Document:

Registration Rights Agreement

 Exhibit 4.2 
 15.75% SENIOR NOTES DUE 2014 
 REGISTRATION RIGHTS AGREEMENT 
 Dated as of June 26, 2009 
 by
and among 
 The McClatchy Company 
 And Certain of its Subsidiaries 
 and 
 Lazard Capital Markets LLC, 
 as Dealer Manager 

 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this “Agreement”) is made and entered into as of June 26, 2009, by and among The McClatchy Company, a
Delaware corporation (the “Company”), certain subsidiary guarantors of the Company party hereto (the “Guarantors”) and Lazard Capital Markets LLC, as dealer manager (the “Dealer Manager”), who has agreed to act as a
dealer manager pursuant to the Dealer Manager Agreement (as defined below) with respect to the Company’s offer to exchange (the “Exchange Offer”) its 15.75% Senior Notes due 2014 (the “Initial Securities”) for certain of its
outstanding senior notes. 
 This Agreement is made pursuant to the Dealer Manager Agreement, dated May 21, 2009 (the “Dealer
Manager Agreement”), by and among the Company, the Guarantors party thereto and Lazard Capital Markets LLC, as dealer manager. In connection with the Dealer Manager Agreement and the Exchange Offer, the Company has agreed to provide the
registration rights set forth in this Agreement. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Indenture, dated as of June 26, 2009, among the Company, the Guarantors and U.S. Bank
National Association, as trustee (the “Trustee”), relating to the Initial Securities and the Exchange Securities (as defined below) (the “Indenture”). 
 The parties hereby agree as follows: 
 1. Registered Exchange Offer. As promptly as
possible after the tenth business day following the one year anniversary of the date hereof (the “Registration Trigger Date”), if any Transfer Restricted Securities (as defined in Section 6 hereof) remain outstanding, the Company
shall, at its own cost, prepare and file with the Securities and Exchange Commission (the “Commission”) a registration statement (the “Exchange Offer Registration Statement”) on an appropriate form under the Securities Act of
1933, as amended (the “Securities Act”), with respect to a proposed offer (the “Registered Exchange Offer”) to the Holders of Transfer Restricted Securities, who are not prohibited by any law or policy of the Commission from
participating in the Registered Exchange Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of debt securities (the “Exchange Securities”) of the Company issued under the
Indenture and identical in all material respects to the Initial Securities (except for the transfer restrictions relating to the Initial Securities and the provisions relating to the matters described in Section 6 hereof) that would be
registered under the Securities Act. The Company shall use its commercially reasonable best efforts to cause such Exchange Offer Registration Statement to become effective under the Securities Act as promptly as possible after the Registration
Trigger Date and shall keep the Exchange Offer Registration Statement effective for not less than 30 days (or longer, if required by applicable law) after the date notice of the Registered Exchange Offer is mailed to the Holders (such period
being called the “Exchange Offer Registration Period”). 
 If the Company effects the Registered Exchange Offer, the Company will
be entitled to close the Registered Exchange Offer 30 days after the commencement thereof provided that the Company has accepted all the Initial Securities theretofore validly tendered in accordance with the terms of the Registered Exchange Offer.

 Following the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the
Registered Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities (as defined in Section 6 hereof) electing to exchange the Initial Securities for Exchange Securities
(assuming that such Holder is not an affiliate of the Company within the meaning of the Securities Act, acquires the Exchange Securities in 

  

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the ordinary course of such Holder’s business and has no arrangements with any person to participate in the distribution of the Exchange Securities and
is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to trade such Exchange Securities from and after their receipt without any limitations or restrictions under the Securities Act and without
material restrictions under the securities laws of the several states of the United States. 
 The Company acknowledges that, pursuant to
current interpretations by the Commission’s staff of Section 5 of the Securities Act, in the absence of an applicable exemption therefrom, each Holder which is a broker-dealer electing to exchange Securities, acquired for its own account
as a result of market making activities or other trading activities, for Exchange Securities (an “Exchanging Dealer”), is required to deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover,
(b) Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section, and (c) Annex C hereto in the “Plan of Distribution” section of such prospectus in connection with
a sale of any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer. 
 The Company shall use
its commercially reasonable best efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus contained therein, in order to permit such prospectus to be lawfully delivered by all persons subject to
the prospectus delivery requirements of the Securities Act for such period of time as such persons must comply with such requirements in order to resell the Exchange Securities; provided, however, that (i) in the case where such prospectus and
any amendment or supplement thereto must be delivered by an Exchanging Dealer, such period shall be the lesser of 180 days and the date on which all Exchanging Dealers have sold all Exchange Securities held by them (unless such period is extended
pursuant to Section 3(j) below) and (ii) the Company shall make such prospectus and any amendment or supplement thereto, available to any broker-dealer for use in connection with any resale of any Exchange Securities for a period of not
less than 90 days after the consummation of the Registered Exchange Offer. 
 The Initial Securities and the Exchange Securities are herein
collectively called the “Securities”. 
 In connection with the Registered Exchange Offer, the Company shall: 
 (a) mail to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with an
appropriate letter of transmittal and related documents; 
 (b) keep the Registered Exchange Offer open for not less than
30 days (or longer, if required by applicable law) after the date notice thereof is mailed to the Holders; 
 (c) permit
Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last business day on which the Registered Exchange Offer shall remain open; and 
 (d) otherwise comply with all applicable laws. 
 As soon as practicable after the close of the Registered Exchange Offer, the Company shall: 
 (x) accept for exchange all the Securities validly tendered and not withdrawn pursuant to the Registered Exchange Offer; 
 (y) deliver to the Trustee for cancellation all the Initial Securities so accepted for exchange; and 
  

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 (z) cause the Trustee to authenticate and deliver promptly to each Holder of the
Initial Securities, Exchange Securities equal in principal amount to the Initial Securities of such Holder so accepted for exchange. 
 The
Indenture will provide that the Exchange Securities will not be subject to the transfer restrictions set forth in the Indenture and that all the Securities will vote and consent together on all matters as one class and that none of the Securities
will have the right to vote or consent as a class separate from one another on any matter. 
 Interest on each Exchange Security issued
pursuant to the Registered Exchange Offer will accrue from the last interest payment date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has been paid on the Initial Securities, from the date
of original issue of the Initial Securities. 
 Each Holder participating in the Registered Exchange Offer shall be required to represent to
the Company that at the time of the consummation of the Registered Exchange Offer (i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have no arrangements or
understanding with any person to participate in the distribution of the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as defined in Rule 405 of the Securities Act, of the
Company or if it is an affiliate, such Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does
not intend to engage in, the distribution of the Exchange Securities and (v) if such Holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of
market-making activities or other trading activities and that it will be required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 
 Notwithstanding any other provisions hereof, the Company will ensure that (i) any Exchange Offer Registration Statement and any amendment thereto
and any prospectus forming part thereof and any supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder, (ii) any Exchange Offer Registration Statement and any amendment thereto does
not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (iii) any prospectus forming part of
any Exchange Offer Registration Statement, and any supplement to such prospectus, does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. 
 2. Shelf Registration. If,
(i) because of any change in law or in applicable interpretations thereof by the staff of the Commission, the Company is not permitted to effect a Registered Exchange Offer, and would otherwise be required to effect a Registered Exchange Offer
pursuant to Section 1 hereof, (ii) the Registered Exchange Offer is not consummated within 90 days of the Registration Trigger Date, or (iii) any Holder (other than an Exchanging Dealer) is not eligible to participate in the
Registered Exchange Offer or, in the case of any Holder (other than an Exchanging Dealer) that participates in the Registered Exchange Offer, such Holder does not receive Freely Tradable Exchange Securities on the date of the exchange, the Company
shall take the following actions: 
 (a) The Company shall, at its cost, as promptly as practicable (but in no event more
than 30 days after so required or requested pursuant to this Section 2) file with the Commission and 

  

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thereafter shall use its commercially reasonable best efforts to cause to be declared effective (unless it becomes effective automatically upon filing) a
registration statement (the “Shelf Registration Statement” and, together with the Exchange Offer Registration Statement, a “Registration Statement”) on an appropriate form under the Securities Act relating to the offer and sale
of the Transfer Restricted Securities (as defined in Section 6 hereof) by the Holders thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act
(hereinafter, the “Shelf Registration”); provided, however, that no Holder shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all the
provisions of this Agreement applicable to such Holder; provided further, however, that the Company shall not be required to file a Shelf Registration Statement if all of the Initial Securities cease to be Transfer Restricted Securities within such
30 day period. 
 (b) The Company shall use its commercially reasonable best efforts to keep the Shelf Registration
Statement continuously effective in order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities until (i) all the Securities covered by the Shelf Registration Statement have been sold
pursuant thereto, (ii) all the Securities covered by the Shelf Registration Statement are Freely Tradable or (iii) the three-year anniversary of the effective date of the Shelf Registration. 
 (c) Notwithstanding any other provisions of this Agreement to the contrary, the Company shall cause the Shelf Registration Statement
and the related prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply in all material respects with the applicable requirements of the Securities
Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading. 
 3. Registration Procedures. In connection with any Shelf
Registration contemplated by Section 2 hereof and, to the extent applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply: 
 (a) The Company shall (i) furnish to the Dealer Manager, prior to the filing thereof with the Commission, a copy of the
Registration Statement and each amendment thereof and each supplement, if any, to the prospectus included therein; (ii) include the information set forth in Annex A hereto on the cover, in Annex B hereto in the “Exchange Offer
Procedures” section and the “Purpose of the Exchange Offer” section, in Annex C hereto in the “Plan of Distribution” section of the prospectus forming a part of the Exchange Offer Registration Statement and include the
information set forth in Annex D hereto in the Letter of Transmittal delivered pursuant to the Registered Exchange Offer; (iii) if requested by the Dealer Manager, include the information required by Items 507 or 508 of Regulation S-K under the
Securities Act, as applicable, in the prospectus forming a part of the Exchange Offer Registration Statement; (iv) include within the prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of
Distribution,” reasonably acceptable to the Dealer Manager, which shall contain a summary statement of the positions taken or policies made by the staff of the Commission with respect to the potential “underwriter” status of any
broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of Exchange Securities received by such broker-dealer in the Registered Exchange Offer (a
“Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated by the staff of 

  

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the Commission or such positions or policies, in the reasonable judgment of the Dealer Manager based upon advice of counsel (which may be in-house counsel),
represent the prevailing views of the staff of the Commission; and (v) in the case of a Shelf Registration Statement, include in the prospectus included in the Shelf Registration Statement (or, if permitted by Commission Rule 430B(b), in a
prospectus supplement that becomes a part thereof pursuant to Commission Rule 430B(f)) that is delivered to any Holder pursuant to Section 3(d) and (f), the names of the Holders, who propose to sell Securities pursuant to the Shelf
Registration Statement, as selling securityholders. 
 (b) The Company shall give written notice to the Dealer Manager,
the Holders of the Securities and any Participating Broker-Dealer from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer (which notice pursuant to clauses
(ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 
 (i) when the Registration Statement or any amendment thereto has been filed with the Commission and when the Registration Statement or any post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission for amendments or supplements to the Registration Statement or the prospectus included therein
or for additional information; 
 (iii) of the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for that purpose, of the issuance by the Commission of a notification of objection to the use of the form on which the Registration Statement has been filed, and of the happening of
any event that causes the Company to become an “ineligible issuer,” as defined in Commission Rule 405. 
 (iv) of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such
purpose; and 
 (v) of the happening of any event that requires the Company to make changes in the Registration Statement
or the prospectus in order that the Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein (in the
case of the prospectus, in light of the circumstances under which they were made) not misleading. 
 (c) The Company
shall use its commercially reasonable efforts to obtain the withdrawal at the earliest possible time, of any order suspending the effectiveness of the Registration Statement. 
 (d) The Company shall furnish to each Holder of Securities included within the coverage of the Shelf Registration, without charge, at
least one copy of the Shelf Registration Statement and any post-effective amendment or supplement thereto, including financial statements and schedules, and, if the Holder so requests in writing, all exhibits thereto (including those, if any,
incorporated by reference). 
  

