Document:

pld-ex101_390.htm

 

Exhibit 10.1

 

FORM OF TIME-SHARING AGREEMENT

 

 

This _________ Time-Sharing Agreement (the "Agreement") is made and entered into effective as of ________, 20__ (the "Effective Date"), by and between [INSERT PROLOGIS ENTITY], a ____________ ("Lessor") and Hamid R. Moghadam, an individual ("Lessee"), and is made and entered into with reference to the following facts and objectives:

 

RECITALS

 

A.WHEREAS, Lessor is in rightful possession of those certain aircraft identified as a ________ aircraft, Serial Number ______, U.S. Registration Number ______ with its avionics, equipment, components, accessories, instruments and other items installed in or attached to each airframe, the engines, together with all spare parts, manuals and log books carried on board and including any replacement part(s) or engine(s) which may be installed on each Aircraft from time to time, and all logs, manuals and other records relating to such Aircraft (collectively, the "Aircraft"); and

 

B.WHEREAS, Lessor has heretofore engaged a fully qualified flight crew to operate the Aircraft; and

 

C.WHEREAS, Lessee desires to lease said Aircraft and flight crew from Lessor on a time-sharing basis, as defined in Section 91.501(c)(1) of the Federal Aviation Regulations ("FAR").

 

NOW, THEREFORE, for and in consideration of the mutual promises, covenants and conditions herein set forth, Lessor and Lessee agree as follows:

 

1.Lease of Aircraft; Term of Lease.  Lessor agrees to lease the Aircraft to Lessee pursuant to the provisions of FAR 91.501(c)(1) and to provide a fully qualified flight crew for all operations for the period commencing on the Effective Date of this Agreement and terminating on the date that is twelve (12) months subsequent thereto.  At the end of the initial twelve (12) month term, this Agreement shall be automatically renewed for successive terms of twelve (12) months each.  Either party may terminate this Agreement at any time, by giving thirty (30) days written notice to the other party of their election to terminate the Agreement.

 

2.Lessee's Payment Obligations.  Lessee shall pay Lessor for each flight conducted under this Agreement the aggregate incremental cost of each specific flight.  Such cost shall in no event exceed the sum of the following expenses authorized by FAR Part 91.501(d);

 

	
 
	
A.
	
Fuel, oil, lubricants, and other additives;

 

	
 
	
B.
	
Travel expenses of the crew, including food, lodging and ground transportation;

 

	
 
	
C.
	
Hangar and tie down costs away from the Aircraft’s base of operation;

 

	
 
	
D.
	
Insurance obtained for the specific flight;

 

	
 
	
E.
	
Landing fees, airport taxes and similar assessments including, but not limited to IRC Section 4261 and related excise taxes;

 

 

 

	
 
	
F.
	
Customs, foreign permit, and similar fees directly related to the flight;

 

	
 
	
G.
	
In-flight food and beverages;

 

	
 
	
H.
	
Passenger ground transportation;

 

	
 
	
I.
	
Flight planning and weather contract services; and

 

	
 
	
J.
	
An additional charge equal to 100% of the expenses listed in subparagraph (A) of this paragraph.

 

3.Invoicing for Flights.  Lessor will pay all expenses related to the operation of the Aircraft when incurred, and will provide, or contract with third parties to provide, an invoice to Lessee for the incremental cost of each specific flight.  Lessee shall pay Lessor for said expenses within thirty (30) days of receipt of the invoice therefor (or as otherwise agreed between Lessor and Lessee).

 

4.Request for Flights by Lessee. Lessee will provide Lessor with requests for flight time and proposed flight schedules as far in advance of any given flight as possible.  Requests for flight time shall be in a form, whether written or oral, mutually convenient to, and agreed upon by the parties.  In addition to the proposed schedules and flight times, Lessee shall provide at least the following information for each proposed flight at some time prior to the scheduled departure time, as required by the Lessor or Lessor’s flight crew:

 

A.proposed departure point;

 

B.destination;

 

C.date and time of flight;

 

D.the number of anticipated passengers;

 

E.the nature and extent of luggage and/or cargo to be carried, if and as required;

 

F.the date and time of return flight, if any; and

 

G.any other information concerning the proposed flight that may be pertinent or required by Lessor or Lessor’s flight crew.

 

5.Scheduling Flights.  Lessor shall have final authority over the scheduling of the Aircraft, provided, however, that Lessor will use its reasonable efforts to accommodate Lessee’s needs and to avoid conflicts in scheduling.

 

6.Maintenance of Aircraft.  Lessor shall be solely responsible for arranging for the performance of all scheduled and unscheduled maintenance or preventive maintenance and shall cause to be performed all required or necessary inspections on the Aircraft, and shall take all such requirements into account in scheduling the Aircraft.  No period of maintenance, preventative maintenance or inspection shall be delayed or postponed for the purpose of scheduling the Aircraft, unless said maintenance or inspection can be safely conducted at a later time in compliance with all applicable laws and regulations, and within the sound discretion of the pilot in command.  The pilot in command shall have final and complete authority to cancel any flight for any reason or condition, which in his or her judgment would compromise the safety of the flight.

 

 

 

7.Flight Crew.  Lessor shall contract with others to employ, pay for and provide to Lessee, a qualified flight crew for each flight undertaken under this Agreement.

 

8.Safety of Flights.  In accordance with applicable FAR, the qualified flight crew provided by Lessor will exercise all of its duties and responsibilities in regard to the safety of each flight conducted hereunder.  Lessee specifically agrees that the flight crew, in its sole discretion, may terminate any flight, refuse to commence any flight, or take other action, which in the considered judgment of the pilot in command is necessitated by considerations of safety.  No such action of the pilot in command shall create or support any liability for loss, injury, damage or delay to Lessee or any other person.  The parties further agree that Lessor shall not be liable for delay or failure to furnish the Aircraft and crew pursuant to this Agreement when such failure is caused by government regulation or authority, mechanical difficulty, war, civil commotion, strikes or labor disputes, weather conditions, or acts of God.

 

9.Insurance.  Lessor shall cause Lessee to be added as an additional named insured with respect to the insurance coverage that is currently in place for the Aircraft, provided, however, that the cost of such addition to the insurance coverage, if any, shall be borne by Lessee.  

 

10.Representations of Lessee.  Lessee warrants that during the term of this Agreement:

 

A.He shall use the Aircraft for and on account of his own business only, and will not use the Aircraft for the purpose of providing transportation of passengers or cargo in air commerce for compensation or hire;

 

B.He shall refrain from incurring any mechanics or other lien in connection with inspection, preventative maintenance, maintenance or storage of the Aircraft, whether permissible or impermissible under this Agreement, nor shall there be any attempt by any party hereto to convey, mortgage, assign, lease or any way alienate the Aircraft or create any kind of lien or security interest involving the Aircraft or do anything or take any action that might mature into such a lien;

 

C.He shall abide by and conform to all such laws, governmental and airport orders, rules and regulations, as shall from time to time be in effect relating in any way to the operation and use of the Aircraft by a time-sharing Lessee;

 

D.He shall not violate, and shall not permit any of his employees, agents, or guests to violate, any applicable law, regulation or rule of the United States, and state, territory of local authority, or any foreign government or subdivision thereof, and shall not bring or cause to be brought or carried on board the Aircraft, or permit any employee, agent or guest to bring or cause to be brought or carried on board the Aircraft, any contraband or unlawful articles or substance in any jurisdiction into or over which the Aircraft is to operate on its behalf.

 

E.He shall, and he shall cause his employees, agents and guests to, comply with all lawful instructions and procedures of Lessor and its agents and employees regarding the Aircraft, its operation or flight safety.

 

F.That his discretion in determining the origin and destination of flights under this Agreement shall at all times be subject to the following:

 

 

 

(i) such origin and destination, and the routes to reach such origin and destination, are not within or over (a) an area of hostilities, (b) an area excluded from coverage under the insurance policies maintained by Lessor with respect to the Aircraft, or (c) a country or jurisdiction for which exports or transactions are subject to specific restrictions under any United States export or other law or United Nations Security Council Directive, including without limitation, the Trading With the Enemy Act, 50 U.S.C. App. Section 1 et seq. and International Emergency Economic Powers Act, 50 U.S.C. App. Sections 1700 et seq. and the Export Administration Act, 50 U.S.C. Sections 2401 et. seq.; 

 

(ii) any flights proposed or conducted shall not cause (a) the Aircraft or any part thereof to be used predominately outside the United States within the meaning of the Section 168(g)(1)(A) of the Internal Revenue Code of 1986, as amended (the "Code"), and/or fail to be operated to and from the United States within the meaning of Section 168(g)(4)(A) of the Code; or (b) any item of income, gain, deduction, loss or credit with respect to the transactions contemplated by this Agreement to be treated as derived from, or allocable to, sources without the United States within the meaning of Section 862 of the Code; 

 

(iii) any proposed flight shall not require the flight crew to exceed any flight or duty time limitations that Lessor imposes on its flight crews; and 

 

(iv) the safety of flight shall not be jeopardized.

 

11.OPERATIONAL CONTROL. THE PARTIES EXPRESSLY AGREE THAT LESSOR SHALL HAVE AND MAINTAIN SOLE OPERATIONAL CONTROL OF THE AIRCRAFT AND EXCLUSIVE POSSESSION, COMMAND AND CONTROL OF THE AIRCRAFT FOR ALL FLIGHTS OPERATED UNDER THIS AGREEMENT, AND THAT THE INTENT OF THE PARTIES IS THAT THIS AGREEMENT CONSTITUTE A "TIME SHARING AGREEMENT" AS SUCH TERM IS DEFINED IN SECTION 91.501(C)(1) OF THE FAR.  LESSOR SHALL EXERCISE EXCLUSIVE AUTHORITY OVER INITIATING, CONDUCTING, OR TERMINATING ANY FLIGHT CONDUCTED ON BEHALF OF LESSEE PURSUANT TO THIS AGREEMENT.

 

12.Taxes.  Lessee shall be responsible for, shall indemnify and hold harmless Lessor against, any taxes which may be assessed or levied as a result of the lease of the Aircraft to Lessee, or the use of the Aircraft by Lessee. Without limiting the generality of the foregoing, Lessee and Lessor specifically acknowledge that all of Lessee's flights will be subject to commercial air transportation excise taxes pursuant to Section 4261 of the Internal Revenue Code, regardless of whether any such flight is considered "noncommercial" under the FAR.  Lessee shall remit to Lessor all such taxes together with each payment made pursuant to Paragraph 3 above.

 

13.No Assignment.  Neither this Agreement nor any party’s interest herein shall be assignable to any other party whatsoever.  This Agreement shall inure to the benefit of and be binding upon the parties hereto, their heirs, representatives and successors.

 

14.Governing Law.  This Agreement shall be governed by, and construed in accordance with the laws of the State of Delaware, without giving effect to its conflict of laws provisions. 

 

 

 

15.TRUTH IN LEASING STATEMENT

 

LESSOR CERTIFIES THAT DURING THE TWELVE (12) MONTH PERIOD PRECEDING THE DATE OF THIS LEASE, THE AIRCRAFT, A _________, CURRENTLY REGISTERED WITH THE FEDERAL AVIATION ADMINISTRATION AS ____________, HAVE EACH BEEN MAINTAINED AND INSPECTED UNDER FAR PART 91.

 

THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED UNDER FAR PART 91 FOR OPERATIONS TO BE CONDUCTED UNDER THIS LEASE.  DURING THE DURATION OF THIS LEASE, LESSOR IS CONSIDERED RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT UNDER THIS LEASE.

 

AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE.

 

THE "INSTRUCTIONS FOR COMPLIANCE WITH TRUTH IN LEASING REQUIREMENTS" ATTACHED HERETO ARE INCORPORATED HEREIN BY REFERENCE.

 

(Signature page follows)

 

 

 

IN WITNESS WHEREOF, the parties have executed this Agreement.

 

LESSOR:

 

_____________________,

a __________________,

 

 

 

By: ___________________

Name:Date and Time of Execution

Title:   

 

 

 

LESSEE:

 

 

 

 

By: _______________________

Hamid R. Moghadam Date and Time of Execution

 

 

 

 

INSTRUCTIONS FOR COMPLIANCE WITH "TRUTH IN LEASING"

REQUIREMENTS

 

 

 

1.Telephone the nearest Flight Standards District Office at least forty-eight hours prior to the first flight under this lease.

 

 

2.Within 24 hours after execution of this lease, mail a copy to the following address via certified mail, return receipt requested:

 

Federal Aviation Administration

Aircraft Registration Branch

Attn: Technical Services

P.O. Box 25724

Oklahoma City, Oklahoma 73125

 

 

	
 
	
3.
	
Carry a copy of the lease in the aircraft at all times.

 

 

 

PLEASE NOTE:

 

 

Federal Excise Tax must be collected on the hourly cost of each flight conducted under the Time Sharing Agreement, and remitted to the Federal Government.EX-10.1

 Exhibit 10.1 

PYRAMAX BANK, FSB 

EMPLOYEE STOCK OWNERSHIP PLAN 

(adopted effective January 1, 2019) 

 PYRAMAX BANK, FSB 

EMPLOYEE STOCK OWNERSHIP PLAN 

This Employee Stock Ownership Plan (the “Plan”) has been executed on ______________ ___, 2018, by PyraMax Bank, FSB effective as of
the 1st day of January, 2019. 
 W I T N E S S E T H  T H A T 

WHEREAS, the board of directors of the Bank has resolved to adopt an employee stock ownership plan for eligible employees of the Bank and
subsidiaries of the Bank, if any, in accordance with the terms and conditions set forth herein; 
 NOW, THEREFORE, the Bank hereby adopts
the following Plan setting forth the terms and conditions pertaining to contributions by the Employer and the payment of benefits to Participants and Beneficiaries. 

IN WITNESS WHEREOF, the Bank has adopted this Plan and caused this instrument to be executed by its duly authorized officers as of the above
date. 
  

							
	ATTEST:	 		 	PYRAMAX BANK, FSB
				
	 	 		 	By:	 	 
	Secretary	 		 		 	President and Chief Executive Officer

 C O N T E N T S 

 

					
	 	  	Page No.	 
	Section 1.         Plan Identity.	  	 	1	 
		
	   1.1      Name
	  	 	1	 
	   1.2      Purpose
	  	 	1	 
	   1.3      Effective Date
	  	 	1	 
	   1.4      Fiscal Period
	  	 	1	 
	   1.5      Single Plan for All
Employers
	  	 	1	 
	   1.6      Interpretation of Provisions
	  	 	1	 
		
	Section 2.         Definitions.	  	 	1	 
		
	Section 3.         Eligibility for Participation.	  	 	12	 
		
	   3.1      Initial Eligibility
	  	 	12	 
	   3.2      Definition of Eligibility
Year
	  	 	12	 
	   3.3      Terminated Employees
	  	 	12	 
	   3.4      Certain Employees Ineligible
	  	 	12	 
	   3.5      Participation and
Reparticipation
	  	 	13	 
	   3.6      Omission of Eligible
Employee
	  	 	13	 
	   3.7      Inclusion of Ineligible
Employee
	  	 	13	 
		
	Section 4.         Contributions and Credits.	  	 	14	 
		
	   4.1      Discretionary Contributions
	  	 	14	 
	   4.2      Contributions for Exempt
Loans
	  	 	14	 
	   4.3      Conditions as to
Contributions
	  	 	14	 
	   4.4      Rollover Contributions
	  	 	15	 
		
	Section 5.         Limitations on Contributions and Allocations.	  	 	15	 
		
	   5.1      Limitation on Annual
Additions
	  	 	15	 
	   5.2      Effect of Limitations
	  	 	17	 
	   5.3      Limitations as to Certain
Participants
	  	 	17	 
	   5.4      Erroneous Allocations
	  	 	18	 
		
	Section 6.         Trust Fund and Its Investment.	  	 	18	 
		
	   6.1      Creation of Trust Fund
	  	 	18	 
	   6.2      Stock Fund and Investment
Fund
	  	 	18	 
	   6.3      Acquisition of Stock
	  	 	18	 
	   6.4      Participants’ Option to
Diversify
	  	 	19	 
		
	Section 7.         Voting Rights and Dividends on Stock.	  	 	20	 
		
	   7.1      Voting and Tendering of
Stock
	  	 	20	 
	   7.2      Application of Dividends
	  	 	21	 
		
	Section 8.         Adjustments to Accounts.	  	 	22	 
		
	   8.1      ESOP Allocations
	  	 	22	 
	   8.2      Charges to Accounts
	  	 	23	 
	   8.3      Stock Fund Account
	  	 	23	 
	   8.4      Investment Fund Account
	  	 	24	 
	   8.5      Adjustment to Value of Trust
Fund
	  	 	24	 
	   8.6      Participant Statements
	  	 	24	 

					
	 	  	Page No.	 
		
