Document:

EX-4.8:

 

Exhibit 4.8

 

 

SHELL PROVIDENT FUND

 

REGULATIONS

AND

TRUST AGREEMENT

Dated as of September 1, 1939

 

REGULATIONS

Reflects All Amendments Adopted

Through August 1, 2005

 

TRUST AGREEMENT

Reflects All Amendments Adopted

Through May 17, 2005

 

Includes Amendments:

	 	 	 	 	 	 	 
	PROV 02-14

	 	PROV 02-15
	 	PROV 02-16
	 	PROV 02-19
	PROV 02-20

	 	PROV 03-2
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	 	PROV 03-4
	PROV 03-9

	 	PROV 03-16
	 	PROV 03-17
	 	PROV 03-18
	PROV 03-19

	 	PROV 03-20
	 	PROV 03-21
	 	PROV 03-22
	PROV 03-23

	 	PROV 03-24
	 	PROV 03-25
	 	PROV 03-26
	PROV 03-27

	 	PROV 03-28
	 	PROV 03-30
	 	PROV 03-31
	PROV 04-1

	 	PROV 04-2
	 	PROV 04-3
	 	PROV 04-4
	PROV 04-5

	 	PROV 04-6
	 	PROV 04-7
	 	PROV 04-8
	PROV 04-10

	 	PROV 04-11
	 	PROV 04-12
	 	PROV 04-13
	PROV 04-14

	 	PROV 04-15
	 	PROV 04-16
	 	PROV 05-1

 

 

 

 

i 

 

SHELL PROVIDENT FUND

          The Shell Provident Fund (the “Fund”) was established by a Trust Agreement dated as of
September 1, 1939, and as amended through August 1, 2005, between Shell Oil Company, Coral Energy
Services, LLC, CRI U.S. LP, Equilon Enterprises LLC d/b/a Shell Oil Products US, Motiva Company,
Pecten Chemicals Inc., Pecten Middle East Services Company Limited, Pecten Overseas Services
Company, Pecten Producing Company, Pecten Services Company, Pennzoil-Quaker State Company d/b/a
SOPUS Products, Shell Agricultural Chemical Company, Shell Capital Inc., Shell Chemical LP, Shell
Chemical Risk Management Company, Shell Energy Resources Company, Shell Energy Services Company,
L.L.C., Shell Expatriate Employment US Inc., Shell Exploration & Production Company, Shell Global
Solutions (US) Inc., Shell Information Technology International Inc., Shell International
Exploration and Production Inc., Shell Marine Products (US) Company, Shell North America Gas &
Power Services Company, Shell Offshore Inc., Shell Oil Products Company LLC, Shell Oil Products LAN
LLC, Shell Pipeline Company LP, Shell Solar Employment Services Inc., Shell Technology Ventures
Inc., Shell Trading Gas and Power Company, Shell Trading GP Overseas Services Company, Shell US Gas
& Power, LLC, Shell Trading North America Company, Shell Trading (US) Company, Shell WindEnergy
Services Inc., SIEP Overseas Services, Inc., SPLC Services Company LLC, and SWEPI LP, and the
Trustees designated therein.

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REGULATIONS

ARTICLE 1

NAME OF FUND

          The Fund bears the name SHELL PROVIDENT FUND.

ARTICLE 2

OBJECT OF FUND

          The object of the Fund is to accumulate for the benefit of the Employees who become Members,
as hereinafter provided, certain sums primarily as a provision for themselves after retirement from
service.

          The Fund is intended to constitute a plan described in section 404(c) of the Employee
Retirement Income Security Act of 1974, as amended, and Title 29 of the Code of Federal Regulations
Section 2550.404c-1. The fiduciaries of the Fund may be relieved of liability for any losses which
are the direct and necessary result of investment instructions given by Members or their
beneficiaries.

          The Contributing Companies shall have no responsibility for overseeing or monitoring the
investment options under Schedule C of the Regulations. The Trustees and the Plan Administrator
shall have only limited responsibility for overseeing and monitoring the LifeStyle Funds set out in
Part I of Schedule C to the Regulations and shall have no responsibility for overseeing or
monitoring the investment options under Part III of Schedule C of the Regulations (the “Tier III
Funds”) or Part IV of Schedule C hereof (the “Tier IV Funds”) regardless of whether such Tier III
Funds and/or such Tier IV Funds underlie investment options under Part I and/or Part II of such
Schedule C. Each participant and each beneficiary shall have the sole responsibility for deciding
to buy, sell, or hold units in the investment options under Schedule C of the Regulations for his
or her account and the sole responsibility for determining whether any Tier III Funds and any Tier
IV Funds in said account provide acceptable risk and return characteristics and are otherwise
consistent with his or her investment objectives and the investment objectives of the Optional
Fund.

ARTICLE 3

ADMINISTRATION

          The Fund is a Trust administered by Trustees designated by Shell Oil Company, and the Plan
Administrator designated by the Trustees of the Fund, but the Trustees or the Plan Administrator
may act through an Investment Manager when action by an Investment Manager is permitted or
specified by these regulations (the “Regulations”) or by the Trust Agreement.

ARTICLE 4

REMUNERATION FOR TRUSTEES & PLAN ADMINISTRATOR

          The Trustees and the Plan Administrator shall not receive any remuneration from the Fund.

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ARTICLE 5

DERIVATION OF ASSETS OF FUND

          The assets of the Fund shall be derived from:

	 	(a)	 	The contributions of the Companies and the payments of the
Members (including rollovers and trust-to-trust transfers) in accordance with
the Regulations.
	 
	 	(b)	 	Interest, dividends, and other income.

ARTICLE 6

MEMBERSHIP PROVISIONS — DEFINITIONS

	     1.	 	The Companies named above have joined the Fund in accordance with the provisions of the Trust
Agreement and these Regulations (which Trust Agreement and Regulations are sometimes hereinafter
called the “Plan” or the “Fund”).

	     2.	 	Subject to the approval of the Trustees, other Affiliated Companies may join the Fund. All
Companies participating in the Fund are called Companies or Contributing Companies.

	     3.	 	(a)	Except for those Employees referred to in Paragraph 4 of this Article 6,
any Employee of a Contributing Company is eligible for admission as a Member on the
Eligibility for Admission Date specified hereinbelow, and upon communicating his desire
in a manner specified by the Plan Administrator, he shall be so admitted, subject to
the further provisions of this Paragraph 3(a). From and after January 1, 1969, the
“Eligibility for Admission Date” for Plan Years beginning before January 1, 1989, shall
be the first day of the first Computation Period after the Employee has accumulated
three years of Participation Service with a Contributing Company or with any Affiliated
Company in accordance with the provisions of the Regulations as they existed at his
completion of three years of Accredited Service. For Plan Years beginning on and
after January 1, 1989, the “Eligibility for Admission Date” shall be the first day of
the first Computation Period after the Employee has accumulated two years of
Participation Service with a Contributing Company or with any Affiliated Company in
accordance with the provisions of the Regulations as they exist at his completion of
two years of Accredited Service; provided, however, that effective July 1, 1996, for
all purposes, except for purposes of determining the right to receive Company
contributions, the “Eligibility for Admission Date” shall be the first day on or after
July 1, 1996, on which the Employee completes his first Regular Hour of Service with a
Contributing Company.

	 	(1)	 	The foregoing provisions on eligibility for
admission shall not include, or extend to, a person whose compensation
from the Company is paid solely in the form of commissions, nor may
contributions to the Fund be made by, or on behalf of, any such person.

	 	(2)	 	Except as provided in Article 33, an Employee
shall be credited with one year of Participation Service for each
Computation Period in which he is credited with 750 or more Regular
Hours of Service (whether or not consecutive) with a Contributing
Company or Affiliated Company.

	 	(3)	 	Solely for the purposes of determining an
Employee’s right to receive Company contributions, an Employee whose
application for membership has been received, 

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	 	 	 	shall be admitted as a
Member of the Fund on the first day of the first full pay period for
which he shall be compensated by a Contributing Company after his
application has been received and he has satisfied the applicable
requirements set forth in this Article. For all other purposes, an
Employee whose application for membership has been received, shall be
admitted as a Member of the Fund on the first day of the first pay
period for which he shall be compensated by a Contributing Company
after his application has been received and he has satisfied the
applicable requirements set forth in this Article. For purposes of this
subparagraph 3(a)(3), an Employee’s application for membership shall be
deemed to have been received before the first day of the first pay
period (or the first day of the first full pay period, as the case may
be) for which he shall be compensated by a Contributing Company if it
is received no later than the Payroll Closing Date for that pay period,
which Payroll Closing Date shall be the last business day of that pay
period on which changes that affect the amount of the Employee’s
paycheck for that pay period, or the credits and debits appearing on
the Employee’s pay advice for that pay period, can be accepted for
processing. An Employee whose application for membership has not been
received by his Eligibility for Admission Date, but who is otherwise
eligible for membership, shall become a Member of the Fund in
accordance with the other provisions of this paragraph, unless and
until he informs the Plan Administrator, in writing, that he does not
wish to be a Member, in which case he shall not become or no longer be
a Member of the Fund.

	 	(b)	 	An Employee who has been admitted as a Member in accordance
with the provisions of these Regulations shall, except as otherwise provided,
remain a Member until termination of employment. Upon reemployment, as an
Employee, a former Member shall be immediately eligible for admission to the
Fund. Such former Member shall be admitted as a Member of the Fund upon
reapplication for membership, or as provided in subparagraph 3(a)(3) above.

	 	(c)	 	In case of an Employee who is an Employee of a Contributing
Company after December 31, 1975, service (whether Accredited or Participation)
shall be determined under the rules herein from available Affiliated Company or
Contributing Company records. To the extent that such records are insufficient
to make a determination of Regular Hours of Service creditable for periods
beginning before January 1, 1976, with respect to an Employee, the Company
shall make a reasonable estimate of such Regular Hours of Service. However, in
no event shall any Employee receive credit for service for periods prior to
January 1, 1976, less than the service credited to such employee as “Accredited
Service” (as defined in the Fund as in effect from time to time prior to
January 1, 1976) for such periods.

	 	(d)	 	Service with an Affiliated Company shall be accredited to an
Employee as Participation Service. For purposes of the preceding sentence and
paragraphs 8 and 15 of this Article 6 as they relate to the preceding sentence,
“Affiliated Company” shall be as defined in paragraph 7 of this Article,
without regard to the proviso that substitutes the phrase “more than 50
percent” for the phrase “at least 80 percent.” In any case in which a
Contributing Company maintains a plan of a predecessor employer, service for
such predecessor shall be treated as service for the Contributing Company. In
any case in which the Contributing Company maintains a plan which is not the
plan maintained by a predecessor employer, service for such predecessor shall,
to the extent required by regulations prescribed by the Secretary of the
Treasury, Secretary of Labor, or their delegates, be treated as service for the
Contributing Company.

	 	(e)	 	In addition to the service crediting rules set out above, the
service crediting rules of this paragraph 3(e) shall apply.

	 	(1)	 	If an Employee is not a Preceding Employee,
prior service with a 25% Affiliated Company shall be credited to an
Employee as Participation Service and Accredited Service, provided that
a Contributing Company has employed 

4

 

	 	 	 	the Employee pursuant to an
agreement with the Affiliated Company, and such grant of prior service
as Participation Service and as Accredited Service meets the
requirements of Treasury Regulation section 1.401(a)(4)-11(d).

	 	(2)	 	If an Employee is a Preceding Employee, prior
service with a 1% Affiliated Company shall be credited to an Employee
as Participation Service and Accredited Service, provided that a
Contributing Company has employed the Employee pursuant to an agreement
with the Affiliated Company, and such grant of prior service as
Participation Service and as Accredited Service meets the requirements
of Treasury Regulation section 1.401(a)(4)-11(d).

	 	(3)	 	For purposes of this paragraph 3(e),

	 	(i)	 	“Preceding Employee” shall mean
an Employee whose most recent prior employer during the
Qualifying Period is a 25% Affiliated Company at the time he
becomes an Employee of a Participating Company,

	 	(ii)	 	“Qualifying Period” shall mean
the period of time before the Employee became an Employee of a
Participating Company when the Employee was an employee of a 1%
Affiliated Company,

	 	(iii)	 	“1% Affiliated Company” shall
mean the same as “Affiliated Company” in paragraph 7 of this
Article 6, except that the phrase “more than 1 percent” shall
be substituted for the phrase “more than 50 percent,” and

	 	(iv)	 	unless otherwise provided, the
ownership level to determine a 25% Affiliated Company and 1%
Affiliated Company is based on the time services are provided.

	 	(4)	 	For purposes of this paragraph 3(e) and
paragraphs 8 and 15 of this Article 6 as they relate to this paragraph
3(e), “25% Affiliated Company” shall mean the same as “Affiliated
Company” in paragraph 7 of this Article 6, except that the phrase “more
than 25 percent” shall be substituted for the phrase “more than 50
percent.”

	 	(5)	 	This paragraph 3(e) shall not apply to service
performed as a leased employee (within the meaning of Section 414(n) of
the Code).

	 	(f)	 	Where an employee of a Non-Contributing Company becomes an
Employee of a Contributing Company after December 31, 1990 as a result of an
asset or stock acquisition, merger, reorganization or other similar
transaction, prior service credit may be granted pursuant to an agreement
between one or more Contributing Companies and the Non-Contributing Company, as
follows:

	 	(1)	 	a maximum of five (5) years prior service with
the Non-Contributing Company shall be credited to an Employee as
Participation Service and Accredited Service only where the following
conditions are satisfied:

	 	(i)	 	a Contributing Company has
employed the Employee pursuant to an agreement with the
Non-Contributing Company;

5

 

	 	(ii)	 	with respect to each separate
acquisition, merger, reorganization or other similar
transaction, prior service credit is uniformly granted to all
individuals becoming Employees pursuant to this sentence; and

	 	(iii)	 	the prior service credit granted
is otherwise allowed by law; or

	 	(2)	 	pursuant to an amendment to this Plan adopted
after 1990.

	 	For purposes of this paragraph, “Non-Contributing Company” shall mean any
corporation, trade, or business that is not a Contributing Company.

	 	(g)	 	If a business entity listed on Part One of Schedule A becomes a
Contributing Company in connection with a stock or asset divestiture, then each
person who is an employee of the business entity on the day as of which it
adopts this Plan, shall be granted

	 	(1)	 	the lesser of two years of service, or the
actual number of years of service, with the business entity as
Participation Service, and

	 	(2)	 	the lesser of five years of service, or the
actual number of years of service, with the business entity as
Accredited Service,

	 	provided such grant of past service credit is otherwise allowed by law.

	 	(h)	 	If a Contributing Company acquires the stock or assets of a
business entity listed on Part Two of Schedule A and, in connection with that
acquisition, agrees or resolves to grant past service credit hereunder to an
employee of the entity who, within a period of time specified in the agreement
or resolution, becomes an Employee of the Contributing Company, then the lesser
of two years of service, or the actual number of years of service, with the
acquired entity shall be credited to the Employee as Participation Service and
as Accredited Service, provided such grant of past service credit is otherwise
allowed by law.

     4.      An Employee whose Accredited Service included regular full-time service prior to January 1,
1969, with a Contributing Company, or any affiliated company was eligible for admission as a Member
after one year of Accredited Service in accordance with the remaining provisions of the Regulations
as they existed at his completion of one year of Accredited Service.

               Such Members may pay into the Fund a percentage of compensation as provided in Article 7. The
Contributing Company for any such Member shall pay into the Fund a percentage of each such Member’s
compensation in accordance with the following schedule:

	 	a.	 	From date of admission as a Member through the third year of
Accredited Service — 21/2%.

	 	b.	 	During the fourth, fifth, and sixth years of Accredited Service
 — 5%.

	 	c.	 	During the seventh and succeeding years of Accredited Service
—
10%.

     5.      The adoption and maintenance of the Fund shall not be deemed to constitute a contract between
any of the Companies and any Member or to be a consideration for, or an inducement or condition of,
the employment of any Member. Nothing herein contained shall be deemed to give any Member the
right to be retained in the Service of any of the Companies or to interfere with the rights of any
employing company to discharge any Member at any time.

     6.      Except as provided in Article 33, an Employee shall be credited with one year of Accredited
Service for each Computation Period in which he is credited with the number of Regular Hours of
Service (whether or not consecutive) at least equal to his Full Time Work Year. An Employee shall
be credited with a fraction of a year of Accredited Service for each Computation Period in which he
is credited with a number of such hours which is not at

6

 

least equal to his Full Time Work Year. Determination of the credit for a fraction of a year of
Accredited Service shall be made by Shell Oil Company in a manner which shall utilize the number of
Regular Hours of Service credited within such Computation Period in computing the numerator of such
fraction and the number of Regular Hours of Service in the appropriate Full Time Work Year for such
Employee in computing the denominator of such fraction.

               Except as specifically provided herein, a Member shall not be credited with a year of
Accredited Service (or fractions thereof) for service prior to his becoming an employee of a
Contributing Company.

     7.      “Affiliated Company” shall mean (i) a corporation which is a member of a controlled group of
corporations (within the meaning of Section 1563(a) of the Internal Revenue Code of 1986, as
amended, or any successor statute, (hereinafter sometimes referred to as “Code”), determined
without regard to Sections 1563(a)(4) and (e)(3)(C) thereof) which includes the Contributing
Company, and (ii) any trade or business (whether or not incorporated) which is under common control
(as defined in Section 414(c)) with such Contributing Company. However, for purposes of (i) and
(ii) in the preceding sentence, the phrase “more than 50 percent” shall be substituted for the
phrase “at least 80 percent” in Section 1563(a)(1) of the Code, including where Section 1563(a) is
incorporated in Sections 414(b) and (c) of the Code.

     7A.   “Annuity Starting Date,” for purposes of Article 13, shall mean the first day of the first
period for which period an amount is to be received as an annuity or, in the case of a benefit not
payable in the form of an annuity, the date on which such benefit is to be paid.

     8.      “Computation Period” shall mean each 12-consecutive-month period which begins on the date the
Employee first completes a Regular Hour of Service with a Contributing Company or Affiliated
Company and every anniversary thereof.

     9.      “Eligible Spouse,” for purposes of Article 13, shall mean a spouse who has been married to the
same Member for the entire one-year period ending on the earlier of the Member’s Annuity Starting
Date or the date of the Member’s death; provided that a spouse shall be treated as having been
married to the same Member throughout such period if the spouse and Member marry within the
one-year period prior to the Annuity Starting Date and have been married for at least a one-year
period ending on or before the date of the Member’s death.

     10.      Except as set forth hereinbelow, “Employee” shall mean any person in the service of any of the
Companies who receives a regular and stated compensation (other than a retainer) directly from such
Company, provided, however, that, Employees shall not include any person employed by any
corporation or business entity that is not a Company hereunder which is merged or liquidated into,
or whose assets are acquired by any Company, unless the Company, with the consent of Shell Oil
Company, designates the employees of such corporation or other business entity, as the case may be,
as Employees under the Plan pursuant to written resolutions adopted by such Company at any time
prior to or after such liquidation, merger, or asset acquisition.

               The term “Employee” shall not include: (a) a person whose compensation is paid solely in the
form of commissions, or (b) a non-resident alien, or (c) a person who is temporarily employed by a
Contributing Company because of a transfer from a foreign Affiliated Company which is not a
Contributing Company, or (d) a person who is a “leased employee” within the meaning of Section
414(n) of the Code, or (e) a person whose contract of employment or engagement letter or contract
for services explicitly states or implicitly provides that the person is not entitled to
participate in this Plan, in particular, or the employee benefit plans of one or more Contributing
Companies, in general, or (f) a person designated by the relevant Contributing Company as an
independent contractor. In addition to the foregoing, and notwithstanding anything herein to the
contrary, a person shall not be treated as an Employee eligible to, among other things, make Member
contributions and receive Company contributions under the Plan (even if such person is determined
to be a common law employee of the Company entitled to service credits for eligibility purposes
under the Plan) before the date the Company is required to withhold federal income taxes from the
person’s pay. “Affiliated Company” for purposes of this Paragraph 10 shall be defined as in
Paragraph 7 of Article 6, except that the phrase “more than 25 percent” shall be substituted for
the phrase “more than 50 percent.” In addition to the foregoing, and notwithstanding anything
herein to the contrary, the term “Employee” shall not mean any person during any period or periods
of time that such person does, or may, actively participate in the Shell Chemical Company Employee
Savings Plan for Bargaining Unit Employees (the “Pt Pleasant Plan”); provided, however, that the
term “Employee” shall include such person from the date his employing Contributing Company
reclassifies him as a staff employee up to and including

7

 

June 1, 2000, so long as he no longer participates actively in such Pt Pleasant Plan during that
time, and otherwise meets the definition of Employee.

               An Employee shall cease to be such under this Fund upon termination of his service for any
cause whatsoever, provided, however, that an Employee shall continue to be treated as such under
this Fund during all periods of leave of absence (1) with pay (i) not exceeding one year or (ii) in
excess of one year where such leave is granted in connection with the Pennzoil-Quaker State Company
Change in Control Retention/Severance Plan, (2) without pay due to sickness or disability, (3) due
to war or national emergency, (4) in accordance with the military leave policy of his employing
Company, and (5) other Company authorized leaves of absence.

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

     11A.      “Former Member” means a former Employee who was a Member of the Plan before he terminated his
employment and who is still a participant in the Plan.

     12.      “Full Time Work Year” shall mean for any Computation Period the number of Regular Hours of
Service which constitute the regular or basic work-year for an employee’s job classification as
determined by Shell Oil Company from time to time on a reasonable and consistent basis.

     13.      “Gender” where appearing in the Regulations as masculine shall be deemed to include the
feminine gender, and the singular may include the plural, and the plural include the singular
unless the context clearly indicates to the contrary.

     14.      “Plan Year” shall be the calendar year.

     14A.      [ deleted ]

     14B.       “Qualified Beneficiary” shall mean:

	 	(a)	 	an individual who:

	 	(i)	 	is named by a Member or a Former Member as his
beneficiary pursuant to Article 13 and is at least 18 years of age (or
will attain at least 18 years of age before said beneficiary’s
respective share of the Member or Former Member’s account is
distributed from the Fund), and is entitled to receive distribution of
all or any part of the amount standing to the credit of the Member or
Former Member upon the death of the Member or Former Member; or

	 	(ii)	 	is the surviving spouse of a deceased Member or
of a deceased Former Member; or

	 	(iii)	 	is an alternate payee, within the meaning of
section 206(d)(3)(K) of ERISA, who is the spouse or former spouse of a
Member or Former Member; or

	 	(b)	 	a private trust that meets all of the following requirements:

	 	(i)	 	is valid under state law, or would be but for
the fact that there is no corpus;

	 	(ii)	 	is irrevocable or will, by its terms, become
irrevocable upon the death of the Member or Former Member;

	 	(iii)	 	the beneficiary or beneficiaries of the trust
are identifiable individuals from the trust instrument; and

	 	(iv)	 	the beneficiary designation made by the Member
or Former Member is made in such form as the Plan Administrator may
require and the Member or Former

8

 

	 	 	 	Member provides such additional information as the Plan Administrator
may require, provided that,

	 	(A)	 	for any calendar year up to and
including the calendar year of the Member’s or Former Member’s
death, in order to establish that the Member or Former Member’s
spouse is the sole beneficiary under the trust for purposes of
Article 27, the Member or Former Member must: (1) provide to
the Plan Administrator a list of all of the beneficiaries of the
trust (including contingent and remainderman beneficiaries with
a description of the conditions of their entitlement) sufficient
to establish that the Member’s or Former Member’s spouse is the
sole beneficiary); (2) certify that, to the best of the Member’s
or Former Member’s knowledge, the list of beneficiaries is
correct and complete and that the requirements of subparagraphs
(b)(i), (ii) and (iii) above are satisfied; (3) agree to provide
corrected certifications to the extent that an amendment changes
any information previously certified; and (4) agree to provide a
copy of the trust instrument to the Plan Administrator upon
demand;

	 	(B)	 	for calendar years following the
calendar year of the Member’s or Former Member’s death, the
trustee of the trust instrument, no later than October 31 of the
calendar year immediately following the calendar year of the
Member’s or Former Member’s death, must (1) provide the Plan
Administrator with a final list of all of the beneficiaries of
the trust (including contingent and remainderman beneficiaries
with a description of the conditions on their entitlement) as of
September 30 of the calendar year immediately following the
calendar year of the Member’s or Former Member’s death; (2)
certify that, to the best of the trustee’s knowledge, the list
of beneficiaries is correct and complete and that the
requirements of subparagraphs (b)(i), (ii), and (iii) above are
satisfied and (3) agree to provide a copy of the trust
instrument to the Plan Administrator upon demand.

When applying the requirements of subparagraph (b)(iii) above, the trust instrument need not name
the individuals by name so long as the individuals who are to be the beneficiaries are identifiable
under the trust instrument. The members of a class of beneficiaries capable of expansion or
contraction will be treated as being identifiable if it is possible to identify the class member
with the shortest life expectancy.

               Nothing in this provision shall be construed to mean that a Qualified Charitable Organization
(as defined in paragraph 1 of Article 13) can be a Qualified Beneficiary.

     15.      “Regular Hour of Service” shall mean each hour for which an employee (as distinguished from an
Employee as defined herein) is paid or entitled to payment for the performance of duties with a
Contributing Company or an Affiliated Company (or for which back pay is awarded provided such hours
have not been previously taken into account) except hours for which a premium rate is paid because
such hours are in excess of the maximum work week applicable to an employee under Section 7(a) of
the Fair Labor Standards Act of 1938, as amended, or because such hours are in excess of a bona
fide standard work week or work day. In addition to the above, such hours shall include hours
included in periods of absence due to (1) scheduled holidays with pay, (2) vacation with pay, (3)
an approved leave of absence (i) with pay not exceeding one year, (ii) without pay due to sickness
or disability of the employee not exceeding one year, (iii) without pay due to causes other than
sickness or disability of the employee not exceeding thirty (30) calendar days, (iv) due to war or
national emergency, and (v) in accordance with the military leave policy of his employing Company,
or (4) a leave of absence in existence or commencing on or after December 15, 1993, which is taken
in accordance with the family and medical leave policies of the employee’s employing Company and
the Family and Medical Leave Act of 1993 (P.L. 103-3) (“Family/Medical Leave”), including certain
leaves for personal illness, family illness, birth or adoption, not exceeding six months. A leave
of absence shall not be a Family/Medical Leave unless the employee returns to work at the
conclusion of the Family/Medical Leave period or retires. For purposes of

9

 

crediting Regular Hours of Service for scheduled holidays, vacations, and leaves of absence
described above, the number of Regular Hours of Service as to an employee shall be the number of
such employee’s regularly scheduled working hours during any such vacation, leave of absence, or
scheduled holiday. Further, Regular Hours of Service shall be credited in accordance with now
existing 29 CFR Sections 2530.200b-2(c) and 2530.200b-7(c).

               In the case of those employees whose duties are deemed to be in a maritime industry and who
are compensated on the basis of certain amounts for each day worked during a given period (i.e., a
daily rate of pay), days of service shall be counted rather than Regular Hours of Service. One day
of service shall be equal to eight (8) Regular Hours of Service with ninety-three (93) days of
service being equated with seven hundred fifty (750) Regular Hours of Service for purposes of
determining Participation Service.

               The following guidelines shall be used in assessing whether an employee is in the maritime
industry for purposes of measurement of service. An employee whose principal duties are performed
on an offshore port, offshore oil tower, or similar site shall be deemed to be in the maritime
industry. Duties performed on board any vessel operating on the various listed bodies of water
relating to the conduct of such vessel shall be deemed to be in the maritime industry; however, an
employee whose duties require him to travel from land to an offshore port or tower, or from an
offshore port or tower to offshore port or tower shall not be deemed to be a person in the maritime
industry unless his principal duties are performed on such vessel, port, or tower.

               Except as provided in paragraph 17 of this Article, the term “Regular Hour of Service” shall
not include hours performed as a “leased employee” within the meaning of Section 414(n) of the
Code.

     15A.  “Valuation Date” shall mean a date on which accounts under the Plan are valued. Prior to June
1, 1996, Valuation Dates were the last business day concurrent with or preceding the 15th day and
the last day of each month and such other times as may have been required by the Trustees. On and
after June 1, 1996, a Valuation Date shall be any day, other than a Saturday, a Sunday, or a legal
holiday, on which the New York Stock Exchange is open for trading, and/or such other dates as may
be required by the Trustees. In the case of purchases, redemptions, and/or valuations during
periods of extreme market conditions, market closures, or illiquidity, the “Valuation Date” may be
delayed until the later of the day all securities markets resume normal trading or the day
sufficient liquidity returns, in the judgment of the Investment Manager.

     16.      Except as otherwise noted, the effective date of the Fund is the date recited in the Preamble,
that being the date on which the provisions of this amended Fund are effective. The provisions of
the amended Fund shall apply to any Employee in the service of a Contributing Company on or after
such effective date.

     17.      Notwithstanding anything in this Article to the contrary, in the event an individual performs
hours of service as a leased employee (within the meaning of Section 414(n) of the Code) for the
Employer, and such individual becomes an Employee under the terms of the Plan,

	 	(a)	 	For purposes of Participation Service, “Regular Hour of
Service” shall take into account such hours of service as a leased employee for
the Employer, and

	 	(b)	 	Such individual shall be eligible for admission as a Member in
accordance with the provisions of paragraph 3 of this Article.

               For purposes of this paragraph, the term “Employer” shall mean the group of companies
comprising the Company and each company which would be an Affiliated Company if the phrase “more
than 50 percent” were not substituted for the phrase “at least 80 percent” in the Plan’s definition
thereof.

     18.      The Plan Administrator, the Trustees and any other fiduciary shall, in performing their duties
under the Plan, act in accordance with the provisions of Section 401(a) of the Code, so as not to
produce prohibited discrimination in favor of Highly Compensated Employees.

10

 

ARTICLE 7

MEMBER CONTRIBUTIONS

     1.      Each Member may elect to contribute to the Fund in the manner and mode prescribed by the Plan
Administrator any Applicable Percentage of the compensation he earns as a Member in the employ of a
Contributing Company. From and after June 1, 1996, and prior to January 1, 2003, Members may
affirmatively elect an Applicable Percentage which shall apply to amounts received pursuant to an
incentive compensation plan listed on Part One of Schedule B, and any such Applicable Percentage
may be different from the Applicable Percentage which applies to all other amounts received as
compensation. From and after January 1, 2003, Members may affirmatively elect an Applicable
Percentage which shall apply to amounts received under a variable pay program (sometimes also
referred to as an incentive compensation program) established by a Contributing Company so long as
such program is not listed on Part Two of Schedule B, and any such Applicable Percentage may be
different from the Applicable Percentage which applies to all other amounts received as
compensation. In the absence of an affirmative election with respect to amounts received pursuant
to such an incentive compensation plan or variable pay program, the Applicable Percentage therefore
shall be zero for Employees who became Members on or after June 1, 1996, and for all other
Employees shall be the Applicable Percentage which applied to the Member’s regular compensation on
June 1, 1996. With respect to payroll periods having a Payroll Closing Date prior to July 16,
1996, the Applicable Percentages shall be 21/2%, 5%, or 10%. With respect to payroll periods having
a Payroll Closing Date on or after July 16, 1996, but before January 1, 1998, the Applicable
Percentages shall be any percentage, in increments of 1/2%, from 1% up to the maximum applicable to
the Member’s period of Accredited Service, in accordance with the following schedule:

	 	(a)	 	From the date of admission as a Member through the second year
of Accredited Service — up to a maximum of 21%, provided, however, in the case
of a leased employee who becomes an Employee consistent with Paragraph 17 of
Article 6, who receives Contributing Company contributions during any part of
the first two years of Accredited Service, upon commencement of Contributing
Company contributions — up to a maximum of 181/2%,

	 	(b)	 	During the third, fourth, fifth, and sixth years of Accredited
Service — up to a maximum of 181/2%,

	 	(c)	 	During the seventh, eighth and ninth years of Accredited
Service — up to a maximum of 16%, and

	 	(d)	 	During the tenth and succeeding years of Accredited Service
—
up to a maximum of 11%.

               With respect to payroll periods having a Payroll Closing Date on or after January 1, 1998, but
before January 1, 2002, the Applicable Percentages shall be any percentage, in increments of 1/2%,
from 1% up to the maximum applicable to the Member’s period of Accredited Service, in accordance
with the following schedule:

	 	(e)	 	From the date of admission as a Member through the second year
of Accredited Service — up to a maximum of 21%,

	 	(f)	 	During the third, fourth, fifth, and sixth years of Accredited
Service — up to a maximum of 21%,

	 	(g)	 	During the seventh, eighth and ninth years of Accredited
Service — up to a maximum of 20%, and

	 	(h)	 	During the tenth and succeeding years of Accredited Service
—
up to a maximum of 15%.

               With respect to payroll periods having a Payroll Closing Date on or after January 1, 2002, the
Applicable Percentages shall be any percentage, in increments of 1/2%, from 1% up to a maximum of
25%.

11

 

               The Member’s contributions shall be paid into the Fund as of the first Valuation Date on or
after the date the compensation is due him; provided, however, where a regulatory body closes a
principal securities exchange on which securities are traded, the posting of contributions may be
delayed until normal trading resumes in all securities markets. Any Member may elect to cease
making payments into the Fund and may thereafter elect to resume making such payments. Any
election shall be effective until the Member’s termination of employment or until changed by the
Member’s giving notice of such change to the Plan Administrator. Any election or change thereto
shall become effective as of the first day of the payroll period next occurring after Timely
Receipt of notice. For purposes of contribution directions, Timely Receipt shall mean receipt on
or before the Payroll Closing Date for the payroll period or such other date as may be required by
the Plan Administrator.

     2.      Irrespective of any provisions to the contrary in this Article 7, contributions to the Fund made
by a Member are subject to the limitations and provisions of Articles 8A and 25.

     3.      Except as provided in Paragraph 8 of Article 27, if a Member of this Plan receives a hardship
withdrawal from the Shell Pay Deferral Investment Fund, such Member shall not be entitled to make
(i) any Member contributions under this Plan for a period of 12 calendar months after receipt of
the hardship withdrawal, and (ii) any elective contributions under the Shell Pay Deferral
Investment Fund for a period of 24 calendar months after receipt of the hardship withdrawal.

     4.      Where the Member’s salary deferrals under the Shell Pay Deferral Investment Fund reach the
limits thereunder, the plan administrator of the Shell Pay Deferral Investment Fund may notify the
Plan Administrator of the Shell Provident Fund so that Member Contributions hereunder may
automatically begin or change in accordance with any prior election of the Member. In the pay
period in which the limits of the Member’s salary deferrals under the Shell Pay Deferral Investment
Fund are reached, a Member’s contributions to the Fund may exceed the maximum Applicable Percentage
described in Paragraph 1 of this Article 7.

     5.      To the maximum extent permitted by applicable law, the Plan Administrator shall cause the
employing Contributing Company to correct delayed contributions and repayments in accordance with
this Paragraph 5 and Paragraph 7 of Article 8. For delayed Member contributions, delayed loan
repayments, other delayed investment-related payroll deductions that are not corrected as of the
earliest date on which contributions can reasonably be segregated from the employer’s general
assets, the Contributing Company shall restore to the Member’s account the principal amount
together with an amount equal to the principal amount multiplied by the greater of: (a) the actual
rate of return the Member would have earned but for the delay or (b) the underpayment rate of
Section 6621(a)(2) of the Code; provided, however, for the sake of administrative convenience, the
Plan Administrator shall have the option of using, in lieu of the actual rate, the highest rate of
return among the available investment alternatives of the Fund during the period of the delay.

ARTICLE 8

CONTRIBUTING COMPANY CONTRIBUTIONS

     1.      Except as otherwise provided, each Contributing Company shall pay into the Fund, out of its
current or accumulated earnings or profits, the percentage of each Member’s compensation earned in
the employ of a Contributing Company determined in accordance with the following schedule:

	 	(a)	 	(1) Prior to July 1, 1996, from the date of admission as a Member through the
sixth year of Accredited Service — 21/2%, or

	 	 	 	(2)	(A) On and after July 1, 1996, but prior to January 1, 2003,
during the third, fourth, fifth, and sixth years of Accredited Service — 21/2%,
or

	 	 	 	 	(B) On and after January 1, 2003,
during the second, third, fourth, fifth, and sixth years of
Accredited Service — 21/2%,

12

 

	 	 	 	provided, however, in the case of a leased employee who becomes an
Employee consistent with Paragraph 17 of Article 6, from the date
such Employee completes two years of Participation Service between
July 1, 1996, and December 31, 2002, or one year of Participation
Service on or after January 1, 2003, through such
Employee’s sixth year of Accredited Service — 21/2%; and provided
further, the employing Contributing Company shall make contributions
of 3% of such Member’s Compensation during the remaining period of
such Member’s second, third, fourth, fifth, and six years of
Accredited Service if such Member was eligible to participate in the
Alliance Savings Plan on December 31, 2002, and on that date was
eligible to receive company contributions of 3% thereunder; and

	 	(b)	 	During the seventh, eighth and ninth years of Accredited
Service — 5%, and

	 	(c)	 	During the tenth and succeeding years of Accredited Service
—
10%,

as of the first Valuation Date after such compensation is due the Member; provided, however, where
a regulatory body closes a principal securities exchange on which securities are traded, the
posting of contributions may be delayed until normal trading resumes in all securities markets.

               If any Contributing Company forming, together with one or more other Contributing Companies,
an affiliated group within the meaning of Section 1504 of the Code is prevented from making a
contribution which it would otherwise have made under this Article by reason of having no current
or accumulated earnings or profits or because such earnings or profits are less than the
contributions which it would otherwise have made, then so much of the contribution which such
Contributing Company was so prevented from making may be made, for the benefit of the employees of
such Contributing Company, by the other Contributing Companies forming such affiliated group, to
the extent of current or accumulated earnings or profits, except that such contribution by each
such other Contributing Company shall be limited, where such group does not file a consolidated
return, to that proportion of its total current and accumulated earnings or profits remaining after
adjustment for its contribution made without regard to this sentence which the total prevented
contribution bears to the total current and accumulated earnings or profits of all the Members of
such group remaining after adjustment for all contributions made without regard to this sentence.

     2.      In addition, any Contributing Company may make a Contribution Addition to the Fund for a Plan
Year that it may determine is appropriate to reimburse the Trust for administration expenses where
the Plan Administrator, based on all relevant facts and circumstances, requests reimbursement, and
the Company determines the administration expenses are not appropriate for recovery from certain
Members, Former Members or beneficiaries. Each Contribution Addition shall be with respect to the
Plan Year and shall be allocated to the Accounts of Members that are affected by the administration
expenses for which the Trust is being reimbursed by the contribution. Consistent with the
preceding sentence, the Plan Administrator shall periodically notify the Trustees of the
Contribution Additions which shall be paid to the Trust no later than the time prescribed by law
for filing the federal income tax return of the Contribution Company, including extensions thereof.
For purposes of the limitations under Article 8A, each Contribution Addition shall be allocated to
the Accounts of Members that are affected by the administration expenses for which the Trust is
being reimbursed by the contribution.

     3.      On and after January 1, 1988, payment into the Fund by each Contributing Company shall be made
without regard to current or accumulated earnings or profits, unless a Contributing Company elects
otherwise with respect to its Members. Notwithstanding the elimination of the profits requirement,
this Plan is designed to be a profit-sharing plan.

     4.      Unless a Contributing Company directs otherwise, a Contributing Company’s contributions to the
Trust: are conditioned upon their being deductible for such Contributing Company’s taxable year
under Section 404 of the Code; and shall not exceed such deductible amounts.

     5.      Forfeitures resulting from subparagraph 3(a)(3) of Article 6 and Article 19 shall be used to
reduce Contributing Company contributions and not to increase benefits.

13

 

     6.      Where it has been determined by Shell Oil Company that Contributions, as defined hereinbelow, do
not satisfy the nondiscrimination requirements of Section 401(a)(4) of the Code and regulations
issued thereunder for a Tested Plan Year, as defined hereinbelow, additional Contributions may be
made until Contributions satisfy such requirements. Where additional Contributions are credited to
a Member’s account pursuant to this Paragraph 6, earnings shall be credited at the greater of zero
percent or the actual positive rate of return on the Member’s account for each of the Tested Plan
Year and any subsequent Plan Year or any portion thereof in which the additional Contribution is
made. Any such additional Contributions, and any earnings thereon, shall be provided only for
individuals who:

	 	(a)	 	are Nonhighly Compensated Employees for such Tested Plan Year,
	 
	 	(b)	 	are Employees at the time such additional Contributions are
made,
	 
	 	(c)	 	are in a Relevant Rate Group, as defined hereinbelow,
	 
	 	(d)	 	have the highest equivalent accrual rates of Nonhighly
Compensated Employees, as determined by Shell Oil Company when testing the Plan
for such Tested Plan Year under Treasury Regulations Section 1.401(a)(4)-8, in
the order of such rates beginning with the highest, and
	 
	 	(e)	 	also have the highest performance code in such Relevant Rate
Group at the time such additional Contributions are made, in order of such
performance codes beginning with the highest, effective for a Tested Plan Year
commencing on or after January 1, 2001, where the conditions set forth in
subparagraphs (a) through (d) hereinabove result in an over-inclusion of
employees eligible for any additional Contributions.

     For purposes of this Paragraph 6, the following definitions shall have the following meanings.
“Contributions” means contributions of any Contributing Company on behalf of a Member to the Fund.
“Relevant Rate Group” means an applicable rate group under Treasury Regulations Section
1.401(a)(4)-8 with the closest rate lower than the rate group for which an adjustment is needed
under such regulations. “Tested Plan Year” means the Plan Year for which the requirements of Code
Section 401(a)(4) are being tested.

     7.      To the maximum extent permitted by applicable law, the Plan Administrator shall cause the
employing Contributing Company to correct delayed contributions and repayments in accordance with
this Paragraph 7 and Paragraph 5 of Article 7. For delayed Company contributions that are
corrected within two payroll periods, the Contributing Company shall restore to the Member’s
account only the principal amount. For delayed Company contributions that are not corrected within
two payroll periods, the Contributing Company shall restore to the Member’s account the principal
amount adjusted to reflect the actual rate of return that would have been credited to the Member’s
account but for the error; provided, however, for the sake of administrative convenience, the Plan
Administrator shall have the option of using, in lieu of the actual rate, such rate of return as
shall be reasonably prudent under the circumstances.

ARTICLE 8A

LIMITATION ON CONTRIBUTIONS

     1.      For purposes of this Article, the following terms shall have the meaning stated below:

	 	(a)	 	“Annual Additions” shall mean the sum of the following:

	 	(1)	 	The employer contributions credited during the
calendar year to a Member’s account under this Plan and any other
defined contribution plan of the Contributing and Affiliated Companies;
and

14

 

	 	(2)	 	The Member contributions made during the
calendar year by the Member under this Plan and any other defined
contribution plan of the Contributing and Affiliated Companies.

	 	(b)	 	“Compensation” shall be defined as follows:

	 	(1)	 	Compensation shall include:

	 	(A)	 	The Employee’s wages, salaries,
fees for professional service and other amounts received for
personal services actually rendered in the course of employment
with a Company or Affiliated Company (including, but not limited
to, commissions paid to salesmen, compensation for services on
the basis of a percentage of profits, commissions on insurance
premiums, tips, and bonuses);
	 
	 	(B)	 	For purposes of (A) above, earned
income from sources outside the United States (as defined in
Section 911(b) of the Code), whether or not excludable from
gross income under Section 911 of the Code or deductible under
Section 913 of the Code;
	 
	 	(C)	 	Amounts described in Sections
104(a)(3), 105(a), and 105(h) of the Code, but only to the
extent that these amounts are includable in the gross income of
the Employee;
	 
	 	(D)	 	Amounts described in Section
105(d) of the Code whether or not these amounts are excludable
from the gross income of the Employee under that Section;
	 
	 	(E)	 	Amounts paid or reimbursed by a
Company or Affiliated Company for moving expenses incurred by an
Employee, but only to the extent that these amounts are not
deductible by the Employee under Section 217 of the Code;
	 
	 	(F)	 	The value of a non-qualified
stock option granted to an Employee by the Company or Affiliated
Company, but only to the extent that the value of the option is
includable in the gross income of the Employee for the taxable
year in which granted;
	 
	 	(G)	 	The amount includable in the
gross income of an Employee upon making the election described
in Section 83(b) of the Code; and
	 
	 	(H)	 	The amount which is not
includable in an Employee’s gross income as a result of the
application of Sections 402(g)(3) and 125 of the Code.
	 
	 	(I)	 	For Plan Years beginning on and
after January 1, 2001, the elective amounts that are not
includible in the gross income of the Employee by reason of
Section 132(f)(4) of the Code.

	 	(2)	 	Compensation shall not include items such as:

	 	(A)	 	Contributions made by a Company
or Affiliated Company to a plan of deferred compensation to the
extent that, before the application of the limitations of
Section 415 of the Code to that plan, the contributions are not
includable in the gross income of the Employee for the taxable
year in which contributed;

15

 

	 	(B)	 	Any distributions from a plan of
deferred compensation, regardless of whether such amounts are
includable in the gross income of the Employee when distributed,
with the exception of any amounts received by an Employee
pursuant to an unfunded non-qualified plan, which amounts may be
considered as compensation in the year such amounts are
includable in the gross income of the Employee;
	 
	 	(C)	 	Amounts realized from the
exercise of a non-qualified stock option, or when restricted
stock (or property) held by an Employee either becomes freely
transferable or is no longer subject to a substantial risk of
forfeiture as defined within the meaning of Section 83 of the
Code and the regulations thereunder;
	 
	 	(D)	 	Amounts realized from the sale,
exchange or other disposition of stock acquired under a
qualified stock option; and
	 
	 	(E)	 	Other amounts which receive
special tax benefits, such as premiums for group term life
insurance (but only to the extent that the premiums are not
includable in the gross income of the Employee).

	 	(c)	 	“Defined Benefit Plan Fraction” for any calendar year is a
fraction—

	 	(1)	 	The numerator of which is the Projected Annual
Benefit of the Member (determined as of the close of the calendar year)
under all defined benefit plans maintained by the Contributing and
Affiliated Companies, and
	 
	 	(2)	 	The denominator of which is the lesser of (A)
or (B) below:

	 	(A)	 	The product of 1.25, multiplied
by the defined benefit plan dollar limitation under Section
415(b)(1)(A) of the Code in effect for such calendar year, as
adjusted for cost of living in accordance with Section 415(d) of
the Code.
	 
	 	(B)	 	The product of 1.4, multiplied by
an amount which is 100% of the Member’s average Compensation for
the 3 consecutive years in which his Compensation was the
highest.

	 	(d)	 	“Defined Contribution Plan Fraction” for any calendar year is a
fraction—

	 	(1)	 	The numerator of which is the sum of the Annual
Additions to the accounts of the Member for such calendar year and for
all prior calendar years under all defined contribution plans
maintained by the Contributing and Affiliated Companies; provided,
however, that the Annual Additions for any calendar year beginning
before January 1, 1987, shall not be recomputed to treat all Member
contributions as Annual Additions.
	 
	 	(2)	 	The denominator of which is the sum of the
lesser of (A) or (B) below determined for such calendar year and for
each prior year of service with the Contributing and Affiliated
Companies.

	 	(A)	 	The product of 1.25, multiplied
by the defined contribution plan dollar limitation under Section
415(c)(1)(A) of the Code in effect for such calendar year, as
adjusted for cost of living in accordance with Section 415(d) of
the Code.

16

 

	 	(B)	 	The product of 1.4 multiplied by
an amount equal to 25% of the Member’s Compensation for such
year.

	 	A Member’s Defined Contribution Plan Fraction, as otherwise defined in this
Paragraph 1(d) of Article 8A, shall be frozen as of December 31, 1999.

