IMPAC MORTGAGE HOLDINGS INC
IMPAC COMPANIES DEFERRED COMPENSATION PLAN
<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>4
<FILENAME>dex1017.htm
<DESCRIPTION>IMPAC COMPANIES DEFERRED COMPENSATION PLAN
<TEXT>
<HTML><HEAD>
<TITLE>IMPAC Companies Deferred Compensation Plan</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF"> <p align=right><font size="2" face="Times New Roman">Exhibit 10.17</font></p> <p align="center"> <font size="2" face="Times New Roman">THE IMPAC COMPANIES<br> DEFERRED COMPENSATION PLAN</font></p> <p align="center">
<font size="2" face="Times New Roman">ARTICLE I</font></p> <p align="center"> <font size="2" face="Times New Roman">INTRODUCTION</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Purpose</u>.&#160; The purpose of this Plan is to enable the Sponsor and Affiliated Companies to provide a competitive
tax-deferred capital accumulation vehicle in order to attract and retain key management.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective
Date and Term</u>.&#160; This Plan is effective as of February 1, 2000 (the &#147;Effective Date&#148;), unless otherwise expressly provided herein.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Participation</u>.&#160; Participation in this Plan is open only to employees of the Sponsor or any Affiliated Company who meet
the requirements specified in Section 4.1 of the Plan and who are selected for participation in the Plan by the Committee.&#160; Participation in this Plan by any such employees, and the payment of any benefits under this Plan to any such employee,
shall be governed by the terms of this Plan and by the terms of the Participation Agreement entered into with respect to this Plan by the Company and such employee pursuant to Section 1.4 hereof.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Participation Agreement</u>.&#160; As a condition to the commencement of participation in this Plan, each employee approved for
participation must enter into an agreement covering such employee&#146;s participation (a &#147;Participation Agreement&#148;) which agreement shall be executed by the Sponsor and such employee and, if such employee is employed by an Affiliated
Company, such Affiliated Company.&#160; Each Participation Agreement shall include such terms and conditions related to the employee&#146;s participation in the Plan as the Committee may deem appropriate.</font></p> <p><font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicability of ERISA</u>.&#160; This Plan is intended to be a &#147;top-hat&#148; plan -- that is, an unfunded plan maintained
primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees within the meaning of ERISA.&#160; As such, the Plan is exempt from the participation and vesting requirements of Part 2 of
Title I of ERISA, the funding requirements of Part 3 of Title&nbsp;I of ERISA, and the fiduciary responsibility provisions of Part 4 of Title I of ERISA.</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p align="center"> <font size="2" face="Times New Roman">ARTICLE II</font></p> <p align="center"> <font size="2" face="Times New Roman">DEFINITIONS</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Account</u>.&#160; &#147;Account&#148; shall mean one of the separate Accounts maintained by the Committee pursuant to the
provisions of Section 5.1.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Active Participant</u>.&#160; &#147;Active Participant&#148; shall mean a
Participant whose participation in this Plan has been approved pursuant to the provisions of Section 1.3, who has entered into a Participation Agreement pursuant to the provisions of Section 1.4, and whose active participation in the Plan has not
been terminated pursuant to the provisions of Section 3.5.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Affiliated Company</u>.&#160;
&#147;Affiliated Company&#148; shall mean any of the following affiliates of the Sponsor which the Board expressly designates as having the status of an Affiliated Company for purpose of this Plan:&#160; (a) any corporation which is included in a
controlled group of corporations, within the meaning of Section 414(b) of the Code, of which controlled group the Sponsor is also a member; (b) any trade or business which is under common control with the Sponsor within the meaning of Section 414(c)
of the Code; (c) any service organization that is included in an affiliated service group, within the meaning of Section 414(m) of the Code, of which affiliated service group the Sponsor is also a member; (d) any other entity required to be
aggregated with the Sponsor pursuant to regulations promulgated under Section&nbsp;414(o) of the Code and (e) any other entity or entities which are designated by the Board as Affiliates as listed on Exhibit A hereto and which adopt this
Plan.</font></p> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Beneficiary</u>.&#160; &#147;Beneficiary&#148; shall mean, with respect to any Participant, the
person or persons and/or entity or entities designated or deemed designated by the Participant pursuant to Section 12.1 hereof to receive such Participant&#146;s Distributable Benefit payable under the Plan following such Participant&#146;s
death.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Board; Board of Directors</u>.&#160; &#147;Board&#148; and &#147;Board of Directors&#148;
shall mean the board of directors of the Sponsor.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Bonuses</u>.&#160; &#147;Bonuses&#148; shall mean
bonus compensation which a Participant is entitled to receive from the Company, including but not limited to bonus compensation based on the performance of Sponsor and certain affiliates of Sponsor, such as bonuses to which a Participant may be
entitled under an incentive plan.&#160; Bonuses shall not include any amounts not currently includible in such Participant&#146;s gross income by reason of Code Section 402(e)(3) and/or Code Section 125.</font></p> <p align="center"> <font size="2"