	Section 9.         Vesting of Participants’ Interests.	  	 	24	 
		
	   9.1      Vesting in Accounts
	  	 	24	 
	   9.2      Computation of Vesting Years
	  	 	25	 
	   9.3      Full Vesting Upon Certain
Events
	  	 	26	 
	   9.4      Full Vesting Upon Plan
Termination
	  	 	27	 
	   9.5      Forfeiture, Repayment, and
Restoral
	  	 	27	 
	   9.6      Accounting for Forfeitures
	  	 	27	 
	   9.7      Vesting and
Nonforfeitability
	  	 	28	 
		
	Section 10.       Payment of Benefits.	  	 	28	 
		
	 10.1      Benefits for Participants
	  	 	28	 
	 10.2      Time for Distribution
	  	 	29	 
	 10.3      Marital Status
	  	 	30	 
	 10.4      Delay in Benefit Determination
	  	 	30	 
	 10.5      Accounting for Benefit Payments
	  	 	30	 
	 10.6      Options to Receive Stock
	  	 	31	 
	 10.7      Restrictions on Disposition of Stock
	  	 	32	 
	 10.8      Continuing Loan Provisions; Creations of Protections
and Rights
	  	 	32	 
	 10.9      Direct Rollover of Eligible
Distribution
	  	 	32	 
	 10.10    Waiver of 30-Day Period
After Notice of Distribution
	  	 	33	 
		
	Section 11.       Rules Governing Benefit Claims and Review of Appeals	  	 	33	 
		
	 11.1      Claim for Benefits
	  	 	33	 
	 11.2      Notification by Committee
	  	 	34	 
	 11.3      Claims Review Procedure
	  	 	34	 
		
	Section 12.       The Committee and its Functions.	  	 	34	 
		
	 12.1      Authority of Committee
	  	 	34	 
	 12.2      Identity of Committee
	  	 	35	 
	 12.3      Duties of Committee
	  	 	35	 
	 12.4      Valuation of Stock
	  	 	35	 
	 12.5      Compliance with ERISA
	  	 	35	 
	 12.6      Action by Committee
	  	 	35	 
	 12.7      Execution of Documents
	  	 	35	 
	 12.8      Adoption of Rules
	  	 	35	 
	 12.9      Responsibilities to Participants
	  	 	36	 
	 12.10    Alternative Payees in Event of Incapacity
	  	 	36	 
	 12.11    Indemnification by Employers
	  	 	36	 
	 12.12    Nonparticipation by Interested Member
	  	 	36	 
		
	Section 13.       Adoption, Amendment, or Termination of the Plan.	  	 	36	 
		
	 13.1      Adoption of Plan by Other Employers
	  	 	36	 
	 13.2      Plan Adoption Subject to Qualification
	  	 	37	 
	 13.3      Right to Amend or Terminate
	  	 	37	 

  
 ii 

					
	 	  	Page No.	 
		
	Section 14.       Miscellaneous Provisions.	  	 	37	 
		
	 14.1      Plan Creates No Employment Rights
	  	 	37	 
	 14.2      Nonassignability of Benefits
	  	 	38	 
	 14.3      Limit of Employer Liability
	  	 	38	 
	 14.4      Treatment of Expenses
	  	 	38	 
	 14.5      Number and Gender
	  	 	38	 
	 14.6      Nondiversion of Assets
	  	 	38	 
	 14.7      Separability of Provisions
	  	 	38	 
	 14.8      Service of Process
	  	 	38	 
	 14.9      Governing State Law
	  	 	38	 
	 14.10    Employer Contributions Conditioned on
Deductibility
	  	 	39	 
	 14.11    Unclaimed Accounts
	  	 	39	 
	 14.12    Qualified Domestic Relations Order
	  	 	39	 
	 14.13    Use of Electronic Media to Provide Notices and Make Participant
Elections
	  	 	40	 
	 14.14    Acquisition of Securities
	  	 	40	 
	 14.15    Additional Benefits under Code
Section 401(a)(37)
	  	 	40	 
		
	Section 15.       Top-Heavy Provisions.	  	 	40	 
		
	 15.1      Top-Heavy
Plan
	  	 	40	 
	 15.2      Definitions
	  	 	41	 
	 15.3      Top-Heavy
Rules of Application
	  	 	42	 
	 15.4      Minimum Contributions
	  	 	43	 
	 15.5      Top-Heavy
Provisions Control in Top-Heavy Plan
	  	 	43	 

  

  
 iii 

 PYRAMAX BANK, FSB 

EMPLOYEE STOCK OWNERSHIP PLAN 

Section 1.    Plan Identity. 

1.1    Name. The name of this Plan is “PyraMax Bank, FSB Employee Stock Ownership Plan.” 

1.2    Purpose. The purpose of this Plan is to describe the terms and conditions under which contributions
made pursuant to the Plan will be credited and paid to the Participants and their Beneficiaries. 

1.3    Effective Date. The Effective Date of this Plan is January 1, 2019. 

1.4    Fiscal Period. This Plan shall be operated on the basis of a January 1 to December 31
fiscal year for the purpose of keeping the Plan’s books and records and distributing or filing any reports or returns required by law. 

1.5    Single Plan for All Employers. This Plan shall be treated as a single plan with respect to all
participating Employers for the purpose of crediting contributions and forfeitures and distributing benefits, determining whether there has been any termination of Service, and applying the limitations set forth in Section 5. 

1.6    Interpretation of Provisions. The Employers intend this Plan and the Trust Agreement to be a
qualified stock bonus plan under Section 401(a) of the Code and an employee stock ownership plan within the meaning of Section 407(d)(6) of ERISA and Section 4975(e)(7) of the Code. The Plan is intended to have its assets invested
primarily in qualifying employer securities of one or more Employers within the meaning of Section 407(d)(3) of ERISA, and to satisfy any requirement under ERISA or the Code applicable to such a plan. The Plan is not subject to the
diversification requirements of Code Section 401(a)(35). 
 Accordingly, the Plan and Trust Agreement shall be interpreted and applied
in a manner consistent with this intent and shall be administered at all times and in all respects in a nondiscriminatory manner. 

Section 2.    Definitions. 

The following capitalized words and phrases shall have the meanings specified when used in this Plan and in the Trust Agreement, unless the
context clearly indicates otherwise: 
 “Account” means a Participant’s interest in the assets accumulated under this
Plan as expressed in terms of a separate account balance which is periodically adjusted to reflect his or her Employer’s contributions, the Plan’s investment experience, and distributions and forfeitures. 

“Active Participant” means a Participant who has satisfied the eligibility requirements under Section 3 and who has at
least 1,000 Hours of Service during the current Plan Year. However, a Participant shall not qualify as an Active Participant unless (i) he is in active Service with an Employer as of the last day of the Plan Year, or (ii) he is on a
Recognized Absence as of that date, or (iii) his Service terminated during the Plan Year by reason of Disability, death, or Normal Retirement. 

 “Bank” means PyraMax Bank, FSB and any entity which succeeds to the
business of PyraMax Bank, FSB and adopts this Plan as its own pursuant to Section 13.1 of the Plan. 
 “Beneficiary”
means the person or persons who are designated by a Participant to receive benefits payable under the Plan on the Participant’s death. In the absence of any designation or if all the designated Beneficiaries shall die before the Participant
dies or shall die before all benefits have been paid, the Participant’s Beneficiary shall be his or her surviving Spouse, if any, or his or her estate if he is not survived by a Spouse. The Committee may rely upon the advice of the
Participant’s executor or administrator as to the identity of the Participant’s Spouse. 
 “Break in Service”
means any Plan Year, or, for the initial eligibility computation period under Section 3.2, the 12-consecutive month period beginning on the first day of which an Employee has an Hour of Service, in which
an Employee has 500 or fewer Hours of Service. Solely for this purpose, an Employee shall be considered employed for his or her normal hours of paid employment during a Recognized Absence (said Employee shall not be credited with more than 501 Hours
of Service to avoid a Break in Service), unless he does not resume his or her Service at the end of the Recognized Absence. Further, if an Employee is absent for any period (i) by reason of the Employee’s pregnancy, (ii) by reason of
the birth of the Employee’s child, (iii) by reason of the placement of a child with the Employee in connection with the Employee’s adoption of the child, or (iv) for purposes of caring for such child for a period beginning
immediately after such birth or placement, the Employee shall be credited with the Hours of Service which would normally have been credited but for such absence, up to a maximum of 501 Hours of Service. Hours of Service shall be credited only in the
year in which the absence from work begins, if a Participant would be prevented from incurring a one-year Break in Service in such year solely because the period of absence is treated as Hours of Service, or
in any other case, in the immediately following year. 
 “Closing Date” means the closing date of the initial public stock
offering of the Company in connection with the mutual to stock conversion of the Bank. 
 “Code” means the Internal Revenue
Code of 1986, as amended. 
 “Committee” means the committee responsible for the administration of this Plan in accordance
with Section 12. 
 “Company” means 1895 Bancorp of Wisconsin, Inc., the holding company of the Bank, and any
successor entity which succeeds to the business of the Company. 
 “Compensation” shall mean: 

(a)    415 Compensation. 

  
 2 

 (b)    If a determination period consists of fewer than
12 months, the annual compensation limit is an amount equal to the otherwise applicable compensation limit set forth under Section 5.1-2 multiplied by a fraction. The numerator of the fraction is the
number of months in the short determination period, and the denominator of the fraction is 12. 

(c)    A Participant’s Compensation shall exclude any portion of the Plan Year in which the
Participant had not yet entered the Plan (e.g., the period before the Participant’s Entry Date). 
 “Disability” means
the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not
less than 12 months. An individual shall not be considered to be permanently and totally disabled unless he furnishes proof of the existence thereof in such form and manner, and at such times, as the Committee may require. 

“Eligible Employee” means an Employee, other than an Employee identified in Section 3.4, who has performed 1,000 Hours
of Service in the applicable Eligibility Year in accordance with Section 3.2 and who has attained age 21. 

“Employee” means any individual who is or has been employed or self-employed by an
Employer. “Employee” also means an individual employed by a leasing organization who, pursuant to an agreement between an Employer and the leasing organization, has performed services for the Employer and any related persons (within the
meaning of Section 414(n)(6) of the Code) on a substantially full-time basis for more than one year, if such services are performed under the primary direction or control of the Employer. However, such a
“leased employee” shall not be considered an Employee if (i) he participates in a money purchase pension plan sponsored by the leasing organization which provides for immediate participation, immediate full vesting, and an annual
contribution of at least 10 percent of the Employee’s 415 Compensation, and (ii) leased employees do not constitute more than 20 percent of the Employer’s total work force (including leased employees, but excluding Highly
Compensated Employees and any other Employees who have not performed services for the Employer on a substantially full-time basis for at least one year). 

“Employer” means the Bank, any subsidiary of the Bank and any other corporation, partnership, or proprietorship which adopts
this Plan with the Bank’s consent pursuant to Section 13.1, and also any entity which succeeds to the business of any Employer and adopts the Plan pursuant to Section 13. 

“Entry Date” means the Effective Date and each July 1 and January 1 of each Plan Year after such date. 

“ERISA” means the Employee Retirement Income Security Act of 1974 (P.L. 93-406, as
amended). 

  
 3 

 “Exempt Loan” means an indebtedness arising from any extension of credit to
the Plan or the Trust which satisfies the requirements set forth in Section 6.3 and which was obtained for any or all of the following purposes: 

(i)    to acquire qualifying Employer securities as defined in Treasury Regulations Section 54.4975-12; 
 (ii)    to repay such Exempt Loan; or 

(iii)    to repay a prior exempt loan. 

“415 Compensation” shall mean: 

(a)    Compensation that includes the following: 

(i)    Wages, salaries, fees for professional services, and other amounts received (without regard to
whether or not an amount is paid in cash) for personal services actually rendered in the course of employment with the Employer maintaining the Plan, to the extent that the amounts are includible in gross income (or to the extent amounts would have
been received in includible in gross income but for an election under Code section 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b)). These amounts include, but are not limited to, commissions paid to salespersons, compensation for
services on the basis of a percentage of profits, commissions on insurance premiums, tips, and bonus. 

(ii)    Amounts described in Code section 104(a)(3), 105(a), or 105(h), but only to the extent that these
amounts are includible in the gross income of the Employee. 
 (iii)    Amounts paid or reimbursed by the
Employer for moving expenses incurred by an Employee, but only to the extent that at the time of the payment it is reasonable to believe that these amounts are not deductible by the Employee under Code section 217. 

(iv)    The value of a nonstatutory option (which is an option other than a statutory option as described
in Treas. Reg. section 1.421-1(b)) granted to an Employee by the Employer, but only to the extent that the value of the option is includible in the gross income of the Employee for the taxable year in which
granted. 
 (v)    The amount includible in the gross income of an Employee upon making the election
described in Code section 83(b). 
 (vi)    Amounts that are includible in the gross income of an
Employee under the rules of Code section 409A or 457(f)(1)(A) or because the amounts are constructively received by the Employee. 

  
 4 

 (b)    Compensation that excludes all of the following:

 (i)    Contributions (other than elective contributions described in Code section 402(e)(3),
408(k)(6), 408(p)(2)(A)(i), or 457(b)) made by the Employer to a plan of deferred compensation (including a simplified employee pension plan described in Code section 408(k) or a simple retirement account described in Code section 408(p), and
whether or not qualified) to the extent that the contributions are not includible in the gross income of the Employee for the taxable year in which contributed. In addition, any distributions from a plan of deferred compensation (whether or not
qualified) are not considered as compensation for Code section 415 purposes, regardless of whether such amounts are includible in the gross income of the Employee when distributed. 

(ii)     Amounts realized from the exercise of a nonstatutory option (which is an option other than a
statutory option as defined in Treas. Reg. section 1.421-1(b)), or when restricted stock or other property held by an Employee either becomes freely transferable or is no longer subject to a substantial risk
of forfeiture (see Code section 83 and regulations promulgated thereunder). 
 (iii)    Amounts realized
from the sale, exchange, or other disposition of stock acquired under a statutory stock option (as defined in Treas. Reg. section 1.421-1(b)). 

(iv)     Other amounts that receive special tax benefits, such as premiums for group-term life insurance
(but only to the extent that the premiums are not includible in the gross income of the Employee and are not salary reduction amounts that are described in Code section 125). 

(v)    Other items of remuneration that are similar to any of the items listed in paragraphs (b)(1) through
(b)(4) of this section. 
 (vi)    Reimbursements or other expense allowances, fringe benefits, moving
expenses, deferred compensation, non-qualified unfunded deferred compensation and welfare benefits for all sources. 

(c)    415 Compensation shall also include the following types of compensation paid after a
Participant’s severance from employment with the Employer, provided that amounts described in paragraphs (i) or (ii) below shall only be included in 415 Compensation to the extent such amounts are paid by the later of 2 1⁄2 months after severance from employment, or by the end of the limitation year that includes the date of such severance from employment. 

(i)    Regular Pay. 415 Compensation shall include regular pay after severance from employment if
(a) the payment is for regular compensation for services during the Participant’s regular working hours, or compensation for services outside of the Participant’s regular working hours (such as overtime or shift differential),
commissions, bonuses, or other similar payments, and (b) the payment would have been paid to the Participant prior to severance from employment if the Participant had continued in employment with the Employer. 