	 	(e)	 	“Projected Annual Benefit” shall mean the benefit payable
annually in the form of a straight life annuity to which the Member would be
entitled under a defined benefit plan of the Contributing and Affiliated
Companies, based on the following assumptions:

	 	(1)	 	The Member will continue employment until the
later of: (A) the Member’s normal retirement age under the plan; or
(B) the Member’s current age;
	 
	 	(2)	 	The Member’s compensation for the calendar year
under consideration will remain the same until the date the Member
attains the age described in (1); and
	 
	 	(3)	 	All other relevant factors used to determine
benefits under the plan for the calendar year under consideration will
remain constant for all future calendar years.

     2.      Notwithstanding anything contained herein to the contrary except as provided in Paragraph 3 of
Article 27, the maximum amount permitted to be paid by a Member or Contributing Company on behalf
of any Member into the Fund and the amount of Annual Additions allocated or reallocated to the
account of any Member for a calendar year commencing after December 31, 1982, shall not exceed the
lesser of:

	 	(a)	 	$30,000; or
	 
	 	(b)	 	25 percent (25%) of the compensation of the Member for the
calendar year.

     3.      For plan years beginning before January 1, 2002, to the extent the Annual Additions with respect
to the Fund, the Shell Pay Deferral Investment Fund, and other defined contribution plans (“other
plans”) of the Contributing and Affiliated Companies would otherwise exceed the limitations of
Paragraph 2 of this Article, amounts permitted to be credited to a Member’s account shall be
reduced in the following order:

	 	(a)	 	Contributions by or on behalf of a Member to plans other than
those referred to in (b), (c), (d) and (e) below;
	 
	 	(b)	 	Contributions by a Member to the Fund;
	 
	 	(c)	 	Contributions of any Contributing Company on behalf of a Member
to the Fund;
	 
	 	(d)	 	Contributions by or on behalf of a Member under the Shell
Chemical Company Employee Savings Plan for Bargaining Unit Employees — Pt
Pleasant Plant; and
	 
	 	(e)	 	Contributions on behalf of a Member to the Shell Pay Deferral
Investment Fund.

               For plan years beginning on or after January 1, 2002, to the extent the Annual Additions with
respect to the Fund, the Shell Pay Deferral Investment Fund, and other plans, as defined here
above, of the Contributing and Affiliated Companies would otherwise exceed the limitations of
Paragraph 2 of this Article, amounts permitted to be credited to a Member’s account shall be
reduced in the following order:

	 	(f)	 	Contributions by or on behalf of a Member to plans other than
those referred to in (g), (h), and (i) below;
	 
	 	(g)	 	Contributions of any Contributing Company on behalf of a Member
to the Fund;

17

 

	 	(h)	 	Contributions by a Member to the Fund; and
	 
	 	(i)	 	Contributions on behalf of a Member to the Shell Pay Deferral
Investment Fund.

               In the event that this paragraph is inconsistent with the provisions of other plans,
contributions by or on behalf of a Member to the Fund shall be further reduced as determined by the
Plan Administrator to prevent disqualification of this Plan under Section 415 of the Code.

     4.      If the limitation under this Paragraph 4 of Article 8A is applicable as described in Paragraph
12 of this Article, and if a Member has at any time participated in both a defined benefit plan and
a defined contribution plan maintained by the Contributing and Affiliated Companies, the sum of the
Member’s Defined Benefit Plan Fraction and Defined Contribution Plan Fraction for any calendar year
shall not exceed 1.0. To satisfy the limitation of this paragraph 4, contributions to this Plan
shall be reduced only after benefit accruals under such a defined benefit plan have been reduced to
zero.

     5.      In calculating the limitation described in paragraph 4 of this Article, if (a) a Member has
participated in a defined benefit plan of the Contributing and Affiliated Companies, which
satisfied the requirements of Section 415 of the Code for the last year beginning before January 1,
1983, and (b) the sum of the Defined Benefit Plan Fraction and Defined Contribution Plan Fraction
exceeds 1.0, then an amount shall be subtracted from the numerator of the Defined Contribution Plan
Fraction (not exceeding such numerator) so that the sum of the Defined Benefit Plan Fraction and
Defined Contribution Plan Fraction does not exceed 1.0 for such year, as described under the
relevant transitional rule under the Tax Equity and Fiscal Responsibility Act of 1982.

     6.     To the extent the provisions of paragraph 4 of this Article would otherwise be violated, the
amount allocated or reallocated to a Member’s account for the Plan Year shall be further reduced to
the extent necessary, as determined by the Plan Administrator, to prevent disqualification of the
Plan under Section 415 of the Code.

     7.      If and to the extent it is determined that any contribution of any Contributing Company is in
excess of the limitations imposed by paragraphs 1 through 6 of this Article, and provided that such
contribution was made by a good faith mistake of fact, then such excess shall be returned to the
Contributing Company within one year after payment of the contribution.

     8.      For purposes of this Article, all defined contribution plans (whether or not terminated) of the
Contributing and Affiliated Companies shall be treated as one defined contribution plan.
Similarly, all defined benefit plans of the Contributing and Affiliated Companies shall be treated
as one defined benefit plan for these purposes.

     9.      If, due to a reasonable error in estimating a Member’s annual Compensation, a reasonable error
in determining the amount of elective deferrals (within the meaning of Code Section 402(g)(3)) that
may be made with respect to any individual under the limits of Code Section 415, or due to such
other facts and circumstances as may justify the availability of this special rule, the Annual
Additions to the Member’s account under this Plan, the Shell Pay Deferral Investment Fund, and
under any other defined contribution plans of the Contributing and Affiliated Companies (“other
plans”) exceed the limitations set forth in this Article, then the excess amounts shall be treated
in the order described below until the applicable limitation is satisfied:

	 	(a)	 	To the extent of Company contributions made during the Plan
Year, the excess Annual Additions, in a Member’s account, if any, shall be
treated in accordance with any one of the following three methods:

	 	(1)	 	Such excess amounts in a Member’s account shall
be used to reduce employer contributions for the next calendar year
(and succeeding calendar years, as necessary) for that Member, if that Member is covered by the plan as
of the end of the calendar year. However, if that Member is not
covered by the plan as of the end of the calendar year, then the
excess amount must be held unallocated in a suspense account for the
calendar year and allocated and reallocated in the next calendar year
to all of the remaining Members’ accounts in the plan. Furthermore,
the excess 

18

 

	 	 	 	amounts must be used to reduce employer contributions for
the next calendar year (and succeeding calendar years, as necessary)
for all of the remaining Members of the plan. Excess amounts may not
be distributed to Members or former Members.

	 	(2)	 	Such excess amounts in a Member’s account shall
be allocated and reallocated to other Members’ accounts. However, if
that allocation or reallocation causes the limitations of Code Section
415 to be exceeded with respect to each Member for the calendar year,
the remaining excess amounts must be held unallocated in a suspense
account for the calendar year and allocated and reallocated in the next
calendar year to all of the Members’ accounts. Furthermore, the excess
amounts must be used to reduce employer contributions for the next
calendar year (and succeeding calendar years, as necessary) for all of
the Members in the plan. Excess amounts may not be distributed to
Members or Former Members.

	 	(3)	 	Such excess amounts in a Member’s account shall
be held unallocated in a suspense account for the calendar year, and
allocated and reallocated in the next calendar year (and succeeding
calendar years, as necessary) to all of the Members’ accounts. The
excess amounts so allocated and reallocated must be used to reduce
employer contributions for the next calendar year (and succeeding
calendar years, as necessary) for all of the Members in the plan.
Excess amounts may not be distributed to Members or Former Members.

	 	(b)	 	To the extent of any remaining excess Annual Additions, return
employee contributions to the Member in the same order as that specified in
Paragraph 3 of this Article for reducing credited amounts to Member accounts.
	 
	 	(c)	 	If a suspense account is in existence at any time during the
calendar year, investment gains and losses and other income shall not be
allocated to the suspense account. If the treatment described in this
paragraph 9 is necessary, such treatment shall be performed on the plans in the
following order:

	 	(1)	 	plans other than those referred to in (2) and
(3) below;
	 
	 	(2)	 	this Plan;
	 
	 	(3)	 	the Shell Pay Deferral Investment Fund.

     10.      The Company shall notify a Member and the Plan Administrator if the limitation on contributions
or allocation or reallocation of contributions to his account for any calendar year is affected by
the limitations set forth in this Article.

     11.      In calculating the limitation described in paragraph 4 of this Article, if (a) a Member has
participated in a defined benefit plan of the Contributing and Affiliated Companies, which
satisfied the requirements of Section 415 of the Code for the last year beginning before January 1,
1987, and (b) the sum of the Defined Benefit Plan Fraction and Defined Contribution Plan Fraction
exceeds 1.0, then an amount shall be subtracted from the numerator of the Defined Contribution Plan
Fraction (not exceeding such numerator) so that the sum of the Defined Benefit Plan Fraction and
Defined Contribution Plan Fraction does not exceed 1.0 for such year, as described under the
relevant transitional rule under the Tax Reform Act of 1986.

     12.      The limitation described in Paragraph 4 of this Article 8A shall apply to payments under the
Shell Pension Plan, except that it shall not apply to payments under the Shell Pension Plan, to the
extent provided in the following described circumstances:

	 	(a)	 	Except as provided in Paragraph (c) below, in the case of any
Employee or former Employee who has ever been a member of the Senior Staff, the
limitation described in 

19

 

	 	 	 	Paragraph 4 of this Article 8A shall not be applicable
to payments under the Shell Pension Plan commencing on or after January 1,
2002; and

	 	(b)	 	Except as provided in Paragraph (c) below, in the case of any
Employee or former Employee who has never been a member of the Senior Staff,
the limitation described in Paragraph 4 of this Article 8A shall not be
applicable to payments under the Shell Pension Plan commencing on or after
January 1, 2000.
	 
	 	(c)	 	The limitation described in Paragraph 4 of this Article 8A
shall continue to apply: (1) to any Shell Pension Plan participant whose
payments under the Shell Pension Plan commenced prior to January 1, 2000; and
(2) in all events to the extent any Shell Pension Plan participant has received
a lump sum (or to the extent such participant’s election to receive a lump sum
payment has been honored) under the Shell Oil Company Benefit Restoration Plan
or any other non-tax qualified defined benefit plan of the employer which
included or includes an amount attributable to the amount of such benefit which
was not paid or payable under the Shell Pension Plan on account of the
limitation under Section 415(e) of the Code as it was in effect at the time of
such election.
	 
	 	(d)	 	The term “Senior Staff” as used herein shall mean those members
of the senior management of a “Participating Company,” as defined in the Shell
Pension Plan, who have been identified by the Company as members of the Senior
Staff in accordance with its customary practices and procedures.

ARTICLE 9

COMPENSATION DEFINED

               For purposes of paragraph 4 of Article 6 and Articles 7 and 8, the Compensation of a Member
shall be understood to mean his net compensation without taking into account overtime, extended
work week, or premium remuneration, bonuses, or special allowances for living expenses, dwelling,
medical assistance, or the like, or any transition payment made in connection with the Contributing
Companies’ 1994-1995 salary programs but, compensation shall include contributions made by a
Contributing Company (or on its behalf by an affiliated corporation as defined within the meaning
of Section 1504 of the Code), to a Member’s account pursuant to such Member’s designation or salary
deferral election, with a plan which satisfies the requirements of Section 125, Section 132(f), or
Section 401(k) of the Code which plan the Contributing Company may adopt, to the extent such
amounts, if not so designated or elected by the Member, would be included in his compensation.
Compensation shall not include:

	 	(a)	 	any amount paid under the Pennzoil-Quaker State Company Change
in Control Retention/Severance Plan;
	 
	 	(b)	 	any amount of severance pay or payments for accrued vacation
received after a Member separates from service from the Employer (and any
Affiliated Company); or
	 
	 	(c)	 	any amount of severance pay or payments for accrued vacation
received as, or before, a Member separates from service from the Employer (and
any Affiliated Company) if such amount is not paid for a period of approved
absence from work;

and any such amounts shall be disregarded for all purposes under this Plan. Notwithstanding
anything in this Article to the contrary, Compensation of a Member shall include payments made
after December 31, 1994, and prior to January 1, 2003, under the incentive compensation plans as
listed in Part One of Schedule B and payments made on or after January 1, 2003, under a variable
pay program (sometimes also referred to as an incentive compensation program) established and
maintained by a Contributing Company and not listed on Part Two of Schedule B, provided the

20

 

payments were either received before termination of service from all Affiliated Companies or, in
the case of payments made on or after September 30, 2003, recorded as soon as administratively
feasible following such termination of service, and provided, further the payments were not
deferred from a prior year. For purposes of the preceding sentence, “Affiliated Company” shall be
as defined in paragraph 7 of Article 6, except that the phrase “at least 80 percent” shall be
substituted for the phrase “more than 50 percent.” Compensation shall also include payments for
hours in excess of forty hours per week, which payments are related to the 2002 plan year incentive
compensation programs of Equilon Enterprises LLC d/b/a Shell Oil Products US (SOPUS), including
Equilon Pipeline Company LLC, and Motiva Enterprises LLC, paid in March 2003 to hourly Employees
employed by SOPUS, Shell Pipeline Company LP, or Motiva Company, but only to the extent such
payments are not otherwise already included as Compensation. Compensation shall also include
payments for hours in excess of forty hours per week where such hours are part of an established
normal work schedule of more than forty hours per week, paid in March 2004 to hourly Employees then
employed at the Port Arthur, Texas and Delaware City, Delaware refineries and related to the 2003
plan year incentive compensation program of Motiva Company, but only to the extent such payments
are not otherwise already included in Compensation. Commissions shall be considered a part of a
Member’s compensation when paid in addition to a fixed basic wage or salary. The compensation of a
Member shall also include payments made to him under a disability benefit plan of a Contributing
Company, except that the Member shall not be required to pay into the Fund any percentage of sums
received under a Worker’s Compensation, or similar law, which, under the terms of any such
disability benefit plan, are deducted from the benefit payments under such plan. The Contributing
Company’s contributions, however, shall be based on an amount equivalent to the Disability Benefit
Payments the Member would have received had there been no such reduction. With the exception of
Members affected by the previous sentence, compensation shall not exceed the following: the sum of
Compensation within the meaning of Article 8A and any amount which is contributed by the
Contributing Company pursuant to a salary reduction agreement and which is not includable in a
Member’s gross income by reason of the application of Section 125 of the Code relating to cafeteria
plans, Section 132(f)(4) of the Code relating to qualified transportation fringe benefits, or
Section 402(e)(3) of the Code relating to cash or deferred arrangements. Compensation, for
purposes of determining contributions by or on behalf of a Member whose hourly rate of pay is
established at a specified rate solely by reason of being assigned to an established normal work
schedule that includes hours in excess of eight (8) hours per workday, shall be determined by
application
of a factor that will result in such Member’s compensation (for such purposes) being
the same as if his hourly rate had not been so established. In addition to other applicable
limitations set forth in the Plan, and notwithstanding any other provision of the Plan to the
contrary, for Plan Years beginning on or after January 1, 1994, the annual compensation of each
Employee taken into account under the Plan shall not exceed the Annual Compensation Limit. For
Plan Years beginning before January 1, 2002, the Annual Compensation Limit is $150,000, which
amount shall be adjusted by the Commissioner of the Internal Revenue Service for increases in the
cost of living in accordance with Section 401(a)(17)(B) of the Code. For Plan Years beginning
after December 31, 2001, for purposes of determining Contributing Company contributions, the Annual
Compensation Limit is $170,000. For Plan Years beginning after December 31, 2001, for all other
purposes, the Annual Compensation Limit is $200,000, as adjusted for cost-of-living increases in
accordance with Section 401(a)(17)(B) of the Code.

ARTICLE 10

INVESTMENT FUNDS

     1.      Investment Funds

               The assets of the Fund shall be invested in one or more optional funds (each of which is
sometimes hereinafter referred to as an “Optional Fund”), which shall include: (1) the lifestyle
funds set out in Part I of Schedule C to the Regulations (the “LifeStyle Funds”) and the core funds
set out in Part I of Schedule C to the Regulations (the “Core Funds”); (2) such additional eligible
investment company funds as from time to time shall obtain the approval of the Plan Administrator
and the Trustees, as evidenced by their listing on Part II of Schedule C to the Regulations (the
“Fidelity Mutual Funds”); (3) such eligible investment company funds as from time to time shall be
available from Fidelity’s FundsNetSM offerings, as evidenced by their listing on Part III of Schedule C
to the Regulations (the “Mutual Fund Window”); and (4) such eligible investment company funds as
from time to time shall constitute the Fidelity Select Portfolios®, as evidenced by their listing
on Part IV of Schedule C of the Regulations (the “Fidelity Select Portfolios”). The LifeStyle
Funds, the Fidelity Mutual Funds, the funds in the Mutual Fund Window, and the Fidelity Select
Portfolios shall be sometimes referred to herein as “Eligible Investment Company Funds.”

21

 

               Each of the Core Funds may retain cash on deposit, or purchase short-term investments in
keeping with the description of the particular Core Fund, in the amount necessary for the proper
administration of the Core Fund, including for purposes of the payment of expenses or other
anticipated distributions or pending the purchase of longer term investments suitable for the
particular Core Fund.

     2.      Separate Account

               As to each of the Optional Funds, a separate account (herein sometimes bearing the name of its
corresponding Optional Fund, or sometimes individually or collectively referred to as “Account”)
shall be kept for each Member. In general, each Member’s Account shall also be divided between
Member Contributions (“Member Account”), Contributing Company Contributions and company
contributions transferred from other qualified plans that do not allow for in-service distributions
of such assets before the Member attains 591/2 years of age (“Company Contribution Account”),
company contributions transferred from other qualified plans that allow for in-service
distributions of such assets before the Member attains 591/2 years of age (“Prior Plan Company
Contribution Account”), employer matching contributions subject to a vesting schedule that are
transferred from other qualified plans (“Company Match Account”), employer matching contributions
not subject to a vesting schedule that are transferred from other qualified plans (“Prior Plan
Match Account”), after-tax rollover contributions (“After-Tax Rollover Account”), and all other
rollover contributions (“Rollover Account”); and, in each case, together with earnings thereon.
Except as otherwise provided in this Plan, all references to a Member’s “Account” or “account”
shall include all of these subaccounts. The term “Member” as used in this Article shall include
any Member, Nonseparated Employee, Former Member, Qualified Beneficiary, or any alternate payee,
within the meaning of section 206(d)(3)(K) of ERISA, who has investments in one or more Optional
Funds.

     (a)      Appropriate entries shall be made to each Member’s Thrift Account to reflect (1)
credits for the amounts paid in or transferred to the Thrift Fund by or on behalf of the
Member, including a proportionate part of the interest, gains realized and other income
allocated to the Thrift Fund, (2) debits in accordance with any withdrawals, distributions,
losses realized, or transfers to another Optional Fund, and (3) a proportionate part of any
expenses charged against the Thrift Fund, as provided by this Article and Section IX of the
Trust Agreement, which may be either direct debits or amounts netted in credit entries,
thereby showing the amount standing to the Member’s credit in his Thrift Account.

     (b)      Except as set forth in Subparagraph 2(a) hereinabove with respect to the Thrift
Account, this Subparagraph 2(b) shall govern accounting under each of the Optional Funds.
Each of a Member’s Optional Fund Accounts shall be divided into units of participation
(“Units”) and the proportionate interest of each Member who has accrued assets in that
Account shall be evidenced by the number and fractions of Units credited to such Account.
Units shall be valued, except as set forth in Subparagraph 2(c) hereinbelow, as of the close
of each Valuation Date, and may be split or combined, in the discretion of the investment
manager to facilitate administration. Appropriate entries shall be made to each of a
Member’s Accounts to reflect (1) the amounts paid in or transferred to the corresponding
Optional Fund by or on behalf of the Member, (2) the allocation of Units to that Account,
(3) redemptions and transfers to another Optional Fund, (4) withdrawals and distributions in
accordance with the Plan, and (5) a proportionate part of any expenses charged against the
Optional Fund as provided by this Article, Section IX of the Trust Agreement, and in the
case of Eligible Investment Company Funds its prospectus and applicable law, thereby showing
the number of Units standing to his credit in that Account.

     (c)      Units of the Fidelity Select Portfolios set out in Part IV of Schedule C of the
Regulations shall be valued hourly throughout the Valuation Date, or as otherwise provided
in the prospectus for each such Fidelity Select Portfolio.

     3.      Valuation

               To the extent the Shell Provident Fund shall invest its assets with the Shell Savings Group
Trust, the Trust Agreement of the Shell Savings Group Trust, rather than these Regulations, shall
determine the valuation of the investment options offered thereunder.

22

 

               Each Investment Manager shall value the portion of the assets of the Optional Fund invested by
it. The value of the assets of each Optional Fund, including net income or net loss, or the value
of Units of participation, as appropriate, of each Optional Fund, shall be determined separately.
Such determination shall be made in good faith in accordance with the best available information,
accepted accounting practices, and applicable laws and regulations so as to provide uniform and
consistent methods of valuation. Notwithstanding anything herein to the contrary, the assets of an
Eligible Investment Company Fund shall be valued in accordance with its prospectus and applicable
law.

               Brokerage commissions, transfer taxes, or other charges and expenses that can be specifically
identified in connection with the purchase and sale of securities, Royal Dutch Shell Class A
American depositary receipts (“RDS ADRs”), or SOC Shares shall be charged to the appropriate
Optional Fund. Other taxes, charges, and expenses attributable to an Optional Fund shall be added
to the cost of such shares or charged to the Optional Fund, or otherwise dealt with as the Trustees
shall determine in accordance with Section IX of the Trust Agreement. Notwithstanding anything
herein to the contrary, charges and expenses of an Eligible Investment Company Fund shall be
charged to the same in accordance with its prospectus and applicable law.

     (a)      Thrift Fund: All interest, dividends, and other income accrued during each
Valuation Period and any profits realized during each Valuation Period by the Thrift Fund
shall be credited to an income account for the Thrift Fund, and certain expenses incurred
(in accordance with Section IX of the Trust Agreement) and any losses realized by the Thrift
Fund during each Valuation Period shall be debited to that account for the Thrift Fund. As
of the end of each Valuation Period, the balance of the account shall be allocated among the
Members’ Thrift Accounts, in proportion to their balances in their Thrift Accounts during
the Valuation Period. If the income account shows a net deficit for the Valuation Period,
such deficiency shall be provided for to the extent necessary from the Members’ Thrift
Accounts, debits to the Accounts shall be in proportion to their balances during the
Valuation Period. For purposes of this paragraph: (1) prior to June 1, 1996, the term
“Valuation Period” shall mean the periods which shall end on the 15th and last days of each
month with Members’ Thrift Accounts to be credited or debited, as the case may be, as of
such dates; and (2) on and after June 1, 1996, the term “Valuation Period” shall mean each
calendar month with Members’ Thrift Accounts to be credited or debited, as the case may be,
as of the last Valuation Date of each such month or, if there is no Valuation Date during
such month, the last Valuation Date in the month or months immediately prior to such month.

     (b)      Other Core Funds: Except as set forth in Subparagraph 3(a) hereinabove
with respect to the Thrift Fund and Subparagraph 3(d) hereinbelow with respect to activity
involving redemptions from the Royal Dutch Shell Stock Fund, Core Funds shall be valued in
accordance with this Subparagraph 3(b). Prior to June 1, 1996, the number of Units and
fractions of Units to be allocated to a Member’s Accounts shall be calculated by dividing
the sum to be invested in the Core Fund for such Member by the value of a Unit for that Core
Fund as of the last Valuation Date preceding the date on which the Core Fund receives such
sum, and the number of existing Units shall be increased accordingly. On and after June 1,
1996, the number of Units and fractions of Units to be allocated to a Member’s Accounts
shall be calculated by dividing the sum to be invested in the Core Fund for such Member by
the value of a Unit for that Core Fund as of the Valuation Date on which the Core Fund
receives such sum, and the number of existing Units shall be increased accordingly. For
purposes of this Subparagraph 3(b), a Core Fund shall be deemed to have received a sum for
investment: (1) on the day it is actually received provided it is received on a Valuation
Date before the New York Stock Exchange closes for trading; or (2) on the Valuation Date
next succeeding the day on which it is actually received, if it is not received on a
Valuation Date or if it is received on a Valuation Date after the New York Stock Exchange
closes for trading.

               Units shall be redeemed on the Valuation Date on which the Plan Administrator receives
a distribution or transfer request from the Member, if such a request is actually received
on a Valuation Date before the New York Stock Exchange closes for trading; or on the
Valuation Date next succeeding the day on which it is actually received, if it is not received on a Valuation Date or if it is
received on a Valuation Date after the New York Stock Exchange closes for trading. In all
other cases, the Units standing to the credit of the Member shall be redeemed on the
Valuation Date on which an event giving rise to a distribution from the Fund occurs, if such
an event occurs on a Valuation Date before the New York Stock Exchange closes for trading;
or on the Valuation Date next succeeding the day on which such event occurs, if it did not
occur on a Valuation Date or if it occurs on a Valuation Date after the New York Stock
Exchange

23

 

closes for trading. The proceeds from such redemptions shall be transferred in
accordance with a Member’s transfer request or distributed in accordance with Article 13 by
the Trustees. Upon redemption of Units, such Units shall be extinguished and the number of
existing Units decreased accordingly.

               The value per Unit as of a Valuation Date shall be determined by valuing the
investments held in the Core Fund as provided above, and by adding to the respective value
thereof all cash on hand and income accrued on the investments of the respective Core Fund
on the Valuation Date. There shall be deducted from the total of the foregoing any expenses
pursuant to Section IX of the Trust Agreement and liabilities due or accrued and properly
chargeable thereto. The net value, as thus determined, shall be divided by the total number
of existing Units in the respective Core Fund to compute the value per Unit. In making such
valuations, each Investment Manager shall include the value of any options, rights,
warrants, or dividends (whether payable in stock or cash) which may have been declared but
not received by the Investment Manager as of the Valuation Date when the investment has been
valued ex-options, ex-rights, ex-warrants or ex-dividends.

     (c)      Eligible Investment Company Funds: The assets of the Eligible Investment
Company Funds shall be valued and allocated to Members’ Accounts in accordance with its
prospectus and applicable law.

     (d)      Royal Dutch Shell Stock Fund: During periods of extreme market conditions,
market closures, or illiquidity, the processing of redemptions from the Royal Dutch Shell
Stock Fund or purchases or redemptions of other Optional Fund units dependent in whole or in
part upon redemptions from the Royal Dutch Shell Stock Fund, may be delayed until such day
as all securities markets resume normal trading or sufficient liquidity in the Royal Dutch
Shell Stock Fund returns, in the judgment of the Investment Manager. In such event, the
Valuation Date shall be likewise delayed.

     4.      Investment Manager

               To the extent the Shell Provident Fund shall invest its assets with the Shell Savings Group
Trust, the Trust Agreement of the Shell Savings Group Trust, rather than these Regulations, shall
determine the rights, powers, duties, and responsibilities of the investment managers thereof.

               The Core Funds may be under the management and control of one or more investment managers
appointed by the Trustees. For purposes of this Plan, the term “Investment Manager” shall mean a
fiduciary (a) who has the power to manage, acquire, or dispose of any assets of the Plan or a
portion thereof; (b) who (1) is registered as an investment adviser under the Investment Advisers
Act of 1940, as amended, or under state law, (2) is a bank as defined in that Act, or (3) is an
insurance company qualified to perform services described in (a) above under the laws of more than
one state; and (c) who acknowledges in writing that he is a fiduciary with respect to this Plan.
An Investment Manager shall qualify as such by delivering a written acceptance to the Trustees, and
shall be subject to the further conditions of Section VII of the Trust Agreement.

               Each Investment Manager in its discretion shall individually invest and reinvest the principal
and the income of the portion of the Core Fund held by it, and keep the assets invested, without
distinction between principal and income, in such manner as determined by the Investment Manager in
accordance with the Regulations and Trust Agreement.

               In case an investment of a Core Fund held by an Investment Manager shall cease to be eligible
as an original investment of the Core Fund, or shall be received in exchange for an original
investment and shall not be eligible as an original investment, such Investment Manager shall,
within a reasonable time thereafter as determined by the Investment Manager, sell or otherwise
dispose of such investment.

               Each Investment Manager shall individually have the power to sell, transfer, or otherwise
dispose of the assets of the Core Fund held by it from time to time at such prices and upon such
terms and conditions and in such manner as it may deem proper. Each Investment Manager may
exercise any voting powers appurtenant to any such assets at the time held by it and may execute
any proxies or powers of attorney (as to either discretionary or ministerial matters) and any
agreements which it may deem necessary or advisable in connection with its investment, holding, or

24

 

management of the assets of the Core Fund, it being the intention hereof that such Investment
Manager shall have full power, subject to the other provisions hereof, to manage all assets of the
Core Fund held by it as though the absolute owner thereof. The purchaser of any assets of the Core
Fund from any Investment Manager need not inquire into the application of the purchase money by
such Investment Manager nor into the expediency or propriety of any sale or the authority of such
Investment Manager to negotiate or make same. Except as provided in subparagraph 5(c) of this
Article, securities of the Core Fund held by each Investment Manager may be registered in the name
of “Shell Provident Fund,” any Investment Manager or its agent or nominees, or other persons; or
they may be unregistered. Such securities shall be kept separate and apart from all other property
belonging to or in the custody of each Investment Manager, except any Investment Manager shall have
the power in its discretion to cause any investment to be registered in the name of any one or more
nominees of any system for the central handling of securities and such securities may thereupon be
placed for deposit with such system; however, such Investment Manager shall remain accountable for
such investment.

               The Eligible Investment Company Funds shall be under the management and control of one or more
investment advisers. Each investment adviser thereof shall have the rights, powers, duties, and
responsibilities set out in the governing documents of the respective Eligible Investment Company
Fund, subject to the terms of applicable law.

     5.      Investments of Royal Dutch Shell Stock Fund

     (a)      Notwithstanding the foregoing provisions of this Article, the following provisions
of this paragraph 5 shall apply with respect to the investments of Royal Dutch Shell Stock
Fund by investment managers of the Shell Provident Fund.

     (b)      The Investment Manager may, in its discretion, retain in cash, including investment
in any short-term collective or common trust funds as provided in Section VI of the Trust
Agreement, such part of the assets of the Royal Dutch Shell Stock Fund as it shall deem
necessary or desirable for the proper administration thereof.

     (c)      All certificates for RDS ADRs or other securities acquired by the Investment
Manager for the Royal Dutch Shell Stock Fund shall, until disposed of pursuant to these
Regulations, be held in the possession of the Investment Manager and may be in bearer form
or registered in the name of “Shell Provident Fund,” the Investment Manager, or its agents
or nominees. RDS ADRs may from time to time be deposited or registered in a manner solely
to enable the Investment Manager to vote such RDS ADRs as provided in paragraph (d) of this
Article.

     (d)      The Investment Manager shall have any and all voting rights appurtenant to RDS ADRs
or other securities held for the Royal Dutch Shell Stock Fund. To the extent and in the
time and manner provided by applicable law and the governing documents of Royal Dutch Shell
plc, the Investment Manager may, in its discretion and in the best interests of Members,
exercise any such voting rights itself or by such proxy as it may select, in accordance with
its independent judgment.

     (e)      In addition to its ordinary meaning, the term “voting rights” as used in this
paragraph 5 of Article 10 shall mean and include, without limitation, the power to consent
to, join in or oppose any plan of reorganization, and the power to give or withhold any
other consent with respect to RDS ADRs or other securities held pursuant to the provisions
of this Article.

     (f)      Dividends in the form of cash, RDS ADR or RDS Class A ordinary share dividends, and
the proceeds of any other distributions received by the Investment Manager in respect of RDS
ADRs shall be credited to such Accounts on the date of payment thereof if received on a
Valuation Date before the New York Stock Exchange closes for trading or on the Valuation
Date next succeeding the date on which the payment is received, if it is not received on a
Valuation Date or if it is received on a Valuation Date after the New York Stock Exchange closes for trading; provided, however, that where a Member who is an
Employee is not directing any current investments in the Royal Dutch Shell Stock Fund,
amounts representing such dividends and other proceeds shall be credited in accordance with
such Member’s investment election; provided, further, that on and after July 16, 1996, where
a Member or Beneficiary has a balance in his or her Royal Dutch Stock Fund Account or Royal
Dutch Shell Stock Fund Account, amounts representing such dividends and other

25

 

proceeds shall
be credited to his or her Royal Dutch Stock Fund Account or Royal Dutch Shell Stock Fund
Account, as applicable, unless, in the case of a Member, the Member, whether or not a
current Employee, affirmatively elects to have such amounts invested in accordance with the
Member’s then current or most recent investment election.

     (g)      The Investment Manager shall sell, transfer, or exchange, within a reasonable time
as determined by it, and upon such terms and conditions and in such manner as it may deem
proper any securities received as a dividend or other distribution or pursuant to a
reorganization; provided, however, that any RDS ADRs thus received shall not be sold,
transferred or exchanged except to the extent required by other provisions of the
Regulations.

     (h)      The Investment Manager may, in its discretion, exercise, sell, transfer, or
exchange any options, rights or warrants which shall be granted or issued with respect to
RDS ADRs (or the RDS Class A ordinary shares represented by the RDS ADRs); all other
options, rights or warrants granted or issued with respect to securities held by the
Investment Manager pursuant to this Article shall be sold, transferred, or exchanged within
a reasonable time as determined by the Investment Manager.

     (i)      Any disposition of securities (including, without limitation, options, rights or
warrants) pursuant to subparagraphs 5(g) and 5(h) of this Article may be deferred for such
time as in the Investment Manager’s judgment is in the best interest of Members. Pending
such dispositions, the Investment Manager may exercise any voting powers appurtenant to any
such securities at the time held by it, and may exercise any proxies or power of attorney
(as to either discretionary or ministerial matters) and any agreements which it may deem
necessary or advisable in connection with the investment, holding, or management of such
securities, it being the intention hereof that the Investment Manager shall have full power,
subject to the other provisions hereof, to manage all such securities (in the interim
pending disposition) as though the absolute owner thereof. The purchaser of any such
securities from the Investment Manager need not inquire into the application of the purchase
money by the Investment Manager nor into the expediency or propriety of any sale or the
authority of the Investment Manager to negotiate or make the same. Pending such sale or
disposition, such securities shall be held in the possession of the Investment Manager and
may be registered in the name of “Shell Provident Fund,” the Investment Manager or its
agents or nominees, or other persons; or they may be unregistered.

     (j)      When a Member’s Account is paid out pursuant to paragraphs 3, 4, and 6 of Article
13 upon his termination of service or pursuant to paragraph 3 of Article 12 upon his age 591/2
withdrawal:

     (1)      Prior to June 1, 1996: whole RDP Shares standing to his credit in his
Account shall be distributed in kind unless the Plan Administrator deems a
distribution in kind to be impractical, in which event there shall be sold the
number of such Shares directed by the Trustees; and fractional RDP Shares standing
to his credit in his Royal Dutch Stock Fund Account (including fractional shares
resulting from any division of his Accounts among beneficiaries) and any securities
other than RDP Shares shall be sold and the proceeds distributed along with any
other cash standing to his credit in his Account.

     (2)      On and after June 1, 1996 and prior to the commencement of trading of RDS
ADRs on the New York Stock Exchange, the value of a Member’s Royal Dutch Stock Fund
Account shall be distributed in cash, unless the Member shall affirmatively elect to
take a distribution in the form of whole RDP Shares and residual cash.

     (3)      After the commencement of trading of RDS ADRs on the New York Stock
Exchange, the value of a Member’s Royal Dutch Shell Stock Fund Account shall be
distributed in cash, unless the Member shall affirmatively elect to take a
distribution in the form of whole RDS ADRs and residual cash.

     (k)      The Investment Manager shall have the right to close the Royal Dutch Shell Stock
Fund to purchases and redemptions whenever trading in RDS ADRs is suspended or whenever, in
the judgment of the Investment Manager, substantial purchase and sales orders for RDS ADRs
are pending but not executed.

26

 

     6.      Investments of Shell Stock Fund

     (a)      Notwithstanding the foregoing provisions of this Article, the following provisions
of this paragraph 6 shall apply with respect to the investments of Shell Stock Fund prior to
June 7, 1985. From and after that date, the Shell Stock Fund shall cease to be an active
investment option hereunder. The provisions of this paragraph 6 shall continue in effect
only to the extent necessary to govern the handling of any class action settlements or other
distributions received on or after June 7, 1985, in respect of the common stock of Shell Oil
Company.

     (b)      Purchases of SOC Shares may be made in the open market or from other sources,
including the purchase of treasury stock or the purchase of authorized but unissued stock
available for such purpose. In the event purchases are made from sources other than the
open market, including the purchase of treasury stock or the purchase of authorized but
unissued stock from Shell Oil Company if it shall have made such stock available for such
purpose, the purchase price shall be not more than the mean of the high and low prices on
the New York Stock Exchange or its successor Exchange on the day of purchase. In the event
there are no sales on the New York Stock Exchange or its successor Exchange on the day of
purchase, the mean of the high and low prices on the preceding business day of the New York
Stock Exchange or its successor Exchange shall be utilized for this purpose. In the event
there shall have been no sales on the New York Stock Exchange or its successor Exchange on
the preceding day, the Investment Manager and Shell Oil Company shall negotiate a reasonable
price for purchases during the period in question. Sales of stock may be made in the open
market or otherwise, provided that any sales other than on the open market shall be at a
price not less than the mean of the high and low prices on the New York Stock Exchange or
its successor Exchange on the day of sale. The purchaser of such stock from the Investment
Manager need not inquire into the application of the purchase money by the Investment
Manager nor into the expediency or propriety any sale or the authority of the Investment
Manager to negotiate or make same.

     (c)      The Investment Manager shall purchase SOC Shares as soon as reasonably practicable
with the funds available to it for that purpose. The Investment Manager may, however, in
its discretion refrain from making purchases of SOC Shares to the extent that such action is
deemed by it to be in the best interests of the purchasing Members. The Investment Manager
may, in its discretion, retain in cash, or invest in debt securities having maturities at
the time of issuance not exceeding one year, such part of the assets of the Shell Stock Fund
as it shall deem necessary or desirable for the proper administration thereof.

     (d)      An investment direction of a Member pursuant to Article 11 shall be complied with
as soon as reasonably practicable after receipt by the Trustees thereof. In no event,
however, shall the Trustees or the Investment Manager be required to comply with a direction
to sell as of a specific date.

     (e)      Notwithstanding the foregoing, the Investment Manager may match purchases and sales
being made at the direction of Members at prices determined by the Investment Manager to be
as near as practicable to the prices that would have been obtained on the New York Stock
Exchange.

     (f)      All certificates for SOC Shares acquired by the Investment Manager shall, until
disposed of pursuant to these Regulations, be held in the possession of the Investment
Manager and may be registered in the name of “Shell Provident Fund,” the Investment Manager,
or its agents or nominees.

     (g)      Before each annual or special meeting of the stockholders of Shell Oil Company,
each Member for whose Account the Investment Manager holds SOC Shares, shall be provided a
copy of the proxy solicitation material or other solicitation material together with a form
requesting confidential instructions to the Investment Manager on how voting rights
appurtenant to the full shares of stock allocated to the Members are to be exercised. Upon
receipt of such instructions from the Members, the Investment Manager shall exercise the
voting rights appurtenant to the respective stock as instructed. The instructions received
by the Investment Manager from the Members shall be held by the Investment Manager in
strictest confidence and shall not be divulged or released to any person including the Trustees, or officers or employees of
any Contributing Company.

27

 

     (h)      The Investment Manager shall have the voting rights with respect to all SOC Shares
held pursuant to this Article for which instructions for a particular stockholders’ meeting
shall not have been received, and may, in its discretion, in the best interests of the
Members exercise such voting rights itself, or by such proxy as it may select, and in
accordance with its independent judgment.

     (i)      In addition to its ordinary meaning, the term “voting rights” as used in this
paragraph 6 of Article 10 shall mean and include, without limitation, the power to consent
to, join in or oppose any plan of reorganization, and the power to give or withhold any
other consent with respect to SOC Shares held pursuant to the provisions of this Article. A
Member may in connection with any corporate transaction affording appraisal rights to
dissenting stockholders under law, direct in writing to the Investment Manager the exercise
of such rights with respect to all or any part of the SOC Shares standing to his credit in
his Shell Stock Account; provided, however, that a Member who directs the exercise of such
rights shall be required to make provision, as required by the Investment Manager, for the
costs and expenses incurred for, or expected to be incurred by, the Investment Manager in
exercising such rights, and any such costs and expenses not otherwise provided shall be
charged against the Accounts of Members who so direct the exercise of such rights.

     (j)      As of the end of each accounting period designated by the Trustees, but not less
frequently than monthly, the SOC Shares purchased by the Investment Manager during such
period shall be allocated and charged, at the average cost thereof, to the Shell Stock
Account of each Member on the basis of the cash then standing to his credit in such Account.

     (k)      Brokerage commissions, transfer taxes, and other charges and expenses in connection
with the purchase and sale of SOC Shares, and the sale of other securities, if any, shall be
added to the cost thereof or deducted from the proceeds thereof, as the case may be. Other
taxes, charges, and expenses attributable to the Shell Stock Fund shall be added to the cost
of such shares or charged to Members’ Accounts, or otherwise dealt with as the Trustees
shall determine in accordance with Section IX of the Trust Agreement.

     (l)      SOC Shares purchased by the Investment Manager but not allocated to the Accounts of
the Members by the end of any accounting period shall be deemed to have been purchased by
the Investment Manager during the next accounting period at the average price at which such
Shares were purchased during the preceding accounting period.

     (m)      Cash dividends, stock dividends, and the proceeds of any other distributions
received by the Investment Manager in respect of SOC Shares allocated to the Accounts of
Members on the record date shall be credited to such Accounts as of the date of payment
thereof.

     (n)      Cash dividends, stock dividends, and the proceeds of any other distributions
received by the Investment Manager in respect of purchased SOC Shares not allocated to the
Accounts of Members on the record date shall be applied to reduce the cost of such
unallocated Shares.

     (o)(1)      The Investment Manager shall sell, transfer, or exchange, within a reasonable
time as determined by it, and upon such terms and conditions and in such manner it may deem
proper any securities received as a dividend or other distribution or pursuant to a
reorganization; provided, however, that any SOC Shares thus received shall not be sold
except to the extent required by other provisions of the Regulations.

     (o)(2)      The Investment Manager may, in its discretion, exercise, sell, transfer, or
exchange any options, rights or warrants which shall be granted or issued with respect to
SOC Shares; all other options, rights or warrants granted or issued with respect to
securities held by the Investment Manager pursuant to this Article shall be sold,
transferred, or exchanged within a reasonable time as determined by the Investment Manager.

     (p)      Any disposition of securities (including, without limitation, options, rights or
warrants) pursuant to subparagraph 6(o) of this Article may be deferred for such time as in
the Investment Manager’s judgment is in the best interest of Members. Pending such dispositions, the Investment
Manager may exercise any voting powers appurtenant to any such securities at the time held
by it, and may exercise any proxies or power of attorney (as to either discretionary or
ministerial matters) and any agreements which it may deem

28

 

necessary or advisable in
connection with the investment, holding, or management of such securities, it being the
intention hereof that the Investment Manager shall have full power, subject to the other
provisions hereof, to manage all such securities (in the interim pending disposition) as
though the absolute owner thereof. The purchaser of any such securities from the Investment
Manager need not inquire into the application of the purchase money by the Investment
Manager nor into the expediency or propriety of any sale or the authority of the Investment
Manager to negotiate or make the same. Pending such sale or disposition, such securities
shall be held in the possession of the Investment Manager and may be registered in the name
of “Shell Provident Fund,” the Investment Manager or its agents or nominees, or other
persons; or they may be unregistered.

     (q)      When a Member’s Account is paid out pursuant to paragraphs 3, 4, and 6 of Article
13 upon his termination of service or pursuant to paragraph 3 of Article 12 upon his age 591/2
withdrawal:

     (1)      Whole SOC Shares standing to his credit in his Account shall be distributed
in kind unless the Plan Administrator deems a distribution in kind to be
impractical, in which event there shall be sold the number of such Shares directed
by the Trustees.

     (2)      Fractional SOC Shares standing to his credit in his Shell Stock Account
(including fractional shares resulting from any division of his Account among
beneficiaries) shall be sold and the proceeds distributed along with any other cash
standing to his credit in his Account.

ARTICLE 11

MEMBER DIRECTIONS

     1.      Each Member shall direct that the entire amount of contributions made by or on behalf of the
Member—and each Member shall direct the entire amount of any dividends or other distributions
credited to the Account of the Member in respect of the Member’s Royal Dutch Shell Stock Fund
Account—be invested in one or more of the Optional Funds offered under the Plan in multiples of
one percent (1%) as follows:

	 	(a)	 	Prior to June 1, 1996, directions shall be effective as of the
first day of the Member’s payroll period which next falls after Timely Receipt
of notice by the Plan Administrator. On and after June 1, 1996, a direction
shall be effective: (1) on the day it is actually received provided it is
received on a Valuation Date before the New York Stock Exchange closes for
trading; or (2) on the Valuation Date next succeeding the day on which it is
actually received, if it is not received on a Valuation Date or if it is
received on a Valuation Date after the New York Stock Exchange closes for
trading. During periods of extreme market conditions or market closures, an
investment direction may not become effective until normal trading resumes in
all securities markets. Similarly whenever the Investment Manager closes the
Royal Dutch Shell Stock Fund to purchases, an investment direction to the Royal
Dutch Shell Stock Fund shall not become effective prior to the time that the
Investment Manager reopens the Royal Dutch Shell Stock Fund. Where market
conditions permit, the Investment Manager shall invest temporarily
contributions relating to a suspended direction in the Thrift Fund. An
investment direction, once given, shall remain effective until changed by a
subsequent direction.
	 
	 	(b)	 	Member contributions made pursuant to Article 7 may not be
invested in the Royal Dutch Stock Fund prior to November 24, 1997, or the Shell
Stock Fund.
	 
	 	(c)	 	Notwithstanding anything to the contrary contained herein,
Shell Oil Company in its discretion may, at any time, fix a uniform upper
percent limitation on the part of Company contributions which Members may direct be invested in the Shell Stock Fund
or the Royal Dutch Shell Stock Fund. While any such limitation is effective,
all directions, whether made prior or subsequent thereto, shall be effective
only to the extent permissible under the 

29

 

	 	 	 	limitation. (d) Company
contributions, rollover amounts, and Member contributions as to which no
valid investment direction is in effect shall be placed in the Thrift Fund.
Where by virtue of the summary plan description or otherwise, the Member is
informed or otherwise aware that the Member has a right to direct
contributions or rollovers to the Optional Funds and moreover, that failure
to make a valid investment direction or redirection shall be treated as a
direction to invest those contributions or rollovers in the Thrift Fund,
then the Member’s failure to direct such contributions or rollovers shall be
deemed an exercise of the Member’s control and discretion to invest in the
Thrift Fund. Where a Member attempts to allocate to the Optional Funds more
than 100 percent of the amount the Member rolls over into the Fund, the
entire rollover amount shall be returned to the Member.

     2.      Each Member may direct that any portion of his Account shall be transferred between Optional
Funds by giving directions to the Plan Administrator as follows:

	 	(a)	 	Each direction shall indicate the amount or percentage to be
transferred, the Optional Fund from which the transfer is to be made, and each
Optional Fund to which the amount or percentage is to be transferred.
	 
	 	(b)	 	Member contributions made pursuant to Article 7 may not be
transferred to the Royal Dutch Stock Fund prior to November 24, 1997, or the
Shell Stock Fund.
	 
	 	(c)	 	The provisions of this Subparagraph 2(c) shall govern transfer
directions prior to January 1, 1996. Directions as to a transfer to the
Treasury Fund from any other Optional Fund shall be effective as of the last
Valuation Date in January or July which next falls after timely receipt of
notice by the Plan Administrator. A pro rata reduction of the designated
amount of each transfer direction from the Thrift Fund to the Treasury Fund may
be made as determined by the Trustees in conjunction with the Companies if the
liquid assets necessary to carry out such transfer direction are not available
on satisfactory terms as of the effective Valuation Date.
	 
