries or for the administrative expenses of the Plan
Administrator and the Trust; 
 (c) shall reduce any Vested Interest of a Participant on the later of the date the amendment
is adopted or the date the amendment is effective, except as permitted by law; 
 (d) shall reduce the Accounts of any
Participant; 
 (e) shall amend any vesting schedule with respect to any Participant who has at least three Years of Service
at the end of the election period described below, except as permitted by law, unless each such Participant shall have the right to elect to have the vesting schedule in effect prior to such amendment apply with respect to him, such election, if
any, to be made during the period beginning not later than the date the amendment is adopted and ending no earlier than sixty (60) days after the latest of the date the amendment is adopted, the amendment becomes effective, or the Participant
is issued written notice of the amendment by his Employer or the Plan Administrator; or 
 (f) shall increase the duties or
liabilities of the Trustee without its written consent. 
 14.2 Amendment of Plan. Subject to the limitations stated in section
14.1, the Company shall have the power to amend this Plan in any manner that it deems desirable, and, not in limitation but in amplification of the foregoing, it shall have the right to change or modify the method of allocation of contributions
hereunder, to change any provision relating to the administration of this Plan and to change any provision relating to the distribution or payment, or both, of any of the assets of the Trust. 
 14.3 Termination of Plan. Any Employer, in its sole and absolute discretion, may permanently discontinue making contributions under this
Plan or may terminate this Plan and the 

  

 45. 

 
Trust (with respect to all Employers if it is the Company, or with respect to itself alone if it is an Employer other than the Company), completely or
partially, at any time without any liability whatsoever for such permanent discontinuance or complete or partial termination. In any of such events, the affected Participants, notwithstanding any other provisions of this Plan, shall have fully
Vested Interests in the amounts credited to their respective Accounts at the time of such complete or partial termination of this Plan and the Trust or permanent discontinuance of contributions. All such Vested Interests shall be nonforfeitable.

 14.4 Method of Discontinuance. In the event an Employer decides to permanently discontinue making contributions, such
decision shall be evidenced by an appropriate resolution of its Board and a certified copy of such resolution shall be delivered to the Plan Administrator and the Trustee. All of the assets in the Trust Fund belonging to the affected Participants on
the date of discontinuance specified in such resolutions shall, aside from becoming fully vested as provided in section 14.3, be held, administered and distributed by the Trustee in the manner provided under this Plan. In the event of a permanent
discontinuance of contributions without such formal documentation, full vesting of the interests of the affected Participants in the amounts credited to their respective Accounts will occur on the last day of the Plan Year in which a substantial
contribution is made to the Trust. 
 14.5 Method of Termination. 
 (a) In the event an Employer decides to terminate this Plan and the Trust, such decision shall be evidenced by an appropriate resolution
of its Board and a certified copy of such resolution shall be delivered to the Plan Administrator and the Trustee. After payment of all expenses and proportional adjustments of individual accounts to reflect such expenses and other changes in the
value of the Trust Fund as of the date of termination, each affected Participant or the beneficiary or beneficiaries of any such Participant shall be entitled to receive, in a lump sum, any amount then credited to his Accounts. 
 (b) At the election of the Participant, the Plan Administrator may transfer the amount of any Participant’s Eligible Rollover
Distribution under this section 14.5 to an Eligible Retirement Plan in accordance with the provisions of section 9.2(d) instead of distributing such amount to the Participant. Any such election by a Participant shall be in writing and filed with the
Plan Administrator. 
 ARTICLE XV 
 Miscellaneous 
 15.1 Merger or Consolidation. This Plan and the Trust may not be merged or consolidated
with, and the assets or liabilities of this Plan and the Trust may not be transferred to, any other plan or trust unless each Participant would receive a benefit immediately after the merger, consolidation or transfer, if the plan and trust then
terminated, that is equal to or greater than the benefit the Participant would have received immediately before the merger, consolidation or transfer if this Plan and the Trust had then terminated. 
  

 46. 

 15.2 Alienation. 
 (a) Except as otherwise provided in this section 15.2, no Participant or beneficiary of a Participant shall have any right to assign,
transfer, appropriate, encumber, commute, anticipate or otherwise alienate his interest in this Plan or the Trust or any payments to be made thereunder; no benefits, payments, rights, or interests of a Participant or beneficiary of a Participant of
any kind or nature shall be in any way subject to legal process to levy upon, garnish, or attach the same for payment of any claim against the Participant or beneficiary of a Participant; and no Participant or beneficiary of a Participant shall have
any right of any kind whatsoever with respect to the Trust, or any estate or interest therein, or with respect to any other property or right, other than the right to receive such distributions as are lawfully made out of the Trust, as and when the
same respectively are due and payable under the terms of this Plan and the Trust. 
 (b) Notwithstanding the provisions of
section 15.2(a), the Plan Administrator shall direct the Trustee to make payments pursuant to a Qualified Domestic Relations Order as defined in Section 414(p) of the Code. The Administrator shall establish procedures consistent with
Section 414(p) of the Code to determine if any order received by the Administrator or any other fiduciary of the Plan is a Qualified Domestic Relations Order. 
 (c) Notwithstanding the provisions of section 15.2(a), the Plan Administrator shall direct the Trustee to comply with the lawful terms of
a levy of the Internal Revenue Service. 
 (d) Effective August 5, 1997, the provisions of section 15.2(a) shall not
apply to any offset of a Participant’s benefits provided under the Plan against an amount that the Participant is ordered or required to pay to the Plan if: 
   (1) the order or requirement to pay arises: 
 (A) under a judgment of conviction for a crime involving the Plan, 
 (B) under a civil judgment (including a consent order or decree) entered by a court in an action brought in connection with a violation
(or alleged violation) of part 4 of subtitle B of title I of ERISA, or 
 (C) pursuant to a settlement agreement between the
Secretary of Labor and the Participant, or a settlement agreement between the Pension Benefit Guaranty Corporation and the Participant, in connection with a violation (or alleged violation) of part 4 of subtitle B of title I of ERISA by a
fiduciary or any other person; and 
  

 47. 

 (2) the judgment, order, decree, or settlement agreement expressly provides for the
offset of all or part of the amount ordered or required to be paid to the Plan against the Participant’s benefits provided under the Plan. 
 15.3 Governing Law. This Plan shall be administered, construed, and enforced according to the laws of the State of Florida, except to the extent such laws have been expressly preempted by federal law. 
 15.4 Action by Employer. Whenever the Company or another Employer under the terms of this Plan is permitted or required to do or perform
any act, it shall be done and performed by or at the direction of the Board of Directors of the Company or such other Employer (or the Executive Committee as authorized by the Board) and shall be evidenced by proper resolution of such Board of
Directors (or the Executive Committee as authorized by the Board) certified by the Secretary or Assistant Secretary of the Company or such other Employer. 
 15.5 Alternative Actions. In the event it becomes impossible for the Company, another Employer, the Plan Administrator, or the Trustee to perform any act required by this Plan, then the Company, such
other Employer, the Administrator, or the Trustee, as the case may be, may perform such alternative act that most nearly carries out the intent and purpose of this Plan. 
 15.6 Gender. Throughout this Plan, and whenever appropriate, the masculine gender shall be deemed to include the feminine and neuter; the singular, the plural; and vice versa. 
 15.7 Veterans’ Reemployment Rights. Notwithstanding any provision of this Plan to the contrary, effective as of December 12,
1994, contributions, benefits, and service credit with respect to qualified military service will be provided in accordance with Section 414(u) of the Code. 
 IN WITNESS WHEREOF, this Amendment and Restatement has been executed this 22nd
day of January, 2008. 
  

									
	 ATTEST:
	 		 	PUBLIX SUPER MARKETS, INC.
			
	 (CORPORATE SEAL)
	 		 	
					
	By:	 	 /s/ Linda S. Kane
	 		 	By:	 	 /s/ William E. Crenshaw

		 	Linda S. Kane, Assistant Secretary	 		 		 	William E. Crenshaw, President

  

 48.401(k) SMART Plan

 Exhibit 10.4 
 PUBLIX SUPER MARKETS, INC. 
 401(k) SMART PLAN 
 AMENDED AND RESTATED 
 AS OF JANUARY
1, 2007 

 PUBLIX SUPER MARKETS, INC. 
 401(k) SMART PLAN 
 AMENDED AND RESTATED 
 AS OF JANUARY 1, 2007 
 Table of
Contents 
  

					
	 Article
	  	 Title
	  	Page
	I	  	Definitions	  	1
			
	II	  	Amendment and Restatement and Name of the Plan	  	16
			
	III	  	Purpose of the Plan and the Trusts	  	16
			
	IV	  	Plan Administrator	  	17
			
	V	  	Eligibility and Participation	  	21
			
	VI	  	Contributions to the Trust	  	22
			
	VII	  	Participants’ Accounts and Allocation of Contributions	  	31
			
	VIII	  	Benefits Under the Plan	  	34
			
	IX	  	Form and Payment of Benefits, Withdrawals	  	38
			
	X	  	Designated Investments	  	45
			
	XI	  	Loans to Participants	  	46
			
	XII	  	Trust Funds	  	48
			
	XIII	  	Expenses of Administration of the Plan and the Trust Funds	  	49
			
	XIV	  	Amendment and Termination	  	50
			
	XV	  	Miscellaneous	  	52

 PUBLIX SUPER MARKETS, INC. 
 401(k) SMART PLAN 
 AMENDED AND RESTATED 
 AS OF JANUARY 1, 2007 
 This Publix Super Markets, Inc. 401(k) SMART Plan, originally adopted as of January 1, 1995,
is hereby amended and restated this 22nd day of January, 2008, but is effective for all purposes as of January 1, 2007, except as may be otherwise noted herein, by Publix Super Markets, Inc. (the “Company”). 
 W I T N E S S E T H: 
 WHEREAS, the Company has previously adopted the Publix Super Markets, Inc. 401(k) SMART Plan, which has been amended from time to time (as amended to date, the “Plan”); and 
 WHEREAS, the Company is authorized and empowered to amend the Plan further; and 
 WHEREAS, the Company has determined that it is advisable and in the best interests of the Participants to amend and restate the Plan to reflect
statutory and regulatory modifications and to make other desired changes. 
 NOW, THEREFORE, the Plan is hereby amended and restated
in its entirety to read as follows: 
 ARTICLE I 
 Definitions 
 1.1 “Account” or “Accounts”
shall mean a Participant’s Savings Contributions Account, Matching Contributions Account, and/or such other accounts as may be established by the Plan Administrator, including a Rollover Contributions Account. The portion of a
Participant’s Accounts invested in the Publix Stock Fund may include an Employer Securities Account and an Other Investments Account, as set forth hereinafter. 
 1.2 “Actual Contribution Percentage” or “ACP” shall mean, with respect to a specified group of eligible Participants (either Highly Compensated Employees or Non-Highly
Compensated Employees) for a Plan Year, the average (calculated to the nearest hundredth of a percentage point) of the Actual Contribution Ratios (calculated separately for each member of the group and calculated to the nearest hundredth of a
percentage point) of each eligible Participant who is a member of such group. 
 1.3 “Actual Contribution Ratio”
shall mean the ratio of the amount of qualifying matching contributions actually paid over to the Trust on behalf of an eligible Participant for a Plan Year to the Participant’s Compensation for such Plan Year. For these purposes: 

(a) The qualifying matching contributions paid on behalf of any eligible Participant shall include: 
 (1) any matching contributions on behalf of the Participant but excluding 

 (A) any matching contributions that are forfeited either to correct Excess Aggregate
Contributions or because the contributions to which they relate are Excess Elective Deferrals, Excess Contributions or Excess Aggregate Contributions; and 
 (B) qualified matching contributions that are taken into account in the Actual Deferral Percentage test; and 
 (2) any Elective Deferrals permitted to be taken into account for these purposes under Treasury Regulation Section 1.401(m)-2(a)(6) and so taken into account. 
 (b) The Actual Contribution Ratio of a Highly Compensated Employee who is an eligible employee in more than one plan of the same employer
(within the meaning of the Code) to which matching or employee contributions are made shall be calculated by treating all such contributions with respect to such Employee under any such arrangement as being made under this Plan. 
 (c) If no qualifying matching contributions are paid on behalf of any Employee who is eligible to make or receive any such contribution,
such person shall be treated as a Participant with an Actual Contribution Ratio of zero. 
 1.4 “Actual Deferral
Percentage” or “ADP” shall mean, with respect to a specified group of eligible Participants (either Highly Compensated Employees or Non-Highly Compensated Employees) for a Plan Year, the average (calculated to
the nearest hundredth of a percentage point) of the Actual Deferral Ratios (calculated separately for each member of the group and calculated to the nearest hundredth of a percentage point) of each eligible Participant who is a member of such group.

 1.5 “Actual Deferral Ratio” shall mean the ratio of the amount of qualifying Employer contributions actually paid
over to the Trust on behalf of an eligible Participant for a Plan Year to the Participant’s Compensation for such Plan Year. For these purposes: 
 (a) The qualifying Employer contributions paid on behalf of any Participant shall include: 
 (1) any Elective Deferrals made pursuant to the Participant’s deferral election (including Excess Elective Deferrals of Highly Compensated Employees) but excluding 
  

 2 

 (A) Excess Elective Deferrals of Non-Highly Compensated Employees that arise solely from
Elective Deferrals made under the Plan or plans of the Participant’s Employer or of any Affiliate; and 
 (B) Elective
Deferrals that are taken into account in the Actual Contribution Percentage test (provided the ADP test is satisfied both with and without exclusion of these Elective Deferrals); and 
 (2) any qualified matching contributions permitted to be taken into account for these purposes under Treasury Regulation
Section 1.401(k)-2(a)(6) and so taken into account. 
 (b) The Actual Deferral Ratio of a Highly Compensated Employee who
is an eligible employee in more than one cash or deferred arrangement of the same employer (within the meaning of the Code) shall be calculated by treating all qualifying Employer contributions with respect to such Employee under any such
arrangement as being made under this Plan. 
 (c) If no qualifying Employer contributions are paid on behalf of any
Participant (or on behalf of any Employee who would be a Participant but for the failure to make Elective Deferrals), such person shall be treated as a Participant with an Actual Deferral Ratio of zero. 
 1.6 “Administrator” shall mean the Plan Administrator. 
 1.7 “Affiliate” shall mean, with respect to an Employer, any corporation other than such Employer that is a member of a
controlled group of corporations, within the meaning of Section 414(b) of the Code, of which such Employer 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 Employer; any service organization other than such Employer that is a member of an affiliated service group, within the meaning of Section 414(m) of the Code, of which such Employer is a member; any other organization
that is required to be aggregated with such Employer under Section 414(o) of the Code. For purposes of determining the limitations on Annual Additions, the special rules of Section 415(h) of the Code shall apply. 
 1.8 “Agreement and Declaration of Trust” or “Agreements and Declarations of Trust” shall mean the
agreement or agreements providing for the Trust Fund or Funds, as entered into between the Company and the Primary Trustee and/or between the Company and the Publix Stock Fund Trustee, as the case may be, and as each agreement may be amended from
time to time. 
 1.9 “Anniversary Date” shall mean the date on which an Employee first had an Hour of Service (or,
except as otherwise provided in Department of Labor Regulation Section 2530.200b-4(b), first had an Hour of Service following a One Year Break in Service which occurred as a result of a separation from employment) or any succeeding anniversary
thereof. 
  