  
 5 

 (ii)    Leave Cashouts. Leave cashouts shall be included
in 415 Compensation if those amounts would have been included in the definition of 415 Compensation if they were paid prior to the Participant’s severance from employment, and the amounts are payment for unused accrued bona fide sick, vacation
or other leave, but only if the Participant would have been able to use the leave if his or her employment had continued. 

(d)    415 Compensation includes differential wage payments (as defined in Code Section 3401(h)) paid
by the Employer to a former Employee who is performing qualified military services (as defined in Code Section 414(u)(1)) but only to the extent that those differential wage payments do not exceed the amounts the individual would have received
if the individual had continued to perform services for the Employer rather than entering qualified military service. 

(e)    415 Compensation in excess of $265,000 (as indexed) shall be disregarded for all Participants. For
purposes of this sub-section, the $265,000 limit shall be referred to as the “applicable limit” for the Plan Year in question. The $265,000 limit shall be adjusted for increases in the cost of living
in accordance with Section 401(a)(17)(B) of the Code, effective for the Plan Year which begins within the applicable calendar year. For purposes of the applicable limit, 415 Compensation shall be prorated over short Plan Years and only
compensation for the portion of the Plan Year during which the individual was a Participant shall be taken into account. 
 “Highly
Compensated Employee” for any Plan Year means an Employee who during the Plan Year performed Services for the Employer and, who during either that or the immediately preceding Plan Year was at any time a five percent owner of the Employer
(as defined in Code Section 416(i)(1)) or, during the immediately preceding Plan Year, had 415 Compensation exceeding $120,000 (as adjusted). The applicable year for which a determination is being made is called a “determination year”
and the preceding 12-month period is called a look-back year. The determination of who is a Highly Compensated Employee will be made in accordance with Code Section 414(q) and the regulations thereunder
to the extent they are not inconsistent with the foregoing. 
 “Hours of Service” means hours to be credited to an Employee
under the following rules: 
 (a)    Each hour for which an Employee is paid or is entitled to be paid
for services to an Employer is an Hour of Service. If the Employer is a member of an affiliated service group under Code Section 414(m), a controlled group of corporations under Code Section 414(c) or any other entity required to be
aggregated with the Employer pursuant to Code Section 414(o), Service will be credited for any employment with such groups during the time the Employer is a member of the applicable group. Service will also be credited for any individual
considered an Employee under Code Sections 414(n) or 414(o). 

  
 6 

 (b)    Each hour for which an Employee is directly or
indirectly paid or is entitled to be paid for a period of vacation, holidays, illness, disability, lay-off, jury duty, temporary military duty, or leave of absence is an Hour of Service. However, except as
otherwise specifically provided, no more than 501 Hours of Service shall be credited for any single continuous period which an Employee performs no duties. No more than 501 Hours of Service will be credited under this paragraph for any single
continuous period (whether or not such period occurs in a single computation period). Further, no Hours of Service shall be credited on account of payments made solely under a plan maintained to comply with worker’s compensation, unemployment
compensation, or disability insurance laws, or to reimburse an Employee for medical expenses. 

(c)    Each hour for which back pay (ignoring any mitigation of damages) is either awarded or agreed to by
an Employer is an Hour of Service. However, no more than 501 Hours of Service shall be credited for any single continuous period during which an Employee would not have performed any duties. The same Hours of Service will not be credited both under
paragraph (a) or (b) as the case may be, and under this paragraph (c). These hours will be credited to the employee for the computation period or periods to which the award or agreement pertains rather than the computation period in which the
award agreement or payment is made. 
 (d)    Hours of Service shall be credited in any one period only
under one of the foregoing paragraphs (a), (b) and (c); an Employee may not get double credit for the same period. 

(f)    Hours of Service to be credited on account of a payment to an Employee (including back pay) shall be
recorded in the period of Service for which the payment was made. If the period overlaps two or more Plan Years, the Hours of Service credit shall be allocated in proportion to the respective portions of the period included in the several Plan
Years. However, in the case of periods of 31 days or less, the Committee may apply a uniform policy of crediting the Hours of Service to either the first Plan Year or the second. 

(g)    In all respects an Employee’s Hours of Service shall be counted as required by Section 2530.200b-2(b) and (c) of the Department of Labor’s regulations under Title I of ERISA. 

“Investment Fund” means that portion of the Trust Fund consisting of assets other than Stock. Notwithstanding the above,
assets from the Investment Fund may be used to purchase Stock in the open market or otherwise, or used to pay on the Exempt Loan, and shares so purchased will be allocated to a Participant’s Stock Fund. 

“Normal Retirement” means retirement on or after the Participant’s Normal Retirement Date. 

“Normal Retirement Date” means the later of (i) Participant’s
65th birthday, or (ii) the date on which the Participant is credited with five (5) years of Service. 

“Participant” means any Eligible Employee who is an Active Participant participating in the Plan, or Eligible Employee or
former Employee who was previously an Active Participant and still has a balance credited to his or her Account. 

  
 7 

 “Period of Uniformed Service” means the length of time that an Employee
serves in the Uniformed Services. 
 “Plan Year” means the twelve-month period commencing January 1 and ending
December 31 and each period of 12 consecutive months beginning on January 1 of each succeeding year. 
 “Readily Tradable
on an Established Securities Market” has the meaning set forth in Treasury Regulation Section 1.401(a)(35)-1(f)(5) for purposes of Code Section 401(a)(22), 401(a)(28)(C) and 409(h)(1)(B) and
409(1), which means: (i) the security is traded on a national securities exchange that is registered under section 6 of the Securities Exchange Act of 1934, as amended; or (ii) the security is traded on a national securities exchange that
is officially recognized, sanctioned or supervised by governmental authority and the security is deemed by the Securities and Exchange Commission as having a “ready market” under SEC Rule
15c3-1.” 
 “Recognized Absence” means a period for which — 

(a)    an Employer grants an Employee a leave of absence for a limited period, but only if an Employer
grants such leave on a nondiscriminatory basis; or 
 (b)    an Employee is temporarily laid off by an
Employer because of a change in business conditions; or 
 (c)    an Employee is on active military duty,
but only to the extent that his or her employment rights are protected by the Military Selective Service Act of 1967 (38 U.S.C. Sec. 2021). 

“Reemployment After a Period of Uniformed Service” 

(a)    “Reemployment (or Reemployed) After a Period of Uniformed Service” means that an
Employee returned to employment with a Participating Employer, within the time frame set forth in subparagraph (b) below, after a Period of Uniformed Service in the Uniformed Services and the following rules corresponding to provisions of the
Uniformed Services Employment and Reemployment Rights Act of 1994 (“USERRA”) apply: (i) he or she gives sufficient notice of leave to the Participating Employer prior to commencing a Period of Uniformed Service, or is excused
from providing such notice; (ii) his or her employment with the Participating Employer prior to a Period of Uniformed Service was not of a brief, nonrecurrent nature that would preclude a reasonable expectation that such employment would
continue indefinitely or for a significant period; (iii) the Participating Employer’s circumstances have not changed so that reemployment is unreasonable or an undue hardship to the Participating Employer; and (iv) the applicable
cumulative Periods of Uniformed Service under USERRA equals five years or less, unless service in the Uniformed Services: 

(1)    in excess of five years is required to complete an initial Period of Uniformed Service; 

  
 8 

 (2)    prevents the Participant from obtaining orders
releasing him or her from such Period of Uniformed Service prior to the expiration of a five-year period (through no fault of the Participant); 

(3)    is required in the National Guard for drill and instruction, field exercises or active duty
training, or to fulfill necessary additional training, or to fulfill necessary additional training requirements certified in writing by the Secretary of the branch of Uniformed Services concerned; or 

(4)    for a Participant is 

(A)    required other than for training under any provisions of law during a war or national agency
declared by the President or Congress; 
 (B)    required (other than for training) in support of
an operational mission for which personnel have been ordered to active duty other than during war or national emergency; 

(C)    required in support of a critical mission or requirement of the Uniformed Services; or 

(D)    the result of being called into service as a member of the National Guard by the President in the
case of rebellion or danger of rebellion against the authority of the United States Government or if the President is unable to execute the laws of the United States with the regular forces. 

(b)    The applicable statutory time frames within which an Employee must report to a Participating
Employer after a Period of Uniformed Service are as follows: 
 (1)    If the Period of Uniformed Service
was less than 31 days, 
 (A)    not later than the beginning of the first full regularly scheduled work
period on the first full calendar day following the completion of the Period of Uniformed Service and the expiration of eight hours after a period of time allowing for the safe transportation of the Employee from the place of service in the
Uniformed Services to the Employee’s residence; or 
 (B)    as soon as possible after the
expiration of the eight-hour period of time referred to in Clause (A), if reporting within the period referred to in such clause is impossible or unreasonable through no fault of the Employee. 

  
 9 

 (2)    In the case of an Employee whose Period of
Uniformed Service was for more than 30 days but less than 181 days, by submitting an application for reemployment with a Participating Employer not later than 14 days after the completion of the Period of Uniformed Service or, if submitting such
application within such period is impossible or unreasonable through no fault of the Employee, the next first full calendar day when submission of such application becomes reasonable. 

(3)    In the case of an Employee whose Period of Uniformed Service was for more than 180 days, by
submitting an application for reemployment with a Participating Employer not later than 90 days after the completion of the Period of Uniformed Service. 

(4)    In the case of an Employee who is hospitalized for, or convalescing from, an illness or injury
related to the Period of Uniformed Service the Employee shall apply for reemployment with a Participating Employer at the end of the period that is necessary for the Employee to recover. Such period of recovery shall not exceed two years, unless
circumstances beyond the Employee’s control make reporting as above unreasonable or impossible. 

(c)    Notwithstanding subparagraph (a), Reemployment After a Period of Uniformed Service terminates upon
the occurrence of any of the following: 
 (1)    a dishonorable or bad conduct discharge from the
Uniformed Services; 
 (2)    any other discharge from the Uniformed Services under circumstances other
than an honorable condition; 
 (3)    a discharge of a commissioned officer from the Uniformed Services
by court martial, by commutation of sentence by court martial, or, in time of war, by the President; or 

(4)    a demotion of a commissioned officer in the Uniformed Services for absence without authorized leave
of at least 3 months confinement under a sentence by court martial, or confinement in a federal or state penitentiary after being found guilty of a crime under a final sentence. 

“Service” means an Employee’s period(s) of employment or self-employment with an
Employer, excluding for initial eligibility purposes any period in which the individual was a nonresident alien and did not receive from an Employer any earned income which constituted income from sources within the United States. An Employee’s
Service shall include any Service which constitutes Service with a predecessor Employer within the meaning of Section 414(a) of the Code, provided, however, that Service with an acquired entity shall not be considered Service under the Plan
unless required by applicable law or agreed to by the parties to such transaction. An Employee’s Service shall also include any Service with an entity which is not an Employer, but only either (i) in which the other entity is a member of a
controlled group of corporations or is under common control with other trades and businesses within the meaning of Section 414(b) or 414(c) of the Code, and a member of the controlled group or one of the trades and businesses is an Employer,
(ii) in which the other entity is a member of an affiliated service group within the meaning of Section 414(m) of the Code, and a member of the affiliated service group is an Employer, or (iii) all Employers aggregated with the
Employer under Section 414(o) of the Code (but not until the Proposed Regulations under Section 414(o) become effective). Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credit with respect
to qualified military service will be provided in accordance with Section 414(u) of the Code. 

  
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 “Spouse” means the individual, if any, to whom a Participant is lawfully
married on the date benefit payments to the Participant are to begin, or on the date of the Participant’s death, if earlier. A former Spouse shall be treated as the Spouse or surviving Spouse to the extent provided under a qualified domestic
relations order as described in section 414(p) of the Code. “The term “Spouse” includes an individual married to a person of the same sex if the individuals are lawfully married under state law, and the term “marriage”
includes such a marriage between individuals of the same sex.” 
 “Stock” means common stock issued by the Employer
(or by a corporation which is a member of the same controlled group) which is Readily Tradable on an Established Securities Market. In the event there is no common stock which meets the requirements of the preceding sentence, then “Stock”
means common stock issued by the Employer (or by a corporation which is a member of the same controlled group) having a combined voting power and dividend rights equal to or in excess of (A) that class of common stock of the Employer (or of any
other such corporation) having the greatest voting power; and (B) that class of common stock of the Employer (or of any other such corporation) having the greatest dividend rights. 

“Stock Fund” means that portion of the Trust Fund consisting of Stock. The Stock Fund is merely a recordkeeping mechanism
used by the Trustee to track the Stock held by the Plan. The Stock Fund is neither a mutual fund nor a diversified or managed investment option. 

“Trust” or “Trust Fund” means the trust fund created under this Plan. 

“Trust Agreement” means the agreement between the Bank and the Trustee concerning the Trust Fund. If any assets of the Trust
Fund are held in a co-mingled trust fund with assets of other qualified retirement plans, “Trust Agreement” shall be deemed to include the trust agreement governing that co-mingled trust fund. With respect to the allocation of investment responsibility for the assets of the Trust Fund, the provisions of Article II of the Trust Agreement are incorporated herein by reference. 

“Trustee” means one or more corporate persons or individuals selected from time to time by the Bank to serve as trustee or co-trustees of the Trust Fund. 
 “Unallocated Stock Fund” means that portion of the
Stock Fund consisting of the Plan’s holding of Stock which have been acquired in exchange for one or more Exempt Loans and which have not yet been allocated to the Participant’s Accounts in accordance with Section 4.2. 

“Uniformed Service” means the performance of duty on a voluntary or involuntary basis in the uniformed service of the United
States, including the U.S. Public Health Services, under competent authority and includes active duty, active duty for training, initial activity duty for training, inactive duty training, full-time National Guard duty, and the period for which a
person is absent from a position of employment for purposes of an examination to determine the fitness of the person to perform any such duty. 

  
 11 

 “Valuation Date” means for so long as there is a generally recognized
market for the Stock each business day. If at any time there shall be no generally recognized market for the Stock, then “Valuation Date” shall mean the last day of the Plan Year and each other date as of which the Committee shall
determine the investment experience of the Investment Fund and adjust the Participants’ Accounts accordingly. 
 “Valuation
Period” means the period following a Valuation Date and ending with the next Valuation Date. 
 “Vesting Year”
means a unit of Service credited to a Participant pursuant to Section 9.2 for purposes of determining his or her vested interest in his or her Account. 

Section 3.    Eligibility for Participation. 

3.1    Initial Eligibility. An Eligible Employee shall enter the Plan as of the Entry Date coincident with or
next following the date on which the Eligible Employee satisfies both the age and Service requirements. An Employee will be an Eligible Employee on or after the date that the Employee has both attained age 21 and completed an Eligibility Year.
Notwithstanding the foregoing, an Employee who is an Eligible Employee on or prior to the Closing Date shall enter the Plan, retroactively, on the Effective Date. 

3.2    Definition of Eligibility Year. “Eligibility Year” means an applicable eligibility period
(as defined below) in which the Eligible Employee has completed 1,000 Hours of Service for the Employer. For this purpose: 

(i)     an Eligible Employee’s first “eligibility period” is the 12-consecutive month period beginning on the first day on which he has an Hour of Service, including any years before the Effective Date of the Plan, and 

(ii)    his or her subsequent eligibility periods will be
12-consecutive month periods beginning on each January 1 after that first day of Service. 

3.3    Terminated Employees. No Employee shall have any interest or rights under this Plan if he is never in
active Service with an Employer on or after the Effective Date. 
 3.4    Certain Employees Ineligible.

 3.4-1.    No Employee shall participate in the Plan while his
or her Service is covered by a collective bargaining agreement between an Employer and the Employee’s collective bargaining representative if (i) retirement benefits have been the subject of good faith bargaining between the Employer and
the representative and (ii) the collective bargaining agreement does not provide for the Employee’s participation in the Plan. 

3.4-2.    Leased Employees are not eligible to participate in the
Plan. 

  
 12 

3.4-3.    Employees who are nonresident aliens with no earned
income (within the meaning of Code Section 911(d)(2)) from the Employer which constitutes income from sources within the United States (within the meaning of Code Section 861(a)(3)). 