	 	(d)	 	Except as otherwise expressly provided in Subparagraph 2(c),
directions as to a transfer to any Optional Fund shall be effective on the
first Valuation Date on or after July 12, 1996, on which the Plan Administrator
receives such direction. For purposes of this Subparagraph 2(d), the Plan
Administrator shall be deemed to have received a transfer direction: (1) on the
day it is actually received provided it is received on a Valuation Date before
the New York Stock Exchange closes for trading; or (2) on the Valuation Date
next succeeding the day on which it is actually received, if it is not received
on a Valuation Date or if it is received on a Valuation Date after the New York
Stock Exchange closes for trading. During periods of extreme market conditions
or market closures, a transfer direction may not become effective until normal
trading resumes in all securities markets. Similarly whenever the Investment
Manager closes the Royal Dutch Shell Stock Fund to purchases and/or
redemptions, or whenever, in the judgment of the Investment Manager, liquidity
in the Royal Dutch Shell Stock Fund is insufficient to honor in the aggregate
all Loan, withdrawal, and distribution requests involving redemptions from the
Royal Dutch Shell Stock Fund, as well as all Royal Dutch Shell Stock Fund
redemption requests, any directions to redeem Royal Dutch Shell Stock Fund
units and any directions to purchase or redeem units of other Optional Funds
which purchases or redemptions are dependent in whole or in part on redemptions
of Royal Dutch Shell Stock Fund units shall not become effective until the
Royal Dutch Shell Stock Fund reopens and/or in the judgment of the Investment
Manager, liquidity in the Royal Dutch Shell Stock Fund is sufficient to honor
in the aggregate all such Loans, withdrawals, and distributions and all Royal
Dutch Shell Stock Fund redemptions received previously or simultaneously. A transfer direction, once given,
shall remain effective unless canceled in a timely manner; provided,
however, that

30

 

	 	(1)	 	in the case of a transfer direction directing
an exchange among two or more Fidelity Select Portfolio funds
exclusively, no transfer direction may be canceled or modified after
the first hour the Fidelity Select Portfolio is valued, and no proceeds
from any such exchange can be redirected prior to the close of the
Valuation Date on which the exchange direction takes effect;
	 
	 	(2)	 	in the case of a transfer direction directing
an exchange from a Fidelity Select Portfolio to an Optional Fund other
than another Fidelity Select Portfolio, no transfer direction may be
canceled or modified after the first hour the Fidelity Select Portfolio
is valued, and no proceeds from any such exchange can be redirected
prior to the close of the Valuation Date on which the exchange
direction takes effect; and
	 
	 	(3)	 	in the case of any other transfer direction, no
such transfer direction may be canceled or modified, and no proceeds
from any such exchange can be redirected, after the close of the
Valuation Date on which the exchange direction takes effect.

	 	(e)	 	Notwithstanding anything to the contrary contained herein,
Shell Oil Company in its discretion may, at any time, fix a uniform upper
percent limitation on the part of Company contributions which Members may
direct be transferred to the Shell Stock Fund or the Royal Dutch Shell Stock
Fund. While any such limitation is effective, all directions, whether made
prior or subsequent thereto, shall be effective only to the extent permissible
under the limitation.
	 
	 	(f)	 	A Member or Beneficiary may lose exchange privileges under an
Eligible Investment Company Fund, consistent with the prospectus thereof, for
trading that the Investment Manager determines is excessive or that adversely
impacts effective management of an Optional Fund in accordance with its stated
investment objectives and policies or that would otherwise potentially be
adverse to the interests of Members and Beneficiaries who are long-term
investors.
	 
	 	(g)	 	Where an Optional Fund terminates or withdraws from the Fund, a
Member or Beneficiary who has a balance in such Optional Fund shall redirect
that balance among the remaining Optional Funds. Where the Member or
Beneficiary fails to make a valid investment redirection, such balance shall be
placed in the Thrift Fund. Where by virtue of the summary plan description or
otherwise, the Member or Beneficiary is informed or otherwise aware that the
Member or Beneficiary has a right to redirect a balance from a terminated or
withdrawn Optional Fund among the remaining Optional Funds and moreover, that
failure to make a valid investment redirection shall be treated as a direction
to reinvest such balance in the Thrift Fund, then any failure to redirect the
balance from a terminated or withdrawn Optional Fund shall be deemed an
exercise of the Member’s or Beneficiary’s control and discretion to invest such
balance in the Thrift Fund.

	     3.     (a)  	 	 	Notwithstanding anything to the contrary contained herein, if a cash tender
offer or exchange offer for shares of common stock of Shell Oil Company is made, all or
any part of the shares of common stock of Shell Oil Company standing to the credit of
each Member in his Shell Stock Account shall be tendered or exchanged by the Investment
Manager pursuant to such cash tender offer or exchange offer only in accordance with
the written instructions and directions of such Member to the Investment Manager to so
tender or exchange. If a cash tender offer or exchange offer for shares of common
stock of Shell Oil Company is made, the Investment Manager shall use its best efforts
to take actions reasonably necessary to furnish information to, and allow decision by,
each Member with respect to such cash tender offer or exchange offer and the shares of
common stock of Shell Oil Company standing to the credit of such Member’s Shell Stock Account in substantially the same
manner as would be available to holders of common stock of Shell Oil Company
generally, and, in that connection, the Investment Manager shall:

31

 

	 	(1)	 	Transmit to each Member as soon as practicable
such written information, explanation and other materials relative to
such cash tender offer or exchange offer as are made available by the
Company or by the persons or entities making such cash tender offer or
exchange offer to the holders of shares of common stock of Shell Oil
Company generally;
	 
	 	(2)	 	Request written instructions and directions
from each Member with respect to the tender or exchange of the shares
of common stock of Shell Oil Company standing to the credit of such
Member’s Account Shell Stock Account; and
	 
	 	(3)	 	Use its reasonable efforts to effect the tender
or exchange of common stock of Shell Oil Company held in the Shell
Stock Fund with respect to such cash tender offer or exchange offer in
accordance with written instructions and directions received from
Members.

	 	               If written instructions or directions are not properly or timely
received from a Member, the shares of common stock of Shell Oil Company
standing to the credit of his Shell Stock Account shall not be tendered or
exchanged pursuant to such cash tender offer or exchange offer.
	 
	 	               For purposes herein, the term “cash tender offer” shall include a
tender offer for, or request or invitation for tenders of, shares of common
stock of Shell Oil Company in exchange for cash, as made to the Shell Stock
Fund or to holders of shares of common stock of Shell Oil Company generally;
the term “exchange offer” shall include a tender offer for, or request or
invitation for tenders of, any shares of common stock of Shell Oil Company
in exchange for any consideration other than for all cash, as made to the
Shell Stock Fund or to holders of shares of common stock of Shell Oil
Company generally.

	 	(b)	 	If any shares of common stock of Shell Oil Company held in a
Member’s Shell Stock Account are tendered or exchanged pursuant to a cash
tender offer or exchange offer in accordance with subparagraph 3(a) above, any
cash proceeds received in connection therewith shall be transferred to the
Thrift Fund and credited to such Member’s Thrift Account. Any other property
received pursuant to an exchange offer shall be sold as soon as reasonably
practicable and the proceeds thereof transferred to the Thrift Fund and
credited to such Member’s Thrift Account.

     4.      For purposes of paragraphs 2 and 3 of this Article and for purposes of the restrictions
contained in paragraph 1 of this Article, the term “Member” shall include, in addition to any
Member, any Former Member or Qualified Beneficiary. For purposes of the right under paragraph 1 to
direct investment of amounts received as dividends with respect to Royal Dutch Shell Units, the
term “Member” shall include, in addition to any Member, any Former Member or Qualified Beneficiary
with a Royal Dutch Shell Stock Fund Account.

     5.      Member directions shall be made subject to the conditions of Article 16.

     6.      A Member or Beneficiary shall be responsible for following up in order to ensure that his or her
investment directions were acted upon and were carried out in accordance with his or her express
instructions, and that, in the case of a Member, any contributions related to a suspended direction
were redirected in accordance with the Member’s standing investment direction once the conditions
that precipitated the suspension were resolved.

32

 

ARTICLE 12

MEMBER WITHDRAWALS

     1.      As long as a Member is in the service of a Contributing Company, he shall have no right to
receive the amounts standing to his credit, or any part thereof, except as may be permitted by
paragraphs 2, 3, 4, and 5 of this Article, by Article 12A, by paragraph 4 of Article 13, by
paragraph 3 of Article 13A, or by Articles 17 or 18.

	     2.      (a)   	 	 	Any Member may by written direction to the Fund withdraw up to one hundred
percent (100%) of the value of his Member contributions (within the meaning of Article
7). The right to make such a withdrawal is personal to such Member and cannot be
transferred or pledged, whether by voluntary act or by operation of law, and any such
attempted transfer or pledge shall be void. The Member may specify an Optional Fund
Account from which the withdrawal shall be made. If the Member does not specify an
Account or if further allocation of the amount of the withdrawal is necessary, the
amount or remaining amount, as the case may be, shall be distributed from the Member’s
Optional Fund Accounts on a pro rata basis. Where by virtue of the summary plan
description or otherwise, the Member is informed or otherwise aware that a Member has a
right to allocate withdrawals to the Member’s Optional Fund Accounts and moreover, that
the failure to make a valid allocation shall be treated as a direction to allocate the
withdrawals to the Optional Funds Accounts on a pro rata basis, then the Member’s
failure to allocate withdrawals properly shall be deemed an exercise of the Member’s
control and discretion to allocate the withdrawal to the Member’s Optional Fund
Accounts on a pro rata basis.
	 
	 	 	 	           Whenever a Member shall direct a withdrawal from any of his Accounts
other than his Thrift Fund Account, there shall be redeemed (as of the next
succeeding Valuation Date following receipt of such direction by the Fund or
on the receipt date of such direction if such direction is received on a
Valuation Date prior to the time the New York Stock Exchange closes for
trading) so many of such Member’s Units of participation (or fractions
thereof) as may be necessary to provide the cash to be withdrawn.

	 	(b)	 	Notwithstanding the foregoing provision, however, no withdrawal
shall be permitted from a Member’s Account in excess of the value (as of the
next succeeding Valuation Date following receipt of such direction by the Fund
or on the receipt date of such direction if such direction is received on a
Valuation Date prior to the time the New York Stock Exchange closes for
trading) of all Units of participation standing to his credit in his Accounts
(other than his Thrift Account) which were purchased out of funds paid in by
him. During periods of extreme market conditions or market closures, a
withdrawal direction may not become effective until normal trading resumes in
all securities markets. Similarly whenever the Investment Manager closes the
Royal Dutch Shell Stock Fund to redemptions or whenever, in the judgment of the
Investment Manager, liquidity in the Royal Dutch Shell Stock Fund is
insufficient to honor in the aggregate all Loan, withdrawal, and distribution
requests involving redemptions from the Royal Dutch Shell Stock Fund, then
withdrawal directions to redeem units of the Royal Dutch Shell Stock Fund
and/or withdrawal directions to redeem other Optional Funds units which
redemptions are dependent in whole or in part upon redemptions of Royal Dutch
Shell Stock Fund units shall not become effective until the Royal Dutch Shell
Stock Fund reopens and/or, in the judgment of the Investment Manager, liquidity
in the Royal Dutch Shell Stock Fund is sufficient to honor in the aggregate all
Loans, withdrawals, and distributions involving redemptions from the Royal
Dutch Shell Stock Fund.

	 	(c)	 	Notwithstanding any other provision of this paragraph 2, a
Member shall not be permitted to withdraw any amount subject to a qualified
domestic relations order as defined under ERISA and the Code.

33

 

     3.      Notwithstanding anything in these Regulations to the contrary, any Member who attains age 591/2
even though he has not terminated service and is still in the service of a Contributing Company
may, by direction to the Plan Administrator, withdraw all or a portion of the amount standing to
his credit. Such Member may direct that the Trustees purchase an annuity or other form of contract
of the type and subject to the terms and conditions described in paragraph 5 of Article 13. The
value of the Account will be determined as of the next succeeding Valuation Date following receipt
of such direction by the Fund or on the receipt date of such direction if such direction is
received on a Valuation Date prior to the time the New York Stock Exchange closes for trading.
During periods of extreme market conditions or market closures, a withdrawal direction may not
become effective until normal trading resumes in all securities markets. Similarly whenever the
Investment Manager closes the Royal Dutch Shell Stock Fund to redemptions or whenever, in the
judgment of the Investment Manager, liquidity in the Royal Dutch Shell Stock Fund is insufficient
to honor in the aggregate all Loan, withdrawal, and distribution requests involving redemptions
from the Royal Dutch Shell Stock Fund, then withdrawal directions to redeem units of the Royal
Dutch Shell Stock Fund and/or withdrawal directions to redeem other Optional Funds units which
redemptions are dependent in whole or in part upon redemptions of Royal Dutch Shell Stock Fund
units shall not become effective until the Royal Dutch Shell Stock Fund reopens and/or, in the
judgment of the Investment Manager, liquidity in the Royal Dutch Shell Stock Fund is sufficient to
honor in the aggregate all Loans, withdrawals, and distributions involving redemptions from the
Royal Dutch Shell Stock Fund.

     4.      Any Member who has amounts credited to a Prior Plan Match Account may, by direction to the Plan
Administrator, withdraw all or a portion of the amount standing to his credit in such Prior Plan
Match Account; provided, however, if (a) such Member has less than five (5) years of Participation
Service, and (b) such withdrawal includes employer contributions made under the Siemens Savings
Plan within two years of the last day of the month in which the withdrawal is to be made,
Contributing Company contributions on behalf of any such Member who has not terminated service
and/or is still in the service of a Contributing Company, shall be suspended for a three-month
period following the end of the month after the withdrawal is made. Such Member may direct that
the Trustees purchase an annuity or other form of contract of the type, and subject to the terms
and conditions, described in Paragraph 5 of Article 13. The value of the Prior Plan Match Account
will be determined as of the next succeeding Valuation Date following receipt of such direction by
the Fund or on the receipt date of such direction if such direction is received on a Valuation Date
prior to the time the New York Stock Exchange closes for trading.

     5.      Any Member who has amounts credited to the Prior Plan Company Contribution Account may, by
direction to the Plan Administrator, withdraw once in every twelve-month period all or a portion of
the amount standing to his or her credit in his or her Prior Plan Company Contribution Account.
Except as may be permitted by paragraph 3 of Article 12, this paragraph shall not apply to a Member
until the Member has at least five years of participation in the Plan. For purposes of this
paragraph, “participation in the Plan” shall include, in addition to participation in this Plan,
participation in the Alliance Savings Plan, the Star Enterprise Thrift Plan, the Star Enterprise
Savings Plan, and any other plan from which a Member’s account was transferred in a direct
trust-to-trust transfer to the Alliance Savings Plan. For purposes of this paragraph,
“participation in the Plan” shall also include, in addition to participation in this Plan,
participation in the Pennzoil-Quaker State Company Savings and Investment Plan and the
Pennzoil-Quaker State Company Savings and Investment Plan for Hourly Employees.

ARTICLE 12A

LOANS

     1.      Any of the following who has an Account under this Fund (each, a “Borrower”) shall be eligible
to make a loan under the terms of this Plan:

	 	(a)	 	an active employee of a Contributing Company (an “Active
Employee”),
	 
	 	(b)	 	a person who was formerly an Active Employee (“Former
Employee”) or is a surviving beneficiary of an Active or Former Employee (a
“Surviving Beneficiary”), and

34

 

	 	(c)	 	an Active Employee who ceased employment with a Contributing
Company on or after July 1, 1988, in connection with a transaction which, taken
as a whole, does not result in a separation of service (a “Nonseparated
Employee”);

provided, however, that Loans to parties in interest may not discriminate in favor of Highly
Compensated Employees.

     2.      Requests for Loans must be submitted to the Plan Administrator. The Plan Administrator will
consider such requests at least once a month. Unless denied, a Loan will be made effective on the
date the Loan request is actually received provided it is received on a Valuation Date before the
New York Stock Exchange closes for trading; or on the Valuation Date next succeeding the day on
which it is actually received, if it is not received on a Valuation Date or if it is received on a
Valuation Date after the New York Stock Exchange closes for trading. During periods of extreme
market conditions or market closures, a Loan request may not become effective until normal trading
resumes in all securities markets. Similarly whenever the Investment Manager closes the Royal
Dutch Shell Stock Fund to redemptions or whenever, in the judgment of the Investment Manager,
liquidity in the Royal Dutch Shell Stock Fund is insufficient to honor in the aggregate all Loan,
withdrawal, and distribution requests involving redemptions from the Royal Dutch Shell Stock Fund,
then Loan requests to redeem units of the Royal Dutch Shell Stock Fund and/or Loan requests to
redeem other Optional Funds units which redemptions are dependent in whole or in part upon
redemptions of Royal Dutch Shell Stock Fund units shall not become effective until the Royal Dutch
Shell Stock Fund reopens and/or, in the judgment of the Investment Manager, liquidity in the Royal
Dutch Shell Stock Fund is sufficient to honor in the aggregate all Loans, withdrawals, and
distributions involving redemptions from the Royal Dutch Shell Stock Fund.

     3.      The Plan Administrator shall be authorized to administer the loan program. Borrowers may apply
for Loans under the Plan subject to the following terms and conditions:

	 	(a)	 	With respect to each Account hereunder, the total amount of
outstanding Loans, including loans from other qualified plans of the
Contributing Company or any Affiliated Company, shall not exceed the lesser of:

	 	(i)	 	Fifty Thousand Dollars ($50,000) reduced by the
excess, if any, of (A) the highest outstanding balance of Loans from
the Plan (and all other qualified plans maintained by an employing
Company or an Affiliated Company) during the one-year period ending on
the day before the date on which such Loan was made, over (B) the
outstanding balance of Loans from the Plan on the date on which such
Loan was made, or
	 
	 	(ii)	 	one-half the value of the Account, determined
as of the last Valuation Date preceding the Borrower’s request for a
Loan.
	 
	 	 	 	For any Loan, including loans from other qualified plans of the Contributing
Company or any Affiliated Company, that is deemed distributed as a result of
a default that has not been repaid (such as by a plan loan offset), the
unpaid amount of such Loan including accrued interest will be considered
outstanding for purposes of Subparagraph 3(a) of this Article 12A.

	 	(b)	 	Loans shall not be made for less than Five Hundred Dollars
($500.00).
	 
	 	(c)	 	Loans shall meet the requirements of Section 4975(d)(1) of the
Code.
	 
	 	(d)	 	Loans shall be adequately secured by the value of the Member’s
Account.
	 
	 	(e)	 	The rate of interest for Loans shall be set by the Plan
Administrator based on an annual rate equal to the prime index as quoted by
Bloomberg L.P., The Wall Street Journal, or any other widely available, easily
accessible source. The Plan Administrator shall be entitled to select a rate
which discourages arbitrage and reflects the fact that payments generally are

35

 

	 	 	 	made via payroll deduction. The Plan Administrator shall not be required to
charge different rates for different parts of the country and need not
consider the creditworthiness of the Borrower nor the usury laws of any
particular jurisdiction. The Plan Administrator will periodically review
the Loan rate and make adjustments when appropriate. However, the rate set
for each Loan shall remain the same during the term of the Loan, except that
the rate of interest may not exceed 6% per year during periods that the
Borrower is on “military service,” within the meaning of, and as required
under, the Servicemembers Civil Relief Act. Principal and interest paid on
a Loan shall be credited and allocated in accordance with the current
Contribution allocation, in the case of an Active Employee, or in accordance
with the last Contribution allocation in the case of a Former Employee,
Surviving Beneficiary, or Nonseparated Employee.

	 	(f)	 	Loans, by their terms, shall be amortized in substantially
level monthly or semi-monthly payments with the final payment or balance due
upon the expiration of a fixed term of not more than five (5) years and of not
less than six (6) months; provided, however, the Plan Administrator, to the
extent permitted under applicable law and regulations, may approve a Loan for
up to a ten-year term in the case of a Loan used to acquire any dwelling unit
which within a reasonable period of time is to be used (determined at the time
the Loan is made) as the principal residence of the Borrower based upon a
certification made by the Borrower, and consistent with such certification.
	 
	 	(g)	 	Loans shall be made pursuant to a loan agreement between the
Borrower and the Plan, utilizing such methods and provisions as the Plan
Administrator shall approve. Loan payments will be made in installments by
payroll deductions, in the case of an Active Employee actively at work, and by
direct payment (including payments through the use of the automatic clearing
house method of debiting his account with a financial institution) in the case
of any other Borrower, with minimum payments of Twenty-Five Dollars ($25) per
month.
	 
	 	(h)	 	A Borrower may not have more than three (3) Loans under this
Plan, the Shell Pay Deferral Investment Fund, and any other qualified plan of
the Company or any Affiliated Company outstanding at one time.
	 
	 	(i)	 	The Plan Administrator shall be entitled to deny any Loan where
he has reasonable cause to believe that the Borrower is not making a bona fide
Loan as, for example, when the Borrower has no intention to repay it.
	 
	 	(j)	 	Loans shall meet such other requirements as the Plan
Administrator may determine advisable or necessary to provide adequate security
and to comply with all applicable laws and regulations.
	 
	 	(k)	 	A Loan will be funded on a pro rata basis from a Borrower’s
Optional Fund Accounts on the basis of the source of the amounts in the
following order:

	 	(i)	 	Company Contribution Account;
	 
	 	(ii)	 	Prior Plan Company Contribution Account;
	 
	 	(iii)	 	Company Match Account;
	 
	 	(iv)	 	Prior Plan Match Account;
	 
	 	(v)	 	Rollover Account;
	 
	 	(vi)	 	After-tax Rollover Account; and

36

 

	 	(vii)	 	Member Account.
	 
	 	Notwithstanding the above, a Borrower may specify an Optional Fund from
which the Loan is to be made, subject to the hierarchy described above.
Where by virtue of the summary plan description or otherwise, the Borrower
is informed or otherwise aware that the Borrower has a right to specify an
Optional Fund from which the Loan is to be made subject to the hierarchy
described above and moreover, that failure to specify an Optional Fund shall
result in the Loan being funded on a pro rata basis from the Member’s
Optional Fund Accounts, then the Borrower’s failure to specify properly an
Optional Fund from which the Loan is to be made shall be deemed an exercise
of the Borrower’s control and discretion to fund the Loan on a pro rata
basis, subject to the hierarchy described above.

	 	(l)	 	 The entire unpaid principal balance and accrued interest of a
Loan shall become immediately due and payable upon the death of the Borrower.
Notwithstanding the above, the preceding sentence shall not apply if a
beneficiary that is 18 years or older is the sole beneficiary of a deceased
Employee, Nonseparated Employee, or Former Employee’s Account, and such
beneficiary affirmatively elects to continue to repay the Loan under its
original terms, where such election is received by the Plan no later than the
last day that a Borrower would have to cure a failure to pay an installment
payment under Subparagraph 4(a) below.
	 
	 	(m)	 	A Loan may be prepaid by a Borrower at any time without a
penalty fee or charge. Such prepayments shall be applied towards the principal
payment amounts due at the end of the term of the Loan. Such prepayments will
not relieve the Borrower from making subsequent installment payments under the
terms of the Loan, except to the extent that the outstanding principal balance
is reduced to less than the amount of an installment payment.
	 
	 	(n)	 	Installment payments required under the terms of a Loan may be
suspended under this Plan as permitted under Section 414(u)(4) of the Code for
an Active Employee during periods of qualified military service, provided that
such Active Employee is not receiving Compensation or is receiving Compensation
that is less than the amount of the installment payments required under the
terms of the Loan.
	 
	 	(o)	 	Installment payments required under the terms of a Loan may be
suspended not longer than one year under this Plan as permitted under the
applicable Department of Treasury regulations for an Active Employee that is on
a bona fide leave of absence, provided that such Member is not receiving
Compensation or is receiving Compensation that is less than the amount of the
installment payments required under the terms of the Loan. At the end of the
suspension period permitted under this Subparagraph, the installment payments
will resume at an increased amount required to pay the entire unpaid principal
balance of the Loan, including the interest that accrued during the suspension
period, and the interest that will accrue, by the end of the original term of
the Loan extended by the length of the suspension period permitted under this
Subparagraph. Notwithstanding the preceding sentence, the amount of an
installment payment due after the end of the suspension period under this
Subparagraph must not be less than the amount required under the terms of the
original Loan; and the term of the loan may not be extended beyond five years
from the date the loan was issued (unless such loan was used to acquire a
principal residence as permitted under Subparagraph 3(f) above).
	 
	 	(p)	 	Notwithstanding the foregoing requirements of this Paragraph 3
or of Paragraph 4 following, if plan loans are to be transferred to the Plan
and Trust for a participant or beneficiary in connection with a merger or asset
transfer, then the terms and conditions of this Paragraph 3 and Paragraph 4 may
be modified by the Plan Administrator to the extent necessary to accommodate
the administration of such loans, provided such loans meet the applicable
requirements of ERISA and the Code.

37

 

	 	(q)	 	Notwithstanding the foregoing requirements of this Paragraph 3,
the installment obligations for any loan requested on or after January 1, 2004,
must be paid by payroll deduction if, at the time the loan is requested, the
Borrower has a previous loan (including any loan from other qualified plans of
the Contributing Company or any Affiliated Company) that resulted in a deemed
distribution that has not been repaid (such as by plan loan offset); moreover,
if at a later time, the installment obligations of such loan cannot be made by
payroll deduction (other than during the periods permitted by Subparagraphs
3(n) or 3(o)), the amount then outstanding on the loan will be treated as a
deemed distribution under Section 72(p) of the Code.

     4.      This Paragraph 4 shall govern in the event of late or missed payments.

	 	(a)	 	If a Borrower fails to repay any Loan granted to him pursuant
to this Article 12A in accordance with its terms and such failure continues for
a period of at least thirty (30) days, the Plan Administrator shall notify the
Borrower in writing in a timely manner that he has thirty (30) days from the
date of the notice to cure the failure (the “Cure Period”), and that if the
failure is not cured within the Cure Period, the Plan Administrator shall,
without further notice to the Borrower, accelerate the balance due on the Loan
and treat the Loan as in default. If the Borrower is deceased, such notice may
be given to the person who would be entitled to receive distribution of his
Account under the terms of the Plan and who has elected to continue to repay
the Loan under its original terms as provided for in Subparagraph 3(l) above
(hereinafter in this Article 12A, referred to as “Beneficiary Borrower"). If
the failure is not cured within the Cure Period the Plan Administrator shall
reduce the Account by the balance due on the Loan and record and report the
transaction as an offset distribution. The Plan will be completely discharged
of all liability under the Plan for the balance of the Account (including
interest) up to the amount of such offset distribution.
	 
	 	(b)	 	Written notice to the Borrower (or to the Beneficiary Borrower
if the Borrower is deceased) will conclusively be presumed to have been given
under the terms of Subparagraph 4(a) above when mailed (postage prepaid) to the
last known address for the Borrower or the Beneficiary Borrower according to
the Plan Administrator’s records. If the Plan Administrator has no address for
the Beneficiary Borrower to be notified if the Borrower is deceased, the
written notice may be mailed to the Beneficiary Borrower at the Borrower’s last
known address and, in such event, such notice will conclusively be presumed to
have been properly given to the Beneficiary Borrower.
	 
	 	(c)	 	Notwithstanding the above, the Plan Administrator may extend
the Cure Period provided that the following conditions are met:

	 	(i)	 	the Cure Period is not extended by more than 30
days;
	 
	 	(ii)	 	it is demonstrated that the Borrower made a
good faith effort to cure the failure by the end of the Cure Period;
and
	 
	 	(iii)	 	the criteria above is applied by the Plan
Administrator on a consistent basis for all Borrowers similarly
situated.
	 
	 	In no event may the Cure Period for the failure to pay an installment
payment when due continue beyond the last day of the calendar quarter
following the calendar quarter in which the required installment payment was
due.

     5.      If a Member receives a Loan under this Article 12A, his status as a Member in the Plan and his
rights with respect to his Plan benefits shall not be affected, except to the extent that the
Member has used his Account as security for the Loan, pursuant to this Article 12A.

38

 

     6.      Notwithstanding the above, at the written request of a Borrower and upon the demonstration by
such Borrower that continuation of Loan payments via payroll deductions would cause undue financial
hardship, the Plan Administrator may cease all future Loan payments by payroll deduction and
accelerate the entire unpaid principal balance due on the Loan with accrued interest. In this
event, the Borrower will be treated as having defaulted on the Loan as of the day payroll
deductions are terminated; in addition, such Borrower will be restricted from obtaining a new Loan
under this Plan for a period extending at least through the due date of the last installment
payment that would have been payable under the original terms of the Loan which was declared in
default.

ARTICLE 13

DISTRIBUTIONS AND DESIGNATION OF BENEFICIARY

     1.      Subject to the provisions pertaining to certain married Members set out below, a Member may name
an individual, trust, or Qualified Charitable Organization as a beneficiary, or multiple or
combination of individuals, trusts, and Qualified Charitable Organizations as beneficiaries
(hereinafter referred to as “beneficiary,” whether one or more) to receive all or any part of the
amount standing to the Member’s credit with the Fund in the event the Member dies before such
amount is distributed. A “Qualified Charitable Organization” for these purposes shall mean a
charitable organization in existence at the time of the distribution that is either:

	 	(1)	 	an organization described in Section 170(c) of the Code and
listed in the IRS Cumulative List of Organizations described in Section 170(c)
of the Internal Revenue Code as published by the Internal Revenue Service
(currently published as Publication 78) at the time of distribution;
	 
	 	(2)	 	an organization which is a church or other church organization
which qualifies as a charitable organization under Section 501(c)(3) of the
Code; or
	 
	 	(3)	 	an educational organization which either qualifies as a
charitable organization under Section 501(c)(3) of the Code or which otherwise
constitutes an educational organization to which charitable contributions may
be deducted under section 170 of the Code.

In order to be recognized as a Qualified Charitable Organization any organization designated
hereunder must present clear and convincing evidence to the Plan Administrator that it meets the
requirements described above. The Plan Administrator may rely on a listing of the designated
organization in the current IRS Cumulative List of Organizations described in Section 170(c) of the
Internal Revenue Code as published by the Internal Revenue Service (currently published as
Publication 78) at the time of distribution in order to treat such organization as a Qualified
Charitable Organization. In the event that an organization described in (2) or (3) is not listed
in such publication and is otherwise unable to produce documentation to the satisfaction of the
Plan Administrator that it is an organization described in Section 170(c) of the Code, or, if the
Plan Administrator cannot locate such organization within a reasonable period of time, such
designation will be of no force and effect and distribution of such interest which was to pass to
the designated organization shall instead be paid in as provided in paragraph 3 below. Such
determination shall be at the Plan Administrator’s discretion and any decision by the Plan
Administrator shall be final and binding.

     2.      No designation or change of beneficiary shall be effective until it is accepted by the Plan
Administrator or by its duly authorized agent, but when so approved it shall be effective
retroactively to the date of the instrument making the designation or change. A Member may from
time to time cancel the designation of a beneficiary, but no such cancellation shall be effective
until it is filed with the Trustees; provided, that if a Member dies after forwarding a
cancellation to the Trustees, and if it is actually received by the Trustees prior to the time that
the amount standing to the Member’s credit in the Fund is paid out, it shall be effective
retroactively to the date of the instrument making the cancellation.

     3.      After termination of service, amounts standing to the credit of a Member shall be payable to the
Member, if he is living. Should any Member or Former Member die prior to the distribution of his
Account or any

39

 

portion thereof, the balance of his Account shall be payable to his surviving spouse
unless he has a designation of beneficiary in effect which names a non-spouse beneficiary and such
surviving spouse has properly consented to such designation. Consent is proper if the designation
is in writing and may not be changed without spousal consent and if the spouse acknowledges the
effect of the designation in a notarized writing. Such spousal consent shall be irrevocable.
Spousal consent shall not be required if it is established to the satisfaction of the Plan
Administrator that there is no spouse, that the spouse cannot be located, or that other
circumstances exist as set forth in regulations issued by the Secretary of the Treasury. Consent
by a spouse shall be effective only with respect to such spouse. No person shall have the
discretion to change a Member’s or a Former Member’s designation of beneficiary after his death;
provided, however, any disclaimer by a surviving spouse and/or Qualified Beneficiary which is valid
under applicable Federal and state laws shall be recognized by the Plan Administrator and shall not
be deemed to change a Member’s or Former Member’s designation of beneficiary after his death.
Should any Member or Former Member die prior to the distribution of his Account or any portion
thereof without a valid designation of beneficiary in effect, the balance of his Account shall be
payable to his surviving spouse or, if none, to the estate of the Member or Former Member.

     4.      After a Member’s termination of service, his Account shall be distributed subject to the
following conditions:

	 	(a)	 	Except as provided in subparagraphs 4(b) and 6 below, Accounts
shall be distributed to the proper person or persons under the provisions of
this Plan as soon as administratively feasible after the Member terminates
service, but not later than the sixtieth (60th) day after the close of the Plan
Year in which occurs the latest of the following events: (i) the date the
Member attains age 65, or (ii) the date the Member terminates service with all
Contributing Companies or (iii) the date beyond age 65 specified in a valid
deferral election. Where a Member does not make a valid deferral election, the
date under clause (iii) above shall be the date the Member attains age 65.
Notwithstanding the preceding provisions of this subparagraph 4(a), consistent
with the provisions of Treasury Regulation section 1.401(a)-14(a), and subject
to the provisions of subparagraph 4(e) below, a Member must file a claim for
benefits before payment of benefits will commence.
	 
	 	(b)	 	No distribution of any part of a Member’s Account shall be
made, without the Member’s written consent, to a Member prior to age 65. An
automatic deferral effected under this provision shall be a “deferral” under
the Plan.
	 
	 	(c)	 	Any deferral under the above provisions and the Account during
such a deferral shall be subject to the terms and conditions set forth in
subsections 6(c), (d), (e), (f), (g), and (h) below.
	 
	 	(d)	 	If (i) a question should exist as to the person or persons
entitled to any amounts, (ii) the amount payable cannot be ascertained by the
date distribution is scheduled to be made pursuant to the Regulations, or (iii)
the payee cannot be located by such date, distribution may be delayed not later
than sixty (60) days after the earliest date such question is resolved, such
amount is ascertained, or the payee is located.
	 
	 	(e)	 	Notwithstanding anything in the Plan to the contrary, on and
after January 1, 2003, a Member’s Account shall be distributed consistent with
Article 29.

     5.      The normal form of benefit shall be a single sum. In lieu of receiving the amount standing to
his credit in the normal form upon termination of service, a Member or Former Member who receives a
distribution after December 31, 1987, may direct the Trustees to use all or a portion of such
amount to purchase a life annuity contract or other form of contract which provides life annuity
benefits, provided the Member’s or Former Member’s Eligible Spouse consents to the distribution of
less than all of the Account in single sum form as an alternative form of benefit. If a Member or
Former Member for whom a deferral is in effect dies, any individual beneficiary of the Member or
such Former Member who is: (1) of majority age or (2) a surviving spouse shall have the same right
as the Member or Former Member had to direct the Trustees to purchase such an annuity or other form
of contract prior to distribution of that beneficiary’s portion of the Member’s or Former Member’s Account. Annuity contracts shall be
purchased from any insurance company which has a contract with the Trustees and shall require
distributions thereunder to commence

40

 

not later than the first of April in the calendar year
following the calendar year in which the Member or Former Member attains, or would have attained,
age 701/2. Such contracts shall, at least, comply with the following survivor annuity requirements:

	 	(a)	 	The normal form of benefit for a Member who so elects a life
annuity and who is married at his Annuity Starting Date shall be a Qualified
50% Joint and Survivor Annuity, in the case of a Member who survives to his
Annuity Starting Date. But, if the Member’s spouse fails to satisfy the
one-year marriage rule set forth in the definition of “Eligible Spouse,” such
spouse shall have no right to the Qualified 50% Joint and Survivor Annuity.
Where a Member does not so survive, the normal form of benefit is the
Preretirement 50% Spouse’s Annuity.

	 	(i)	 	The Qualified 50% Joint and Survivor Annuity is
an annuity payable to the Member for the life of the Member, reduced by
the costs of the survivorship benefit, with a survivor annuity payable
to the Eligible Spouse for the life of such Eligible Spouse, which
survivor annuity shall be equal to fifty percent (50%) of the reduced
annuity payable to the Member. The Qualified 50% Joint and Survivor
Annuity shall be actuarially equivalent to a single life annuity for
the life of the Member.
	 
	 	(ii)	 	The Preretirement 50% Spouse’s Annuity is an
annuity payable to the Member’s surviving Eligible Spouse for the life
of such Eligible Spouse, which annuity shall be actuarially equivalent
to at least fifty percent (50%) of the Member’s Account balance at the
time of his death reduced by the costs of the survivorship benefit.

	 	(b)	 	The normal form of benefit for a Member who so elects a life
annuity and who is not married on his Annuity Starting Date shall be a single
life annuity.
	 
	 	(c)	 	The alternative form of postretirement benefit for a Member
whose spouse consents may be a single life annuity or any other form of benefit
which is actuarially equivalent to a single life annuity. Such spousal consent
shall be irrevocable.
	 
	 	(d)	 	Within the applicable period, each Member who elects a life
annuity shall be provided with a written explanation of: (i) the terms and
conditions of the Qualified 50% Joint and Survivor Annuity and the
Preretirement 50% Spouse’s Annuity; (ii) the Member’s right to make, and the
effect of, an election to waive said annuities as to any part of the Member’s
Account; (iii) the right of the Member’s spouse to consent to a distribution of
any portion of the electing Member’s Account in a form other than annuity form;
(iv) the Member’s right to make prior to the Annuity Starting Date, and the
effect of, a revocation of the election to take less than all of the Member’s
Account in life annuity form.
	 
	 	(e)	 	Spousal consent to the distribution of a portion of the
Member’s Account in single sum form must be in writing, must acknowledge the
effect of the Member’s election, and must be notarized. Such spousal consent
shall be irrevocable. Spousal consent shall not be required if it is
established to the satisfaction of the Committee that there is no spouse, that
the spouse cannot be located, or that other circumstances exist as set forth in
regulations issued by the Secretary of the Treasury. Consent by a spouse shall
be effective only with respect to such spouse.

     6.      Deferrals and VPOs. As an optional alternative means of deferring distributions to that
provided under 4(b) above, and subject to the minimum distribution requirements of subsection 4(e)
of this Article, distributions of all or a portion of an Account may be deferred by a Member who is
terminating service, or, if there is no deferral in effect for the Account, by a deceased Member’s
Qualified Beneficiary, consistent with such administrative procedures as may be prescribed by the
Plan Administrator and in accordance with the following terms and conditions:

41

 

     (a)      An election to defer distribution of an Account, subject to the minimum
distribution requirements of subparagraph 4(e) of this Article, shall be made by giving
notice to the Plan Administrator: (i) at any time prior to the Member’s or Former Member’s
attainment of age 65, if made by a Member or a Former Member or a Qualified Beneficiary who
is an alternate payee, within the meaning of section 206(d)(3)(K) of ERISA, or, (ii) within
three (3) calendar months after the death of the Member (provided there is no deferral in
effect), if made by any other Qualified Beneficiary.

     (b)      If a Member’s termination of service occurs by reason of death and such a Member is
survived by a Qualified Beneficiary, such Qualified Beneficiary shall have the right to
defer distribution to a date which could have been selected by the Member had termination of
service occurred by reason other than the Member’s death.

     (c)      After December 31, 1990, a Former Member or a Qualified Beneficiary shall be
entitled to request in writing a distribution of all or a part of his deferred Account
balance as of the Valuation Date coincident with or next following the receipt of such
request. Payments shall be made as soon as administratively feasible following the
applicable Valuation Date.

               Subject to the minimum distribution rules of section 401(a)(9) of the Code in the case
of a non-spouse Qualified Beneficiary, on and after July 16, 1996, a Former Member or a
Qualified Beneficiary shall be entitled to request a distribution of all or a part of his
deferred Account balance: (1) in single sum form; or (2) in the form of a series of
substantially equal monthly, quarterly, semi-annual, or annual payments (x) for a term of
years, or (y) for the life or life expectancy of the Former Member or of the Qualified
Beneficiary, as the case may be, or, (z) in the case of a Former Member, for the joint lives
of the Former Member and the Former Member’s designated beneficiary; and any such
distribution shall be made or shall commence, as the case may be, on the day on which it is
actually received provided it is received on a Valuation Date before the New York Stock
Exchange closes for trading; or on the Valuation Date next succeeding the day on which it is
actually received, if it is not received on a Valuation Date or if it is received on a
Valuation Date after the New York Stock Exchange closes for trading. During periods of
extreme market conditions or market closures, a withdrawal direction may not become
effective until normal trading resumes in all securities markets. Similarly whenever the
Investment Manager closes the Royal Dutch Shell Stock Fund to redemptions or whenever, in
the judgment of the Investment Manager, liquidity in the Royal Dutch Shell Stock Fund is
insufficient to honor in the aggregate all Loan, withdrawal, and distribution requests
involving redemptions from the Royal Dutch Shell Stock Fund, then withdrawal directions to
redeem units of the Royal Dutch Shell Stock Fund and/or withdrawal directions to redeem
other Optional Funds units which redemptions are dependent in whole or in part upon
redemptions of Royal Dutch Shell Stock Fund units shall not become effective until the Royal
Dutch Shell Stock Fund reopens and/or, in the judgment of the Investment Manager, liquidity
in the Royal Dutch Shell Stock Fund is sufficient to honor in the aggregate all Loans,
withdrawals, and distributions involving redemptions from the Royal Dutch Shell Stock Fund.
In the case of a distribution in single sum form, a Former Member or Qualified Beneficiary
may specify an Optional Fund Account from which the distribution is to be made. If the
Member, Former Member, or Qualified Beneficiary does not specify an Account or if a further
allocation of the dollar amount of a distribution request is necessary, the amount or
remaining amount, as the case may be, shall be distributed from the Optional Fund Accounts
on a pro rata basis. In the case of any distribution other than a distribution in single
sum form, allocation of the dollar amount of such a distribution request shall be made on a
pro rata basis from all the Optional Fund Accounts. Where by virtue of the summary plan
description or otherwise, the Member, Former Member, or Qualified Beneficiary is informed or
otherwise aware that he or she has a right to specify an Optional Fund from which the
withdrawal is to be made and moreover, that failure to specify an Optional Fund shall result
in the withdrawal being funded on a pro rata basis from all Optional Fund Accounts, then the
Member’s, Former Member’s, or Qualified Beneficiary’s failure to specify properly an
Optional Fund from which the withdrawal is to be made shall be deemed an exercise of the
Member’s, Former Member’s, or Qualified Beneficiary’s control and discretion to fund the
withdrawal on a pro rata basis from all Optional Fund Accounts. A Former Member or
Qualified Beneficiary may direct at any time a total distribution of the deferred Account
balance as of the Valuation Date coincident with or next following the receipt of such
request.

42

 

     (d)      Any deferral shall be subject and subordinate to any conflicting terms of a
qualified domestic relations order or valid property settlement agreement, but the fact that
a portion of a Member’s or a Former Member’s Account has been partitioned under a qualified
domestic relations order or valid property settlement agreement shall not prevent a Member
or a Former Member or a Qualified Beneficiary from exercising rights of deferral as to the
Member’s or Former Member’s portion of the Account.

     (e)      If a Former Member whose Account has been deferred is reemployed by a Contributing
Company, such deferral will be canceled, except as to distributions already made, and
distribution of the remainder of the Account will be made under the terms of the Plan as if
the Former Member had not previously terminated service.

     (f)      In the event distribution of the Account of a Former Member or a Qualified
Beneficiary has been deferred under the provisions of the Plan, and the Former Member or
Qualified Beneficiary dies, distribution of the Account will be accelerated and the Account
distributed to the person(s) entitled to the proceeds; provided, in the case of the death of
a Former Member leaving a Qualified Beneficiary, the deferral shall remain effective, but
the Qualified Beneficiary will have the same rights of acceleration which the Former Member
had at the time of death.

     (g)      If distribution of an Account has been deferred under the Plan’s provisions, the
Former Member or Qualified Beneficiary may direct, prior to the expiration of the deferral
period, that the Trustees purchase an annuity or other form of contract of the type and
subject to the terms and conditions described in paragraph 5 of this Article.

     (h)      The rights and restrictions under the Plan applicable to a Member shall, during a
period of deferral, be applicable to a Former Member or a Qualified Beneficiary except for
rights under Articles 7, 8 and 8A. Further, as an exception, a Qualified Beneficiary shall
under no circumstances have the right given a Member under Article 13 to name or change a
beneficiary.

     7.      Notwithstanding any other provisions in the Plan to the contrary, the Fund shall make
distributions to an alternate payee (as defined by ERISA and the Code) pursuant to any final
judgment, decree or order (including judicial approval of a property settlement agreement) which
the Plan Administrator has determined to be a qualified domestic relations order as defined under
ERISA and the Code. Such distributions shall be made, if authorized by the qualified domestic
relations order, within a reasonable time after the Plan Administrator has made the determination
that the requirements for a qualified domestic relations order have been satisfied, notwithstanding
the Member’s continuing employment by a Contributing Company.

ARTICLE 13A

DIRECT ROLLOVERS

     1.      This Article shall apply to distributions and withdrawals made from the Fund on or after January
1, 1993, but before January 1, 2002; and to distributions and withdrawals directed into the Fund on
or after July 16, 1996, but before January 1, 2002. This Article, as modified by Paragraphs 5 and
6 of Article 27 of the Regulations, shall apply to distributions and withdrawals made from the Fund
on or after January 1, 2002; and to distributions and withdrawals directed into the Fund on or
after January 1, 2002. Notwithstanding any provision of the Plan to the contrary that would
otherwise limit an election under this Article:

	 	(a)	 	a Distributee may elect, at the time and in the manner
prescribed by the Plan Administrator, to have any portion of an Eligible
Rollover Distribution paid directly to an Eligible Retirement Plan specified by
the Distributee in a Direct Rollover;

43

 

	 	(b)	 	a Member who is an Employee may elect to have a Valid Rollover
Contribution from the Member’s Qualified Retirement Plan contributed directly
to the Fund in a direct rollover from said Qualified Retirement Plan; and
	 
	 	(c)	 	on or after January 1, 2000, a Former Member may elect to have
a Valid Rollover Contribution from the Former Member’s Qualified Retirement
Plan contributed directly to the Fund in a direct rollover from said Qualified
Retirement Plan. For purposes of this section only, “Qualified Retirement
Plan” shall mean any of the following that permit direct rollovers in
accordance with section 401(a)(31) of the Code: (i) a Conduit IRA; (ii) the
Shell Pension Plan; and (iii) the Alliance Pension Plan.

     2.      The following definitions are to be applied for purposes of interpreting Article 13A unless
indicated otherwise:

	 	(a)	 	“Eligible Rollover Distribution” shall mean any distribution or
withdrawal of all or any portion of the balance to the credit of the
Distributee, except that an Eligible Rollover Distribution does not include:
any distribution or withdrawal that is one of a series of substantially equal
periodic payments (not less frequently than annually) either made for the life
(or life expectancy) of the Distributee or the joint lives (or joint life
expectancies) of the Distributee and the Distributee’s designated beneficiary,
or for a specified period of ten years or more; any distribution or withdrawal
to the extent such distribution or withdrawal is required under section
401(a)(9) of the Code; and the portion of any distribution or withdrawal that
is not includable in gross income for federal income tax purposes (determined
without regard to the exclusion for net unrealized appreciation with respect to
employer securities).
	 
	 	(b)	 	“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, or a qualified trust described in section 401(a) of
the Code, that accepts the Distributee’s Eligible Rollover Distribution.
However, in the case of an Eligible Rollover Distribution to the surviving
spouse, an Eligible Retirement Plan is limited to an individual retirement
account or individual retirement annuity.
	 
	 	(c)	 	“Distributee” shall include a Member or Former Member. In
addition, the Member’s or Former Member’s surviving spouse and the Member’s or
Former Member’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,
are Distributees with regard to the interest of the spouse or former spouse.
	 