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 (e) The Company shall deliver to the Dealer Manager, each Exchanging Dealer and to
any other Holder who so requests, without charge, at least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules. 
 (f) The Company shall, during the Shelf Registration Period, deliver to each Holder of Securities included within the coverage of the
Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement and any amendment or supplement thereto as such person may reasonably request. The Company
consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities in connection with the offering and sale of the Securities covered by the
prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 
 (g) The Company
shall deliver to the Dealer Manager, any Exchanging Dealer, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the Registered Exchange Offer, without charge, as many copies of the final prospectus
included in the Exchange Offer Registration Statement and any amendment or supplement thereto as such persons may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or
supplement thereto by the Dealer Manager, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by
the prospectus, or any amendment or supplement thereto, included in such Exchange Offer Registration Statement. 
 (h) Prior to any public offering of the Securities, pursuant to any Registration Statement, the Company shall register or qualify or cooperate with the Holders of the Securities included therein and their respective counsel in
connection with the registration or qualification of the Securities for offer and sale under the securities or “blue sky” laws of such states of the United States as any Holder of the Securities reasonably requests in writing and do any
and all other acts or things necessary or advisable to enable the offer and sale in such jurisdictions of the Securities covered by such Registration Statement; provided, however, that the Company shall not be required to (i) qualify generally
to do business in any jurisdiction where it is not then so qualified or (ii) take any action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so subject. 
 (i) To the extent that the Exchange Securities are not held in global form in the name of Cede & Co., as nominee for the
Depository Trust Company, the Company shall cooperate with the Holders of the Securities to facilitate the timely preparation and delivery of certificates representing the Securities to be sold pursuant to any Registration Statement free of any
restrictive legends and in such denominations and registered in such names as the Holders may request a reasonable period of time prior to sales of the Securities pursuant to such Registration Statement. 
 (j) Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of Section 3(b) above during the
period for which the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration Statement or a supplement to the related prospectus and any other
required document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the 

  

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circumstances under which they were made, not misleading. If the Company notifies the Holders of the Securities and any known Participating Broker-Dealer in
accordance with paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Holders of the Securities and any such Participating
Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in Section 2(b) above and the Exchange Offer Registration Statement provided for in Section 1 above shall
each be extended by the number of days from and including the date of the giving of such notice to and including the date when the Holders of the Securities and any known Participating Broker-Dealer shall have received such amended or supplemented
prospectus pursuant to this Section 3(j). During the period during which the Company is required to maintain an effective Shelf Registration Statement pursuant to this Agreement, the Company will prior to the three-year expiration of that Shelf
Registration Statement file, and use its commercially reasonable best efforts to cause to be declared effective (unless it becomes effective automatically upon filing) within a period that avoids any interruption in the ability of Holders of
Securities covered by the expiring Shelf Registration Statement to make registered dispositions, a new registration statement relating to the Securities, which shall be deemed the “Shelf Registration Statement” for purposes of this
Agreement. 
 (k) Not later than the effective date of the applicable Registration Statement, the Company will provide a
CUSIP number for the Securities and provide the applicable trustee with printed certificates for the Exchange Securities in a form eligible for deposit with The Depository Trust Company. 
 (l) The Company will comply with all rules and regulations of the Commission to the extent and so long as they are applicable to the
Registered Exchange Offer or the Shelf Registration and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of
Section 11(a) of the Securities Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first month of the Company’s first fiscal quarter commencing after the effective
date of the Registration Statement, which statement shall cover such 12-month period. 
 (m) The Company shall use its
commercially reasonable efforts to cause the Indenture to be qualified under the Trust Indenture Act of 1939, as amended, in a timely manner and containing such changes, if any, as shall be necessary for such qualification. 
 (n) The Company may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the
Company such information regarding the Holder and the distribution of the Securities as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement, and the Company may exclude from such registration the
Securities of any Holder that unreasonably fails to furnish such information within a reasonable time after receiving such request. 
 4. Registration Expenses. The Company shall bear all fees and expenses incurred in connection with the performance of its obligations under Sections 1 through 3 hereof (including the reasonable fees and expenses, if any, of
counsel for the Dealer Manager, incurred in connection with the Registered Exchange Offer), whether or not the Registered Exchange Offer or a Shelf Registration is filed or becomes effective, and, in the event of a Shelf Registration, shall bear or
reimburse the Holders of the Securities covered thereby for the reasonable fees and disbursements of one firm of counsel designated by the Holders of a majority in principal amount of the Initial Securities covered thereby to act as counsel for the
Holders of the Initial Securities in connection therewith. 
  

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 5. Indemnification. (a) The Company agrees to indemnify and hold harmless each Holder of
the Securities, any Participating Broker-Dealer and each person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each Holder, any Participating Broker-Dealer and such
controlling persons are referred to collectively as the “Indemnified Parties”) from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but not limited to, any losses,
claims, damages, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages,
liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus
or “issuer free writing prospectus,” as defined in Commission Rule 433 (“Issuer FWP”), or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim,
damage, liability or action in respect thereof; provided, however, that (i) the Company shall not be liable in any such case to the extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged
untrue statement or omission or alleged omission made in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration in reliance upon and in
conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement
or omission made in any preliminary prospectus relating to a Shelf Registration Statement, the indemnity agreement contained in this subsection (a) shall not inure to the benefit of any Holder or Participating Broker-Dealer from whom the person
asserting any such losses, claims, damages or liabilities purchased the Securities concerned, to the extent that a prospectus relating to such Securities was required to be delivered (including through satisfaction of the conditions of Commission
Rule 172) by such Holder or Participating Broker-Dealer under the Securities Act in connection with such purchase and any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results from the fact that there was
not conveyed to such person, at or prior to the time of the sale of such Securities to such person, an amended or supplemented prospectus or, if permitted by Section 3(d), an Issuer FWP correcting such untrue statement or omission or alleged
untrue statement or omission if the Company had previously furnished copies thereof to such Holder or Participating Broker-Dealer; provided further, however, that this indemnity agreement will be in addition to any liability which the Company may
otherwise have to such Indemnified Party. The Company shall also indemnify underwriters, their officers and directors and each person who controls such underwriters within the meaning of the Securities Act or the Exchange Act to the same extent as
provided above with respect to the indemnification of the Holders of the Securities if requested by such Holders. 
 (b) Each Holder of
the Securities, severally and not jointly, will indemnify and hold harmless the Company and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or
liabilities or any actions in respect thereof, to which the Company or any such controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out
of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf
Registration, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, but 

  

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in each case only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in reliance upon and in conformity
with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein; and, subject to the limitation set forth immediately preceding this clause, shall reimburse, as
incurred, the Company for any legal or other expenses reasonably incurred by the Company or any such controlling person in connection with investigating or defending any loss, claim, damage, liability or action in respect thereof. This indemnity
agreement will be in addition to any liability which such Holder may otherwise have to the Company or any of its controlling persons. 
 (c) Promptly after receipt by an indemnified party under this Section 5 of notice of the commencement of any action or proceeding (including a governmental investigation), such indemnified party will, if a claim in respect thereof
is to be made against the indemnifying party under this Section 5, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it
may have under subsection (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the
indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under subsection (a) or (b) above. In case any such action is brought against any indemnified party, and it notifies the
indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election
so to assume the defense thereof the indemnifying party will not be liable to such indemnified party under this Section 5 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified
party in connection with the defense thereof. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could
have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of
such action, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
 (d) If the indemnification provided for in this Section 5 is unavailable or insufficient to hold harmless an indemnified party under subsections (a) or (b) above, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above (i) in such proportion as is
appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from the exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii) if the
allocation provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other
relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company on the one hand or such Holder or such other indemnified party, as the case may be, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of 

  

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this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding any other provision of this Section 5(d), the Holders of the Securities shall not be required to contribute any amount in excess of the
amount by which the net proceeds received by such Holders from the sale of the Securities pursuant to a Registration Statement exceeds the amount of damages which such Holders have otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls such indemnified party within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such indemnified
party and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Company. 
 (e) The agreements contained in this Section 5 shall survive the sale of the Securities pursuant to a Registration Statement and shall remain
in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 
 6. Additional Interest Under Certain Circumstances. (a) Additional interest (the “Additional Interest”) with respect to the Initial Securities shall be assessed as follows if any of the
following events occur (each such event in clauses (i) through (iii) below a “Registration Default”: 
 (i) If an Exchange Offer Registration Statement is required to be filed with the Commission pursuant to Section 1 hereof and the Exchange Offer is not completed within 90 days after the Registration Trigger Date; 
 (ii) If a Shelf Registration Statement is required to be filed with the Commission pursuant to Section 2 hereof, but does not
become effective on or prior to the 30th day following any of the events described in clauses (i), (ii) or (iii) of Section 2; or 
 (iii) If after either an Exchange Offer Registration Statement or a Shelf Registration Statement is declared (or becomes automatically) effective (A) such Registration Statement thereafter ceases to be
effective; or (B) such Registration Statement or the related prospectus ceases to be usable (except as permitted in paragraph (b)) in connection with resales of Transfer Restricted Securities during the periods specified herein because
either (1) any event occurs as a result of which the related prospectus forming part of such Registration Statement would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein in the light of the circumstances under which they were made not misleading, (2) it shall be necessary to amend such Registration Statement or supplement the related prospectus, to comply with the Securities Act or the Exchange Act or
the respective rules thereunder, or (3) such Registration Statement is a Shelf Registration Statement that has expired before a replacement Shelf Registration Statement has become effective. 
 Additional Interest shall accrue on the Initial Securities that are Transfer Restricted Securities over and above the interest set forth in the title of the Securities
from and including the date on which any such Registration Default shall occur to but excluding the date on which all such Registration Defaults have been cured, at a rate of 0.50% per annum; provided that in no event shall any Additional
Interest accrue on any of the Initial Securities to the extent that all of the Initial Securities cease to be Transfer Restricted Securities. 
  

 10 

 (b) A Registration Default referred to in Section 6(a)(iii)(B) hereof shall be deemed not to
have occurred and be continuing in relation to a Shelf Registration Statement or the related prospectus if (i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Shelf
Registration Statement to incorporate annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related prospectus or
(y) other material events, with respect to the Company that would need to be described in such Shelf Registration Statement or the related prospectus and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith
to amend or supplement such Shelf Registration Statement and related prospectus to describe such events; provided, however, that in any case if such Registration Default occurs for a continuous period in excess of 45 days, Additional Interest shall
be payable in accordance with the above paragraph from the day such Registration Default occurs until such Registration Default is cured. 
 (c) Any amounts of Additional Interest due pursuant to clause (i), (ii) or (iii) of Section 6(a) above will be payable in cash on the regular interest payment dates with respect to the Initial Securities. The amount of
Additional Interest will be determined by multiplying the applicable Additional Interest rate by the principal amount of the Initial Securities, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was
applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months), and the denominator of which is 360. 
 (d) “Transfer Restricted Securities” means each Security until (i) the date on which such Transfer Restricted Security has been exchanged by a person other than a broker-dealer for a freely transferable Exchange Security
in the Registered Exchange Offer, (ii) following the exchange by a broker-dealer in the Registered Exchange Offer of a Initial Security for an Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives from such
broker-dealer on or prior to the date of such sale a copy of the prospectus contained in the Exchange Offer Registration Statement, (iii) the date on which such Initial Security has been effectively registered under the Securities Act and
disposed of in accordance with the Shelf Registration Statement or (iv) the date on which all such Initial Securities are Freely Tradeable. 
 (e) “Freely Tradeable” means, with respect to a Security, a Security that at any time of determination (i) may be sold to the public in accordance with Rule 144 under the Securities Act by a person that is not an
“affiliate” (as defined in Rule 144 under the Securities Act) of the Company where no conditions of Rule 144 are then applicable (other than the holding period requirement in paragraph (d)(1)(ii) of Rule 144 so long as such holding period
requirement is satisfied at such time of determination) and (ii) that is not required by applicable law to bear any restrictive legends relating to the Securities Act or a restricted CUSIP number. 
 7. Rules 144 and 144A. To the extent that the Initial Securities are Transfer Restricted Securities, the Company shall use its
commercially reasonable best efforts to file the reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the request of
any Holder of Initial Securities, make publicly available other information so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A. To the extent that the Initial Securities are Transfer Restricted Securities,
the Company covenants that it will take such further action as any Holder of Initial Securities may reasonably request, all to the extent required from time to time to enable such Holder to sell Initial Securities without registration under the
Securities Act within the limitation of the exemptions provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). The Company will provide a copy of this Agreement to prospective purchasers of Initial Securities
identified to the Company by the Dealer Manager upon request to the extent that the Initial Securities are Transfer Restricted Securities. Upon the request of any Holder of Initial Securities, the Company shall deliver to such Holder a written
statement as to whether it has complied with such requirements. The Company shall not be required to register any of the Securities pursuant to the Exchange Act. 
  