face="Times New Roman">2</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Bonus Deferrals</u>.&#160; &#147;Bonus Deferrals&#148; shall mean Bonuses
deferred at the election of the Participant pursuant to a Compensation Deferral Agreement under the provisions of Article IV.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Code</u>.&#160; &#147;Code&#148; shall mean the Internal Revenue Code of 1986, as amended.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Commissions</u>.&#160; &#147;Commissions&#148; shall mean fees paid to salespersons as compensation for their services as
specified by the Company on its payroll records.&#160; Commissions shall not include any amounts not currently includible in such Participant&#146;s gross income by reason of Code Section 402(e)(3) and/or Code Section 125.</font></p> <p><font
size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10&nbsp;&nbsp;&nbsp;<u>Commission Deferrals</u>.&#160; &#147;Commission Deferrals&#148; shall mean Commissions deferred at the election of the Participant
pursuant to a Compensation Deferral Agreement under the provisions of Article IV.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11&nbsp;&nbsp;&nbsp;<u>Committee</u>.&#160;
&#147;Committee&#148; shall mean, as of any date of reference, the committee, if any, then authorized and appointed to administer this Plan as set forth in Section 3.1 hereof.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12&nbsp;&nbsp;&nbsp;<u>Company</u>.&#160; &#147;Company&#148; shall mean the Sponsor or an Affiliated Company.&#160; A reference to the term &#147;Company&#148;
shall be deemed to be (a) a reference to the Sponsor with respect to Participants who are employees of the Sponsor and (b) a reference to an Affiliated Company with respect to Participants who are employees of such Affiliated Company.</font></p> <p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13&nbsp;&nbsp;&nbsp;<u>Compensation</u>.&#160; &#147;Compensation&#148; shall mean the aggregate of Salary, and Bonuses and Commissions, including
any amounts not currently includible in such Participant&#146;s taxable income by reason of Code Section 402 or Code Section 125.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14&nbsp;&nbsp;&nbsp;<u>Compensation Deferrals</u>.&#160; &#147;Compensation Deferrals&#148; shall mean the Compensation amounts deferred at the election of the
Participant pursuant to a Compensation Deferral Agreement under the provisions of Article IV (including Bonus Deferrals, Salary Deferrals and Commission Deferrals).</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15&nbsp;&nbsp;&nbsp;<u>Compensation Deferral Agreement</u>.&#160; &#147;Compensation Deferral Agreement&#148; shall mean the agreement entered into by a Participant
to defer Compensation pursuant to the provisions of Sections 4.2.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16&nbsp;&nbsp;&nbsp;<u>Disability</u>.&#160; &#147;Disability&#148;
is deemed to exist, with respect to a Participant, if and when, as a result of injury or sickness, the Participant is permanently impaired to such an extent that he or she cannot perform the material duties of his or her position of employment with
the Company.&#160; The determination hereunder as to whether and when a Participant has a Disability shall be made by the Committee, and for purposes of assisting the Committee in making any such determination, the Committee may require the
</font></p> <p align="center"><font size="2" face="Times New Roman">3</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p> <font size="2" face="Times New Roman">Participant to submit to an examination by a competent physician or medical clinic selected by the Committee.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17&nbsp;&nbsp;&nbsp;<u>Distributable Benefit</u>.&#160; &#147;Distributable Benefit&#148; shall mean the vested interest of a Participant in his or her Account,
which is determined and distributable to the Participant in accordance with the provisions of Articles V, VI, VIII and XI.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18&nbsp;&nbsp;&nbsp;<u>Early Retirement</u>.&#160; &#147;Early Retirement&#148; shall mean retirement from service for the Sponsor and all Affiliates on or after
the date that the sum of the Participant&#146;s age plus Years of Service equals or exceeds 65.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19&nbsp;&nbsp;&nbsp;<u>Effective
Date</u>.&#160; &#147;Effective Date&#148; shall mean January 1, 2000.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20&nbsp;&nbsp;&nbsp;<u>ERISA</u>.&#160; &#147;ERISA&#148; shall
mean the Employee Retirement Income Security Act of 1974, as amended.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21&nbsp;&nbsp;&nbsp;<u>Investment</u>.&#160;
&#147;Investment&#148; shall mean the one or more funds under one or more variable life insurance contracts or one or more mutual funds (or any other investment) deemed suitable by the Committee for purposes of determining the investment experience
adjustments that shall be made to a Participant&#146;s Account pursuant to the provisions of Section 5.4.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22&nbsp;&nbsp;&nbsp;<u>Normal Retirement</u>.&#160; &#147;Normal Retirement&#148; shall mean retirement from service for the Sponsor and all Affiliates on or after
the date that the Participant attains age 65.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23&nbsp;&nbsp;&nbsp;<u>Participant</u>.&#160; &#147;Participant&#148; shall mean any
employee of the Company who is selected and approved for participation in this Plan as provided in Section 1.3 hereof and who has executed a Participation Agreement as required under Section 1.4 hereof.</font></p> <p><font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24&nbsp;&nbsp;&nbsp;<u>Plan Year</u>.&#160; &#147;Plan Year&#148; shall mean January 1 through December 31.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25&nbsp;&nbsp;&nbsp;<u>Salary</u>.&#160; &#147;Salary&#148; shall mean, with respect to any Participant, the base salary which such Participant is entitled to