	 	(d)	 	“Direct Rollover” shall mean a payment by the Plan to the
Eligible Retirement Plan specified by the Distributee.
	 
	 	(e)	 	“Qualified Plan Distribution” shall mean any distribution or
withdrawal of all or any portion of the balance to the credit of the Member or
Former Member in a Qualified Retirement Plan, except that a Qualified Plan
Distribution shall not include: (i) any distribution or withdrawal that is one
of a series of substantially equal periodic payments (not less frequently than
annually) either made for the life (or life expectancy) of the Member or the
joint lives (or joint life expectancies) of the Member and the Member’s
designated beneficiary, or for a specified period of ten years or more; (ii)
any distribution or withdrawal to the extent such distribution or withdrawal is
required under section 401(a)(9) of the Code; and (iii) the portion of any
distribution or withdrawal that is not includable in gross income for federal
income tax purposes (determined without regard to the exclusion for net
unrealized appreciation with respect to employer securities).

44

 

	 	(f)	 	“Qualified Retirement Plan” shall mean any of the following
that permit direct rollovers in accordance with section 401(a)(31) of the Code:
(i) an individual retirement account described in section 408(a) of the Code;
(ii) an individual retirement annuity described in section 408(b) of the Code;
(iii) an annuity plan described in section 403(a) of the Code; or (iv) a
qualified trust described in section 401(a) of the Code.
	 
	 	(g)	 	“Valid Rollover Contribution” shall mean a contribution to the
Fund of a Qualified Plan Distribution from a Qualified Retirement Plan within
the meaning of Treasury Regulation section 1.402(c)-2, or of a rollover
contribution within the meaning of section 408(d)(3)(A)(ii) of the Code, that
satisfies the requirements of section 401(a)(31), 402(c), or 408(d)(3) of the
Code for treatment as a rollover or a rollover contribution.
	 
	 	(h)	 	“Conduit IRA” shall mean an individual retirement account
described in section 408(a) of the Code, provided that all amounts in said
individual retirement account (including earnings) are attributable to rollover
contributions received from the Fund or another qualified plan sponsored by an
employer that also sponsored the Fund or the Coral Energy Services, LLC Savings
Plan at the time the rollover contributions were received by the individual
retirement account.
	 
	 	(i)	 	“Former Member” shall mean a former Employee who was a Member
of the Plan before he terminated his employment and who is still a participant
in the Plan, or a former Employee who becomes a participant in the Plan by
electing to have a Valid Rollover Contribution contributed directly to the
Fund.

     3.      Qualified Plan Distributions contributed directly to the Fund in a direct rollover shall never
be treated as a Company contribution hereunder, and shall be treated as Member contributions for
all purposes hereunder, except for purposes of the limitations set forth in Articles 7, 8A, and 25;
provided, however, that Members may withdraw such Qualified Plan Distributions so contributed and
any interest and earnings thereon at any time notwithstanding the restrictions on Member
withdrawals set forth in Article 12.

     4.      If the Plan Administrator determines at any time that a rollover contribution to the Fund was
not a Valid Rollover Contribution at the time it was made, the Plan Administrator shall distribute
to the Member as soon as practicable, the amount of the contribution, together with interest and
earnings attributable thereto.

ARTICLE 14

MEMBER RIGHT TO COMPANY CONTRIBUTIONS

               Upon termination of service for any reason and regardless of the length of service, a Member
shall have the right to receive all Company contributions made for such Member’s Account in
accordance with paragraph 4 of Article 6 and Articles 8 and 8A and all income applicable to such
contributions.

ARTICLE 15

STATEMENT OF ACCOUNT

     1.      Each Member shall receive a statement periodically, but not less frequently than annually,
showing (1) the amount standing to his credit in his Thrift Account as of the end of the preceding
period after income credits and debits as provided in Article 10, (2) in the case of a Member with
a Shell Stock Account, the number of shares, the amount of any cash and of any other securities
standing to his credit in his Shell Stock Account as of the end of the

45

 

preceding period, and (3) in the case of a Member with any other Optional Fund Accounts, the number
and value of the Units standing to his credit in each such Account as of the end of the preceding
period. Such statements shall be deemed to be accepted as correct if no written objection shall
have been made to the Trustees within sixty (60) days after the date of rendering.

     2.      Whenever reference is herein made to the amounts standing to the credit of a Member, or to the
amounts standing to his credit in the Fund, each such reference shall, unless otherwise specified,
be deemed to include (1) the amount standing to his credit in his Thrift Account, (2) the number of
shares, the amount of cash and of any other securities standing to his credit in his Shell Stock
Account, and (3) the value as of the appropriate Valuation Date of all Units standing to his credit
in his other Optional Fund Accounts.

ARTICLE 16

COMMUNICATIONS

               The Plan Administrator, or his designated agent, shall prescribe the appropriate methods of
communication as he may deem expedient in the administration of the Shell Provident Fund. No
application, designation of beneficiary, notice, direction, request or other communication by the
Member, Former Member or beneficiary that is provided for under the terms of the Plan shall be
valid unless performed in the prescribed manner. Except for such communications specifically
directed to be sent to other persons or entities under the Plan, no communications concerning the
Shell Provident Fund shall be effective for any purpose unless provided in the manner prescribed by
the Plan Administrator and received by the Plan Administrator or his designated agent at the time
and place he may designate.

ARTICLE 17

CESSATION OF MEMBER COMPANY PARTICIPATION

     1.      Any Company which has joined the Fund may cease to be a participant in the Fund as provided in
the Trust Agreement and thereupon its right and obligation to make further contributions to the
Fund with respect to periods subsequent to the cessation of its participation shall terminate.

     2.      In such case, each Member then in the employ of such Company shall be relieved of the right and
the obligation to make further payments to the Fund; but the amount standing to the credit of such
Member shall be paid to him, his beneficiary, or estate after the termination of service as
provided in these Regulations, or earlier, as determined by the Trustees in accordance with the
Trust Agreement.

ARTICLE 18

AMENDMENTS TO TRUST AGREEMENT AND REGULATIONS

     1.      Subject to limitations therein, the Trust Agreement and these Regulations may be amended by
Shell Oil Company upon notification in writing to the Trustees. Such an amendment may be
substantial and may be retroactive in effect but shall not reduce the amount then standing to the
credit of any Member nor, except as permitted by Treasury Regulations, shall any such amendment
eliminate an optional form of benefit with respect to benefits attributable to service before any
such amendment. In amending the Trust Agreement and the Regulations, Shell Oil Company shall act
through its Board of Directors or such person or persons as have been directly or indirectly
delegated the authority of the Board to so act on behalf of Shell Oil Company. Notice to the chairman of the
Trustees or the secretary shall constitute notification to all of the Trustees.

46

 

     2.     Written notice of any material amendment shall be provided to all Members.

ARTICLE 19

MEMBER’S NONFORFEITABLE INTEREST

               Except as set forth in Article 37, a Member shall have, at all times, a nonforfeitable
interest in the amount standing to his credit in the Fund. No Member or beneficiary shall have any
right to receipt of the amount standing to his credit in the Fund, except according to the
provisions of the Trust Agreement and these Regulations.

               If the Plan Administrator cannot ascertain the whereabouts of any Member, Former Member or
Qualified Beneficiary to whom a payment is due, the Plan Administrator may direct that the payment
and all remaining payments otherwise due to the payee be canceled on the records of the Plan and
the amount thereof applied as a forfeiture in accordance with Article 8 of the Plan. If the
Member, Former Member or Qualified Beneficiary later notifies the Plan Administrator of his
whereabouts, a Contributing Company shall contribute to the Plan an amount equal to the payment to
be paid to the payee as soon as administratively feasible.

ARTICLE 20

CLAIMS PROCEDURE

               Any claim for benefits under the Fund shall be made in writing and submitted to the Plan
Administrator, who shall reach a decision as soon as reasonable under the circumstances and notify
the claimant, or his duly authorized representative, thereof promptly (and, except as provided
herein, within 90 days of the receipt of the claim) in writing by mail addressed to the last known
address of the claimant or such representative, as the case may be, appearing on the records of the
Plan Administrator. If the Plan Administrator determines that special circumstances require an
extension of time for processing the claim, the Plan Administrator shall have up to an additional
90 days to respond provided he gives notice of the extension, the reasons therefor, and the
expected date of response to the claimant prior to the end of the initial 90-day period. If the
claim shall be denied, in whole or part, the notice thereof shall be by certified mail, return
receipt requested, and shall set forth, in a manner reasonably calculated to be understood,

	 	(1)	 	the specific reason or reasons for the denial;
	 
	 	(2)	 	specific reference to pertinent Fund provisions on which the
denial is based;
	 
	 	(3)	 	a description of any additional material or information to be
submitted by the claimant in order to perfect his claim, and an explanation of
why such material or information is necessary; and
	 
	 	(4)	 	an explanation of the Fund’s claim review procedure and time
limits, and a statement of the claimant’s right to bring a civil lawsuit.

               Upon denial, in whole or in part, of a claim by the Plan Administrator, the claimant, or his
duly authorized representative, as the case may be, may, within the period ending ninety (90) days
from the date of receipt of the denial as aforesaid,

	 	(5)	 	request review thereof, by filing a written application with
the Trustees or a committee thereof;
	 
	 	(6)	 	upon request, review pertinent documents, records, and other
information and obtain copies free of charge; and

47

 

	 	(7)	 	submit comments, documents, records, and other information
relating to the claim in writing.

Documents, records, and other information are “pertinent” if they were relied upon in making the
determination on the claim or if they were submitted, considered, or generated in the course of
making the benefit determination.

               The Trustees or a committee thereof shall constitute the review board, which shall fully
review such request, review all comments, documents, records, and other information submitted by
the claimant relating to the claim, without regard to whether such information was submitted or
considered in the initial benefit determination, hold any hearing deemed appropriate by such review
board, and notify the claimant or his duly authorized representative, as the case may be, of the
decision in writing as soon as practicable, but in no event later than sixty (60) days after
receipt of the written request for review; provided, however, if a hearing is requested or if the
Trustees determine that special circumstances exist, the Trustees shall have up to an additional
sixty (60) days to respond provided they give notice of the extension, the reasons therefor, and
the expected date of response to the claimant prior to the end of the initial 60-day period;
provided further, if the Trustees have regularly scheduled quarterly meetings, their response date
shall be up to five (5) days after the next regularly scheduled meeting which comes at least thirty
(30) days after their receipt of the request for review. In no event, however, shall the Trustees
respond later than five (5) days following the third regularly scheduled meeting after the receipt
of the request for review. Such notice of the decision on appeal shall be written in a manner
reasonably calculated to be understood, shall include the specific reasons for the decision, and
shall set forth specific references to the Fund provisions on which the decision rests.

               The use of the claims procedure of this Article is mandatory in pursuing claims for benefits.
Except as otherwise provided, failure to file a claim by the end of the Plan Year following the
Plan Year in which the individual knew or should have known of the claim shall constitute an
irrevocable waiver of the claim unless it shall be shown not to have been reasonably possible to
furnish proof within the specified time period, and that proof was furnished as soon as was
reasonably possible, in which case failure to furnish proof within the time provided shall not
invalidate nor reduce the claim. Failure to raise issues or present evidence at any stage in the
claims procedure shall preclude those issues or evidence from being presented in a judicial review
of the claim. If any time limitation of the Plan with respect to furnishing proof of loss or
bringing of an action at law or in equity is less than that permitted by ERISA, such limitation is
hereby extended to agree with the minimum period permitted by such law.

               In the event the Plan Administrator or the Trustees extend the time for response due to the
claimant’s failure to provide information necessary to decide the claim, the period for the benefit
determination shall be tolled from the date notice of the extension is sent to the claimant until
the claimant responds to the request for additional information.

ARTICLE 21

PLAN ADMINISTRATOR — APPOINTMENT & DUTIES

               The Fund shall be administered by the Trustees and a Plan Administrator. The Plan
Administrator may be such entity or entities or person or persons as may be appointed by the
Trustees. The Plan Administrator may or may not be the Company, or a Member, or an Employee of the
Company and may or may not be a member of a group of individuals serving as Trustees under the
Fund. The Trustees may at any time remove or replace the Plan Administrator. The Plan
Administrator shall serve without compensation from the Fund or Trust. However, the expenses of
the Plan Administrator, including attorneys’ fees and other costs incurred by it in the prosecution or
defense of any legal action or proceeding regarding the Fund or the administration thereof to which
the Plan Administrator may be a party in interest, shall be paid from the Fund unless the Plan
Administrator shall be finally adjudged in such action, suit, or proceeding to have been guilty of
fraud or willful misconduct in the performance of his duties. Notwithstanding the preceding
sentence, the Company shall be responsible for the aforementioned expenses where the Company has
entered into a contractual obligation prior to the incursion of those expenses.

48

 

               If more than one individual or entity is appointed Plan Administrator, the Trustees may
allocate some or all of the responsibilities of the Plan Administrator to each individual or entity
so appointed, and each such individual or entity shall be responsible only for the duties allocated
to it and any duties of the Plan Administrator which are not allocated. If more than one
individual or entity is appointed Plan Administrator and the Trustees do not allocate Plan
Administrator responsibilities to the individuals or entities so appointed, the individuals or
entities appointed Plan Administrator may, by executing a written instrument, allocate some or all
of the responsibilities of the Plan Administrator among themselves as indicated in such written
instrument and each individual or entity shall be responsible only for the duties allocated to it
and any duties which are not allocated. To the extent the responsibilities of the Plan
Administrator are not allocated pursuant to this subsection to the individuals or entities
appointed as Plan Administrator, the action of the Plan Administrator shall be taken by majority
vote, or if less than three individuals or entities are appointed Plan Administrator, by unanimous
consent. The Plan Administrator may designate persons or entities other than the Plan
Administrator to perform some or all of the responsibilities of the Plan Administrator.

               The Plan Administrator shall have the following powers and duties in addition to those stated
elsewhere in the Regulations:

	 	(a)	 	To prescribe such procedures, rules, and regulations as it
shall deem necessary or proper for the efficient administration of the Fund;
	 
	 	(b)	 	To determine all questions arising in its administration of the
Fund, including the power to determine the rights of any Members or
beneficiaries and to determine, without limitation, all questions of
eligibility pursuant to the claims procedure stated herein;
	 
	 	(c)	 	To enforce the Fund in accordance with its terms and with the
rules, regulations, and procedures prescribed by the Plan Administrator, and to
consider and interpret the Fund and settle and discharge disputes arising
thereunder;
	 
	 	(d)	 	To determine the fair market value of assets of the Fund as
often as required by these Regulations and at least annually; to keep the books
and records of the Fund and to do all the clerical, bookkeeping, and accounting
work in connection with the management and administration of the Fund, and to
furnish to each Member within a reasonable time after the close of each Fund
Year a statement of the amount standing to his credit in the Fund;
	 
	 	(e)	 	To prepare and distribute all reports required by law or the
Fund;
	 
	 	(f)	 	To prepare and distribute, as required by law and in such
manner as the Plan Administrator may determine to be appropriate, information
concerning the Fund; and
	 
	 	(g)	 	To employ such agents, attorneys, accountants, and other
individuals as deemed necessary or advisable for the administration of the
Fund. The Plan Administrator shall consider the records of the Contributing
Companies and Affiliated Companies as conclusive evidence in making
determinations concerning eligibility or benefits under the Fund except in
unusual circumstances.

               No bond or other security shall be required of the Plan Administrator for the faithful
performance of its duties hereunder, except as may be required by ERISA and the Code or by any
other state or federal law or regulations.

               Further, it is the intent of these Regulations that the Plan Administrator be able to delegate
certain ministerial functions within the frame work of policies, interpretations, rules, practices,
and procedures set by such Plan Administrator without delegating any power to the appointee to make
any decisions as to such. Following are the types of administrative functions intended to be
covered by this delegation:

	 	(a)	 	Application of rules determining eligibility for participation
or benefits;

49

 

	 	(b)	 	Calculation of service for participation and compensation for
benefits;
	 
	 	(c)	 	Preparation of Employee communications material;
	 
	 	(d)	 	Maintenance of Employees’ service and employment records;
	 
	 	(e)	 	Preparation of reports required by government agencies;
	 
	 	(f)	 	Calculation of benefits;
	 
	 	(g)	 	Orientation of new Employees and advising Employees of their
rights and options under the Fund;
	 
	 	(h)	 	Collection of Member and Company contributions and applications
of such contributions as provided in the Fund (if any);
	 
	 	(i)	 	Preparation of reports concerning Employees’ benefits;
	 
	 	(j)	 	Processing of claims; and
	 
	 	(k)	 	Making recommendations to others for decisions with respect to
Plan Administration.

               The Company shall have the authority and responsibility for: (1) amending the Fund in
accordance with Article 18 hereof; (2) designating the Trustees; and (3) the exercise of all
non-delegable, non-allocable, fiduciary functions provided in the Fund or Trust Agreement required
by law and necessary to the operation of the Fund.

               For a statement of the powers and responsibilities of the Trustees, reference is made to the
Trust Agreement. In case of any conflict or inconsistency between the Trust Agreement and these
Regulations, the former shall govern as to everything except as to ministerial functions set forth
above.

ARTICLE 22

TOP-HEAVY RULES

     1.     The requirements of this Article shall become operative only during a Plan Year beginning after
December 31, 1983, for which the Plan should become Top-Heavy.

     2.     The Plan is Top-Heavy with respect to any Plan Year if, as of the Determination Date applicable
to such year, (a) the ratio of the aggregate of Accounts of Members who are Key Employees to the
aggregate of Accounts of all Members exceeds 60%, or (b) the Plan is part of a Required Aggregation
Group which is Top-Heavy. Notwithstanding anything to the contrary, the Plan shall not be
considered Top-Heavy for any Plan Year in which the Plan is a part of a Permissive Aggregation
Group which is not Top-Heavy.

               For purposes of testing for Top-Heavy status, (a) the Accounts and the present value of
cumulative accrued benefits shall be determined as of the Valuation Date applicable to the
Determination Date; (b) individuals who
have not been employed by a Company at any time within the last five (5) years shall not be
included; and (c) the provisions of Section 416 of the Code and the Treasury Regulations thereunder
shall be applied.

     3.     For purposes of this Article, the following terms shall have the meaning stated below:

	 	(a)	 	“Determination Date” shall mean with respect to any Plan Year,
the last day of the preceding Plan Year.

50

 

	 	(b)	 	“Employer” shall mean the group of companies comprising the
Company and each company which would be an Affiliated Company if the phrase
“more than 50 percent” were not substituted for the phrase “at least 80
percent” in the Plan’s definition thereof.
	 
	 	(c)	 	“Key Employee” shall mean an employee or former employee (and
the beneficiaries of that employee) who at any time during the Plan Year or the
preceding four (4) Plan Years was a bona fide officer of a Company of the
Employer and who earned compensation (as defined in Section 414(q)(7) of the
Code for purposes of determining highly compensated employees) for the Plan
Year in excess of 50 percent of the dollar limit for defined contribution plans
under Section 415(b)(1)(A) of the Code for the calendar year. The maximum
number of such officers shall be the lesser of:

	 	(1)	 	50 employees or,
	 
	 	(2)	 	the greater of three (3) employees or 10% of all employees.

	 	(d)	 	“Non-Key Employee” shall mean an Employee who is not a Key
Employee.
	 
	 	(e)	 	“Permissive Aggregation Group” shall mean the Required
Aggregation Group of plans plus any other qualified plan or plans of the
Employer which, when considered as a group with the Required Aggregation Group,
would continue to satisfy the requirements of Sections 401(a) and 410 of the
Code.
	 
	 	(f)	 	“Required Aggregation Group” shall mean (1) each qualified plan
of the Employer in which at least one Key Employee participates, and (2) any
other qualified plan of the Employer which enables a plan described in (f)(1)
to meet the requirements of Sections 401(a)(4) or 410 of the Code.
	 
	 	(g)	 	“Valuation Date” shall mean the most recent Valuation Date
occurring within a 12-month period ending on the applicable Determination Date.

     4.     Compensation of any Member in excess of the Annual Compensation Limit, consistent with the
provisions of Article 9 of this Plan, shall not be taken into account.

     5.     In the event that contributions by a Contributing Company to the Trust during the Plan Year on
behalf of a Member who is a Non-Key Employee are less than three percent (3%) of such Member’s
compensation (as defined in Article 8A), and provided that such Member has not separated from the
service of the employing Company on the last day of such Plan Year, the employing Company shall
contribute an amount equal to the difference between three percent (3%) of such Member’s
compensation (as defined in Article 8A), and the contributions by a Contributing Company which have
been paid to the Trust on behalf of such Member for the Plan Year.

     6.     For any Plan Year in which the Plan is a Top-Heavy Plan, Articles 8A(1)(c)(2) and 8A(1)(d)(2)
shall be read by substituting the number “1.00” for the number “1.25” wherever it appears therein.

ARTICLE 23

TRANSFER OF FUNDS FROM SESOP

     1.     In connection with the termination of the Shell Employee Stock Ownership Plan (the “SESOP”), the
undistributed accounts thereunder of Members and former Members shall be transferred directly to
the Fund, consistent with Article 11.9 of the SESOP regulations, including the six-month provision
of such Article 11.9.

51

 

     2.     Cash and ordinary shares of Royal Dutch Petroleum Company attributable to contributing company
contributions under the SESOP shall be initially transferred to the Royal Dutch Stock Fund
hereunder and shall thereafter be subject to transfer to the other Optional Funds in accordance
with the terms of the Regulations. Ordinary shares of Royal Dutch Petroleum Company attributable
to member contributions under the SESOP shall be converted to cash and, together with all other
amounts attributable to member contributions thereunder, shall be initially transferred to the
Thrift Fund, and shall thereafter be subject to transfer to the other Optional Funds (with the
exception of the Royal Dutch Stock Fund) in accordance with the terms of the Regulations.

     3.     For purposes of paragraph 2 of Article 12 concerning the right to withdraw Member contributions,
SESOP member contributions which are transferred to this Fund shall be treated as amounts paid into
this Fund by the Member.

     4.     Amounts transferred to this Fund from the SESOP shall be governed by the terms of the
Regulations and Trust Agreement and shall not be subject to the requirements of Sections 409 and
401(a)(28) of the Code or of the SESOP regulations and trust agreement.

ARTICLE 24

ROLLOVER OF DISTRIBUTED FUNDS FROM KERNRIDGE SAVINGS PLAN

     1.     The Fund may receive on behalf of participants in the Savings Plan for Covered Former Employees
of Kernridge Oil Company (the “Kernridge Savings Plan”) the entire amount of the December 31, 1990
distribution (excluding participant contributions) to such participants from such plan. This
amount initially shall be deposited to the Thrift Fund and thereafter shall be available for
transfer to the other Optional Funds (with the exception of the Royal Dutch Stock Fund prior to
November 24, 1997) in accordance with the terms of the Regulations.

     2.     Prior to November 24, 1997, each such participant can transfer to his Royal Dutch Stock Account
from any other Optional Fund Accounts only when the combined value of the company contributions to
his other Optional Fund Accounts plus the earnings thereon is at least equal to the value of such
participant’s rolled-over amount plus all earnings thereon as calculated in accordance with this
paragraph. Prior to November 24, 1997, only that amount in the participant’s other Optional Fund
Accounts which is in excess of the value of the rolled-over amount plus earnings thereon (as
calculated in accordance with this paragraph) may be transferred to the Royal Dutch Stock Fund.
For the purpose of determining the amount which cannot be transferred by such a participant from
his other Optional Funds, earnings on the rolled-over amount shall be calculated prospectively, at
least annually, as if the rolled-over amount were invested in the Thrift Fund.

     3.     The restriction on transfer described in paragraph 2 of this Article is to be used only to
determine the amounts which may be transferred from a participant’s other Optional Fund Accounts to
his Royal Dutch Stock Account and is not intended to require the participant to maintain a minimum
balance in his other Optional Fund Accounts.

     4.     Amounts rolled over to this Fund from the Kernridge Savings Plan shall be governed by the
applicable terms of the Regulations and Trust Agreement for the Fund.

52

 

ARTICLE 25

NONDISCRIMINATION TEST FOR MEMBER CONTRIBUTIONS

     1.     Definitions: For purposes of this Article, the following terms shall have the meaning
stated below:

     (a)     “ACP Limit”: The Average Contribution Percentage limitation under paragraph 2(a)
of this Article.

     (b)     [ deleted ]

     (c)     “Average Contribution Percentage”: For a specified group of Eligible Employees,
for each Plan Year, the average of the Contribution Percentages calculated separately for
each Eligible Employee in such group.

     (d)     “Contribution Percentage”: For each Plan Year, for a given Eligible Employee, the
ratio (expressed as a percentage) of (1) the amount of Member Contributions by the Eligible
Employee for the Plan Year, to (2) the Eligible Employee’s Testing Compensation for such
Plan Year.

     (e)     “Eligible Employee”: An Employee who satisfies the eligibility requirements of
Article 6 for admission as a Member.

     (f)     “Employer”: The group of companies comprising the Company and each company which
would be an Affiliated Company if the phrase “more than 50 percent” were not substituted for
the phrase “at least 80 percent” in the Plan’s definition thereof in Article 6(7).

     (g)     “Excess Aggregate Contributions”: With respect to any Plan Year, the excess of (1)
the aggregate amount of Member Contributions actually made by Highly Compensated Employees
for such Plan Year, over (2) the maximum amount of such contributions permitted under the
ACP Limit.

     (h)     [ deleted ]

     (i)     “Highly Compensated Employee”: An employee of the Employer who was a five percent
owner, as defined in Section 416(i)(1) of the Code, at any time during the determination
year or the look back year, or had compensation from an Employer during the look back year
in excess of $80,000 (subject to adjustment annually at the same time and in the same manner
as under Section 415(d) of the Code, except that the base period is the calendar quarter
ending September 30, 1996), and if the Employer so elects, was in the top paid group of
employees for the look back year.

               The determination of who is a Highly Compensated Employee hereunder, including
determinations as to the number and identity of employees in the top paid group and the
compensation considered, shall be made in accordance with the provisions of Section 414(q)
of the Code and regulations issued thereunder. An employee is in the top-paid group of
employees for any year if such employee is in the group consisting of the top 20 percent of
the employees when ranked on the basis of compensation paid during such year. For purposes
of determining the number of employees in the top-paid group, employees described in Section
414(q)(5) of the Code and Q&A 9(b) of Section 1.414(q)-1T of the Regulations are excluded.
Employers aggregated under Section 414(b), (c), (m), or (o) are treated as a single
employer. For purposes of this definition, the following terms have the following meanings:

     (1)     The “determination year” means the Plan Year for which the determination of
who is a highly compensated employee is being made.

     (2)     The “look back year” means the 12-month period immediately preceding the
determination year, or if the Employer so elects in the Plan, the calendar year
beginning with or within such 12-month period.

     (3)     “Compensation” means compensation within the meaning of Section 415(c)(3)
of the Code.

The identification of Highly Compensated Employees is subject to further provisions of
Section 414(q) of the Code and applicable Department of Treasury regulations. The term
“Highly Compensated Employee” shall not include any employee who is a nonresident alien and
who receives no earned U.S. source income from the employing Employer.

53

 

     (j)     “Member Contributions”: Contributions to the Fund made by a Member.

     (k)     “Nonhighly Compensated Employee”: An employee of the Employer who is not a Highly
Compensated Employee. The term “Nonhighly Compensated Employee” shall not include any
employee who is a nonresident alien and who receives no earned U.S. source income from the
employing Employer.

     (l)     [ deleted ]

     (m) “Testing Compensation” shall mean “Compensation” within the meaning of Article 8A
of the Plan which relates to the limits under Section 415 of the Code, but excluding any
amount in excess of the Annual Compensation Limit as defined in Article 9.

     2.     Limitation on Member Contributions:

     (a)     Under the ACP Limit, the Average Contribution Percentage for Eligible Employees who
are Highly Compensated Employees for the Plan Year shall not exceed the greater of:

     (1)     the general limitation, which is the Average Contribution Percentage for
Eligible Employees who are Nonhighly Compensated Employees for the Plan Year
multiplied by 1.25; or

     (2)     the alternative limitation, which is the lesser of: (A) the Average
Contribution Percentage for Eligible Employees who are Nonhighly Compensated
Employees for the Plan Year multiplied by 2.00; or (B) the Average Contribution
Percentage for Eligible Employees who are Nonhighly Compensated Employees for the
Plan Year plus 2 percentage points.

     (b)     The Contribution Percentage for any Eligible Employee who is a Highly Compensated
Employee for the Plan Year and who is eligible to participate in two or more plans of the
Employer to which matching employer contributions, employee contributions, or both, are
made, shall be determined by aggregating all such contributions on behalf of such Highly
Compensated Employee. If two or more plans of the Employer are permissively aggregated for
purposes of Section 401(m) of the Code, the aggregated plans must also satisfy Section
401(a)(4) and 410(b) of the Code as though they were a single Plan. If one or more plans of
an Employer are aggregated with the Plan for purposes of satisfying the requirements of
Section 401(a)(4) or 410(b) of the Code, the Contribution Percentages under the Plan shall
be calculated as if the Plan and such one or more other plans were a single plan.

     (c)     For purposes of applying the ACP Limit, “Testing Compensation” shall be computed on
an entire Plan Year basis and the Plan elects to compute Testing Compensation using the
current Plan Year at the time the ACP Limit is applied. Reductions and increases made to
satisfy such limitations shall not affect persons who are not then Eligible Employees.
Where limitations are computed prior to the end of a Plan Year, the Plan Administrator may
estimate or project Testing Compensation. The Plan may elect to include in a person’s
Testing Compensation only compensation received while such person was eligible to
participate under Article 6, provided the election is applied uniformly to all employees
eligible under the Plan for the Plan Year.

     (d)     [ deleted ]

     (e)     Except as provided in Paragraph 7 of Article 27, consistent with Department of
Treasury Regulation Section 1.401(m)-2, the prohibition against the multiple use of the
alternative limitation in clause 2 of paragraph 2(a) of this Article shall be satisfied
under this Plan instead of the Shell Pay Deferral Investment Fund.

54

 

     3.     Reduction of Member Contributions by Plan Administrator:

     (a)     The Plan Administrator shall monitor the amount of Member Contributions and shall
effect whatever prospective reductions to the Contribution Percentages of the Highly
Compensated Employees are necessary or advisable to comply with the ACP Limit.

     (b)     If the Plan Administrator prospectively reduces the Contribution Percentages of
Highly Compensated Employees, he shall do so in the order of their Contribution Percentages
beginning with the highest of such percentages. If the Plan Administrator determines that
the reduction in effect is no longer necessary or advisable, he may increase the
Contribution Percentages of all Highly Compensated Employees who had their Contribution
Percentages reduced, in the reverse order of their Contribution Percentages beginning with
the lowest of such percentages and continuing until the original Contribution Percentages of
all such Highly Compensated Employees have been restored or until he determines that no
further increases are advisable, whichever occurs first. All reductions or increases of
Contribution Percentages hereunder shall be in multiples of one percent (1%). Member
Contributions of such Highly Compensated Employees may be reduced to zero.

     (c)     When reducing or increasing the Contribution Percentages of Highly Compensated
Employees, the Plan Administrator shall treat all Highly Compensated Employees having the
same Contribution Percentages in effect in the same manner.

     (d)     Any action taken by the Plan Administrator under this paragraph 3 may be taken
without the consent of, or prior notice to, the affected Members, but such Members shall be
promptly informed in writing of the Plan Administrator’s action.

     4.     Distribution of Excess Aggregate Contributions:

     (a)     The determination of whether or not Excess Aggregate contributions exist shall be
made after reductions, if any, under paragraph 3 of this Article.

     (b)     Excess Aggregate Contributions, and any income allocable thereto, shall be
distributed after the Plan Year in which the Excess Aggregate Contributions arose and no
later than March 15 of the following Plan Year to Highly Compensated Employees to whose
Accounts Excess Aggregate Contributions were made.

     (c)     A distribution of Excess Aggregate Contributions and income shall be made without
the consent of the Member or the spouse of the Member.

     (d)     The total amount of Excess Aggregate Contributions for the Highly Compensated
Employees for a Plan Year is determined as follows: Highly Compensated Employees with the
largest contribution percentage shall be identified and a determination shall be made as to
how much their contribution percentage must be reduced so that the Plan would satisfy the
ACP Limit or causes such employees’ contribution percentage to equal the contribution
percentage of the Highly Compensated Employees with the next highest contribution
percentage. The procedure described in the preceding sentence shall be repeated until the
Plan would satisfy the ACP Limit.

               The total amount of Excess Aggregate Contributions for the Highly Compensated Employees
for a Plan Year shall be distributed as follows: The Member Contributions of the Highly
Compensated Employees with the highest dollar amount shall be reduced by the amount required
to cause their Member Contributions to equal the lesser of (A) the dollar amount of the
Member Contributions of the Highly Compensated Employees with the next highest dollar amount
of Member Contributions, or (B) the amount, when added to the total dollar amount already
distributed under this process, would equal the total amount of Excess Aggregate
Contributions. This amount shall be distributed to the Highly Compensated Employees for
which a reduction was applied. The procedure described in the preceding sentence shall be

55

 

repeated until the Plan distributes the total Excess Aggregate Contributions of the Highly
Compensated Employees, thereby satisfying the ACP limit.

     (e)     the income allocable to Excess Aggregate Contributions for the Plan Year in which
such Excess Aggregate Contributions arose and for the period between the end of such Plan
Year and the date of distribution, shall be determined in accordance with Department of
Treasury Regulation Section 1.401(m)-1.

     5.     Mandatory Disaggregation:

     (a)     For purposes of Article 25, except for the definition of Highly Compensated
Employee and Nonhighly Compensated Employee, the portion of the Plan that benefits Employees
who are included in a unit of employees covered by a collective bargaining agreement is
treated as a separate plan from the portion of the Plan that benefits Employees who are not
so covered.

     (b)     The portion of the Plan that benefits Employees who are included in a unit of
employees covered by a collective bargaining agreement is treated as satisfying the ACP
limit.

ARTICLE 26

MILITARY SERVICE

               Notwithstanding any provision of the Plan to the contrary, contributions, benefits and service
credit with respect to qualified military service will be provided in accordance with Section
414(u) of the Code.

ARTICLE 27

EGTRRA AMENDMENTS

     1.     Adoption and Effective Date of Article 27:

     (a)     This Article 27 of the Regulations is adopted to reflect certain provisions of the
Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). The provisions of
Article 27 are intended as good faith compliance with the requirements of EGTTRA and are to
be construed in accordance with EGTRRA and guidance issued thereunder. Except as otherwise
provided, the provisions of Article 27 shall be effective as of the first day of the first
plan year beginning after December 31, 2001.

     (b)     The provisions of this Article 27 of the Regulations shall supercede the other
provisions of the Plan to the extent that those provisions are inconsistent with the
provisions contained in this Article 27.

     2.     Plan Loans for Owner-Employees and Shareholder Employees: Effective for Plan Loans made after
December 31, 2001, plan provisions prohibiting Loans to any owner-employee or shareholder-employee
shall cease to apply.

     3.     Limitations on Contributions:

     (a)     This Paragraph 3 of this Article 27 shall be effective for limitation years
beginning after December 31, 2001.

56

 

     (b)     Except to the extent permitted under Section 414(v) of the Code, if applicable, the
Annual Additions that may be contributed or allocated to a Member’s account under the Plan
for any limitation year shall not exceed the lesser of:

	 	(1)	 	$40,000, as adjusted for increases in the cost-of-living under section
415(d) of the Code, or
	 
	 	(2)	 	100 percent of the Member’s compensation,
within the meaning of Section 415(c)(3) of the Code, for the limitation
year.

     4.     Increase in the Annual Compensation Limit: Except as provided in Article 9 for purposes of
determining Contributing Company contributions, the annual compensation of each Member taken into
account in determining allocations for any Plan Year beginning after December 31, 2001, shall not
exceed $200,000, as adjusted for cost-of-living increases in accordance with Section 401(a)(17)(B)
of the Code. Annual compensation means compensation during the Plan Year or such other consecutive
12-month period over which compensation is otherwise determined under the Plan (the determination
period). The cost-of-living adjustment in effect for a calendar year applies to annual compensation
for the determination period that begins with or within such calendar year.

     5.     Direct Rollovers of Plan Distributions:

     (a)     This Paragraph 5 of Article 27 shall apply to distributions made after December 31,
2001.

     (b)     For purposes of the direct rollover provisions in Article 13A of the Regulations,
an Eligible Retirement Plan shall also mean an annuity contract described in Section 403(b)
of the Code and an eligible plan under Section 457(b) of the Code which is maintained by a
state, political subdivision of a state, or any agency or instrumentality of a state or
political subdivision of a state and which agrees to separately account for amounts
transferred into such plan from this plan. The definition of Eligible Retirement Plan shall
also apply in the case of a distribution to a surviving spouse, or to a spouse or former
spouse who is the Alternate Payee under a qualified domestic relation order, as defined in
Section 414(p) of the Code.

     (c)     For purposes of the direct rollover provisions in Article 13A of the Regulations, a
portion of a distribution shall not fail to be an Eligible Rollover Distribution merely
because the portion consists of after-tax employee contributions which are not includible in
gross income. However, such portion may be transferred only to an individual retirement
account or annuity described in 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 which is includible in gross income and the portion of such
distribution which is not so includible.

     6.     Rollovers from other Plans:

     (a)     As provided in this Paragraph 6 of Article 27, the Plan will accept participant
rollover contributions and/or direct rollovers of distributions made after December 31,
2001, from the following:

	 	(1)	 	The Plan will accept a direct rollover of an Eligible Rollover Distribution
from:

	 	(i)	 	a qualified plan described in
Section 401(a) or 403(a) of the Code, including after-tax
employee contributions;
	 
	 	(ii)	 	an annuity contract described in
Section 403(b) of the Code, excluding after-tax employee
contributions; and

57

 

	 	(iii)	 	an eligible plan under Section
457(b) of the Code which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a
state or political subdivision of a state;

	 	(2)	 	The Plan will accept a participant contribution
of an Eligible Rollover Distribution from:

	 	(i)	 	a qualified plan described in
Section 401(a) or 403(a) of the Code;
	 
	 	(ii)	 	an annuity contract described in
Section 403(b) of the Code; and
	 
	 	(iii)	 	an eligible plan under Section
457(b) of the Code which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a
state or political subdivision of a state; and

	 	(3)	 	The Plan will accept a participant rollover
contribution of the portion of a distribution from an individual
retirement account or annuity described in Section 408(a) or 408(b) of
the Code that is eligible to be rolled over and would otherwise be
includible in gross income.

     7.     Repeal of Multiple Use Test: The multiple use test described in Treasury Regulation section
1.401(m)-2 and Paragraph 2(e) of Article 25 of the Regulations shall not apply for Plan Years
beginning after December 31, 2001.

     8.     Suspension Period Following Hardship Distribution: A Member who receives a distribution of
elective deferrals after December 31, 2001, on account of hardship shall be prohibited from making
elective deferrals and employee contributions under this and all other plans of the employer for 6
months after receipt of the distribution. A Member who receives a distribution of elective
deferrals in calendar year 2000 or 2001 on account of hardship shall be prohibited from making
elective deferrals and employee contributions under this and all other plans of the employer for
the later of: (a) 6 months after receipt of the distribution, or (b) the earlier of April 1, 2002,
or such date that is administratively feasible.

     9.     Modification of Top-Heavy Rules:

     (a)     Paragraph 9 of Article 27 shall apply for purposes of determining whether the plan
is a top-heavy plan under Section 416(g) of the Code for Plan Years beginning after December
31, 2001, and whether the Plan satisfies the minimum benefits requirements of Section 416(c)
of the Code for such years. Paragraph 9 of Article 27 amends Article 22 of the Regulations.

     (b)     Key employee means any employee or former employee (including any deceased
employee) who at any time during the Plan Year that includes the determination date was an
officer of the Employer having annual compensation greater than $130,000 (as adjusted under
Section 416(i)(1) of the Code for Plan Years beginning after December 31, 2002), a 5-percent
owner of the Employer, or a 1-percent owner of the Employer having annual compensation of
more than $150,000. For this purpose, annual compensation means compensation within the
meaning of Section 415(c)(3) of the Code. 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.

     (c)     This Subparagraph 9(c) of Article 27 of the Regulations shall apply for purposes of
determining the present values of accrued benefits and the amounts of account balances of
employees as of the determination date.

	 	(i)	 	The present values of accrued benefits and the
amounts of account balances of an employee as of the determination date
shall be increased by the distributions 

58

 

	 	 	 	made with respect to the
employee 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 the
determination date. The preceding sentence shall also apply to
distributions under a terminated plan which, had it not been
terminated, would have been aggregated with the Plan under Section
416(g)(2)(A)(i) of the Code. 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 5-year period for 1-year
period.
	 
	 	(ii)	 	Employees not performing services during year
ending on the determination date. The accrued benefits and accounts of
any individual who has not performed services for the Employer during
the 1-year period ending on the determination date shall not be taken
into account.

ARTICLE 28

ASSETS TRANSFERRED FROM THE SIEMENS SAVINGS PLAN

     1.     For purposes of this Article 28, the following terms shall have the meanings given below:

     (a)     “Former Siemens Solar Employee” shall mean any participant in the Siemens Savings
Plan as of January 1, 2002, who was:

     (i)     an active employee of Siemens Solar Industries L.P. (“SSI”) as of December
31, 2001,

     (ii)     an employee of SSI as of the Closing Date of the Siemens Solar
Transaction, including an employee on an employer authorized leave of absence or
receiving short-term or long-term disability benefits, or

     (iii)     a retired or vested terminated employee of SSI as of the Closing Date,
and

with respect to whom assets were transferred from the Siemens Savings Plan to this Plan.

     (b)     “Siemens Savings Plan” shall mean the Siemens Savings Plan as sponsored by the
Siemens Corporation as of the Closing Date.

     (c)     “Siemens Solar Transaction” shall mean that transaction described in that Framework
Agreement dated February 20, 2001, by and between Siemens Aktiengesellschaft, Shell
Erneuerbare Energien GmbH, and E.ON Energie Ag.

     (d)     “Closing Date” shall mean April 3, 2001.

     2.     Account balances transferred from the Siemens Savings Plan pursuant to the Siemens Solar
Transaction, other than amounts attributable to salary reduction contributions made under such
plan, shall be credited to the respective accounts established hereunder for the benefit of Former
Siemens Solar Employees. Such Former Siemens Solar Employees or their beneficiaries thereunder
shall be fully vested in all amounts credited to
their accounts in connection with such transfer. The Plan Administrator may establish such special
transitional rules as he deems appropriate in connection with such transfer of assets.

     3.     Each Former Siemens Solar Employee shall be credited as of January 1, 2002, with Participation
Service and Accredited Service equal to the amount of service credited to such Former Siemens Solar
Employee for vesting purposes under the terms of the Siemens Savings Plan as of December 31, 2001.

59

 

     4.     That portion of a Former Siemens Solar Employee’s account balance under the Siemens Savings Plan
as of December 31, 2001, attributable to employer matching contributions under the Siemens Savings
Plan shall be credited to a separate account hereunder on behalf of such Former Siemens Solar
Employee (sometimes referred to herein as “Prior Plan Match Account”). A Former Siemens Solar
Employee’s investment directions for his employer contributions account shall also be applicable to
such special account.

ARTICLE 29

MINIMUM DISTRIBUTION REQUIREMENTS

     1.     General Rules.

     (a)     Effective Date. The provisions of this Article 29 will apply for purposes of
making required minimum distributions on and after January 1, 2003.

     (b)     Precedence. The requirements of this Article 29 will take precedence over any
inconsistent provisions of the Plan.

     (c)     Requirements of Treasury Regulations Incorporated. All distributions required under
this Article 29 will be determined and made in accordance with the Treasury Regulations
under Section 401(a)(9) of the Code.

     (d)     TEFRA Section 242(b)(2) Elections. Notwithstanding the other provisions of this
Article 29, 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.

     2.     Time and Manner of Distribution.

     (a)     Required Beginning Date. A Member’s entire interest will be distributed, or begin
to be distributed, to such Member no later than the Member’s Required Beginning Date.

     (b)     Death of Member Before Distributions Begin. If the Member dies before distributions
begin, the Member’s entire interest will be distributed, or begin to be distributed, no
later than as follows:

	 	(1)	 	If the Member’s surviving spouse is the
Member’s sole Designated Beneficiary, then, except as provided in
subparagraph 6 of this Article 29, distributions to the surviving
spouse will begin by December 31 of the calendar year immediately
following the calendar year in which the Member died, or by December 31
of the calendar year in which the Member would have attained age 70
1/2, if later.
	 
	 	(2)	 	If the Member’s surviving spouse is not the
Member’s sole Designated Beneficiary, then, except as provided in
subparagraph 6 of this Article 29, distributions to the Designated
Beneficiary will begin by December 31 of the calendar year immediately
following the calendar year in which the Member died.
	 
	 	(3)	 	If there is no Designated Beneficiary as of
September 30 of the year following the year of the Member’s death, the
Member’s entire interest will be distributed by December 31 of the
calendar year containing the fifth anniversary of the Member’s death.

60

 

	 	(4)	 	If the Member’s surviving spouse is the
Member’s sole Designated Beneficiary and the surviving spouse dies
after the Member but before distributions to the surviving spouse
begin, subparagraph 2(b) of this Article 29, other than subparagraph
2(b)(1), will apply as if the surviving spouse were the Member.

               For purposes of this subparagraph 2(b) and paragraph 4 of this Article 29, unless
subparagraph 2(b)(4) of this Article 29 applies, distributions are considered to begin on
the Member’s Required Beginning Date. If subparagraph 2(b)(4) of this Article 29 applies,
distributions are considered to begin on the date distributions are required to begin to the
surviving spouse under subparagraph 2(b)(1) of this Article 29. If distributions under an
annuity purchased from an insurance company irrevocably commence to the Member before the
Member’s Required Beginning Date (or to the Member’s surviving spouse before the date
distributions are required to begin to the surviving spouse under subparagraph 2(b)(1)), the
date distributions are considered to begin is the date distributions actually commence.

     (c)     Forms of Distribution. Unless the Member’s interest is distributed in the form of
an annuity purchased from an insurance company or in a single sum on or before the Required
Beginning Date, as of the first Distribution Calendar Year, distributions will be made in
accordance with paragraphs 3 and 4 of this Article 29. If the Member’s interest is
distributed in the form of an annuity purchased from an insurance company, distributions
thereunder will be made in accordance with the requirements of Section 401(a)(9) of the Code
and the Treasury Regulations.

     3.     Required Minimum Distributions During Member’s Lifetime.

     (a)     Amount of Required Minimum Distribution for Each Distribution Calendar Year.
During the Member’s lifetime, the minimum amount that will be distributed for each
Distribution Calendar Year is the lesser of:

	 	(1)	 	the quotient obtained by dividing the Member’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 Member’s age as of the Member’s birthday in the Distribution
Calendar Year; or
	 
	 	(2)	 	if the Member’s sole Designated Beneficiary for
the Distribution Calendar Year is the Member’s spouse, the quotient
obtained by dividing the Member’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 Member’s and spouse’s attained ages as
of the Member’s and spouse’s birthdays in the Distribution Calendar
Year.

     (b)     Lifetime Required Minimum Distributions Continue Through Year of Member’s Death.
Required minimum distributions will be determined under this paragraph 3 beginning with the
first Distribution Calendar Year and up to and including the Distribution Calendar Year that
includes the Member’s date of death.

     4.     Required Minimum Distributions After Member’s Death.

     (a)     Death On or After Date Distributions Begin.

	 	(1)	 	Member Survived by Designated Beneficiary. If
the Member dies on or after the date distributions begin and there is a
Designated Beneficiary, the minimum amount that will be distributed for
each Distribution Calendar Year after the year of the Member’s death is
the quotient obtained by dividing the Member’s Account Balance by the
longer of the remaining Life Expectancy of the Member

61

 

	 	 	 	or the remaining
Life Expectancy of the Member’s Designated Beneficiary, determined as
follows:

	 	(i)	 	The Member’s remaining Life
Expectancy is calculated using the age of the Member in the year
of death, reduced by one for each subsequent year.
	 