 11 

 8. Underwritten Registrations. If any of the Transfer Restricted Securities covered by
any Shelf Registration are to be sold in a firm commitment underwritten offering (an “Underwritten Offering”), the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the
Holders of a majority in aggregate principal amount of such Transfer Restricted Securities to be included in such offering; provided that there shall be no more than two (2) Underwritten Offerings under this agreement. The following provisions
shall apply solely in the event of an Underwritten Offering: 
 (a) No person may participate in any Underwritten Offering
hereunder unless such person (i) agrees to sell such person’s Transfer Restricted Securities on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
 (b) In connection with an Underwritten Offering pursuant to a Shelf Registration, the Company shall enter into such customary agreements
(including an underwriting agreement in customary form) and take all such other action, if any, as any Holder of the Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration.

 (c) In connection with an Underwritten Offering pursuant to a Shelf Registration, the Company shall (i) make
reasonably available for inspection by the Holders of the Securities, any underwriter participating in any disposition pursuant to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders of the Securities
or any such underwriter all relevant financial and other records, pertinent corporate documents and properties of the Company and (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply all relevant
information reasonably requested by the Holders of the Securities or any such underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement, in each case, as shall be reasonably necessary to enable such persons, to
conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that the foregoing inspection and information gathering shall be coordinated on behalf of the parties described in this paragraph
3(p), by one counsel designated by and on behalf of such parties as described in Section 4 hereof. 
 (d) In connection
with an Underwritten Offering pursuant to a Shelf Registration, the Company, if requested by any Holder of Securities covered thereby, shall cause (i) its counsel to deliver an opinion and updates thereof relating to the Securities in customary
form addressed to such Holders and the managing underwriters thereof and dated, in the case of the initial opinion, the effective date of such Shelf Registration Statement (it being agreed that the matters to be covered by such opinion shall
include, without limitation, the due incorporation and good standing of the Company and its subsidiaries; the qualification of the Company and its subsidiaries to transact business as foreign corporations; the due authorization, execution and
delivery of the relevant agreement of the type referred to in Section 8(b) hereof; the due authorization, execution, authentication and issuance, and the validity and enforceability, of the applicable Securities; the absence of material legal
or governmental proceedings involving the Company and its subsidiaries; the absence of governmental approvals required to be obtained in connection with the Shelf Registration Statement, the offering and sale of the applicable Securities, or any
agreement of the 

  

 12 

 
type referred to in Section 8(b) hereof; the compliance as to form of such Shelf Registration Statement and any documents incorporated by reference
therein and of the Indenture with the requirements of the Securities Act and the Trust Indenture Act, respectively; and (A) as of the date of the opinion and as of the effective date of the Shelf Registration Statement or most recent
post-effective amendment thereto, as the case may be, the absence from such Shelf Registration Statement and the prospectus included therein, as then amended or supplemented, and from any documents incorporated by reference therein and (B) as
of an applicable time identified by such Holders or managing underwriters, the absence from such prospectus taken together with any other documents identified by such Holders or managing underwriters, in the case of (A) and (B), of an
untrue statement of a material fact or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any such incorporated documents, in the light of the
circumstances existing at the time that such documents were filed with the Commission under the Exchange Act); (ii) its officers to execute and deliver all customary documents and certificates and updates thereof requested by any underwriters
of the applicable Securities and (iii) its independent public accountants and the independent public accountants with respect to any other entity for which financial information is provided in the Shelf Registration Statement to provide to the
selling Holders of the applicable Securities and any underwriter therefor a comfort letter in customary form and covering matters of the type customarily covered in comfort letters in connection with primary underwritten offerings, subject to
receipt of appropriate documentation as contemplated, and only if permitted, by Statement of Auditing Standards No. 72. 
 (e) In the event that any broker-dealer registered under the Exchange Act shall underwrite any Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the
meaning of the Conduct Rules (the “Rules”) of the National Association of Securities Dealers, Inc. (“NASD”)) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer
in respect thereof, or otherwise, the Company will assist such broker-dealer in complying with the requirements of such Rules, including, without limitation, by (i) if such Rules, including Rule 2720, shall so require, engaging a
“qualified independent underwriter” (as defined in Rule 2720) to participate in the preparation of the Registration Statement relating to such Securities, to exercise usual standards of due diligence in respect thereto and, if any portion
of the offering contemplated by such Registration Statement is an Underwritten Offering or is made through a placement or sales agent, to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to
the extent of the indemnification of underwriters provided in Section 5 hereof and (iii) providing such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules.

 9. Miscellaneous. 
 (a) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, except by the Company and the
written consent of the Holders of a majority in principal amount of the Securities affected by such amendment, modification, supplement, waiver or consents. 
 (b) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, first-class mail, facsimile transmission, or air courier which
guarantees overnight delivery: 
 (1) if to a Holder of the Securities, at the most current address given by such Holder to the Company.

  

 13 

 (2) if to the Dealer Manager, at its address as follows: 
  

			
	Lazard Capital Markets LLC
	30 Rockefeller Plaza
	New York, New York 10020
	Attention:	 	General Counsel
	Lazard Capital Markets LLC
	Telecopy No.:	 	(212) 830-3651
	
	With a copy to:
	
	Cravath, Swaine & Moore LLP
	Attention:	 	Kris Heinzelman
	Telecopy No.:	 	(212) 765-0925
	Telephone:	 	(212) 474-1336
	
	(3) if to the Company, at its address as follows:
	
	The McClatchy Company
	2100 “Q” Street
	Sacramento, CA 95816
	Attention:	 	General Counsel
	
	With a copy to:
	
	Wilson Sonsini Goodrich & Rosati
	Attention:	 	Andrew Hirsch
	Telecopy No.:	 	(650) 493-6811
	Telephone:	 	(650) 354-4210

 All such notices and communications shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; three business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent by facsimile transmission; and on the day
delivered, if sent by overnight air courier guaranteeing next day delivery. 
 (c) No Inconsistent Agreements. The Company
has not, as of the date hereof, entered into, nor shall it, on or after the date hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the
provisions hereof. 
 (d) Successors and Assigns. This Agreement shall be binding upon the Company and its successors and
assigns. 
 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  

 14 

 (f) Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof. 
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
 (h) Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such
provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
 (i) Securities Held by the Company. Whenever the consent or approval of Holders of a specified percentage of principal amount of Securities is required hereunder, Securities held by the Company or its affiliates (other than
subsequent Holders of Securities if such subsequent Holders are deemed to be affiliates solely by reason of their holdings of such Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such
required percentage. 
 (j) Submission to Jurisdiction. The Company and each of the Guarantors hereby (a) submits to the
exclusive jurisdiction of any New York State or federal court sitting in New York City with respect to any actions and proceedings arising out of or relating to this Agreement, (b) agrees that all claims with respect to such actions or
proceedings may be heard and determined in such New York State or federal court, (c) waives the defense of an inconvenient forum and (d) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. 
  

 15 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to the
Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the Dealer Manager and the Company and the Guarantors in accordance with its terms. 
  

			
		 	Very truly yours,
	
	THE MCCLATCHY COMPANY
		
	By:	 	  

	Name:	 	Patrick Talamantes
	Title:	 	Vice President

  

 16 

			
	ABOARD PUBLISHING, INC.
	ANCHORAGE DAILY NEWS, INC.
	BELTON PUBLISHING COMPANY, INC.
	BISCAYNE BAY PUBLISHING INC.
	CASS COUNTY PUBLISHING COMPANY
	COLUMBUS LEDGER-ENQUIRER, INC.
	CYPRESS MEDIA, INC.
	EAST COAST NEWSPAPERS, INC.
	GULF PUBLISHING COMPANY, INC.
	HLB NEWSPAPERS, INC.
	KELTATIM PUBLISHING COMPANY, INC.
	KEYNOTER PUBLISHING COMPANY, INC.
	LEE’S SUMMIT JOURNAL, INCORPORATED
	LEXINGTON H-L SERVICES, INC.
	MACON TELEGRAPH PUBLISHING COMPANY
	MAIL ADVERTISING CORPORATION
	MCCLATCHY INTERACTIVE WEST
	MCCLATCHY INVESTMENT COMPANY
	MCCLATCHY NEWSPAPERS, INC.
	MCCLATCHY U.S.A., INC.
	MIAMI HERALD MEDIA COMPANY
	NEWSPRINT VENTURES, INC.
	NITTANY PRINTING AND PUBLISHING COMPANY
	NOR-TEX PUBLISHING INC.
	OLYMPIC-CASCADE PUBLISHING, INC.
	STAR-TELEGRAM, INC.
	TACOMA NEWS, INC.
	THE BRADENTON HERALD, INC.
	THE CHARLOTTE OBSERVER PUBLISHING COMPANY
	THE NEWS & OBSERVER PUBLISHING COMPANY
	THE STATE MEDIA COMPANY
	THE SUN PUBLISHING COMPANY, INC.
	WICHITA EAGLE AND BEACON PUBLISHING COMPANY, INC.
	WINGATE PAPER COMPANY
		
	By:	 	  

	Name:	 	Patrick Talamantes
	Title:	 	Vice President
	
	MCCLATCHY INTERACTIVE LLC
	MCCLATCHY MANAGEMENT SERVICES, INC.
	QUAD COUNTY PUBLISHING, INC.
		
	By:	 	  

	Name:	 	Patrick Talamantes
	Title:	 	President

  

 17 

			
	BELLINGHAM HERALD PUBLISHING, LLC
	 IDAHO STATESMAN PUBLISHING, LLC
 OLYMPIAN
PUBLISHING, LLC

		
	By:	 	Pacific Northwest Publishing, Inc.,
		 	its Sole Member
		
	By:	 	  

	Name:	 	Patrick Talamantes
	Title:	 	Executive Vice President
	
	SAN LUIS OBISPO TRIBUNE, LLC
		
	By:	 	The McClatchy Company,
		 	its Sole Member
		
	By:	 	  

	Name:	 	Patrick Talamantes
	Title:	 	Vice President
	
	CYPRESS MEDIA, LLC
		
	By:	 	Cypress Media, Inc.,
		 	its Sole Member
		
	By:	 	  

	Name:	 	Patrick Talamantes
	Title:	 	Vice President
	
	PACIFIC NORTHWEST PUBLISHING COMPANY, INC.
		
	By:	 	  

	Name:	 	Patrick Talamantes
	Title:	 	Executive Vice President

  

 18 

			
	The foregoing Registration
	Rights Agreement is hereby confirmed and accepted as of the date first above written.
	
	 LAZARD CAPITAL MARKETS LLC
  
 by: [    ]

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 19 

 ANNEX A 
 Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. The
Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. This Prospectus, as it may be amended
or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities. The Company has agreed that, for a period of 180 days after the Expiration Date (as defined herein), it will make this Prospectus available to any broker-dealer for use in connection with any
such resale. See “Plan of Distribution.” 

 ANNEX B 
 Each broker-dealer that receives Exchange Securities for its own account in exchange for Securities, where such Initial Securities were acquired by such broker-dealer as a result of market-making activities or other
trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See “Plan of Distribution.” 

 ANNEX C 
 PLAN OF DISTRIBUTION 
 Each broker-dealer that receives Exchange Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time, may be used by a
broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other trading activities. The Company has agreed that,
for a period of 180 days after the Expiration Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition, until
                    , 200  , all dealers effecting transactions in the Exchange Securities may be required to deliver a
prospectus.(1) 
 The Company will not
receive any proceeds from any sale of Exchange Securities by broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the
over-the-counter market, in negotiated transactions, through the writing of options on the Exchange Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market
prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the purchasers of any such
Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such Exchange Securities may be
deemed to be an “underwriter” within the meaning of the Securities Act and any profit on any such resale of Exchange Securities and any commission or concessions received by any such persons may be deemed to be underwriting compensation
under the Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the
Securities Act. 
 For a period of 180 days after the Expiration Date the Company will promptly send additional copies of this Prospectus and
any amendment or supplement to this Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the
Holders of the Securities) other than commissions or concessions of any brokers or dealers and will indemnify the Holders of the Securities (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act.

  

	(1)
	In addition, the legend required by Item 502(e) of Regulation S-K will appear on the back cover page of the Exchange Offer prospectus. 

 ANNEX D 
  ̈ CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO. 
  