 3 

 1.10 “Annual Additions” shall mean, for each Limitation Year, the sum of:

 (a) the amount of Employer contributions (including Elective Deferrals made in accordance with Section 401(k) of the
Code, other than amounts distributed as Excess Elective Deferrals in accordance with Treasury Regulation Section 1.402(g)-1(e)(2) or (3)) allocated to the Participant under any defined contribution plan maintained by an Employer or an
Affiliate; 
 (b) the amount of the Employee’s contributions (other than rollover contributions, if any) to any
contributory defined contribution plan maintained by an Employer or an Affiliate; 
 (c) any forfeitures separately allocated
to the Participant under any defined contribution plan maintained by an Employer or an Affiliate; 
 (d) if the Participant is
a Key Employee during the current Plan Year or the preceding Plan Year, any contributions allocated to an individual account on behalf of such Participant under Section 419A(d)(2) of the Code; provided, however, that the contributions subject
to this subsection shall not be subject to the limitation of section 7.9(a)(2); and 
 (e) effective January 1, 2008,
contributions allocated pursuant to Code Section 415(l)(1) to any individual medical benefit account that is part of a pension or annuity plan established pursuant to Section 401(h) of the Code; provided, however, that the contributions
subject to this subsection shall not be subject to the limitation of section 7.9(a)(2). 
 1.11 “Board of Directors”
and “Board” shall mean the board of directors of the Company or, when required by the context, the board of directors of an Employer other than the Company. 
 1.12 “Business Day” shall mean a day on which both the New York Stock Exchange and the home office of the third party
administrator that contracts with the Plan Administrator to provide services to the Plan are open for business. 
 1.13
“Code” shall mean the Internal Revenue Code of 1986, as amended, or any successor statute. References to a specific section of the Code shall include references to any successor provisions. 
 1.14 “Company” shall mean Publix Super Markets, Inc. and its successors. 
 1.15 (a) “Compensation” shall mean, with respect to a Participant, the wages, salaries, fees for professional services, and other
amounts received (without regard to whether the amount is paid in cash) to such Participant by an Employer, including, but not limited to, tips received by such Participant, for personal services actually rendered in the 

  

 4 

 
course of employment with an Employer to the extent that the amounts are includible in gross income, as well as amounts that would be included in wages but
for an election under Sections 125, 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b) of the Code, but shall not include amounts realized from the exercise of a nonstatutory stock option (an option other than a statutory stock option as defined
in Treasury Regulation Section 1.421-1(b)) or when restricted stock or other property either becomes freely transferable or is no longer subject to a substantial risk of forfeiture, amounts realized from the sale, exchange or other disposition
of stock acquired under a statutory stock option (as defined in Treasury Regulation Section 1.421-1(b)), and other amounts that receive special tax benefits (such as premiums for group-term life insurance, but only to the extent that the
premiums are not includible in the gross income of the Employee and are not salary reduction amounts that are described in Section 125 of the Code), and also shall not include (even if such amounts are includible in gross income) reimbursements
or other expense allowances, fringe benefits (whether or not in cash), moving expenses, deferred compensation and Employer-paid welfare benefits. 
 (b) For all purposes of the Plan, no Compensation paid by an Employer with respect to an Employee prior to the Employee’s first day of participation in the Plan shall be taken into account. 
 (c) No Compensation in excess of $200,000 (as adjusted from time to time under applicable law) shall be taken into account for any
Employee. 
 1.16 “Direct Rollover” shall mean a payment of an Eligible Rollover Distribution by the Plan to an
Eligible Retirement Plan specified by the Distributee. 
 1.17 “Directed Investment Fund” shall mean an investment
fund established pursuant to section 10.1 for purposes of investing Participants’ Accounts, excluding the Publix Stock Fund. 
 1.18
“Distributee” shall mean 
 (a) a Participant who is entitled to benefits payable as a result of his
retirement, disability or other severance of employment as provided in section 8.1, 8.2 or 8.3, 
 (b) a Participant’s
surviving Eligible Spouse who is entitled to death benefits payable pursuant to section 8.4, 
 (c) a Participant’s
spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, entitled to benefits payable as provided by section 15.2(b), and 
 (d) effective January 1, 2008, an individual other than an Eligible Spouse who is the designated beneficiary of a deceased
Participant and who is thus entitled to death benefits payable pursuant to Section 8.4. 
  

 5 

 1.19 “Earnings” attributable to any fund (other than the Publix Stock Fund) shall
mean, with respect to a Valuation Period, the aggregate of the unrealized appreciation or depreciation accruing to the fund during such period; and the income earned or the loss sustained by the fund during such period, whether from investments or
from the sale or exchange of assets. Earnings attributable to any portion of the Publix Stock Fund credited to an Other Investments Account shall mean, with respect to a Valuation Period, (i) cash dividends received on shares of common stock of
the Company allocated to Participants’ Employer Securities Accounts and (ii) the aggregate of the unrealized appreciation or depreciation occurring in the value of, and the income earned or the loss sustained by, the portion of the Publix
Stock Fund during such period that is invested in assets other than shares of common stock of the Company. Earnings with respect to the portion of the Publix Stock Fund credited to an Employer Securities Account shall mean, with respect to a
Valuation Period, the aggregate of the unrealized appreciation or depreciation occurring in the value, and the gain or loss incurred in connection with the sale or other disposition, of the portion of the Publix Stock Fund during such period that is
invested in shares of common stock of the Company. 
 1.20 “Effective Date” of this amended and restated Publix Super
Markets, Inc. 401(k) SMART Plan shall mean January 1, 2007. 
 1.21 “Elective Deferrals” shall mean any Employer
contributions made to the Plan at the election of the Participant in lieu of cash compensation. A Participant’s Elective Deferrals is the sum of all Employer contributions made on behalf of such Participant pursuant to an election to defer
under any qualified cash or deferred arrangement (“CODA”) described in Section 401(k) of the Code, any salary reduction simplified employee pension described in Section 408(k)(6) of the Code, any SIMPLE IRA Plan described in
Section 408(p) of the Code, any plan described under Section 501(c)(18) of the Code, any Employer contributions made on behalf of a Participant for the purchase of an annuity contract under Section 403(b) of the Code pursuant to a
salary reduction agreement, and, if applicable, contributions made under a qualified Roth contribution program described in Section 402A of the Code. Elective Deferrals shall not include any deferrals properly distributed as excess Annual
Additions. 
 1.22 “Eligible Retirement Plan” shall mean an individual retirement account described in
Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, a qualified trust described in Section 401(a) of the Code, an annuity
contract described in Section 403(b) of the Code, or an eligible plan under Section 457(b) of the Code that is maintained by a state or any agency or instrumentality of a state or political subdivision of a state that agrees to separately
account for amounts transferred into such plan from this Plan, in each case provided that the account or plan accepts a Distributee’s Eligible Rollover Distribution; provided, however, that effective January 1, 2008, with respect to a
nonspouse beneficiary, an Eligible Retirement Plan shall mean an individual retirement account described in Section 408(a) of the Code or an individual retirement annuity described in Section 408(b) of the Code. 
 1.23 “Eligible Rollover Distribution” shall mean any distribution of all or any portion of the balance to the credit of a
Distributee, other than: 
 (a) any distribution that is one of a series of substantially equal periodic payments (not less
frequently than annually) made 
  

 6 

 (1) for the life (or life expectancy) of the Distributee, or the joint lives (or life
expectancies) of the Distributee and the Distributee’s designated beneficiary, or 
 (2) for a specified period of ten
(10) years or more; 
 (b) any distribution to the extent such distribution is required under Section 401(a)(9) of
the Code; and 
 (c) any distribution made on account of hardship. 
 A portion of a distribution shall not fail to be an Eligible Rollover Distribution merely because the portion consists of after-tax Employee contributions that are not
includible in gross income. However, such portion may be transferred only to an individual retirement account or annuity described in Section 408(a) or (b) of the Code, or to a qualified defined contribution plan described in
Section 401(a) or 403(a) of the Code that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution that is includible in gross income and the portion of such distribution that
is not so includible. 
 Notwithstanding the preceding provisions of this section, an Eligible Rollover Distribution shall not include one or more
distributions during a Plan Year if the aggregate amount distributed during the Plan Year is less than $200 (as adjusted from time to time under applicable law). 
 1.24 “Eligible Spouse” shall mean a Participant’s husband or wife, provided the Participant and such husband or wife have been married throughout the one-year period ending on the earlier
of (i) the date payment of the Participant’s benefit commences or (ii) the date of the Participant’s death. 
 1.25
“Employee” shall mean any person employed by an Employer or an Affiliate; provided, however, that the term “Employee” shall not include: 
 (a) a person who serves only as a director of an Employer; 
 (b) a member of a collective bargaining unit if retirement benefits were a subject of good faith bargaining between such unit and an
Employer; 
 (c) a nonresident alien who does not receive earned income from sources within the United States; and 

(d) any individual categorized by his Employer as an independent contractor or leased employee, regardless of whether such person is
subsequently determined to satisfy the common law employee definition under any applicable law. 
  

 7 

 1.26 “Employer” shall mean the Company, Publix Alabama, LLC, and Publix Asset
Management Company, as well as any other subsidiary, related corporation, or other entity that adopts this Plan with the consent of the Company. 
 1.27 “Employer Securities Account” shall mean a subaccount established pursuant to section 7.2 with respect to matching contributions and Elective Deferrals invested in common stock of the Company held within the
Publix Stock Fund, and adjustments thereto. 
 1.28 “ERISA” shall mean the Employee Retirement Income Security Act of
1974, as amended, or any successor statute. References to a specific section of ERISA shall include references to any successor provisions. 
 1.29 “ESOP” shall mean the Publix Super Markets, Inc. Employee Stock Ownership Plan. 
 1.30
“Excess Aggregate Contributions” shall mean, with respect to any Plan Year, the excess of: 
 (a) the
aggregate amount of matching contributions taken into account in computing the ACP of Highly Compensated Employees for such Plan Year, over 
 (b) the maximum aggregate amount of such matching contributions permitted by the ACP test (determined by hypothetically reducing contributions made on behalf of Highly Compensated Employees in order of their Actual
Contribution Ratios, beginning with the highest of such percentages). 
 1.31 “Excess Contributions” shall mean, with
respect to any Plan Year, the excess of: 
 (a) the aggregate amount of qualifying Employer contributions actually taken into
account in computing the ADP of Highly Compensated Employees for such Plan Year, over 
 (b) the maximum aggregate amount of
such qualifying Employer contributions permitted by the ADP test (determined by hypothetically reducing contributions made on behalf of Highly Compensated Employees in order of the Actual Deferral Ratios, beginning with the highest of such
percentages). 
 1.32 “Excess Elective Deferrals” shall mean those Elective Deferrals of a Participant that either

 (a) are made during the Participant’s taxable year and exceed the dollar limitation under Section 402(g) of the
Code (including, if applicable, the dollar limitation on catch-up contributions defined in Section 414(v) of the Code) for such year; or 
  

 8 

 (b) are made during a calendar year and exceed the dollar limitation under
Section 402(g) of the Code (including, if applicable, the dollar limitation on catch-up contributions defined in Section 414(v) of the Code) for the Participant’s taxable year beginning in such calendar year, counting only Elective
Deferrals made under this Plan and any other plan, contract or arrangement maintained by the Employer or any Affiliate (but excluding any Affiliate that is classified as such solely under Section 414(m) of the Code). 
 1.33 “Highly Compensated Employee” shall mean, with respect to any Plan Year: 
 (a) any Employee who: 
 (1) was a five percent (5%) owner of an Employer at any time during the Plan Year or the preceding Plan Year; or 
 (2) for the preceding Plan Year, had Section 415 Compensation in excess of $80,000 (as adjusted from time to time under applicable law); or 
 (b) any former Employee who separated from service (or was deemed to have separated from service) prior to the Plan Year and performs no service for an Employer during the Plan Year, but was an actively employed
Highly Compensated Employee in the Plan Year of his separation or any Plan Year ending on or after the date he attained age fifty-five (55). 
 1.34 “Hire Date” shall mean the date on which an Employee first had an Hour of Service. 
 1.35 (a)
“Hour of Service” shall mean 
 (1) an hour for which an Employee is paid, or entitled to payment, for
the performance of duties for an Employer or an Affiliate; 
 (2) an hour for which an Employee is paid, or entitled to
payment, by an Employer or an Affiliate on account of a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability),
bereavement, lay-off, jury duty, military duty or leave of absence. Notwithstanding the preceding, 
 (A) an hour for which
an Employee is directly or indirectly paid, or entitled to payment, on account of a period during which no duties are performed shall not be credited under this section 1.35(a)(2) to the Employee if such payment is made or due under a plan
maintained solely for the purpose of complying with applicable worker’s compensation, unemployment compensation or disability insurance laws; and 
  

 9 

 (B) an hour shall not be credited for a payment which solely reimburses an Employee for
medical or medically related expenses incurred by the Employee; 
 (3) an hour for which back pay, irrespective of mitigation
of damages, is either awarded or agreed to by an Employer or an Affiliate; provided, however, that the same Hour of Service shall not be credited both under section 1.35(a)(l), 
 1.35(a)(2) or 1.35(a)(5), as the case may be, and under this section 1.35(a)(3). Crediting of an Hour of Service for back pay awarded or agreed to with
respect to periods described in section 1.35(a)(2) shall be subject to the limitations set forth in that section; 
 (4) an
hour for which an Employee is on an unpaid leave of absence or during a similar approved time off period where the Employee is not paid, or entitled to payment, by an Employer or an Affiliate for such time, but only in the following situations and
subject to the following limitations: 
 (A) any time for which an Employee is on a Family Medical Leave Act of 1993
(“FMLA”) unpaid leave, which period shall not exceed twelve (12) weeks reduced by any time for which the Employee receives sick pay from an Employer or an Affiliate for the FMLA leave; 
 (B) any time for which an Employee is on an unpaid military leave, which period shall not exceed twelve (12) weeks; 
 (C) any time for which an Employee is absent from work due to a worker’s compensation injury, which period shall not exceed
fifty-two (52) weeks reduced by any time for which the Employee receives sick pay from an Employer or an Affiliate for the absence; and 
 (D) effective July 1, 2007, any time for which an Employee is absent from work for a reason related to domestic violence as set forth in Florida Statutes Section 741.313; and 
 (5) an hour for which an Employee is absent from work, is not otherwise paid or entitled to payment for such absence, but is receiving
long-term disability benefits under policies provided by the Employer or an Affiliate; provided, however, that no more than 501 Hours of Service shall be credited under this section 1.35(a)(5) to an Employee on account of any single continuous
period during which the Employee performs no duties and is eligible for Hours of Service hereunder (whether or not such period occurs in a single Plan Year); and, provided further, that if the Employee, solely by virtue of receiving such long-term
disability benefits, would otherwise be entitled to Hours of Service under section 1.35(a)(2) for such absence, the Employee shall not receive Hours of Service under section 1.35(a)(2) but shall instead receive Hours of Service under this section
1.35(a)(5) subject to the limitations contained herein. 
  