3.4-4.    An Eligible Employee may elect not to participate in the
Plan, provided, however, such election is made solely to meet the requirements of Code Section 409(n). For an election to be effective for a particular Plan Year, the Eligible Employee or Participant must file the election in writing with the
Committee no later than the last day of the Plan Year for which the election is to be effective, and such election must be irrevocable. The Employer may not make a contribution under the Plan for the Eligible Employee or for the Participant for the
Plan Year for which the election is effective, nor for any succeeding Plan Year, unless the Eligible Employee or Participant re-elects to participate in the Plan. The Eligible Employee or Participant may elect
again not to participate, but not earlier than the first Plan Year following the Plan Year in which the re-election was first effective. 

3.5    Participation and Reparticipation. Subject to the satisfaction of the foregoing requirements, an
Eligible Employee shall participate in the Plan during each period of his or her Service from the date on which he first becomes eligible until his or her termination. For this purpose, an Eligible Employee who returns before five
(5) consecutive one year Breaks in Service who previously satisfied the initial eligibility requirements or who returns after five (5) consecutive one year Breaks in Service with a vested Account balance in the Plan shall re-enter the Plan as of the date of his or her return to Service with an Employer. 

3.6    Omission of Eligible Employee. If, in any Plan Year, any Eligible Employee who should be included as
a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by his or her Employer for the year has been made, the Employer shall make a subsequent contribution with respect to the omitted
Eligible Employee in the amount which the said Employer would have contributed regardless of whether or not it is deductible in whole or in part in any taxable year under applicable provisions of the Code. 

3.7    Inclusion of Ineligible Employee. If, in any Plan Year, any person who should not have been included
as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been made, the Employer shall not be entitled to recover the contribution made with respect to the
ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall constitute a forfeiture for the fiscal year in which the
discovery is made. Any person who, after the close of a Plan Year, is retroactively treated by the Company, an affiliated company or any other party as an Employee for such prior Plan Year shall not, for purposes of the Plan, be considered an
Employee for such prior Plan Year unless expressly so treated as such by the Company. 

  
 13 

 Section 4.    Contributions and Credits. 

4.1    Discretionary Contributions. 

4.1-1.    The Employer shall from time to time contribute, with
respect to a Plan Year, such amounts as it may determine from time to time. The Employer shall have no obligation to contribute any amount under this Plan except as so determined in its sole discretion. The Employer’s contributions and
available forfeitures for a Plan Year shall be credited as of the last day of the year to the Accounts of the Active Participants in the manner set forth in Section 8.1-2. 

4.1-2.    Upon a Participant’s Reemployment After a Period of
Uniformed Service, the Employer shall make an additional contribution on behalf of such Participant that would have been made on his or her behalf during the Plan Year or Years corresponding to the Participant’s Period of Uniformed Service.

 4.2    Contributions for Exempt Loans. If the Trustee, upon instructions from the Committee, incurs any
Exempt Loan upon the purchase of Stock, the Employer may contribute for each Plan Year an amount sufficient to cover all payments of principal and interest as they come due under the terms of the Exempt Loan. If there is more than one Exempt Loan,
the Employer shall designate the one to which any contribution is to be applied. Investment earnings realized on Employer contributions and any dividends paid by the Employer on Stock held in the Unallocated Stock Account, shall be applied to the
Exempt Loan related to that Stock, subject to Section 7.2. 
 In each Plan Year in which Employer contributions, earnings on
contributions, or dividends on Stock in the Unallocated Stock Fund are used as payments under an Exempt Loan, a certain number of shares of the Stock acquired with that Exempt Loan which is then held in the Unallocated Stock Fund shall be released
for allocation among the Participants. The number of shares released shall bear the same ratio to the total number of those shares then held in the Unallocated Stock Fund (prior to the release) as (i) the principal and interest payments made on
the Exempt Loan in the current Plan Year bears to (ii) the sum of (i) above, and the remaining principal and interest payments required (or projected to be required on the basis of the interest rate in effect at the end of the Plan Year)
to satisfy the Exempt Loan. 
 At the direction of the Committee, the current and projected payments of interest under an Exempt Loan may be
ignored in calculating the number of shares to be released in each year if (i) the Exempt Loan provides for annual payments of principal and interest at a cumulative rate that is not less rapid at any time than level annual payments of such
amounts for 10 years, (ii) the interest included in any payment is ignored only to the extent that it would be determined to be interest under standard loan amortization tables, and (iii) the term of the Exempt Loan, by reason of renewal,
extension, or refinancing, has not exceeded 10 years from the original acquisition of the Stock. 

4.3    Conditions as to Contributions. Employers’ contributions shall in all events be subject to the
limitations set forth in Section 5. Contributions may be made in the form of cash, or securities and other property to the extent permissible under ERISA, including Stock, and shall be held by the Trustee in accordance with the Trust Agreement.
In addition to the provisions of Section 13.2 for the return of an Employer’s contributions in connection with a failure of the Plan to qualify initially under the Code, any amount contributed by an Employer due to a good faith mistake of
fact, or based upon a good faith but erroneous determination of its 

  
 14 

 
deductibility under Section 404 of the Code, shall be returned to the Employer within one year after the date on which the contribution was originally made, or within one year after its
nondeductibility has been finally determined. However, the amount to be returned shall be reduced to take account of any adverse investment experience within the Trust Fund in order that the balance credited to each Participant’s Account is not
less that it would have been if the contribution had never been made. 
 4.4    Rollover Contributions.
This Plan shall not accept a direct rollover or rollover contribution of an “eligible rollover distribution” as such term is defined in Section 10.9-1 of the Plan. 

Section 5.    Limitations on Contributions and Allocations. 

5.1    Limitation on Annual Additions. Notwithstanding anything herein to the contrary, allocation of
Employer contributions for any Plan Year shall be subject to the following: 

5.1-1    If allocation of Employer contributions in accordance with
Section 4.1 will result in an allocation of more than one-third the total contributions for a Plan Year to the accounts of Highly Compensated Employees, and such allocation would cause any Highly
Compensated Employee to exceed the limitations under Code Section 415(c) or the Employer to exceed the deduction limits under Code Section 404, then no more than one-third of the Employer
contributions used for repayment of any Exempt Loan in accordance with Section 4.2 shall be allocated to the accounts of Highly Compensated Employees (within the meaning of Code Section 414(q)), with the remaining Employer contributions to
be made to non-Highly Compensated Employees in the manner specified under Section 8.1. Such adjustments shall be made before any allocations occur. 

5.1-2    After adjustment, if any, required by the preceding
paragraph, the annual additions during any Plan Year to any Participant’s Account under this and any other defined contribution plans maintained by the Employer or an affiliate (within the purview of Section 414(b), (c) and (m) and
Section 415(h) of the Code, which affiliate shall be deemed the Employer for this purpose) shall not exceed the lesser of $53,000 (for 2016, or such other dollar amount which results from cost-of-living adjustments under Section 415(d) of the Code) (the “dollar limitation”) or 100 percent of the Participant’s 415 Compensation for such limitation year (the
“percentage limitation”). In the event Stock is released from the Unallocated Stock Fund and allocated to a Participant’s Account for a particular Plan Year, the Employer may determine for such year that an annual addition shall be
calculated on the basis of the fair market value of the Stock so released and allocated (such fair market value to be based on the valuation as of the Valuation Date immediately preceding the Plan Year in respect of which the release and allocation
are made) if the annual addition, as so calculated, is lower than the annual addition calculated on the basis of Employer contributions. The percentage limitation shall not apply to any contribution for medical benefits after severance from
employment (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an annual addition. If, as a result of the allocation of forfeitures, a reasonable error in estimating a Participant’s
annual compensation, a reasonable error in determining the 

  
 15 

 
amount of elective deferrals (within the meaning of Code Section 402(g)(3)) that may be made with respect to any individual under the limits of Code Section 415, or under other limited
facts and circumstances that the Commissioner of the Internal Revenue Service finds justify the availability of the rules set forth in this paragraph, the annual additions under the terms of the Plan for a particular Participant would cause the
limitations of Code Section 415 applicable to that Participant for the limitation year to be exceeded, the Plan may only correct such excess in accordance with the Employee Plans Compliance Resolution System (EPCRS) as set forth in Revenue
Procedure 2016-51 or any subsequent guidance.     
 5.1-3    For purposes of this Section 5.1, the “annual addition” to a Participant’s Accounts means the sum of (i) Employer contributions, (ii) Employee
contributions, if any, and (iii) forfeitures. For these purposes, annual additions to a defined contribution plan shall not include the allocation of the excess amounts remaining in the Unallocated Stock Fund subsequent to a sale of stock from
such fund in accordance with a transaction described in Section 8.1 of the Plan. Notwithstanding the foregoing, “annual additions” shall not include a restorative payment in accordance with Treasury Regulation Section 1.415(c)-1(b)(2)(C) that is made to restore losses to the Plan resulting from actions by a fiduciary for which there is a reasonable risk of liability for breach of fiduciary duty under ERISA or other
applicable federal and state law. 
 In the event Stock is released from the Unallocated Stock Fund and allocated to a
Participant’s Account for a particular Plan Year, the Employer may determine for such year that an annual addition shall be calculated on the basis of the fair market value of the Stock so released and allocated (such fair market value to be
based on the valuation as of the Valuation Date immediately preceding the Plan Year in respect of which the release and allocation are made) if the annual addition, as so calculated, is lower than the annual addition calculated on the basis of
Employer contributions. 
 5.1-4    Notwithstanding the
foregoing, if no more than one-third of the Employer contributions to the Plan for a year which are deductible under Section 404(a)(9) of the Code are allocated to Highly Compensated Employees (within the
meaning of Section 414(q) of the Internal Revenue Code), the limitations imposed herein shall not apply to: 

(i)    forfeitures of Employer securities (within the meaning of Section 409 of the Code) under the
Plan if such securities were acquired with the proceeds of a loan described in Section 404(a)(9)(A) of the Code), or 

(ii)    Employer contributions to the Plan which are deductible under Section 404(a)(9)(B) and charged
against a Participant’s Account. 
 5.1-5    If the Employer
contributes amounts, on behalf of Eligible Employees covered by this Plan, to other “defined contribution plans” as defined in Section 3(34) of ERISA, the limitation on annual additions provided in this Section shall be applied to
annual additions in the aggregate to this Plan and to such other plans. Reduction of annual additions, where required, shall be accomplished first by reductions under such other plan pursuant to the directions of the named fiduciary for
administration of such other plans or under priorities, if any, established under the terms of such other plans and then by allocating any remaining excess for this Plan in the manner and priority set out above with respect to this Plan. 

  
 16 

 5.1-6    A
limitation year shall mean each 12 consecutive month period ending on December 31. 
 5.2    Effect of
Limitations. The Committee shall take whatever action may be necessary from time to time to assure compliance with the limitations set forth in Section 5.1. Specifically, the Committee shall see that each Employer restrict its
contributions for any Plan Year to an amount which, taking into account the amount of available forfeitures, may be completely allocated to the Participants consistent with those limitations. Where the limitations would otherwise be exceeded by any
Participant, further allocations to the Participant shall be curtailed to the extent necessary to satisfy the limitations. Where an excessive amount is contributed on account of a mistake as to one or more Participants’ compensation, or there
is an amount of forfeitures which may not be credited in the Plan Year in which it becomes available, the amount shall be corrected in accordance with Section 5.1-2 of the Plan. 

5.3    Limitations as to Certain Participants. Aside from the limitations set forth in Section 5.1, if
the Plan acquires any Stock in a transaction as to which a selling shareholder or the estate of a deceased shareholder is claiming the benefit of Section 1042 of the Code, the Committee shall see that none of such Stock, and no other assets in
lieu of such Stock, are allocated to the Accounts of certain Participants in order to comply with Section 409(n) of the Code. 
 This
restriction shall apply at all times to a Participant who owns (taking into account the attribution rules under Section 318(a) of the Code, without regard to the exception for employee plan trusts in Section 318(a)(2)(B)(i) more than
25 percent of any class of stock of a corporation which issued the Stock acquired by the Plan, or another corporation within the same controlled group, as defined in Section 409(l)(4) of the Code (any such class of stock hereafter called a
“Related Class”). For this purpose, a Participant who owns more than 25 percent of any Related Class at any time within the one year preceding the Plan’s purchase of the Stock shall be subject to the restriction as to all
allocations of the Stock, but any other Participant shall be subject to the restriction only as to allocations which occur at a time when he owns more than 25 percent of any Related Class. 

Further, this restriction shall apply to the selling shareholder claiming the benefit of Section 1042 and any other Participant who is
related to such a shareholder within the meaning of Section 267(b) of the Code, during the period beginning on the date of sale and ending on the later of (1) the date that is ten years after the date of sale, or (2) the date of the
Plan allocation attributable to the final payment of acquisition indebtedness incurred in connection with the sale. 
 This restriction
shall not apply to any Participant who is a lineal descendant of a selling shareholder if the aggregate amounts allocated under the Plan for the benefit of all such descendants do not exceed five percent of the Stock acquired from the shareholder.

  
 17 

 5.4    Erroneous Allocations. No Participant shall be
entitled to any annual additions or other allocations to his or her Account in excess of those permitted under Section 5. If it is determined at any time that the administrator and/or Trustee have erred in accepting and allocating any
contributions or forfeitures under this Plan, or in allocating investment adjustments, or in excluding or including any person as a Participant, then the administrator, in a uniform and nondiscriminatory manner, shall determine the manner in which
such error shall be corrected, after taking into consideration Sections 3.6 and 3.7 and any revenue procedure or other notice published by the Internal Revenue Service regarding permissible correction methods, if applicable, and shall promptly
advise the Trustee in writing of such error and of the method for correcting such error. The Accounts of any or all Participants may be revised, if necessary, in order to correct such error. 

Section 6.    Trust Fund and Its Investment. 

6.1    Creation of Trust Fund. All amounts received under the Plan from Employers and investments shall be
held as the Trust Fund pursuant to the terms of this Plan and of the Trust Agreement between the Bank and the Trustee. The benefits described in this Plan shall be payable only from the assets of the Trust Fund, and none of the Bank, any other
Employer, its board of directors or trustees, its stockholders, its officers, its employees, the Committee, and the Trustee shall be liable for payment of any benefit under this Plan except from the Trust Fund. 

6.2    Stock Fund and Investment Fund. The Trust Fund held by the Trustee shall be divided into the Stock
Fund, consisting entirely of Stock, and the Investment Fund, consisting of all assets of the Trust other than Stock. The Trustee shall have no investment responsibility for the Stock Fund, but shall accept any Employer contributions made in the form
of Stock, and shall acquire, sell, exchange, distribute, and otherwise deal with and dispose of Stock in accordance with the instructions of the Committee. As a directed Trustee, the Trustee shall have such responsibility for the investment of the
Investment Fund as set forth pursuant to the Trust Agreement. 
 6.3    Acquisition of Stock. From time to
time the Committee may, in its sole discretion, direct the Trustee to acquire Stock from the issuing Employer or from shareholders, including shareholders who are or have been Employees, Participants, or fiduciaries with respect to the Plan. The
Trustee shall pay for such Stock no more than its fair market value, which shall be determined conclusively by the Committee pursuant to Section 12.4. The Committee may direct the Trustee to finance the acquisition of Stock by incurring or
assuming indebtedness to the seller or another party which indebtedness shall be called an “Exempt Loan.” The term “Exempt Loan” shall refer to a loan made to the Plan by a disqualified person within the meaning of
Section 4975(e)(2) of the Code, or a loan to the Plan which is guaranteed by a disqualified person. An Exempt Loan includes a direct loan of cash, a purchase-money transaction, and an assumption of an obligation of a tax-qualified employee stock ownership plan under Section 4975(e)(7) of the Code (“ESOP”). For these purposes, the term “guarantee” shall include an unsecured guarantee and the use of assets
of a disqualified person as collateral for a loan, even though the use of assets may not be a guarantee under applicable state law. An amendment of an Exempt Loan in order to qualify as an “exempt loan” is not a refinancing of the Exempt
Loan or the making of another Exempt Loan. The term “exempt loan” refers to a loan that is primarily for the benefit of the Plan participants and their beneficiaries and that satisfies the provisions of this paragraph. A “non-exempt loan” fails to satisfy this paragraph. Any Exempt Loan shall be subject to the following conditions and limitations: 

6.3-1    All Exempt Loans incurred by the Plan must be primarily
for the benefit of Plan Participants and Beneficiaries, and an Exempt Loan shall be for a specific term, shall not be payable on demand except in the event of default, and shall bear a reasonable rate of interest, such that the interest rate and the
price of the securities to be acquired with the Exempt Loan will not cause the Plan’s assets to be inappropriately impaired in violation of Treasury Regulation Section 54.4975-7(b)(3). 