					
	Name:	 	  
	 	
	Address:	 	  
	 	
		 	  
	 	

 If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not
intend to engage in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities
or other trading activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that
it is an “underwriter” within the meaning of the Securities Act.Amended and Restated Trust Agreement

 Exhibit 10.1 
 AMERICAN BAR ASSOCIATION 
 MEMBERS POOLED TRUST FOR RETIREMENT PLANS 
 AMENDED AND RESTATED 
 May 1,
2009 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	ARTICLE I	 	 CONTINUATION, PURPOSE AND INTENT OF TRUST
	  	1
	  1.01	 	Continuation of Trust	  	1
	  1.02	 	Purpose of the Trust	  	1
	  1.03	 	Governing Documents	  	1
	  1.04	 	Intent to Qualify	  	2
	  1.05	 	Program Recordkeeper	  	2
			
	ARTICLE II	 	 DEFINITIONS
	  	2
	  2.01	 	“ABA Members Collective Trust”	  	2
	  2.02	 	“ABA RF”	  	2
	  2.03	 	“Administrative and Investment Services Agreement”	  	2
	  2.04	 	“Affiliate”	  	2
	  2.05	 	“Business Day”	  	2
	  2.06	 	“Closed Option”	  	2
	  2.07	 	“Code”	  	3
	  2.08	 	“Effective Date”	  	3
	  2.09	 	“Employer”	  	3
	  2.10	 	“ERISA”	  	3
	  2.11	 	“Fund”	  	3
	  2.12	 	“Investment Option”	  	3
	  2.13	 	“Non-Unitized Investment Option”	  	3
	  2.14	 	“Participant”	  	3
	  2.15	 	“Participating Plan”	  	3
	  2.16	 	“Participating Trust”	  	3
	  2.17	 	“Participation Agreement”	  	3
	  2.18	 	“Plan”	  	4
	  2.19	 	“Program”	  	4
	  2.20	 	“Program Interface Agreement”	  	4
	  2.21	 	“Program Recordkeeper”	  	4
	  2.22	 	“Qualified Bar Association”	  	4
	  2.23	 	“Qualified Employer”	  	4
	  2.24	 	“Self-Managed Option”	  	4
	  2.25	 	“State Street”	  	4
	  2.26	 	“Transaction Date”	  	4
	  2.27	 	“Trust”	  	5
	  2.28	 	“Trust Accounts”	  	5
	  2.29	 	“Trustee”	  	5
	  2.30	 	“Trust Fund”	  	5
	  2.31	 	“Unitized Investment Option”	  	5
	  2.32	 	“Valuation Date”	  	5

  

 (i) 

					
	 ARTICLE III
	 	 ADOPTION OF TRUST
	  	5
			
	 ARTICLE IV
	 	 PAYMENTS TO AND INVESTMENT OF TRUST FUND
	  	6
	   4.01
	 	Payments to Trustee	  	6
	   4.02
	 	Form of Payment	  	6
	   4.03
	 	Investment Directions Furnished to Trustee	  	6
	   4.04
	 	Application of ERISA Section 404(c)	  	7
	   4.05
	 	Limitation on Liability if Employer or Trustees Direct Investment	  	7
	   4.06
	 	Timing of Payments to Investment Options	  	7
			
	 ARTICLE V
	 	 VALUATION OF INVESTMENT OPTIONS
	  	8
	   5.01
	 	Value of Non-Unitized Investment Options	  	8
	   5.02
	 	Value of Unitized Investment Options	  	8
			
	 ARTICLE VI
	 	 MAINTENANCE OF RECORDS
	  	8
	   6.01
	 	Recordkeeping Accounts	  	8
	   6.02
	 	Maintenance and Valuation of Recordkeeping Accounts For Non-Unitized Investment Options	  	8
	   6.03
	 	Maintenance and Valuation of Recordkeeping Accounts For Unitized Investment Options	  	8
	   6.04
	 	No Right to Trust Fund Assets	  	9
	   6.05
	 	Records of Trustee	  	9
	   6.06
	 	Reports to Employers	  	9
	   6.07
	 	Reports to ABA RF	  	10
	   6.08
	 	Governmental Filings	  	11
			
	 ARTICLE VII
	 	 TRANSFER BETWEEN INVESTMENT OPTIONS
	  	11
			
	 ARTICLE VIII
	 	 PAYMENTS FROM THE TRUST FUND
	  	11
	   8.01
	 	Withdrawals and Benefit Payments	  	11
	   8.02
	 	Protection of Trustee	  	12
	   8.03
	 	Reliance on Written, Telephonic or Other Directions	  	12
			
	 ARTICLE IX
	 	 QUALIFICATION OF PARTICIPATING TRUSTS
	  	12
	   9.01
	 	Representation by the Trustees of Participating Trusts	  	12
	   9.02
	 	Disqualification of Participating Plans and Trusts	  	12
	   9.03
	 	Proof of Qualification	  	13
	   9.04
	 	Inapplicability	  	13
			
	 ARTICLE X
	 	 THE TRUSTEE
	  	13
	 10.01
	 	Powers of Trustee	  	13
	 10.02
	 	Ownership of Trust Fund	  	17
	 10.03
	 	Appointment and Removal or Resignation of Trustee	  	17
	 10.04
	 	Appointment of Successor Trustee	  	17
	 10.05
	 	Treatment of Trust Fund Upon Appointment of Successor Trustee	  	17
	 10.06
	 	Duties of Trustee	  	18
	 10.07
	 	Prohibited Transactions	  	18

  

 (ii) 

					
	 10.08
	 	Protection of Trustee	  	18
	 10.09
	 	Bonding	  	18
	 10.10
	 	Suspension of Valuations and Withdrawal Rights	  	18
			
	 ARTICLE XI
	 	 PAYMENT OF FEES AND EXPENSES
	  	19
			
	 ARTICLE XII
	 	 SPENDTHRIFT PROVISION
	  	19
			
	 ARTICLE XIII
	 	 TERMINATION OF SPONSORSHIP
	  	20
			
	 ARTICLE XIV
	 	 AMENDMENTS
	  	20
			
	 ARTICLE XV
	 	 ARBITRATION OF DISPUTES
	  	20
			
	 ARTICLE XVI
	 	 MISCELLANEOUS
	  	21
	 16.01
	 	Exclusive Benefit Rule	  	21
	 16.02
	 	Advice of Counsel	  	21
	 16.03
	 	Necessary Parties	  	21
	 16.04
	 	Controlling Law	  	21
	 16.05
	 	Notices, Accountings and Reports of Trustee to Employers	  	21
	 16.06
	 	Communications Between ABA RF and Trustee	  	21
	 16.07
	 	Trust Fund Governed by Agreement	  	22
	 16.08
	 	Application of Participating Plan and Participating Trust to Trustees	  	22
	 16.09
	 	Construction of Agreement	  	23
	 16.10
	 	Construction of Terms	  	23
	 16.11
	 	References	  	23
	 16.12
	 	Waiver	  	23
	 16.13
	 	Good Faith	  	23
	 16.14
	 	Actions by Trustee	  	23
	 16.15
	 	Successors and Assigns	  	23
	 16.16
	 	Execution of Agreement	  	23
	 16.17
	 	Authority	  	23

  

 (iii) 

 AMERICAN BAR ASSOCIATION 
 MEMBERS POOLED TRUST FOR RETIREMENT PLANS 
 THIS TRUST AGREEMENT (the “Agreement”) is amended and
restated effective as of the first day of May, 2009, by and between the ABA Retirement Funds, an Illinois not-for-profit corporation (“ABA RF”), and State Street Bank and Trust Company, a trust company organized and existing under the laws
of The Commonwealth of Massachusetts (the “Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, ABA RF established the American Bar Association Members Pooled Trust for Retirement Plans (the “Trust”) effective as of
January 1, 1984 as a continuation and restatement of both the American Bar Retirement Association Master Trust for Self-Employed Retirement Plans and the American Bar Retirement Association Master Pooled Trust for Corporate Retirement Plans;

 WHEREAS, this Agreement was amended and restated effective as of January 1, 1992 (the “1992 Restatement”) to reflect, among
other things, the appointment of State Street Bank and Trust Company (“State Street”) as Trustee of the Trust, effective as of such date; and 
 WHEREAS, ABA RF and the Trustee desire to modify their relationship pursuant to this Agreement as an amendment and restatement of the 1992 Restatement, effective as of May 1, 2009, whereby the Trustee no longer
will be responsible for plan and participant level recordkeeping services; 
 NOW, THEREFORE, in consideration of the mutual covenants,
representations, warranties and undertakings, and subject to the terms and conditions hereinafter set forth, the parties hereto agree as follows: 
 ARTICLE
I CONTINUATION, PURPOSE AND INTENT OF TRUST 
 1.01 Continuation of Trust. ABA RF and the Trustee hereby continue the American
Bar Association Members Pooled Trust for Retirement Plans. 
 1.02 Purpose of the Trust. The purpose of the Trust is to implement
individually-designed employee pension and profit sharing plans of Employers that are qualified under Section 401(a) and related provisions of the Code and ERISA. 
 1.03 Governing Documents. The rights, powers, titles, duties, discretions, immunities and obligations of the Trustee shall be governed by this Agreement, the ABA Members Collective Trust, the Administrative and
Investment Services Agreement, the Program Interface Agreement and the terms of any supplementary agreement entered into between ABA RF and the Trustee. 

 1.04 Intent to Qualify. The Trust continued hereby is designated as a part of each Participating
Plan and is intended to qualify as a tax-exempt trust under Section 501(a) of the Code. 
 1.05 Program Recordkeeper.
Notwithstanding any other provision of this Agreement, the parties intend that all instructions, directions, notices, reports, elections and other information that is expressly or implicitly required or permitted under this Agreement between
Employers, trustees of Participating Trusts or Participants, on the one hand, and the Trustee, on the other hand will be effected through the Program Recordkeeper in accordance with procedures contained in the Program Interface Agreement or
otherwise agreed to by State Street and the Program Recordkeeper (and any reference in this Agreement to “procedures contained in the Program Interface Agreement” or similar language shall be deemed to mean and include any other procedures
agreed upon by State Street and the Program Recordkeeper). In the event any Employer, the trustees of any Participating Trust, any Participant or any agent of a Participating Plan communicates or attempts to communicate with the Trustee directly,
subject to applicable law, the Trustee shall have no obligation to review, respond to or otherwise deal with such communication and shall have no responsibility for its action or failure to act with respect to such communication; provided, that
State Street shall refer such communication to the Program Recordkeeper. 
 ARTICLE II DEFINITIONS 
 2.01 “ABA Members Collective Trust” means the American Bar Association Members/State Street Collective Trust, a group trust established
pursuant to a Declaration of Trust dated as of August 8, 1991, as amended and in effect from time to time, and maintained by State Street (or its Affiliates), for the purpose of providing certain Investment Options under this Trust. 

2.02 “ABA RF” means the ABA Retirement Funds an Illinois not-for-profit corporation, and any successor through which qualified
retirement plans are offered to Qualified Employers. 
 2.03 “Administrative and Investment Services Agreement” means the
agreement effective as of the Effective Date between State Street and ABA RF, and as amended and in effect from time to time. 
 2.04
“Affiliate” means any person or entity, including any general partnership, limited partnership, corporation, joint venture, business trust or similar organization, that controls, is controlled by, or is under common control with,
the Trustee. 
 2.05 “Business Day” means any day on which the New York Stock Exchange is open for trading and on which the
Trustee’s principal office is open for business. Any other reference in this Trust to a “day,” “week,” “quarter,” or “year” shall mean, respectively, a calendar day, a calendar week, a calendar quarter or
a calendar year. 
 2.06 “Closed Option” means any investment in which Participants and/or Participating Plans are no longer
permitted to make contributions or transfers (by agreement between ABA RF and the Trustee), but which continues to represent an investment under the Trust. 
  

 2 

 2.07 “Code” means the Internal Revenue Code of 1986, as amended and in effect from time
to time, and any regulations promulgated thereunder. 
 2.08 “Effective Date” means May 1, 2009, which is the effective
date of this amended and restated Trust. 
 2.09 “Employer” means (a) any Qualified Employer that maintains a Plan and
which, through the trustees of the trust which forms a part of such Plan, has executed a Participation Agreement with respect to such Plan, and (b) any successor to any such Qualified Employer that agrees to continue such Plan. 
 2.10 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended and in effect from time to time, and any regulations
promulgated thereunder. 
 2.11 “Fund” means any collective investment fund that is established from time to time under the
ABA Members Collective Trust. 
 2.12 “Investment Option” means any investment offered to or obtained for Participants and
Participating Plans under the Trust in accordance with the Administrative and Investment Services Agreement, including the Funds, the Self-Managed Option and any Closed Option. 
 2.13 “Non-Unitized Investment Option” means an Investment Option valued pursuant to Section 5.01. 
 2.14 “Participant” means any person for whom benefits under a Participating Plan are provided under the Trust including, where the
context so requires, (a) a beneficiary designated under the terms of the Participating Plan to receive a benefit after the death of a Participant and (b) an alternate payee of any Participant with respect to whom an Employer gives written
notice to the Trustee of such person’s status as an alternate payee entitled to benefits under the Trust in accordance with a qualified domestic relations order as defined in Section 414(p) of the Code. 
 2.15 “Participating Plan” means any Plan sponsored and maintained by an Employer with respect to which a Participation Agreement has
been executed by the trustees of the trust forming a part of such Plan. 
 2.16 “Participating Trust” means any trust (other
than this Trust) forming a part of a Participating Plan. 
 2.17 “Participation Agreement” means an agreement (in a form
approved by the Trustee for such purpose) under which the trustees of the Participating Trust adopt the Trust as part of such Participating Trust. 
  