 10 

 In determining Hours of Service under the foregoing section 1.35(a)(4) and section 1.35(a)(5), Employees
determined to be exempt by an Employer or an Affiliate in accordance with the then current employment law shall be credited with Hours of Service pro-rata based on forty-five (45) hours for a full payroll period (one week); nonexempt,
hourly-paid, full-time Employees shall be credited with Hours of Service pro-rata based on forty (40) hours for a full payroll period (one week); and nonexempt, hourly-paid, part-time Employees shall be credited with Hours of Service pro-rata
based on a full payroll period equal to the average hours worked by the Employee for an Employer or an Affiliate during the fifty-two (52) week payroll period immediately preceding the unpaid period for which Hours of Service are being given
hereunder; or in any case in which the Administrator is unable to determine Hours of Service for a non-exempt, hourly-paid, part-time Employee, such Employee shall be credited with Hours of Service pro-rata based on forty (40) hours for a full
payroll period. Notwithstanding the preceding, in determining the average hours worked by a non-exempt, hourly-paid, part-time Employee for an Employer or an Affiliate during the fifty-two (52) week payroll period immediately preceding the
unpaid period for which Hours of Service are being given hereunder, hours worked by such Employee shall be deemed to be forty (40) hours for any week ending prior to March 20, 2004. 
 The definition set forth in the foregoing sections 1.35(a)(1) through (3) is subject to the special rules contained in Department of Labor
Regulations Sections 2530.200b-2(b) and (c), and any regulations amending or superseding such Sections, which special rules are hereby incorporated in the definition of “Hour of Service” by this reference. 
 (b) Notwithstanding the provisions of section 1.35(a), each Employee who was employed by the Company, Publix Food Stores, Inc., or Publix
Market, Inc. on October 1, 1975, shall be credited with one thousand (1,000) Hours of Service for each twelve (12) continuous months of service commencing with his most recent employment commencement date prior to October 1,
1975, and ending October 1, 1975. In addition, each such Employee shall be credited with forty (40) Hours of Service for each week of employment during the period beginning on his most recent Anniversary Date prior to October 1, 1975,
and ending on October 1, 1975. 
 (c) (1) Notwithstanding the other provisions of this “Hour of Service” definition, in the
case of an Employee who is absent from work for any period by reason of her pregnancy, by reason of the birth of a child of the Employee, by reason of the placement of a child with the Employee in connection with the adoption of such child by the
Employee or for purposes of caring for such child for a reasonable period beginning immediately following such birth or placement, the Employee shall be treated as having those Hours of Service described in section 1.35(c)(2). 
       (2) The Hours of Service to be credited to an Employee under the provisions of section 1.35(c)(1) are the Hours of
Service that otherwise would normally have been credited to such Employee but for the absence in question or, 

  

 11 

 
in any case in which the Plan is unable to determine such hours, eight (8) Hours of Service per day of such absence; provided, however, that the total
number of hours treated as Hours of Service under this section 1.35(c) by reason of any such pregnancy or placement shall not exceed 501 hours. 
       (3) The hours treated as Hours of Service under this section 1.35(c) shall be credited only in the consecutive 12-month period beginning with the Employee’s Anniversary Date in which the absence from
work begins, if the crediting is necessary to prevent a One Year Break in Service in such 12-month period or, in any other case, in the immediately following 12-month period. 
       (4) Credit shall be given for Hours of Service under this section 1.35(c) solely for purposes of determining whether a
One Year Break in Service has occurred for participation or vesting purposes; credit shall not be given hereunder for any other purposes (including, without limitation, benefit accrual). 
       (5) Notwithstanding any other provision of this section 1.35(c), no credit shall be given under this section 1.35(c)
unless the Employee in question furnishes to the Plan Administrator such timely information as the Administrator may reasonably require to establish that the absence from work is for reasons referred to in section 1.35(c)(1) and the number of days
for which there was such an absence. 
 1.36 “Key Employee” shall mean any Employee or former Employee (including any
deceased Employee) of an Employer or an Affiliate who at any time during the Plan Year that includes the determination date was an officer of an Employer or nonparticipating Affiliate having annual compensation greater than $130,000 (as adjusted
from time to time under applicable law), a five percent (5%) owner of an Employer or nonparticipating Affiliate, or a one-percent owner of an Employer or nonparticipating Affiliate having annual compensation of more than $150,000. For this
purpose, annual compensation means compensation within the meaning of Section 415(c)(3) of the Code; and the determination date means the last day of the Plan Year immediately preceding the Plan Year for which top-heaviness is to be determined.
The determination of who is a Key Employee will be made in accordance with Section 416(i)(1) of the Code and the applicable regulations and other guidance of general applicability issued thereunder. 
 1.37 “Limitation Year” shall mean the 12-month period ending on each December 31. 
 1.38 “Matching Contributions Account” shall mean an account established pursuant to section 7.2 with respect to contributions to
this Plan on behalf of a Participant by an Employer pursuant to section 6.2. 
 1.39 “Non-Key Employee” shall mean,
with respect to any Plan Year, an Employee or former Employee who is not a Key Employee (including any such Employee who formerly was a Key Employee). 
  

 12 

 1.40 “Non-Highly Compensated Employee” shall mean, with respect to any Plan Year,
an Employee who is not a Highly Compensated Employee. 
 1.41 “Normal Retirement Date” shall mean the date on which a
Participant attains the age of sixty (60) years. 
 1.42 “One Year Break in Service” shall mean a year beginning
with an Employee’s Anniversary Date in which an Employee has 500 or fewer Hours of Service, and it shall be deemed to occur on the last day of any such year. 
 1.43 “Other Investments Account” shall mean a subaccount established pursuant to section 7.2 with respect to assets other than common stock of the Company held within the Publix Stock Fund, and
adjustments thereto. 
 1.44 “Participant” shall mean any eligible Employee of an Employer who has become a
Participant under Article V of the Plan and shall include any former employee of an Employer who became a Participant under the Plan and who still has a balance in an Account under the Plan. 
 1.45 “Plan” shall mean the Publix Super Markets, Inc. 401(k) SMART Plan as herein set forth, as it may be amended from time to
time. 
 1.46 “Plan Administrator” shall mean the Company. 
 1.47 “Plan Year” shall mean the 12-month period ending on each December 31. 
 1.48 “Primary Trust Fund” shall mean the trust fund established under the Agreement and Declaration of Trust between the Company
and the Primary Trustee from which the amounts of supplementary compensation provided for by the Plan (other than amounts to be held by the Publix Stock Fund Trustee) are to be paid or are to be funded. 
 1.49 “Primary Trustee” shall mean the individual, individuals, or corporation designated as trustee under the Agreement and
Declaration of Trust for the Primary Trust Fund. 
 1.50 “Publix Stock Fund” shall mean, collectively, the assets
comprising the Employer Securities Accounts (held by the Publix Stock Fund Trustee) and the assets comprising the Other Investments Accounts (held by the Primary Trustee). 
 1.51 “Publix Stock Fund Trustee” shall mean the individual, individuals, or corporation designated as trustee under the Agreement
and Declaration of Trust for the portion of the Publix Stock Fund consisting of the Employer Securities Accounts. 
 1.52
“Rollover Contributions Account” shall mean an account established pursuant to section 7.2 with respect to amounts transferred to this Plan by a Participant from the ESOP as provided in section 6.6. 
  

 13 

 1.53 “Savings Contributions Account” shall mean an account established pursuant
to section 7.2 with respect to Elective Deferrals made under salary reduction arrangements pursuant to section 6.1. 
 1.54
“Section 415 Compensation” shall include all wages within the meaning of Section 3401(a) of the Code (for purposes of tax withholding at the source) paid to a Participant from an Employer or Affiliate plus all other
payments of compensation to the Participant from an Employer or Affiliate (in the course of the trade or business of the Employer or Affiliate) for which the Employer or Affiliate is required to furnish the Participant a written statement under
Sections 6041(d), 6051(a)(3) and 6052 of the Code (and without regard to any provisions under Section 3401(a) of the Code that limit the remuneration included in wages based on the nature or location of the employment or the services
performed), together with any amount that is contributed by an Employer at the election of the Employee and that is not includible in the gross income of the Employee under Sections 125, 132(f)(4), 401(k), 402(h), 403(b), or 457 of the Code.

 1.55 “Top Heavy Plan” shall mean this Plan if the aggregate account balances (not including voluntary rollover
contributions made by any Participant from an unrelated plan) of the Key Employees and their beneficiaries for such Plan Year exceed sixty percent (60%) of the aggregate account balances (not including voluntary rollover contributions made by
any Participant from an unrelated plan) for all Participants and their beneficiaries. Such values shall be determined for any Plan Year as of the last day of the immediately preceding Plan Year. The account balances on any determination date shall
include the aggregate distributions made with respect to Participants under the Plan and any plan aggregated with the Plan under Section 416(g)(2) of the Code during the one-year period ending on such determination date; provided, that in the
case of a distribution made for a reason other than separation from service, death, or disability, this provision shall be applied by substituting “five-year period” for “one-year period.” For the purposes of this definition, the
aggregate account balances for any Plan Year shall include the account balances and accrued benefits of all retirement plans qualified under Section 401(a) of the Code with which this Plan is required to be aggregated to meet the requirements
of Section 401(a)(4) or 410 of the Code (including terminated plans that would have been required to be aggregated with this Plan) and all plans of an Employer or an Affiliate in which a Key Employee participates; and such term may include (at
the discretion of the Plan Administrator) any other retirement plan qualified under Section 401(a) of the Code that is maintained by an Employer or an Affiliate, provided the resulting aggregation group satisfies the requirements of Sections
401(a) and 410 of the Code. All calculations shall be on the basis of actuarial assumptions that are specified by the Plan Administrator and applied on a uniform basis to all plans in the applicable aggregation group. The account balance of any
Participant shall not be taken into account if: 
 (a) he is a Non-Key Employee for any Plan Year, but was a Key Employee for
any prior Plan Year, or 
 (b) he has not performed any service for an Employer during the one-year period ending on the
determination date. 
  

 14 

 1.56 “Trust” or “Trusts” shall mean the trust or trusts
established by one or more of the Agreements and Declarations of Trust. 
 1.57 “Trustee” or
“Trustees” shall mean the Primary Trustee and/or the Publix Stock Fund Trustee. 
 1.58 “Trust
Fund” or “Trust Funds” shall mean the Primary Trust Fund and/or the Publix Stock Fund. 
 1.59
“Valuation Date” shall mean each Business Day and such other date(s) as may be selected by the Plan Administrator for such purpose; provided, however, with respect to the portion of the Publix Stock Fund consisting of the
Employer Securities Accounts, Valuation Date shall mean the last day of each fiscal quarter of the Company, or such other date as may be selected by the Plan Administrator. 
 1.60 “Valuation Period” shall mean the period beginning with the first day after a Valuation Date and ending with the next
Valuation Date. 
 1.61 “Vested Interest” shall mean, as of any date, the amount equal to a fixed, non-forfeitable
percentage of a Participant’s Account balance or contribution as determined pursuant to section 8.3(b). 
 1.62 (a) “Year of
Service” shall mean each of the consecutive 12-month periods beginning with the Employee’s Anniversary Date if during such consecutive 12-month period, the Employee completes 1,000 Hours of Service for an Employer or an Affiliate
thereof. 
         (b) For purposes of section 6.2, a Year of Service is not completed until the end
of each consecutive 12-month period without regard to when during the period that 1,000 Hours of Service are completed. 
         (c) For purposes of Article VIII and section 14.1(e), an Employee’s Years of Service shall not include any Year of Service prior to a One Year Break in Service, but only prior to such
time as the Participant has completed a Year of Service after such One Year Break in Service. 
         (d) For all purposes of this Plan, an Employee’s Years of Service shall include the following: 
 (1) for persons employed in stores acquired by the Company from Kroger Company on or after November 7, 1988, and before
September 1, 1992, service with such predecessor employer if such person was employed by such predecessor employer immediately before the acquisition; 
 (2) for persons employed by the Par 3 Golf Center, Lakeland, Florida acquired by the Company on September 9, 1988, service with such predecessor employer if such person was employed by such predecessor employer
immediately before the acquisition; 
  

 15 

 (3) for persons employed by Wolfson Pharmacy acquired by the Company on July 31,
1988, service with such predecessor employer if such person was employed by such predecessor employer immediately before the acquisition; and 
 (4) for persons employed by Care Systems Corporation acquired by the Company on December 27, 1996, service with such predecessor employer if such person became an Employee of the Company on December 28,
1996. 
 ARTICLE II 
 Amendment and Restatement and Name of the Plan 
 The Company’s 401(k) plan is hereby amended and restated in
accordance with the terms hereof and shall continue to be known as the “PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN.” 
 ARTICLE III 
 Purpose of the Plan and the Trusts 
 3.1 Exclusive Benefit. This Plan is created for the sole purpose of providing benefits to the Participants and enabling them to share in
the growth of their Employer. Except as otherwise permitted by law, in no event shall any part of the principal or income of the Trusts be paid to or reinvested in any Employer or be used for or diverted to any purpose whatsoever other than for the
exclusive benefit of the Participants and their beneficiaries. 
 3.2 Mistake of Fact. Notwithstanding the provisions of
section 3.1, any contribution made by an Employer to this Plan by a mistake of fact may be returned to the Employer within one year after the payment of the contribution; and any contribution made by an Employer that is conditioned upon the
deductibility of the contribution under Section 404 of the Code (each contribution shall be presumed to be so conditioned unless the Employer specifies otherwise) may be returned to the Employer if the deduction is disallowed and the
contribution is returned (to the extent disallowed) within one year after the disallowance of the deduction. 
 3.3 Participant’s
Rights. The establishment of this Plan shall not be considered as giving any Employee, or any other person, any legal or equitable right against any Employer, any Affiliate, the Plan Administrator, the Primary Trustee, the Publix Stock Fund
Trustee, or the principal or the income of the Trusts, except to the extent otherwise provided by law. The establishment of this Plan shall not be considered as giving any Employee, or any other person, the right to be retained in the employ of any
Employer or any Affiliate. 
  

 16 

 3.4 Qualified Plan. This Plan and the Trusts are intended to qualify under the Code as a
tax-free employees’ plan and trust, and the provisions of this Plan and the Trusts should be interpreted accordingly. 
 ARTICLE IV

 Plan Administrator 
 4.1 Administration of the Plan. The Plan Administrator shall control and manage the operation and administration of the Plan, except with respect to the investments to be made of the funds in the Trusts and except with respect
to such other duties of the Trustees as set forth in the Agreements and Declarations of Trust. 
 4.2 Powers and Duties. The
Administrator shall have complete control over the administration of the Plan herein embodied, with all powers necessary to enable it to carry out its duties in that respect. Not in limitation, but in amplification of the foregoing, the
Administrator shall have the power and discretion to interpret or construe this Plan and to determine all questions that may arise as to the status and rights of the Participants and others hereunder. Also not in limitation, but in amplification of
the foregoing, the Administrator shall have the power and discretion to adopt and implement rules for the purpose of helping Participants and other interested parties to comply with the provisions of Section 16 of the Securities Exchange Act of
1934, as amended, and any regulations issued thereunder. 
 4.3 Direction of Trustees. It shall be the duty of the
Administrator to direct the Trustees with regard to the distribution of the benefits to the Participants and others hereunder. 
 4.4
Summary Plan Description. The Plan Administrator shall prepare or cause to be prepared a Summary Plan Description (if required by law) and such periodic and annual reports as are required by law. 
 4.5 Disclosure. From time to time, the Administrator shall furnish to each Participant a statement containing the value of his interest in
the Trust Funds and such other information as may be required by law. 
 4.6 Conflict in Terms. The Administrator shall notify
each Employee, in writing, as to the existence of the Plan and Trusts and the basic provisions thereof. In the event of any conflict between the terms of this Plan and Trusts as set forth in this Plan and in the Agreements and Declarations of Trust
and as set forth in any explanatory booklet or other description, this Plan and the Agreements and Declarations of Trust shall control. 
 4.7 Nondiscrimination. The Administrator shall not take any action or direct the Trustees to take any action whatsoever that would result in unfairly benefiting one Participant or group of Participants at the expense of
another or in improperly discriminating between Participants similarly situated or in the application of different rules to substantially similar sets of facts. 
 4.8 Records. The Plan Administrator shall keep a complete record of all its proceedings as the administrator of the Plan and all data necessary for the administration of the Plan. All of the foregoing
records and data shall be located at an appropriate office of the Administrator (or its third party administrator as agent). 
  