receive from the Company, excluding any amounts not currently includible in such Participant&#146;s gross income by reason of Code Section 402(e)(3) and/or Code Section 125.&#160; Salary shall not include any Bonuses or Commissions which a
Participant is entitled to receive from the Company.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26&nbsp;&nbsp;&nbsp;<u>Salary Deferrals</u>.&#160; &#147;Salary Deferrals&#148;
shall mean Salary amounts deferred at the election of the Participant pursuant to a Compensation Deferral Agreement under the provisions of Article IV.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27&nbsp;&nbsp;&nbsp;<u>Sponsor</u>.&#160; &#147;Sponsor&#148; shall Impac Funding Corporation, a California corporation.</font></p> <p align="center"> <font
size="2" face="Times New Roman">4</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28&nbsp;&nbsp;&nbsp;<u>Termination</u>.&#160; &#147;Termination&#148; shall mean the voluntary or involuntary
termination of a Participant&#146;s employment with the Sponsor and all Affiliated Companies for any reason (including Disability or death).</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29&nbsp;&nbsp;&nbsp;<u>Valuation Date</u>.&#160; &#147;Valuation Date&#148; shall mean the last of each calendar quarter which is also a business day, as of which
the fair market value of Participants&#146; Accounts shall be determined.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30&nbsp;&nbsp;&nbsp;<u>Year of Service</u>.&#160; &#147;Year
of Service&#148; shall mean any completed 12 month Period of Service including periods prior to the Effective Date.&#160; A Period of Service begins on the date an employee first performs an hour of service and ends on the date his or her employment
ends.&#160; Employment ends on the date that the employee quits, retires, is discharged, dies or (if earlier) the first anniversary of his or her absence for any other reason.&#160; Any Period of Service less than 12 months shall be
disregarded.</font></p> <p align="center"><font size="2" face="Times New Roman">5</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p align="center"> <font size="2" face="Times New Roman">ARTICLE III</font></p> <p align="center"> <font size="2" face="Times New Roman">ADMINISTRATION OF THE PLAN</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration By Committee</u>.&#160; This Plan shall be administered by a committee composed of at least four (4) individuals
appointed from time to time by the Board (the &#147;Committee&#148;); provided, however, that if the Board does not appoint a committee, the Board shall constitute the Committee.&#160; Any member of the Board or the Committee may be a Participant in
this Plan, provided, however, that any action to be taken by the Board or Committee solely with respect to the particular interest in this Plan of a Board or Committee member who is also a Participant in this Plan shall be taken by the remaining
members of the Board or Committee.&#160; Notwithstanding the foregoing, in the event of a Change in Control of the Sponsor, the members of the Committee shall be elected pursuant to a majority vote of the Participants.&#160; Each Participant shall
have one vote in any such election, regardless of the value of their Accounts.&#160; An election to appoint new Committee members following a Change in Control of the Sponsor shall be held by the Committee within 60 days of the date of such Change
in Control pursuant to procedures established by the Committee.&#160; At a minimum, such procedures shall provide that Participants shall have the right to submit written nominations of one or more persons to serve on the new Committee and all
Participants shall be provided with written notice of any such election at their last known residence at least 30 days before the date of the election.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Board and Committee Authority; Rules and Regulations</u>.&#160; The Committee shall have discretionary authority to (a) make,
amend, interpret and enforce all appropriate rules and regulations for the administration of the Plan, and (b) decide or resolve, in its discretion, any and all questions, including interpretations of the Plan, as may arise in connection with the
Plan.&#160; The Committee shall have authority to take or approve, in its discretion, all such actions in relation to the Plan (including, without limitation, actions described in the preceding sentence) as may be taken or approved by the Board;
provided, however, that, except as provided in Section 8.2, the Committee shall have no authority to (a) amend, suspend or terminate the Plan or (b) to designate or remove a Company from the list of Affiliates authorized to participate in the
Plan.&#160; Notwithstanding the foregoing, but subject to the provisions of Section 8.2, the Board may, by written notice to the Committee, withdraw all or any part of the Committee&#146;s authority at any time, in which case such withdrawn
authority shall immediately revest in the Board.&#160; The decision or action of the Committee in respect of any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and
regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan.</font></p> <p><font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment of Agents</u>.&#160; In the administration of the Plan, the Board and/or the Committee may from time to time employ
agents (which may include officers and/or employees of the Sponsor or any Affiliated Company) and delegate to them such </font></p> <p align="center"> <font size="2" face="Times New Roman">6</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p> <font size="2" face="Times New Roman">administrative duties as it sees fit and may from time to time consult with counsel who may be counsel to the Sponsor or any Affiliated Company.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Reports</u>.&#160; Within a reasonable amount of time following each calendar quarter, the Committee shall cause to be given to