 3 

 2.18 “Plan” means any employee pension benefit that meets the requirements for
qualification under Section 401(a) of the Code. 
 2.19 “Program” means the program sponsored by ABA RF for Qualified
Employers, known as of the Effective Date as the ABA Retirement Funds Program, as amended from time to time. 
 2.20 “Program
Interface Agreement” means the agreement between the Trustee and the Program Recordkeeper, as in effect from time to time, regarding, among other things, the procedures for making payments to the Trust, providing investment direction to the
Trustee, transferring amounts between Investment Options, maintaining Trust Accounts and other records, making payments from the Trust and for providing notice to and from the Trustee. 
 2.21 “Program Recordkeeper” means the organization or entity engaged by ABA RF to provide recordkeeping, administrative, marketing and
communications services for the Program. As of the date hereof, the Program Recordkeeper is ING Institutional Plan Services, LLC, acting on behalf of its affiliate, ING Life Insurance and Annuity Company. 
 2.22 “Qualified Bar Association” means an organization of lawyers that is represented in the House of Delegates of the American Bar
Association. 
 2.23 “Qualified Employer” means (a) any sole practitioner, partnership, corporation or association
engaged in the practice of law, provided that the sole practitioner or at least one partner of the partnership or one shareholder of the corporation is a member or associate of the American Bar Association or of a Qualified Bar Association,
(b) the American Bar Association, (c) any Qualified Bar Association, and (d) any organization that does not engage in the practice of law but is closely associated with the legal profession, which receives the approval of ABA RF, and
which has as an owner or a member of its governing board a member or associate of the American Bar Association. 
 2.24 “Self-Managed
Option” means an Investment Option made available under the Trust and established by the agreement of ABA RF and the Trustee pursuant to which Participating Plans and/or Participants may designate the investment of the assets of the
Participating Plans or of the Participants’ accounts, as the case may be, in investments selected by such Employer or the Participant, in accordance with such terms and conditions as may be adopted pursuant to Section 3.02 of the
Administrative and Investment Services Agreement. 
 2.25 “State Street” means State Street Bank and Trust Company, a trust
company organized and existing under the laws of The Commonwealth of Massachusetts. 
 2.26 “Transaction Date” means any
Business Day on which an addition or withdrawal is made to or from one of the Trust Accounts. 
  

 4 

 2.27 “Trust” means this American Bar Association Members Pooled Trust for Retirement
Plans, as amended and in effect from time to time. 
 2.28 “Trust Accounts” means the accounts maintained by the Trustee for
each Investment Option pursuant to Section 6.01. 
 2.29 “Trustee” means State Street, or any successor trustee
appointed pursuant to Section 10.04. 
 2.30 “Trust Fund” means the assets held in trust under this Agreement,
consisting of the contributions received by the Trustee, together with the earnings and increments thereon, less disbursements and losses therefrom. 
 2.31 “Unitized Investment Option” means an Investment Option valued pursuant to Section 5.02. 
 2.32 “Valuation Date” means each Business Day of the year. 
 ARTICLE III ADOPTION OF TRUST 
 Any trustees of the trust which forms a part of a Plan may adopt the Trust as part of such Plan. Such adoption is accomplished by such trustees duly
authorizing, executing and forwarding to the Trustee the appropriate form of Participation Agreement and will become effective upon execution of such Participation Agreement or upon such other effective date as is specified in such Participation
Agreement. 
 By adopting the Trust, the trustees of the Participating Trust are the named fiduciaries for the selection of the Investment
Options as the investments to be made available under the Participating Plan and Participating Trust of such Employer. Neither the Trustee nor ABA RF shall be liable for any loss that results from the decision of such trustees to adopt the Trust, to
continue to participate in the Trust and to make the Investment Options available as the investments under the Participating Plan and Participating Trust. 
  

 5 

 ARTICLE IV PAYMENTS TO AND INVESTMENT OF TRUST FUND 
 4.01 Payments to Trustee. An Employer, on behalf of itself and its employees who are Participants, may from time to time remit contributions under
its Participating Plan to the Trustee. The trustees of any Participating Trust may from time to time transfer funds from the Participating Trust to the Trustee pursuant to procedures contained in the Program Interface Agreement. Such contributions
and funds, together with any income thereon, shall be held in trust for the exclusive benefit of Participants. No one other than an Employer or the trustees of a Participating Trust may remit contributions or transfer funds to the Trustee to be held
as part of the Trust Fund. The Trustee shall be accountable to the Employer or the trustees of a Participating Trust for the amounts so remitted or funds so transferred, and shall administer such amounts for the exclusive benefit of the Participants
with respect to whom such amounts were received. The Trustee shall have no right or duty to verify that the contributions received by it comply with the provisions of the relevant Participating Plan or to enforce collection of any contributions from
the Employer, trustees or any Participant. In the event that the Trustee receives contributions which the Trustee believes to be incorrect, upon receipt of such contributions the Trustee shall, pursuant to procedures contained in the Program
Interface Agreement, attempt to contact the Employer or the trustees, as the case may be, in order to clarify or correct such contributions. The Trustee shall be relieved of any liability for interest or income if it refuses in the exercise of its
reasonable fiduciary judgment to deposit such contributions in the Trust until the issue is resolved. 
 4.02 Form of Payment. All
payments to the Trust Fund shall be remitted by check or other instrument payable in United States currency to the Trustee at the address specified by it pursuant to procedures contained in the Program Interface Agreement. Payments may be made by
any other method requested by the Employer or the trustees of the Participating Trust and acceptable to the Trustee and may be made at such time or times as shall be reasonably acceptable to the Trustee. 
 4.03 Investment Directions Furnished to Trustee. The Trustee shall, pursuant to procedures contained in the Program Interface Agreement, invest
the assets of the Trust which are attributable to any Participating Plan in the Investment Options in accordance with the directions from the Employer or the trustees of the Participating Trust showing the amount and the type of each contribution or
transfer made on behalf of each of the Employer’s employees who is a Participant in the Participating Plan. The Employer or the trustees of the Participating Trust shall, pursuant to procedures contained in the Program Interface Agreement,
furnish or cause to be furnished to the Trustee such information as may be required by the Trustee for purposes of administering and investing the assets of the Trust. The Employer or the trustees of the Participating Trust shall furnish (or cause
to be furnished) to the Trustee election forms (in the form prescribed from time to time by the Trustee) designating the portion of the contributions or transfers made on behalf of each Participant to be invested in each Investment Option. To the
extent that no investment direction is provided on behalf of a Participant, such amount shall be invested in the Stable Asset Return Fund established under the ABA Members Collective Trust or such other Fund as is designated by the trustees of the
Participating Trust in its Participation Agreement for such purpose. If the trustees of a 
  

 6 

 
Participating Trust selected a Fund in its Participation Agreement for such purpose that is being eliminated or closed and the trustees of the Participating
Trust received notice thereof and did not provide affirmative investment direction as requested by such notice, then such amount shall be invested in the Fund designated in such notice as a successor to such eliminated or closed Fund. 
 4.04 Application of ERISA Section 404(c). To the extent that the Participants direct investment of their accounts under a Participating Plan,
Section 404(c) of ERISA is intended to apply and, to the extent applicable, shall apply, and neither the Trustee nor ABA RF shall be liable for any loss that results from the Participants’ exercise of such investment control. 

4.05 Limitation on Liability if Employer or Trustees Direct Investment. To the extent that the Employer or the trustees of a Participating
Trust direct investment under the Participating Plan, the Employer or such trustees, as the case may be, shall be deemed to be a named fiduciary with respect to all such investment decisions, and neither the Trustee nor ABA RF shall be liable for
any loss that results from the Employer’s or such trustees’ exercise of control over the allocation of the assets of the Trust attributable to such Participating Plan among the Investment Options. 
 4.06 Timing of Payments to Investment Options. The Trustee shall, pursuant to procedures contained in the Program Interface Agreement, remit
promptly all amounts received by it as follows: 
 (a) amounts to be invested in the Funds shall be deposited in the appropriate Fund as of
the next Valuation Date; and 
 (b) amounts to be invested in any other Investment Option shall be remitted promptly to the appropriate
entity as required by the terms of the applicable instruments or documents establishing such Investment Option and until the amounts are remitted shall be invested in the Stable Asset Return Fund. 
 The time by which contributions must be received by the Trustee in order to be deposited in the Trust on the same Business Day shall be established under
rules adopted by the Trustee consistent with (y) the terms of the instruments and documents pursuant to which the respective Investment Options are established and (z) any applicable requirements of Section 404(c) of ERISA and any
regulations promulgated thereunder. The Trustee shall furnish to ABA RF thirty (30) days’ prior written notice of the establishment of any such rules, or any changes therein; provided, however, that the Trustee may establish, or make
changes in, any such rules upon five (5) Business Days’ notice to ABA RF if the Trustee reasonably determines such establishment or amendment is necessary or appropriate and may make such amendments with concurrent notice to ABA RF if it
reasonably determines that such urgent action is necessary. The Trustee shall furnish reasonable notice of the establishment of any such rules, or any changes therein, to the trustees of the Participating Trust. 
  

 7 

 ARTICLE V VALUATION OF INVESTMENT OPTIONS 
 5.01 Value of Non-Unitized Investment Options. The value of any portion of a Trust Account invested in an Investment Option that is not maintained
on the basis of units reflecting interests therein at any time shall be equal to the amount of contributions and investment income or losses attributable to such contributions, and minus expenses and withdrawals, allocated to such Investment Option,
all as provided for in the applicable instruments or documents establishing such Investment Option. 
 5.02 Value of Unitized Investment
Options. The value of any portion of a Trust Account in an Investment Option that is maintained on the basis of units reflecting interests therein at any time shall be equal to the number of units of such Investment Option held by the Trust
multiplied by the applicable unit value for that day. Whenever any amount is allocated to or withdrawn from a Unitized Investment Option, the Investment Option shall be charged or credited, as the case may be, with Investment Option units. The
number of Investment Option units with respect to any transaction shall be determined by dividing the amount of the transaction by the Investment Option unit value for that day. The Investment Option unit value for any day is determined under the
applicable rules set forth in the instruments or documents governing such Investment Option. 
 ARTICLE VI MAINTENANCE OF RECORDS 
 6.01 Recordkeeping Accounts. The Trustee shall, pursuant to procedures contained in the Program Interface Agreement, maintain Trust Accounts and
such other accounts and information as the Trustee determines to be necessary, including, without limitation, records for each Investment Option as shall be necessary or appropriate to allow the Program Recordkeeper to reconcile on an aggregate
basis its records of the amount of each Participating Plan in each Investment Option. 
 6.02 Maintenance and Valuation of Recordkeeping
Accounts For Non-Unitized Investment Options. The value on any Valuation Date of any Trust Account maintained pursuant to Section 6.01 reflecting an investment in any Non-Unitized Investment Option shall be equal to the value of that Trust
Account as of the last preceding Transaction Date plus investment income and minus fees, expense charges and, if applicable, investment losses or interest rate adjustments, if any, for the period since such preceding Transaction Date, plus the
amount of any addition and less the amount of any withdrawal on such Valuation Date. In the event that any such Investment Option does not provide for daily valuations, the interest of a Trust Account in any such Investment Option shall be valued
using the Investment Option valuation date coincident with or next preceding the Valuation Date. 
 6.03 Maintenance and Valuation of
Recordkeeping Accounts For Unitized Investment Options. The value on any Valuation Date of any Trust Account maintained pursuant to Section 6.01 reflecting an investment in any Unitized Investment Option shall be equal to the number of
Investment Option units allocable to that Trust Account multiplied by the Investment Option unit value for that Valuation Date. The number of 
  