 17 

 4.9 Final Authority. Except to the extent otherwise required by law, the decision of the
Plan Administrator in matters within its jurisdiction shall be final, binding and conclusive upon each Employer and each Employee, Participant, and beneficiary and every other interested or concerned person or party. 
 4.10 Claims. 
 (a) For claims unrelated to disability: 
 (1) Claims for benefits under the Plan may be made by a Participant,
alternate payee or a deceased beneficiary of a Participant in the format determined by the Plan Administrator. Written or electronic notice of the disposition of a claim shall be furnished to the claimant by the Administrator within ninety
(90) days after the application is filed with the Administrator, unless special circumstances, which are made known to the claimant, require an extension of time for processing, in which event action shall be taken as soon as possible, but not
later than one hundred eighty (180) days after the application is filed with the Administrator; and, in the event that no action has been taken within such ninety (90) or one hundred eighty (180) day period, the claimant shall be
permitted to proceed to the review stage under subsection (2). In the event that the claim is denied, the denial shall be written in a manner calculated to be understood by the claimant and shall include the specific reasons for the denial,
specific references to pertinent provisions of the Plan on which the denial is based, a description of the material information, if any, necessary for the claimant to perfect the claim, an explanation of why such material information is necessary, a
statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA and an explanation of the claim review procedure. 
 (2) If a claim is denied, a claimant or his duly authorized representative shall have sixty (60) days after the receipt of such denial to petition the Plan Administrator in writing for a full and fair review of
the denial, during which time the claimant or his duly authorized representative shall have the right to review, upon request and free of charge, pertinent documents, records or other information relevant to the claim and to submit issues, documents
and comments in writing. The Plan Administrator shall promptly review the claim and shall make a decision not later than sixty (60) days after receipt of the request for review, unless special circumstances, such as when the Administrator
determines in its sole discretion that it is appropriate to hold a hearing, require an extension of time for processing, in which event a decision shall be rendered as soon as possible, but not later than one hundred twenty (120) days after the
receipt of the request for review. If such an extension is required because of special circumstances, written or electronic notice of the extension shall be furnished to the claimant prior to the commencement of the extension. The decision of the

  

 18 

 
review shall be written in a manner calculated to be understood by the claimant and shall include the specific reasons for the denial, specific references to
pertinent provisions of the Plan on which the denial is based, a statement regarding the claimant’s right to review, upon request and free of charge, all documents, records or other information relevant to the claim and decision and a statement
of the claimant’s right to bring a civil action under Section 502(a) of ERISA. 
 (b) For claims related to total
and permanent disability under section 8.2, the following procedures shall apply: 
 (1) Claims for disability benefits under
the Plan may be made by a Participant in the format determined by the Plan Administrator. Written or electronic notice of the disposition of a claim shall be furnished to the claimant by the Administrator within forty-five (45) days after the
application is filed with the Administrator, unless the Administrator determines that an extension of time is necessary to process the claim, in which event the Administrator will provide the claimant with written or electronic notice of any
extension, including the reasons for the extension and the date by which a decision by the Plan Administrator is expected to be made. The initial forty-five (45) day period may be extended twice by thirty (30) days for matters beyond the
control of the Administrator, including cases where a claim is incomplete. Any notice of extension must explain to the claimant the standards on which entitlement to a disability benefit is based, the unresolved issues that prevent a decision on the
claim, and, where a claim is incomplete, the additional information needed to resolve those issues. Any extension notice must provide that the claimant has forty-five (45) days from receipt of the notice in which to provide the specified
information. Where the time period for the notice of denial of a claim is extended because additional information is needed, the period during which the Administrator must render a decision shall stop running from the time the notice of extension is
sent until the date of the claimant’s response to the request for additional information. In the event that the claim is wholly or partly denied, the Plan Administrator shall notify the claimant in written or electronic form, and the notice of
the denial shall include the specific reasons for the denial, the specific Plan provisions on which the denial is based, a description of any additional material or information necessary for the claim to be granted, an explanation of why such
material or information is necessary, a description of the Plan’s claim review procedures, the time limits under those procedures, and a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA, and, if
applicable, a copy of any internal rule, guideline, protocol, or similar criterion that was relied upon in making the adverse determination on the claim, or a statement that an internal rule, guideline, protocol, or similar criterion was relied upon
in making the adverse determination and will be provided to the claimant free of charge upon request. 
  

 19 

 (2) If a claim for disability benefits is wholly or partly denied, a claimant or his
authorized representative shall have one hundred eighty (180) days after the receipt of such denial to file a request with the Plan Administrator for a review of the denial. Review of a denied claim for disability benefits shall be conducted by
an appropriate named fiduciary who is neither the party who made the initial adverse determination, nor the subordinate of such party, and no deference will be given to the initial denial. If the initial denial was based in whole or in part on
medical judgment, the named fiduciary reviewing the denied claim shall consult with a health care professional who has appropriate training and experience in the field of medicine involved in the medical judgment and who was not consulted in
connection with the initial denial or subordinate to that health care professional. The identity of any medical or vocational experts who provided advice to the Plan in connection with the initial denial shall be provided to the claimant without
regard to whether such advice was relied upon. The review of the claim denial shall take into account all comments, documents, records, and other information submitted by the claimant, whether or not such information was submitted or considered in
connection with the initial determination on the claim. The Administrator shall notify the claimant in writing or in electronic form of the determination of the denied claim on review (regardless of whether adverse) within forty-five (45) days
after receipt of the request for review, unless the named fiduciary responsible for review of the claim determines that a hearing is needed or if other special circumstances require an extension. If such an extension is required, written notice of
the extension, including the reasons for the extension and the date by which a decision by the named fiduciary responsible for reviewing the claim is expected to be made shall be furnished to the claimant prior to the end of the initial forty-five
(45) day period. The extension shall not exceed an additional forty-five (45) days. During the review period, the claimant may submit written comments, documents, records and other information related to the claim, and upon request, will
be provided, free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim. In the event of an adverse determination of the denied claim on review, the claimant shall be given a written or
electronic notice of that determination, which shall include the specific reasons for the denial of the claim, references to the specific Plan provisions on which the determination is based, a statement that the claimant is entitled to receive, upon
request and free of charge, access to, and copies of, all documents, records and other information relevant to the claim, a description of any voluntary appeal procedures offered under the Plan, the claimant’s right to obtain information about
such procedures, a statement regarding the claimant’s right to bring a civil action under Section 502(a) of ERISA, if applicable, a copy of any internal rule, guideline, protocol, or similar criterion that was relied upon in making the
adverse determination on the claim, or a statement that an internal rule, guideline, protocol or similar criterion was relied upon in making the adverse determination and will be provided to the claimant free of charge upon request, if the adverse
determination is based on a medical necessity or experimental treatment or similar exclusion or limit, an explanation of the scientific or clinical judgment used for 

  

 20 

 
the determination or a statement that such explanation will be provided free of charge upon request, and the following statement: “You and your plan may
have other voluntary alternative dispute resolution options, such as mediation. One way to find out what may be available is to contact your local U.S. Department of Labor Office and your State insurance regulatory agency.” 
 (c) If a claimant fails to file a claim or request a review in the manner and in accordance with the time limitation specified in this
section 4.10, such claim or request for review shall be waived and the claimant shall thereafter be barred from asserting such claim. 
 (d) The determination of the Plan Administrator, or named fiduciary, under this section 4.10 of any factual matter relating to a claimant or claim, including, without limitation, a Participant’s Compensation and
Years of Service, shall be conclusive and binding on all parties to the claim. In making a determination on a claim, the Administrator or named fiduciary shall be entitled to rely upon all valuations, certificates, reports or other information
furnished by any accountants or administrators for the Plan, the Trustees or any investment manager(s) and upon the opinions of legal counsel, to the extent such reliance is consistent with ERISA. 
 4.11 Appointment of Advisors. The Administrator may appoint such accountants, counsel (who may be counsel for an Employer), specialists and
other persons that it deems necessary and desirable in connection with the administration of this Plan. Without limitation on the foregoing, the Administrator shall have the right and responsibility to enter into administrative arrangements with
third parties to perform recordkeeping and other administrative services and with other service providers for the Plan; such arrangements may provide for obtaining bundled services. The Administrator, by action of its Board of Directors, shall
designate one or more of its employees to perform the duties required of the Administrator hereunder. 
 ARTICLE V 
 Eligibility and Participation 
 5.1 Current Participants. Any Employee who was a Participant in this Plan immediately prior to the Effective Date shall remain as a Participant in the Plan. 
 5.2 Eligibility and Participation. 
 (a) Any Employee of an Employer shall be eligible to become a Participant in the Plan six (6) months after his Hire Date if he has then attained age eighteen (18). Any such eligible Employee shall enter the Plan
as a Participant, if he is still an Employee of an Employer, on the first day of the month immediately following the month in which the Employee becomes eligible. If the Employee has not attained age eighteen (18) on the date that is six
(6) months after his Hire Date, he shall be eligible to become a Participant in the Plan on the date he attains age eighteen (18) and he shall enter the Plan as a 

  

 21 

 
Participant, if he is still an Employee of an Employer, as soon as administratively practicable but no later than two (2) weeks after the date he
attains age eighteen (18) or, if earlier, the first day of the next Plan Year. 
 (b) A person who ceases to be an
Employee of an Employer before he enters the Plan as a Participant and who reenters the employ of an Employer more than six (6) months after his Hire Date shall enter the Plan as a Participant as soon as administratively practicable but no
later than two (2) weeks after the date of his reemployment. 
 (c) A person who has satisfied the eligibility
requirements while employed by an Affiliate and who becomes an Employee of an Employer shall enter the Plan as a Participant as soon as administratively practicable but no later than two (2) weeks after the date of his employment with such
Employer. 
 5.3 Former Participants. A Participant who ceases to be an Employee of an Employer and who subsequently reenters
the employ of an Employer shall enter the Plan as a Participant as soon as administratively practicable but no later than two (2) weeks after the date of his reemployment. 
 ARTICLE VI 
 Contributions to the Trust 
 6.1 Participants’ Elective Deferrals. 
 (a) The Employer shall contribute to the Trust, on behalf of each eligible Participant, Elective Deferrals as specified in a salary reduction agreement (if any) between the Participant and such Employer; provided,
however, that such deferrals for a Participant shall not exceed the lesser of 
       (1) the
limitation set forth in Section 402(g) of the Code (as adjusted from time to time under applicable law), or 
       (2) fifteen percent (15%) of the Participant’s compensation for such Plan Year (or such other percentage as may be determined periodically by the Board of Directors). 
 (b) (1) If a Participant’s Elective Deferrals, together with any elective contributions by the Participant to any other plans of his Employer or an
Affiliate intended to qualify under Sections 401(k) or 403(b) of the Code, exceed the limitation set forth in section 6.1(a)(1) for any calendar year, the Administrator, upon notification from the Participant or his Employer, shall refund to such
Participant the portion of such excess that is attributable to Elective Deferrals to the Plan, increased by the earnings thereon for such calendar year (such earnings shall be determined by the Plan Administrator in a manner consistent with the
provisions of section 7.4 and Treasury Regulation Section 1.402(g)-1(e)(5)) and 

  

 22 

 
reduced by any Excess Contributions and earnings for the Plan Year beginning with or within the calendar year that have been previously distributed to the
Participant in accordance with the provisions of section 6.1(f). Any such refund shall be made on or before April 15 immediately following the calendar year in which the Excess Elective Deferrals are made to the Plan. 
 (2) If a Participant’s Elective Deferrals, together with any elective contributions by the Participant to any other plans intended to
qualify under Sections 401(k), 403(b), or 408(k), of the Code and to any SIMPLE IRA plan described in Section 408(p) of the Code, eligible deferred compensation plan under Section 457 of the Code or plan described in
Section 501(c)(18) of the Code, exceed the limitation set forth in section 6.1(a)(1) for any calendar year, the Administrator may refund to such Participant, at the Participant’s request, the portion of such excess that is attributable to
Elective Deferrals to the Plan, increased by the earnings thereon for such calendar year (determined as provided in section 6.1(b)(1)) and reduced by any Excess Contributions and earnings for the Plan Year beginning with or within the calendar year
that have been previously distributed to the Participant in accordance with the provisions of section 6.1(f). Any such refund shall be made on or before April 15 immediately following the calendar year in which the Excess Elective Deferrals are
made to the Plan. 
 (3) Excess Elective Deferrals and earnings shall be determined for purposes of section 6.1(a)(1), section
6.1(b)(1), and section 6.1(b)(2) after taking into account any previous refunds to the Participant of Excess Contributions and earnings for the Plan Year ending with or within the calendar year made in accordance with the provisions of section
6.1(f). 
 (c) Any salary reduction agreement shall be executed (including by voice response, Internet, or other electronic
means) and received by the Plan Administrator (and otherwise in effect) prior to the first day of the first pay period to which it applies. Any such agreement may be revised by the Participant, with the approval of the Administrator, as of any pay
period if the revision is received by the Plan Administrator prior to the first day of the first pay period to which the revision applies. If a Participant with such an agreement in place should leave the employment of an Employer, the election
contained in such agreement shall survive the termination, but only for the purpose of determining any applicable Elective Deferrals with respect to compensation earned before termination of employment but paid after such termination. If the person
should return to employment with such Employer or any other Employer at any time after such termination, the prior agreement shall not be effective and no Elective Deferrals shall be made to the Plan on behalf of such person with respect to any
compensation earned after reemployment unless and until a new election is made by such person. Any Elective Deferrals made pursuant to any such election shall be made only after the election is made; shall be made only with respect to an amount that
is not currently available to the Employee on the date of the election; and shall be made only after the Employee’s performance of service with respect to which the Elective Deferrals are made, in each case except as may be permitted by
applicable Treasury Regulations. 
  

 23 

 (d) The Administrator shall have the right to require any Participant to reduce his
Elective Deferrals under any salary reduction agreement, or to refuse deferral of all or part of the amount set forth in such agreement, if necessary to comply with the requirements of this Plan and the Code. 
 (e) A Participant may suspend further Elective Deferrals to the Plan at any time, provided the request for such suspension is received by
the Plan Administrator prior to the first day of the first pay period to which such suspension applies. Any Participant who has previously entered into a salary reduction agreement and who suspends further Elective Deferrals relating to periodic pay
may reinstate such Elective Deferrals by providing notice (including by voice response, Internet, or other electronic means) to the Plan Administrator prior to the first day of the first pay period to which it applies; provided, however, that such
pay period shall not begin less than ninety (90) days after the suspension of Elective Deferrals became effective. 
 (f) (1) In the event that the Elective Deferrals of Highly Compensated Employees exceed the
limitations set forth in section 6.3, such excess (plus the earnings thereon for the Plan Year to which the Excess Contributions relate), determined as set forth below, shall be distributed to the Highly Compensated Employees on or before the
fifteenth (15th) day of the third month after the close of the Plan Year to which the Excess Contributions relate. Notwithstanding the preceding sentence, the Plan Administrator may delay the distribution of any Excess Contributions
(plus the earnings thereon for the Plan Year to which the Excess Contributions relate) attributable to an Employer beyond the fifteenth (15th) day of the third month of such Plan Year, if the Employer consents to such delay and the
Administrator refunds all such Excess Contributions not later than twelve (12) months after the close of the Plan Year to which the Excess Contributions relate. 
      (2) (A) The amount of such Excess Contributions for the Highly Compensated Employees in the aggregate for the Plan Year shall be determined by reducing the Elective Deferrals of the
Highly Compensated Employee with the highest Actual Deferral Ratio to the extent required to 
 (i)  enable the
arrangement to satisfy the limitations set forth in section 6.3, or 
 (ii) cause such Highly Compensated Employee’s
Actual Deferral Ratio to equal the Actual Deferral Ratio of the Highly Compensated Employee with the next highest Actual Deferral Ratio. 
      This process shall be repeated until the arrangement satisfies the limitations set forth in section 6.3. 
  

 24 

            (B) The aggregate dollar amount of the
excess calculated under section 6.1(f)(2)(A) shall be distributed in accordance with the following provisions of this section 6.1(f)(2)(B): 
 (i) the Elective Deferrals of the Highly Compensated Employee with the largest dollar amount of Elective Deferrals shall be reduced by the amount required to cause such Highly Compensated Employee’s Elective
Deferrals to equal the dollar amount of the Elective Deferrals of the Highly Compensated Employee with the next highest dollar amount of Elective Deferrals; 
 (ii) the amount determined in section 6.1(f)(2)(B)(i) shall be distributed to the Highly Compensated Employee with the largest dollar
amount of Elective Deferrals, unless a lesser amount, when added to the aggregate dollar amount already distributed under this section 6.1(f)(2)(B)(ii), would equal the aggregate dollar amount of the excess calculated under section 6.1(f)(2)(A), in
which event such lesser amount shall be distributed; and 
 (iii) if the aggregate dollar amount distributed under section
6.1(f)(2)(B)(ii) is then less than the aggregate dollar amount of the excess calculated under section 6.1(f)(2)(A), the steps in this section 6.1(f)(2)(B) shall be repeated. 
      (3) For Plan Years beginning prior to January 1, 2008, the allocable income with respect to Excess Contributions of a
Highly Compensated Employee shall include income during the period from the end of the Plan Year of the excess until distribution thereof and shall be determined by the Plan Administrator under any method permitted by Treasury Regulation
Section 1.401(k)-2(b)(2)(iv) and any applicable Internal Revenue Service notices or rulings, provided that the method does not violate Section 401(a)(4) of the Code, is used consistently for all Participants and for all corrective
distributions under the Plan for the Plan Year, and is used by the Plan for allocating income to Participants’ accounts. 
      (4) Excess Contributions and earnings determined under sections 6.1(f)(2) and (3) shall be reduced by any Excess Elective Deferrals and earnings for the calendar year ending with or within the Plan Year
that have been previously refunded to the Participant in accordance with the provisions of section 6.1(b). 
 6.2 Matching
Contributions. 
 (a) Each Employer, at the discretion of its Board of Directors, may contribute to the Trust a
matching contribution on behalf of each eligible Participant (as determined pursuant to section 6.2(b)) for whom Elective Deferrals are made during the Plan Year. Such matching contribution shall be equal to a specified percentage of the amount of
the 

  

 25 

 
Elective Deferrals (or specified percentages of separate portions of the amount of the Elective Deferrals) made to the Plan by the Participant, and may be
limited to a specified percentage (or percentages) of the Participant’s compensation for which Elective Deferrals were made and/or a specified maximum dollar amount (or amounts). The percentage (or percentages) of the matching contribution, and
any maximum percentage or percentages) and/or dollar amount (or amounts), shall be determined by the Board of such Employer. No matching contribution shall be required for the portion of a Participant’s Elective Deferrals subject to the refund
requirements of section 6.1(b) or 6.1(f). 
 (b) A Participant shall be eligible to share in the matching contribution
described in section 6.2(a) for a Plan Year if: 
       (1) he has been credited with a
Year of Service as of the date preceding his Anniversary Date occurring during the Plan Year and if he is employed by his Employer on the last day of such Plan Year, or 
       (2) if his employment is terminated during the Plan Year (regardless of whether such termination is
the result of retirement, disability, death, or severance of employment) and he has a Vested Interest in the balance of his Matching Contributions Account as of his date of termination. 
 (c) Any matching contribution made by an Employer on account of Elective Deferrals that have been refunded pursuant to section 6.1(b) or
section 6.1(f) shall be forfeited, and used to reduce matching contributions for the Plan Year in which the forfeiture occurs. In the event that forfeitures arising pursuant to this section 6.2(c) exceed the amount that may be used to reduce
matching contributions for the Plan Year, any additional forfeitures shall be allocated as additional matching contributions to the Matching Contributions Accounts of Participants other than those whose matching contributions have been reduced
hereunder. 
 (d) (1) In the event that the matching contributions for Highly
Compensated Employees exceed the limitations set forth in section 6.3, then except as set forth in section 6.2(d)(3), such Excess Aggregate Contributions (plus the earnings thereon for the Plan Year to which the Excess Aggregate Contributions
relate), determined as set forth below, shall be distributed to the Highly Compensated Employees on or before the fifteenth (15th) day of the third month after the close of the Plan Year to which the Excess Aggregate Contributions
relate. Notwithstanding the preceding sentence, the Plan Administrator may delay the distribution of any Excess Aggregate Contributions (plus the earnings thereon for the Plan Year to which the Excess Aggregate Contributions relate) attributable to
an Employer beyond the fifteenth (15th) day of the third month of such Plan Year, if the Employer consents to such delay and the Administrator refunds all such excess amounts not later than twelve (12) months after the close of
the Plan Year to which the Excess Aggregate Contributions relate. 
  