each Participant a statement showing the dollar amount of his or her Account under the Plan as of the end of such calendar quarter.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Active Participation</u>.&#160; In the event that the Committee determines that a Participant&#146;s employment
performance is no longer at a level which merits continued active participation in the Plan, the Committee may terminate such Participant&#146;s active participation in the Plan (without necessarily terminating such Participant&#146;s employment) as
of the date specified by the Committee. &#160;After the effective date of a Participant&#146;s termination of active participation in the Plan, such Participant shall not be eligible to make Compensation Deferrals under the Plan nor shall such
Participant be entitled to have credited to his or her Account Compensation Deferrals pursuant to the provisions of Section 5.2; nevertheless, such a Participant shall be entitled to have his or her Account adjusted as provided in Section 5.3
hereof.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Leave of Absence</u>.&#160; In the event the Participant takes a leave of absence from
active employment with the Sponsor and all Affiliated Companies, the Committee shall determine, in its discretion, whether such leave of absence shall be deemed to constitute, a Termination for purposes of the Plan.</font></p> <p
align="center"><font size="2" face="Times New Roman">7</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p align="center"> <font size="2" face="Times New Roman">ARTICLE IV</font></p> <p align="center"> <font size="2" face="Times New Roman">COMPENSATION DEFERRALS<br> AND COMPANY CONTRIBUTIONS</font></p> <p> <font
size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Eligibility to Make Compensation Deferrals</u>.&#160; Subject to the limitations of this Article IV, each employee who,
as of the last day of the Plan Year immediately preceding the Plan Year for which an eligibility determination is being made (the &#147;Determination Date&#148;), meets at least one of the following requirements, shall be eligible to enter into a
Compensation Deferral Agreement to make Compensation Deferrals and become a Participant, effective as of first day of the Plan Year:</font></p>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The employee is designated as, and performs the functions of an officer of the
Company having the rank of at least a Vice President and the employee&#146;s annual base salary as of the Determination Date was at least the greater of:&#160; (i) $80,000 or (ii) the amount specified in Section 414(q)(1)(B)(i) of the Internal
Revenue Code; or</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The employee is designated as, and performs the functions of an officer of the
Company having the rank of at least a Vice President and the employee&#146;s Compensation actually received in the calendar year ending on the Determination Date was at least the greater of:&#160; (i) $80,000 or (ii) the amount specified in Section
414(q)(1)(B)(i) of the Internal Revenue Code.</font></p> </td> </tr> </table> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Election to Make Compensation
Deferrals</u>.</font></p>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Salary Deferrals</u>.&#160; Each Active Participant who desires to make Salary
Deferrals for a Plan Year shall enter into a Compensation Deferral Agreement for such year specifying the amount of Salary for such year to be deferred (stated in terms of a whole percentage of Salary not to exceed 50%) and such other information as
the Committee shall determine.&#160; The amount of Salary Deferrals elected for a Plan Year shall not be less than 5% of Salary.</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Monthly Bonus/Commission Deferrals</u>.&#160; Each Active Participant who desires
to make Deferrals of monthly Bonuses or Commissions for a Plan Year shall enter into a Compensation Deferral Agreement for such year specifying the amount of monthly Bonuses or Commissions for such year to be deferred (stated after in terms of a
whole percentage of Bonus or Commission Deferrals not to exceed 100%) and such other information as the Committee shall determine.&#160; The amount of monthly Bonus or Commission Deferrals elected for a Plan Year shall not be less than 5% of monthly
Bonuses or Commissions.</font></p> </td> </tr> </table> <p align="center"> <font size="2" face="Times New Roman">8</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Quarterly Bonus/Commission Deferrals</u>.&#160; Each Active Participant who
desires to make Deferrals of quarterly Bonuses or Commissions for a Plan Year shall enter into a Compensation Deferral Agreement for such year specifying the amount of quarterly Bonuses or Commissions for such year to be deferred (stated in terms of
a whole percentage not to exceed 100%) and such other information as the Committee shall determine.&#160; The amount of quarterly Bonus or Commission Deferrals elected for a Plan Year shall not be less than 5% of quarterly Bonuses or
Commissions.</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Bonus/Commission Deferrals</u>.&#160; Each Active Participant who desires
to make Deferrals of annual Bonuses or Commissions for a Plan Year shall enter into a Compensation Deferral Agreement for such year specifying the amount of annual Bonuses or Commissions for such year to be deferred (stated in terms of a whole
percentage not to exceed 100%) and such other information as the Committee shall determine.&#160; The amount of annual Bonus or Commission Deferrals elected for a Plan Year shall not be less than 5% of annual Bonuses or Commissions.</font></p> </td>
</tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedures</u>.&#160; A Compensation Deferral Agreement under this Section 4.2
shall not be effective unless it is executed by the Participant and returned to the Committee before the first day of the first Plan Year with respect to which the Agreement relates.&#160; Once executed, a Compensation Deferral Agreement shall
remain in effect for all subsequent Plan Years unless revoked or modified in writing by the Participant before the first day of the Plan Year for which the revocation or modification is to take effect.&#160; An election to make Compensation
Deferrals for a Plan Year (including a failure to revoke or modify a prior election in a timely manner), shall be irrevocable after the beginning of the Plan Year with respect to which the election relates.&#160; A Participant&#146;s failure to
revoke or modify his original deferral election in writing before the first day of the following Plan Year shall constitute a waiver by the Participant of the Participant&#146;s right to elect a different deferral amount and shall constitute an
election to make deferrals as previously elected and shall apply as of the new Plan Year.</font></p> </td> </tr> </table> <p><font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Continuing Participation</u>.&#160; Once an employee becomes eligible to participate in the Plan, the employee shall continue to
be eligible to participate in the Plan until eligibility for participation is terminated as provided in Section 3.5.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>No Deferrals After a Termination</u>.&#160; No Compensation Deferrals shall be made after a Participant terminates employment with
the Company.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Spousal Consent</u>.&#160; Compensation Deferrals under this Article IV shall not be
subject to the consent of the Participant&#146;s spouse, if any.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u>.&#160; No deferral
election shall reduce a Participant&#146;s compensation below the amount necessary to pay any applicable employment taxes on amounts deferred, </font></p> <p align="center"> <font size="2" face="Times New Roman">9</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p> <font size="2" face="Times New Roman">any income tax applicable to compensation that is not deferred or any amount required to be withheld to fund any other benefit or plan of the Company.</font></p> <p> <font
size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Company Contributions</u>.&#160; Each participating Company may, in its sole discretion, make a Company Contribution to
the Plan in such amount as the Company, in its sole discretion determines.&#160; Company Contributions shall be allocated among the Accounts of Participants as specified by each Company in its sole discretion.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Provisions for 2000 Salary Deferrals</u>.&#160; Notwithstanding the requirement of Section 4.2 that elections to defer
Compensation must be made before the first day of the Plan Year, Participants shall be permitted to make Compensation Deferrals for the period beginning on February 1, 2000 and continuing through December 31, 2000 (the &#147;2000 Deferral
Period&#148;) pursuant to this Section 4.8.&#160; A Compensation Deferral Agreement under this Section 4.8 shall not be effective unless it is executed by the Participant and returned to the Committee before January 25, 2000.&#160; A
Participant&#146;s election to make Compensation Deferrals for the 2000 Deferral Period shall be irrevocable after January 25, 2000.</font></p> <p align="center"><font size="2" face="Times New Roman">10</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p align="center"> <font size="2" face="Times New Roman">ARTICLE V</font></p> <p align="center"> <font size="2" face="Times New Roman">ACCOUNTS; VALUATION OF ACCOUNTS; VESTING</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Separate Accounts for Participants</u>.&#160; The Committee shall have the responsibility to keep separate Accounts for each
Participant in accordance with the provisions of this Article&nbsp;V reflecting amounts credited to the Participant under the Plan (subject to the restrictions set forth in Section 9.1 below).&#160; Each Participant&#146;s Account shall represent a
book reserve in the name of the Participant.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Crediting of Compensation Deferrals to
Participants&#146; Accounts</u>.&#160; All Compensation Deferrals and all Company Contributions made for a particular year shall be credited to separate Accounts (the &#147;Compensation Deferral Account &#147;and the &#147;Company Contribution
Account&#148;) for each Participant by whom such deferrals are made.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments for Investment
Experience</u>.&#160; Each Participant&#146;s Account(s) shall be adjusted as of each Valuation Date.&#160; The adjustments made shall be those adjustments reflecting income, gains and losses that would have been made to the Participant&#146;s
Account(s) had the dollar value of the Account been invested in the Investments selected by the Participant pursuant to the provisions of Section 5.4.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Designation of Investments</u>.&#160; For purposes of determining the adjustments for investment experience set forth in Section
5.3 above, the dollar value of each Participant&#146;s Account(s) shall be deemed to be invested in accordance with the Participant&#146;s investment designation in one or more Investments established by the Committee pursuant to rules established
by the Committee.&#160; The Committee may, at its discretion, establish alternative Investments or eliminate any previously established Investments at any time and from time to time.&#160; In accordance with rules established by the Committee, each