	 	(ii)	 	If the Member’s surviving spouse
is the Member’s sole Designated Beneficiary, the remaining Life
Expectancy of the surviving spouse is calculated for each
Distribution Calendar Year after the year of the Member’s death
using the surviving spouse’s age as of the spouse’s birthday in
that year. For Distribution Calendar Years after the year of the
surviving spouse’s death, the remaining Life Expectancy of the
surviving spouse is calculated using the age of the surviving
spouse as of the spouse’s birthday in the calendar year of the
spouse’s death, reduced by one for each subsequent calendar
year.
	 
	 	(iii)	 	If the Member’s surviving spouse
is not the Member’s sole Designated Beneficiary, the Designated
Beneficiary’s remaining Life Expectancy is calculated using the
age of the beneficiary in the year following the year of the
Member’s death, reduced by one for each subsequent year.

	 	(2)	 	No Designated Beneficiary. If the Member dies
on or after the date distributions begin and there is no Designated
Beneficiary as of September 30 of the year after the year of the
Member’s death, the minimum amount that will be distributed for each
Distribution Calendar Year after the year of the Member’s death is the
quotient obtained by dividing the Member’s Account Balance by the
Member’s remaining Life Expectancy calculated using the age of the
Member in the year of death, reduced by one for each subsequent year.

     (b)     Death Before Date Distributions Begin.

	 	(1)	 	Member Survived by Designated Beneficiary. If
the Member dies before the date distributions begin and there is a
Designated Beneficiary, the minimum amount that will be distributed for
each Distribution Calendar Year after the year of the Member’s death is
the quotient obtained by dividing the Member’s Account Balance by the
remaining Life Expectancy of the Member’s Designated Beneficiary,
determined as provided in subparagraph 4(a) of this Article 29.
	 
	 	(2)	 	No Designated Beneficiary. If the Member dies
before the date distributions begin and there is no Designated
Beneficiary as of September 30 of the year following the year of the
Member’s death, distribution of the Member’s entire interest will be
completed by December 31 of the calendar year containing the fifth
anniversary of the Member’s death.
	 
	 	(3)	 	Death of Surviving Spouse Before Distributions
to Surviving Spouse Are Required to Begin. If the Member dies before
the date distributions begin, the Member’s surviving spouse is the
Member’s sole Designated Beneficiary, and the surviving spouse dies
before distributions are required to begin to the surviving spouse
under subparagraph 2(b)(1) of this Article 29, this
subparagraph 4(b) of this Article 29 will apply as if the surviving
spouse were the Member.

     5.     Definitions.

62

 

     (a)     Designated Beneficiary. The individual who is designated as a Qualified Beneficiary
under Article 13 of the Plan and is the designated beneficiary under Section 401(a)(9) of
the Code and Section 1.401(a)(9)-1, Q&A-4, of the Treasury Regulations.

     (b)     Distribution Calendar Year. A calendar year for which a minimum distribution is
required. For distributions beginning before the Member’s death, the first Distribution
Calendar Year is the calendar year immediately preceding the calendar year which contains
the Member’s required beginning date. For distributions beginning after the Member’s death,
the first Distribution Calendar Year is the calendar year in which distributions are
required to begin under subparagraph 2(b) of this Article 29. The required minimum
distribution for the Member’s first Distribution Calendar Year will be made on or before the
Member’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 Member’s required beginning date occurs, will be made on or before
December 31 of that Distribution Calendar Year.

     (c)     Life Expectancy. Life expectancy as computed by use of the Single Life Table in
Section 1.401(a)(9)-9 of the Treasury Regulations.

     (d)     Member. For purposes of this Article 29, “Member” shall include a Former Member as
defined in Paragraph 11A of Article 6.

     (e)     Member’s Account Balance. The account balance as of the last valuation date in the
calendar year immediately preceding the Distribution Calendar Year (valuation calendar year)
increased by the amount of any contributions made and allocated or forfeitures allocated to
the account balance as of dates in the valuation calendar year after the valuation date and
decreased by distributions made in the valuation calendar year after the valuation date. The
account balance for the valuation calendar year includes any amounts rolled over or
transferred to the Plan either in the valuation calendar year or in the Distribution
Calendar Year if distributed or transferred in the valuation calendar year.

     (f)     Required Beginning Date. For any Member, the Required Beginning Date is April 1 of
the calendar year following the later of (i) the calendar year in which the Member attains
age 70-1/2, or (ii) the calendar year in which the Member retires provided that the Member
is not a 5 percent owner with respect to the Plan Year ending in the calendar year in which
the Member attains age 70-1/2.

     6.     Election to Allow Designated Beneficiaries to Elect 5-Year Rule. Designated Beneficiaries may
elect on an individual basis whether the 5-year rule or the life expectancy rule in subparagraphs
2(b) and 4(b) of this Article 29 applies to distributions after the death of a Member who has a
Designated Beneficiary. The election must be made no later than September 30 of the calendar year
in which distribution would be required to begin under subparagraph 2(b) of this Article 29. If
the Designated Beneficiary does not make an election under this subparagraph 6, distributions will
be made in accordance with subparagraphs 2(b) and 4(b) of this Article 29.

     7.     Election to Allow Designated Beneficiary Receiving Distributions Under the 5-Year Rule to Elect
Life Expectancy Distributions. A Designated Beneficiary may make a new election to receive
payments under the life expectancy rule until November 1, 2003, provided that all amounts that
would have been required to be distributed under the life expectancy rule for all Distribution
Calendar Years before 2004 are distributed by December 31, 2003.

ARTICLE 30

MERGER OF CRI GROUP SAVINGS PLAN

     1.     For purposes of this Article 30, the following terms shall have the meanings given below:

63

 

     (a)     “CRI Savings Accounts” shall mean, for a given CRI Savings Participant, the amount,
if any, accrued as of December 31, 2002, in his matching, rollover, and post-tax accounts in
the CRI Group Savings Plan.

     (b)     “CRI Savings Participant” shall mean a person participating in the CRI Group
Savings Plan as of December 31, 2002.

     2.     A CRI Savings Participant shall have his CRI Savings Accounts transferred to the Fund as of
January 1, 2003, by virtue of the merger of the accounts of all CRI Savings Participants into the
Fund as of January 1, 2003.

     3.     A CRI Savings Participant shall be fully vested in all amounts credited to the matching account
of the CRI Savings Accounts as of December 31, 2002, in connection with the plan merger.

ARTICLE 31

MERGER OF CRI GROUP PROFIT SHARING PLAN

     1.     For purposes of this Article 31, the following terms shall have the meanings given below:

     (a)     “CRI Profit Sharing Account” shall mean, for a given CRI Profit Sharing
Participant, the amount, if any, accrued as of July 31, 2003, in his account in the CRI
Group Profit Sharing Plan.

     (b)     “CRI Profit Sharing Participant” shall mean a person participating in the CRI Group
Profit Sharing Plan as of July 31, 2003.

     2.     A CRI Profit Sharing Participant shall have his CRI Profit Sharing Account transferred to
the Fund as of August 1, 2003, by virtue of the merger of the accounts of all CRI Profit Sharing
Participants into the Fund as of August 1, 2003.

ARTICLE 32

GRANT OF PAST SERVICE CREDIT TO WILLOW ISLAND EMPLOYEES

     1.     For purposes of this Article 32, the following terms shall have the meanings given below:

     (a)     “Cytec Savings Plan” shall mean the Cytec Employees’ Savings and Profit Sharing
Plan established and maintained by Cytec Industries Inc. for, among others, employees of its
Willow Island Plant.

     (b)     “Option” shall mean the option granted to CRI International, Inc. to acquire the
Willow Island Plant from Cytec Industries Inc.

     (c)     “Willow Island Employee” shall mean a person formerly employed by Cytec Industries
Inc. at its Willow Island Plant who became an employee of a Contributing Company in
connection with the exercise of the Option.

     (d)     “Willow Island Plant” shall mean the manufacturing facility at Willow Island, West
Virginia.

     2.     As of September 1, 2003, each Willow Island Employee shall be credited with Participation
Service and Accredited Service equal to the amount of service credited to such employee for
purposes of vesting and eligibility to participate under the Cytec Savings Plan.

64

 

ARTICLE 33

SERVICE CREDITING

     1.     For individuals accruing a benefit in the Plan on or after January 1, 2003, Service after
December 31, 2002, subject to the transition rules described in Paragraph 3(d) of Article
33, will be credited under Article 33 for all Purposes except as otherwise expressly provided.
Unless otherwise stated, this Article 33 does not negate or alter the time or service required for
eligibility or benefit accrual but merely changes the way to credit or measure that time or
service. Moreover, other Plan rules involving service, although not stated in this Article 33,
continue to apply, as modified by the change to the method of crediting service stated in this
Article 33.

     2.     For purposes of this Article 33, the following definitions shall apply:

     (a)     “Employment Commencement Date”: The date an individual first performs an Hour of
Service for one of the Companies.

     (b)     “Hour of Service”: An hour for which an individual is paid or entitled to
payment by the Companies for the performance of duties (or for which back pay is awarded)
provided such hour has not previously been taken into account, except an hour for which a
premium rate is paid because such hour is in excess of the maximum workweek applicable to an
employee under Section 7(a) of the Fair Labor Standards Act of 1938, as amended, or because
such hour is in excess of a bona fide standard workweek or workday. An Hour of Service is
performed on the day an Employee Terminates, but not on the first day of a leave of absence.

     (c)     “Period of Service”: Each period of an individual’s Service commencing on his
Employment Commencement Date or a Reemployment Commencement Date, if any, and ending on a
Severance from Service Date. For the sole purpose of Participation Service, the Period of
Severance shall be treated as a Period of Service if the Service Spanning Rules apply. A
Period of Service shall also include any period required to be credited as a Period of
Service by federal law, but only under the conditions and to the extent so required by such
federal law. Moreover, for purposes of determining the Period of Service, the following
applies:

	 	(i)	 	Except as provided in Paragraph 2(c)(ii) of
this Article 33, an individual shall be credited with one month of
Service for each calendar month in which he is credited with one or
more Hours of Service.
	 
	 	(ii)	 	The crediting method described in Paragraph
2(c)(i) of this Article 33, shall not apply in determining whether or
not the Service Spanning Rules apply, and it shall not apply in
determining Participation Service.

     (d)     “Period of Severance”: Each period of time commencing on an individual’s
Severance from Service Date and ending on a Reemployment Commencement Date.

     (e)     “Purposes”: Participation Service and Accredited Service

     (f)     “Reemployment Commencement Date”: The first date an individual performs an Hour of
Service following a Severance from Service Date.

     (g)     “Service”: The period of an individual’s employment as an Employee with a
Company.

     (h)     “Service Spanning Rules”: For the sole purpose of Participation Service, the Period
of Severance shall be treated as a Period of Service if either the First Service Spanning
Rule or the Second Service Spanning Rule applies.

	 	(i)	 	The First Service Spanning Rule applies if

65

 

	 	(A)	 	an individual Terminates his
Service (at a time other than during an absence for any reason
other than Termination) and then returns to Service, and
	 
	 	(B)	 	his Reemployment Commencement
Date is within 12 months of his Severance from Service Date.

	 	(ii)	 	The Second Service Spanning Rule applies if

	 	(A)	 	an individual is absent from
Service for 12 months or less for any reason other than
Termination, and
	 
	 	(B)	 	during the absence referred to in
Paragraph 2(h)(ii)(A) above the individual Terminates, and
	 
	 	(C)	 	the individual subsequently
returns to Service, and
	 
	 	(D)	 	his Reemployment Commencement
Date is within 12 months from the day he was first absent from
Service for such reason other than Termination, referred to in
Paragraph 2(h)(ii)(A) above.

     (i)     “Severance from Service Date”: The earliest of the following dates:

	 	(i)	 	The first date an individual Terminates his
Service following his Employment Commencement Date or following his
most recent Reemployment Commencement Date, if any.
	 
	 	(ii)	 	The 31st day of a number of days (whether or
not consecutive) of one or more Labor Dispute Periods during which
Period or Periods an individual, who has not incurred a Termination, is
absent from service from the Companies (with or without pay) due to his
participation in such labor dispute or disputes. For purposes of this
Paragraph, a “Labor Dispute Period” is a number of consecutive days
beginning on the first day, as determined by Shell Oil Company, of a
strike, a lockout, or any other similar labor dispute, and ending on
the date that the strike, lockout, or any other similar labor dispute
is resolved as determined by Shell Oil Company.
	 
	 	(iii)	 	The last day of the first 12 months of a
Period of Absence during which period an individual, who has not
incurred a Termination, remains absent from service from the Companies
(with or without pay). For purposes of this Paragraph, a “Period of
Absence” is a number of consecutive days beginning on the first day of
an absence from service from the Companies (with or without pay) for
any reason other than Termination or disability, such as leave of
absence (other than disability), vacation, or holiday.
	 
	 	(iv)	 	The last day of the first 12 months of
Disability Leave during which Leave an individual who has not incurred
a Termination, remains absent from service from the Companies without
pay. For purposes of this Paragraph, a “Disability Leave” is a number
of consecutive days beginning on the first day of an
employer-authorized unpaid leave of absence by reason of disability,
as defined by Shell Oil Company.

66

 

     (j)     “Termination”; “Terminates": Resignation, retirement, or discharge from all
Companies, or death.

     3.     For purposes of this Article 33, the following rules shall apply:

     (a)     An individual shall be credited for all Purposes in an amount equal to his
aggregate Periods of Service whether or not such Periods of Service are completed
consecutively.

     (b)     If a fractional year within a Period of Service occurs, credit for such fractional
year is based as follows:

	 	(i)	 	for Accredited Service, on the number of months
of Service in such fractional year, taking into account Paragraph
2(c)(i), unless such method would result in duplication of service
credit or the absence of otherwise-allowable service credit, in which
case such fractional year is based on the number of full calendar
months and any additional days of Service in such fractional year;
	 
	 	(ii)	 	for Participation Service, only on the number
of full calendar months and any additional days of Service in such
fractional year,
	 
	 	(iii)	 	for purposes of this Paragraph 3(b),
additional days totaling 30 or more shall constitute a full calendar
month.

     (c)     There is credit for a one-year Period of Service for each 12-month segment of
Period of Service, which begins on the Employment Commencement Date or the most recent
Reemployment Commencement Date, if any, and a one-year Period of Service shall have the same
effect as one year of service with respect to applicable benefits.

     (d)     In applicable cases with respect to transition to the method described in this
Article 33 from other methods with respect to service, credit for Purposes will be
determined under Treasury Reg. Sections 1.410(a)-7(f), consistent with administrative
practice.

ARTICLE 34

GRANT OF PAST SERVICE CREDIT TO ALLIANCE COMPANY EMPLOYEES

     1.     For purposes of this Article 34, the following terms shall have the meanings given below:

     (a)     “Alliance Companies” shall mean Equilon Enterprises LLC, Motiva Enterprises
LLC, Equiva Services LLC, Equiva Trading Company, or Shell Pipeline Company LP (formerly
doing business as Equilon Pipeline Company LLC).

     (b)     “Alliance Savings Plan” shall mean that certain defined contribution pension
plan sponsored by the Alliance Companies for their employees from April 1, 1999, to July
11, 2003.

     (c)     “Alliance Company Employee” means an employee of an Alliance Company for all or
any part of the period between April 1, 1999, and December 31, 2002, (i) who was an
employee of Equilon Enterprises LLC or Shell Pipeline Company LP on and immediately
before January 1, 2003, the date on which each such company became a Contributing
Company; or (ii) who became an Employee of a Contributing Company immediately following
such employee’s termination of employment with an Alliance Company and on or before
January 1, 2003.

     2.     As of January 1, 2003, each Alliance Company Employee shall be credited with Participation
Service and Accredited Service equal to the benefit service credited to such employee under the
Alliance Savings

67

 

Plan, but only to the extent such benefit service has not already been credited
for such purposes under the Regulations of this Plan.

ARTICLE 35

TRANSFERRED ASSETS

     1.     Right to Transfer Assets to this Plan. In the event of, a transfer of assets from, or a merger
or consolidation of, another plan that is qualified under section 401(a) of the Code based on the
opinion of tax counsel (“Qualified Plan”) into this Plan, the Trustees may direct the Plan
Administrator to accept Transferred Assets on behalf of a Member. For purposes of this Plan,
“Transferred Assets” shall mean those assets which are transferred from a Qualified Plan directly
to the Fund by the trustee(s) of the Qualified Plan on behalf of the Member, provided that the
Qualified Plan from which the assets are transferred provides benefits protected under Section
411(d)(6) of the Code which are also protected by this Plan, or the transfer satisfies one of the
exceptions set forth in the Treasury Regulations under Section 411(d)(6) of the Code.

     2.     Transferred Asset Accounts. Except as otherwise provided in this Plan, assets transferred from
a Qualified Plan to this Plan shall be accounted for as follows: employee post-tax contributions
(and earnings thereon) shall be credited to the Member Account; company contributions (and earnings
thereon) that are not eligible for in-service distributions before the Member attains 59 1/2 years of
age shall be credited to the Company Contribution Account; company contributions (and earnings
thereon) that are eligible for in-service distributions before the Member attains 59 1/2 years of age
shall be credited to the Prior Plan Company Contribution Account; matching contributions (and
earnings thereon) that are subject to a vesting schedule shall be credited to the Company Match
Account; matching contributions (and earnings thereon) that are not subject to a vesting schedule
shall be credited to the Prior Plan Match Account; after-tax rollover contributions (and earnings
thereon) shall be credited to the After-tax Rollover Account; and all other rollover contributions
(and earnings thereon) shall be credited to the Rollover Account.

ARTICLE 36

ASSETS TRANSFERRED FROM THE PENNZOIL-QUAKER STATE COMPANY SAVINGS AND
INVESTMENT PLAN AND THE PENNZOIL-QUAKER STATE COMPANY SAVINGS AND
INVESTMENT PLAN FOR HOURLY EMPLOYEES

     1.     In connection with the transfer of assets from the Relevant Plans on or about December 23, 2004,
account balances, other than amounts attributable to salary reduction contributions including catch
up contributions made under the Relevant Plans and other than assets in the form of loans
transferred to the Shell Pay Deferral Investment Fund, shall be credited to the respective accounts
established herein for the benefit of Former PQS Participants. The Plan Administrator may
establish such special transitional rules as he deems appropriate in connection with such transfer
of assets.

     2.     For purposes of this Article,

     (a)     “Former PQS Participant” shall mean any individual who met each of the following
characteristics:

     (i)     transferred employment directly from a company participating in one of the
Relevant Plans to a Contributing Company during the period October 1, 2002 to
November 1, 2004 or was an employee of Pennzoil-Quaker State Company on and
immediately before January 1, 2004, the day in which such company became a
Contributing Company, and

     (ii)     as of November 2, 2004, was not employed by Jiffy Lube International,
Inc., Q Lube, Inc., or Pennzoil-Quaker State International Corporation.

68

 

     (b)     “Relevant Plans” means the Pennzoil-Quaker State Company Savings and Investment
Plan and the Pennzoil-Quaker State Company Savings and Investment Plan for Hourly
Employees.

     3.     Notwithstanding the above, assets transferred from the Relevant Plans, that were separately
accounted for in sources designated as either the “Company Match Account” or the “Company Match
Vested Account” in the PQS Administrative Manual as of November 2004, shall be credited to the
Prior Plan Company Contribution Account established in this Plan.

     4.     Notwithstanding the above, assets transferred from the Relevant Plans, that were separately
accounted for in sources designated as the “Prior Employer Match Account”, the “Prior Plan Match
Account”, the “Prior Plan P/S Account”, or the “Prior Plan ESOP Account” in the PQS Administrative
Manual as of November 2004, shall be credited to the Rollover Account established in this Plan.

     5.     Notwithstanding the above, assets transferred from the Relevant Plans, that were separately
accounted for in sources designated as either the “Safe Harbor Match Account” or the “Prior Company
Match Account” in the PQS Administrative Manual as of November 2004, shall be credited to the
Company Contribution Account established in this Plan.

ARTICLE 37

MERGER OF SHELL TRADING SAVINGS PLAN

     1.     In connection with the merger and transfer of assets from the Shell Trading Savings Plan
into the Fund on or about December 29, 2004, account balances, other than amounts attributable to
salary reduction contributions including catch up contributions made under the Shell Trading
Savings Plan and other than assets in the form of loans transferred to the Shell Pay Deferral
Investment Fund, shall be credited to the respective accounts established herein. The Plan
Administrator may establish such special transitional rules as he deems appropriate in connection
with such transfer of assets.

     2.     Notwithstanding the above, assets transferred from the Shell Trading Savings Plan that were
credited to the “Alliance Company Contribution Account” in such plan shall be credited to the Prior
Plan Company Contribution Account established in this Plan.

     3.     Notwithstanding the above, assets transferred from the Shell Trading Savings Plan that were
credited to the “Matching Account” in such plan shall be credited to the Company Match Account and
shall be subject to the vesting schedule as described in Schedule D.

     4.     Notwithstanding the above, assets transferred from the Shell Trading Savings Plan that were
credited to the “LEDCO Account” in such plan shall be credited to the Company Contribution Account
established in this Plan.

69

 

SCHEDULE A

Part One

	 	 	 
	Business Entity	 	Date of Adoption
	Billiton Metals Inc.

	 	January 1, 1993

Part Two

	 	 	 
	Business Entity	 	Date of Acquisition
	The Goodyear Tire & Rubber Company

	 	December 18, 1992
	Hi-Tek Polymers, Inc.

	 	April 1, 1993
	Schering Berlin Polymers, Inc.

	 	April 2, 1993

70

 

SCHEDULE B

Part One

Incentive Compensation Plans

Incentive Compensation Plan (as adopted by Shell Oil Company and certain of its subsidiaries with
effect from 1/1/94)

Shell Polypropylene Company 1995 Incentive Compensation Plan

Success Shares — CalResources Incentive Compensation Plan

Part Two

(Intentionally left blank)

71

 

SCHEDULE C

Part I of Schedule C

Tier I

LifeStyle Funds

Fidelity Freedom Income Fund®

Fidelity Freedom 2010 Fund®

Fidelity Freedom 2020 Fund®

Fidelity Freedom 2030 Fund®

Fidelity Freedom 2040 Fund®

Core Funds

1-3 Year Government Bond Index Fund

A fund using a stratified sampling approach to aim to match the performance of the Lehman Brothers
1-3 Year Government Bond Index, an unmanaged index that measures the performance of U.S.
government-issued bonds with maturities greater than one year but less than three years.

20+ Treasury Bond Index Fund

A fixed-income index fund designed to match the performance of the Lehman Brothers 20+ Treasury
Index and consisting exclusively of U.S. Treasury issues with maturities greater than 20 years
which are guaranteed timely interest and principal payments by the full faith and credit of the
U.S. government and certain short-term investments.

Government/Credit Bond Index Fund

A fund using a stratified sampling approach to aim to match the performance of the Lehman Brothers
Government/Credit Bond Index, an unmanaged index that measures the performance of U.S. government
and high-quality corporate bonds with maturities of at least one year.

Intermediate Government Bond Index Fund

A fixed-income index fund designed to match the performance of the Lehman Brothers Intermediate
Government Bond Index and consisting exclusively of U.S. government issued bonds which are
guaranteed timely interest and principal payments by the full faith and credit of the U.S.
government and certain short-term investments.

Mid-Cap Equity Index Fund

A broadly diversified equity index fund designed to match the performance of the S&P MidCap 400
Index and consisting primarily of the equities of mid-sized U.S. companies.

Royal Dutch Shell Stock Fund

A non-diversified, unmanaged, unitized fund consisting primarily of RDS Class A American depositary
receipts representing Class A ordinary shares of Royal Dutch Shell plc and short-term instruments.

72

 

Russell 1000 Value Index Fund

A diversified large-capitalization equity index fund that aims to match the performance of the
Russell 1000® Value Index.

Russell 1000 Growth Index Fund

A diversified large-capitalization equity index fund that aims to match the performance of the
Russell 1000® Growth Index.

Russell 2000® Equity Index Fund

A small capitalization equity index fund designed to match the performance of the Russell 2000®
Index and consisting primarily of small capitalization securities.

Russell 2000 Value Index Fund

A small-capitalization equity index fund that aims to match the performance of the Russell
2000® Value Index.

Russell 2000 Growth Index Fund

A small-capitalization equity index fund that aims to match the performance of the Russell
2000® Growth Index.

Thrift Fund

A fund consisting of such fixed-income investments as the Trustees shall from time to time
determine in accordance with the Trust Agreement. Investments may include, but shall not be
limited to, investment contracts of insurance companies or financial institutions and high quality,
short-term, U.S. dollar-denominated money market securities issuers.

U. S. Debt Index Fund

A broad fixed-income index fund designed to match the performance of the Lehman Brothers Aggregate
Bond Index and consisting primarily of investment-grade bonds with maturities of at least one year
including U.S. government, corporate, mortgage-backed, and asset-backed bonds.

U. S. Equity Index Fund

An equity index fund designed to approximate the composition and total return of the Standard &
Poor’s Composite Index of 500 Stocks (S&P 500®) and consisting primarily of the common
stocks that make up the S&P 500®. Except as provided in Section VI of the Trust
Agreement, assets of the U. S. Equity Index Fund shall not be invested in securities of any of the
Contributing or Affiliated Companies.

U. S. Equity Market Fund

A total market equity index fund designed to match the performance of the Barclays’ U.S. Equity
Market Index and consisting primarily of the publicly available universe of equity shares.

U. S. Treasury Inflation Protected Securities Index Fund

A fund using a full-replication approach to aim to match the performance of the Lehman Brothers
U.S. Treasury Inflation Protection Securities Index, an unmanaged index that measures the
performance of inflation-indexed bonds issued by the U.S. Treasury.

Part II of Schedule C

Tier II

Fidelity Mutual Funds

Fidelity Blue Chip Growth Fund

Fidelity Diversified International Fund

Fidelity Dividend Growth Fund

73

 

Fidelity Equity-Income Fund

Fidelity Equity-Income II Fund

Fidelity Fund

Fidelity Growth & Income Portfolio

Fidelity Mid Cap Stock Fund

Fidelity Overseas Fund

Fidelity Puritan® Fund

Fidelity Small Cap Independence Fund

Fidelity Small Cap Stock Fund

Fidelity Value Fund

Part III of Schedule C

Tier III

Mutual Fund Window —  such of the following mutual funds as are from time to time
available through Fidelity’s

FundsNetSM program and all Fidelity mutual funds not
offered in Tier II:

AIM Balanced Fund Class A

AIM Basic Value Fund Class A

AIM Blue Chip Fund Class A

AIM Constellation Fund Class A

AIM Global Aggressive Growth Fund Class A

AIM Mid Cap Core Equity Fund Class A

AIM Premier Equity Fund

AIM Weingarten Fund Class A

Alger Capital Appreciation Fund — Institutional Class

Alger Mid Cap Growth Fund — Institutional Class

Alger Small Cap Fund — Institutional Class

American AAdvantage Balanced Fund

American AAdvantage International Equity Fund

American AAdvantage Large Cap Value Fund

74

 

American AAdvantage Short-Term Bond Fund

American Century Large Company Value Fund — Investor Class

American Century Small Company Fund — Investor Class

American Century Ultra Fund — Investor Class

Ariel Appreciation Fund

Ariel Fund

Ariel Premier Bond Fund  — Investor Class

Artisan International Fund

Artisan Mid Cap Fund

Baron Asset Fund

Baron Growth Fund

Calvert Capital Accumulation Fund

Calvert New Vision Small Cap Fund

Calvert Social Investment Balanced Fund

Calvert Social Investment Fund Equity — A

Calvert World Values Fund, Inc.— International Equity Fund

Columbia Acorn Select Fund — Z

Columbia High Yield Fund — Z

Credit Suisse Capital Appreciation Fund

Credit Suisse Global Fixed Income Fund

Credit Suisse International Focus Fund

Credit Suisse Large Cap Value Fund — Class A

Credit Suisse Mid-Cap Growth Fund

Credit Suisse Small Cap Value Fund

CRM Mid Cap Value Fund — Investor Class

Domini Social Equity Fund

Dreyfus Founders Balanced Fund F

Dreyfus Founders Discovery Fund F

75

 

Dreyfus Founders Growth & Income Fund F

Dreyfus Founders Growth Fund F

Dreyfus Founders Mid-Cap Growth Fund F

Dreyfus Founders Passport Fund F

Dreyfus Founders Worldwide Growth Fund F

Fidelity Aggressive Growth Fund

Fidelity Aggressive International Fund

Fidelity Asset ManagerSM

Fidelity Asset Manager: AggressiveSM

Fidelity Asset Manager: GrowthSM

Fidelity Asset Manager: IncomeSM

Fidelity Balanced Fund

Fidelity Blue Chip Value Fund

Fidelity Canada Fund

Fidelity Capital & Income Fund

Fidelity Capital Appreciation Fund

Fidelity Cash Reserves

Fidelity China Region Fund

Fidelity Contrafund

Fidelity Convertible Securities Fund

Fidelity Disciplined Equity Fund

Fidelity Discovery Fund

Fidelity Emerging Markets Fund

Fidelity Europe Capital Appreciation Fund

Fidelity Europe Fund

Fidelity Export and Multinational Fund

Fidelity Fifty Fund

Fidelity Floating Rate High Income Fund

76

 

Fidelity Focused Stock Fund

Fidelity Four-in-One Index Fund

Fidelity Freedom 2000 Fund

Fidelity Freedom 2005 Fund

Fidelity Freedom 2015 Fund

Fidelity Freedom 2025 Fund

Fidelity Freedom 2035 Fund

Fidelity Ginnie Mae Fund

Fidelity Global Balanced Fund

Fidelity Government Income Fund

Fidelity Growth & Income II Portfolio

Fidelity Growth Company Fund

Fidelity High Income Fund

Fidelity Independence Fund

Fidelity Inflation-Protected Bond Fund

Fidelity Institutional Short-Intermediate Government Fund

Fidelity Intermediate Bond Fund

Fidelity Intermediate Government Income Fund

Fidelity International Growth & Income Fund

Fidelity International Small Cap Fund

Fidelity Investment Grade Bond Fund

Fidelity Japan Fund

Fidelity Japan Smaller Companies Fund

Fidelity Large Cap Stock Fund

Fidelity Latin America Fund

Fidelity Leveraged Company Stock Fund

Fidelity Low-Priced Stock Fund

Fidelity Magellan® Fund

77

 

Fidelity Mortgage Securities Fund — Initial Class

Fidelity Nasdaq Composite® Index Fund

Fidelity New Markets Income Fund

Fidelity Nordic Fund

Fidelity OTC Portfolio

Fidelity Pacific Basin Fund

Fidelity Real Estate Income Fund

Fidelity Real Estate Investment Portfolio

Fidelity Retirement Government Money Market Portfolio

Fidelity Retirement Money Market Portfolio

Fidelity Short-Term Bond Fund

Fidelity Small Cap Retirement Fund

Fidelity Southeast Asia Fund

Fidelity Stock Selector

Fidelity Strategic Dividend & Income Fund

Fidelity Strategic Income Fund

Fidelity Structured Large Cap Growth

Fidelity Structured Large Cap Value

Fidelity Structured Mid Cap Growth

Fidelity Structured Mid Cap Value

Fidelity Total Bond Fund

Fidelity Trend Fund

Fidelity U.S. Bond Index Fund

Fidelity U.S. Government Reserves

Fidelity Ultra-Short Bond Fund

Fidelity Utilities Fund

Fidelity Value Discovery Fund

Fidelity Value Strategies Fund

78

 

Fidelity Worldwide Fund

FMA Small Company Portfolio

Franklin Small-Mid Cap Growth Fund A

INVESCO Core Equity Fund

INVESCO Dynamics Fund

INVESCO Small Company Growth Fund

INVESCO Total Return Fund

Janus Balanced Fund

Janus Enterprise Fund

Janus Flexible Income Fund

Janus Fund

Janus Mercury Fund

Janus Twenty Fund

Janus Worldwide Fund

Legg Mason Value Trust

Lord Abbett Mid Cap Value Fund — Class A

Lord Abbett Mid Cap Value Fund — Class P

Managers Bond Fund

Managers Capital Appreciation Fund

Managers Special Equity Fund

Managers Value Fund

MS Institutional Fund Active International Allocation Portfolio Class B

MS Institutional Fund Emerging Markets Portfolio Class B

MS Institutional Fund Equity Growth Portfolio Class B

MS Institutional Fund Global Value Equity Portfolio Class B

MS Institutional Fund International Equity Portfolio Class B

MS Institutional Fund International Magnum Portfolio Class B

MS Institutional Fund Small Company Growth Portfolio Class B

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MS Institutional Fund Trust Balanced Portfolio

MS Institutional Fund Trust Core Plus Fixed Income Portfolio

MS Institutional Fund Trust High Yield Portfolio

MS Institutional Fund Trust Mid Cap Growth Portfolio

MS Institutional Fund Trust Value Portfolio

MS Institutional Fund Value Equity Portfolio Class B

Mutual Discovery Fund A

Mutual Shares Fund A

Neuberger Berman Focus Trust

Neuberger Berman Genesis Trust

Neuberger Berman Guardian Trust

Neuberger Berman Manhattan Trust

Neuberger Berman Partners Trust

Neuberger Berman Socially Responsive Trust

Oakmark Equity and Income Fund

Oakmark Fund

Oakmark Select Fund

PBHG Emerging Growth Fund

PBHG Growth Fund

PBHG Large Cap Fund

PBHG Mid Cap Fund

PBHG Strategic Small Company Fund

PIMCO CCM Capital Appreciation Fund — Administrative Class

PIMCO CCM Mid Cap Fund — Administrative Class

PIMCO Global Bond Fund — Administrative Class

PIMCO High Yield Fund — Administrative Class

PIMCO Long-Term U.S. Government Fund — Administrative Class

PIMCO Low Duration Fund — Administrative Class

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PIMCO NFJ Small Cap Value Fund — Administrative Class

PIMCO Total Return Fund — Administrative Class

Robertson Stephens Emerging Growth Fund

Robertson Stephens Smaller Company Growth Fund

Royce Low-Priced Stock Fund

Scudder 21st Century Growth Fund

Scudder Dreman High Return Equity — A

Scudder Global Discover Fund

Scudder Growth & Income Fund

Scudder International Fund

Spartan 500 Index Fund

Spartan Extended Market Index Fund

Spartan Government Income Fund

Spartan International Index Fund

Spartan Investment Grade Bond Fund

Spartan Total Market Index Fund

Spartan U.S. Equity Index Fund

Strong Advisor Common Stock Fund Class Z

Strong Advisor Small Cap Value Fund

Strong Discovery Fund

Strong Government Securities Fund

Strong Growth Fund

Strong Large Cap Growth Fund

Strong Opportunity Fund

Strong Short-Term Bond Fund

Strong Ultra Short-Term Income Fund

TCW Galileo Aggressive Growth Equities Fund Class N

TCW Galileo Select Equities Fund Class N

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TCW Galileo Small Cap Growth Fund Class N

Templeton Developing Markets Trust A

Templeton Foreign Fund A

Templeton Foreign Smaller Companies Fund A

Templeton Global Bond Fund A

Templeton Growth Fund A

Templeton World Fund A

UAM: FPA Crescent Portfolio

UAM: Rice, Hall, James Small Cap Portfolio

USAA Cornerstone Strategy Fund

USAA Emerging Markets Fund

USAA GNMA Trust

USAA Growth Fund

USAA Income Fund

USAA Income Stock Fund

USAA International Fund

Van Kampen Growth & Income Fund — A

Villanova Capital: Gartmore Millennium Growth Fund

Villanova Capital: Gartmore Value Opportunity Fund

Western Asset Core Portfolio FI Class

Part IV of Schedule C

Tier IV

Fidelity Select Portfolios — such of the following mutual funds as are from time to time
available through Fidelity:

Fidelity Select Portfolios: Air Transportation Portfolio

Fidelity Select Portfolios: Automotive Portfolio

Fidelity Select Portfolios: Banking Portfolio

Fidelity Select Portfolios: Biotechnology Portfolio

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Fidelity Select Portfolios: Brokerage and Investment Management Portfolio

Fidelity Select Portfolios: Business Services and Outsourcing Portfolio

Fidelity Select Portfolios: Chemicals Portfolio

Fidelity Select Portfolios: Computers Portfolio

Fidelity Select Portfolios: Construction and Housing Portfolio

Fidelity Select Portfolios: Consumer Industries Portfolio

Fidelity Select Portfolios: Cyclical Industries Portfolio

Fidelity Select Portfolios: Defense and Aerospace Portfolio

Fidelity Select Portfolios: Developing Communications Portfolio

Fidelity Select Portfolios: Electronics Portfolio

Fidelity Select Portfolios: Energy Portfolio

Fidelity Select Portfolios: Energy Service Portfolio

Fidelity Select Portfolios: Environmental Portfolio

Fidelity Select Portfolios: Financial Services Portfolio

Fidelity Select Portfolios: Food and Agriculture Portfolio

Fidelity Select Portfolios: Gold Portfolio

Fidelity Select Portfolios: Health Care Portfolio

Fidelity Select Portfolios: Home Finance Portfolio

Fidelity Select Portfolios: Industrial Equipment Portfolio

Fidelity Select Portfolios: Industrial Materials Portfolio

Fidelity Select Portfolios: Insurance Portfolio

Fidelity Select Portfolios: Leisure Portfolio

Fidelity Select Portfolios: Medical Delivery Portfolio

Fidelity Select Portfolios: Medical Equipment and Systems Portfolio

Fidelity Select Portfolios: Money Market Portfolio

Fidelity Select Portfolios: Multimedia Portfolio

Fidelity Select Portfolios: Natural Gas Portfolio

Fidelity Select Portfolios: Natural Resources Portfolio

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Fidelity Select Portfolios: Networking and Infrastructure Portfolio

Fidelity Select Portfolios: Paper and Forest Products Portfolio

Fidelity Select Portfolios: Pharmaceuticals Portfolio

Fidelity Select Portfolios: Retailing Portfolio

Fidelity Select Portfolios: Software and Computer Services Portfolio

Fidelity Select Portfolios: Technology Portfolio

Fidelity Select Portfolios: Telecommunications Portfolio

Fidelity Select Portfolios: Transportation Portfolio

Fidelity Select Portfolios: Utilities Growth Portfolio

Fidelity Select Portfolios: Wireless Portfolio

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SCHEDULE D

VESTING

     1.     Vesting in Company Match Account. A Member shall have a nonforfeitable right to his Company
Match Account in accordance with the vesting schedule below, except that a Member who dies or who
terminates his employment after attaining age 65 or qualifying for a disability pension under the
Shell Pension Plan (but disregarding the condition that an employee have at least 15 years of
accredited service) shall be 100% vested on such event:

	 	 	 	 	 
	Completed Years	 	 	 
	of	 	Nonforfeitable
	Participation Service	 	Percentage	 
	 
	 	 	 	 
	Less than 1 year
	 	 	0	%
	1 year
	 	 	20	%
	2 years
	 	 	40	%
	3 years
	 	 	60	%
	4 years
	 	 	80	%
	5 years
	 	 	100	%

     A Member who terminates employment prior to attaining a 100% nonforfeitable percentage shall
forfeit the non-vested portion of his Company Match Account. The amount forfeited shall be
allocated as a forfeiture in accordance with Paragraph 2 below.

     If a Member’s account is restored as provided in Paragraph 3 below, and if such Member had
received a distribution of his vested Company Match Account, and if such Member subsequently
terminates employment prior to attaining a 100% nonforfeitable percentage in his Company Match
Account, the vested portion of the Member’s Account shall be determined in the following manner:

     At any relevant time the Member’s vested portion is not less than an
amount (“X”) determined by the formula:

X = P(AB + D) – D

     where P is the nonforfeitable percentage at the relevant time; AB is
the account balance at the relevant time; and D is the amount of the
nonforfeitable percentage.

     2.     Allocation of Forfeitures. Any amounts forfeited by a Member from his Company Match Account
shall be applied in the following order:

	 	(a)	 	to restore forfeited amounts to individuals reemployed as an
Employee;
	 
	 	(b)	 	to restore unclaimed benefits pursuant to Article 19; and
	 
	 	(c)	 	to reduce the Contributing Company Contribution under Article 8
to the extent of such contributions.

     3.     Restoration of Forfeitures Upon Reemployment. If a “Former Member,” within the meaning of the
Shell Trading Savings Plan, who has forfeited an amount under Paragraph 1 above is re-employed, a
Contributing Company contribution of the amount forfeited shall be made and credited to the
Member’s Company Match Account on behalf of such Member.

     4.     Special Vesting Provisions. Notwithstanding Paragraph 1 above, the following special vesting
provisions shall apply:

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	 	(a)	 	Each Member who is an Enterprise Transferred Employee shall be
fully vested, effective as of September 17, 1999, in his Company Match Account
balance attributable to matching contributions made prior to his transfer to
Enterprise Products Company. For purposes of this sub-paragraph, an “Enterprise
Transferred Employee” means an individual who is employed by Enterprise
Products Company under the terms of that Contribution Agreement, dated
effective September 17, 1999, between Tejas Energy, LLC and others, including
Enterprise Products Company, and who was an employee of a participating company
under the Shell Trading Savings Plan immediately preceding his employment with
Enterprise Products Company.
	 
	 	(b)	 	Each Member who is employed by InterGen Services, Inc. on
January 1, 2001, in connection with the formation of InterGen North America,
LP, a joint venture by and between Shell Power GP Holding and Bechtel
Enterprises Holdings, Inc., and who was an employee of a participating company
under the Shell Trading Savings Plan immediately preceding his employment with
InterGen Services, Inc., shall be fully vested, effective as of January 1,
2001, in his Company Match Account balance attributable to matching
contributions made prior to January 1, 2001.
	 
	 	(c)	 	Each Member who is employed by Enterprise Products Operating
L.P. on April 1, 2001, in connection with that Purchase and Sale Agreement
between Coral Energy, LLC and Enterprises Products Operating L.P. for the sale
of Coral Energy, LLC’s membership interests in Acadian Gas, LLC to Enterprise
Products Operating L.P., and who is an employee of a participating company
under the Shell Trading Savings Plan immediately preceding his employment with
Enterprise Products Operating L.P. shall be fully vested in his Company Match
Account balance attributable to matching contributions made prior to April 1,
2001.
	 
	 	(d)	 	Special vesting rules in connection with the sale by InterGen
(North America) Inc. of its equity interests in Tejas Gas, LLC and its
subsidiaries to Kinder Morgan Energy Partners, L.P. as of February 28, 2002:

	 	(i)	 	An individual who on February 28, 2002, is
either an employee under the Shell Trading Savings Plan or an employee
of a “25% Affiliated Entity,” within the meaning of the Shell Trading
Savings Plan, who has an application for employment offer accepted by
Kinder Morgan Energy Partners, L.P. and who performs services with
Kinder Morgan Energy Partners, L.P. as an employee of Kinder Morgan
Energy Partners, L.P. on March 1, 2002, shall be vested as of February
28, 2002 in his accrued benefit under the Shell Trading Savings Plan
earned through February 28, 2002.
	 
	 	(ii)	 	An individual who on March 14, 2002, is either
an employee under the Shell Trading Savings Plan or an employee of a
“25% Affiliated Entity,” within the meaning of the Shell Trading
Savings Plan, who has an application for employment offer accepted by
Kinder Morgan Energy Partners, L.P., and who performs services with
Kinder Morgan Energy Partners, L.P. as an employee of Kinder Morgan
Energy Partners, L.P. on March 15, 2002, shall be vested as of March
14, 2002, in his accrued benefit under the Shell Trading Savings Plan
earned through March 14, 2002.

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SHELL PROVIDENT FUND

TRUST AGREEMENT

               TRUST AGREEMENT, dated as of the 1st day of September 1939, and as amended through May 17,
2005, between SHELL OIL COMPANY, CORAL ENERGY SERVICES, LLC, CRI U.S. LP, EQUILON ENTERPRISES LLC
d/b/a SHELL OIL PRODUCTS US, MOTIVA COMPANY, PECTEN CHEMICALS INC., PECTEN MIDDLE EAST SERVICES
COMPANY LIMITED, PECTEN OVERSEAS SERVICES COMPANY, PECTEN PRODUCING COMPANY, PECTEN SERVICES
COMPANY, PENNZOIL-QUAKER STATE COMPANY d/b/a SOPUS PRODUCTS, SHELL AGRICULTURAL CHEMICAL COMPANY,
SHELL CAPITAL INC., SHELL CHEMICAL LP, SHELL CHEMICAL RISK MANAGEMENT COMPANY, SHELL ENERGY
RESOURCES COMPANY, SHELL ENERGY SERVICES COMPANY, L.L.C., SHELL EXPATRIATE EMPLOYMENT US INC.,
SHELL EXPLORATION & PRODUCTION COMPANY, SHELL GLOBAL SOLUTIONS (US) INC., SHELL INFORMATION
TECHNOLOGY INTERNATIONAL INC., SHELL INTERNATIONAL EXPLORATION AND PRODUCTION INC., SHELL MARINE
PRODUCTS (US) COMPANY, SHELL NORTH AMERICA GAS & POWER SERVICES COMPANY, SHELL OFFSHORE INC., SHELL
OIL PRODUCTS COMPANY LLC, SHELL OIL PRODUCTS LAN LLC, SHELL PIPELINE COMPANY LP, SHELL SOLAR
EMPLOYMENT SERVICES INC., SHELL TECHNOLOGY VENTURES INC., SHELL TRADING GAS AND POWER COMPANY, SHEL
TRADING GP OVERSEAS SERVICES COMPANY, SHELL US GAS & POWER, LLC, SHELL TRADING NORTH AMERICA
COMPANY, SHELL TRADING (US) COMPANY, SHELL WINDENERGY SERVICES INC., SIEP OVERSEAS SERVICES, INC.,
SPLC SERVICES COMPANY LLC, SWEPI LP, and such other affiliated companies as may become parties
hereto from time to time, as hereinafter provided, (the Companies which at any given time are
participating in the plan as hereinafter provided being sometimes hereinafter referred to as the
“Contributing Companies”), and T. T. Coles, J. M. Esquivel, F. A. Glaviano, S. Hodge, and J. D.
Hofmeister, as trustees, and such other persons as may become trustees hereunder from time to time
as hereinafter provided (the persons who at any given time are acting as trustees hereunder being
hereinafter called the “Trustees”).

W I T N E S S E T H:

               WHEREAS, each of the Companies named above desired to adopt, for the exclusive benefit of its
employees and their beneficiaries who become beneficiaries of the Fund hereinafter described, a
contributory plan to provide for such employees upon their retirement from employment and as part
of the plan to join in the creation of a trust of personal property to be known as “Shell Provident
Fund” (hereinafter sometimes called the “Fund”) to which contributions are to be made by said
Company and payments are to be made by said employees for the purpose of distributing to said
employees the principal and earnings of the funds to be accumulated in the trust arising from said
contributions and payments in accordance with the provisions of the plan;

               WHEREAS, the plan, and the trust to be created (the “Trust”), are to be administered by
Trustees as hereinafter and in the Regulations provided, and

               WHEREAS, by the execution of this instrument (hereinafter sometimes called the “Trust
Agreement”) each of the Companies named above desires to evidence its adoption of the plan and its
joining in the creation of such Trust, and the Trustees desire to evidence their acceptance of the
Trust;

               NOW, THEREFORE, in consideration of the premises and of the covenants hereinafter set forth,
the Companies which are or become parties hereto (hereinafter called the “Companies”) and the
Trustees hereby agree each with the other as follows:

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SECTION I

ADOPTION OF THE PLAN, CREATION OF THE TRUST, AND

DESIGNATION OF THE TRUSTEES

               Each of the Companies hereby adopts the plan as set forth herein and in the Regulations for
the exclusive benefit of its employees and their beneficiaries who become beneficiaries of the Fund
(hereinafter called “Member”) and as part of the plan, hereby joins in the creation of the Fund as
a Trust of personal property, to which contributions are to be made by said Company and payments
are to be made by Members for the purpose of distributing to the Members the principal and earnings
of the funds to be accumulated in the Trust arising from the contributions of said Company and the
payment of Members in accordance with the provisions of the plan, and hereby designates the
Trustees named above as the Trustees of the Fund. The Regulations hereto annexed are incorporated
herein and made a part of the Trust Agreement (which together hereinafter are sometimes called the
“Plan” or the “Fund”).