 26 

 (2) The amount of such Excess Aggregate Contributions for the Highly Compensated
Employees in the aggregate for the Plan Year shall be determined by reducing the matching contribution of the Highly Compensated Employee with the highest Actual Contribution Ratio to the extent required to 
 (A) enable the arrangement to satisfy the limitations set forth in section 6.3, or 
 (B) cause such Highly Compensated Employee’s Actual Contribution Ratio to equal the Actual Contribution Ratio of the Highly
Compensated Employee with the next highest Actual Contribution Ratio. 
 This process shall be repeated until the arrangement
satisfies the limitations set forth in section 6.3. 
 (3) The aggregate dollar amount of the excess calculated under section
6.2(d)(2) shall be distributed or forfeited in accordance with the following provisions of this section 6.2(d)(3): 
 (A) the
matching contributions of the Highly Compensated Employee with the largest dollar amount of matching contributions shall be reduced by the amount required to cause such Highly Compensated Employee’s matching contributions to equal the dollar
amount of the matching contributions of the Highly Compensated Employee with the next highest dollar amount of matching contributions; 
 (B) the amount determined in section 6.2(d)(3)(A) shall be distributed to the Highly Compensated Employee with the largest dollar amount of matching contributions, unless a lesser amount, when added to the aggregate
dollar amount already distributed under this section 6.2(d)(3)(B), would equal the aggregate dollar amount of the excess calculated under section 6.2(d)(2), in which event such lesser amount shall be distributed; 
 (C) if the aggregate dollar amount distributed under section 6.2(d)(3)(B) is then less than the aggregate dollar amount of the excess
calculated under section 6.2(d)(2), the steps in this section 6.2(d)(3) shall be repeated; and 
 (D) notwithstanding the
foregoing, if the amount to be distributed to a Highly Compensated Employee under the foregoing provisions of this section 6.2(d)(3) is not vested, then such amount shall not be distributed to the Highly Compensated Employee but shall be forfeited
and used as provided in section 6.5. 
  

 27 

 (e) In determining the amount of such excess, Actual Contribution Ratios shall be rounded
to the nearest one-hundredth of one percent of the Employee’s Compensation. 
 (f) In no case shall the amount of such
excess with respect to any Highly Compensated Employee exceed the amount of matching contributions on behalf of such Highly Compensated Employee for such Plan Year. 
 (g) For Plan Years beginning prior to January 1, 2008, the allocable income with respect to Excess Aggregate Contributions of a
Highly Compensated Employee shall include income during the period from the end of the Plan Year of the excess until distribution thereof and shall be determined by the Plan Administrator under any method permitted by Treasury Regulation
Section 1.401(m)-2(b)(2)(iv) and any applicable Internal Revenue Service notices or rulings, provided that the method does not violate Section 401(a)(4) of the Code, is used consistently for all Participants and for all corrective
distributions under the Plan for the Plan Year, and is used by the Plan for allocating income to Participants’ accounts. 
 6.3
Limitations on Savings and Matching Contributions. The amounts contributed as Elective Deferrals and matching contributions shall be limited as follows: 
 (a) Actual Deferral Percentage: 
 (1) The Actual Deferral Percentage for the group of Highly Compensated Employees for a Plan Year shall not exceed the Actual Deferral Percentage for the group of all other eligible Employees for such Plan Year
multiplied by 1.25, or 
 (2) the excess of the Actual Deferral Percentage for the group of Highly Compensated Employees for a
Plan Year over the Actual Deferral Percentage for the group of all other eligible Employees for such Plan Year shall not exceed two (2) percentage points (or such lesser amount as may be required by section 6.3(c)); and the Actual Deferral
Percentage for the group of Highly Compensated Employees for such Plan Year shall not exceed the Actual Deferral Percentage for the group of all other eligible Employees for such Plan Year multiplied by 2.0 (or such lesser amount as may be required
by section 6.3(c)). 
 (b) Actual Contribution Percentage: 
 (1) The Actual Contribution Percentage for the group of Highly Compensated Employees for a Plan Year shall not exceed the Actual
Contribution Percentage for the group of all other eligible Employees for such Plan Year multiplied by 1.25, or 
 (2) the
excess of the Actual Contribution Percentage for the group of Highly Compensated Employees for a Plan Year over the Actual Contribution Percentage for the group of all other eligible Employees for such Plan Year shall 

  

 28 

 
not exceed two (2) percentage points (or such lesser amount as may be required by section 6.3(c)); and the Actual Contribution Percentage for the group
of Highly Compensated Employees for such Plan Year shall not exceed the Actual Contribution Percentage for the group of all other eligible Employees for such Plan Year multiplied by 2.0 (or such lesser amount as may be required by section 6.3(c)).

 (c) For purposes of this section 6.3, if two or more plans of an Employer to which elective salary reduction contributions,
voluntary contributions, or matching contributions are made are elected by the Employer to be treated as one Plan for purposes of Section 410(b)(6) of the Code, such plans shall be treated as a single plan for purposes of determining the Actual
Deferral Percentage and the Actual Contribution Percentage. For purposes of determining the Actual Deferral Percentages and the Actual Contribution Percentages for the group of Highly Compensated Employees and the group of all other eligible
Employees, all Employees of the respective group who are directly or indirectly eligible to receive allocations of Elective Deferrals and/or matching contributions under the Plan for any portion of the Plan Year, and all Employees of the respective
group who elect not to enter into salary reduction agreements pursuant to section 6.1 or whose eligibility to enter into salary reduction agreements has been suspended or otherwise limited because of an election not to participate, a withdrawal, a
loan, or a restriction on Annual Additions as set forth in section 7.9, shall be included. For purposes of determining the Actual Deferral Ratio and the Actual Contribution Ratio for a Highly Compensated Employee, all cash or deferred arrangements
in which the Employee is eligible to receive allocations of elective contributions and/or matching contributions shall be taken into account, except as otherwise provided by Treasury Regulation Sections 1.401(k)-2(a)(3)(ii)(B) and
1.401(m)-2(a)(3)(ii)(B). 
 6.4 Minimum Top Heavy Contribution. For each Plan Year in which this Plan is a Top Heavy Plan, an
eligible Participant who is a Non-Key Employee, who is employed by an Employer on the last day of such Plan Year, and who is not a participant in the ESOP shall be entitled to receive a minimum contribution from his Employer for such Plan Year equal
to three percent (3%) of his Section 415 Compensation (or, if less, the highest aggregate percentage of such Section 415 Compensation allocated to a Key Employee’s Savings Contributions Account and Matching Contributions Account
hereunder, as well as his Employer contribution accounts under the ESOP and any other defined contribution plan maintained by such Employer or an Affiliate), regardless of whether such Plan Year constitutes a Year of Service for such Participant.
For purposes of satisfying the three percent (3%) minimum contribution required under this section 6.4 or the ESOP, as applicable, Employer matching contributions shall be taken into account for purposes of calculating the minimum required
contribution. Employer matching contributions that are used to satisfy the minimum contribution requirement shall be treated as matching contributions for purposes of the Actual Contribution Percentage test under section 6.3 and other requirements
of Section 401(m) of the Code. 
 6.5 Forfeitures. Except as otherwise specifically provided in section 9.7 or otherwise
in this Plan, any amount forfeited pursuant to the provisions of this Plan shall be used as soon as possible to reduce the matching contributions of an Employer under section 6.2. In the event that 

  

 29 

 
forfeitures subject to this section 6.5 exceed the amount that may be used to reduce matching contributions for the Plan Year, any additional forfeitures
shall be used to increase matching contributions as provided in section 7.5(b). 
 6.6 Participant Contributions Generally Not
Permitted; Special Rollover Contributions. The Plan Administrator shall not accept any voluntary after-tax Participant contributions or any rollover contributions (within the meaning of Section 402 of the Code). Notwithstanding the
foregoing, to the extent permitted by the ESOP, funds may be transferred to this Plan from the ESOP on behalf of a Participant in connection with a diversification election under the terms of the ESOP. 
 6.7 Form and Timing of Contributions. Payments on account of the Elective Deferrals
due from an Employer for any Plan Year shall be made in cash to the Primary Trustee. Payments on account of the matching contributions due from an Employer for any Plan Year (as well as any Employer contributions required pursuant to section 6.4)
shall be made in cash to the Primary Trustee or in shares of common stock of the Company to the Publix Stock Fund Trustee. Such payments may be made by a contributing Employer at any time, but payment of the matching contributions for any Plan Year
(as well as any Employer contributions required pursuant to section 6.4) shall be completed on or before the time prescribed by law, including extensions thereof, for filing such Employer’s federal income tax return for its taxable year
with which or within which such Plan Year ends. Payment of any Elective Deferral shall be made as of the earliest date on which such Elective Deferral can reasonably be segregated from the Employer’s general assets; provided, however, that
such payment shall be made no later than the fifteenth (15th) business day of the month following the month in which the Elective Deferral is withheld from a Participant’s pay. 
 6.8 No Duty to Inquire. The Trustees shall have no right or duty to inquire into the amount of any contribution made by an Employer or the
method used in determining the amount of any such contribution, or to collect the same, but the Trustees shall be accountable only for funds actually received by the Trustees. 
  

 30 

 ARTICLE VII 
 Participants’ Accounts and Allocation of Contributions 
 7.1 Trust Fund.
The assets of the Trusts shall constitute a fund or funds in which the Participants shall have undivided interests in accordance with the provisions described below. 
 7.2 Establishment of Accounts. The Plan Administrator shall establish and maintain with respect to each Participant two Accounts, designated as a Savings Contributions Account and a Matching
Contributions Account. The Plan Administrator may also establish and maintain with respect to the portion of each Participant’s Accounts invested in the Publix Stock Fund, an Employer Securities Account and an Other Investments Account to
reflect further the Participant’s interest in the Publix Stock Fund. The Plan Administrator may establish such additional Accounts as are necessary to reflect a Participant’s interest in the Trust Funds, including without limitation a
Rollover Contribution Account in connection with any transfer from the ESOP as provided in section 6.6. 
 7.3 Interest of
Participant. The interest of a Participant in the Trust Funds shall be the balance remaining from time to time in his Accounts after making the adjustments required in sections 7.4, 7.5, 7.6, and 7.7. 
 7.4 Allocation of Earnings. As of each applicable Valuation Date, each of a Participant’s Accounts shall be credited or charged, as
the case may be, with a share of the Earnings of the Trust Funds for the Valuation Period ending with such current Valuation Date in accordance with the interest of each Participant, if any, in each Directed Investment Fund and the Publix Stock
Fund. If the fund in question has a daily unit value, then Earnings shall be determined on that basis. Otherwise, Earnings shall be determined by the Plan Administrator on a weighted average basis, so that each Participant with a balance in such
fund shall receive a pro- rata share of the Earnings of such fund, taking into account the period of time that each dollar invested in such fund has been so invested. 
 7.5 Allocation of Contributions. Subject to the provisions of section 7.9, each Participant’s Accounts shall be credited with contributions made as follows: 
 (a) The Savings Contributions Account of a Participant shall be credited with any Elective Deferrals made by his Employer on his behalf
pursuant to section 6.1. 
 (b) The Matching Contributions Account of a Participant shall be credited with any matching
contributions made by his Employer on his behalf pursuant to section 6.2. In addition, the Matching Contributions Account of a Participant shall be credited with any additional matching contributions made, pursuant to section 6.2(c) or section 6.5,
with forfeitures in excess of amounts necessary to fund any matching contributions made pursuant to section 6.2. Any additional matching contributions shall be credited to each eligible Participant for whom Elective Deferrals are made during the
Plan Year, and shall equal a uniform percentage of the amount of the Elective Deferrals made to the Plan by the Participant for the Plan Year; provided, however, that no additional matching contribution shall be made for a Participant with respect
to any Plan Year for the portion 

  

 31 

 
of his Elective Deferrals that are in excess of six percent (6%) of the Participant’s Compensation for such Plan Year; and provided, further, that
no additional matching contribution shall be required for the portion of a Participant’s Elective Deferrals subject to the refund requirements of sections 6.1(b) and 6.1(f). A Participant will not be entitled to share in the matching
contributions or additional matching contributions unless he meets the requirements of section 6.2(b). 
 (c) For each Plan
Year in which this Plan is a Top Heavy Plan, a Participant who is not a participant in the ESOP and who meets the additional eligibility requirements set forth in section 6.4 for such Plan Year shall be entitled to his share of the contribution
provided pursuant to section 6.4. Any such contribution for a Plan Year shall be credited to the Matching Contributions Account of the Participant. 
 (d) The Rollover Contributions Account of a Participant shall be credited with any amounts transferred from the ESOP on behalf of the Participant. 
 7.6 Distributions. Each Participant’s Accounts shall be charged with the amount of any distribution made to, or withdrawal made by,
the Participant or his beneficiary from his Accounts. 
 7.7 Other Adjustments. 
 (a) The Participants’ Employer Securities Accounts and Other Investments Accounts shall be further credited and charged with the
proceeds of any short-term interim investments that may be made during periods prior to purchase dates for the acquisition of common stock of the Company by the Publix Stock Fund Trustee. 
 (b) The Participants’ Employer Securities Accounts and Other Investments Accounts shall be further adjusted to reflect purchases of
the common stock of the Company with assets other than the common stock of the Company, and purchases of assets other than the common stock of the Company in connection with the sale of the common stock of the Company. 
 7.8 Accrual Method. For purposes of all computations required by this Article VII, the Trust Funds and the assets therein shall be valued
at their fair market value as of each applicable Valuation Date. The Plan Administrator may adopt such additional accounting procedures as are necessary to accurately reflect each Participant’s interest in the Trust Funds. All such procedures
shall be applied in a consistent nondiscriminatory manner. 
 7.9 Limitation on Allocation of Contributions. 
 (a) Notwithstanding anything contained in this Plan to the contrary, the aggregate Annual Additions to a Participant’s Accounts under
this Plan and under any other defined contribution plans maintained by an Employer or an Affiliate for any Limitation Year shall not exceed the lesser of (i) $40,000 (as adjusted from time to time under applicable law) or (ii) 100% of the
Participant’s Section 415 Compensation for such Limitation Year. 
  