 8 

 
Investment Option units allocable to that Trust Account as of any Valuation Date shall be equal to the number of Investment Option units allocable to that
Trust Account as of the last preceding Transaction Date plus the number of any additional units allocated to, and minus the number of any units withdrawn from, that Trust Account on such Valuation Date. In the event that any such Investment Option
does not provide for daily valuations, the interest of a Trust Account in any such Investment Option shall be valued using the Investment Option valuation date coincident with or next preceding the Valuation Date. 
 6.04 No Right to Trust Fund Assets. The designation or maintenance of any Trust Account under a Participating Plan or this Agreement shall not
give any Employer, trustee of any Participating Trust, Participant or any other person any severable right or interest in any individual assets of the Trust Fund or of any Investment Options, except as otherwise provided herein. 
 6.05 Records of Trustee. The Trustee shall maintain records of all receipts, disbursements, allocations to Trust Accounts and of other
transactions hereunder. All accounts, books and records relating to a Participating Plan shall be available for inspection by the Employer, the trustees of the Participating Trust, and by any person such Employer or such trustees may designate for
such purpose, at the Trustee’s principal office in Boston, Massachusetts (or such other office as the Trustee may designate) during normal business hours. All accounts, books and records shall be available for inspection by ABA RF, and by any
person ABA RF may designate for such purpose, at the Trustee’s principal office in Boston, Massachusetts (or such other office as the Trustee may designate) during normal business hours. ABA RF may request from the Trustee copies of such
accounts, books and records, provided that such request is reasonable, taking into consideration both the timing and scope of such request. 
 6.06 Reports to Employers. The Trustee shall furnish annual reports to each Employer or the trustees of a Participating Trust showing the value of the Trust Accounts maintained under its Participating Plan pursuant to
Section 6.01 as of the close of the period covered by that report, the amount of contributions made during such period under its Participating Plan and such other information as the Trustee deems appropriate. Such reports shall be furnished
within one hundred twenty (120) days of the close of the period covered by the report. Such annual reports shall also be available for inspection by ABA RF, or any person ABA RF may designate for that purpose, at the Trustee’s principal
office in Boston, Massachusetts (or such other office as the Trustee may designate) during normal business hours. The Employer or the trustees of the Participating Trust may approve such report by an instrument in writing delivered to the Trustee or
by failure to file written objection within one hundred twenty (120) days from the date of mailing such report to the Employer or such trustees. If an objection to specific items in such account are filed with the Trustee within such one
hundred twenty (120) day period and the Trustee believes such objections to be valid, the Trustee shall adjust the account in such manner as it deems equitable under the circumstances. The objecting Employer or the objecting trustees shall be
notified by the Trustee of any adjustments so made. If 
 (a) the Employer or the trustees of the Participating Trust approves such account,
or 
  

 9 

 (b) no objections to specific items in such account are filed with the Trustee by the Employer or the
trustees of the Participating Trust within one hundred twenty (120) days after the account has been furnished, or 
 (c) the Trustee
shall give notice of an adjustment of the account to the Employer or the trustees of the Participating Trust and if legal proceedings are not commenced against the Trustee within sixty (60) days after notice of such adjustment has been
furnished, 
 then, to the extent permitted by applicable law, the account of the Trustee, with respect to all matters contained therein (as originally
furnished if no adjustment was made, or as adjusted if an adjustment was made), shall be deemed to have been approved with the same effect as though judicially approved by a court of competent jurisdiction in a proceeding in which all persons
interested were made parties and were properly represented before such court. The Trustee, nevertheless, shall have the right to have its accounts settled by judicial proceeding if it so elects, in which case the only necessary parties shall be the
Trustee and ABA RF. 
 6.07 Reports to ABA RF. The Trustee shall furnish a written account of the operation of the Trust for the
preceding fiscal year of the Trust to ABA RF within one hundred twenty (120) days of the close of the period covered by the report. ABA RF may approve such account by an instrument in writing delivered to the Trustee or by failure to file
written objection within one hundred twenty (120) days. If objections to specific items in such account are filed with the Trustee within such one hundred twenty (120) day period and the Trustee believes such objections to be valid, the
Trustee shall adjust the account in such manner as it deems equitable under the circumstances. ABA RF shall be notified by the Trustee of any adjustments so made. If 
 (a) ABA RF approves such account, or 
 (b) no objections to specific items in such account are filed with
the Trustee by ABA RF within one hundred twenty (120) days after the account has been furnished, or 
 (c) the Trustee shall give notice
of an adjustment of the account to ABA RF and if legal proceedings are not commenced against the Trustee within sixty (60) days after notice of such adjustment has been furnished, 
 then, to the extent permitted by applicable law, the account of the Trustee, with respect to all matters contained therein (as originally furnished if no adjustment was made, or as adjusted if an adjustment was made),
shall be deemed to have been approved with the same effect as though judicially approved by a court of competent jurisdiction in a proceeding in which all persons interested were made parties and were properly represented before such court. The
Trustee, nevertheless, shall have the right to have its accounts settled by judicial proceeding if it so elects, in which case the only necessary parties shall be the Trustee and ABA RF. 
  

 10 

 6.08 Governmental Filings. The Trustee shall file such governmental filings as are required of it
under ERISA as the Trustee of the Trust. 
 ARTICLE VII TRANSFER BETWEEN INVESTMENT OPTIONS 
 Under each Participating Plan, all or any portion of amounts in any Investment Option (other than any amount applied to provide benefits under the
Participating Plan) may be transferred, pursuant to procedures contained in the Program Interface Agreement, from any such Investment Option to another such Investment Option by notice (either written or in such other form as may be authorized by
the Trustee) to the Trustee by (a) the Participant or the trustees of the Participating Trust in the case of a Participating Plan which permits participants to direct investment of their accounts under the Participating Plan, and (b) by
the Employer or the trustees of the Participating Trust in the case of all other Participating Plans, subject to the terms of the instruments or documents pursuant to which such Investment Options are established. Such transfer shall become
effective on the first Business Day which is a Valuation Date for the Investment Option from which the transfer is made on or after the later of (u) receipt by the Trustee of such notice or (v) the date specified in such notice. In the
event a transfer is requested to or from an Investment Option that does not provide for valuation on each Business Day, such transfer shall become effective on the first Business Day which is a Valuation Date for both Investment Options. 

The time by which a transfer instruction must be made in order to become effective on the same Business Day, the number of such transfers which may be
made in any one calendar year and the rules as to the effective date of transfers between two Investment Options both of which do not provide for valuation on each Business Day shall be established under rules adopted by the Trustee consistent with
(x) the terms of the instruments and documents pursuant to which the respective Investment Options are established, (y) any applicable requirements of Section 404(c) of ERISA and any regulations promulgated thereunder and
(z) procedures contained in the Program Interface Agreement. The Trustee shall furnish to ABA RF thirty (30) days’ prior written notice of the establishment of any such rules, or any changes therein; provided, however, that the
Trustee may establish or make changes in any such rules upon five (5) Business Days’ notice to ABA RF if the Trustee reasonably determines such establishment or amendment is necessary or appropriate and may make such amendments with
concurrent notice to ABA RF if it reasonably determines that such urgent action is necessary. The Trustee shall furnish reasonable notice of the establishment of any such rules, or any changes therein, to the trustees of the Participating Trust.

 ARTICLE VIII PAYMENTS FROM THE TRUST FUND 
 8.01 Withdrawals and Benefit Payments. The trustees of a Participating Trust may direct the Trustee to make withdrawals from the Trust Accounts to make distributions pursuant to the terms of the Participating Plan, subject to any
charges that may be payable under rules adopted by the Trustee. The Trustee shall make payments pursuant to procedures contained in the Program Interface Agreement or by its check to the order of the payee. Payments may be made in kind, or partially
by check and partially 

  

 11 

 
in kind, if so requested by the trustees of the Participating Trust but only to the extent permitted under applicable law and under the rules established by
the Trustee and the terms of any Investment Option. The Trustee shall not make a payment directly to a Participant. 
 8.02 Protection of
Trustee. The Trustee (a) shall be fully protected from all claims of a Participant, Employer or Participating Trust or any other agent of a Participating Plan in making payments under Section 8.01 pursuant to procedures contained in
the Program Interface Agreement, and (b) shall not be liable for any payments made without knowledge of the changed condition or status of any person receiving payments thereunder, except to the extent that the Trustee breaches its fiduciary
duty regarding, or is negligent in, the implementation of the directions of the trustees of the Participating Trust or the Employer. 
 8.03
Reliance on Written, Telephonic or Other Directions. Except as otherwise authorized by the Trustee, any action by an Employer, a Participant or the trustees of a Participating Trust pursuant to any of the provisions hereof shall be evidenced
by an instrument in writing, a recorded telephonic direction or by other electronic means, as the case may be, or as otherwise required or permitted by the Program Recordkeeper and agreed to by the Trustee. The Trustee shall be fully protected in
acting in accordance with any such instrument or telephonic or other electronic direction or any other direction permitted hereunder which does not appear to the Trustee to be invalid on its face. 
 ARTICLE IX QUALIFICATION OF PARTICIPATING TRUSTS 
 9.01 Representation by the Trustees of Participating Trusts. By executing and adopting the Trust as a trust under its Participating Trust, the trustees of each Participating Trust represent that its Participating Trust is a
tax-exempt trust under Section 501(a) of the Code and that the related Participating Plan meets the requirements for qualification under Section 401(a) of the Code, and until advised to the contrary, the Trustee may assume that the
Participating Trust continues to be a tax-exempt trust and the related Participating Plan continues to meet such requirements for qualification. The trustees of each Participating Trust agree to advise the Trustee promptly of the failure of the
respective Participating Trust at any time to be a tax-exempt trust or the related Participating Plan to meet such qualification requirements. 
 9.02 Disqualification of Participating Plans and Trusts. If the Trustee receives evidence satisfactory to it that any Participating Trust has failed at any time to be a tax-exempt trust under Section 501(c) of the Code has
failed to meet the requirements for qualification under Section 401(a) and related provisions of the Code, the amounts in the Trust which are attributable to that Participating Trust shall be removed from the Trust by the Trustee as soon as
administratively feasible. The Trustee shall provide written notice to ABA RF within a reasonable period of time following its receipt of the evidence referred to in the preceding sentence. The eventual disposition of amounts removed from the Trust
under this Article with respect to such Participating Trust shall be for the exclusive benefit of the Participants. 
  

 12 

 9.03 Proof of Qualification. The trustees of each Participating Trust agree, as a condition to the
continued operation of the Trust by the Trustee as part of its Participating Trust, to furnish the Trustee from time to time upon its request proof in form satisfactory to the Trustee that the Participating Trust and related Participating Plan
initially meets, and as it may be amended from time to time, continues to meet, the requirements referred to in Section 9.01. If the trustees of any Participating Trust fail to furnish such proof within six (6) months or such other period
as the Trustee may determine, the Trustee shall withdraw all amounts under the Trust Accounts for the Participating Trust and related Participating Plan and hold and dispose of such amounts as provided in Section 9.02. 
 9.04 Inapplicability. The provisions of Sections 9.02 and 9.03 are inapplicable to amounts applied to provide benefits for a Participant under
Section 8.01. 
 ARTICLE X THE TRUSTEE 
 10.01 Powers of Trustee. Subject to the provisions of this Agreement regarding the establishment of Investment Options and the direction of investments by Employers and the trustees of Participating Trusts among such Investment
Options, the Trustee shall have exclusive authority and discretion to hold, manage, care for and protect the Trust Fund and shall have the following powers and discretions in addition to those conferred by law, but only insofar as such powers and
discretions are consistent with the investment objectives, restrictions and guidelines established with respect to each of the Investment Options by agreement of ABA RF and the Trustee, and the provisions of ERISA: 
 (a) to hold, manage, and control all money and other property at any time forming part of the Trust Fund and, consistent with the investment objectives,
restrictions and guidelines for any Investment Option, to invest and reinvest any or all of the assets of the Trust Fund in any property, real, personal or mixed, tangible or intangible, wherever situated, whether or not productive of income, or
consisting of wasting assets, as the Trustee deems proper, including, without limitation the following: 
 (i) such stocks,
common or preferred, bonds, debentures, notes, mortgages and other evidences of indebtedness or ownership, trust and participation certificates, certificates of deposit, demand or time deposits (including any such deposits bearing a reasonable rate
of interest in the Trustee or any Affiliate), bankers’ acceptances, variable and indexed interest notes and investment contracts, repurchase agreements, interests in investment companies, leaseholds, fee titles, beneficial interests in any
trusts, equipment trust certificates, contracts for the immediate or future delivery of financial instruments and other property, foreign currencies, currency contracts for the immediate or future delivery of foreign currency, obligations issued by
the United States Government and the agencies and instrumentalities thereof, irrespective of whether such securities or such property are of the character authorized by any state law from time to time for trust investments. To the extent that the
Trustee invests assets allocated to an Investment Option in deposits of the Trustee or any Affiliate and subject to applicable law and the prohibitions 