               The signature of any of the Companies to any counterpart or copy of the Trust Agreement shall
be sufficient evidence of its adoption of the plan and of its joining in the creation of the Fund
and of its designation of the Trustees named above.

SECTION II

ACCEPTANCE OF THE TRUST

               The Trustees hereby accept the Trust and agree to hold, administer, and disburse all of the
principal and earnings of the funds to be accumulated in the Fund in accordance with all the terms
and provisions of the Trust Agreement including the Regulations. The signature of any Trustee to
any counterpart or copy of the Trust Agreement shall be sufficient evidence of his acceptance and
agreement as aforesaid.

SECTION III

ADMINISTRATION

               The Trustees may act by a majority of their number then in office either by vote at a meeting
or in writing without a meeting.

               The Trustees may appoint a chairman and vice-chairman from among their number and a secretary
and such other officers as they may deem advisable who need not be Trustees; may appoint an
executive committee consisting of three or more Trustees with full authority to exercise any of the
powers of the Trustees; may appoint such other committees, whose members need not be Trustees, with
such powers as they may deem expedient; may provide that any such committee may act by a majority
of its number then in office (but in no event less than two) either by a vote at a meeting or in
writing without a meeting; may designate alternates for any members of any such committee; may
adopt by-laws governing the transaction of their business and the duties of such officers; may
remove any such officers, abolish any such committees, and alter or repeal any such by-laws; and
may transact their business under the name “Shell Provident Fund.”

               Any act of the Trustees or any such committee shall be sufficiently evidenced if certified by
the secretary appointed by the Trustees or any Trustee or in accordance with the by-laws.

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SECTION IV

CONTRIBUTIONS TO THE FUND

               Contributions to the Fund by each of the Contributing Companies and payments by the Members
shall be made in accordance with the Regulations.

               Notwithstanding anything herein to the contrary, upon the Employer’s request, a contribution
which was made by a mistake of fact or conditioned upon the initial qualification of the Fund or
upon the deductibility of any contribution to the Fund shall be returned to the contributor within
one year after payment of the contribution, the denial of the initial qualification or the
disallowance of the deduction (to the extent disallowed), whichever is applicable.

SECTION V

DISPOSITION OF FUNDS

               All funds received by the Trustees hereunder shall be held, managed, deposited, invested,
reinvested, disbursed, and distributed to or for the benefit of the Members in accordance with the
provisions hereof and of the Regulations.

               Subject to such qualifications, terms, and conditions as the Trustees shall determine, the
Trustees may enter into any contract or contracts with any insurance company or companies for the
purposes of purchasing annuities or other forms of contracts with respect to Members or their
beneficiaries and may disburse funds for this purpose in accordance with the provisions of
paragraph 5 of Article 13 of the Regulations.

SECTION VI

INVESTMENT OF FUNDS

     (a)     All funds received by the Trustees which, pursuant to the provisions of Article 11 of the
Regulations, are subject to a direction to be invested in any of the Core Funds, other than the
Thrift Fund, shall be invested and reinvested by the Trustees and/or one or more Investment
Managers in the classes and types of investments designated by the appropriate provisions of Part I
of Schedule C to the Regulations, and subsection (b) of this Section VI shall not apply to the
classes and types of investments in which such funds may be invested. All funds received by the
Trustees which, pursuant to the provisions of Article 11 of the Regulations, are subject to a
direction to be invested in an Eligible Investment Company Fund shall be invested and reinvested by
an investment adviser in the classes and types of investments designated by the appropriate
provisions of the prospectus therefor, and subsection (b) of this Section VI shall not apply to the
classes and types of investments in which such funds may be invested.

     (b)     Except as provided in subsection (a) of this Section, the Trustees shall have the power to
invest and reinvest all funds received by them in such securities, obligations, or properties (real
or personal) or participations or interests therein, the rate of return which is fixed by the
instruments evidencing the investment (referred to herein collectively as “securities”), and
insurance company group annuity investment contracts and agreements, as they may deem advisable in
their discretion as though they were the beneficial owners thereof, excluding securities issued or
to be issued by any of the Contributing or Affiliated Companies. Notwithstanding the first
sentence of this subsection, an investment in any collective or common trust fund shall not be
prohibited even though such collective or common trust fund may hold securities issued by any of
the Contributing or Affiliated Companies so long as such securities shall not exceed 5% of the
assets of the Optional Fund to which the investment relates. The Trustees shall have power to
sell, transfer, or exchange assets held hereunder from time to time at such prices and upon such
terms and conditions and in such manner as they may deem proper. The Trustees may lend securities
held hereunder consistent with the fiduciary duty and prohibited transaction requirements of ERISA.
The Trustees may exercise any voting powers appurtenant to

89

 

any securities at the time held by them and may execute any proxies or powers of attorney (as to
either discretionary or ministerial matters) and any agreements which they may deem necessary or
advisable in connection with the investment, holding, or management of the assets in their custody
and control, it being the intention hereof that the Trustees shall have full power, within the
limitations of this Trust Agreement, to manage all assets held by them hereunder, as though the
absolute owners thereof. The purchaser of any assets from the Trustees need not inquire into the
application of the purchase money by the Trustees nor into the expediency or propriety of the
Trustees to negotiate or make the same. Securities held by the Trustees may be registered in the
name of the Fund, the Trustees or their agents or nominees, or other persons; or they may be
unregistered.

     (c)     Each Investment Manager may invest in any single, collective, or common trust fund for
employee benefit plans qualified under Section 401(a) of the Internal Revenue Code of 1986, as
amended, or any successor statute, maintained by a trust company. An investment in any collective
or common trust fund shall not be prohibited even though such collective or common trust fund may
hold securities issued by any of the Contributing or Affiliated Companies so long as such
securities shall not exceed 5% of the assets of the Optional Fund to which the investment relates.
Without limiting the generality of the foregoing, the agreement with the bank or trust company may
authorize the bank or trust company to invest and reinvest the assets transferred to it in
interests in any trust fund that has been or shall be created and maintained by the bank or trust
company as trustee for the collective investment of funds of trusts for employee benefit plans
qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended, or any successor
statute, as amended, and to the extent required by Revenue Ruling 81-100 and further to the extent
consistent with this Trust Agreement the instrument creating such trust fund, together with any
amendments is hereby incorporated in and made part of this Trust Agreement.

     (d)     In addition to any other investments proper under the Fund, the Trustees shall have the
power to invest in one or more collective investment funds now existing or hereinafter established
(including, without limitation, the Shell Savings Group Trust established effective January 1, 1996
between Shell Oil Company and the then Trustees) which contemplate the commingling for investment
purposes of the funds therein with trust assets of other pension plans which are qualified under
Section 401 of the Code. To the extent required by Revenue Ruling 81-100 and to the extent
consistent with this Trust Agreement, the instrument creating any collective investment fund in
which any part of the Fund is invested, as in force and effect at the time of the investment and as
thereafter amended, is hereby incorporated in and made part of this Trust Agreement. Such
collective investment fund shall be invested and reinvested by its trustees and/or investment
managers in the classes and types of investments designated by the appropriate provisions of the
Fund.

SECTION VII

DELEGATION OF POWERS

               The Trustees may appoint one or more Investment Managers for the Core Funds (other than the
Thrift Fund) and may delegate to one or more Investment Managers for the Thrift Fund, all or any of
the authority, powers, or duties conferred upon them by subsection (b) of Section VI hereof. In
accordance with the directions of the Members or their beneficiaries, the Trustees shall delegate
to the investment advisors of the Eligible Investment Company Funds, all or any of the authority,
powers or duties conferred upon them by subsection (b) of Section VI hereof. In the case of the
Thrift Fund, the Trustees may direct the Plan Administrator and his staff to manage certain assets
held by a custodian. The Trustees may deliver to such Investment Manager or Investment Managers
any funds or securities held by the Trustees hereunder. Each Investment Manager shall be a bank,
trust company, insurance company, investment company, investment advisor, or investment banker,
satisfying the requirements of section 3(38) of ERISA. The bank or trust company or custodian of
the Trust’s funds and securities shall have a capital stock and surplus of not less than Fifty
Million Dollars ($50,000,000) and be adequately insured or bonded. Each Investment Manager shall
exercise all the authority, powers, and duties of an Investment Manager as provided in this Trust
Agreement and in the Regulations. As to certain Plan assets, the Trustees may select a bank or
trust company to act as custodian for same if the Investment Manager or other fiduciary managing
such assets either does not perform such services or the Trustees believe it to be advantageous to
have another party act as custodian. Subject to the provisions of the Regulations and this Trust
Agreement, the appointment of an Investment Manager shall be upon such terms as the Trustees shall
determine. The Trustees may remove an Investment Manager at any time, with or without cause, or an
Investment Manager may resign

90

 

at any time in such manner as the Trustees shall determine. In the event of such removal or
in the event that an Investment Manager shall resign or cease to act, the Trustees may exercise the
authority, powers, and duties previously exercised by such Investment Manager, pending delegation
of such powers to another Investment Manager.

               No Trustee shall be liable for the acts or omissions of such Investment Manager or Managers or
be under an obligation to invest or otherwise manage any asset of the Fund which is subject to the
management of the Investment Manager.

               An Investment Manager shall keep such books of account and shall submit to such audits as the
Trustees shall prescribe.

SECTION VIII

BORROWING MONEY

               The Trustees may borrow money from time to time upon such terms and conditions as they may
deem expedient, and for the loans thus made or in renewal thereof they may issue their promissory
note or notes as Trustees and may secure the repayment thereof by pledging any of the assets then
in their control.

SECTION IX

COMPENSATION AND EXPENSES

               The Trustees shall not receive any remuneration from the Fund for their services. The
following costs and expenses incurred by or in the administration of the Fund or of the Trust, if
appropriate, shall be paid out of the funds held by the Trustees:

	 	(1)	 	Compensation of independent accountants, counsel, agent or
agents, custodians, and Investment Managers, including investment contract
consultants and independent counsel assisting in determining the qualified
status of domestic relations orders, as the Trustees or the Plan Administrator
may appoint or employ;
	 
	 	(2)	 	Premiums for insurance against loss of plan assets due to
breach of any named Fiduciary duty;
	 
	 	(3)	 	Premiums for insurance on behalf of any Fiduciary to cover
liability for his own account;
	 
	 	(4)	 	Bonding expenses required under the Fund or Trust;
	 
	 	(5)	 	User fees for requests to the Internal Revenue Service for
rulings, determination letters, and similar requests;
	 
	 	(6)	 	All taxes of any kind that may be levied or assessed under
existing or future laws in respect of the Fund or Trust on the income or gains
thereof or therefrom;
	 
	 	(7)	 	Brokerage commissions, transfer taxes, and other charges and
expenses that can be specifically identified in connection with the purchase
and sale of securities or otherwise carrying out the investment purposes of the
Optional Funds; and
	 
	 	(8)	 	Reasonable direct expenses (supported by surrounding facts and
circumstances) for services provided by a Contributing Company for the
administration of the Fund or Trust.

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               Said costs and expenses shall be paid out of the Optional Fund to which they relate or
allocated among the Optional Funds on such basis as the Trustees shall determine. Brokerage
commissions, transfer taxes or other charges and expenses that can be specifically identified in
connection with the purchase and sale of securities shall be added to the cost thereof, or deducted
from the proceeds thereof, as the case may be.

               The Companies shall pay all remaining expenses, which shall be shared ratably by them as they
may agree, and failing such agreement, as determined by the Trustees.

SECTION X

DISCHARGE OF DUTIES BY TRUSTEES

               The Trustees shall be the named Fiduciary under the Fund and the Trust. The Trustees shall
appoint a Plan Administrator who shall also be a named Fiduciary under the Fund. Solely for
purposes of directing investments in their own accounts and not for purposes of the operation or
administration of the Fund or the Trust, Members and Former Members and Qualified Beneficiaries
entitled under the terms of the Regulations to direct investments in their own accounts, shall be
named Fiduciaries under the Fund and the Trust. The Trustees or the Plan Administrator may employ
one or more persons to render advice with regard to any responsibility the Trustees have under the
Plan, and may employ counsel and agents and engage such clerical, financial, and accounting
services as they or he deems expedient. The Trustees shall not be deemed imprudent by reason of
their taking or refraining from taking action in accordance with the opinion of counsel. The
Trustees or the Plan Administrator, as the case may be, shall have the power to remove and replace
anyone they or he shall have appointed or employed. The Trustees shall discharge their respective
duties set forth in the Fund and Trust:

	 	(a)	 	solely in the interest of the Members and their Beneficiaries;
	 
	 	(b)	 	for the exclusive purpose of providing benefits to Members and
their Beneficiaries (and defraying reasonable expenses of administering the
Fund);
	 
	 	(c)	 	with the care, skill, prudence, and diligence under the
circumstances then prevailing that a prudent man acting in a like capacity and
familiar with such matters would use in the conduct of an enterprise of a like
character and with like aims;
	 
	 	(d)	 	by diversifying the investments of the Trust so as to minimize
the risk of large losses, unless under the circumstances it is clearly prudent
not to do so, or unless the Members, Former Members, or Qualified Beneficiaries
entitled under the terms of the Regulations to direct investments in their own
accounts, have otherwise directed; and
	 
	 	(e)	 	in accordance with the documents and instruments governing the
Fund insofar as such documents and instruments are consistent with ERISA.

               The Trustees may rely upon any investment direction of a Member, or a Former Member or
Qualified Beneficiary entitled under the terms of the Regulations to direct investments in their
own accounts, as long as any such direction is proper on its face and consistent with the
Regulations and this Trust Agreement. Furthermore, each Trustee may rely upon any direction,
information, or action of another Trustee as being proper under this Fund or the Trust and is not
required under this Fund or the Trust to inquire into the propriety of any such direction,
information or action. It is intended under this Fund and the Trust that each Trustee shall be
responsible for the proper exercise of his own powers, duties, responsibilities, and obligations
under this Fund and the Trust and shall not be responsible for any act or failure to act of another
Trustee, except in the following circumstances: (a) the Trustee knowingly participates in or
knowingly attempts to conceal the act or omission of another Fiduciary, and the Trustee knows the
act or omission is a breach of a Fiduciary responsibility by the other Fiduciary; or (b) the
Trustee has knowledge of a breach by the other Fiduciary and does not make reasonable efforts to
remedy the breach; or (c) the Trustee’s breach of his own Fiduciary responsibility

92

 

permits the other Fiduciary to commit a breach. No Trustee guarantees the Trust Fund in any manner
against investment loss or depreciation in asset value.

               The Trustees shall jointly manage and control the assets of the Fund unless there is a
specific allocation or delegation of specific responsibilities, obligations, and duties among the
Trustees or the other Fiduciaries. There may be an allocation and delegation of Fiduciary
responsibilities other than Trustees’ responsibilities to other Fiduciaries. If such an allocation
or delegation shall be made, the specified Trustee or Fiduciary shall then be responsible for the
duties allocated or delegated, and the other Trustees or Fiduciaries shall not be liable for any
breach of Fiduciary responsibility for the duties allocated or delegated except as set forth above.

               The Contributing Companies shall have no responsibility for overseeing or monitoring the
investment options under Schedule C of the Regulations. The Trustees and the Plan Administrator
shall have only limited responsibility for overseeing and monitoring the LifeStyle Funds set out in
Part I of Schedule C to the Regulations and shall have no responsibility for overseeing or
monitoring the investment options under Part III of Schedule C of the Regulations (the “Tier III
Funds”) or Part IV of Schedule C hereof (the “Tier IV Funds”) regardless of whether such Tier III
Funds and/or such Tier IV Funds underlie investment options under Part I and/or Part II of such
Schedule C. Each participant and each beneficiary shall have the sole responsibility for deciding
to buy, sell, or hold units in the investment options under Schedule C of the Regulations for his
or her account and the sole responsibility for determining whether any Tier III Funds and any Tier
IV Funds in said account provide acceptable risk and return characteristics and are otherwise
consistent with his or her investment objectives and the investment objectives of the Optional
Fund.

               Notwithstanding anything in the Regulations or this Trust Agreement to the contrary, the
Trustees shall have the right to resolve conflicting rights and claims in such a manner as is in
the best interests of all participants and beneficiaries.

               The companies, jointly and severally, shall indemnify each Trustee, the Plan Administrator,
and other Employees (except for Members, Former Members, and Qualified Beneficiaries to the extent
they direct investments in their own accounts) deemed to be Fiduciaries as to this Fund
(hereinafter collectively referred to as Fiduciaries) against all or any portion of any liability
or costs and expenses reasonably incurred by him in connection with, arising out of, or resulting
from any claim, action, suit or proceeding in which he may be involved by reason of his having been
a Fiduciary, provided, however, that the Companies shall not be obligated to indemnify a Fiduciary
against any such liability, costs, or expenses in connection with any action or omission to act in
respect of which such Fiduciary shall be finally adjudged in any such action, suit, or proceeding
to have been guilty of fraud or willful misconduct in the performance of his duties.

SECTION XI

COMPROMISE OF CLAIMS

               The Trustees shall have power to settle or compromise any claims which they may have as
Trustees or which may be made against them as Trustees.

SECTION XII

INTERPRETATION OF PROVISIONS: DETERMINATION OF CONTROVERSIES

               Except in those cases in which the power of determination is expressly reserved to Shell Oil
Company, the Trustees shall have full power and authority to determine all matters arising in the
interpretation and application of the Fund or the interpretation and application of the Trust
Agreement and the Regulations, and the determination of any such matter by the Trustees shall be conclusive on all persons. Whenever
under the Regulations or

93

 

the provisions of this Trust Agreement discretion is granted to the
Trustees, which shall affect the benefits, rights, and privileges of an Employee or former
Employee, such discretion shall be exercised uniformly so that all individuals similarly situated
shall be similarly treated.

SECTION XIII

ADDITIONAL COMPANIES

               Any Affiliated Company may, subject to the approval of the Trustees, become a party hereto at
any time with like effect from such time as if it were one of the Companies hereinbefore named.

               The signature of any such company to any counterpart or copy of the Trust Agreement shall be
sufficient evidence of its election to become a party hereto.

SECTION XIV

RESIGNATION OR REMOVAL OF TRUSTEES

               Successor Trustees: Increase or Decrease in the Number of Trustees. Any Trustee may resign
at any time by giving written notice to the other Trustees or in accordance with the by-laws
adopted by the Trustees.

               Any Trustee may be removed and the number of Trustees may be increased or decreased at any
time by an instrument executed by Shell Oil Company.

               In case there shall be any vacancy among the Trustees, whether on account of an increase in
the number thereof, resignation, removal, death, or otherwise, the vacancy shall be filled by
appointment by Shell Oil Company. If by reason of the discontinuance of the Plan or otherwise
Shell Oil Company shall cease to be a Contributing Company, then vacancies shall be filled by
appointment by a majority of the Trustees then in office.

               A Trustee shall not be liable or responsible in any way for any acts or omissions in the
administration of the Trust or Fund prior to the date he became a Trustee or after the date he
shall cease to be a Trustee. A Successor Trustee shall not have any duty to review the actions or
accounts of any prior Trustee.

               The signature of any successor or additional Trustee on any counterpart or copy of the Trust
Agreement shall be sufficient evidence of his acceptance of the Trust.

               A certificate, executed by any Trustee or in accordance with the by-laws adopted by the
Trustees, certifying who are or were Trustees hereunder or the number thereof at any given time
shall be sufficient evidence thereof.

SECTION XV

TERMINATION OF PARTICIPATION IN THE FUND

               The participation of any of the Contributing Companies in the Fund (including the obligation
to make further contributions to the Fund for the account of its employees who are Members, with
respect to periods subsequent to the cessation of its participation) shall terminate whenever (1) such Company is dissolved or
liquidated or ceases for any reason to be an Affiliated Company of Shell Oil Company or (2) upon
not less than 60 days’ prior written notice to the Trustees, unless waived by the Trustees in
writing, it withdraws from the Fund, or (3) upon not less than 60 days’

94

 

prior written notice to it
and to the Trustees, unless waived by it and the Trustees in writing, its participation is
terminated by Shell Oil Company. For purposes of the preceding sentence, “Affiliated Company”
shall be as defined in Paragraph 7 of Article 6 of the Regulations, except that the phrase “at
least 80 percent” shall be substituted for the phrase “more than 50 percent.” The Contributing
Company shall provide written notice of its cessation of participation to all of its Employees who
are Members of the Fund.

               In the event of termination of participation in the Fund by any one or more of the
Contributing Companies, the right and obligation of Members who are then in its or their employ to
make further contributions to the Fund, with respect to periods subsequent to the cessation of the
Contributing Company’s or Companies’ participation, shall cease. In such event, the Trustees, upon
advice of counsel, shall for the purposes of Articles 13 and 14 of the Regulations, treat the
service of such Members as having terminated at the time of such termination of participation.

               If, after the termination of participation in the Plan by all Contributing Companies and after
the payment to the Members or their beneficiaries or estate of amounts standing to their credit as
provided in the Regulations, any assets then remaining in the Fund, such assets shall be
distributed by the Trustees to or for the exclusive benefit of such Members or Former Members or
their beneficiaries or estates or any of them in such equitable and nondiscriminatory manner as the
Trustees may determine in the exercise of their fiduciary duty. In no event shall the Contributing
Companies receive any amounts from the Fund.

SECTION XVI

DISPOSITION OF CORPUS OR INCOME: DURATION

               No part of the corpus or income of the Fund shall, prior to the satisfaction of all
liabilities with respect to Members under the Plan, be used for or diverted to purposes other than
the exclusive benefit of Members or their beneficiaries (including the expenses of the
administration of the Fund), and the Fund shall continue for such time as may be necessary to
accomplish the purpose for which it is created.

SECTION XVII

AMENDMENT OF TRUST AGREEMENT AND REGULATIONS

               Subject to the provisions of Section XVI, the Trust Agreement and the Regulations may be
amended in accordance with the provisions of the Regulations.

SECTION XVIII

NON-ALIENATION OF RIGHTS

               No sums or shares or any other securities standing to the credit of any Member under the
provisions of the Plan shall be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, or charge; and any attempt so to anticipate, alienate, sell,
transfer, assign, pledge, encumber, or charge the same shall be void; nor shall any such sums,
shares or securities be in any manner liable for or subject to the debts, contracts, liabilities,
engagements, or torts of any Member. This provision shall not be applicable to a qualified
domestic relations order as defined in Section 206(d) of ERISA and Section 414(p) of the Code which may direct payment or
distribution of all or part of such sums, shares or securities to an alternate payee. Any accrued
benefit of a Member or Former Member may be apportioned between the Member or Former Member and the
alternate payee either through separate accounts or by providing the alternate payee a severable
portion of the Member’s or Former Member’s Account.

95

 

SECTION XIX

MERGER OR CONSOLIDATION OF FUND

               In the event of the dissolution, merger, consolidation, or reorganization of a Contributing
Company, provision may be made by which the Fund and Trust will be continued by the successor; and,
in that event, such successor shall be substituted for such Contributing Company under the Fund.
The substitution of the successor shall constitute an assumption of liabilities to the Fund by the
successor and the successor shall have all the powers, duties, and responsibilities of such
Contributing Company under the Fund.

               In the event of any merger or consolidation of the Fund, or transfer in whole or in part of
the assets and liabilities of the Trust Fund to another trust fund, or to any other plan of
deferred compensation maintained or to be established by an employer for the exclusive benefit of
all or some of its employees, the assets of the Trust Fund applicable to such Members shall be
transferred to the other trust fund or plan only if:

	 	(a)	 	each Member would (if either this Fund or the other plan then
terminated) receive a benefit immediately after the merger, consolidation, or
transfer which is equal to or greater than the benefit he would have been
entitled to receive immediately before the merger, consolidation or transfer
(if this Fund had then terminated);
	 
	 	(b)	 	the Trustees shall authorize such transfer of assets and, in
the case of the new or successor employer of the affected Members, its
resolutions shall include an assumption of liabilities with respect to such
Members’ inclusion in the new employer’s plan; and
	 
	 	(c)	 	such other plan and trust are qualified under Sections 401(a)
and 501(a) of the Internal Revenue Code of 1986, as amended, or any successor
statute.

SECTION XX

EXECUTION, DELIVERY, AND INVALIDITY

               To the extent not preempted by the Employee Retirement Income Security Act of 1974, as
amended, the Trust Agreement (including the Regulations) shall be governed by the laws of the state
of Texas.

               If any provision of this Agreement shall be held invalid or unenforceable, such invalidity or
unenforceability shall not affect any other provisions hereof and this Agreement shall be construed
and enforced as if such provisions had not been included.

96

 

               IN WITNESS WHEREOF, the respective Companies have caused their names to be signed and their
corporate seals to be affixed by their proper officers, thereunto duly authorized, and the Trustees
have hereunto set their respective hands and seals.

SHELL OIL COMPANY

CORAL ENERGY SERVICES, LLC

CRI U.S. LP

EQUILON ENTERPRISES LLC d/b/a SHEL OIL PRODUCTS US

MOTIVA COMPANY

PECTEN CHEMICALS INC.

PECTEN MIDDLE EAST SERVICES COMPANY LIMITED

PECTEN OVERSEAS SERVICES COMPANY

PECTEN PRODUCING COMPANY

PECTEN SERVICES COMPANY

PENNZOIL-QUAKER STATE COMPANY d/b/a SOPUS PRODUCTS

SHELL AGRICULTURAL CHEMICAL COMPANY

SHELL CAPITAL INC.

SHELL CHEMICAL LP

SHELL CHEMICAL RISK MANAGEMENT COMPANY

SHELL ENERGY RESOURCES COMPANY

SHELL ENERGY SERVICES COMPANY, L.L.C.

SHELL EXPATRIATE EMPLOYMENT US INC.

SHELL EXPLORATION & PRODUCTION COMPANY

SHELL GLOBAL SOLUTIONS (US) INC.

SHELL INFORMATION TECHNOLOGY INTERNATIONAL INC.

SHELL INTERNATIONAL EXPLORATION AND PRODUCTION INC.

SHELL MARINE PRODUCTS (US) COMPANY

SHELL NORTH AMERICA GAS & POWER SERVICES COMPANY

SHELL OFFSHORE INC.

SHELL OIL PRODUCTS COMPANY LLC

SHELL OIL PRODUCTS LAN LLC

SHELL PIPELINE COMPANY LP

SHELL SOLAR EMPLOYMENT SERVICES INC.

SHELL TECHNOLOGY VENTURES INC.

SHELL TRADING GAS AND POWER COMPANY

SHELL TRADING GP OVERSEAS SERVICES COMPANY

SHELL US GAS & POWER, LLC

SHELL TRADING NORTH AMERICA COMPANY

SHELL TRADING (US) COMPANY

SHELL WINDENERGY SERVICES INC.

SIEP OVERSEAS SERVICES INC.

SPLC SERVICES COMPANY LLC

SWEPI LP

	 	 	 
	T. T. Coles

	 	J. M. Esquivel
	F. A. Glaviano

	 	S. Hodge
	J. D. Hofmeister

97

 

          I, ____________, DO HEREBY CERTIFY that I am Secretary of the Trustees
acting under the foregoing Shell Provident Fund Trust Agreement dated as of September 1, 1939, and
that the foregoing is a true and correct copy of said Trust Agreement and Regulations as amended to
this date and that the same are now in full force and effect.

          WITNESS, my hand this                      day of                               , 20     .

                                                         
               
Secretary

          Each of the undersigned successor or additional Trustees has hereunto set his hand and seal to
witness his acceptance of the Trust as of the date set forth opposite his name.

	 	 	 
	                                                        

	 	                                                            (L.S.)
	Date
	 	 
	 
	 	 
	                                                        

	 	                                                            (L.S.)
	Date
	 	 
	 
	 	 
	                                                        

	 	                                                            (L.S.)
	Date
	 	 
	 
	 	 
	                                                        

	 	                                                            (L.S.)
	Date
	 	 
	 
	 	 
	                                                        

	 	                                                            (L.S.)
	Date
	 	 
	 
	 	 
	                                                        

	 	                                                            (L.S.)
	Date
	 	 

98EX-4.1

 

Exhibit 4.1

 

ROYAL DUTCH SHELL PLC

as Issuer

and

DEUTSCHE BANK TRUST COMPANY AMERICAS

as Trustee

 

Indenture

Dated as of [•]

 

Senior Debt Securities

 

 

 

RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939

AND INDENTURE, DATED AS OF [•]

	 	 	 	 	 	 	 
	 	 	 	 	Section in
	Section of Trust Indenture Act of 1939	 	Indenture
	Section 310

	 	(a)(1)
	 	 	7.10	 
	 

	 	(a)(2)
	 	 	7.10	 
	 

	 	(a)(3)
	 	Not Applicable

	 

	 	(a)(4)
	 	Not Applicable

	 

	 	(a)(5)
	 	 	7.10	 
	 

	 	(b)
	 	 	7.08,7.10	 
	Section 311

	 	(a)
	 	 	7.11	 
	 

	 	(b)
	 	 	7.11	 
	 

	 	(c)
	 	Not Applicable

	Section 312

	 	(a)
	 	 	2.07	 
	 

	 	(b)
	 	 	10.03	 
	 

	 	(c)
	 	 	10.03	 
	Section 313

	 	(a)
	 	 	7.06	 
	 

	 	(b)
	 	 	7.06	 
	 

	 	(c)
	 	 	7.06	 
	 

	 	(d)
	 	 	7.06	 
	Section 314

	 	(a)
	 	 	4.03,4.04	 
	 

	 	(b)
	 	Not Applicable

	 

	 	(c)(1)
	 	 	10.04	 
	 

	 	(c)(2)
	 	 	10.04	 
	 

	 	(c)(3)
	 	Not Applicable

	 

	 	(d)
	 	Not Applicable

	 

	 	(e)
	 	 	10.05	 
	Section 315

	 	(a)
	 	 	7.01(b)	 
	 

	 	(b)
	 	 	7.05	 
	 

	 	(c)
	 	 	7.01(a)	 
	 

	 	(d)
	 	 	7.01(c)	 
	 

	 	(d)(1)
	 	 	7.01(c)(1)	 
	 

	 	(d)(2)
	 	 	7.01(c)(2)	 
	 

	 	(d)(3)
	 	 	7.01(c)(3)	 
	 

	 	(e)
	 	 	6.11	 
	Section 316

	 	(a)(1)(A)
	 	 	6.05	 
	 

	 	(a)(1)(B)
	 	 	6.04	 
	 

	 	(a)(2)
	 	Not Applicable

	 

	 	(a)(last sentence)
	 	 	2.11	 
	 

	 	(b)
	 	 	6.07	 
	 

	 	(c)
	 	 	9.04	 
	Section 317

	 	(a)(1)
	 	 	6.08	 
	 

	 	(a)(2)
	 	 	6.09	 
	 

	 	(b)
	 	 	2.06	 
	Section 318

	 	(a)
	 	 	10.01	 

 

Note: This reconciliations and tie shall not, for any purpose, be deemed to be part of the
Indenture.

 i 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	ARTICLE I	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Definitions and Incorporation by Reference	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 1.01
	 	Definitions	 	 	1	 
	SECTION 1.02
	 	Other Definitions	 	 	5	 
	SECTION 1.03
	 	Incorporation by Reference of Trust Indenture Act	 	 	5	 
	SECTION 1.04
	 	Rules of Construction	 	 	6	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE II	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	THE SECURITIES	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 2.01
	 	Amount Unlimited; Issuable in Series	 	 	7	 
	SECTION 2.02
	 	Denominations	 	 	10	 
	SECTION 2.03
	 	Forms Generally	 	 	10	 
	SECTION 2.04
	 	Execution, Authentication, Delivery and Dating	 	 	11	 
	SECTION 2.05
	 	Registrar and Paying Agent	 	 	12	 
	SECTION 2.06
	 	Paying Agent to Hold Money in Trust	 	 	13	 
	SECTION 2.07
	 	Holder Lists	 	 	13	 
	SECTION 2.08
	 	Transfer and Exchange	 	 	14	 
	SECTION 2.09
	 	Replacement Securities	 	 	14	 
	SECTION 2.10
	 	Outstanding Securities	 	 	15	 
	SECTION 2.11
	 	Original Issue Discount, Non-Dollar Denominated and Treasury Securities	 	 	15	 
	SECTION 2.12
	 	Temporary Securities	 	 	16	 
	SECTION 2.13
	 	Cancellation	 	 	16	 
	SECTION 2.14
	 	Payments; Defaulted Interest	 	 	16	 
	SECTION 2.15
	 	Persons Deemed Owners	 	 	17	 
	SECTION 2.16
	 	Computation of Interest	 	 	17	 
	SECTION 2.17
	 	Global Securities; Book-Entry Provisions	 	 	17	 
	SECTION 2.18
	 	Redenomination	 	 	19	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE III	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	REDEMPTION	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 3.01
	 	Applicability of Article	 	 	20	 
	SECTION 3.02
	 	Notice to the Trustee	 	 	20	 
	SECTION 3.03
	 	Selection of Securities To Be Redeemed	 	 	20	 
	SECTION 3.04
	 	Notice of Redemption	 	 	21	 
	SECTION 3.05
	 	Effect of Notice of Redemption	 	 	22	 
	SECTION 3.06
	 	Deposit of Redemption Price	 	 	22	 

ii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 3.07
	 	Securities Redeemed or Purchased in Part	 	 	22	 
	SECTION 3.08
	 	Purchase of Securities	 	 	22	 
	SECTION 3.09
	 	Mandatory and Optional Sinking Funds	 	 	23	 
	SECTION 3.10
	 	Satisfaction of Sinking Fund Payments with Securities	 	 	23	 
	SECTION 3.11
	 	Redemption of Securities for Sinking Fund	 	 	23	 
	SECTION 3.12
	 	Optional Redemption Due to Changes in Tax Treatment	 	 	24	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE IV	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Covenants	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 4.01
	 	Payment of Securities	 	 	25	 
	SECTION 4.02
	 	Maintenance of Office or Agency	 	 	26	 
	SECTION 4.03
	 	SEC Reports; Financial Statements	 	 	26	 
	SECTION 4.04
	 	Compliance Certificate	 	 	27	 
	SECTION 4.05
	 	Corporate Existence	 	 	27	 
	SECTION 4.06
	 	Additional Amounts	 	 	27	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE V	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Successors	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 5.01
	 	Limitations on Mergers and Consolidations	 	 	29	 
	SECTION 5.02
	 	Successor Person Substituted	 	 	30	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VI	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Defaults and Remedies	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 6.01
	 	Events of Default	 	 	30	 
	SECTION 6.02
	 	Acceleration	 	 	32	 
	SECTION 6.03
	 	Other Remedies	 	 	33	 
	SECTION 6.04
	 	Waiver of Defaults	 	 	33	 
	SECTION 6.05
	 	Control by Majority	 	 	33	 
	SECTION 6.06
	 	Limitations on Suits	 	 	34	 
	SECTION 6.07
	 	Rights of Holders to Receive Payment	 	 	34	 
	SECTION 6.08
	 	Collection Suit by Trustee	 	 	35	 
	SECTION 6.09
	 	Trustee May File Proofs of Claim	 	 	35	 
	SECTION 6.10
	 	Priorities	 	 	35	 
	SECTION 6.11
	 	Undertaking for Costs	 	 	36	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VII	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Trustee	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 7.01
	 	Duties of Trustee	 	 	36	 
	SECTION 7.02
	 	Rights of Trustee	 	 	38	 
	SECTION 7.03
	 	May Hold Securities	 	 	39	 

iii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 7.04
	 	Trustee’s Disclaimer	 	 	39	 
	SECTION 7.05
	 	Notice of Defaults	 	 	39	 
	SECTION 7.06
	 	Reports by Trustee to Holders	 	 	39	 
	SECTION 7.07
	 	Compensation and Indemnity	 	 	39	 
	SECTION 7.08
	 	Replacement of Trustee	 	 	40	 
	SECTION 7.09
	 	Successor Trustee by Merger, etc.	 	 	42	 
	SECTION 7.10
	 	Eligibility; Disqualification	 	 	42	 
	SECTION 7.11
	 	Preferential Collection of Claims Against the Company 	 	 	43	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VIII	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Discharge of Indenture	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 8.01
	 	Termination of the Company’s Obligations	 	 	43	 
	SECTION 8.02
	 	Application of Trust Money	 	 	47	 
	SECTION 8.03
	 	Repayment to Company 	 	 	47	 
	SECTION 8.04
	 	Reinstatement	 	 	47	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE IX	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Supplemental Indentures and Amendments	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 9.01
	 	Without Consent of Holders	 	 	48	 
	SECTION 9.02
	 	With Consent of Holders	 	 	49	 
	SECTION 9.03
	 	Compliance with Trust Indenture Act	 	 	51	 
	SECTION 9.04
	 	Revocation and Effect of Consents	 	 	51	 
	SECTION 9.05
	 	Notation on or Exchange of Securities	 	 	52	 
	SECTION 9.06
	 	Trustee to Sign Amendments, etc.	 	 	52	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE X	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Miscellaneous	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 10.01
	 	Trust Indenture Act Controls	 	 	52	 
	SECTION 10.02
	 	Notices	 	 	52	 
	SECTION 10.03
	 	Communication by Holders with Other Holders	 	 	54	 
	SECTION 10.04
	 	Certificate and Opinions	 	 	54	 
	SECTION 10.05
	 	Statements Required in Certificate or Opinion	 	 	55	 
	SECTION 10.06
	 	Rules by Trustee and Agents	 	 	55	 
	SECTION 10.07
	 	No Recourse Against Others	 	 	55	 
	SECTION 10.08
	 	Governing Law	 	 	56	 
	SECTION 10.09
	 	No Adverse Interpretation of Other Agreements	 	 	56	 
	SECTION 10.10
	 	Waiver of Jury Trial	 	 	56	 
	SECTION 10.11
	 	Successors	 	 	56	 
	SECTION 10.12
	 	Severability	 	 	56	 
	SECTION 10.13
	 	Counterpart Originals	 	 	56	 

iv

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 10.14
	 	Table of Contents, Headings, etc.	 	 	56	 

v

 

     INDENTURE dated as of [•] among Royal Dutch Shell plc, a public
company limited by shares existing under the laws of England and Wales
(the “Company”), and Deutsche Bank Trust Company Americas, a New York
banking corporation, as trustee (the “Trustee”).

          Each party agrees as follows for the benefit of the other parties and for the equal and
ratable benefit of the Holders of the Company’s unsecured debentures, notes or other evidences of
indebtedness (the “Securities”) to be issued from time to time in one or more series as provided in
this Indenture:

ARTICLE I

Definitions and Incorporation by Reference

          SECTION 1.01. Definitions.

          “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by, or under direct or indirect common control with, such specified
Person. For purposes of this definition, “control” of a Person shall mean the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise, and the terms “controlling” and “controlled” shall
have meanings correlative to the foregoing.

          “Agent” means any Registrar or Paying Agent.

          “Bankruptcy Law” means any bankruptcy or insolvency law or other similar law affecting
creditors’ rights or law governing a proceeding seeking a judgment of insolvency or bankruptcy or
any other relief from debt obligations.

          “Board of Directors” means the Board of Directors of the Company or any committee
thereof duly authorized, with respect to any particular matter, to act by or on behalf of the Board
of Directors of the Company.

          “Board Resolution” means a copy of a resolution or appropriate record of action taken
pursuant to such resolution, certified by a member of the Board of Directors, the Secretary or
Assistant Secretary of the Company to have been duly adopted by the Board of Directors of the
Company and to be in full force and effect on the date of such certification, and delivered to the
Trustee.

          “Business Day” means any day that is not a Legal Holiday.

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

          “Company” means the Person named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable provisions of
this Indenture, and thereafter “Company” shall mean such successor Person; provided, however, that
for purposes of any provision contained herein

 

 

 2 

which is required by the TIA, “Company” shall also mean each other obligor (if any) on the
Securities of a series.

          “Company Order” and “Company Request” mean, respectively, a written order or
request signed in the name of the Company by an Officer of the Company and delivered to the
Trustee.

          “Corporate Trust Office of the Trustee” means the office of the Trustee located at 60
Wall Street, 27th Floor, New York, New York, 10005, Attention: Global Transaction Banking, Trust
and Securities Services, and as may be located at such other address as the Trustee may give notice
to the Company .

          “Debt” means all notes, bonds, debentures or other similar evidences of debt for money
borrowed.

          “Default” means any event, act or condition that is, or after notice or the passage of
time or both would be, an Event of Default.

          “Depositary” means, with respect to the Securities of any series issuable or issued in
whole or in part in global form, the Person specified pursuant to Section 2.01 hereof as the
initial Depositary with respect to the Securities of such series, until a successor shall have been
appointed and become such pursuant to the applicable provision of this Indenture, and thereafter
“Depositary” shall mean or include such successor.

          “Dollar” or “$” means a dollar or other equivalent unit in such coin or
currency of the United States as at the time shall be legal tender for the payment of public and
private debt.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any
successor statute.

          “Established Rate” means the rate for the conversion of the specified currency into
euro established by the Council of the European Union pursuant to Article 1091(4) of the Treaty
establishing the European Community, as amended (the “Treaty”).

          “Global Security” means a Security that is issued in global form in the name of the
Depositary with respect thereto or its nominee.

          “Government Obligations” means, with respect to a series of Securities, direct
obligations of the government that issues the currency in which the Securities of the series are
payable for the payment of which the full faith and credit of such government is pledged, or
obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
such government, the payment of which is unconditionally guaranteed as a full faith and credit
obligation by such government.

          “Holder” means a Person in whose name a Security is registered.

 

 

 3 

          “Indenture” means this Indenture as amended or supplemented from time to time pursuant
to the provisions hereof, and includes the terms of a particular series of Securities established
as contemplated by Section 2.01.

          “Interest” means, with respect to an Original Issue Discount Security that by its
terms bears interest only after Maturity, interest payable after Maturity.

          “Interest Payment Date,” when used with respect to any Security, shall have the
meaning assigned to such term in the Security as contemplated by Section 2.01.

          “Issue Date” means, with respect to Securities of a series, the date on which the
Securities of such series are originally issued under this Indenture.

          “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in
any of New York, New York, United States; London, United Kingdom or a Place of Payment are
authorized or obligated by law, regulation or executive order to remain closed.

          “Maturity” means, with respect to any Security, the date on which the principal of
such Security or an installment of principal becomes due and payable as therein or herein provided,
whether at the Stated Maturity thereof, or by declaration of acceleration, call for redemption or
otherwise.

          “Non-Dollar Currency” means any currency other than Dollars.

          “Officer” means any director or their authorized attorneys appointed pursuant to one
or more duly executed powers of attorney, the Chief Financial Officer, Secretary or Assistant
Secretary of the Company or Group Treasurer or Head of Financial Markets of the Royal Dutch Shell
Group.

          “Officers’ Certificate” means a certificate signed by two Officers of a Person.

          “Opinion of Counsel” means a written opinion from legal counsel which opinion is
acceptable to the Trustee. Such counsel may be an in-house counsel or external counsel to the
Company.

          “Original Issue Discount Security” means any Security that provides for an amount less
than the principal amount thereof to be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 6.02.

          “Person” means any individual, corporation, partnership, limited liability company,
joint venture, incorporated or unincorporated association, joint stock company, trust,
unincorporated organization or government or other agency, instrumentality or political subdivision
thereof or other entity of any kind.

          “Place of Payment” means, with respect to the Securities of any series, the place or
places where the principal of, premium (if any) and interest on and any

 

 

 4 

Additional Amounts with respect to the Securities of that series are payable as specified in
accordance with Section 4.06 subject to the provisions of Section 4.02.

          “Redemption Date” means, with respect to any Security to be redeemed, the date fixed
for such redemption by or pursuant to this Indenture.

          “Redemption Price” means, with respect to any Security to be redeemed, the price at
which it is to be redeemed pursuant to this Indenture.

          “Redenomination Date” means any date specified by the Company for payment of interest
under the debt securities if the country of the specified currency is one of the countries then
participating in the third stage of European economic and monetary union pursuant to the Treaty.
If the country of the specified currency is not so participating, then the Redenomination Date
means, with respect to such debt securities, any date for payment of interest so specified which
falls on or after such later date as such country does so participate.

          “Responsible Officer” means any officer within the Corporate Trust Office of the
Trustee, including any vice president, assistant vice president, assistant secretary, assistant
treasurer, trust officer or any other officer of the Trustee who customarily performs functions
similar to those performed by the Persons who at the time shall be such officers, respectively, or
to whom any corporate trust matter is referred because of such person’s knowledge of and
familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture.

          “Royal Dutch Shell Group” means Royal Dutch Shell plc and those companies in which it
either directly or indirectly has control, by having either a majority of the voting rights or the
right to exercise a controlling influence or to obtain the majority of the benefits and be exposed
to a majority of the risks.

          “SEC” means the Securities and Exchange Commission.

          “Securities” has the meaning stated in the preamble of this Indenture and more
particularly means any Securities authenticated and delivered under this Indenture.

          “Security Custodian” means, with respect to Securities of a series issued in global
form, the Trustee for Securities of such series, as custodian with respect to the Securities of
such series, or any successor entity thereto.

          “Stated Maturity” means, when used with respect to any Security or any installment of
principal thereof or interest thereon, the date specified in such Security as the fixed date on
which the principal of such Security or such installment of principal or interest is due and
payable.

          “Subsidiary” means a Person at least a majority of the outstanding voting stock of
which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by
the Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock”
means stock having voting power for the election of

 

 

 5 

directors, whether at all times or only so long as no senior class of stock has such voting
power by reason of any contingency.

          “TIA” means the Trust Indenture Act of 1939, as amended, as in effect on the date
hereof.

          “Trustee” means the Person named as such above until a successor replaces it in
accordance with the applicable provisions of this Indenture, and thereafter “Trustee” means each
Person who is then a Trustee hereunder, and if at any time there is more than one such Person,
“Trustee” as used with respect to the Securities of any series means the Trustee with respect to
Securities of that series.

          “United States” means the United States of America (including the States and the
District of Columbia) and its territories and possessions, which include Puerto Rico, the U.S.
Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.

          “U.S. Government Obligations” means Government Obligations with respect to Securities
payable in Dollars.

          SECTION 1.02. Other Definitions.

	 	 	 	 	 
	 	 	Defined in	 
	Term	 	Section	 
	“Additional Amounts”
	 	 	4.06	 
	“Agent Members”
	 	 	2.17	 
	“Bankruptcy custodian”
	 	 	6.01	 
	“Conversion Event”
	 	 	6.01	 
	“covenant defeasance”
	 	 	8.01	 
	“Event of Default”
	 	 	6.01	 
	“Exchange Rate”
	 	 	2.11	 
	“Judgment Currency”
	 	 	6.10	 
	“legal defeasance”
	 	 	8.01	 
	“mandatory sinking fund payment”
	 	 	3.09	 
	“optional sinking fund payment”
	 	 	3.09	 
	“Paying Agent”
	 	 	2.05	 
	“Registrar”
	 	 	2.05	 
	“Required currency”
	 	 	6.10	 
	“Successor”
	 	 	5.01	 
	“Voluntary Assumption”
	 	 	5.01	 

          SECTION 1.03. Incorporation by Reference of Trust Indenture Act.

          Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture (and if the Indenture is not

 

 

 6 

qualified under the TIA at that time, as if it were so qualified unless otherwise provided).
The following TIA terms used in this Indenture have the following meanings:

          “Commission” means the SEC.

          “indenture securities” means the Securities.

          “indenture security holder” means a Holder.

          “indenture to be qualified” means this Indenture.

          “indenture trustee” or “institutional trustee” means the Trustee.

          “obligor” on the indenture securities means the Company or any other obligor on the
Securities.

          All terms used in this Indenture that are defined by the TIA, defined by a TIA reference to
another statute or defined by an SEC rule under the TIA have the meanings so assigned to them.