 32 

 (b) In the event that the Annual Additions, under the normal administration of the Plan,
would otherwise exceed the limits set forth above for any Participant, or in the event that any Participant participates in more than one defined contribution plan maintained by any Employer or any Affiliate and the aggregate Annual Additions to all
of such plans, under the normal administration of such plans, would otherwise exceed the limits provided by law, then the Plan Administrator shall take such actions, applied in a uniform and nondiscriminatory manner, as will keep the Annual
Additions for such Participant from exceeding the applicable limits provided by law. Excess Annual Additions shall be disposed of as provided in section 7.9(c). Adjustments shall be made to this Plan, if necessary to comply with such limits, before
any adjustments shall be required to any other Plan. 
 (c) For Limitation Years beginning before January 1, 2008, if as
a result of the allocation of forfeitures, a reasonable error in estimating a Participant’s Section 415 Compensation, a reasonable error in determining the amount of Elective Deferrals that may be made, or other circumstances permitted
under Section 415 of the Code, the Annual Additions attributable to Employer contributions for a particular Participant (including Elective Deferrals and matching contributions) would cause the limitations set forth in this section 7.9 to be
exceeded, the excess amount shall be deemed first to consist of the Participant’s Elective Deferrals in excess of any amount subject to a matching contribution for the Plan Year, which excess shall be returned to the Participant. The remaining
excess shall be deemed to consist of Elective Deferrals and corresponding matching contributions, in which case the excess Elective Deferrals shall be returned to such Participant and the corresponding matching contributions shall be held and
allocated in the manner described below. Any excess amount attributable to matching contributions shall be held unallocated in a suspense account for the Limitation Year, used to reduce matching contributions on behalf of such Participant for the
next Limitation Year, and allocated to such Participant in lieu of such reduced contribution as of the end of the next Limitation Year under the terms of section 7.5. Any such allocations shall be treated as Annual Additions to the Matching
Contributions Account of the Participant in the Limitation Year that they are allocated in lieu of such reduced contributions. In the event that the Participant terminates his participation in this Plan before all of the amounts in a suspense
account are allocated to his Matching Contributions Account, then such excess amounts shall be retained in such suspense account, to be reallocated to other Participants as of the end of the next Limitation Year and any succeeding Limitation Years
until all amounts in the suspense account are exhausted. For Limitation Years beginning on or after January 1, 2008, Annual Additions that would cause the limitation set forth in this section 7.9 to be exceeded shall be corrected as permitted
under the Employee Plans Compliance Resolution System maintained by the Internal Revenue Service. 
  

 33 

 ARTICLE VIII 
 Benefits Under the Plan 
 8.1 Retirement Benefit. 
 (a) A Participant shall be entitled to retire from the employ of his Employer, regardless of whether the Participant has incurred a One
Year Break in Service on such date, upon such Participant’s Normal Retirement Date. Except as otherwise provided in section 9.1(b)(2), until a Participant actually retires from the employ of his Employer, no retirement benefits shall be payable
to him, and he shall continue to be treated in all respects as a Participant. 
 (b) Upon the retirement of a Participant as
provided in section 8.1(a), such Participant shall be entitled to a retirement benefit in an amount equal to one hundred percent (100%) of the aggregate balances in his Accounts as of the date of distribution. 
 8.2 Disability Benefit. 
 (a) In the event that a Participant’s employment with his Employer is terminated by reason of his total and permanent disability, such Participant shall be entitled to a disability benefit in an amount equal to
one hundred percent (100%) of the aggregate balances in his Accounts as of the date of distribution. Notwithstanding the foregoing provisions of this paragraph (a), in the event that a Participant’s employment with his Employer is
terminated by reason of his total and permanent disability, he shall not become fully (100%) vested in his Accounts by virtue of such disability if, on the date of such termination: 
 (1) the Participant had incurred a One Year Break in Service during the computation period ending on the most recent Anniversary Date
prior to such termination, or 
 (2) the Participant had reentered the employ of an Employer but had not yet become
eligible to resume participation in the Plan under section 5.3 at the time of his termination. 
 (b) Total and permanent
disability shall mean the total incapacity of a Participant to perform the usual duties of his employment with his Employer and will be deemed to have occurred only when certified by a Doctor of Medicine who is licensed to practice medicine in the
State in which the Participant was employed by his Employer and who is acceptable to the Plan Administrator, and only if such proof is received by the Administrator within one hundred eighty (180) days after the date of the termination of such
Participant’s employment. 
  

 34 

 8.3 Severance of Employment Benefit. 
 (a) In the event a Participant’s employment with his Employer is terminated for reasons other than retirement, total and permanent
disability or death, such Participant shall be entitled to a severance of employment benefit in an amount equal to his Vested Interests in the aggregate balances in his Accounts as of the date of distribution. 
 (b) (1) The Vested Interest of a Participant in his Matching Contributions Account shall be a percentage of the balance of such Matching Contributions
Account as of the applicable date, based upon such Participant’s Years of Service as of the date of the termination of his employment, as follows: 
  

			
	 TOTAL NUMBER OF YEARS OF SERVICE
	  	VESTED
INTEREST
	 Less than 3 Years of Service
	  	0%
	 3 years or more
	  	100%

      (2) Notwithstanding the provisions of section 8.3(b)(1), for any Plan
Year in which this Plan is a Top Heavy Plan, a Participant’s Vested Interest in his Matching Contributions Account shall be a percentage of the balance of such Matching Contributions Account as of the applicable date, based upon such
Participant’s Years of Service as of the date of the termination of his employment, as follows: 
  

			
	 TOTAL NUMBER OF YEARS OF SERVICE
	  	VESTED
INTEREST
	 Less than 2 Years of Service
	  	0%
	 2 years, but less than 3 years
	  	20%
	 3 years, but less than 4 years
	  	40%
	 4 years, but less than 5 years
	  	60%
	 5 years, but less than 6 years
	  	80%
	 6 years or more
	  	100%

      (3) If at any time this Plan ceases to be a Top Heavy Plan after
being a Top Heavy Plan for one or more Plan Years, the change from being a Top Heavy Plan shall be treated as if it were an amendment to the Plan’s vesting schedule for purposes of sections 14.1(c) and (e). 
      (4) Notwithstanding the foregoing, a Participant’s Vested Interest in his Matching Contributions Account shall be one
hundred percent (100%) upon the Participant attaining his Normal Retirement Date. A Participant’s Vested Interest in his Savings Contributions Account shall be one hundred percent (100%) regardless of the number of his Years of
Service. 
  

 35 

       (5) Notwithstanding the foregoing, a Participant who was an Employee
of the Company on December 31, 2005, and who became an employee of Publix Employees Federal Credit Union as of January 1, 2006, shall have a Vested Interest in his Matching Contributions Account of one hundred percent (100%) as of
January 1, 2006. 
 (c) If the termination of employment results
in five (5) consecutive One Year Breaks in Service, or if a Participant incurs five (5) consecutive One Year Breaks in Service while continuing his employment with an Employer or an Affiliate, then upon the occurrence of such five
(5) consecutive One Year Breaks in Service, the nonvested interest of the Participant in his Matching Contributions Account shall be deemed to be forfeited and such forfeited amount shall be reallocated, pursuant to the provisions of sections
6.5 and 7.5(b), at the end of the Plan Year during which the fifth (5th) such consecutive One Year Break in Service occurs. If the Participant is later reemployed by an Employer or an Affiliate, or if the Participant continues his
employment with an Employer or an Affiliate, as the case may be, the unforfeited balance, if any, in his Matching Contributions Account that has not been distributed to such Participant shall be set aside in a separate account, and such
Participant’s Years of Service after any five (5) consecutive One Year Breaks in Service shall not be taken into account for the purpose of determining the Vested Interest of such Participant in the balance of his Matching Contributions
Account that accrued before such five (5) consecutive One Year Breaks in Service. 
 (d) (1) Notwithstanding any other provision of this
section 8.3, if at any time a Participant is less than one hundred percent (100%) vested in his Matching Contributions Account and, as a result of his severance of employment, he receives his entire vested severance of employment benefit
pursuant to the provisions of Article IX, then upon the occurrence of such distribution, the nonvested interest of the Participant in his Matching Contributions Account shall be deemed to be forfeited and such forfeited amount shall be
reallocated, pursuant to the provisions of sections 6.5 and 7.5(b), at the end of the Plan Year immediately following or concurring with the date such distribution occurs. 
       (2) If a Participant whose interest is forfeited under this section 8.3(d) is reemployed by an Employer or an Affiliate prior to the occurrence of five (5) consecutive One Year
Breaks in Service commencing after his distribution, then such Participant shall have the right to repay to the Trust, before the date that is the earlier of (i) five (5) years after the Participant’s resumption of employment or
(ii) the close of a period of five (5) consecutive One Year Breaks in Service, the full amount of the severance of employment benefit previously distributed to him, if any. If the Participant elects to repay such amount to the Trust within
the time periods prescribed herein, the nonvested interest of the Participant previously forfeited pursuant to the provisions of this section 8.3(d) shall be restored to the Matching Contributions Account of the Participant, such restoration to be
made from forfeitures of nonvested interests and, if necessary, by contributions of his Employer, so that the aggregate of the amounts repaid by the Participant and restored by the Employer shall not be less than the Account balances of the
Participant at the time of forfeiture unadjusted by any subsequent gains or losses. 
  

 36 

 (e) Notwithstanding any other provision of this section 8.3, if a Participant is
reemployed by an Employer or an Affiliate and, as a result, no five (5) consecutive One Year Breaks in Service occur, the Participant shall not be entitled to any severance of employment benefit as a result of such termination of employment;
provided, however, that nothing contained herein shall require or permit the Participant to return or otherwise have restored to his Matching Contributions Account any funds distributed to him prior to his reemployment and the determination that no
five (5) consecutive One Year Breaks in Service would occur. 
 8.4 Death Benefit. 
 (a) In the event that a Participant’s employment with his Employer is terminated by reason of his death, his beneficiary shall be
entitled to a death benefit in an amount equal to one hundred percent (100%) of the aggregate balance in his Accounts as of the date of distribution. In the event that a Participant dies after the termination of his employment, his beneficiary
shall be entitled to a death benefit equal to the amount provided under section 8.1, 8.2 or 8.3, as the case may be, provided that any such death benefit shall be in lieu of the payment of any further benefit under this Article. Notwithstanding the
foregoing provisions of this paragraph, in the event that a Participant’s employment with his Employer is terminated by reason of his death he shall not become fully (100%) vested in his Accounts as a result of such death if, on the date
of such termination: 
 (1) the Participant had incurred a One Year Break in Service during the computation period ending
on the most recent Anniversary Date prior to such termination, or 
 (2) the Participant had reentered the employ of an
Employer but had not yet become eligible to resume participation in the Plan under section 5.3 at the time of his termination. 
 (b) Subject to the provisions of section 8.4(c), at any time and from time to time, each Participant shall have the unrestricted right to designate a beneficiary to receive his death benefit and to revoke any such designation. Each
designation or revocation shall be evidenced by written instrument signed by the Participant and filed with the Plan Administrator. If the Participant designates two or more beneficiaries, but fails to specify the portion that each beneficiary is to
receive, they shall share equally. In the event that a Participant has designated two or more beneficiaries, and one or more (but less than all) of such beneficiaries predecease the Participant, then, absent a specific designation by the Participant
to the contrary, the surviving designated beneficiary or beneficiaries shall split the deceased beneficiary’s or beneficiaries’ share on a pro-rata basis (based upon the percentages designated by the Participant). In the event that a
Participant has not designated a beneficiary or beneficiaries, or if for any reason such designation shall be legally ineffective, or if such beneficiary or all such beneficiaries 

  

 37 

 
shall predecease the Participant, then the Participant’s surviving Eligible Spouse, and if none, then the estate of such Participant shall be deemed to
be the beneficiary designated to receive such death benefit, or if no personal representative is appointed for the estate of such Participant and no court order authorizes a distribution pursuant to applicable state law, then his next of kin under
the statute of descent and distribution of the state in which the Participant was domiciled at the time of his death shall be deemed to be the beneficiary or beneficiaries to receive such death benefit. 
 (c) Notwithstanding the foregoing, if the Participant is married for not less than one year as of the date of his death, the
Participant’s surviving Eligible Spouse shall be deemed to be his designated beneficiary and shall receive the full amount of the death benefit attributable to the Participant unless the Eligible Spouse consents or has consented to the
Participant’s designation of another beneficiary. Any such consent to the designation of another beneficiary must acknowledge the effect of the consent, must be witnessed by a Plan representative or by a notary public and shall be effective
only with respect to that Eligible Spouse. An Eligible Spouse’s consent shall be a restricted consent (which may not be changed as to the beneficiary unless the Eligible Spouse consents to such change in the manner described herein).
Notwithstanding the preceding provisions of this section 8.4(c), a Participant shall not be required to obtain spousal consent to his designation of another beneficiary if the Participant is legally separated or the Participant has been abandoned,
and the Participant provides the Plan Administrator with a court order to such effect. 
 ARTICLE IX 
 Form and Payment of Benefits, Withdrawals 
 9.1 Time for Distribution of Benefits. 
 (a) Except as otherwise provided under
this Article IX: 
 (1) the amount of the benefit to which a Participant is entitled under sections 8.1, 8.2, or 8.3
shall be paid to him beginning as soon as practicable following the Participant’s retirement, total and permanent disability, or severance of employment, as the case may be; and 
 (2) the amount of the benefit to which a Participant is entitled under section 8.4 shall be paid to the Participant’s beneficiary or
beneficiaries, beginning as soon as practicable following the Participant’s death; provided, however, that with respect to a death benefit of more than $5,000 for a beneficiary, such benefit shall be paid in a lump sum: 
 (A) in the case that the designated beneficiary is the Participant’s
surviving spouse, at the time the Participant would have reached age 70 1/2; and 
  

 38 

 (B) in any other case, approximately five (5) years from the date of the
Participant’s death, but in no event later than December 31 of the calendar year containing the fifth anniversary of the Participant’s death. 
 Notwithstanding the foregoing, any beneficiary whose benefits are subject to subsection 9.1(a)(2)(A) or (B) may make an irrevocable election to receive the benefit payable to him at any time before the date of
distribution described above. 
 (b) Unless the Participant otherwise elects, any distribution paid to a Participant pursuant
to section 9.1(a) shall commence not later than the earlier of: 
 (1) the 60th day after the last day of the Plan Year in
which the Participant’s employment is terminated or, if later, in which occurs the Participant’s Normal Retirement Date subject, in either case, to the provisions of section 9.1(c); or 
 (2) April 1 of the year immediately following the calendar year in which the
Participant reaches age 70 1/2 or retires, whichever is later; provided, however, that a Participant who is a five percent
(5%) owner (as defined in Section 416 of the Code) shall commence receiving payment of his retirement benefit no later than April 1 after the end of the calendar year in which he attains age 70 1/2 even if he has not actually retired from the employ of his Employer at the time. 
 (c) Notwithstanding the foregoing, no distribution shall be made of the benefit to
which a Participant is entitled under section 8.1, 8.2, or 8.3 prior to the Participant’s 62nd birthday unless the value of his benefit does not exceed $1,000 or unless the Participant consents to the distribution. The Plan
Administrator shall provide each Participant entitled to a distribution of more than $1,000 with a written notice of his rights, which shall include an explanation of the alternative dates for distribution of benefits and the optional forms of
benefit available to the Participant. The Participant may elect to exercise such rights, no less than thirty (30) days and no more than one hundred eighty (180) days before the first date upon which distribution of the Participant’s
Vested Interest in the Accounts may be made; provided, however, that such distribution may commence less than thirty (30) days after the provision of the notice if the Plan Administrator clearly informs the Participant that the Participant has
a right to a period of at least thirty (30) days after receiving the notice to consider the decision of whether or not to elect a distribution (and, if applicable, a particular distribution option), and if the Participant, after receiving the
notice, affirmatively elects a distribution. In the event that a Participant does not consent to a distribution of a benefit in excess of $1,000 to which he is entitled under section 8.1, 8.2, or 8.3, the amount of his benefit shall commence to be
paid to the Participant not later than sixty (60) days after the last day of the Plan Year in which the Participant reaches his 62nd birthday. 
 (d) Notwithstanding the foregoing, (i) benefit payments shall satisfy the incidental death benefit requirements and all other
applicable provisions of Section 401(a)(9)(G) of the Code, the regulations issued thereunder (including Regulation Section 