  

 13 

 
of Section 10.07, the Trustee’s fees payable with respect to such Investment Option shall be reduced by the amount of any fee received by the
Trustee on account of the investment of any assets in any such deposits in the Trustee or an Affiliate; 
 (ii) interests in
or shares of mutual funds or other investment companies (whether or not incorporated and whether or not registered under the Investment Company Act of 1940, as amended, including any such mutual funds or investment companies managed or sponsored by
the Trustee or any of its Affiliates), interests in collective investment trusts, which are exempt from tax under applicable Internal Revenue Service rulings and regulations (including, without limitation, the ABA Members Collective Trust) and any
other collective investment trust maintained by the Trustee or any of its Affiliates for the collective investment of the assets of tax-exempt pension and profit-sharing trusts and while the assets of the Trust Fund are so invested, such collective
investment trusts (and the instruments pursuant to which such trusts are established) shall constitute a part of this Agreement. To the extent that the Trustee invests assets allocated to an Investment Option in any collective investment fund
maintained by the Trustee or any Affiliate and subject to applicable law and the prohibitions of Section 10.07, the Trustee’s fees payable with respect to such Investment Option shall be reduced by the amount of any management fee received
by the Trustee on account of the investment of any assets in any such collective investment fund maintained by the Trustee or an Affiliate; 
 (b) to enter into any annuity contract with an insurance company and, subject to the provisions of the Trust, to remit payments to the insurance company under such contract; 
 (c) to trade in financial options and futures, including index options and options on futures, for purposes of hedging and similar purposes, but not for
speculation, and to execute in connection therewith such account agreements and other agreements in such form and upon such terms as the Trustee deems appropriate; provided, however, that ABA RF hereby consents to the investment by the Trustee in
collective investment trusts which permit trading by the trustee of such collective investment trust in such financial options and futures; 
 (d) to retain any property, real or personal, tangible or intangible, at any time received by it; 
 (e) to sell, convey, transfer,
exchange, pledge, grant options on or otherwise dispose of the property of the Trust Fund from time to time in such manner, for such consideration and upon such terms and conditions as the Trustee, in its discretion, shall reasonably determine;

  

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 (f) subject to Section 10.05 of the Administrative and Investment Services Agreement, to employ such
brokers, agents, consultants, custodians, depositories, advisers, and legal counsel as may be reasonably necessary or desirable in the Trustee’s judgment in managing and protecting the Trust including, but not limited to, Affiliates and,
subject to applicable law and the prohibitions of Section 10.07, to pay their reasonable expenses and compensation out of the Trust Fund and to enter into agreements, including investment manager agreements with such persons and entities;

 (g) to settle, compromise, abandon or submit to arbitration all claims and demands in favor of or against the Trust and to establish
reserves in connection therewith; to commence or defend suits or legal proceedings whenever, in its judgment, any interest of the Trust requires it; and to represent the Trust in all suits or legal proceedings in any court or before any other body
or tribunal; 
 (h) to borrow money, with or without security, for the Trust; to encumber property of the Trust by mortgages or deeds of
trust to secure repayment of indebtedness; to assume existing mortgages or deeds of trust on properties acquired by the Trust; and to acquire properties subject to existing mortgages or deeds of trust; 
 (i) to vote any security forming part of the Trust either in person or by proxy for any purpose; to exercise any conversion privilege or subscription
right given to the Trustee as the owner of any security forming part of the Trust; to consent to take any action in connection with, and receive and retain any securities resulting from, any reorganization, consolidation, merger, readjustment of the
financial structure, sale, lease or other disposition of the assets of any corporation or other organization, the securities of which may constitute a portion of the Trust; 
 (j) to cause any securities or other property which may at any time form a part of the Trust to be issued, held or registered in the individual name of
the Trustee, or in the name of its nominee or agent (including any custodian employed by the Trustee, any nominee of such a custodian, and any depository, clearing corporation or other similar system), or in such form that title will pass by
delivery, provided that if held in the name of any such nominee or agent, the records of the Trustee shall reflect ownership by the Trust; 
 (k) to enter into stand-by agreements for future investment either with or without a stand-by fee; 
 (l) to lend any securities and
to secure the same in any manner, and during the term of such loan to permit the securities so lent to be transferred in the name of and voted by the borrower, or others, provided that in lending securities of the Trust the Trustee shall comply with
ERISA Prohibited Transaction Class Exemption 2006-16 to the extent applicable; 
 (m) to collect and receive any and all money and other
property due to the Trust and to give full discharge thereof; 
  

 15 

 (n) to maintain the indicia of ownership of assets outside the United States to the extent permitted by
applicable Federal regulations; 
 (o) to organize corporations or partnerships or trusts for the purpose of acquiring and holding title to
any property which the Trustee is authorized to acquire under Subsection 10.01(a); 
 (p) to manage, improve, repair, mortgage, lease for any
term and control all property, real or personal, tangible or intangible, at any time forming part of the Trust upon such terms and conditions as the Trustee, in its discretion, shall determine; 
 (q) to enter into custodian and sub-custodian agreements with one or more banks, including any Affiliate of the Trustee, located outside the United
States to the extent permitted by ERISA pursuant to which such foreign banks will, in addition to acting as custodian, provide brokerage services with respect to Trust Fund assets held in custody, but only if the Trustee has determined that the
total compensation paid to such foreign bank is reasonable in light of all the services being rendered and, subject to applicable law and the prohibitions of Section 10.07, to pay their reasonable expenses and compensation out of the Trust
Fund; 
 (r) pending the selection and purchase of suitable investments, or the payment of expenses or other anticipated distributions, the
Trustee may retain in cash, with liability for interest, such portion of the assets of the Trust Fund as it shall deem reasonable under the circumstances in light of the investment objectives, guidelines and restrictions applicable to the Trust and
in light of anticipated expenses of and distributions from the Trust; provided, however, that the Trustee will not have any such liability for interest if in the reasonable exercise of its fiduciary judgment it determines it is necessary to hold any
cash or assets uninvested pending such selection and purchase of suitable investments or the payment of expenses or other anticipated distributions. For the purposes of this subsection (r), the Trustee in the reasonable exercise of its fiduciary
judgment may hold a portion of the Trust Fund in accounts bearing a reasonable rate of interest (which shall in no event be less than the interest payable with respect to similar accounts) or checking or demand deposit accounts, including any such
account in a bank acting as a fiduciary hereunder (including the Trustee and its Affiliates); 
 (s) to begin, maintain, or defend any
litigation necessary in connection with the administration of the Trust, except that the Trustee shall not be obligated or required to do so unless it has been indemnified to its satisfaction against all expenses and liabilities sustained or
anticipated by reason thereof; 
 (t) upon direction by the trustees of the Participating Trust, to pay any and all taxes of any and all
kinds, including without limitation property taxes and income taxes levied or assessed under existing or future laws upon or in respect of any property forming a part of a Participating Plan out of the appropriate property subject to the terms of
any agreements or contracts made with respect to Trust investments which make other provision for such tax payments. The Trustee may assume that any taxes assessed on or in respect of the Trust Fund or its income are lawfully assessed unless the
trustees of the 

  

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Participating Trust in writing advises the Trustee that in the opinion of counsel for the trustees of the Participating Trust, such taxes are or may be
unlawfully assessed. In the event that the trustees of the Participating Trust shall so advise the Trustee, the trustees of the Participating Trust may contest the validity of any such taxes at its expense in the name of the Trustee; and the Trustee
agrees to execute all documents, instruments, claims and petitions necessary or advisable in the written opinion of the Employer or its counsel for the refund, abatement reduction or elimination of any such taxes; 
 (u) to the extent reasonably necessary in the exercise of the fiduciary judgment of the Trustee, to retain any funds or property subject to any dispute
without liability for payment of interest, or to decline to make payment or delivery thereof until final adjudication is made by a court of competent jurisdiction; and 
 (v) to perform any and all other acts necessary or appropriate for the proper administration of the Trust Fund and, in the exercise of any power or discretion, to execute and deliver all proper and necessary
instruments and give full receipts and discharges. 
 10.02 Ownership of Trust Fund. All right, title and interest in and to the Trust
Fund shall at all times be vested exclusively in the Trustee. 
 10.03 Appointment and Removal or Resignation of Trustee. The Trustee
shall be appointed by the Board of Directors of ABA RF, and shall hold office until its successor has been duly appointed. The Board of Directors of ABA RF may remove the Trustee by mailing or delivering written notice of such removal to the
Trustee. Such removal shall take effect on the thirtieth (30th) day following the date such notice is deemed to be given in accordance with Section 16.06. The Trustee may resign by giving like notice. In either case, the notice may be
wholly or partially waived by the party to whom it is due. 
 10.04 Appointment of Successor Trustee. Upon the resignation or removal
of the Trustee, the Board of Directors of ABA RF may appoint a successor Trustee by delivering to the removed or resigning Trustee: (a) an instrument in writing, executed by the Board of Directors of ABA RF, appointing such successor Trustee;
and (b) an acceptance in writing executed by the successor Trustee so appointed. All of the provisions of this Agreement shall apply to such successor Trustee(s) as though it were originally named herein as Trustee. If ABA RF does not designate
a successor as aforesaid, the Trustee may petition any court of competent jurisdiction for appointment of its successor. 
 10.05
Treatment of Trust Fund Upon Appointment of Successor Trustee. Upon the appointment of a successor Trustee, the removed or resigning Trustee shall transfer and deliver the assets in the Trust Fund to such successor Trustee after reserving
such reasonable amount as it deems necessary to provide for any liabilities, expenses or taxes chargeable against the Trust Fund. ABA RF shall have the right to review and approve the amount reserved, which approval shall not be unreasonably
withheld or delayed. The receipt by the successor Trustee and the approval by ABA RF of the final accounting of 

  

 17 

 
the removed or resigning Trustee, including its approval of a final accounting with respect to any amounts reserved under the previous sentence, shall
release and discharge the removed or resigning Trustee, except as otherwise provided in ERISA. ABA RF shall have the right to audit, at its own expense, any final accounting rendered by the removed or resigning Trustee. Any successor Trustee shall
be entitled to rely upon any such final accounting and shall have no personal liability whatsoever for the acts or omissions of the predecessor Trustee and the removed or resigning Trustee shall have no liability whatsoever for the acts or omissions
of any successor Trustee. 
 10.06 Duties of Trustee. In exercising the powers hereinbefore granted to it, the Trustee shall perform
all acts within its authority for the exclusive purpose of providing benefits for Participants and shall perform such acts with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like
capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims. Except as otherwise provided by applicable law, the Trustee shall not be liable for any act or omission of any person or entity
(other than an Affiliate) that either acts as a fiduciary or a service provider for a Participating Plan or Participating Trust pursuant to the delegation of responsibility under that plan or trust or under this Agreement, the ABA Members Collective
Trust or the Program Interface Agreement, or has acted as a fiduciary or a service provider to a Participating Plan or a Participating Trust. 
 10.07 Prohibited Transactions. Neither the Trustee, nor any of its agents in the performance of its duties on behalf of the Trustee, shall cause the Trust to engage in any transaction if such party knows or should know that such
transaction is prohibited under Section 406 of ERISA, unless such transaction is covered by an exemption under Section 408 of ERISA. 
 10.08 Protection of Trustee. Except as otherwise provided by applicable law, the Trustee shall not be liable for any act or omission regarding its obligations under this Agreement made in good faith, without negligence, and in
accordance with any instruction, direction, notice, report, election or other information delivered to it by the Program Recordkeeper pursuant to the Program Interface Agreement. The Trustee shall be fully protected in, and shall not incur any
liability by reason of its, acting upon any instruction, direction, notice, report, election or other information delivered by ABA RF or the Program Recordkeeper, the trustees of the Trust prior to January 1, 1992 or any agent of either of
them, including without limitation Equitable, any Employer or the trustees of a Participating Trust and reasonably believed by the Trustee to be genuine and to be signed or presented by the proper person or persons. 
 10.09 Bonding. The Trustee is exempt from the bonding requirements of Section 412 of ERISA pursuant to Section 412(a)(2) thereof.