  
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 6.3-2    An
Exempt Loan may, but need not, be secured by a collateral pledge of either the Stock acquired in exchange for the Exempt Loan, or the Stock previously pledged in connection with a prior Exempt Loan which is being repaid with the proceeds of the
current Exempt Loan. No other assets of the Plan and Trust may be used as collateral for an Exempt Loan, and no creditor under an Exempt Loan shall have any right or recourse to any Plan and Trust assets other than Stock remaining subject to a
collateral pledge. 
 6.3-3    Any pledge of Stock to secure an
Exempt Loan must provide for the release of pledged Stock in connection with payments on the Exempt Loans in the ratio prescribed in Section 4.2. 

6.3-4    Repayments of principal and interest on any Exempt Loan
shall be made by the Trustee only from Employer cash contributions designated for such payments, from earnings on such contributions, and from cash dividends received on Stock, in the last case, however, subject to the further requirements of
Section 7.2. The payment on the Exempt Loan during the Plan Year must not exceed an amount equal to the sum of contributions and earnings received during such year or prior to such year, less such payments in prior years. Such contributions and
earnings must be accounted for separately in the books and accounts of the Plan until the Exempt Loan is fully repaid. 
 6.3-5    In the event of default of an Exempt Loan, the value of Plan assets transferred in satisfaction of the Exempt Loan must not exceed the amount of the default. If the lender is a
disqualified person within the meaning of Section 4975 of the Code, an Exempt Loan must provide for a transfer of Plan assets upon default only upon and to the extent of the failure of the Plan to meet the payment schedule of said Exempt Loan.
For purposes of this paragraph, the making of a guarantee does not make a person a lender. 

6.4    Participants’ Option to Diversify. The Committee shall provide for a
procedure under which each Participant may, during the qualified election period, elect to “diversify” a portion of the Employer Stock allocated to his or her Account, as provided in Section 401(a)(28)(B) of the Code. An election to
diversify must be made on the prescribed form and filed with the Committee within the period specified herein. For each of the first five (5) Plan years in the qualified election period, the Participant may elect to diversify an amount which
does not exceed 25 percent of the number of shares allocated to his or her Account since the inception of the Plan, less all shares with respect to which an election under this Section has already been made. For the last year of the qualified
election period, the Participant may elect to 

  
 19 

 
have up to 50 percent of the value of his or her Account committed to other investments, less all shares with respect to which an election under this Section has already been made. The term
“qualified election period” shall mean the six (6) Plan Year period beginning with the first Plan Year in which a Participant has both attained age 55 and completed 10 years of participation in the Plan. A Participant’s election
to diversify his or her Account may be made within each year of the qualified election period and shall continue for the 90-day period immediately following the last day of each year in the qualified election
period. Once a Participant makes such election, the Plan must complete diversification in accordance with such election within 90 days after the end of the period during which the election could be made for the Plan Year. In the discretion of the
Committee, the Plan may satisfy the diversification requirement by any of the following methods: 
 6.4-1    The Plan may distribute all or part of the amount subject to the diversification election. 

6.4-2    The Plan may offer the Participant at least three other
distinct investment options, if available under the Plan. The other investment options shall satisfy the requirements of Regulations under Section 404(c) of ERISA. 

6.4-3    The Plan may transfer the portion of the
Participant’s Account subject to the diversification election to another qualified defined contribution plan of the Employer that offers at least three investment options satisfying the requirements of the Regulations under Section 404(c)
of ERISA. 
 Section 7.    Voting Rights and Dividends on Stock. 

7.1    Voting and Tendering of Stock. 

7.1-1    The Trustee generally shall vote all shares of Stock held
under the Plan in accordance with the written instructions of the Committee. However, if any Employer has a registration-type class of securities within the meaning of Section 409(e)(4) of the Code,
or if a matter submitted to the holders of the Stock involves a merger, consolidation, recapitalization, reclassification, liquidation, dissolution, or sale of substantially all assets of an entity, then (i) the shares of Stock which have been
allocated to Participants’ Accounts shall be voted by the Trustee in accordance with the Participants’ written instructions, and (ii) the Trustee shall vote any unallocated Stock, allocated Stock for which it has received no voting
instructions, and Stock for which Participants vote to “abstain,” in the same proportions as it votes the allocated Stock for which it has received instructions from Participants. In the event no shares of Stock have been allocated to
Participants’ Accounts at the time Stock is to be voted and any Exempt Loan which may be outstanding is not in default, each Participant shall be deemed to have one share of Stock allocated to his or her Account for the sole purpose of
providing the Trustee with voting instructions. 

  
 20 

 Notwithstanding any provision hereunder to the contrary, all unallocated
shares of Stock must be voted by the Trustee in a manner determined by the Trustee to be for the exclusive benefit of the Participants and Beneficiaries. Whenever such voting rights are to be exercised, the Employers shall provide the Trustee, in a
timely manner, with the same notices and other materials as are provided to other holders of the Stock, which the Trustee shall distribute to the Participants. The Participants shall be provided with adequate opportunity to deliver their
instructions to the Trustee regarding the voting of Stock allocated to their Accounts. The instructions of the Participants’ with respect to the voting of allocated shares hereunder shall be confidential. 

7.1-2    In the event of a tender offer, Stock shall be tendered by
the Trustee in the same manner as set forth above with respect to the voting of Stock. Notwithstanding any provision hereunder to the contrary, Stock must be tendered by the Trustee in a manner determined by the Trustee to be for the exclusive
benefit of the Participants and Beneficiaries. 
 7.2    Application of Dividends. 

7.2-1    Stock Dividends. Dividends on Stock which are
received by the Trustee in the form of additional Stock shall be retained in the Stock Fund, and shall be allocated among the Participants’ Accounts and the Unallocated Stock Fund in accordance with their holdings of the Stock on which the
dividends are paid. 
 7.2-2 Cash Dividends. The treatment of dividends paid
in cash shall be determined after consideration to whether the cash dividends are paid on Stock held in Participants’ Accounts or the Unallocated Stock Fund. 

(i)    On Stock in Participants’ Accounts. 

(A)    Employer Exercises Discretion. Dividends on Stock credited to Participants’ Accounts
which are received by the Trustee in the form of cash shall, at the direction of the Employer paying the dividends, either (I) be credited to the Accounts in accordance with Section 8.4(iii) and invested as part of the Investment Fund,
(II) be distributed immediately to the Participants in proportion with the Participants’ Stock Fund Account balance (III) be distributed to the Participants within 90 days of the close of the Plan Year in which paid in proportion with
the Participants’ Stock Fund Account balance or (IV) be used to make payments on the Exempt Loan. If dividends on Stock allocated to a Participant’s Account are used to repay the Exempt Loan, Stock with a fair market value at least
equal to the dividends so used must be allocated to such Participant’s Account in lieu of the dividends. 

  
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 (B)    Participant Exercises Discretion over
Dividend. In addition, in the sole discretion of the Employer, the Employer may grant Participants the right to elect: (I) to have cash dividends paid on shares of Stock credited to such Participants’ Stock Fund Accounts distributed to
the Participant, or (II) to leave the cash dividends allocated to the Participant’s Account in the Plan, to be credited to the Stock Fund Account and invested in shares of Stock. Dividends on which such election may be made will be fully
vested in the Participant (even if not otherwise vested, absent the ability to make such election). Accordingly, the Employer may choose to offer this election only to Participants who are fully vested in their Account. In the event the Employer
elects to give Participants the right to determine the treatment of such dividends, the Participant’s election shall be made by filing with the Committee the appropriate written direction as provided by the Committee at such time and in
accordance with such procedures and limitations which the Committee may from time to time establish; provided, however, that the procedures established by the Committee shall provide a reasonable opportunity to change the election at least annually,
may establish a default election if a Participant fails to make an affirmative election within the time established for making elections, may provide that the election is applicable for the Plan Year and cannot be revoked with respect to such Plan
Year, shall otherwise be implemented in a manner such that the dividends paid or reinvested will constitute “applicable dividends” which may be deducted under Code Section 404(k), and are in accordance with applicable guidance issued
or to be issued by the Secretary of the Treasury. If the Employer elects to give Participants the right to exercise the discretion in this Paragraph 7.2-2(i)(B), the ability to make such election shall be
available to the Participant with respect to dividends paid for the entire Plan Year. 
 (ii)    On
Stock in the Unallocated Stock Fund. Dividends received on shares of Stock held in the Unallocated Stock Fund shall be applied to the repayment of principal and interest then due on the Exempt Loan used to acquire such shares. If the amount of
dividends exceeds the amount needed to repay such principal and interest (including any prepayments of principal and interest deemed advisable by the Employer), then in the sole discretion of the Committee, the excess shall: (A) be allocated to
Active Participants, pro rata, in proportion to the Compensation of each such person that was earned during that portion of the Plan Year that such person participated in the Plan compared to total Compensation of each Active Participant for such
year, or (B) be deemed to be general earnings of the Trust Fund and used for paying appropriate Plan or Trust related expenditures for the Plan Year. Notwithstanding the foregoing, dividends paid on a share of Stock may not be used to make
payments on a particular Exempt Loan unless the share was acquired with the proceeds of such loan or a refinancing of such loan. 

Section 8.    Adjustments to Accounts. 

8.1    ESOP Allocations. Amounts available for allocation for a particular Plan Year will be divided into two
categories. The first category relates to shares of Stock released from the Unallocated Stock Fund attributable to using cash dividends to make Exempt Loan payments. The second category relates to contributions made by the Employer, shares of Stock
released from the Unallocated Stock Fund on the basis of Employer contributions (or on the basis of the complete repayment of the Exempt Loan through the sale or other disposition of Stock in the Unallocated Stock Fund) and amounts forfeited from
Stock Fund Accounts pursuant to Section 9.5. 

  
 22 

 8.1-1    Shares
of Stock attributable to the first category will be allocated to the Stock Fund Accounts of eligible Participants as follows: 

(i)    first, if dividends paid on shares of Stock held in Participants’ Stock Fund Accounts are used
to make payments on an Exempt Loan, there shall be allocated to each such account a number of shares of Stock released from the Unallocated Stock Fund with a fair market value (determined as of the Valuation Date coincident with or immediately
preceding the loan payment date) that at least equals the amount of dividends so used, 

(ii)    second, if necessary, any remaining shares of Stock shall be applied to reinstate amounts forfeited
from Stock Fund Accounts of former employees who are entitled to a reinstatement under Section 9.5, and 

(iii)    finally, any remaining shares of Stock shall be allocated as of the last Valuation Date of the
Plan Year for which they are allocated in the same manner as described in Section 8.1-2. 

8.1-2    Shares of Stock or cash attributable to the second
category (i.e., Employer contributions, Stock released from the Unallocated Stock Fund on the basis of Employer contributions, amounts forfeited, and, to the extent applicable, shares of Stock released in accordance with Section 8.1-1(iii)) will be allocated to the Stock Fund Accounts or Investment Fund Accounts, as the case may be, pro rata, in proportion to the Compensation of each Active Participant that was earned by such
Participant during the period of the Plan Year in which such person participated in the Plan compared to total Compensation for all Active Participants. 

8.1-3    Shares of Stock or cash attributable to contributions made
under Section 4.1-2 shall be allocated specifically to the Participants on whose behalf such contributions were made. 

8.2    Charges to Accounts. When a Valuation Date occurs, any distributions made to or on behalf of any
Participant or Beneficiary since the last preceding Valuation Date shall be charged to the proper Accounts maintained for that Participant or Beneficiary. 

8.3    Stock Fund Account. Subject to the provisions of Sections 5 and 8.1, as of the last day of each
Plan Year, the Trustee shall credit to each Participant’s Stock Fund Account: (a) the Participant’s allocable share of Stock purchased by the Trustee or contributed by the Employer to the Trust Fund for that year; (b) the
Participant’s allocable share of the Stock that is released from the Unallocated Stock Fund for that year; (c) the Participant’s allocable share of any forfeitures of Stock arising under the Plan during that year; and (d) any
stock dividends declared and paid during that year on Stock credited to the Participant’s Stock Fund Account. 
 If, in any Plan Year
during which an outstanding Exempt Loan exists, the Employer directs the Trustee to sell or otherwise dispose of a number of shares of Stock in the Unallocated Stock Fund sufficient to repay, in its entirety, the Exempt Loans, and following such
repayment, there remains Stock or other assets in the Unallocated Stock Fund, such Stock or other assets shall be allocated as of the last day of the Plan Year in which the repayment occurred as earnings of the Plan to Active Participants, in
proportion to the number of shares held in Active Participants’ Stock Fund Accounts. 

  
 23 

 8.4    Investment Fund Account. Subject to the provisions
of Sections 5 and 8.1 as of the last day of each Plan Year, the Trustee shall credit to each Participant’s Investment Fund Account: (i) the Participant’s allocable share of any contribution for that year made by the Employer in cash
or in property other than Stock that is not used by the Trustee to purchase Employer Stock or to make payments due under an Exempt Loan; (ii) the Participant’s allocable share of any forfeitures from the Investment Fund Accounts of other
Participants arising under the Plan during that year; (iii) any cash dividends paid during that year on Stock credited to the Participant’s Stock Fund Account, other than dividends which are paid directly to the Participant and other than
dividends which are used to repay Exempt Loan; and (iv) the share of the net income or loss of the Trust Fund properly allocable to that Participant’s Investment Fund Account, as provided in Section 8.5. 

8.5    Adjustment to Value of Trust Fund. As of the last day of each Plan Year, the Trustee shall determine:
(i) the net worth of that portion of the Trust Fund which consists of properties other than Stock (the “Investment Fund”); and (ii) the increase or decrease in the net worth of the Investment Fund since the last day of the
preceding Plan Year. The net worth of the Investment Fund shall be the fair market value of all properties held by the Trustee under the Trust Agreement other than Stock, net of liabilities other than liabilities to Participants and their
beneficiaries. The Trustee shall allocate to the Investment Fund Account of each Participant that percentage of the increase or decrease in the net worth of the Investment Fund equal to the ratio which the balances credited to the Participant’s
Investment Fund Account bear to the total amount credited to all Participants’ Investments Fund Accounts. This allocation shall be made after application of Section 7.2, but before application of Sections 8.1, 8.4 and 5.1. 

8.6    Participant Statements. Each Plan Year, the Committee shall provide or shall cause to be provided to
each Participant a statement of his or her Account balances, and the vested percentage thereof, as of the last day of the Plan Year. 

Section 9.    Vesting of Participants’ Interests. 

9.1    Vesting in Accounts. A Participant’s vested interest in his or her Account shall be based on his
or her Vesting Years in accordance with the following table, subject to the balance of this Section 9: 
  

			
	 Vesting
Years
	  	Percentage of
Interest Vested
	1	  	20%
	2	  	40%
	3	  	60%
	4	  	80%
	5 or more	  	100%

  
 24 

 9.2    Computation of Vesting Years. For purposes of this
Plan, a “Vesting Year” means generally a Plan Year in which an Eligible Employee has performed at least 1,000 Hours of Service, beginning with the first Plan Year in which the Eligible Employee has completed an Hour of Service with the
Employer, and including Service with other Employers as provided in the definition of “Service.” Notwithstanding the above, an Eligible Employee who was employed with the Bank shall receive credit for vesting purposes for up to two
(2) years of continuous employment with the Bank, occurring within two (2) years prior to the adoption of the Plan, in which such Eligible Employee completed 1,000 Hours of Service (such years shall also be referred to as “Vesting
Years”). However, a Participant’s Vesting Years shall be computed subject to the following conditions and qualifications: 

9.2-1    A Participant’s Vesting Years shall not include any
Service prior to the date on which an Employee attains age 18. 