  

 39 

 
1.401(a)(9)-5(d)), and such other rules thereunder as may be prescribed by the Commissioner, and (ii) distributions may be made under a designation made
before January 1, 1984, in accordance with Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (“TEFRA”) and the provisions of the Plan that relate to Section 242(b)(2) of TEFRA. 
 (e) Notwithstanding the other provisions of this Plan, in the event that an alternate payee under a Qualified Domestic Relations Order, as
defined in Section 414(p) of the Code, should die before receiving the entire balance under the Accounts established for such alternate payee, then the balance in his Accounts as of the date of distribution shall be distributed to the
beneficiary or beneficiaries of the alternate payee (as determined in accordance with the provisions of section 8.4) as soon as practicable following the death of the alternate payee, unless and to the extent that the Qualified Domestic Relations
Order provides otherwise. 
 9.2 Manner and Form of Payment. 
 (a) The amount of any benefit to which a Participant is entitled under Article VIII hereof shall be paid to him in cash in the form
of a lump sum; provided, however, that at the request of the Participant or, in case such Participant has died, at the request of his beneficiary or beneficiaries, the portion of any distributable benefit attributable to the Participant’s
Employer Securities Accounts shall be distributable, to the extent possible, in shares of common stock of the Company, except that no fractional share shall be issued and the value of any fractional share to which a Participant would otherwise be
entitled shall be paid in cash. For distributions of benefits of $1,000 or less ($5,000 or less in the case of a beneficiary of a deceased Participant), the Administrator shall have no obligation to contact the Participant or his beneficiary or
beneficiaries with respect to any such election regarding in-kind distributions of the Participant’s Employer Securities Accounts. For all purposes of this Article IX, it is understood that a “lump sum” may include two or more
payments in order to permit the Plan Administrator to obtain the cash needed to make a distribution in cash with respect to whole or fractional shares held in a Participant’s Employer Securities Accounts by selling the shares on the next
permitted sales date as determined from time to time by the Plan Administrator in accordance with the provisions of section 10.4. 
 (b) If a Participant or his beneficiary elects to receive some or all of the Participant’s distributable benefit attributable to the Participant’s Employer Securities Accounts in shares of common stock of the Company, then all
shares acquired as a result thereof, including without limitation all such shares acquired by transfer under this section 9.2 or otherwise from any person so receiving such shares, shall be subject to the following restrictions (with each
stockholder with respect to such shares being referred to as an “Owner”), and any election to receive common stock of the Company under this Plan shall be conditioned on the recipient agreeing to be bound by the provisions of this section
9.2: 
 (1) except as provided by section 9.2(d), no sale, transfer, or other disposition of such shares for consideration
shall be made by an Owner to any 

  

 40 

 
person other than to the Company pursuant to section 9.2(c), and all other such attempted or actual sales, transfers or dispositions shall be void and
without effect; 
 (2) an Owner may transfer such shares by gift (as long as the gift is consistent with the Owner’s
acquisition of the shares solely for investment and not with any intent to resell or distribute the shares), testamentary disposition, or intestate succession to any person, which person shall thereupon become an Owner, with the transferred shares
being subject to all the restrictions imposed on the transfer or other disposition of shares by this section 9.2 and any election documents; however, an Owner may not transfer shares to the Owner and another person (other than the Owner’s
spouse) as joint owners; 
 (3) all certificates representing such shares shall contain a restrictive legend indicating that
their transfer is restricted by the terms of this Plan and (if correct at the time of issuance or transfer) that the shares are not registered under federal or state securities laws. 
 (c) Subject to the right of the Board of Directors in its sole discretion to discontinue or modify its repurchase program or any part of
it with respect to any person or all persons for any reason or for no reason at any time or from time to time, the Company agrees to repurchase any and all shares held by an Owner, upon demand, that were acquired pursuant to this Plan. Subject to
change or modification at any time and from time to time by the Board of Directors, if the Owner’s demand occurs during an “Offering Period” (as such term is defined in the Company’s Employee Stock Purchase Plan (the
“ESPP”), the repurchase price shall be the purchase price for the shares under the ESPP for such Offering Period; and if the Owner’s demand occurs at a time that is not during an Offering Period, the repurchase price shall be the
purchase price for the shares in effect during the immediately preceding Offering Period. 
 (d) The Company will notify the
Owner, no later than thirty (30) days after the Company receives a demand of the Owner under section 9.2(c) for the repurchase by the Company, if the Board of Directors has discontinued or modified the repurchase program and as a result thereof
the Company declines to repurchase the shares in accordance with the provisions of 
 section 9.2(c). Upon receipt of such notice, the
Owner shall be free to resell the shares to a third person as long as such resale takes place within ninety (90) days after receipt of such notice from the Company; provided, however, that the transferee of the Owner shall thereupon become an
Owner for purposes of the Plan and the acquired shares shall continue to be subject to all the restrictions imposed on the transfer or other disposition of shares by this section 9.2 and any election documents; and provided further, that before any
resale under this section 9.2(d) shall be effected, such transferee may be required by the Company to execute an agreement consenting to the continuation of such restrictions. If the resale does not take place prior to the end of such ninety
(90) day period, all the provisions of this section 9.2 shall reattach to the shares of the Owner and the Owner may no longer resell the shares without again complying with the provisions of this section 9.2. 
  

 41 

 (e) In the event that distribution to the Participant commences under section 9.1(b)(2),
the minimum amount that will be distributed for each distribution calendar year during the Participant’s lifetime is the lesser of: 
 (1) the quotient obtained by dividing the amount of the Participant’s Account balance by the distribution period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury Regulations,
using the Participant’s age as of the Participant’s birthday in the distribution calendar year; or 
 (2) if the
Participant’s sole designated beneficiary for the distribution calendar year is the Participant’s surviving spouse, the quotient obtained by dividing the amount of the Participant’s Account balance by the number in the Joint and Last
Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury Regulations, using the Participant’s and spouse’s attained ages as of the Participant’s and spouse’s birthdays in the distribution calendar year. 

Required minimum distributions will be determined under this section 9.2(e) beginning with the first distribution calendar year and up to and including
the distribution calendar year that includes the Participant’s date of death. 
 (f) For purposes of section 9.2(e), the
following definitions shall apply: 
 (1) “Designated beneficiary” shall refer to the individual who is designated
as the beneficiary under section 8.4 and is the designated beneficiary in accordance with Section 401(a)(9) of the Code and the applicable Treasury regulations issued with respect thereto. 
 (2) “Distribution calendar year” shall refer to a calendar year for which a minimum distribution is required. For distributions
beginning before the Participant’s death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the Participant’s required beginning date. The required minimum distribution for the
Participant’s first distribution calendar year will be made on or before the Participant’s required beginning date. The required minimum distribution for other distribution calendar years, including the required minimum distribution for
the distribution calendar year in which the Participant’s required beginning date occurs, will be made on or before December 31 of that distribution calendar year. 
 (3) “Participant’s Account balance” shall refer to the Account balance as of the last Valuation Date in the calendar year
immediately preceding the distribution calendar year (the “valuation calendar year”), adjusted as follows: (i) the Account balance is increased by the amount of any contributions made and allocated or forfeitures allocated to the
Account balance as of dates in the valuation calendar year after the Valuation Date; and (ii) the Account balance is decreased by distributions made in the valuation calendar year after the Valuation Date. The Account balance for the valuation
calendar year includes any amounts 

  

 42 

 
rolled over or transferred to the Plan either in the valuation calendar year or in the distribution calendar year if distributed or transferred in the
valuation calendar year. 
 (4) “Required beginning date” shall refer to the date specified in section 9.1(b)(2).

 9.3 Periodic Adjustments. To the extent the balance of a Participant’s Accounts has not been distributed and remains in
the Plan, and notwithstanding anything contained in the Plan to the contrary, the value of such remaining balance shall be subject to adjustment from time to time pursuant to the provisions of Article VII. 
 9.4 Withdrawals After Age 59 1/2. 
 (a) Upon reaching age 59 1/
2, a Participant who is actively employed by an Employer may apply to the Administrator for the withdrawal of all or a portion of his Savings Contributions Account and his vested
Matching Contributions Account. All amounts withdrawn shall be paid to the Participant in cash; provided, however, that at the request of the Participant, the portion of any requested withdrawal attributable to and to be paid from the
Participant’s Employer Securities Accounts shall be distributable, to the extent possible, in shares of common stock of the Company, except that no fractional share shall be issued and the value of any fractional share to which a Participant
would otherwise be entitled shall be paid in cash. 
 (b) The Administrator shall direct the Trustee to distribute to a
Participant who has applied for such a withdrawal the amount requested, which amount shall be withdrawn first from the Participant’s Accounts excluding the portion held in Employer Securities Accounts and then from the Participant’s
Employer Securities Accounts. 
 (c) Notwithstanding the preceding provisions of this section 9.4, any Participant who is an
officer, director or ten percent (10%) shareholder of the Company, and any other Participant who is required to file reports under Section 16(b) of the Securities Exchange Act of 1934, shall be prohibited from withdrawing any portion of
his Accounts held in Employer Securities Accounts. 
 (d) The Administrator shall establish additional uniform and
nondiscriminatory rules and procedures regarding the distribution of benefits pursuant to this section. 
 9.5 Direct Rollover
Distributions. Notwithstanding any provision of the Plan to the contrary, a Distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have all or any portion of an Eligible Rollover Distribution paid
directly to an Eligible Retirement Plan specified by the Distributee in a Direct Rollover. In the event that a Distributee elects to have only a portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan, the portion
must not be less than $500 (as adjusted from time to time under applicable law). 
  

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 9.6 Distribution for Minors. Notwithstanding the foregoing, no distribution shall be made
of the benefit to which a Participant or beneficiary is entitled if the Plan Administrator has actual knowledge that such Participant or beneficiary is legally incompetent, by age or otherwise, to receive such benefit, until either: 
 (a) a legal guardian has been appointed to receive and account for such benefit to and on behalf of the Participant or beneficiary, or

 (b) another person is legally entitled to receive such benefit on behalf of the Participant or beneficiary and payment to
such person will discharge the Plan’s obligation to the Participant or beneficiary. 
 Notwithstanding the foregoing, if the law of the applicable state
permits distribution to a natural guardian of the child, then the Plan Administrator is authorized to make the distribution to a natural guardian where applicable (e.g., Florida Statute Section 744.301). A payment made on behalf of a minor
beneficiary pursuant to the provisions of this section 9.6 shall fully discharge the Trustees, the Employer, and the Plan from further liability on account thereof. 
 9.7 Location of Participant or Beneficiary Unknown. In the event that all, or any portion, of the distribution payable to a Participant or his beneficiary hereunder shall, at the expiration of two
(2) years after it shall become payable, remain unpaid solely by reason of the inability of the Administrator to ascertain the whereabouts of such Participant or his beneficiary despite the reasonable effort of the Administrator to locate such
Participant or his beneficiary, the amount so distributable shall be treated as a forfeiture pursuant to the Plan. In the event a Participant or his beneficiary is located subsequent to the reallocation of the forfeiture, the amount forfeited
(without earnings or other adjustment) shall be immediately restored to the Accounts of the Participant or beneficiary, such restoration to be made from forfeitures and, if necessary, by contributions of his Employer. Restoration under this section
9.7 shall constitute the first use of forfeitures in a year, and the forfeitures available for allocation under section 6.5 shall be reduced accordingly. 
 9.8 Qualified Domestic Relations Order. An alternate payee who is entitled to benefits pursuant to a Qualified Domestic Relations Order as defined in Section 414(p) of the Code shall be entitled to
receive payment of such benefits at the time specified in such order, whether or not the Participant has attained his earliest retirement age (within the meaning of Section 414(p)(4)(B) of the Code). Payment shall be made pursuant to such an
order, to the extent provided therein, as soon as practicable after the Plan Administrator has determined the order to be a Qualified Domestic Relations Order. 
  

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 ARTICLE X 
 Designated Investments 
 10.1 Selection of Investment Funds. The Plan
Administrator shall select three or more mutual or collective funds to be available to Participants for the investment of their Accounts. The available funds shall initially include at least one fund meeting the description below for Fund A, at
least one fund meeting the description below for Fund B, and at least one fund meeting the description below for Fund C or Fund D. The Plan Administrator shall have the power to add or modify categories from time to time; provided however, that any
modified categories of funds shall have at least as much diversity as the categories of funds set forth below: 
 (a) Fund A
– a money market or stable asset fund, which fund shall consist primarily of investment contracts issued by insurance companies, banks, and other financial institutions, commercial paper, US Government or federal agency obligations, short-term
corporate obligations, bank certificates of deposit and/or other types of short maturity investments; 
 (b) Fund B – a
bond fund, which fund shall consist primarily of United States treasury and agency bonds, notes and bills, corporate debt securities, mortgage and other asset-based securities, money market instruments, and/or types of comparable investments;

 (c) Fund C – a balanced income and growth fund, which fund shall consist primarily of governmental and corporate
bonds, common and preferred stocks, and other investments; and 
 (d) Fund D – an equity fund, which fund shall consist
primarily of common stock and other equity investments. 
 In addition, the Plan Administrator shall offer to Participants a Publix Stock Fund, which fund
shall consist solely of common stock of the Company, except to the extent that cash contributions from Participants and/or the Company, loan payments from Participants, or the sales proceeds from the liquidation of other Participant-directed
investments are held in the Other Investments Account of a Participant awaiting to be processed and invested in common stock of the Company on the next date the Plan is scheduled to purchase common stock of the Company from the Company and other
Accounts. 
 10.2 Designation Procedure. From time to time, a Participant may separately elect (including by voice response,
Internet, or other electronic means) to have future Elective Deferrals and existing Account balances invested in the available investment funds in the percentages designated by the Participant. The elections shall be made in accordance with such
uniform and nondiscriminatory rules as may be adopted from time to time by the Plan Administrator. Any such election shall be effective as soon as administratively practicable after the receipt by the Trustee of directions from the Administrator or
the Participant. 
  

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 10.3 Failure to Designate. If a Participant does not specifically designate the investments
for his Accounts, the Accounts shall be invested in such fund as may be selected by the Plan Administrator. 
 10.4 Procedures and
Restrictions. Except as otherwise provided herein, the Plan Administrator shall establish uniform procedures regarding Participant investment directions, which procedures shall be communicated to all Participants. The Plan Administrator, at
its sole discretion, may prohibit, or otherwise restrict, the optional investment of Account balances in the Publix Stock Fund by any officer, director or ten percent (10%) shareholder of the Company, or any other Participant who is required to
file reports under Section 16(b) of the Securities Exchange Act of 1934, in order to prevent a violation of federal law or an undue administrative burden upon the Plan Administrator. Without limitation on the foregoing, the Plan Administrator
shall have the authority to impose reasonable fees or restrictions on trading frequency with respect to any of the investment funds if it deems such fees or restrictions to be in the best interest of Participants who are long-term investors in such
investment funds or if the sponsors of such investment funds require such restrictions. 
 10.5 Other Accounts. Notwithstanding
the other provisions of this Article X, a Participant’s Matching Contributions Account shall initially (after contribution or upon restoration of forfeitures) be invested solely in the Publix Stock Fund. Thereafter, a Participant may designate
the percentage of his Matching Contribution Account to be allocated to any fund under the same terms as Elective Deferrals under section 10.2. A Participant may designate in accordance with section 10.2 the investment of assets that are then
temporarily being held in his Other Investments Account at any time prior to the date of the purchase of common stock of the Company with such funds, in which event such funds will no longer be part of the Publix Stock Fund. 
 10.6 Other Fiduciary Obligations. In addition to the other fiduciary responsibilities assigned to the Plan Administrator pursuant to this
Article X, and not in limitation thereof, the Administrator shall be responsible for determining the investment objectives and philosophy of the Plan, the selection and appointment of investment managers (who shall be qualified investment managers
within the meaning of ERISA), and carrying out (or appointing agents, including third party administrators, to carry out) the investment directions given by Participants under this Article X. 
 ARTICLE XI 
 Loans to Participants 
 11.1 Availability of Loans. 
 (a) The Plan Administrator, in accordance with its uniform nondiscriminatory policy, may direct the Trustee, upon application of a Participant who is actively employed by an Employer, to make a loan to such
Participant out of his Accounts, excluding any portion of the Accounts held in his Employer Securities Account within the Publix Stock Fund. Any such loan to a Participant shall be considered a designated investment under Article X and without
limitation shall be subject to the provisions of Article X. 
  