Participant may elect the Investment in which his or her Account is deemed invested.</font></p> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Valuation of
Accounts</u>.&#160; A Participant&#146;s Account(s) under the Plan shall be valued by the Committee as of each Valuation Date.&#160; A Participant&#146;s Account(s) shall be calculated by starting with the balance of the Account as of the prior
Valuation Date (assuming a $0 balance for the initial Valuation Date) and by (a) adding to the Participant&#146;s Account those amounts, if any, credited to the Account of such Participant under Section 5.2 above since the last Valuation date, (b)
making the adjustments to such Participant&#146;s Account set forth in Section 5.3 above since the last Valuation Date, and (c) subtracting the aggregate amount of distributions or withdrawals made since the last Valuation Date to or with respect to
such Participant.</font></p> <p align="center"> <font size="2" face="Times New Roman">11</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting of Accounts</u>.&#160; Participant Accounts shall vest in accordance
with the following provisions:</font></p>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Deferrals Account</u>.&#160; A Participant shall be fully vested at
all times in the amount of their Compensation Deferrals Account.</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Company Contributions Account</u>.&#160; A Participant&#146;s Company
Contributions Account shall become fully vested upon the Participant&#146;s Early Retirement, Normal Retirement, death or Disability while employed by the Company or upon a Change in Control as defined in Article XI.&#160; In addition, a
Participant&#146;s Company Contributions Account shall become vested in accordance with the following schedule:</font></p> </td> </tr> </table> <br>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="67%">
<tr>
<td width="13%" valign="top"> <p align="center"><font size="2" face="Times New Roman"> &nbsp;</font></p> </td>
<td width="46%" valign="bottom"> <p align="left"> <font size="1" face="Times New Roman"><b>Years of Participation</b></font></p> </td>
<td width="8%" valign="bottom"> <p align="center"><font size="2" face="Times New Roman"> &nbsp;</font></p> </td>
<td width="27%" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>Vested Percentage</b></font></p> </td>
<td width="4%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="13%" valign="top"> <p align="center"><font size="2" face="Times New Roman"> &nbsp;</font></p> </td>
<td width="46%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="8%" valign="bottom"> <p align="center"><font size="2" face="Times New Roman"> &nbsp;</font></p> </td>
<td width="27%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="4%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="13%" valign="top"> <p align="center"><font size="2" face="Times New Roman"> &nbsp;</font></p> </td>
<td width="46%" valign="bottom" bgcolor="#cceeff"> <p align="center"> <font size="2" face="Times New Roman">Less than 3</font></p> </td>
<td width="8%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="27%" valign="bottom" bgcolor="#cceeff"> <p align="center"> <font size="2" face="Times New Roman">0</font></p> </td>
<td width="4%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">%</font></p> </td> </tr>
<tr>
<td width="13%" valign="top"> <p align="center"><font size="2" face="Times New Roman"> &nbsp;</font></p> </td>
<td width="46%" valign="bottom"> <p align="center"> <font size="2" face="Times New Roman">3 or more</font></p> </td>
<td width="8%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="27%" valign="bottom"> <p align="center"> <font size="2" face="Times New Roman">100</font></p> </td>
<td width="4%" valign="bottom"> <p> <font size="2" face="Times New Roman">%</font></p> </td> </tr> </table> <br>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="10%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="89%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Year of Participation</u>.&#160; For purposes of this Section 5.6(b), a
&#147;Year of Participation&#148; shall be defined as a twelve consecutive month period beginning on the date that the Company Contribution is approved by the Board of Directors of the Company electing to make a Company Contribution and ending on
the anniversary of such date.&#160; No credit shall be given for partial years of participation.</font></p> </td> </tr> </table> <p><font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Forfeitures</u>.&#160; Any amounts not vested at the time of a Participant&#146;s Termination or upon termination of the Plan as
provided in Section 8.1 shall be forfeited.</font></p> <p align="center"> <font size="2" face="Times New Roman">12</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p align="center"> <font size="2" face="Times New Roman">ARTICLE VI</font></p> <p align="center"> <font size="2" face="Times New Roman">BENEFITS</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Eligibility</u>.&#160; Any Participant who incurs any Termination shall receive his or her Distributable Benefit in an amount
equal to the vested balance of the Participant&#146;s Accounts as of the Valuation Date immediately following such Termination.&#160; Except as otherwise provided in Article XI hereof, a Participant&#146;s Distributable Benefit shall be paid at the
times and in the amounts specified in this Article VI.&#160; A Participant&#146;s Distributable Benefit shall be paid (or commenced to be paid) within 30 days after the first Valuation Date following such Termination or as soon as practicable
thereafter.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Form of Plan Benefit</u>.&#160; Any Participant or Beneficiary who is entitled to
receive his or her Distributable Benefit shall receive such Benefit in the form of a lump sum payment unless (a) the value of the Participant&#146;s Accounts exceeds $100,000 in the aggregate, and (b) the Participant elects in accordance with the