9.2-2    To the extent applicable, a Participant’s vested
interest in his or her Account accumulated before five (5) consecutive one year Breaks in Service shall be determined without regard to any Service after such five consecutive Breaks in Service. Further, if a Participant has five
(5) consecutive one year Breaks in Service before his or her interest in his or her Account has become vested to some extent, pre-Break in Service years of Service shall not be required to be taken into
account for purposes of determining his or her post-Break in Service vested percentage. 

9.2-3    To the extent applicable, in the case of a Participant who
has five (5) or more consecutive one year Breaks in Service, the Participant’s pre-Break in Service will count in vesting of the Employer-derived post-Break in Service accrued benefit only if either:

 (i)    such Participant has any nonforfeitable interest in the accrued benefit attributable to
Employer contributions at the time of severance from employment, or 
 (ii)    upon returning to Service
the number of consecutive one year Breaks in Service is less than the number of years of Service. 
 9.2-4    Notwithstanding any provision of the Plan to the contrary, calculation of service for determining Vesting Years with respect to qualified military service will be provided in accordance
with Section 414(u) of the Code. 
 9.2-5    To the extent
applicable, if any amendment changes the vesting schedule, including an automatic change to or from a top-heavy vesting schedule, any Participant with three (3) or more Vesting Years may, by filing a
written request with the Employer, elect to have his or her vested percentage computed under the vesting schedule in effect prior to the amendment. The election period must begin not later than the later of sixty (60) days after the amendment
is adopted, the amendment becomes effective, or the Participant is issued written notice of the amendment by the Employer or the Committee. 

  
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 9.3    Full Vesting Upon Certain Events. 

9.3-1    Notwithstanding Section 9.1, a Participant’s
interest in his or her Account shall fully vest on the Participant’s Normal Retirement Date. The Participant’s interest shall also fully vest in the event that his or her Service is terminated by Disability or by death. For purposes of
this Section 9.3-1, benefits payable in the event of a Participant’s death or Disability while performing qualified military service shall fully vest in accordance with Section 414(u)(9) of the
Code. 
 9.3-2    The Participant’s interest in his or her
Account shall also fully vest in the event of a “Change in Control” of the Bank, or the Company. For these purposes “Change in Control” means a change in control shall be deemed to have occurred in the following circumstances:

 9.3-2.1    Merger: The Company or the Bank merges into
or consolidates with another entity, or merges another Bank or corporation into the Bank or the Company, and as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is
held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation; 
 9.3-2.2    Acquisition of Significant Share Ownership: A person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s or the
Bank’s voting securities; provided, however, this clause shall not apply to beneficial ownership of the Company’s or the Bank’s voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly
beneficially owns 50% or more of its outstanding voting securities; 

9.3-2.3    Change in Board Composition: During any period of
two consecutive years, individuals who constitute the Company’s or the Bank’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the
Company’s or the Bank’s Board of Directors; provided, however, that for purposes of this clause (c), each director who is first elected by the board (or first nominated by the board for election by the stockholders or corporators) by a
vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the
beginning of such period; or 
 9.3-2.4    Sale of Assets:
The Company or the Bank sells to a third party all or substantially all of its assets. 

9.3-2.5    Notwithstanding anything herein to the contrary, a
Change in Control shall not be deemed to have occurred in connection with the Bank’s mutual holding company reorganization and/or minority offering. Similarly, a Change in Control shall not be deemed to have occurred in the event of a
second-step conversion of 1895 Bancorp of Wisconsin, MHC, to a stock holding company with a contemporaneous stock offering. 

  
 26 

 9.4    Full Vesting Upon Plan Termination. Notwithstanding
Section 9.1, a Participant’s interest in his or her Account shall fully vest upon termination of this Plan or upon the permanent and complete discontinuance of contributions by his or her Employer. In the event of a partial termination,
the interest of each affected Participant shall fully vest with respect to that part of the Plan which is terminated. A partial termination of the Plan shall be determined by the Internal Revenue Service Commissioner based on the facts and
circumstances of the particular case in accordance with Code Section 411(d)(3) and the corresponding Treasury Regulations issued thereunder. 

9.5    Forfeiture, Repayment, and Restoral. If a Participant’s Service terminates before his or her
interest in his or her Account is fully vested, that portion which has not vested shall be forfeited after five consecutive one-year Breaks in Service. If a Participant’s Service terminates prior to
having any portion of his or her Account become vested, such Participant shall be deemed to have received a distribution of his or her vested interest immediately upon his or her termination of Service. 

If a Participant receives a distribution of his or her vested Account balance, the nonvested portion of his or her Account will be forfeited.
If such a Participant returns to Service prior to incurring five (5) consecutive one-year Breaks in Service and repays the amount distributed to the Plan, the nonvested portion of his or her vested
Account balance shall be restored.    The Participant may repay such amount at any time within five years after he has returned to Service. The amount repaid shall be credited to his or her Account at the time it is repaid; an
additional amount equal to that portion of his or her Account which was previously forfeited shall be restored to his or her Account at the same time from other Employees’ forfeitures and, if such forfeitures are insufficient, then from amounts
allocated in accordance with Section 8.1-1(ii), and if insufficient, then from a special contribution by his or her Employer for that year. A Participant who was deemed to have received a distribution of
his or her vested interest in the Plan (because the Participant was not vested in any portion of his Account at the time of separation from employment) shall have his or her Account restored as of the first day on which he performs an Hour of
Service after his or her return. 
 For purposes of this Section and Section 5.1 of the Plan, if a portion of a Participant’s
Account is forfeited, Stock allocated from an Exempt Loan will be forfeited only after other assets. If interests in more than one class of Stock have been allocated to a Participant’s Account, the Participant must be treated as forfeiting the
same proportion of each such class. 
 9.6    Accounting for Forfeitures. If a portion of a
Participant’s Account is forfeited, Stock allocated to said Participant’s Account shall be forfeited only after other assets are forfeited. If interests in more than one class of Stock have been allocated to a Participant’s Account,
the Participant must be treated as forfeiting the same proportion of each class of Stock. A forfeiture shall be charged to the Participant’s Account as of the first day of the first Valuation Period in which the forfeiture becomes certain
pursuant to Section 9.5. Except as otherwise provided in that Section, a forfeiture shall be added to the contributions of the terminated Participant’s Employer which are to be credited to other Participants pursuant to Section 4.1 as
of the last day of the Plan Year in which the forfeiture becomes certain. Notwithstanding anything in the Plan to the contrary, a separate sub-account shall be established within the Participant’s Account
in the event the Participant “receives” or “has” a benefit under the Plan that is less than fully vested. For purposes of computing the balance of such separate sub-account with respect to
which the vesting percentage can increase and from which distributions are made, at any relevant time, the Participant’s vested portion of such separate sub-account shall not be less than an amount
(“X”) determined by the formula: X = P(AB + D) – D in accordance with Treasury Regulation 1.411(a)-7(d)(5)(iii)(B), where “P” is the vesting percentage at the relevant time;
“AB” is the account balance at the relevant time; “D” is the amount of the distribution; and the relevant time is the time at which, under the Plan, the vesting percentage of the amount cannot increase. 

  
 27 

 9.7    Vesting and Nonforfeitability. A Participant’s
interest in his or her Account which has become vested shall be nonforfeitable for any reason. 
 Section 10.    Payment of
Benefits. 
 10.1    Benefits for Participants. For a Participant whose Service ends for any
reason, distribution will be made to or for the benefit of the Participant or, in the case of the Participant’s death, his or her Beneficiary, by payment in a lump sum or annual installments not exceeding five (5) years as elected by the
Participant, in accordance with Section 10.2. Prior to any such distribution, any Participant entitled to a distribution will receive a form upon which the Participant can elect the manner of such distribution (e.g., whether to receive the
distribution directly or transfer such distribution to an individual retirement account or other tax-qualified plan), a special tax notice regarding the consequences of such distribution, and, if applicable,
that the Participant has the right not to consent to a distribution at such time. 
 If a Participant so desires, he may direct how his or
her benefits are to be paid to his or her Beneficiary. Notice to the Participant with regard to having the right to elect the manner in which his or her vested Account balance will be distributed to him may be given up to 180 days before the first
day of the first period for which an amount is payable. If a deceased Participant did not file a direction with the Committee, the Participant’s benefits shall be distributed to his or her Beneficiary in a lump sum. Notwithstanding any
provision to the contrary, if the value of a Participant’s vested Account balance at the time of any distribution does not exceed $1,000, then such Participant’s vested Account shall be distributed, without regard to whether the
Participant consents, in a lump sum within 60 days after the end of the Plan Year in which employment terminates. If the value of a Participant’s vested Account balance is in excess of $5,000, then his or her benefits shall not be paid prior to
his or her Normal Retirement Date unless he elects an early payment date in a written election filed with the Committee. A Participant may modify such an election at any time, provided any new benefit payment date is at least 30 days after a
modified election is delivered to the Committee. The Committee shall provide the Participant with written notice designed to comply with the requirements of Code Section 411(a)(11), and shall provide the Participant with a general description
of the material features of the optional forms of benefits under the Plan and the right to defer receipt of any distribution under the Plan. Such notice shall be provided no less than 30 days and no more than 180 days before the date a distribution
under the Plan commences. Notwithstanding the foregoing, failure of a Participant to consent to a distribution prior his or her Normal Retirement Date shall be deemed to be an election to defer commencement of payment of any benefit under this
section. Notwithstanding the foregoing, unless a Participant elects to receive a distribution, the Committee shall transfer accounts of $1,000 or more, but not exceeding $5,000, in a direct rollover to an individual retirement plan designated by the
Committee in accordance with Code Section 401(a)(31)(B) and the regulations promulgated thereunder. All distributions of $5,000 or less that are made pursuant to this Section without the Participant’s consent shall be made in cash. 

  
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 10.2    Time for Distribution. 

10.2-1    If the Participant and, if applicable, with the consent
of the Participant’s spouse, elects the distribution of the Participant’s Account balance in the Plan, distribution shall commence as soon as practicable following the Participant’s termination of Service, but no later than one year
after the close of the Plan Year in which the Participant severs employment by reason of attainment of Normal Retirement Age under the Plan, Disability, or death, or which is the fifth Plan Year following the Plan Year in which the Participant
otherwise severs employment, except that this clause shall not apply if the Participant is reemployed by the Employer before distribution is required to begin. 

10.2-2    Unless the Participant elects otherwise, the distribution
of the balance of a Participant’s Account shall commence not later than the 60th day after the latest of the close of the Plan Year in which - 

(i)    the Participant attains the age of 65 and has five years of Service with the Employer; 

(ii)     occurs the tenth anniversary of the year in which the Participant commenced participation in the
Plan; or 
 (iii)    the Participant terminates his or her Service with the Employer. 

10.2-3    Notwithstanding anything to the contrary, (1) with
respect to a 5-percent owner (as defined in Code Section 416), distribution of a Participant’s Account shall commence (whether or not he remains in the employ of the Employer) not later than the
April 1 of the calendar year next following the calendar year in which the Participant attains age 70 1⁄2, and (2) with respect to all other
Participants, payment of a Participant’s benefit will commence not later than April 1 of the calendar year following the calendar year in which the Participant attains age 70 1⁄2, or, if later, the year in which the Participant retires. A Participant’s benefit from that portion of the Participant’s Account committed to the Investment Fund shall be calculated on the basis of the
most recent Valuation Date before the date of payment. 

10.2-4    Distribution of a Participant’s Account balance
after his or her death shall comply with the following requirements: 
 (i)    If a Participant dies
before his or her distributions have commenced, distribution of his or her Account to his or her Beneficiary shall commence not later than one year after the end of the Plan Year in which the Participant died; however, if the Participant’s
Beneficiary is his or her surviving Spouse, distributions may commence on the date on which the Participant would have attained age 70 1⁄2. In either
case, distributions shall be completed within five years after they commence. 

  
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 (ii)    If the Participant dies after distribution has
commenced pursuant to Section 10.1 but before his or her entire interest in the Plan has been distributed to him, then the remaining portion of that interest shall, in accordance with Section 401(a)(9) of the Code, be distributed at least
as rapidly as under the method of distribution being used under Section 10.1 at the date of his or her death. 

(iii)    If a married Participant dies before his or her benefit payments begin, then the Committee shall
cause the balance in his or her Account to be paid to his or her Beneficiary, provided, however, that no election by a married Participant of a different Beneficiary than his or her surviving Spouse shall be valid unless the election is accompanied
by the Spouse’s written consent, which (A) must acknowledge the effect of the election, (B) must explicitly provide either that the designated Beneficiary may not subsequently be changed by the Participant without the Spouse’s
further consent, or that it may be changed without such consent, and (C) must be witnessed by the Committee, its representative, or a notary public. This requirement shall not apply if the Participant establishes to the Committee’s
satisfaction that the Spouse may not be located. 
 10.2-5     If
a Participant or any other distributee’s distribution is rolled over to another eligible retirement plan following the Participant’s required beginning date (as determined in accordance with
Section 10.2-3), only the amount that exceeds the required minimum distribution amount for the Plan Year (as determined in accordance with Code Section 401(a)(9)) in which the rollover is completed
is treated as an eligible rollover distribution for purposes of Section 10.9. 

10.2-6    All distributions under this section shall be determined
and made in accordance with Code Section 401(a)(9) and final Treasury Regulations Sections 1.401(a)(9)-1 through 1.401(a)(9)-9, including the minimum distribution
incidental benefit requirements of Code Section 401(a)(9)(G). These provisions override any distribution options in the Plan inconsistent with Code Section 401(a)(9). 

10.3    Marital Status. The Committee, the Plan, the Trustee, and the Employers shall be fully protected and
discharged from any liability to the extent of any benefit payments made as a result of the Committee’s good faith and reasonable reliance upon information obtained from a Participant and his or her Employer as to his or her marital status.

 10.4    Delay in Benefit Determination. If the Committee is unable to determine the benefits payable to
a Participant or Beneficiary on or before the latest date prescribed for payment pursuant to Section 10.1 or 10.2, the benefits shall in any event be paid within 60 days after they can first be determined, with whatever makeup payments may be
appropriate in view of the delay. 
 10.5    Accounting for Benefit Payments. Any benefit payment shall be
charged to the Participant’s Account as of the first day of the Valuation Period in which the payment is made. 

  
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 10.6    Options to Receive Stock. Unless ownership of
virtually all Stock is restricted to active Employees and qualified retirement plans for the benefit of Employees pursuant to the certificates of incorporation or by-laws of the Employers issuing Stock, a
terminated Participant or the Beneficiary of a deceased Participant may instruct the Committee to distribute the Participant’s entire vested interest in his or her Account in the form of Stock. In that event, the Committee shall apply the
Participant’s vested interest in the Investment Fund to purchase sufficient Stock from the Stock Fund or from any owner of Stock to make the required distribution. In all other cases, other than as specifically set forth in Section 10.1,
the Participant’s vested interest in the Stock Fund shall be distributed in shares of Stock, and his or her vested interest in the Investment Fund shall be distributed in cash. If Stock acquired with the proceeds of an Exempt Loan available for
distribution consist of more than one class of Stock, the Participant (or Beneficiary, if applicable) must receive substantially the same proportion of each such class. 