 46 

 (b) Until otherwise directed by the Administrator, the Vice President of Benefits
Administration shall be authorized to coordinate the loan program set forth herein. 
 (c) The amount advanced, when added to
the outstanding balance of all other loans to the Participant from any qualified retirement plan adopted by the Participant’s Employer or an Affiliate, may not exceed the lesser of: 
 (1) $50,000, reduced by the excess, if any, of: 
 (A) the Participant’s highest aggregate outstanding balance of all loans from the Plan (or any other qualified retirement plan
adopted by the Participant’s Employer or an Affiliate) during the one (1) year period ending on the day before the date on which the loan is made, over 
 (B) the aggregate outstanding balance of all loans from any qualified retirement plan adopted by the Participant’s Employer or an
Affiliate on the date on which the loan is made; or 
 (2) fifty percent (50%) of the vested balance of the
Participant’s Savings Contribution and Matching Contributions Accounts; or 
 (3) one hundred percent (100%) of the
balance of the Participant’s Savings Contributions and Matching Contributions Accounts, excluding the portion, if any, held in his Employer Securities Account within the Publix Stock Fund. 
 (d) The minimum amount that may be borrowed by the Participant shall be $1,000, or the entire balance of the Participant’s Accounts
available for loans if such entire balance was in excess of $1,000 at the time of the Participant’s request for the loan but is less than $1,000 at the time the loan is disbursed. 
 (e) The Participant shall not be permitted to obtain more than one loan in any Plan Year. 
 (f) The Participant shall not be permitted to maintain more than one loan at any time, and there shall be a thirty (30) day waiting
period between the termination and payoff of a loan and the initiation of another loan. 
 (g) Any legal and administrative
costs incurred by the Plan Administrator or the Primary Trustee as a result of a loan, or application for a loan, shall be paid by the Participant who received or applied for such loan. 
 11.2 Time and Manner of Repayment. Any loan made under this Article shall be repayable to the Trust at such times and in such manner as may
be provided by the Administrator, subject to the following limitations: 
 (a) Each loan shall be secured by fifty percent
(50%) of the Vested Interest of the Participant in his Accounts. The Administrator shall not accept any other form of security. Each Participant shall agree to have each required loan payment deducted from his pay and remitted to the Trustee.

  

 47 

 (b) Each loan shall bear interest at a reasonable rate and shall provide for
substantially level amortization of principal and interest no less frequently than quarterly. The interest rate charged shall be comparable to the rate charged by commercial lending institutions in the region in which the Employer is located for
comparable loans as determined by the Primary Trustee at the time the loan is approved. 
 (c) Each loan may be pre-paid at
any time after the completion of a ninety (90) day period. 
 (d) Each loan shall be repaid within a five (5) year
period of time. 
 11.3 Default. In the event of default, the Trustees, at the direction of the Administrator, may proceed to
collect said loan with any legal remedy available, including reducing the amount of any distribution permitted under Article VIII by the amount of any such loan that may be due and owing as of the date of distribution or any other action that
may be permitted by law. “Events of Default” shall include any failure to make a payment of principal or interest attributable to the loan when due; failure to perform or to comply with any obligations imposed by any agreement executed by
the Participant securing his loan obligation; and any other conditions or requirements set forth within a promissory note or security agreement that may be required in order to ensure that the terms of the loan are consistent with commercially
reasonable practices. This section 11.3 shall be interpreted in a manner consistent with Treasury Regulations Section 1.72(p)-1, including, but not limited to, the maintenance of a cure period as permitted under Q&A 10. 
 ARTICLE XII 
 Trust Funds

 12.1 Agreements and Declarations of Trust. The Primary Trust Fund shall be held by State Street Bank and Trust
Company, as Primary Trustee, or by a successor trustee or trustees, for use in accordance with the Plan under its Agreement and Declaration of Trust. The Employer Securities Accounts portion of the Publix Stock Fund shall be held by Tina P. Johnson,
as Publix Stock Fund Trustee, or by a successor trustee or trustees, for use in accordance with the Plan under its Agreement and Declaration of Trust. The Agreements and Declarations of Trust may from time to time be amended in the manner therein
provided. Similarly, the Trustees may be changed from time to time in the manner provided in the Agreements and Declarations of Trust. 
 12.2 Separate Funds. The Primary Trustee shall maintain the Primary Trust Fund, which shall include all assets other than those held in the Employer Securities Accounts portion of the Publix Stock Fund. The Publix Stock Fund
Trustee shall maintain the trust fund consisting of the Employer Securities Accounts portion of the Publix Stock Fund. 
  

 48 

 ARTICLE XIII 
 Expenses of Administration of the Plan and the Trust Funds 
 The Company shall bear all
expenses of implementing this Plan and the Trusts. For its services, any corporate trustee shall be entitled to receive reasonable compensation in accordance with its rate schedule in effect from time to time for the handling of a retirement trust.
Any individual Trustee shall be entitled to such compensation as shall be arranged between the Company and the Trustee by separate instrument; provided, however, that no person who is already receiving full-time pay from any Employer or any
Affiliate shall receive compensation from the Trust Funds (except for the reimbursement of expenses properly and actually incurred). The Company may, in its sole discretion, pay all expenses of the administration of the Trust Funds, including the
Trustee’s compensation, the compensation of any investment manager, the expense incurred by the Administrator in discharging its duties, all income or other taxes of any kind whatsoever that may be levied or assessed under existing or future
laws upon or in respect of the Trust Funds, and any interest that may be payable on money borrowed by the Trustee for the purpose of the Trust, and any Employer may pay such expenses as relate to Participants employed by such Employer. Any such
payment by the Company or an Employer shall not be deemed a contribution to this Plan. Such expenses shall be paid out of the assets of the Trust Funds unless paid or provided for by the Company or another Employer. Any and all expenses (including,
without limitation, brokerage fees, closing costs, liabilities arising from the ownership or management of specific properties, and income and other taxes) incurred in connection with the investments of the Directed Investment Funds or the Publix
Stock Fund, which are paid from the assets of the Trust Funds, shall be charged solely against, and paid solely from, the Fund to which such investment is attributable. Notwithstanding anything contained herein to the contrary, no excise tax or
other liability imposed upon any Trustee, the Plan Administrator or any other person for failure to comply with the provisions of any federal law shall be subject to payment or reimbursement from the assets of either Trust. Notwithstanding the
foregoing, the Plan Administrator shall have the authority to charge a reasonable fee to a specific Participant or beneficiary for any legal and administrative costs incurred by the Plan Administrator or the Primary Trustee related to such specific
Participant or beneficiary, but only in the following situations: 
 (a) such Participant is otherwise entitled to a
retirement benefit under sections 8.1(b), 8.2 or 8.3 and he elects to leave his Accounts in the Plan for distribution at a later date; 
 (b) a death beneficiary who is otherwise entitled to a death benefit under section 8.4 and he elects to leave his Accounts in the Plan for distribution at a later date; and 
  

 49 

 (c) an alternate payee who is entitled to benefits pursuant to a Qualified Domestic
Relations Order as defined in Section 414(p) of the Code regardless of the distribution time period specified in such order. 
 ARTICLE XIV 
 Amendment and Termination 
 14.1 Restrictions on Amendment and Termination of the Plan. It is the present intention of the Company to maintain the Plan set forth
herein indefinitely. Nevertheless, the Company specifically reserves to itself the right at any time and from time to time to amend or terminate this Plan in whole or in part; provided, however, that no such amendment: 
 (a) shall have the effect of vesting in any Employer, directly or indirectly, any interest, ownership or control in any of the present or
subsequent funds held subject to the terms of the Trusts; 
 (b) shall cause or permit any property held subject to the terms
of the Trusts to be diverted to purposes other than the exclusive benefit of the Participants and their beneficiaries or for the administrative expenses of the Plan Administrator and the Trusts; 
 (c) shall reduce any Vested Interest of a Participant on the later of the date the amendment is adopted or the date the amendment is
effective, except as permitted by law; 
 (d) shall reduce the Accounts of any Participant; 
 (e) shall amend any vesting schedule with respect to any Participant who has at least three (3) Years of Service at the end of the
election period described below, except as permitted by law, unless each such Participant shall have the right to elect to have the vesting schedule in effect prior to such amendment apply with respect to him, such election, if any, to be made
during the period beginning not later than the date the amendment is adopted and ending no earlier than sixty (60) days after the latest of the date the amendment is adopted, the amendment becomes effective, or the Participant is issued written
notice of the amendment by his Employer or the Plan Administrator; or 
 (f) shall increase the duties or liabilities of any
Trustee without its written consent. 
 14.2 Amendment of Plan. Subject to the limitations stated in section 14.1, the Company
shall have the power to amend this Plan in any manner that it deems desirable, and, not in limitation but in amplification of the foregoing, it shall have the right to change or modify the method of allocation of contributions hereunder, to change
any provision relating to the administration of this Plan, and to change any provision relating to the distribution or payment, or both, of any of the assets of the Trusts. 
  

 50 

 14.3 Termination of Plan. Any Employer, in its sole and absolute discretion, may
permanently discontinue making contributions under this Plan or may terminate this Plan and the Trusts (with respect to all Employers if it is the Company, or with respect to itself alone if it is an Employer other than the Company), completely or
partially, at any time without any liability whatsoever for such permanent discontinuance or complete or partial termination. In any of such events, the affected Participants, notwithstanding any other provisions of this Plan, shall have fully
Vested Interests in the amounts credited to their respective Accounts at the time of such complete or partial termination of this Plan and the Trusts or permanent discontinuance of contributions. All such Vested Interests shall be nonforfeitable.

 14.4 Method of Discontinuance. In the event an Employer decides to permanently discontinue making contributions, such
decision shall be evidenced by an appropriate resolution of its Board and a certified copy of such resolution shall be delivered to the Plan Administrator and the Trustees. All of the assets in the Trust Funds belonging to the affected Participants
on the date of discontinuance specified in such resolutions shall, aside from becoming fully vested as provided in section 14.3, be held, administered and distributed by the Trustees in the manner provided under this Plan. In the event of a
permanent discontinuance of contributions without such formal documentation, full vesting of the interests of the affected Participants in the amounts credited to their respective Accounts will occur on the last day of the Plan Year in which a
substantial contribution is made to the Trust. 
 14.5 Method of Termination. 
 (a) In the event an Employer decides to terminate this Plan and the Trusts, such decision shall be evidenced by an appropriate resolution
of its Board and a certified copy of such resolution shall be delivered to the Plan Administrator and the Trustees. After payment of all expenses and proportional adjustments of individual accounts to reflect such expenses and other changes in the
value of the Trust Funds as of the date of termination, each affected Participant (or the beneficiary or beneficiaries of any such Participant) shall be entitled to receive, provided that the requirements set forth in section 14.5(b) are met, any
amount then credited to his Accounts in a lump sum. 
 (b) In the event this Plan is terminated, distributions may not be made
as a result thereof unless the Plan has been completely terminated and the Company or any Affiliate does not establish or maintain an alternative defined contribution plan (within the meaning of Section 401(k)(10) of the Code and Treasury
Regulations Section 1.401(k)-1(d)(4)(i)), unless the law otherwise permits the distribution. 
 (c) At the election of
the Participant, the Plan Administrator may transfer the amount of any Participant’s distribution under this section 14.5 to an Eligible Retirement Plan in accordance with the procedures of section 9.5 instead of distributing such amount to the
Participant. Any such election by a Participant shall be in writing and filed with the Plan Administrator. 
  

 51 

 ARTICLE XV 
 Miscellaneous 
 15.1 Merger or Consolidation. This Plan and the Trusts may not
be merged or consolidated with, and the assets or liabilities of this Plan and the Trusts may not be transferred to, any other plan or trust unless each Participant would receive a benefit immediately after the merger, consolidation, or transfer, if
the plan and trusts then terminated, that is equal to or greater than the benefit the Participant would have received immediately before the merger, consolidation, or transfer if this Plan and the Trusts had then terminated. 
 15.2 Alienation. 
 (a) Except as otherwise provided in this section 15.2 or in Article XI, no Participant or beneficiary of a Participant shall have any right to assign, transfer, appropriate, encumber, commute, anticipate, or otherwise alienate his interest
in this Plan or the Trusts or any payments to be made thereunder; no benefits, payments, rights, or interests of a Participant or beneficiary of a Participant of any kind or nature shall be in any way subject to legal process to levy upon, garnish,
or attach the same for payment of any claim against the Participant or beneficiary of a Participant; and no Participant or beneficiary of a Participant shall have any right of any kind whatsoever with respect to the Trusts, or any estate or interest
therein, or with respect to any other property or right, other than the right to receive such distributions as are lawfully made out of the Trusts, as and when the same respectively are due and payable under the terms of this Plan and the Trusts.

 (b) Notwithstanding the provisions of section 15.2(a), the Plan Administrator shall direct the Trustees to make payments
pursuant to a Qualified Domestic Relations Order as defined in Section 414(p) of the Code. The Administrator shall establish procedures consistent with Section 414(p) of the Code to determine if any order received by the Administrator or
any other fiduciary of the Plan is a Qualified Domestic Relations Order. 
 (c) Notwithstanding the provisions of section
15.2(a), the Plan Administrator shall direct the Trustees to comply with the lawful terms of a levy of the Internal Revenue Service. 
 (d) Effective August 5, 1997, the provisions of section 15.2(a) shall not apply to any offset of a Participant’s benefits provided under the Plan against an amount that the Participant is ordered or required to pay to the Plan if:

 (1) the order or requirement to pay arises: 
 (A) under a judgment of conviction for a crime involving the Plan, 
  

 52 

 (B) under a civil judgment (including a consent order or decree) entered by a court in
an action brought in connection with a violation (or alleged violation) of part 4 of subtitle B of title I of ERISA, or 
 (C) pursuant to a settlement agreement between the Secretary of Labor and the Participant, or a settlement agreement between the Pension Benefit Guaranty Corporation and the Participant, in connection with a violation (or alleged violation)
of part 4 of subtitle B of title I of ERISA by a fiduciary or any other person; and 
 (2) the judgment, order, decree,
or settlement agreement expressly provides for the offset of all or part of the amount ordered or required to be paid to the Plan against the Participant’s benefits provided under the Plan. 
 15.3 Governing Law. This Plan shall be administered, construed, and enforced according to the laws of the State of Florida, except to the
extent such laws have been expressly preempted by federal law. 
 15.4 Action by Employer. Whenever the Company or another
Employer under the terms of this Plan is permitted or required to do or perform any act, it shall be done and performed by or at the direction of the Board of Directors of the Company or such other Employer (or the Executive Committee as authorized
by the Board) and shall be evidenced by proper resolution of such Board of Directors (or the Executive Committee as authorized by the Board) certified by the Secretary or Assistant Secretary of the Company or such other Employer. 
 15.5 Alternative Actions. In the event it becomes impossible for the Company, another Employer, the Plan Administrator, or the Trustees to
perform any act required by this Plan, then the Company, such other Employer, the Administrator, or the Trustees, as the case may be, may perform such alternative act that most nearly carries out the intent and purpose of this Plan. 
 15.6 Gender. Throughout this Plan, and whenever appropriate, the masculine gender shall be deemed to include the feminine and neuter; the
singular, the plural; and vice versa. 
 15.7 Veterans’ Reemployment Rights. Notwithstanding any provision of this Plan to
the contrary, effective as of December 12, 1994, contributions, benefits, and service credit with respect to qualified military service will be provided in accordance with Section 414(u) of the Code. 
  

 53 

 IN WITNESS WHEREOF, this Amendment and
Restatement has been executed this 22nd day of January, 2008. 
  

									
	ATTEST:	 		 	PUBLIX SUPER MARKETS, INC.
			
	 (CORPORATE SEAL)
	 		 	
					
	By:	 	 /s/ Linda S. Kane
	 		 	By:	 	 /s/ William E. Crenshaw

		 	Linda S. Kane, Assistant Secretary	 		 		 	William E. Crenshaw, President

  

 54

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