provisions of Section 6.3 to have his or her Distributable Benefit paid in substantially equal annual payments payable over fifteen (15) years.&#160; In the event a Participant elects to have his or her Distributable Benefit paid in substantially
equal annual payments, the investment experience adjustments set forth in Section 5.3 shall continue to be made to the Participant&#146;s Account until the final payment is made to the Participant, reducing his or her Account balance to
zero.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Election of Form of Benefit</u>. &#160;A Participant shall elect the form in which his or her
Distributable Benefit will be paid in the event of a Termination on account of Early Retirement, Normal Retirement, death, or Disability in his or her Initial Participation Agreement.&#160; Except to the extent that the Participant qualified for a
Hardship Withdrawal as provided in Section 6.4 or elects a Short Term Pay-Out as provided in Section 6.5, the Participant&#146;s election as to the timing and form of distribution that is made on the Participant&#146;s Initial Participation
Agreement shall apply to all subsequent Compensation Deferrals and shall be irrevocable once made.</font></p> <p><font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Hardship Withdrawals</u>.&#160; A Participant may withdraw from his or her Compensation Deferral Account Participant Deferrals
previously made, but only if the Committee determines that the Participant has an unforeseeable emergency and that a withdrawal is reasonably necessary in order to satisfy the emergency need.</font></p>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An &#147;unforeseeable emergency,&#148; as used in this Section 6.4, shall mean
severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or a dependent (as defined in Code Section 152(a)) of the Participant, loss of the Participant&#146;s property due to
casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.</font></p> </td> </tr> </table> <p align="center"> <font size="2" face="Times New Roman">13</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" colspan="3" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The determination as to whether a withdrawal is reasonably necessary to
satisfy an unforeseeable emergency need is to be made on the basis of all relevant facts and circumstances.&#160; However, a withdrawal shall be necessary in order to satisfy an immediate and heavy financial need only if:</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" colspan="3" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="86%" colspan="2" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of the withdrawal is not in excess of the amount required to
relieve the emergency need or in excess of the amount that such need could not be satisfied from other sources that are reasonably available to the Participant.&#160; The amount of any hardship withdrawal may include any amounts necessary to pay
federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution.</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="86%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="86%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Participant submits a signed statement to the Committee, on which
the Committee can reasonably rely, to the extent that the need cannot be relieved:</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="81%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="81%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through reimbursement or compensation by insurance or otherwise;</font></p> </td>
</tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="81%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="81%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By reasonable liquidation of the Participant&#146;s assets, to the extent such
liquidation would not itself cause an immediate and heavy financial need;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="81%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="81%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By cessation of deferrals under the Sponsor&#146;s Retirement Savings Plan;
or</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="81%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="81%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By other withdrawals, distributions or nontaxable loans from any plan maintained by
the Company or any other employer, or by borrowing from commercial sources on reasonable commercial terms.</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="81%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="86%" colspan="2" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Participant&#146;s resources shall be deemed to include those assets
of his or her spouse and minor children that are reasonably available to the Participant.</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="86%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="86%" colspan="2" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Participant who makes a hardship withdrawal pursuant to this Section
6.4 shall not be eligible to make Compensation Deferrals for the taxable year of the Participant immediately following the taxable year of such hardship withdrawal.</font></p> </td> </tr>
<tr >
<td width=68></td>
<td width=33></td>
<td width=33></td>
<td width=587></td> </tr> </table> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Short Term Pay-Outs</u>.&#160; A Participant may designate in advance on his
or her Compensation Deferral Agreement the time and amount of one or more withdrawals of Compensation Deferrals (but not investment earnings thereon) from his or her Account, subject to the following rules:&#160; (a) A Participant may designate a