Any Participant who receives Stock pursuant to Section 10.1, and any person who has received Stock from the Plan or from such a
Participant by reason of the Participant’s death or incompetency, by reason of divorce or separation from the Participant, or by reason of a rollover contribution described in Section 402(a)(5) of the Code, shall have the right to require
the Employer which issued the Stock to purchase the Stock for its current fair market value (hereinafter referred to as the “put right”). The put right shall be exercisable by written notice to the Committee during the first 60 days after
the Stock is distributed by the Plan, and, if not exercised in that period, during the first 60 days in the following Plan Year after the Committee has communicated to the Participant its determination as to the Stock’s current fair market
value. However, the put right shall not apply to the extent that the Stock, at the time the put right would otherwise be exercisable, is Readily Tradable on an Established Securities Market. Similarly, the put option shall not apply with respect to
the portion of a Participant’s Account which the Employee elected to have reinvested under Code Section 401(a)(28)(B). If the put right is exercised, the Trustee may, if so directed by the Committee in its sole discretion, assume the
Employer’s rights and obligations with respect to purchasing the Stock. Notwithstanding anything herein to the contrary, in the case of a plan established by a Bank (as defined in Code Section 581), the put option shall not apply if
prohibited by a federal or state law and Participants are entitled to elect their benefits be distributed in cash.” 
 The Employer or
the Trustee, as the case may be, may elect to pay for the Stock in equal periodic installments, not less frequently than annually, over a period beginning not later than 30 days after the exercise of the put right and not exceeding five years, with
adequate security and interest at a reasonable rate on the unpaid balance, all such terms to be set forth in a promissory note delivered to the seller with normal terms as to acceleration upon any uncured default. 

Nothing contained herein shall be deemed to obligate any Employer to register any Stock under any federal or state securities law or to create
or maintain a public market to facilitate the transfer or disposition of any Stock. The put right described herein may only be exercised by a person described in the second preceding paragraph, and may not be transferred with any Stock to any other
person. As to all Stock purchased by the Plan in exchange for any Exempt Loan, the put right shall be nonterminable. The put right for Stock acquired through an Exempt Loan shall continue with respect to such Stock after the Exempt Loan is repaid or
the Plan ceases to be an employee stock ownership plan. Notwithstanding anything in the Plan to the contrary, if securities acquired with the proceeds of an Exempt Loan available for distribution consist of more than one class, a distributee must
receive substantially the same proportion of each such class, in accordance with Treasury Regulations Section 54.4975-11(f)(2). 

  
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 10.7    Restrictions on Disposition of Stock. Except in
the case of Stock which is Readily Tradable on an Established Securities Market, a Participant who receives Stock pursuant to Section 10.1, and any person who has received Stock from the Plan or from such a Participant by reason of the
Participant’s death or incompetence, by reason of divorce or separation from the Participant, or by reason of a rollover contribution described in Section 402(a)(5) of the Code, shall, prior to any sale or other transfer of the Stock to
any other person, first offer the Stock to the issuing Employer and to the Plan at the greater of (i) its current fair market value, or (ii) the purchase price offered in good faith by an independent third party purchaser. This restriction
shall apply to any transfer, whether voluntary, involuntary, or by operation of law, and whether for consideration or gratuitous. Either the Employer or the Trustee may accept the offer within 14 days after it is delivered. Any Stock distributed by
the Plan shall bear a conspicuous legend describing the right of first refusal under this Section 10.7, as well as any other restrictions upon the transfer of the Stock imposed by federal and state securities laws and regulations. 

10.8    Continuing Loan Provisions; Creations of Protections and Rights. Except as otherwise provided in
Sections 10.6 and 10.7 and this Section, no shares of Employer Stock held or distributed by the Trustee may be subject to a put, call or other option, or buy-sell arrangement. The provisions of this Section
shall continue to be applicable to such Stock even if the Plan ceases to be an employee stock ownership plan under Section 4975(e)(7) of the Code. 

10.9    Direct Rollover of Eligible Distribution. A Participant or distributee may elect, at the time and in
the manner prescribed by the Trustee or the Committee, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the Participant or distributee in a direct rollover. However, a distributee who
is a designated beneficiary of the Participant but who is not the surviving Spouse of the Participant may only elect to have any portion of the eligible rollover distribution paid directly to an eligible retirement plan that is an individual
retirement account described in Section 408(a) of the Code or an individual retirement annuity described in Section 408(b) of the Code (other than an endowment contract) in accordance with Section 402(c)(11). 

10.9-1    An “eligible rollover” is any distribution that
does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the
Participant and the Participant’s Beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under Code Section 401(a)(9); any hardship distribution described in
Section 401(k)(2)(B)(i)(IV) of the Code; and the portion of any distribution that is not included in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities). Notwithstanding
the foregoing, an “eligible rollover” shall include a distribution that is made to a “distributee” as defined under Section 10.9-4. 

  
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 10.9-2    An
“eligible retirement plan” is an individual retirement account described in Code Section 408(a), an individual retirement annuity described in Code Section 408(b), a deemed individual retirement account described in Code
Section 408(q), an annuity plan described in Code Section 403(a), a Roth individual retirement account in accordance with Code Section 408A(e), or a qualified trust described in Code Section 401(a), that accepts the
distributee’s eligible rollover distribution. An eligible retirement plan shall also include an annuity contract described in Section 403(b) of the Code and an eligible plan under Section 457(b) of the Code which is maintained by a
state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan. 

10.9-3    A “direct rollover” is a payment by the Plan to
the eligible retirement plan specified by the distributee. 

10.9-4    The term “distributee” shall refer to a
deceased Participant’s Spouse or a Participant’s former Spouse who is the alternate payee under a qualified domestic relations order, as defined in Code Section 414(p), and shall include
non-Spouse Beneficiaries pursuant to Code Section 402(c)(11). 
 10.9-5    The Committee shall provide Participants or other distributes of eligible rollover distributions with a written notice designed to comply with the requirements of Code
Section 402(f). Such notice shall be provided within a reasonable period of time before making an eligible rollover distribution. Such notice may be provided up to 180 days before the first day of the first period for which an amount is
payable. 
 10.10    Waiver of 30-Day Period After Notice of
Distribution. If a distribution is one to which Sections 402(f) and 411(a)(11) of the Code apply, such distribution may commence less than 30 days after the notice required under
Section 1.402(f)-1 or 1.411(a)-11(c) of the Treasury Regulations is given, provided that: 

(i)    the Trustee or Committee, as applicable, clearly informs the Participant that the Participant has a
right to a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect to make a tax-free rollover or receive a taxable distribution (and, if applicable, a
particular form of distribution), and 
 (ii)    the Participant, after receiving the notice,
affirmatively elects to make a tax-free rollover or receive a taxable distribution. 

Section 11.    Rules Governing Benefit Claims and Review of Appeals. 

11.1    Claim for Benefits. Any Participant or Beneficiary who qualifies for the payment of benefits shall
file a claim for his or her benefits with the Committee on a form provided by the Committee. The claim, including any election of an alternative benefit form, shall be filed at least 30 days before the date on which the benefits are to begin. If a
Participant or Beneficiary fails to file a claim by the day before the date on which benefits become payable, he shall be presumed to have filed a claim for payment for the Participant’s benefits in the standard form prescribed by Sections 10.1
or 10.2. 

  
 33 

 11.2    Notification by Committee. Within 90 days after
receiving a claim for benefits (or within 180 days, if special circumstances require an extension of time and written notice of the extension is given to the Participant or Beneficiary within 90 days after receiving the claim for benefits), the
Committee shall notify the Participant or Beneficiary whether the claim has been approved or denied. If the Committee denies a claim in any respect, the Committee shall set forth in a written notice to the Participant or Beneficiary: 

(i)    each specific reason for the denial; 

(ii)    specific references to the pertinent Plan provisions on which the denial is based; 

(iii) a description of any additional material or information which could be submitted by the Participant or Beneficiary to
support his or her claim, with an explanation of the relevance of such information; and 
 (iv)    an
explanation of the claims review procedures set forth in Section 11.3. 
 11.3    Claims Review
Procedure. Within 60 days after a Participant or Beneficiary receives notice from the Committee that his or her claim for benefits has been denied in any respect, he may file with the Committee a written notice of appeal setting forth his or
her reasons for disputing the Committee’s determination. In connection with his or her appeal the Participant or Beneficiary or his or her representative may inspect or purchase copies of pertinent documents and records to the extent not
inconsistent with other Participants’ and Beneficiaries’ rights of privacy. Within 60 days after receiving a notice of appeal from a prior determination (or within 120 days, if special circumstances require an extension of time and written
notice of the extension is given to the Participant or Beneficiary and his or her representative within 60 days after receiving the notice of appeal), the Committee shall furnish to the Participant or Beneficiary and his or her representative, if
any, a written statement of the Committee’s final decision with respect to his or her claim, including the reasons for such decision and the particular Plan provisions upon which it is based. 

Section 12.    The Committee and its Functions. 

12.1    Authority of Committee. The Committee shall be the “plan administrator” within the meaning
of ERISA and shall have exclusive responsibility and authority to control and manage the operation and administration of the Plan, including the interpretation and application of its provisions, except to the extent such responsibility and authority
are otherwise specifically (i) allocated to the Bank, the Employers, or the Trustee under the Plan and Trust Agreement, (ii) delegated in writing to other persons by the Bank, the Employers, the Committee, or the Trustee, or
(iii) allocated to other parties by operation of law. The Committee shall have exclusive responsibility regarding decisions concerning the payment of benefits under the Plan. The Committee shall have no investment responsibility with respect to
the Investment Fund except to the extent, if any, specifically provided in the Trust Agreement. In the discharge of its duties, the Committee may employ accountants, actuaries, legal counsel, and other agents (who also may be employed by an Employer
or the Trustee in the same or some other capacity) and may pay their reasonable expenses and compensation. 

  
 34 

 12.2    Identity of Committee. The Committee shall consist
of two or more individuals selected by the Bank. Any individual, including a director, trustee, shareholder, officer, or Employee of an Employer, shall be eligible to serve as a member of the Committee. The Bank shall have the power to remove any
individual serving on the Committee at any time without cause upon 10 days written notice, and any individual may resign from the Committee at any time upon 10 days written notice to the Bank. The Bank shall notify the Trustee of any change in
membership of the Committee. 
 12.3    Duties of Committee. The Committee shall keep whatever records may
be necessary to implement the Plan and shall furnish whatever reports may be required from time to time by the Bank. The Committee shall furnish to the Trustee whatever information may be necessary to properly administer the Trust. The Committee
shall see to the filing with the appropriate government agencies of all reports and returns required of the Plan under ERISA and other laws. 

Further, the Committee shall have exclusive responsibility and authority with respect to the Plan’s holdings of Stock and shall direct
the Trustee in all respects regarding the purchase, retention, sale, exchange, and pledge of Stock and the creation and satisfaction of Exempt Loans. The Committee shall at all times act consistently with the Bank’s long-term intention that the Plan, as an employee stock ownership plan, be invested primarily in Stock. In determining the proper extent of the Trust’s investment in Stock, the Committee shall be authorized to
employ investment counsel, legal counsel, appraisers, and other agents and to pay their reasonable expenses and compensation. 

12.4    Valuation of Stock. If the valuation of any Stock is not Readily Tradable on an Established
Securities Market, the valuation of such Stock shall be determined by an independent appraiser. For purposes of the preceding sentence, the term “independent appraiser” means any appraiser meeting requirements similar to the requirements
of the regulations prescribed under Section 170(a)(1) of the Code. The Valuation Date for all Plan transactions, including transactions between the Plan and a disqualified person, shall be the date of the transaction, in accordance with
Treasury Regulations Section 54.4975-11(d)(5). 
 12.5    Compliance
with ERISA. The Committee shall perform all acts necessary to comply with ERISA. Each individual member or employee of the Committee shall discharge his or her duties in good faith and in accordance with the applicable requirements of ERISA.

 12.6    Action by Committee. All actions of the Committee shall be governed by the affirmative vote of
a number of members which is a majority of the total number of members currently appointed, including vacancies. 

12.7    Execution of Documents. Any instrument executed by the Committee shall be signed by any member or
employee of the Committee. 
 12.8    Adoption of Rules. The Committee shall adopt such rules and
regulations of uniform applicability as it deems necessary or appropriate for the proper administration and interpretation of the Plan. 

  
 35 

 12.9    Responsibilities to Participants. The Committee
shall determine which Employees qualify to enter the Plan. The Committee shall furnish to each Eligible Employee whatever summary plan descriptions, summary annual reports, and other notices and information may be required under ERISA. The Committee
also shall determine when a Participant or his or her Beneficiary qualifies for the payment of benefits under the Plan. The Committee shall furnish to each such Participant or Beneficiary whatever information is required under ERISA (or is otherwise
appropriate) to enable the Participant or Beneficiary to make whatever elections may be available pursuant to Sections 6 and 10, and the Committee shall provide for the payment of benefits in the proper form and amount from the assets of the Trust
Fund. The Committee may decide in its sole discretion to permit modifications of elections and to defer or accelerate benefits to the extent such decision is consistent with applicable law and made in a
non-discriminatory manner and in the best interests of all Participants and Beneficiaries. 

12.10    Alternative Payees in Event of Incapacity. If the Committee finds at any time that an individual
qualifying for benefits under this Plan is a minor or is incompetent, the Committee may direct the benefits to be paid, in the case of a minor, to his or her parents, his or her legal guardian, or a custodian for him under the Uniform Gifts to
Minors Act, or, in the case of an incompetent, to his or her spouse, or his or her legal guardian, the payments to be used for the individual’s benefit. The Committee and the Trustee shall not be obligated to inquire as to the actual use of the
funds by the person receiving them under this Section 12.10, and any such payment shall completely discharge the obligations of the Plan, the Trustee, the Committee, and the Employers to the extent of the payment. 

12.11    Indemnification by Employers. Except as separately agreed in writing, the Committee, and any member
or employee of the Committee, shall be indemnified and held harmless by the Employer, jointly and severally, to the fullest extent permitted by ERISA, and subject to and conditioned upon compliance with 12 C.F.R. Section 545.121, to the extent
applicable, against any and all costs, damages, expenses, and liabilities reasonably incurred by or imposed upon it or him in connection with any claim made against it or him or in which it or he may be involved by reason of its or his or her being,
or having been, the Committee, or a member or employee of the Committee, to the extent such amounts are not paid by insurance. 

12.12    Nonparticipation by Interested Member. Any member of the Committee who also is a Participant in the
Plan shall take no part in any determination specifically relating to his or her own participation or benefits, unless his or her abstention would leave the Committee incapable of acting on the matter. 

Section 13.    Adoption, Amendment, or Termination of the Plan. 

13.1    Adoption of Plan by Other Employers. With the consent of the Bank, any entity may become a
participating Employer under the Plan by (i) taking such action as shall be necessary to adopt the Plan, (ii) becoming a party to the Trust Agreement establishing the Trust Fund, and (iii) executing and delivering such instruments and
taking such other action as may be necessary or desirable to put the Plan into effect with respect to the entity’s Employees. 

  
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 13.2    Plan Adoption Subject to Qualification.
Notwithstanding any other provision of the Plan, the adoption of the Plan and the execution of the Trust Agreement are conditioned upon their being determined initially by the Internal Revenue Service to meet the qualification requirements of
Section 401(a) of the Code, so that the Employers may deduct currently for federal income tax purposes their contributions to the Trust and so that the Participants may exclude the contributions from their gross income and recognize income only
when they receive benefits. In the event that this Plan is held by the Internal Revenue Service not to qualify initially under Section 401(a), the Plan may be amended retroactively to the earliest date permitted by U.S. Treasury Regulations in
order to secure qualification under Section 401(a). If this Plan is held by the Internal Revenue Service not to qualify initially under Section 401(a) either as originally adopted or as amended, each Employer’s contributions to the
Trust under this Plan (including any earnings thereon) shall be returned to it and this Plan shall be terminated. In the event that this Plan is amended after its initial qualification and the Plan as amended is held by the Internal Revenue Service
not to qualify under Section 401(a), the amendment may be modified retroactively to the earliest date permitted by U.S. Treasury Regulations in order to secure approval of the amendment under Section 401(a). In addition, reversions of
Employer contributions (including earnings or losses attributable thereto) are permitted within one year after the applicable determination date, if the reversion is due to a good faith mistake of fact. 