          SECTION 1.04. Rules of Construction.

          Unless the context otherwise requires:

	 	(1)	 	a term has the meaning assigned to it;
	 
	 	(2)	 	an accounting term used has the meaning assigned to it in
accordance with the comprehensive body of accounting principles to which the
Company is subject and which initially shall be International Financial
Reporting Standards;
	 
	 	(3)	 	“or” is not exclusive;
	 
	 	(4)	 	words in the singular include the plural, and in the plural
include the singular;
	 
	 	(5)	 	provisions apply to successive events and transactions; and
	 
	 	(6)	 	all references in this instrument to Articles and Sections
are references to the corresponding Articles and Sections in and of this
instrument.

 

 

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ARTICLE II

THE SECURITIES

          SECTION 2.01. Amount Unlimited; Issuable in Series.

          The aggregate principal amount of Securities that may be authenticated and delivered under
this Indenture is unlimited.

          The Securities may be issued in one or more series. There shall be (i) established in or
pursuant to a Board Resolution of the Company, and set forth, or determined in the manner provided,
in an Officers’ Certificate of the Company or in a Company Order, or (ii) established in one or
more indentures supplemental hereto, prior to the issuance of Securities of any series:

     (1) the title of the Securities of the series (which shall distinguish the Securities
of the series from the Securities of all other series);

     (2) if there is to be a limit, the limit upon the aggregate principal amount of the
Securities of the series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Securities of the series pursuant to Section 2.08, 2.09,
2.12, 2.17, 3.07 or 9.05 and except for any Securities which, pursuant to Section 2.04 or
2.17, are deemed never to have been authenticated and delivered hereunder); provided,
however, that unless otherwise provided in the terms of the series, the authorized
aggregate principal amount of such series may be increased before or after the issuance of
any Securities of the series by a Board Resolution (or action pursuant to a Board
Resolution) to such effect;

     (3) whether any Securities of the series are to be issuable initially in temporary
global form and whether any Securities of the series are to be issuable in permanent global
form, as Global Securities or otherwise, and, if so, whether beneficial owners of interests
in any such Global Security may exchange such interests for Securities of such series and
of like tenor of any authorized form and denomination and the circumstances under which any
such exchanges may occur, if other than in the manner provided in Section 2.17, and the
initial Depositary and Security Custodian, if any, for any Global Security or Securities of
such series;

     (4) the manner in which any interest payable on a temporary Global Security on any
Interest Payment Date will be paid if other than in the manner provided in Section 2.14,
including any right of the Company to extend or defer the interest payment periods and the
duration of the extension;

     (5) whether and under what circumstances Additional Amounts will be payable;

 

 

 8 

     (6) any provisions that would require the redemption, repurchase or repayment of the
series of Securities;

     (7) the date or dates on which the principal of and premium (if any) on the Securities
of the series is payable or the method of determination thereof;

     (8) the rate or rates, or the method of determination thereof, at which the Securities
of the series shall bear interest (which may be fixed or variable), if any, whether and
under what circumstances Additional Amounts with respect to such Securities shall be
payable, the date or dates from which such interest shall accrue, the Interest Payment
Dates on which such interest shall be payable and the record date for the interest payable
on any Securities on any Interest Payment Date, or if other than provided herein, the
Person to whom any interest on Securities of the series shall be payable;

     (9) the place or places where, subject to the provisions of Section 4.02, the
principal of, premium (if any) and interest on and any Additional Amounts with respect to
the Securities of the series shall be payable;

     (10) the period or periods within which, the price or prices (whether denominated in
cash, securities or otherwise) at which and the terms and conditions upon which Securities
of the series may be redeemed, in whole or in part, at the option of the Company, if the
Company is to have that option, and the manner in which the Company must exercise any such
option, if different from those set forth herein;

     (11) the obligation, if any, of the Company to redeem, purchase or repay Securities of
the series pursuant to any sinking fund or analogous provisions or at the option of a
Holder thereof and the period or periods within which, the price or prices (whether
denominated in cash, securities or otherwise) at which and the terms and conditions upon
which Securities of the series shall be redeemed, purchased or repaid in whole or in part
pursuant to such obligation;

     (12) if other than denominations of $2,000 (or in the case of Securities denominated
in a Non-Dollar Currency, the equivalent thereof) and any integral multiple thereof, the
denomination in which any Securities of that series shall be issuable;

     (13) if other than Dollars, the currency or currencies (including composite
currencies) or the form, including currency units, equity securities, other debt securities
(including Securities), warrants or any other securities or property of the Company or any
other Person, in which payment of the principal of, premium (if any) and interest on and
any Additional Amounts with respect to the Securities of the series shall be payable;

     (14) if the principal of, premium (if any) or interest on or any Additional Amounts
with respect to the Securities of the series are to be payable, at the election of the
Company or a Holder thereof, in a currency or currencies

 

 

 9 

(including composite currencies) other than that in which the Securities are stated to
be payable, the currency or currencies (including composite currencies) in which payment of
the principal of, premium (if any) and interest on and any Additional Amounts with respect
to Securities of such series as to which such election is made shall be payable, and the
periods within which and the terms and conditions upon which such election is to be made;

     (15) if the amount of payments of principal of, premium (if any) and interest on and
any Additional Amounts with respect to the Securities of the series may be determined with
reference to any commodities, currencies or indices, values, rates or prices or any other
index or formula, the manner in which such amounts shall be determined;

     (16) if other than the entire principal amount thereof, the portion of the principal
amount of Securities of the series that shall be payable upon declaration of acceleration
of the Maturity thereof pursuant to Section 6.02;

     (17) any additional means of satisfaction and discharge of this Indenture and any
additional conditions or limitations to discharge with respect to Securities of the series
pursuant to Article VIII or any modifications of or deletions from such conditions or
limitations;

     (18) any deletions or modifications of or additions to the Events of Default set forth
in Section 6.01 or covenants of the Company set forth in Article IV pertaining to the
Securities of the series;

     (19) any restrictions or other provisions with respect to the transfer or exchange of
Securities of the series, which may amend, supplement, modify or supersede those contained
in this Article II;

     (20) if the Securities of the series are to be convertible into or exchangeable for
capital stock, other debt securities (including Securities), warrants, other equity
securities or any other securities or property of the Company or any other Person, at the
option of the Company or the Holder or upon the occurrence of any condition or event, the
terms and conditions for such conversion or exchange; and

     (21) any other terms of the series (which terms shall not be prohibited by the
provisions of this Indenture).

          All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution referred to above
and (subject to Section 2.03) set forth, or determined in the manner provided, in the Officers’
Certificate or Company Order referred to above or in any such indenture supplemental hereto.

          If any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of such Board Resolution shall be set forth in an Officers’

 

 

 10 

Certificate or certified by a member of the Board of Directors, the Secretary or an Assistant
Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’
Certificate or Company Order setting forth the terms of the series, as required by Section 2.04(a).

          SECTION 2.02. Denominations.

     The Securities of each series shall be issuable in such denominations as shall be specified as
contemplated by Section 2.01. In the absence of any such provisions with respect to the Securities
of any series, the Securities of such series denominated in Dollars shall be issuable in
denominations of $2,000 and integral multiples of $1,000 in excess thereof and the Securities of
such series denominated in a Non-Dollar Currency shall be issuable in denominations equivalent to
$2,000 and integral multiples of $1,000 in excess thereof in that Non-Dollar Currency.

          SECTION 2.03. Forms Generally.

          The Securities of each series shall be in fully registered form and in substantially such form
or forms (including temporary or permanent global form) established by or pursuant to a Board
Resolution of the Company or in one or more indentures supplemental hereto. The Securities may have
notations, legends or endorsements required by law, securities exchange rule, the Company’s
certificate of incorporation, bylaws or other similar governing documents, agreements to which the
Company is subject, if any, or usage (provided that any such notation, legend or endorsement is in
a form acceptable to the Company). A copy of the Board Resolution or supplemental indenture
establishing the form or forms of Securities of any series shall be delivered to the Trustee at or
prior to the delivery of the Company Order contemplated by Section 2.04 for the authentication and
delivery of such Securities.

          The definitive Securities of each series shall be printed, lithographed or engraved on steel
engraved borders or may be produced in any other manner, all as determined by the Officers
executing such Securities, as evidenced by their execution thereof.

          The Trustee’s certificate of authentication shall be in substantially the following form:

   “This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY
	 	 	AMERICAS, as Trustee,
	 
	 	 	 	 	 	 
	 	 	 	 	By:
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	     Authorized Signatory”

 

 

 11 

          SECTION 2.04. Execution, Authentication, Delivery and Dating.

          Two Officers of the Company shall sign the Securities on behalf of the Company.

          If an Officer of the Company whose signature is on a Security no longer holds that office or
position at the time the Security is authenticated, the Security shall be valid nevertheless.

          A Security shall not be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose until authenticated by the manual signature of an authorized signatory of the
Trustee, which signature shall be conclusive evidence that the Security has been authenticated
under this Indenture. Notwithstanding the foregoing, if any Security has been authenticated and
delivered hereunder but never issued and sold by the Company, and the Company delivers such
Security to the Trustee for cancellation as provided in Section 2.13, together with a written
statement (which need not comply with Section 10.05) stating that such Security has never been
issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed
never to have been authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

          At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, and the Trustee shall authenticate and deliver such Securities for original issue
upon a Company Order for the authentication and delivery of such Securities or pursuant to such
procedures acceptable to the Trustee as may be specified from time to time by Company Order. Such
order shall specify the amount of the Securities to be authenticated, the date on which the
original issue of Securities is to be authenticated, the name or names of the initial Holder or
Holders and any other terms of the Securities of such series not otherwise determined. If provided
for in such procedures, such Company Order may authorize (1) auZinal issue from time to time, with certain terms (including,
without limitation, the Maturity dates or date, original issue date or dates and interest rate or
rates) that differ from Security to Security and (2) may authorize authentication and delivery
pursuant to oral or electronic instructions from the Company or its duly authorized agent, which
instructions shall be promptly confirmed in writing.

          If the form or terms of the Securities of the series have been established in or pursuant to
one or more Board Resolutions as permitted by Section 2.01, in authenticating such Securities, and
accepting the additional responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive (in addition to the Company Order referred to above and the
other documents required by Section 10.04), and (subject to Section 7.01) shall be fully protected
in relying upon:

     (a) an Officers’ Certificate which shall annex a copy of the Board Resolution as
contemplated by the last paragraph of Section 2.01; and

 

 

 12 

    (b) an Opinion of Counsel to the effect that:

     (i) the form of such Securities has been established in conformity with the
provisions of this Indenture;

     (ii) the terms of such Securities have been established in conformity with the
provisions of this Indenture; and

       (iii) when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and binding obligations of the Company enforceable
against the Company in accordance with their terms, except as the enforceability
thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or other similar laws in effect from time to time
affecting the rights of creditors generally, and the application of general
principles of equity, including, without limitation, concepts of materiality,
reasonableness, good faith and fair dealing (regardless of whether such
enforceability is considered in a proceeding in equity or at law).

          If all the Securities of any series are not to be issued at one time, it shall not be
necessary to deliver an Officers’ Certificate and Opinion of Counsel at the time of issuance of
each such Security, but such Officers’ Certificate and Opinion of Counsel shall be delivered at or
before the time of issuance of the first Security of the series to be issued. In addition, newly
issued Securities of any series must be fungible for U.S. federal tax purposes with all outstanding
Securities in the same series.

          The Trustee shall not be required to authenticate such Securities if the issuance of such
Securities pursuant to this Indenture would affect the Trustee’s own rights, duties or immunities
under the Securities and this Indenture or otherwise in a manner not reasonably acceptable to the
Trustee.

          The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Securities. Unless limited by the terms of such appointment, an authenticating agent may
authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An authenticating agent has
the same rights as an Agent to deal with the Company or an Affiliate of the Company .

          Each Security shall be dated the date of its authentication.

          SECTION 2.05. Registrar and Paying Agent.

          The Company shall maintain an office or agency for each series of Securities where Securities
of such series may be presented for registration of transfer or exchange (“Registrar”) and
an office or agency where Securities of such series may be presented for payment (“Paying
Agent”). The Registrar shall keep a register of the Securities of such series and of their
transfer and exchange. The Company may appoint

 

 

 13 

one or more co-registrars and one or more additional paying agents. The term “Registrar”
includes any co-registrar and the term “Paying Agent” includes any additional paying agent.

          The Company shall enter into an appropriate agency agreement with any Registrar or Paying
Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture
that relate to such Agent. The Company shall notify the Trustee of the name and address of any
Agent not a party to this Indenture. The Company may change any Paying Agent or Registrar without
notice to any Holder. If the Company fails to appoint or maintain another entity as Registrar or
Paying Agent, the Trustee shall act as such. The Company or any Subsidiary may act as Paying Agent
or Registrar.

          The Company initially appoints the Trustee as Registrar and Paying Agent.

          SECTION 2.06. Paying Agent to Hold Money in Trust.

          The Company shall require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the

Paying Agent for the payment of principal of, premium, if any, or interest on or any Additional
Amounts with respect to Securities and will notify the Trustee of any default by the Company in
making any such payment. While any such default continues, the Trustee may require a Paying Agent
to pay all money held by it to the Trustee and to account for any funds disbursed. The Company at
any time may require a Paying Agent to pay all money held by it to the Trustee and to account for
any funds disbursed. Upon payment over to the Trustee and upon accounting for any funds disbursed,
the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for
the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a
separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Each
Paying Agent shall otherwise comply with TIA Section 317(b).

          SECTION 2.07. Holder Lists.

          The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of Holders and shall otherwise comply with TIA
Section 312(a). The Company shall comply with TIA Section 312(a) and shall furnish to the Trustee a
list in such form and as of such date as the Trustee may reasonably require of the names and
addresses of Holders of such series:

     (a) at least five Business Days before each Interest Payment Date with respect to such
series of Securities outstanding on the record date relating to such Interest Payment Date
if the Trustee is not the Registrar with respect to such series of Securities,

     (b) at such other times as the Trustee may request in writing, and

 

 

 14 

     (c) semi-annually, not more 15 days after each regular record date for any series of
Securities at the time outstanding on such record date.

          SECTION 2.08. Transfer and Exchange.

          Except as set forth in Section 2.17 or as may be provided pursuant to Section 2.01:

     (a) When Securities of any series are presented to the Registrar or any transfer agent with
the request to register the transfer of such Securities or to exchange such Securities for an equal
principal amount of Securities of the same series of like tenor and of other authorized
denominations, the Registrar shall register the transfer or make the exchange as requested if its
requirements and the requirements of this Indenture for such transactions are met; provided,
however, that the Securities presented or surrendered for registration of transfer or exchange
shall be duly endorsed or accompanied by a written instruction of transfer in form reasonably
satisfactory to the Registrar duly executed by the Holder thereof or by his attorney, duly
authorized in writing, on which instruction the Registrar can rely.

     (b) To permit registrations of transfers and exchanges, the Company shall execute and the
Trustee shall authenticate Securities at the Registrar’s written request and submission of the
Securities or Global Securities. No service charge shall be made to a Holder for any registration
of transfer or exchange (except as otherwise expressly permitted herein), but the Company may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than such transfer tax or similar governmental charge
payable upon exchanges pursuant to Section 2.12, 3.07 or 9.05). The Trustee shall authenticate
Securities in accordance with the provisions of Section 2.04. Notwithstanding any other provisions
of this Indenture to the contrary, the Company shall not be required to register the transfer or
exchange of (a) any Security selected for redemption in whole or in part pursuant to Article III,
except the unredeemed portion of any Security being redeemed in part, or (b) any Security during
the period beginning 15 Business Days prior to the mailing of notice of any offer to repurchase
Securities of the series required pursuant to the terms thereof or of redemption of Securities of a
series to be redeemed and ending at the close of business on the day of mailing.

          SECTION 2.09. Replacement Securities.

          If any mutilated Security is surrendered to the Trustee, or if the Holder of a Security claims
that the Security has been destroyed, lost or stolen and the Company and the Trustee receive
evidence to their satisfaction of the destruction, loss or theft of such Security, the Company
shall issue and the Trustee shall authenticate a replacement Security of the same series if the
Trustee’s requirements are met. If any such mutilated, destroyed, lost or stolen Security has
become or is about to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security. If required by the Trustee or the Company, such Holder must
furnish an indemnity bond that is sufficient in the judgment of the Trustee and the Company to
protect the Company,

 

 

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the Trustee, any Agent or any authenticating agent from any loss that any of them may suffer
if a Security is replaced. The Company and the Trustee may charge a Holder for their expenses in
replacing a Security.

     Every replacement Security is an additional obligation of the Company.

     SECTION 2.10. Outstanding Securities.

     The Securities outstanding at any time are all the Securities authenticated by the Trustee
except for those canceled by it, those delivered to it for cancellation, those reductions in the
interest in a Global Security effected by the Trustee hereunder and those described in this Section
2.10 as not outstanding.

     If a Security is replaced pursuant to Section 2.09, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide
purchaser.

     If the principal amount of any Security is considered paid under Section 4.01, it ceases to be
outstanding and interest on it ceases to accrue.

     A Security does not cease to be outstanding because the Company or an Affiliate of the Company
holds the Security.

     SECTION 2.11. Original Issue Discount, Non-Dollar Denominated and Treasury Securities.

     In determining whether the Holders of the required principal amount of Securities have
concurred in any direction, amendment, supplement, waiver or consent, (a) the principal amount of
an Original Issue Discount Security shall be the principal amount thereof that would be due and
payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to
Section 6.02, (b) the principal amount of a Security denominated in a Non-Dollar currency shall be
the Dollar equivalent, as determined by the Company by reference to the noon buying rate in New
York for cable transfers for such currency, as such rate is certified for customs purposes by the
Federal Reserve Bank of New York (the “Exchange Rate”) on the date of original issuance of
such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the
Dollar equivalent, as determined by the Company by reference to the Exchange Rate on the date of
the original issuance of such Security, of the amount determined as provided in (a) above), of such
Security and (c) Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded, except that, for the
purpose of determining whether the Trustee shall be protected in relying upon any such direction,
amendment, supplement, waiver or consent, only Securities that a Responsible Officer of the Trustee
actually knows are so owned shall be so disregarded.

 

 

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          SECTION 2.12. Temporary Securities.

          Until definitive Securities of any series are ready for delivery, the Company may prepare and
the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in
the form of definitive Securities, but may have variations that the Company considers appropriate
for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee
shall authenticate definitive Securities in exchange for temporary Securities. Until so exchanged,
the temporary Securities shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities.

          SECTION 2.13. Cancellation.

          The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar
and the Paying Agent shall forward to the Trustee any Securities surrendered to them for
registration of transfer, exchange, payment or redemption or for credit against any sinking fund
payment. The Trustee shall cancel all Securities surrendered for registration of transfer,
exchange, payment, redemption, replacement or cancellation or for credit against any sinking fund.
Unless the Company shall direct in writing that canceled Securities be returned to it, after
written notice to the Company all canceled Securities held by the Trustee shall be disposed of in
accordance with the usual disposal procedures of the Trustee, and the Trustee shall maintain a
record of their disposal. The Company may not issue new Securities to replace Securities that have
been paid or that have been delivered to the Trustee for cancellation.

          SECTION 2.14. Payments; Defaulted Interest.

          Unless otherwise provided as contemplated by Section 2.01, interest (except defaulted
interest) on any Security that is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Persons who are registered Holders of that Security at
the close of business on the record date next preceding such Interest Payment Date, even if such
Securities are canceled after such record date and on or before such Interest Payment Date. The
Holder must surrender a Security to the Trustee or a Paying Agent to collect principal payments.
Unless otherwise provided with respect to the Securities of any series, the Company will pay the
principal of, premium (if any) and interest on and any Additional Amounts with respect to the
Securities in Dollars. Such amounts shall be payable at the offices of the Trustee or any Paying
Agent, provided that at the option of the Company, the Company may pay such amounts (1) by wire
transfer with respect to Global Securities or (2) by check payable in such money mailed to a
Holder’s registered address with respect to any Securities.

          If a Payment Date is a Legal Holiday at a Place of Payment, payment may be made at that place
on the next succeeding day that is not a Legal Holiday, no default in payment will have occurred,
and no interest shall accrue for the intervening period.

          If the Company defaults in a payment of interest on the Securities of any series, the Company
shall pay the defaulted interest in any lawful manner plus, to the

 

 

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extent lawful, interest on the defaulted interest, in each case at the rate provided in the
Securities of such series and in Section 4.01. The Company may pay the defaulted interest to the
Persons who are Holders on a subsequent special record date. At least 15 days before any special
record date selected by the Company, the Company (or the Trustee, in the name of and at the expense
of the Company upon 20 days’ prior written notice from the Company setting forth such special
record date and the interest amount to be paid) shall mail to Holders a notice that states the
special record date, the related payment date and the amount of such interest to be paid.

          SECTION 2.15. Persons Deemed Owners.

          The Company, the Trustee, any Agent and any authenticating agent may treat the Person in whose
name any Security is registered as the owner of such Security for the purpose of receiving payments
of principal of, premium (if any) or interest on or any Additional Amounts with respect to such
Security and for all other purposes. None of the Company, the Trustee, any Agent or any
authenticating agent shall be affected by any notice to the contrary.

          SECTION 2.16. Computation of Interest.

          Except as otherwise specified as contemplated by Section 2.01 for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a year comprising
twelve 30-day months.

          SECTION 2.17. Global Securities; Book-Entry Provisions.

          If Securities of a series are issuable in global form as a Global Security, as contemplated by
Section 2.01, then, notwithstanding clause (10) of Section 2.01 and the provisions of Section 2.02,
any such Global Security shall represent such of the outstanding Securities of such series as shall
be specified therein and may provide that it shall represent the aggregate amount of outstanding
Securities from time to time endorsed thereon and that the aggregate amount of outstanding
Securities represented thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges, transfers or redemptions. Any endorsement of a Global Security to reflect the
amount, or any increase or decrease in the amount, of outstanding Securities represented thereby
shall be made by the Trustee (i) in such manner and upon instructions given by such Person or
Persons as shall be specified in such Security or in a Company Order to be delivered to the Trustee
pursuant to Section 2.04 or (ii) otherwise in accordance with written instructions or such other
written form of instructions as is customary for the Depositary for such Security, from such
Depositary or its nominee on behalf of any Person having a beneficial interest in such Global
Security. Subject to the provisions of Section 2.04 and, if applicable, Section 2.12, the Trustee
shall deliver and redeliver any Security in permanent global form in the manner and upon
instructions given by the Person or Persons specified in such Security or in the applicable Company
Order. With respect to the Securities of any series that are represented by a Global Security, the
Company authorizes the execution and delivery by the Trustee of a letter of representations or
other similar agreement or instrument in the form customarily provided for by the Depositary

 

 

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appointed with respect to such Global Security. Any Global Security may be deposited with the
Depositary or its nominee, or may remain in the custody of the Trustee or the Security Custodian
therefor pursuant to a FAST Balance Certificate Agreement or similar agreement between the Trustee
and the Depositary. If a Company Order has been, or simultaneously is, delivered, any instructions
by the Company with respect to endorsement or delivery or redelivery of a Security in global form
shall be in writing but need not comply with Section 10.05 and need not be accompanied by an
Opinion of Counsel.

          Members of, or participants in, the Depositary (“Agent Members”) shall have no rights
under this Indenture with respect to any Global Security held on their behalf by the Depositary, or
the Trustee or the Security Custodian as its custodian, or under such Global Security, and the
Depositary may be treated by the Company, the Trustee or the Security Custodian and any agent of
the Company, the Trustee or the Security Custodian as the absolute owner of such Global Security
for all purposes whatsoever. Notwithstanding the foregoing, (i) the registered holder of a Global
Security of a series may grant proxies and otherwise authorize any Person, including Agent Members
and Persons that may hold interests through Agent Members, to take any action that a Holder of
Securities of such series is entitled to take under this Indenture or the Securities of such series
and (ii) nothing herein shall prevent the Company, the Trustee or the Security Custodian, or any
agent of the Company, the Trustee or the Security Custodian, from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or shall impair, as between
the Depositary and its Agent Members, the operation of customary practices governing the exercise
of the rights of a beneficial owner of any Security.

          Notwithstanding Section 2.08, and except as otherwise provided pursuant to Section 2.01,
transfers of a Global Security shall be limited to transfers of such Global Security in whole, but
not in part, to the Depositary, its successors or their respective nominees. Interests of
beneficial owners in a Global Security may be transferred in accordance with the rules and
procedures of the Depositary. Securities shall be transferred to all beneficial owners in exchange
for their beneficial interests in a Global Security if, and only if, either (1) the Depositary
notifies the Company that it is unwilling or unable to continue as Depositary for the Global
Security and a successor Depositary is not appointed by the Company within 90 days of such notice,
(2) an Event of Default has occurred with respect to such series and is continuing and the
Registrar has received a request from the Depositary to issue Securities in lieu of all or a
portion of the Global Security (in which case the Company shall deliver Securities within 30 days
of such request) or (3) the Company determines not to have the Securities represented by a Global
Security, provided, however, that the uncertificated Securities are issued in a
registered form for purposes of Section 163(f) of the Code or in a manner such that such
uncertificated Securities are described in Section 163(f)(2)(B) of the Code.

          In connection with any transfer of a portion of the beneficial interests in a Global Security
to beneficial owners pursuant to this Section 2.17, the Registrar shall reflect on its books and
records the date and a decrease in the principal amount of the Global Security in an amount equal
to the principal amount of the beneficial interests in

 

 

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the Global Security to be transferred, and the Company shall execute, and the Trustee upon
receipt of a Company Order for the authentication and delivery of Securities shall authenticate and
deliver, one or more Securities of the same series of like tenor and amount.

          In connection with the transfer of all the beneficial interests in a Global Security to
beneficial owners pursuant to this Section 2.17, the Global Security shall be deemed to be
surrendered to the Trustee for cancellation, and the Company and shall execute, and the Trustee
shall authenticate and deliver, to each beneficial owner identified by the Depositary in exchange
for its beneficial interests in the Global Security, an equal aggregate principal amount of
Securities of authorized denominations.

          Neither the Company, nor the Trustee will have any responsibility or liability for any aspect
of the records relating to, or payments made on account of, Securities by the Depositary, or for
maintaining, supervising or reviewing any records of the Depositary relating to such Securities.
Neither the Company, nor the Trustee shall be liable for any delay by the related Global Security
Holder or the Depositary in identifying the beneficial owners, and each such Person may
conclusively rely on, and shall be protected in relying on, instructions from such Global Security
Holder or the Depositary for all purposes (including with respect to the registration and delivery,
and the respective principal amounts, of the Securities to be issued).

          The provisions of the last sentence of the third paragraph of Section 2.04 shall apply to any
Global Security if such Global Security was never issued and sold by the Company and the Company
delivers to the Trustee the Global Security together with written instructions (which need not
comply with Section 10.05 and need not be accompanied by an Opinion of Counsel) with regard to the
cancellation or reduction in the principal amount of Securities represented thereby, together with
the written statement contemplated by the last sentence of the third paragraph of Section 2.04.

          Notwithstanding the provisions of Sections 2.03 and 2.14, unless otherwise specified as
contemplated by Section 2.01, payment of principal of, premium (if any) and interest on and any
Additional Amounts with respect to any Global Security shall be made to the Person or Persons
specified therein.

          SECTION 2.18. Redenomination

          The Company may without the Holder’s consent elect that, on the Redenomination Date specified
in a notice to the Trustee, a series of Securities may be redenominated in euro.

          The election will have effect as follows:

     (i) each series of Securities denominated in the specified currency will be deemed to be
denominated in such amount of euro as is equivalent to its denomination in the specified currency
at the Established Rate, subject to such provisions (if any) as to rounding (and payments in
respect of fractions consequent on rounding) as the Company may decide with the approval of the
Trustee, and as shall be specified in the notice;

 

 

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     (ii) after the Redenomination Date, all payments in respect of such series of Securities will
be made solely in euro, including payments of interest before the Redenomination Date, as though
reference in the series of Securities to the specified currency were to euro; and

     (iii) such changes may be made to this Indenture as the Company may decide, with the approval
of the Trustee, as may be specified in the notice, to conform it to conventions then applicable to
instruments denominated in euro or to enable the Securities to be consolidated within one or more
series of other securities, whether or not originally denominated in the specified currency or
euro.

ARTICLE III

REDEMPTION

          SECTION 3.01. Applicability of Article.

          Securities of any series that are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 2.01
for Securities of any series) in accordance with this Article III. Any redemption may, at the
Company’s discretion, be subject to the satisfaction of one or more conditions precedent.

          SECTION 3.02. Notice to the Trustee.

          If the Company elects to redeem Securities of any series pursuant to this Indenture, it shall
notify the Trustee of the Redemption Date and the principal amount of Securities of such series to
be redeemed. The Company shall so notify the Trustee at least 45 days before the Redemption Date
(unless a shorter notice shall be satisfactory to the Trustee) by delivering to the Trustee an
Officers’ Certificate stating that such redemption will comply with the provisions of this
Indenture and of the Securities of such series. Any such notice may be canceled at any time prior
to the mailing of such notice of such redemption to any Holder and shall thereupon be void and of
no effect. The notice shall reflect the conditions to the redemption and shall be specified by the
Company.

          SECTION 3.03. Selection of Securities To Be Redeemed.

          If less than all the Securities of any series are to be redeemed (unless all of the Securities
of such series of a specified tenor are to be redeemed), the particular Securities to be redeemed
shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the
outstanding Securities of such series (and tenor) not previously called for redemption, either pro
rata, by lot or by such other method as it and the Company shall deem fair and appropriate and that
may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of the principal
amount of Securities of such series of a denomination larger than the minimum authorized
denomination for Securities of that series or of the principal amount of Global Securities of such
series. The Trustee shall promptly notify the Company and the Registrar in

 

 

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writing of the Securities selected for redemption and, in the case of any Securities selected
for partial redemption, the principal amount thereof to be redeemed.

          For purposes of this Indenture, unless the context otherwise requires, all provisions relating
to redemption of Securities shall relate, in the case of any of the Securities redeemed or to be
redeemed only in part, to the portion of the principal amount thereof which has been or is to be
redeemed.

          SECTION 3.04. Notice of Redemption.

          Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than
15 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed,
at the address of such Holder appearing in the register of Securities maintained by the Registrar.

          All notices of redemption shall identify the Securities to be redeemed and shall state:

     (1) the Redemption Date;

     (2) the Redemption Price;

     (3) any conditions to the redemption as specified by the Company;

     (4) that, unless the Company defaults in making the redemption payment, interest on
Securities called for redemption ceases to accrue on and after the Redemption Date, and the
only remaining right of the Holders of such Securities is to receive payment of the
Redemption Price upon surrender to the Paying Agent of the Securities redeemed;

     (5) if any Security is to be redeemed in part, the portion of the principal amount
thereof to be redeemed and that on and after the Redemption Date, upon surrender for
cancellation of such Security to the Paying Agent, a new Security or Securities in the
aggregate principal amount equal to the unredeemed portion thereof will be issued without
charge to the Holder;

     (6) that Securities called for redemption must be surrendered to the Paying Agent to
collect the Redemption Price and the name and address of the Paying Agent;

     (7) that the redemption is for a sinking or analogous fund, if such is the case; and

     (8) the CUSIP number, if any, relating to such Securities.

          Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s written request, by the Trustee in the name and at the
expense of the Company.

 

 

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          SECTION 3.05. Effect of Notice of Redemption.

          Once notice of redemption is mailed, Securities called for redemption shall, subject to the
satisfaction of any applicable conditions, become due and payable on the Redemption Date and at the
Redemption Price. Upon surrender to the Paying Agent, such Securities called for redemption shall
be paid at the Redemption Price, but interest installments whose maturity is on or prior to such
Redemption Date will be payable on the relevant Interest Payment Dates to the Holders of record at
the close of business on the relevant record dates specified pursuant to Section 2.01.

          SECTION 3.06. Deposit of Redemption Price.

          On or prior to 11:00 a.m., New York City time, on any Redemption Date subject to the
satisfaction of applicable conditions, the Company shall deposit with the Trustee or the Paying
Agent (or, if the Company is acting as the Paying Agent, segregate and hold in trust as provided in
Section 2.06) an amount of money in same day funds sufficient to pay the Redemption Price of, and
(except if the Redemption Date shall be an Interest Payment Date) accrued interest on and any
Additional Amounts with respect to, the Securities or portions thereof which are to be redeemed on
that date, other than Securities or portions thereof called for redemption on that date which have
been delivered by the Company to the Trustee for cancellation.

          If the Company complies with the preceding paragraph, then, unless the Company defaults in the
payment of such Redemption Price, interest on the Securities to be redeemed will cease to accrue on
and after the applicable Redemption Date, whether or not such Securities are presented for payment,
and the Holders of such Securities shall have no further rights with respect to such Securities
except for the right to receive the Redemption Price upon surrender of such Securities. If any
Security called for redemption shall not be so paid upon surrender thereof for redemption, the
principal, premium, if any, any Additional Amounts, and, to the extent lawful, accrued interest
thereon shall, until paid, bear interest from the Redemption Date at the rate specified pursuant to
Section 2.01 or provided in the Securities or, in the case of Original Issue Discount Securities,
such Securities’ yield to maturity.

          SECTION 3.07. Securities Redeemed or Purchased in Part.

          Upon surrender to the Paying Agent of a Security to be redeemed in part, the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such Security without
service charge a new Security or Securities, of the same series and of any authorized denomination
as requested by such Holder in aggregate principal amount equal to, and in exchange for, the
unredeemed portion of the principal of the Security so surrendered that is not redeemed.

          SECTION 3.08. Purchase of Securities.

          Unless otherwise specified as contemplated by Section 2.01, the Company, and any Affiliate of
the Company may, subject to applicable law, at any time purchase or otherwise acquire Securities in
the open market or by private agreement. Any

 

 

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such acquisition shall not operate as or be deemed for any purpose to be a redemption of the
indebtedness represented by such Securities. Any Securities purchased or acquired by the Company
may be delivered to the Trustee and, upon such delivery, the indebtedness represented thereby shall
be deemed to be satisfied. Section 2.13 shall apply to all Securities so delivered.

          SECTION 3.09. Mandatory and Optional Sinking Funds.

          The minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment.” Unless otherwise provided by the terms of Securities of any
series, the cash amount of any sinking fund payment may be subject to reduction as provided in
Section 3.10. Each sinking fund payment shall be applied to the redemption of Securities of any
series as provided for by the terms of Securities of such series and by this Article III.

          SECTION 3.10. Satisfaction of Sinking Fund Payments with Securities.

          The Company may deliver outstanding Securities of a series (other than any previously called
for redemption) and may apply as a credit Securities of a series that have been redeemed either at
the election of the Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in
satisfaction of all or any part of any sinking fund payment with respect to the Securities of such
series required to be made pursuant to the terms of such series of Securities; provided that such
Securities have not been previously so credited. Such Securities shall be received and credited for
such purpose by the Trustee at the Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly.

          SECTION 3.11. Redemption of Securities for Sinking Fund.

          Not less than 45 days prior (unless a shorter period shall be satisfactory to the Trustee) to
each sinking fund payment date for any series of Securities, the Company will deliver to the
Trustee an Officers’ Certificate of the Company specifying the amount of the next ensuing sinking
fund payment for that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash and the portion thereof, if any, which is to be
satisfied by delivery of or by crediting Securities of that series pursuant to Section 3.10 and
will also deliver or cause to be delivered to the Trustee any Securities to be so delivered.
Failure of the Company to timely deliver or cause to be delivered such Officers’ Certificate and
Securities specified in this paragraph, if any, shall not constitute a default but shall constitute
the election of the Company (i) that the mandatory sinking fund payment for such series due on the
next succeeding sinking fund payment date shall be paid entirely in cash without the option to
deliver or credit Securities of such series in respect thereof and (ii) that the Company will make
no optional sinking fund payment with respect to such series as provided in this Section.

 

 

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          If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on
the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund
payments made in cash shall exceed $100,000 (or the Dollar equivalent thereof based on the
applicable Exchange Rate on the date of original issue of the applicable Securities) or a lesser
sum if the Company shall so request with respect to the Securities of any particular series, such
cash shall be applied on the next succeeding sinking fund payment date to the redemption of
Securities of such series at the sinking fund redemption price together with accrued interest to
the date fixed for redemption. If such amount shall be $100,000 (or the Dollar equivalent thereof
as aforesaid) or less and the Company makes no such request then it shall be carried over until a
sum in excess of $100,000 (or the Dollar equivalent thereof as aforesaid) is available. Not less
than 30 days before each such sinking fund payment date, the Trustee shall select the Securities to
be redeemed upon such sinking fund payment date in the manner specified in Section 3.03 and cause
notice of the redemption thereof to be given in the name of and at the expense of the Company in
the manner provided in Section 3.04. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections 3.05, 3.06 and 3.07.

          SECTION 3.12. Optional Redemption Due to Changes in Tax Treatment. 

          (a) Each series of Securities contained in one or more particular issues may be redeemed at
the option of the Company in whole but not in part, upon not less than 15 days nor more than 60
days notice, (except in the case of Securities that have a variable rate of interest, which may be
redeemed on any Interest Payment Date) at a Redemption Price equal to the principal amount thereof
(except in the case of Original Issue Discount Securities which may be redeemed at the Redemption
Price specified by the terms of such series of Securities) if as a result of any change in or
amendment to the laws or any regulations or rulings promulgated thereunder of any jurisdiction (or
of any political subdivision or taxing authority thereof or therein) or any change in the official
application or official interpretation of such laws, regulations or rulings, or any change in the
official application or official interpretation of, or any execution of or amendment to, any treaty
or treaties affecting taxation to which such jurisdiction or such political subdivision or taxing
authority (or such other jurisdiction or political subdivision or taxing authority) is a party,
which change, execution or amendment becomes effective on or after the date specified for such
series pursuant to the terms of the Security or Section 2.01(10) (or in the case of a successor
Person to the Company , the date on which such successor Person became such pursuant to Sections
5.01 and 5.02) (1) the Company (or such successor Person) is or would be required to pay
Additional Amounts with respect to the Securities on the next succeeding Interest Payment Date as
described in Section 4.06 or (2) any Subsidiary of the Company is or would be required to
deduct or withhold tax on any payment to the Company to enable the Company to make any payment of
principal, premium, if any, or interest and, in each case, the payment of such Additional Amounts
in the case of (1) above or such deductions or withholding in the case of (2) above cannot be
avoided by the use of any reasonable measures available to the Company or the Subsidiary as the
case may be. Prior to the giving of notice of redemption of such Securities pursuant to this
Indenture, the Company will deliver to the Trustee an Officers’ Certificate stating that the
Company is entitled to effect such

 

 

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redemption and setting forth in reasonable detail a statement of circumstances showing that
the conditions precedent to the right of the Company to redeem such Securities pursuant to this
Section have been satisfied.

          (b) Further, if, as a result of a transaction described in Sections 5.01 of this Indenture,
the Company or a Successor has been or would be required to pay any Additional Amounts as therein
provided, each series of Securities may be redeemed at the option of such Person in whole, but not
in part, upon not less than 30 or more than 60 days notice, (except in the case of Securities that
have a variable rate of interest, which may be redeemed on any Interest Payment Date), at a
Redemption Price equal to the principal amount thereof (except in the case of Original Issue
Discount Securities which may be redeemed at the Redemption Price specified by the terms of such
series of Securities); provided that in the case of an assumption pursuant to Section 5.01(b), no
such redemption will be permitted if such Person is required to pay Additional Amounts immediately
after such assumption; provided, further, that such Person shall not be required to use reasonable
measures to avoid the obligation to pay Additional Amounts upon the assumption of the Company’s
obligations. (For the avoidance of doubt, a Person which assumes the obligations of the Company
pursuant to Sections 5.01 of this Indenture may make a redemption in accordance with the provisions
of Section 3.12(a), if an applicable change in, execution of or amendment to any laws, regulations,
rulings or treaties or official application or official interpretation of any law, regulations,
rulings or treaties occurs after such assumption and was not formally announced or officially
adopted prior to the assumption.) Prior to the giving of notice of redemption of such Securities
pursuant to this Indenture, such Person shall deliver to the Trustee an Officers’ Certificate,
stating that such Person is entitled to effect such redemption and setting forth in reasonable
detail a statement of circumstances showing that the conditions precedent to the right of such
Person to redeem such Securities pursuant to this Section have been satisfied.

ARTICLE IV

Covenants

          SECTION 4.01. Payment of Securities.

          The Company shall pay the principal of, premium (if any) and interest on and any Additional
Amounts with respect to the Securities of each series on the dates and in the manner provided in
the Securities of such series and in this Indenture. Principal, premium, interest and any
Additional Amounts shall be considered paid on the date due if the Paying Agent (other than the
Company or a Subsidiary) holds on that date money deposited by the Company designated for and
sufficient to pay all principal, premium, interest and any Additional Amounts then due.

          The Company shall pay interest on overdue principal and premium (if any), at a rate equal to
the then applicable interest rate on the Securities to the extent lawful; and it shall pay interest
on overdue installments of interest and any Additional

 

 

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Amount (without regard to any applicable grace period) at the same rate to the extent lawful.

          SECTION 4.02. Maintenance of Office or Agency.

          The Company will maintain in each Place of Payment for any series of Securities an office or
agency (which may be an office of the Trustee, the Registrar or the Paying Agent) where Securities
of that series may be presented for registration of transfer or exchange, where Securities of that
series may be presented for payment and where notices and demands to or upon the Company in respect
of the Securities of that series and this Indenture may be served. Unless otherwise designated by
the Company by written notice to the Trustee , such office or agency shall be the office of the
Trustee in New York, New York, which on the date hereof is located at 60 Wall Street, 27th Floor,
New York, New York, 10005, Attention: Global Transaction Banking, Trust and Securities Services.
The Company will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee.

          The Company may also from time to time designate one or more other offices or agencies where
the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency in each Place of Payment for Securities of any series for such purposes. The Company will
give prompt written notice to the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency.

          SECTION 4.03. SEC Reports; Financial Statements.

          If the Company is subject to the requirements of Section 13 or 15(d) of the Exchange Act,
the Company shall file with the Trustee, within 15 days after it files the same with the SEC,
copies of the annual reports and the information, documents and other reports (or copies of such
portions of any of the foregoing as the SEC may by rules and regulations prescribe) that the
Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. If
this Indenture is qualified under the TIA, but not otherwise, the Company shall also comply with
the provisions of TIA Section 314(a). Delivery of such reports, information and documents to the
Trustee shall be for informational purposes only, and the Trustee’s receipt thereof shall not
constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates or
certificates delivered pursuant to Section 4.05).

 

 

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          SECTION 4.04. Compliance Certificate.

          The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, a
statement signed by an Officer of the Company which need not constitute an Officers’ Certificate,
complying with TIA Section 314(a)(4).

          SECTION 4.05. Corporate Existence.

          Subject to Article V, the Company shall do or cause to be done all things necessary to
preserve and keep in full force and effect its existence.

          SECTION 4.06. Additional Amounts.

          Unless otherwise specified in any Board Resolution of the Company establishing the terms of
Securities of a series relating thereto in accordance with Section 2.01, if any deduction or
withholding for any present or future taxes or other governmental charges of the jurisdiction (or
any political subdivision or taxing authority thereof or therein) in which the Company is resident,
shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority) in respect of any amounts to be paid by the Company of principal of or interest on a
Security of any series, the Company will pay to the Holder of a Security of such series such
additional amounts as may be necessary in order that the net amounts paid to such Holder of such
Security who, with respect to any such tax or other governmental charge, is not resident in such
jurisdiction, after such deduction or withholding, shall be not less than the amounts specified in
such Security to which such Holder is entitled (“Additional Amounts”); provided, however,
that the Company shall not be required to make any payment of Additional Amounts for or on account
of:

          (a) any such tax or governmental charge imposed by the United States or any political
subdivision or taxing authority thereof or therein;

          (b) any such tax or governmental charge which would not have been imposed but for the
existence of any present or former connection between such Holder (or between a fiduciary, settler,
beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is
an estate, trust, partnership or corporation) and the taxing jurisdiction or any political
subdivision or territory or possession thereof or area subject to its jurisdiction, including,
without limitation, such Holder (or such fiduciary, settler, beneficiary, member, shareholder or
possessor) being or having been a citizen or resident thereof or being or having been present or
engaged in trade or business therein or having or having had a permanent establishment therein;

          (c) a withholding or deduction with respect to any payment of the principal of, or any
interest on, any Security of such series to any Holder who is a fiduciary, partnership or other
entity that is not the sole beneficial owner of such payment and such payment would be required by
the laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein)
to be included in the income for tax purposes of a beneficiary or settlor with respect to such
fiduciary, member of such partnership or other entity, or a beneficial owner who would not have
been entitled to

 

 

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such Additional Amounts had such beneficiary, settlor, member or beneficial owner been the
Holder of such Security, provided the amount of the additional payments otherwise payable to such
fiduciary, partnership or other entity will be reduced in proportion to the interest that the
ultimate beneficial owners described above own in such Holder;

          (d) any such tax or governmental charge which would not have been imposed but for the
presentation of a Security of such series (where presentation is required) for payment on a date
more than 30 days after the date on which such payment became due and payable or the date on which
payment thereof is duly provided for, whichever occurs later;

          (e) any estate, inheritance, gift, sale, transfer, personal property or similar tax or other
governmental charge;

          (f) any tax or other governmental charge which is payable otherwise than by withholding from
payments of (or in respect of) principal of, or any interest on, the Securities of such series;

          (g) any tax or other governmental charge that is imposed or withheld by reason of (i) the
failure to comply by the Holder or the beneficial owner of the Security of such series with a
request of the Company addressed to the Holder to provide information concerning the nationality,
residence or identity of the Holder or such beneficial owner or (ii) the failure by a Holder to
make any declaration (of nonresidence or other similar claim for exemption) or satisfy any
information or reporting requirement which is required or imposed by a statute, treaty, regulation
or administrative practice of the taxing jurisdiction as a precondition to exemption from all or
part of such tax or other governmental charge;

          (h) a withholding or deduction imposed on a payment to an individual that is required to be
made pursuant to any law implementing or complying with, or introduced in order to conform to
European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the
ECOFIN Council meeting of November 26 and 27, 2000 on the taxation of savings income;

          (i) a withholding or deduction imposed on a payment to a Holder or beneficial owner who could
have avoided such withholding or deduction by presenting its debt securities to another Paying
Agent; or

          (j) any combination of items above.

          The foregoing provisions shall apply mutandis mutandis to any withholding or deduction for or
on account of any present or future taxes or governmental charges of whatever nature of any
jurisdiction in which any successor Person to the Company is resident, or any political subdivision
or taxing authority thereof or therein; provided, however, that such payment of additional amounts
may be subject to such further exceptions as may be established in the terms of such Securities
established as contemplated by Section 2.01. Subject to the foregoing provisions, whenever in this
Indenture there is mentioned, in any context, the payment of the principal of or any

 

 

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premium or interest on, or in respect of, any Security of any series or payment of any related
coupon or the net proceeds received on the sale or exchange of any Security of any series, such
mention shall be deemed to include mention of the payment of Additional Amounts provided for in
this Section to the extent that, in such context, Additional Amounts are, were or would be payable
in respect thereof pursuant to the provisions of this Section and express mention of the payment of
Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding
Additional Amounts in those provisions hereof where such express mention is not made.

          If the terms of the Securities of a series established as contemplated by Section 2.01 do not
specify that Additional Amounts pursuant to the Section will not be payable by the Company , at
least 10 days prior to the first Interest Payment Date with respect to that series of Securities
(or if the Securities of that series will not bear interest prior to Maturity, the first day on
which a payment of principal and any premium is made), and at least 10 days prior to each date of
payment of principal and any premium or interest if there has been any change with respect to the
matters set forth in the below-mentioned Officers’ Certificate, the Issuer will furnish the Trustee
and the Issuer’s principal Paying Agent or Paying Agents, if other than the Trustee, with an
Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such
payment of principal of and any premium or interest on the Securities of that series shall be made
to Holders of Securities of that series or any related coupons without withholding for or on
account of any tax or other governmental charge described in the Securities of that series. If any
such withholding shall be required, then such Officers’ Certificate shall specify by country the
amount, if any, required to be withheld on such payments to such Holders of Securities or coupons
and the Issuer will pay to the Trustee or such Paying Agent or Paying Agents the Additional Amounts
required by this Section.