 10.10 Suspension of Valuations and Withdrawal Rights. Notwithstanding anything to the contrary in this Agreement, to the extent
reasonably necessary in the exercise of the Trustee’s fiduciary judgment, the Trustee may suspend the valuation of the assets in the Trust, or in any Investment Option, pursuant to Articles V and VI and/or 

  

 18 

 
the right of the trustees of a Participating Trust or the Employer to remit any contributions under the Participating Plan pursuant to Article IV, the right
to make transfers between Investment Options pursuant to Article VII, the right to receive distributions or make withdrawals from the Trust in accordance with Article VIII, for the whole or any part of any period when (a) any market or stock
exchange on which a significant portion of the investments of the Trust or any Investment Option are quoted is closed (other than for ordinary holidays) or during which dealings therein are restricted or suspended; (b) there exists any state of
affairs which, in the opinion of the Trustee, constitutes an emergency as a result of which disposition of the assets of the Trust or any Investment Option would not be reasonably practicable or would be seriously prejudicial to the Participants;
(c) there has been a breakdown in the means of communication normally employed in determining the price or value of any of the investments of the Trust or any Investment Option, or of current prices on any stock exchange on which a significant
portion of the investments of the Trust or any Investment Option are quoted, or when for any reason the prices or values of any investments owned by the Trust or any Investment Option cannot reasonably be promptly and accurately ascertained; or
(d) the transfer of funds involved in the realization or acquisition of any investment cannot, in the reasonable opinion of the Trustee, be effected at normal rates of exchange. 
 ARTICLE XI PAYMENT OF FEES AND EXPENSES 
 The Trustee may pay out of the assets of the Trust all
reasonable expenses and fees of the Trust that may be lawfully charged to the Trust under applicable laws and regulations and are payable in accordance with the terms of the Administrative and Investment Services Agreement. The expenses payable out
of the Trust shall include expenses of litigation and attorneys’ fees, judgments, fines and amounts paid in settlement if, but only if, (a) the gravamen of the action, suit, proceeding or claim is principally the result of the Trustee, the
Trust or the Plans being a stakeholder or (b) the gravamen of the complaint is not an alleged breach of duty by the Trustee. To the extent appropriate, expenses charged to the Trust in accordance with the preceding sentence may be charged by
the Trustee to the particular Participating Plan involved in the action, suit, proceeding or claim. The Trustee shall be entitled to receive a reasonable fee for its services in accordance with the Administrative and Investment Services Agreement.
Such fee may be charged against the Trust or an Investment Option (as long as the fee charged is uniform for or may be paid directly by the Trust) 
 ARTICLE
XII SPENDTHRIFT PROVISION 
 Except to the extent required by applicable law, the interests of Participants in the Trust Fund and in
the income allocable thereto may not be assigned or used as collateral for a loan except for a loan to a Participant under the provisions of a Participating Plan and shall not be subject to garnishment, attachment, levy or execution of any kind for
the debts or defaults of the Trustee, the trustees of the Participating Trust or of any person, natural or legal, having an interest in the Trust Fund. No Participant shall have any right of any kind whatsoever with respect to the Trust Fund, or any
estate or interest therein, other than the right to receive such distributions as are lawfully made out of the Trust Fund, such as when the distributions are due and payable, under the terms of this 

  

 19 

 
Agreement or pursuant to the terms of a qualified domestic relations order (as described in Section 414(p) of the Code and Section 206(d) of ERISA)
that the trustees of a Participating Trust designates as such and files with the Trustee. The Trustee shall not recognize any attempted alienation or encumbrance of the right or interest hereunder of any Participant. Neither the Trust Fund nor any
Trust Accounts shall be liable for or subject to the debts, contracts, liabilities, engagements, or torts of any person to whom such benefits or funds are payable, nor shall the Trust Fund or any Trust Accounts hereunder be considered an asset of
any individual in the event of his bankruptcy. 
 ARTICLE XIII TERMINATION OF SPONSORSHIP 
 If the Board of Directors of ABA RF shall determine that it is no longer desirable for ABA RF to sponsor the Trust, it may withdraw such sponsorship and
discontinue all or part of the Trust, as applicable, under conditions, established by the Trustee, that will permit each Employer to continue its Participating Trust without termination. Notwithstanding the foregoing, the rights and obligations of
the parties may be modified by the terms of any separate written agreement between ABA RF and the Trustee, including, without limitation, the Administrative and Investment Services Agreement in which event the terms of such separate agreement shall
control. 
 ARTICLE XIV AMENDMENTS 
 This
Agreement may be amended from time to time by agreement in writing between ABA RF and the Trustee. 
 ARTICLE XV ARBITRATION OF DISPUTES 

Any dispute or controversy between ABA RF and the Trustee arising under, out of, in connection with or in relation to this Agreement or the Trust, and
any amendments hereof, or the breach hereof, shall be determined and settled by arbitration to be held in a location agreeable to the Trustee and ABA RF (or, if no location is agreed upon, in Chicago, Illinois) in accordance with the rules then in
effect for commercial disputes according to the commercial rules of the American Arbitration Association; provided, however, that in the discretion of the arbitrator, hearings may be held at such locations as are convenient for the witnesses. In
connection with any such arbitration, if the Trustee and ABA RF are unable to agree on a single arbitrator, then the Trustee and ABA RF shall each appoint one arbitrator and the two arbitrators so appointed shall appoint a third arbitrator. If
either party fails to appoint an arbitrator, or if the two arbitrators fail to appoint a third arbitrator, the American Arbitration Association, or a similar organization agreeable to ABA RF and the Trustee, shall appoint such arbitrator or
arbitrators. Any award rendered by such arbitrator or arbitrators may include an assessment of expenses (including attorney’s fees and arbitration fees) and shall be conclusive and binding on each and all of the parties, and judgment may be
entered thereon by a court of competent jurisdiction. 
  

 20 

 ARTICLE XVI MISCELLANEOUS 
 16.01 Exclusive Benefit Rule. At no time prior to the satisfaction of all liabilities with respect to Participants shall any part of the principal or income of the Trust Fund ever be used for, or diverted to,
purposes other than the exclusive benefit of Participants. 
 16.02 Advice of Counsel. The Trustee may consult with counsel, who may
be counsel for ABA RF, in respect of any of its duties and obligations hereunder and may act or refrain from acting in accordance with the written advice of such counsel. 
 16.03 Necessary Parties. In all judicial proceedings affecting the Trust, the Trustee shall be the only necessary party and shall represent ABA RF and all persons, natural or legal, having interests in the
Trust Fund; provided, however, that the Trustee shall give ABA RF prompt written notice of any judicial proceeding affecting the Trust and that ABA RF shall be entitled to retain counsel in connection with any judicial proceeding affecting the
Trust. 
 16.04 Controlling Law. To the extent not superseded by federal law, the laws of The Commonwealth of Massachusetts shall be
controlling on all matters relating to the Trust, and this Agreement, as amended from time to time, shall be administered, construed and enforced in courts situated in that state. 
 16.05 Notices, Accountings and Reports of Trustee to Employers. Notices, accountings and reports required to be given or furnished by the Trustee
to Employers may be given, pursuant to procedures contained in the Program Interface Agreement, by (a) personal delivery (b) delivery by overnight courier (c) facsimile (confirmed by telephone by the Trustee) or (d) mailing by
first class mail, postage prepaid, in all cases addressed to the party involved at the last address or facsimile number of such party recorded in the general files of the Trustee. The date of delivery in the case of (a) and (b), the date of
confirmed facsimile transmittal in the case of (c) or the date of such mailing in the case of (d) for all purposes hereunder shall be deemed to be the date as of which such notice was given or furnished to the addressee. Any notice
required under the Trust may be waived by means of a written instrument executed by the person entitled to notice. 
 16.06 Communications
Between ABA RF and Trustee. All notices, requests or other communications to be given by ABA RF or State Street to the other under this Agreement shall be considered as properly given if (a) delivered in person, (b) delivered by
overnight courier (with signed acknowledgment or receipt) or (c) sent by facsimile, confirmed by telephone by the sender, at the following addresses: 
 State Street: 
 State Street Bank and Trust Company 
 One Lincoln Street 
 Boston, Massachusetts
02111 
 Attention: Monet T. Ewing 
 Facsimile: (617) 946-9434 
  

 21 

 With a copy to: 
 State Street Bank and Trust Company 
 1200 Crown Colony Drive 
 Quincy, Massachusetts 02169 
 Attention:
Robert E. Fullam, CFA 
 Facsimile: (617) 946-9452 
 ABA RF: 
 ABA Retirement Funds 
 321 N. Clark Street, 16th Floor 
 Chicago,
Illinois 60654-7598 
 Attention: Executive Director 
 Facsimile: (312) 988-5367 
 or mailed by first-class United States mail, postage prepaid, registered or certified with
return receipt requested to ABA RF at the above address or to the Trustee at the following address: 
 State Street Bank and Trust Company

 One Lincoln Street 
 Boston,
Massachusetts 02111 
 Attention: Monet T. Ewing 
 All notices, requests or communications shall be deemed given (y) upon the expiration of five (5) Business Days after deposit if mailed or (z) upon receipt by the addressee if given in person, by courier or by facsimile. If
any communication is tendered to a party and the delivery thereof is refused by such party, such communication shall be effective upon the tender. Either party may change the address to which notices are to be delivered by written notice to the
other party as provided in this Section 16.06. 
 16.07 Trust Fund Governed by Agreement. All interests in the Trust Fund, and
all other aspects of the administration, management and investment of the Trust Fund, shall be governed by this Agreement, the Administrative and Investment Services Agreement, the Program Interface Agreement and by the requirements of applicable
laws and regulations. 
 16.08 Application of Participating Plan and Participating Trust to Trustees. Nothing contained in any
Participating Plan or Participating Trust, either expressly or by implication, shall be deemed to impose any powers, duties, or responsibilities upon the Trustee other than those set forth in this Agreement and under ERISA. 
  

 22 

 16.09 Construction of Agreement. In case any provisions of this Agreement shall be held unlawful
or invalid for any reason, said illegality or invalidity shall not affect the remaining provisions of this Agreement, but shall be fully severable, and the Agreement shall be construed and enforced as if said unlawful or invalid provisions had never
been inserted herein. 
 16.10 Construction of Terms. The singular may include the plural and vice versa, unless the context clearly
indicates to the contrary. The words “hereof,” “herein” and other similar compounds of the word “here” shall mean and refer to the entire Agreement, and not to any particular Section or Article. 
 16.11 References. Unless otherwise stated, all references to Sections and Articles are to Sections and Articles in this Agreement. 
 16.12 Waiver. Any agreement by ABA RF or the Trustee to an extension or waiver of any provision of this Trust shall be valid only if set forth in
an instrument in writing signed by such party, but such waiver or failure to insist on strict compliance with such provision shall not operate as a waiver or estoppel with respect to any subsequent or other failure. 
 16.13 Good Faith. With respect to each provision of this Agreement under which ABA RF or the Trustee has a duty to the other, both ABA RF and the
Trustee shall have an obligation to consent, respond, agree, provide notice, give and consider comments, negotiate, approve, cooperate and otherwise act in good faith and on a reasonably timely basis. 
 16.14 Actions by Trustee. In the event it should become impossible for the Trustee to perform any act provided for herein, such act shall be
performed which in the judgment of the Trustee will most nearly carry out the intent and purposes hereof, and all parties having an interest therein shall be bound by such act. 
 16.15 Successors and Assigns. The Trustee may not assign its rights and obligations under this Agreement without the prior written consent of ABA
RF. For purposes of this Section 16.15, a merger, reorganization, or transfer of substantially all of the assets of the Trustee to a successor organization shall not constitute an “assignment,” provided that the Trustee is the
survivor in any such transaction. 
 16.16 Execution of Agreement. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original, and all of such counterparts shall constitute one and the same instrument, to be sufficiently evidenced by any one such counterpart. 
 16.17 Authority. The parties to this Agreement represent, respectively, that they have duly authorized the execution, delivery and performance of this Agreement and that neither such execution and delivery nor
the performance of their obligations hereunder conflict with or violate any provision of law, rule or regulation, or any instrument to which either is a party or to which any of their respective properties are subject and that this Agreement is a
valid and binding obligation. 
  

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 [SPACE INTENTIONALLY LEFT BLANK] 
  

 24 

 IN WITNESS WHEREOF, the ABA RETIREMENT FUNDS and the Trustee have caused this amended and restated trust
agreement to be signed by their duly authorized officers this 29th day of June, 2009, effective as of the date first above written. 
  

			
	ABA RETIREMENT FUNDS
		
	By:	 	 /s/ Harry L. Hathaway

		 	President
	
	STATE STREET BANK AND TRUST COMPANY
		
	By:	 	 /s/ Nancy E. Grady

	Title:	 	Senior Vice President

  

 25

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