13.3    Right to Amend or Terminate. The Bank intends to continue this Plan as a permanent program. However,
each participating Employer separately reserves the right to suspend, supersede, or terminate the Plan at any time and for any reason, as it applies to that Employer’s Employees, and the Bank reserves the right to amend, suspend, supersede,
merge, consolidate, or terminate the Plan at any time and for any reason, as it applies to the Employees of each Employer. No amendment, suspension, supersession, merger, consolidation, or termination of the Plan shall (i) reduce any
Participant’s or Beneficiary’s proportionate interest in the Trust Fund, (ii) reduce or restrict, either directly or indirectly, the benefit provided any Participant prior to the amendment, or (iii) divert any portion of the
Trust Fund to purposes other than the exclusive benefit of the Participants and their Beneficiaries prior to the satisfaction of all liabilities under the Plan. Moreover, there shall not be any transfer of assets to a successor plan or merger or
consolidation with another plan unless, in the event of the termination of the successor plan or the surviving plan immediately following such transfer, merger, or consolidation, each participant or beneficiary would be entitled to a benefit equal
to or greater than the benefit he would have been entitled to if the plan in which he was previously a participant or beneficiary had terminated immediately prior to such transfer, merger, or consolidation. Following a termination of this Plan by
the Bank, the Trustee shall continue to administer the Trust and pay benefits in accordance with the Plan as amended from time to time and the Committee’s instructions. 

Section 14.    Miscellaneous Provisions. 

14.1    Plan Creates No Employment Rights. Nothing in this Plan shall be interpreted as giving any Employee
the right to be retained as an Employee by an Employer, or as limiting or affecting the rights of an Employer to control its Employees or to terminate the Service of any Employee at any time and for any reason, subject to any applicable employment
or collective bargaining agreements. 

  
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 14.2    Nonassignability of Benefits. No assignment,
pledge, or other anticipation of benefits from the Plan will be permitted or recognized by the Employer, the Committee, or the Trustee. Moreover, benefits from the Plan shall not be subject to attachment, garnishment, or other legal process for
debts or liabilities of any Participant or Beneficiary, to the extent permitted by law. This prohibition on assignment or alienation shall apply to any judgment, decree, or order (including approval of a property settlement agreement) which relates
to the provision of child support, alimony, or property rights to a present or former spouse, child or other dependent of a Participant pursuant to a state domestic relations or community property law, unless the judgment, decree, or order is
determined by the Committee to be a qualified domestic relations order within the meaning of Section 414(p) of the Code, as more fully set forth in Section 14.12 hereof. 

14.3    Limit of Employer Liability. The liability of the Employer with respect to Participants under this
Plan shall be limited to making contributions to the Trust from time to time, in accordance with Section 4. 

14.4    Treatment of Expenses. All expenses incurred by the Committee and the Trustee in connection with
administering this Plan and Trust Fund shall be paid by the Trustee from the Trust Fund to the extent the expenses have not been paid or assumed by the Employer or by the Trustee. The Committee may determine that, and shall inform the Trustee when,
reasonable expenses may be charged directly to the Account or Accounts of a Participant or group of Participants to whom or for whose benefit such expenses are allocable, subject to the guidelines set forth in Field Assistance Bulletin 2003-03, to the extent not superseded, or any successor directive issued by the Department of Labor. 

14.5    Number and Gender. Any use of the singular shall be interpreted to include the plural, and the
plural the singular. Any use of the masculine, feminine, or neuter shall be interpreted to include the masculine, feminine, or neuter, as the context shall require. 

14.6    Nondiversion of Assets. Except as provided in Sections 5.2 and 14.12, under no circumstances
shall any portion of the Trust Fund be diverted to or used for any purpose other than the exclusive benefit of the Participants and their Beneficiaries prior to the satisfaction of all liabilities under the Plan. 

14.7    Separability of Provisions. If any provision of this Plan is held to be invalid or unenforceable,
the other provisions of the Plan shall not be affected but shall be applied as if the invalid or unenforceable provision had not been included in the Plan. 

14.8    Service of Process. The agent for the service of process upon the Plan shall be the president of the
Bank, or such other person as may be designated from time to time by the Bank. 
 14.9    Governing State
Law. This Plan shall be interpreted in accordance with the laws of the State of Wisconsin, except to the superseded by federal law. 

  
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 14.10    Employer Contributions Conditioned on
Deductibility. Employer Contributions to the Plan are conditioned on deductibility under Code Section 404. In the event that the Internal Revenue Service shall determine that all or any portion of an Employer Contribution is not
deductible under that Section, the nondeductible portion shall be returned to the Employer within one year of the disallowance of the deduction. In addition, reversions of Employer contributions (including earnings or losses attributable thereto)
are permitted within one year after the applicable determination date, if the reversion is due to a good faith mistake of fact. The maximum amount that may be returned to the Employer in the case of a mistake of fact or the disallowance of a
deduction is the excess of (1) the amount contributed, over, as relevant, (2) (A) the amount that would have been contributed had no mistake of fact occurred, or (B) the amount that would have been contributed had the contribution been
limited to the amount that is deductible after any disallowance by the Internal Revenue Service. 

14.11    Unclaimed Accounts. Neither the Employer nor the Trustees shall be under any obligation to search
for, or ascertain the whereabouts of, any Participant or Beneficiary. The Employer or the Trustees, by certified or registered mail addressed to his or her last known address of record with the Employer, shall notify any Participant or Beneficiary
that he is entitled to a distribution under this Plan, and the notice shall quote the provisions of this Section. If the Participant or Beneficiary fails to claim his or her benefits or make his or her whereabouts known in writing to the Employer or
the Trustees within seven (7) calendar years after the date of notification, the benefits of the Participant or Beneficiary under the Plan will be disposed of as follows: 

(i) If the whereabouts of the Participant is unknown but the whereabouts of the Participant’s Beneficiary is known to the
Trustees, distribution will be made to the Beneficiary. 
 (ii) If the whereabouts of the Participant and his or her
Beneficiary are unknown to the Trustees, the Plan will forfeit the benefit, provided that the benefit is subject to a claim for reinstatement if the Participant or Beneficiary make a claim for the forfeited benefit. 

Any payment made pursuant to the power herein conferred upon the Trustees shall operate as a complete discharge of all obligations of the
Trustees, to the extent of the distributions so made. 
 14.12    Qualified Domestic Relations Order.
Section 14.2 shall not apply to a “qualified domestic relations order” defined in Code Section 414(p), and such other domestic relations orders permitted to be so treated under the provisions of the Retirement Equity Act of 1984.
Further, to the extent provided under a “qualified domestic relations order,” a former Spouse of a Participant shall be treated as the Spouse or surviving Spouse for all purposes under the Plan. 

In the case of any domestic relations order received by the Plan: 

(i)    The Employer or the Committee shall promptly notify the Participant and any other alternate payee of
the receipt of such order and the Plan’s procedures for determining the qualified status of domestic relations orders, and 

(ii)    Within a reasonable period after receipt of such order, the Employer or the Committee shall
determine whether such order is a qualified domestic relations order and notify the Participant and each alternate payee of such determination. The Employer or the Committee shall establish reasonable procedures to determine the qualified status of
domestic relations orders and to administer distributions under such qualified orders. 

  
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 During any period in which the issue of whether a domestic relations order is a qualified
domestic relations order is being determined (by the Employer or Committee, by a court of competent jurisdiction, or otherwise), the Employer or the Committee shall segregate in a separate account in the Plan or in an escrow account the amounts
which would have been payable to the alternate payee during such period if the order had been determined to be a qualified domestic relations order. If within eighteen (18) months the order (or modification thereof) is determined to be a
qualified domestic relations order, the Employer or the Committee shall pay the segregated amounts (plus any interest thereon) to the person or persons entitled thereto. If within eighteen (18) months it is determined that the order is not a
qualified domestic relations order, or the issue as to whether such order is a qualified domestic relations order is not resolved, then the Employer or the Committee shall pay the segregated amounts (plus any interest thereon) to the person or
persons who would have been entitled to such amounts if there had been no order. Any determination that an order is a qualified domestic relations order which is made after the close of the eighteen (18) month period shall be applied
prospectively only. The term “alternate payee” means any Spouse, former Spouse, child or other dependent of a Participant who is recognized by a domestic relations order as having a right to receive all, or a portion of, the benefit
payable under a Plan with respect to such Participant. 
 14.13    Use of Electronic Media to Provide Notices and
Make Participant Elections. Pursuant to Treasury Regulations Section 1.401(a)-21, the Plan may elect to use electronic media to provide notices required to be provided to Participants under
the Plan and will accept elections from Participants communicated to the Plan using such electronic media.  

14.14    Acquisition of Securities. Notwithstanding any other provision of the Plan to the contrary,
at no time shall the Plan be obligated to acquire securities from a particular security holder at an indefinite time determined upon the happening of an event such as the death of the security holder, pursuant to Treasury Regulations Section 54.4975-11(a)(7)(i). 
 14.15    Additional Benefits under Code
Section 401(a)(37). Notwithstanding any provisions of the Plan to the contrary, pursuant to Code Section 401(a)(37), in the case of a Participant who dies while performing qualified military
service (as defined in Code Section 414(u)), the survivors of the Participant are entitled to any additional benefits (other than benefit accruals relating to the period of qualified military service) provided under the Plan had the Participant
resumed and then terminated employment on account of death. The Plan currently does not provide any such additional benefits, but if the Plan were to provide such additional benefits, then such survivors would be entitled to receive such benefits.

 Section 15.    Top-Heavy Provisions. 

15.1    Top-Heavy Plan. This Plan is
top-heavy if any of the following conditions exist: 
 (i)    If
the top-heavy ratio for this Plan exceeds sixty percent (60%) and this Plan is not part of any required aggregation group or permissive aggregation group; 

  
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 (ii)    If this Plan is a part of a required aggregation
group (but is not part of a permissive aggregation group) and the aggregate top-heavy ratio for the group of Plans exceeds sixty percent (60%); or 

(iii)    If this Plan is a part of a required aggregation group and part of a permissive aggregation group
and the aggregate top-heavy ratio for the permissive aggregation group exceeds sixty percent (60%). 

15.2    Definitions. In making this determination, the Committee shall use the following definitions and
principles: 
 15.2-1    The “Determination Date,” with
respect to the first Plan Year of any plan, means the last day of that Plan Year, and with respect to each subsequent Plan Year, means the last day of the preceding Plan Year. If any other plan has a Determination Date which differs from this
Plan’s Determination Date, the top-heaviness of this Plan shall be determined on the basis of the other plan’s Determination Date falling within the same calendar years as this Plan’s
Determination Date. 
 15.2-2    A “Key Employee” means
any employee or former employee (including any deceased employee) who at any time during the plan year that includes the determination date was an officer of the employer having annual compensation greater than $160,000 (as adjusted under section
416(i)(1) of the Code), a 5-percent owner of the employer, or a 1-percent owner of the employer having annual compensation of more than $150,000. For this purpose,
annual compensation means compensation within the meaning of section 415(c)(3) of the Code. The determination of who is a key employee will be made in accordance with section 416(i)(1) of the Code and the applicable regulations and other guidance of
general applicability issued thereunder. 
 15.2-3    A “Non-key Employee” means an Employee who at any time during the five years ending on the top-heavy Determination Date for the Plan Year has received compensation
from an Employer and who has never been a Key Employee, and the Beneficiary of any such Employee. 
 15.2-4    A “required aggregation group” includes (a) each qualified Plan of the Employer in which at least one Key Employee participates in the Plan Year containing the
Determination Date and (b) any other qualified Plan of the Employer which enables a Plan described in (a) to meet the requirements of Code Sections 401(a)(4) or 410. For purposes of the preceding sentence, a qualified Plan of the Employer
includes a terminated Plan maintained by the Employer within the period ending on the Determination Date. In the case of a required aggregation group, each Plan in the group will be considered a top-heavy Plan
if the required aggregation group is a top-heavy group. No Plan in the required aggregation group will be considered a top-heavy Plan if the required aggregation group
is not a top-heavy group. All Employers aggregated under Code Sections 414(b), (c) or (m) or (o) (but only after the Code Section 414(o) regulations become effective) are considered a single
Employer. 

  
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 15.2-5    A
“permissive aggregation group” includes the required aggregation group of Plans plus any other qualified Plan(s) of the Employer that are not required to be aggregated but which, when considered as a group with the required aggregation
group, satisfy the requirements of Code Sections 401(a)(4) and 410 and are comparable to the Plans in the required aggregation group. No Plan in the permissive aggregation group will be considered a top-heavy
Plan if the permissive aggregation group is not a top-heavy group. Only a Plan that is part of the required aggregation group will be considered a top-heavy Plan if the
permissive aggregation group is top-heavy. 
 15.3    Top-Heavy Rules of Application. For purposes of determining the value of Account balances and the present value of accrued benefits the following provisions shall apply: 

15.3-1    The value of Account balances and the present value of
accrued benefits will be determined as of the most recent Valuation Date that falls within or ends with the twelve (12) month period ending on the Determination Date. 

15.3-2    For purposes of testing whether this Plan is top-heavy, the present value of an individual’s accrued benefits and an individual’s Account balances is counted only once each year. 

15.3-3    The Account balances and accrued benefits of a
Participant who is not presently a Key Employee but who was a Key Employee in a Plan Year beginning on or after January 1, 1984 will be disregarded. 

15.3-4    Employer contributions attributable to a salary reduction
or similar arrangement will be taken into account. Employer matching contributions also shall be taken into account for purposes of satisfying the minimum contribution requirements of Section 416(c)(2) of the Code and the Plan. 

15.3-5    When aggregating Plans, the value of Account balances and
accrued benefits will be calculated with reference to the Determination Dates that fall within the same calendar year. 
 15.3-6    The present values of accrued benefits and the amounts of account balances of an employee as of the determination date shall be increased by the distributions made with respect to the
employee under the plan and any plan aggregated with the plan under Section 416(g)(2) of the Code during the 1-year period ending on the determination date. The preceding sentence shall also apply to
distributions under a terminated plan which, had it not been terminated, would have been aggregated with the plan under Section 416(g)(2)(A)(i) of the Code. In the case of a distribution made for a reason other than severance from employment,
death, or disability, this provision shall be applied by substituting “five (5) year period” for “one (1) year period.” 

15.3-7    Accrued benefits and Account balances of an individual
shall not be taken into account for purposes of determining the top-heavy ratios if the individual has performed no services for the Employer during the one (1) year period ending on the applicable
Determination Date. Compensation for purposes of this subparagraph shall not include any payments made to an individual by the Employer pursuant to a qualified or non-qualified deferred compensation plan. 

  
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 15.3-8    The
present value of the accrued benefits or the amount of the Account balances of any Employee participating in this Plan shall not include any rollover contributions or other transfers voluntarily initiated by the Employee except as described below.
If this Plan transfers or rolls over funds to another Plan in a transaction voluntarily initiated by the Employee, then this Plan shall count the distribution for purposes of determining Account balances or the present value of accrued benefits. A
transfer incident to a merger or consolidation of two or more Plans of the Employer (including Plans of related Employers treated as a single Employer under Code Section 414), or a transfer or rollover between Plans of the Employer, shall not
be considered as voluntarily initiated by the Employee. 
 15.4    Minimum Contributions. For any Top-Heavy Year, each Employer shall make a special contribution on behalf of each Participant to the extent that the total allocations to his or her Account pursuant to Section 4 is less than the lesser of:

 (i)    three percent of his or her 415 Compensation for that year, or 

(ii) the highest ratio of such allocation to 415 Compensation received by any Key Employee for that year. For purposes of
the special contribution of this Section 15.2, a Key Employee’s 415 Compensation shall include amounts the Key Employee elected to defer under a qualified 401(k) arrangement. Such a special contribution shall be made on behalf of each
Participant who is employed by an Employer on the last day of the Plan Year, regardless of the number of his or her Hours of Service, and shall be allocated to his or her Account. 

If the Employer maintains a qualified plan in addition to this Plan and more than one such plan is determined to be Top-Heavy, a minimum contribution or a minimum benefit shall be provided to the other plan or plans rather than to this Plan. 

15.5    Top-Heavy Provisions Control in
Top-Heavy Plan. In the event this Plan becomes top-heavy and a conflict arises between the top-heavy provisions herein
set forth and the remaining provisions set forth in this Plan, the top-heavy provisions shall control. 

  
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