ARTICLE V

Successors

          SECTION 5.01. Limitations on Mergers and Consolidations.

          (a) The Company shall not in any transaction or series of transactions, consolidate with or
merge into any Person, or sell, lease, convey, transfer or otherwise dispose of all or
substantially all of its assets to any Person, unless:

   (1) either (a) the Company shall be the continuing Person or (b) the Person (if other
than the Company ) formed by such consolidation or into which the Company is merged, or to
which such sale, lease, conveyance, transfer or other disposition shall be made
(collectively, the “Successor”), expressly assumes by supplemental indenture the due and
punctual payment of the principal of, premium (if any) and interest on and any Additional
Amounts with respect to all the Securities and the performance of the Company’s covenants
and obligations under this Indenture and the Securities;

 

 

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     (2) the Company delivers to the Trustee an Officers’ Certificate, stating that the
transaction and such supplemental indenture comply with this Indenture; and

     (3) immediately after giving effect to such a transaction or transactions, no Event
of Default, and no event which, after notice or lapse of time or both, would become an
Event of Default, has occurred and is continuing.

           (b) In the event that any Person shall become the owner of 100% of the voting stock of the
Company, such Person may, but is not obligated to, assume the performance of the Company’s
covenants and obligations under this Indenture and the Securities (a “Voluntary Assumption”).

          SECTION 5.02. Successor Person Substituted.

          Upon any consolidation or merger or similar transaction of the Company or in the case of an
asset, transfer or other disposition of all or substantially all of the assets of the Company or a
Voluntary Assumption in accordance with Section 5.01, the Successor formed by such consolidation or
into or with which the Company is merged or to which such sale, lease, conveyance, transfer or
other disposition is made or, in the case of a Voluntary Assumption, the assuming Person shall
succeed to, and be substituted for, and may exercise every right and power of the Company under
this Indenture and the Securities with the same effect as if such Successor had been named as the
Company herein and the predecessor Company , in the case of an asset, transfer or other
disposition, shall be released from all obligations under this Indenture and the Securities.

ARTICLE VI

Defaults and Remedies

          SECTION 6.01. Events of Default.

          Unless either inapplicable to a particular series or specifically deleted or modified in or
pursuant to the supplemental indenture or Board Resolution establishing such series of Securities
or in the form of Security for such series, an “Event of Default,” wherever used herein with
respect to Securities of any series, occurs if:

     (1) there is a default in the payment of interest on or any Additional Amounts with
respect to any Security of that series when the same becomes due and payable and such
default continues for a period of 30 days;

     (2) there is a default in the payment of (A) the principal of any Security of that
series at its Maturity or (B) premium (if any) on any Security of that series when the same
becomes due and payable and such default continues for a period of 14 days;

 

 

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     (3) the Company fails to redeem or purchase any Security of that series when required
pursuant to a Notice of Redemption, and such default continues for a period of 14 days;

     (4) the Company fails to comply with any of its other covenants or agreements in, or
provisions of, the Securities of such series or this Indenture (other than an agreement,
covenant or provision that has expressly been included in this Indenture solely for the
benefit of one or more series of Securities other than that series) which shall not have
been remedied within the specified period after written notice, as specified in the last
paragraph of this Section 6.01;

     (5) the Company pursuant to or within the meaning of any Bankruptcy Law:

     (A) commences a voluntary case,

     (B) consents to the entry of an order for relief against it in an
involuntary case,

     (C) consents to the appointment of a Bankruptcy Custodian of it or for all
or substantially all of its property, or

     (D) makes a general assignment for the benefit of its creditors;

     (6) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that remains unstayed and in effect for 90 days and that:

     (A) is for relief against the Company as debtor in an involuntary case,

     (B) appoints a Bankruptcy Custodian of the Company or a Bankruptcy
Custodian for all or substantially all of the property of the Company , or

     (C) orders the liquidation of the Company ; or

     (7) any other Event of Default provided with respect to Securities of that series
occurs.

          The term “Bankruptcy Custodian” means any receiver, trustee, assignee, liquidator or
similar official under any Bankruptcy Law.

          The Trustee shall not be deemed to know or have notice of any Default or Event of Default
unless written notice of any event which is in fact such a Default or Event of Default is received
by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such
notice references the Securities and this Indenture or, if such Default or Event of Default is with
respect to provisions (1), (2) or (3) above, a Responsible Officer of the Trustee has actual
knowledge thereof.

 

 

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          When a Default is cured, it ceases.

          Notwithstanding the foregoing provisions of this Section 6.01, if the principal of, premium
(if any) or interest on or Additional Amounts with respect to any Security is payable in a currency
or currencies other than Dollars and such currency or currencies are not available to the Company
for making payment thereof due to the imposition of exchange controls or other circumstances beyond
the control of the Company (a “Conversion Event”), the Company will be entitled to satisfy
its obligations to Holders of the Securities by making such payment in Dollars in an amount equal
to the Dollar equivalent of the amount payable in such other currency, as determined by the Company
by reference to the Exchange Rate on the date of such payment, or, if such rate is not then
available, on the basis of the most recently available Exchange Rate. Notwithstanding the foregoing
provisions of this Section 6.01, any payment made under such circumstances in Dollars where the
required payment is in a currency other than Dollars will not constitute an Event of Default under
this Indenture.

          Promptly after the occurrence of a Conversion Event, the Company shall give written notice
thereof to the Trustee; and the Trustee, promptly after receipt of such notice, shall give notice
thereof in the manner provided in Section 10.02 to the Holders. Promptly after the making of any
payment in Dollars as a result of a Conversion Event, the Company shall give notice in the manner
provided in Section 10.02 to the Holders, setting forth the applicable Exchange Rate and describing
the calculation of such payments.

          A Default under clause (4) or (7) of this Section 6.01 is not an Event of Default until the
Trustee notifies the Company , or the Holders of at least 25% in principal amount of the then
outstanding Securities of the series affected by such Default (or, in the case of a Default under
clause (4) of this Section 6.01, if outstanding Securities of other series are affected by such
Default, then at least 25% in principal amount of the then outstanding Securities so affected)
notify the Company and the Trustee, of the Default, and the Company fails to cure the Default
within 90 days after receipt of the notice. The notice must specify the Default, demand that it be
remedied and state that the notice is a “Notice of Default.”

          SECTION 6.02. Acceleration.

          If an Event of Default with respect to any Securities of any series at the time outstanding
(other than an Event of Default specified in clause (5) or (6) of Section 6.01) occurs and is
continuing, the Trustee by notice to the Company , or the Holders of at least 25% in principal
amount of the then outstanding Securities of the series affected by such Event of Default by notice
to the Company and the Trustee, may declare the principal of (or, if any such Securities are
Original Issue Discount Securities, such portion of the principal amount as may be specified in the
terms of that series) and all accrued and unpaid interest on all then outstanding Securities of
such series to be due and payable. Upon any such declaration, the amounts due and payable on the
Securities shall be due and payable immediately. If an Event of Default specified in clause (5) or
(6) of Section 6.01 hereof occurs, such amounts shall ipso facto become and be immediately

 

 

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due and payable without any declaration, notice or other act on the part of the Trustee or any
Holder. The Holders of a majority in principal amount of the then outstanding Securities of the
series affected by such Event of Default by written notice to the Trustee may rescind an
acceleration and its consequences (other than nonpayment of principal of or premium or interest on
or any Additional Amounts with respect to the Securities) if the rescission would not conflict with
any judgment or decree and if all existing Events of Default with respect to Securities of that
series have been cured or waived, except nonpayment of principal, premium, interest or any
Additional Amounts that has become due solely because of the acceleration.

          SECTION 6.03. Other Remedies.

          If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy
to collect the payment of principal of, or premium, if any, or interest on the Securities or to
enforce the performance of any provision of the Securities or this Indenture.

          The Trustee may maintain a proceeding even if it does not possess any of the Securities or
does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in
exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law.

          SECTION 6.04. Waiver of Defaults.

          Subject to Sections 6.07 and 9.02, the Holders of a majority in principal amount of the then
outstanding Securities of any series or of all series (acting as one class) by notice to the
Trustee may waive an existing or past Default or Event of Default with respect to such series or
all series, as the case may be, and its consequences (including waivers obtained in connection with
a tender offer or exchange offer for Securities of such series or all series or a solicitation of
consents in respect of Securities of such series or all series, provided that in each case such
offer or solicitation is made to all Holders of then outstanding Securities of such series or all
series (but the terms of such offer or solicitation may vary from series to series)), except (1) a
continuing Default or Event of Default in the payment of the principal of, or premium, if any, or
interest on or any Additional Amounts with respect to any Security or (2) a continued Default in
respect of a provision that under Section 9.02 cannot be amended or supplemented without the
consent of each Holder affected. Upon any such waiver, such Default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon.

          SECTION 6.05. Control by Majority.

          With respect to Securities of any series, the Holders of a majority in principal amount of the
then outstanding Securities of such series may direct in writing the time, method and place of
conducting any proceeding for any remedy available to the

 

 

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Trustee or exercising any trust or power conferred on it relating to or arising under an Event
of Default described in clause (1), (2), (3) or (7) of Section 6.01, and with respect to all
Securities, the Holders of a majority in principal amount of all the then outstanding Securities
affected may direct in writing the time, method and place of conducting any proceeding for any
remedy available to the Trustee or exercising any trust or power conferred on it not relating to or
arising under such an Event of Default. However, the Trustee may refuse to follow any direction
that conflicts with applicable law or this Indenture, that the Trustee determines may be unduly
prejudicial to the rights of other Holders, or that may involve the Trustee in personal liability;
provided, however, that the Trustee may take any other action deemed proper by the Trustee that is
not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be
entitled to indemnification satisfactory to it in its sole discretion from Holders directing the
Trustee against all losses and expenses caused by taking or not taking such action.

          SECTION 6.06. Limitations on Suits.

          Subject to Section 6.07 hereof, a Holder of a Security of any series may pursue a remedy with
respect to this Indenture or the Securities of such series only if:

     (1) the Holder gives to the Trustee written notice of a continuing Event of Default
with respect to such series;

     (2) the Holders of at least 25% in principal amount of the then outstanding Securities
of such series make a written request to the Trustee to pursue the remedy;

     (3) such Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense;

     (4) the Trustee does not comply with the request within 60 days after receipt of the
request and the offer of indemnity; and

     (5) during such 60-day period the Holders of a majority in principal amount of the
Securities of that series do not give the Trustee a direction inconsistent with the
request.

          A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a
preference or priority over another Holder.

          SECTION 6.07. Rights of Holders to Receive Payment.

          Notwithstanding any other provision of this Indenture, the right of any Holder of a Security
to receive payment of principal of and premium, if any, and interest on and any Additional Amounts
with respect to the Security, on or after the respective due dates expressed in the Security, or to
bring suit for the enforcement of any such payment on or after such respective dates, is absolute
and unconditional and shall not be impaired or affected without the consent of the Holder.

 

 

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          SECTION 6.08. Collection Suit by Trustee.

          If an Event of Default specified in clause (1) or (2) of Section 6.01 hereof occurs and is
continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an
express trust against the Company for the amount of principal, premium (if any), interest and any
Additional Amounts remaining unpaid on the Securities of the series affected by the Event of
Default, and interest on overdue principal and premium, if any, and, to the extent lawful, interest
on overdue interest, and such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel.

          SECTION 6.09. Trustee May File Proofs of Claim.

          The Trustee is authorized to file such proofs of claim and other papers or documents and to
take such actions, including participating as a member, voting or otherwise, of any committee of
creditors, as may be necessary or advisable to have the claims of the Trustee (including any claim
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and the Holders allowed in any judicial proceedings relative to the Company or its
creditors or properties and shall be entitled and empowered to collect, receive and distribute any
money or other property payable or deliverable on any such claims and any Bankruptcy Custodian in
any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee, and in the event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties which the Holders of the
Securities may be entitled to receive in such proceeding whether in liquidation or under any plan
of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting the Securities or the
rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding.

          SECTION 6.10. Priorities.

          If the Trustee collects any money pursuant to this Article VI, it shall pay out the money in
the following order:

          First: to the Trustee for amounts due under Section 7.07;

 

 

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     Second: to Holders for amounts due and unpaid on the Securities in respect of
which or for the benefit of which such money has been collected, for principal,
premium (if any), interest and any Additional Amounts ratably, without preference
or priority of any kind, according to the amounts due and payable on such
Securities for principal, premium (if any), interest and any Additional Amounts,
respectively; and

          Third: to the Company.

          The Trustee, upon prior written notice to the Company, may fix record dates and payment dates
for any payment to Holders pursuant to this Article VI.

          To the fullest extent allowed under applicable law, if for the purpose of obtaining a judgment
against the Company in any court it is necessary to convert the sum due in respect of the principal
of, premium (if any) or interest on or Additional Amounts with respect to the Securities of any
series (the “Required Currency”) into a currency in which a judgment will be rendered (the
“Judgment Currency”), the rate of exchange used shall be the rate at which in accordance
with normal banking procedures the Trustee could purchase in New York, New York the Required
Currency with the Judgment Currency on the Business Day in New York, New York next preceding that
on which final judgment is given. Neither the Company nor the Trustee shall be liable for any
shortfall nor shall it benefit from any windfall in payments to Holders of Securities under this
Section 6.10 caused by a change in exchange rates between the time the amount of a judgment against
it is calculated as above and the time the Trustee converts the Judgment Currency into the Required
Currency to make payments under this Section 6.10 to Holders of Securities, but payment of such
judgment shall discharge all amounts owed by the Company on the claim or claims underlying such
judgment.

          SECTION 6.11. Undertaking for Costs.

          In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the
suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the
claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the
Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder or Holders of more than
10% in principal amount of the then outstanding Securities of any series.

ARTICLE VII

Trustee

          SECTION 7.01. Duties of Trustee.

          (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of
the rights and powers vested in it by this Indenture, and use the same

 

 

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degree of care and skill in such exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs.

          (b) Except during the continuance of an Event of Default with respect to the Securities of any
series:

    (1) the Trustee need perform only those duties that are specifically set
forth in this Indenture and no others, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and

    (2) in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture. However, the Trustee shall
examine such certificates and opinions to determine whether, on their face, they
appear to conform to the requirements of this Indenture.

          (c) The Trustee may not be relieved from liabilities for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that:

          (1) this paragraph does not limit the effect of Section 7.01(b);

          (2) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the
pertinent facts; and

          (3) the Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to Section 6.05.

          (d) Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to the provisions of this Section 7.01.

          (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds
or incur any liability, if it shall have reasonable grounds to believe that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it.

          (f) Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law. All money received by the Trustee shall, until applied as herein provided,
be held in trust for the payment of the principal of, premium (if any) and interest on and
Additional Amounts with respect to the Securities.

          (g) Every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section and to the
provisions of the TIA.

 

 

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          (h) The Trustee may engage in other transactions; provided, however, that if
it acquires any conflicting interest, it must either eliminate such conflict within 90 days, apply
to the SEC for permission to continue or resign.

          SECTION 7.02. Rights of Trustee.

          (a) The Trustee may conclusively rely on any document believed by it to be genuine and to have
been signed or presented by the proper Person. The Trustee need not investigate any fact or matter
stated in the document.

          (b) Before the Trustee acts or refrains from acting, it may require instruction, or an
Officers’ Certificate to be provided. The Trustee shall not be liable for any action it takes or
omits to take in good faith in reliance on such instruction, or Officers’ Certificate.

          (c) The Trustee may consult with counsel, and the advice or opinion of counsel with respect to
legal matters relating to this Indenture and Securities shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in accordance with the advice or opinion of such counsel.

          (d) The Trustee may act through agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care.

          (e) The Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers conferred; provided, however,
that the Trustee’s consent does not constitute wilful misconduct or negligence.

          (f) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Company shall be sufficient if signed by an Officer of the Company.

          (g) The Trustee shall not be obligated to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document.

          (h) The Trustee may request that the Company deliver an Officers’ Certificate setting forth
the names of individuals and/or titles of officers authorized at such time to take specified
actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person
authorized to sign an Officers’ Certificate, including any person specified as so authorized in any
such certificate previously delivered and not superseded.

 

 

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          SECTION 7.03. May Hold Securities.

          The Trustee in its individual or any other capacity may become the owner or pledgee of
Securities and may otherwise deal with the Company or any of its Affiliates with the same rights it
would have if it were not Trustee. Any Agent may do the same with like rights and duties. However,
the Trustee is subject to Sections 7.10 and 7.11.

          SECTION 7.04. Trustee’s Disclaimer.

          The Trustee makes no representation as to the validity or adequacy of this Indenture or the
Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities
or any money paid to the Company or upon the Company’s direction under any provision hereof, it
shall not be responsible for the use or application of any money received by any Paying Agent other
than the Trustee and it shall not be responsible for any statement or recital herein or any
statement in the Securities other than its certificate of authentication.

          SECTION 7.05. Notice of Defaults.

          If a Default or Event of Default with respect to the Securities of any series occurs and is
continuing and it is known to the Trustee, the Trustee shall mail to Holders of Securities of such
series a notice of the Default or Event of Default within 90 days after it occurs.

          SECTION 7.06. Reports by Trustee to Holders.

          Within 60 days after each April 15 of each year after the execution of this Indenture, the
Trustee shall mail to Holders of a series, and the Company a brief report dated as of such
reporting date that complies with TIA Section 313(a); provided, however, that if no event described
in TIA Section 313(a) has occurred within the twelve months preceding the reporting date with
respect to a series, no report need be transmitted to Holders of such series. The Trustee also
shall comply with TIA Section 313(b). The Trustee shall also transmit by mail or file by such
method as may be required all reports if and as required by TIA Sections 313(c) and 313(d).

          A copy of each report at the time of its mailing to Holders of a series of Securities shall be
filed with the SEC and each securities exchange, if any, on which the Securities of such series are
listed. The Company shall notify the Trustee if and when any series of Securities is listed on any
securities exchange.

          SECTION 7.07. Compensation and Indemnity.

          The Company agrees to pay to the Trustee for its acceptance of this Indenture and services
hereunder such compensation as the Company and the Trustee shall from time to time agree in
writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of
an express trust. The Company agrees to reimburse the Trustee upon request for all reasonable
disbursements, advances and

 

 

 40 

expenses incurred by it. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel.

          The Company hereby indemnifies the Trustee and any predecessor Trustee against any and all
loss, liability, damage, claim or expense, including taxes (other than taxes based upon, measured
by or determined by the income of the Trustee), incurred by it arising out of or in connection with
the acceptance or administration of its duties under this Indenture, except as set forth in the
next following paragraph. The Trustee shall notify the Company promptly of any claim for which it
may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in the
defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and
expenses of such counsel. The Company need not pay for any settlement made without its consent.

          The Company shall not be obligated to reimburse any expense or indemnify against any loss or
liability incurred by the Trustee through the Trustee’s negligence, bad faith, willful misconduct,
default, breach of duty or breach of trust.

          To secure the payment obligations of the Company in this Section 7.07, the Trustee shall have
a lien prior to the Securities on all money or property held or collected by the Trustee, except
that held in trust to pay principal of, premium (if any) and interest on and any Additional Amounts
with respect to Securities of any series. Such lien and the Company’s obligations under this
Section 7.07 shall survive the satisfaction and discharge of this Indenture.

          When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(5) or (6) occurs, the expenses and the compensation for the services are intended to
constitute expenses of administration under any Bankruptcy Law.

          SECTION 7.08. Replacement of Trustee.

          A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section
7.08.

          The Trustee may resign and be discharged at any time with respect to the Securities of one or
more series by so notifying the Company. The Holders of a majority in principal amount of the then
outstanding Securities of any series may remove the Trustee with respect to the Securities of such
series by so notifying the Trustee and the Company. The Company may remove the Trustee if:

          (1) the Trustee fails to comply with Section 7.10;

          (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law;

 

 

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          (3) a Bankruptcy Custodian or public officer takes charge of the Trustee or its
property; or

          (4) the Trustee otherwise becomes incapable of acting.

          If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, with respect to the Securities of one or more series, the Company shall promptly appoint a
successor Trustee or Trustees with respect to the Securities of that or those series (it being
understood that any such successor Trustee may be appointed with respect to the Securities of one
or more or all of such series and that at any time there shall be only one Trustee with respect to
the Securities of any particular series). Within one year after the successor Trustee with respect
to the Securities of any series takes office, the Holders of a majority in principal amount of the
Securities of such series then outstanding may appoint a successor Trustee to replace the successor
Trustee appointed by the Company.

          If a successor Trustee with respect to the Securities of any series does not take office
within 30 days after the retiring or removed Trustee resigns or is removed, the retiring or removed
Trustee, the Company or the Holders of at least 10% in principal amount of the then outstanding
Securities of such series may petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series.

          If the Trustee with respect to the Securities of a series fails to comply with Section 7.10,
any Holder of Securities of such series may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee with respect to the Securities of
such series.

          In case of the appointment of a successor Trustee with respect to all Securities, each such
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and
to the Company. Thereupon the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and duties of the retiring
Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the
successor Trustee, subject to the lien provided for in Section 7.07.

          In case of the appointment of a successor Trustee with respect to the Securities of one or
more (but not all) series, the Company, the retiring Trustee and each successor Trustee with
respect to the Securities of one or more (but not all) series shall execute and deliver an
indenture supplemental hereto in which each successor Trustee shall accept such appointment and
that (1) shall confer to each successor Trustee all the rights, powers and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all
Securities, shall confirm that all the rights, powers and duties of the retiring Trustee with
respect to the Securities of that or those series as to which the retiring Trustee is not retiring
shall continue to be vested in the

 

 

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retiring Trustee and (3) shall add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee. Nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust, and each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by any other such
Trustee. Upon the execution and delivery of such supplemental indenture, the resignation or removal
of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee shall have all the rights, powers and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such successor Trustee
relates. On request of the Company or any successor Trustee, such retiring Trustee shall transfer
to such successor Trustee all property held by such retiring Trustee as Trustee with respect to the
Securities of that or those series to which the appointment of such successor Trustee relates. Such
retiring Trustee shall, however, have the right to deduct its unpaid fees and expenses, including
attorneys’ fees.

          Notwithstanding replacement of the Trustee or Trustees pursuant to this Section 7.08, the
obligations of the Company under Section 7.07 shall continue for the benefit of the retiring
Trustee or Trustees.

          SECTION 7.09. Successor Trustee by Merger, etc.

          Subject to Section 7.10, if the Trustee consolidates, merges or converts into, or transfers
all or substantially all of its corporate trust business to, another corporation, the successor
corporation without any further act shall be the successor Trustee; provided, however, that in the
case of a transfer of all or substantially all of its corporate trust business to another
corporation, the transferee corporation expressly assumes all of the Trustee’s liabilities
hereunder.

          In case any Securities shall have been authenticated, but not delivered, by the Trustee then
in office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated; and in case at that time any
of the Securities shall not have been authenticated, any successor to the Trustee may authenticate
such Securities either in the name of any predecessor hereunder or in the name of the successor to
the Trustee; and in all such cases such certificates shall have the full force which it is anywhere
in the Securities or in this Indenture provided that the certificate of the Trustee shall have.

          SECTION 7.10. Eligibility; Disqualification.

          There shall at all times be a Trustee hereunder which shall be a corporation or banking
association organized and doing business under the laws of the United States, any State thereof or
the District of Columbia and authorized under such laws to exercise corporate trust power, shall be
subject to supervision or examination by Federal or State (or the District of Columbia) authority
and shall have, or be a subsidiary of a bank or bank holding company having, a combined capital and
surplus of at least $50 million as set forth in its most recent published annual report of
condition.

 

 

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          The Indenture shall always have a Trustee who satisfies the requirements of TIA Sections
310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is subject to and shall comply with the provisions
of TIA Section 310(b) during the period of time required by this Indenture. Nothing in this
Indenture shall prevent the Trustee from filing with the SEC the application referred to in the
penultimate paragraph of TIA Section 310(b).

          SECTION 7.11. Preferential Collection of Claims Against the Company .

          The Trustee is subject to and shall comply with the provisions of TIA Section 311(a),
excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or
been removed shall be subject to TIA Section 311(a) to the extent indicated therein.

ARTICLE VIII

Discharge of Indenture

          SECTION 8.01. Termination of the Company’s Obligations.

          (a) This Indenture shall cease to be of further effect with respect to the Securities of a
series (except that the Company’s obligations under Section 7.07, the Trustee’s and Paying Agent’s
obligations under Section 8.03 and the rights, powers, protections and privileges accorded the
Trustee under Article VII shall survive), and the Trustee , on demand of the Company, shall execute
proper instruments acknowledging the satisfaction and discharge of this Indenture with respect to
the Securities of such series, when:

          (1) either:

          (A) all outstanding Securities of such series theretofore authenticated and issued
(other than destroyed, lost or stolen Securities that have been replaced or paid) have
been delivered to the Trustee for cancellation; or

          (B) all outstanding Securities of such series not theretofore delivered to the
Trustee for cancellation:

	 	(i)	 	have become due and
payable, or
	 
	 	(ii)	 	will become due and
payable at their Stated Maturity within one year, or
	 
	 	(iii)	 	are to be called for
redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the
expense, of the Company,

and, in the case of clause (i), (ii) or (iii) above, the Company has irrevocably
deposited or caused to be deposited with the Trustee as funds

 

 

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(immediately available to the Holders in the case of clause (i)) in trust for such
purpose (x) cash in an amount, or (y) Government Obligations, maturing as to
principal and interest at such times and in such amounts as will ensure the
availability of cash in an amount or (z) a combination thereof, which will be
sufficient, as evidenced (in the case of clauses (y) and (z)) by a letter from an
internationally recognized firm of independent public accountants in customary
form delivered to the Trustee, to pay and discharge the entire indebtedness on the
Securities of such series for principal and interest to the date of such deposit
(in the case of Securities which have become due and payable) or for principal,
premium, if any, and interest to the Stated Maturity or Redemption Date, as the
case may be; or

          (C) the Company has properly fulfilled such other means of satisfaction and
discharge as is specified, as contemplated by Section 2.01, to be applicable to the
Securities of such series;

          (2) the Company has paid or caused to be paid all other sums payable by it hereunder with
respect to the Securities of such series; and

          (3) the Company has delivered to the Trustee an Officers’ Certificate stating that all
conditions precedent to satisfaction and discharge of this Indenture with respect to the Securities
of such series have been complied with together with an Opinion of Counsel to the same effect.

          (b) Unless this Section 8.01(b) is specified as not being applicable to Securities of a series
as contemplated by Section 2.01, the Company may, at its option, terminate certain of its
obligations under this Indenture (“covenant defeasance”) with respect to the Securities of
a series if:

     (1) the Company has irrevocably deposited or caused to be irrevocably deposited with
the Trustee as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for and dedicated solely to the benefit of the Holders of
Securities of such series, (i) money in the currency in which payment of the Securities of
such series is to be made in an amount, or (ii) Government Obligations with respect to such
series, maturing as to principal and interest at such times and in such amounts as will
ensure the availability of money in the currency in which payment of the Securities of such
series is to be made in an amount or (iii) a combination thereof, that is sufficient, as
evidenced (in the case of clauses (ii) and (iii)) by a letter from an internationally
recognized firm of independent public accountants in customary form delivered to the
Trustee, to pay the principal of and premium (if any) and interest on all Securities of
such series on each date that such principal, premium (if any) or interest is due and
payable and (at the Stated Maturity thereof or upon redemption as provided in Section
8.01(e)) to pay all other sums payable by it hereunder; provided that the Trustee shall
have been irrevocably instructed to apply such money and/or the proceeds of such Government
Obligations to the payment of said principal,

 

 

 45 

premium (if any) and interest with respect to the Securities of such series as the
same shall become due;

    (2) the Company has delivered to the Trustee an Officers’ Certificate stating that all
conditions precedent with respect to such covenant defeasance of the Securities of such
series have been complied with, and an Opinion of Counsel to the same effect;

    (3) the Company shall have delivered to the Trustee an Opinion of Counsel from a
nationally recognized counsel acceptable to the Trustee or a tax ruling to the effect that
the Holders will not recognize income, gain or loss for U.S. Federal income tax purposes as
a result of the Company’s exercise of its option under this Section 8.01(b) and will be
subject to U.S. Federal income tax on the same amount and in the same manner and at the
same times as would have been the case if such option had not been exercised; and

    (4) the Company has complied with any additional conditions specified pursuant to
Section 2.01 to be applicable to the discharge of Securities of such series pursuant to
this Section 8.01.

          In such event, this Indenture shall cease to be of further effect (except as set forth in this
paragraph), and the Trustee , on demand of the Company, shall execute proper instruments
acknowledging satisfaction and discharge under this Indenture. However, the Company’s obligations
in Sections 2.05, 2.06, 2.07, 2.08, 2.09, 4.01, 4.02, 7.07, 7.08 and 8.04, the Trustee’s and Paying
Agent’s obligations in Section 8.03 and the rights, powers, protections and privileges accorded the
Trustee under Article VII shall survive until all Securities of such series are no longer
outstanding. Thereafter, only the Company’s obligations in Section 7.07 and the Trustee’s and
Paying Agent’s obligations in Section 8.03 shall survive with respect to Securities of such series.

          After such irrevocable deposit made pursuant to this Section 8.01(b) and satisfaction of the
other conditions set forth herein, the Trustee upon request shall acknowledge in writing the
discharge of the Company’s obligations under this Indenture with respect to the Securities of such
series except for those surviving obligations specified above.

          In order to have money available on a payment date to pay principal of or premium (if any) or
interest on the Securities, the Government Obligations shall be payable as to principal or interest
on or before such payment date in such amounts as will provide the necessary money. Government
Obligations shall not be callable at the issuer’s option.

          (c) If the Company has previously complied or is concurrently complying with Section 8.01(b)
(other than any additional conditions specified pursuant to Section 2.01 that are expressly
applicable only to covenant defeasance) with respect to Securities of a series, then, unless this
Section 8.01(c) is specified as not being applicable to Securities of such series as contemplated
by Section 2.01, the Company may elect that its

 

 

 46 

obligations to make payments with respect to Securities of such series be discharged (“legal
defeasance”), if:

     (1) no Default or Event of Default under clauses (5) and (6) of Section 6.01 hereof
shall have occurred at any time during the period ending on the 91st day after the date of
deposit contemplated by Section 8.01(b) (it being understood that this condition shall not
be deemed satisfied until the expiration of such period);

     (2) unless otherwise specified with respect to Securities of such series as
contemplated by Section 2.01, the Company has delivered to the Trustee an Opinion of
Counsel from a nationally recognized counsel acceptable to the Trustee to the effect
referred to in Section 8.01(b)(3) with respect to such legal defeasance, which opinion is
based on (i) a private ruling of the Internal Revenue Service addressed to the Company,
(ii) a published ruling of the Internal Revenue Service pertaining to a comparable form of
transaction or (iii) a change in the applicable federal income tax law (including
regulations) after the date of this Indenture;

     (3) the Company has complied with any other conditions specified pursuant to Section
2.01 to be applicable to the legal defeasance of Securities of such series pursuant to this
Section 8.01(c); and

     (4) the Company has delivered to the Trustee a Company Request requesting such legal
defeasance of the Securities of such series and an Officers’ Certificate stating that all
conditions precedent with respect to such legal defeasance of the Securities of such series
have been complied with, together with an Opinion of Counsel to the same effect.

In such event, the Company will be discharged from its obligations under this Indenture and the
Securities of such series to pay principal of, premium (if any) and interest on, and any Additional
Amounts with respect to, Securities of such series, the Company’s respective obligations under
Sections 4.01 and 4.02 shall terminate with respect to such Securities, and the entire indebtedness
of the Company evidenced by such Securities shall be deemed paid and discharged.

          (d) If and to the extent additional or alternative means of satisfaction, discharge or
defeasance of Securities of a series are specified to be applicable to such series as contemplated
by Section 2.01, the Company may terminate any or all of its obligations under this Indenture with
respect to Securities of a series and any or all of its obligations under the Securities of such
series if it fulfills such other means of satisfaction and discharge as may be so specified, as
contemplated by Section 2.01, to be applicable to the Securities of such series.

          (e) If Securities of any series subject to subsections (a), (b), (c) or (d) of this Section
8.01 are to be redeemed prior to their Stated Maturity, whether pursuant to any optional redemption
provisions or in accordance with any mandatory or optional

 

 

 47 

sinking fund provisions, the terms of the applicable trust arrangement shall provide for such
redemption, and the Company shall make such arrangements as are reasonably satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of
the Company.

          SECTION 8.02. Application of Trust Money.

          The Trustee or a trustee satisfactory to the Trustee and the Company shall hold in trust money
or Government Obligations deposited with it pursuant to Section 8.01 hereof. It shall apply the
deposited money and the money from Government Obligations through the Paying Agent and in
accordance with this Indenture to the payment of principal of, premium (if any) and interest on and
any Additional Amounts with respect to the Securities of the series with respect to which the
deposit was made.

          SECTION 8.03. Repayment to Company .

          The Trustee and the Paying Agent shall promptly pay to the Company any excess money or
Government Obligations (or proceeds therefrom) held by them at any time upon the written request of
the Company.

          Subject to the requirements of any applicable abandoned property laws, the Trustee and the
Paying Agent shall pay to the Company upon written request any money held by them for the payment
of principal, premium (if any), interest or any Additional Amounts that remain unclaimed for two
years after the date upon which such payment shall have become due. After payment to the Company,
Holders entitled to the money must look to the Company for payment as general creditors unless an
applicable abandoned property law designates another Person, and all liability of the Trustee and
the Paying Agent with respect to such money shall cease.

          SECTION 8.04. Reinstatement.

          If the Trustee or the Paying Agent is unable to apply any money or Government Obligations
deposited with respect to Securities of any series in accordance with Section 8.01 by reason of any
legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the obligations of the Company
under this Indenture with respect to the Securities of such series and under the Securities of such
series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01
until such time as the Trustee or the Paying Agent is permitted to apply all such money or
Government Obligations in accordance with Section 8.01; provided, however, that if the Company has
made any payment of principal of, premium (if any) or interest on or any Additional Amounts with
respect to any Securities because of the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Securities to receive such payment from the money
or Government Obligations held by the Trustee or the Paying Agent.

 

 

 48 

ARTICLE IX

Supplemental Indentures and Amendments

          SECTION 9.01. Without Consent of Holders.

          The Company and the Trustee may amend or supplement this Indenture or the Securities or waive
any provision hereof or thereof without the consent of any Holder:

     (1) to cure any ambiguity, omission, defect or inconsistency;

     (2) to cause any entity to assume the obligations of the Company in compliance with
Article V;

     (3) to provide for uncertificated Securities in addition to or in place of
certificated Securities, provided, however, that the uncertificated
Securities are issued in a registered form for purposes of Section 163(f) of the Code or in
a manner such that such uncertificated Securities are described in Section 163(f)(2)(B) of
the Code;

     (4) to provide any security for, or to add any guarantees of or additional obligors
on, any series of Securities;

     (5) to comply with any requirement in order to effect or maintain the qualification of
this Indenture under the TIA;

     (6) to add to the covenants of the Company for the benefit of the Holders of all or
any series of Securities (and if such covenants are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series), or to surrender any right or power herein conferred upon the
Company ;

     (7) to add any additional Events of Default with respect to all or any series of the
Securities (and, if any Event of Default is applicable to less than all series of
Securities, specifying the series to which such Event of Default is applicable);

     (8) to change or eliminate any of the provisions of this Indenture; provided that any
such change or elimination shall become effective only when there is no outstanding
Security of any series created prior to the execution of such amendment or supplemental
indenture that is adversely affected in any material respect by such change in or
elimination of such provision;

     (9) to establish the form or terms of Securities of any series as permitted by Section
2.01;

     (10) to supplement any of the provisions of this Indenture to such extent as shall be
necessary to permit or facilitate the defeasance and discharge of any

 

 

 49 

series of Securities pursuant to Section 8.01; provided, however, that any such action
shall not adversely affect the interest of the Holders of Securities of such series or any
other series of Securities in any material respect;

     (11) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more series and to add to or
change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section 7.08; or

     (12) to modify the Indenture in any manner that does not adversely affect the rights
of Holders in any material respect.

          Upon the request of the Company and upon receipt by the Trustee of the documents described in
Section 9.06, the Trustee shall, subject to Section 9.06, join with the Company in the execution of
any supplemental indenture authorized or permitted by the terms of this Indenture and make any
further appropriate agreements and stipulations that may be therein contained.

          SECTION 9.02. With Consent of Holders.

          Except as provided below in this Section 9.02, the Company and the Trustee may amend or
supplement this Indenture with the written consent (including consents obtained in connection with
a tender offer or exchange offer for Securities of any one or more series or all series or a
solicitation of consents in respect of Securities of any one or more series or all series, provided
that in each case such offer or solicitation is made to all Holders of then outstanding Securities
of each such series (but the terms of such offer or solicitation may vary from series to series))
of the Holders of at least a majority in principal amount of the then outstanding Securities of all
series affected by such amendment or supplement (acting as one class).

          Upon the request of the Company and upon the filing with the Trustee of evidence of the
consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents described in
Section 9.06, the Trustee shall, subject to Section 9.06, join with the Company in the execution of
such amendment or supplemental indenture.

          It shall not be necessary for the consent of the Holders under this Section 9.02 to approve
the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if
such consent approves the substance thereof.

          The Holders of a majority in principal amount of the then outstanding Securities of one or
more series or of all series may waive compliance in a particular instance by the Company with any
provision of this Indenture with respect to Securities of such series (including waivers obtained
in connection with a tender offer or exchange offer for Securities of such series or a solicitation
of consents in respect of Securities of such series, provided that in each case such offer or
solicitation is made to all Holders of then outstanding Securities of such series (but the terms of
such offer or solicitation may vary from series to series)).

 

 

 50 

          However, without the consent of each Holder affected, an amendment, supplement or waiver
relating to the outstanding Securities of a particular series under this Section 9.02 may not:

     (1) reduce the amount of Securities whose Holders must consent to an amendment,
supplement or waiver;

     (2) reduce the rate of or change the time for payment of interest, including default
interest, on any Security;

     (3) reduce the principal of any Security or change its Stated Maturity;

     (4) reduce the premium, if any, payable upon the redemption of any Security or change
the time at which any Security may or shall be redeemed;

     (5) change any obligation of the Company to pay Additional Amounts with respect to any
Security;

     (6) change the coin or currency or currencies (including composite currencies) in
which any Security or any premium, interest or Additional Amounts with respect thereto are
payable, except as permitted under Section 2.18;

     (7) impair the right to institute suit for the enforcement of any payment of principal
of, premium (if any) or interest on or any Additional Amounts with respect to any Security
pursuant to Sections 6.07 and 6.08, except as limited by Section 6.06;

     (8) make any change in the percentage of principal amount of Securities necessary to
waive compliance with certain provisions of this Indenture pursuant to Section 6.04 or 6.07
or make any change in this sentence of Section 9.02; or

     (9) waive a continuing Default or Event of Default in the payment of principal of,
premium (if any) or interest on or Additional Amounts with respect to the Securities.

          A supplemental indenture that changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series
of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

          The right of any Holder to participate in any consent required or sought pursuant to any
provision of this Indenture (and the obligation of the Company to obtain any such consent otherwise
required from such Holder) may be subject to the requirement that such Holder shall have been the
Holder of record of any Securities with

 

 

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respect to which such consent is required or sought as of a date identified by the Company in
a notice furnished to Holders in accordance with the terms of this Indenture.

          After an amendment, supplement or waiver under this Section 9.02 becomes effective, the
Company shall mail to the Holders of each Security affected thereby a notice briefly describing the
amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such amendment,
supplement or waiver.

          SECTION 9.03. Compliance with Trust Indenture Act.

          Every amendment or supplement to this Indenture or the Securities shall comply in form and
substance with the TIA as then in effect.

          SECTION 9.04. Revocation and Effect of Consents.

          Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a
continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security
that evidences the same debt as the consenting Holder’s Security, even if notation of the consent
is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent
as to his or her Security or portion of a Security if the Trustee receives written notice of
revocation before a date and time therefor identified by the Company in a notice furnished to such
Holder in accordance with the terms of this Indenture or, if no such date and time shall be
identified, the date the amendment, supplement or waiver becomes effective. An amendment,
supplement or waiver becomes effective in accordance with its terms and thereafter binds every
Holder.

          The Company may, but shall not be obligated to, fix a record date (which need not comply with
TIA Section 316(c)) for the purpose of determining the Holders entitled to consent to any
amendment, supplement or waiver or to take any other action under this Indenture. If a record date
is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those Persons
who were Holders at such record date (or their duly designated proxies), and only those Persons,
shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent
previously given, whether or not such Persons continue to be Holders after such record date. No
consent shall be valid or effective for more than 90 days after such record date unless consents
from Holders of the principal amount of Securities required hereunder for such amendment or waiver
to be effective shall have also been given and not revoked within such 90-day period.

          After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless
it is of the type described in any of clauses (1) through (9) of Section 9.02 hereof. In such case,
the amendment, supplement or waiver shall bind each Holder who has consented to it and every
subsequent Holder that evidences the same debt as the consenting Holder’s Security.

 

 

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          SECTION 9.05. Notation on or Exchange of Securities.

          If an amendment or supplement changes the terms of an outstanding Security, the Company may
require the Holder of the Security to deliver it to the Trustee. The Trustee may place an
appropriate notation on the Security at the request of the Company regarding the changed terms and
return it to the Holder. Alternatively, if the Company so determines, the Company, in exchange for
the Security, shall issue and the Trustee shall authenticate a new Security that reflects the
changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect
the validity of such amendment or supplement.

          Securities of any series authenticated and delivered after the execution of any amendment or
supplement may, and shall if required by the Trustee, bear a notation in form approved by the
Trustee as to any matter provided for in such amendment or supplement.

          SECTION 9.06. Trustee to Sign Amendments, etc.

          The Trustee shall sign any amendment or supplement authorized pursuant to this Article if the
amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of
the Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign
such amendment or supplement, the Trustee shall be entitled to receive, and, subject to Section
7.01 hereof, shall be fully protected in relying upon, an Officers’ Certificate as conclusive
evidence that such amendment or supplement is authorized or permitted by this Indenture and that it
will be valid and binding upon the Company in accordance with its terms.

ARTICLE X

Miscellaneous

          SECTION 10.01. Trust Indenture Act Controls.

          If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by
operation of TIA Section 318(c), the imposed duties shall control.

          SECTION 10.02. Notices.

          Any notice or communication by the Company or the Trustee to the others is duly given if in
writing and delivered in person or mailed by first-class mail (registered or certified, return
receipt requested), telex, facsimile or overnight air courier guaranteeing next day delivery, to
the other’s address:

          If to the Company :

          Carel van Bylandtlaan 30

          2596 HR The Hague

          The Netherlands

 

 

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          Telephone: 011 31 70 377 9111

          Attention:
Company Secretary

          Facsimile: 011 31 70 377 3687

          with a copy to:

          Shell Centre

          London SE1 7NA

          Attention:
Head of Financial Markets (SI-FTF)

          Telephone:
+44 207 934 1234

          Facsimile:
+44 207 934 7770

          If to the Trustee:

          Deutsche
Bank Trust Company Americas

          Global
Transaction Banking

          60
Wall Street, 27th floor

          New
York, New York 10005

          Attn:
Mr. Boris Treyger, Trust and Securities Services

          Telephone:
(1 212) 250-2157

          Facsimile:
(1 212) 797-8622

          The Company or the Trustee by notice to the other may designate additional or different
addresses for subsequent notices or communications.

          All notices and communications shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if by facsimile; and
the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery.

          Any notice or communication to a Holder shall be mailed by first-class mail, postage prepaid,
to the Holder’s address shown on the register kept by the Registrar. Failure to mail a notice or
communication to a Holder or any defect in it shall not affect its sufficiency with respect to
other Holders.

          If a notice or communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it, except in the case of
notice to the Trustee, it is duly given only when received.

          If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee
and each Agent at the same time.

          All notices or communications, including without limitation notices to the Trustee or the
Company by Holders, shall be in writing, except as otherwise set forth herein.

 

 

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          In case by reason of the suspension of regular mail service, or by reason of any other cause,
it shall be impossible to mail any notice required by this Indenture, then such method of
notification as shall be made with the approval of the Trustee shall constitute a sufficient
mailing of such notice.

          SECTION 10.03. Communication by Holders with Other Holders.

          Holders may communicate pursuant to TIA Section 312(b) with other Holders with respect to
their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and
anyone else shall have the protection of TIA Section 312(c).

          SECTION 10.04. Certificate and Opinions.

          Upon any request or application by the Company to the Trustee to take any action under this
Indenture, the Company shall, if required pursuant to TIA Section 314(c), furnish to the Trustee at
the expense of the Company:

          (1) an Officer’s Certificate (which shall include the statements set forth in Section
10.05) stating that, in the opinion of the signers, all conditions precedent and covenants,
if any, provided for in this Indenture relating to the proposed action have been complied
with; and

          (2) an Opinion of Counsel (which shall include the statements set forth in Section
10.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent
and covenants have been complied with except that in the case of any such application or
request as to which the furnishing of such documents is specifically required by any other
provision of this Indenture relating to such particular application or request, no
additional certificate or opinion need be furnished.

          In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

          Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
officer knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an officer or officers of
the Company stating that the information with respect to such factual matters is in the possession
of the Company

 

 

 55 

unless such counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters are erroneous.

          Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

          SECTION 10.05. Statements Required in Certificate or Opinion.

          Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall
comply with the provisions of TIA Section 314(e) and shall include:

     (1) a statement that the Person making such certificate or opinion has read such
covenant or condition;

     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (3) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been complied with; and

     (4) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been complied with.

          SECTION 10.06. Rules by Trustee and Agents.

          The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
or the Paying Agent may make reasonable rules and set reasonable requirements for its functions.

          SECTION 10.07. No Recourse Against Others.

          A director, officer, employee, stockholder, partner or other owner of the Company or the
Trustee, as such, shall not have any liability for any obligations of the Company under the
Securities or for any obligations of the Company, or the Trustee under this Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. Each Holder by
accepting a Security waives and releases all such liability. The waiver and release shall be part
of the consideration for the issue of Securities.

 

 

 56 

          SECTION 10.08. Governing Law.

          THIS INDENTURE, THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS TO
THE EXTENT THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

          SECTION 10.09. No Adverse Interpretation of Other Agreements.

          This Indenture may not be used to interpret another indenture, loan or debt agreement of the
Company or any Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.

          SECTION 10.10. Waiver of Jury Trial.

          The Company, the Trustee and each Holder irrevocably agree to waive trial by jury in any
action, proceeding, claim or counterclaim brought by or on behalf of any party related to or
arising out of this Indenture and the Securities.

          SECTION 10.11. Successors.

          All agreements of the Company in this Indenture and the Securities shall bind its successors.
All agreements of the Trustee in this Indenture shall bind its successors.

          SECTION 10.12. Severability.

          In case any provision in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall, to the
fullest extent permitted by applicable law, not in any way be affected or impaired thereby.

          SECTION 10.13. Counterpart Originals.

          The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement.

          SECTION 10.14. Table of Contents, Headings, etc.

          The table of contents, cross-reference table and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part
hereof and shall in no way modify or restrict any of the terms or provisions hereof.

 

 

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          IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the day and year first above written.

	 	 	 	 	 	 	 
	 	 	ROYAL DUTCH SHELL PLC, AS
	 	 	ISSUER
	 
	 	 	 	 	 	 
	 

	 	 	 	by	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY
	 	 	AMERICAS, AS TRUSTEE
	 
	 	 	 	 	 	 
	 

	 	 	 	by

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