time for withdrawal not earlier than two years after the year that Compensation was deferred under such </font></p> <p align="center"><font size="2" face="Times New Roman">14</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p> <font size="2" face="Times New Roman">Compensation Deferral Agreement which otherwise would have been paid absent the deferral election (such amount to be designated as payable after 2, 3, 5 or 10 years); and (b)
such election shall be irrevocable.&#160; Notwithstanding a Participant&#146;s election to receive a Short Term Pay-Out in a particular dollar amount, the maximum amount payable as a Short Term Pay-Out shall be limited to the lesser of (a) the
account balance of the Participant&#146;s Compensation Deferrals Account or (b) the dollar value of the Compensation Deferrals with respect to the Plan Year for which the Deferral was elected, each determined as of the Valuation Date preceding the
payment of such Short Term Pay-Out.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Disputes</u>.&#160; In the event of a dispute between a
Participant and the Company concerning the amount of the Participant&#146;s Distributable Benefit, the claims procedures and mandatory arbitration provisions of Article VII shall apply.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Lump Sum Payment of Withdrawals</u>.&#160; All Short Term Pay-Outs shall be paid to Participants as soon as reasonably practicable
following the approval by the Committee of a properly completed withdrawal request.&#160; All Short Term Pay-Outs shall be made in a single lump sum payment in cash.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Lump Sum Payment Upon Termination of Plan</u>.&#160; Upon a termination of the Plan pursuant to Section 8.1 or Section 8.2, all
Distributable Benefits shall be paid to Participants (including Participants receiving installment payments), in the form of a single lump sum payment in cash within 30 days after the first Valuation Date following termination of the Plan, or as
soon as practicable thereafter.</font></p> <p align="center"> <font size="2" face="Times New Roman">15</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p align="center"> <font size="2" face="Times New Roman">ARTICLE VII</font></p> <p align="center"><font size="2" face="Times New Roman">APPLICATION FOR BENEFITS</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Initial Application</u>.&#160; In order for a Participant to receive or commence receiving his or her Distributable Benefit, such
Participant (or, in the case of a Participant who incurs a Termination by reason of death, the Participant&#146;s Beneficiary) must file a written application for such Plan benefit (an &#147;Initial Application for Benefits&#148;) with the
Committee.&#160; The Initial Application for Benefits shall contain at least the following information:</font></p>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Participant&#146;s name;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Participant&#146;s date of Termination and the reason for such Termination (that
is, whether such Termination is on account of the Participant&#146;s death, Disability or Retirement);</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A brief statement setting forth the basis (with references to pertinent Plan
provisions where applicable) of the Participant&#146;s claim for his or her Distributable Benefit; and</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such other documents and information as the Committee may reasonably
require.</font></p> </td> </tr> </table> <p><font size="2" face="Times New Roman">Notwithstanding the foregoing, if the Committee determines, based on such evidence as it deems appropriate, that a Participant has incurred Termination (or that the
Plan has been terminated) and that such Participant (or other person claiming benefits with respect to such Participant) would be entitled, but for the failure to file an application for benefits, to commence receiving benefit payments under this
Plan, then the Committee may, in its discretion, deem an application for such benefits to have been filed.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Action on Applications</u>.&#160; At such time as the Committee receives any Initial Application for Benefits (hereinafter shall
be referred to as a &#147;Claim,&#148; and the person filing any Claim shall be referred to hereinafter as a &#147;Claimant&#148;), the Committee shall review the Claim, together with other pertinent information (including any additional information
the Committee may reasonably request from the Claimant), and shall allow or deny the Claim.&#160; The Committee shall provide written notice to the Claimant of the Committee&#146;s decision to allow or deny the Claim (a &#147;Notice of Action on
Claim&#148;) within 60 days after the Committee receives the Claim.&#160; If the Claim is denied, the Notice of Action on Claim shall include the following information:</font></p>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The specific reasons for the denial;</font></p> </td> </tr> </table> <p align="center">
<font size="2" face="Times New Roman">16</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="8%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="91%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific reference to pertinent Plan provisions on which the denial is based;</font></p>
</td> </tr>
<tr>
<td width="8%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="91%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="8%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="91%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If applicable, a description of any additional information or material necessary to perfect
the Claim, and an explanation of why such information or material is necessary; and</font></p> </td> </tr>
<tr>
<td width="8%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="91%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="8%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="91%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An explanation of the claims review procedure.</font></p> </td> </tr> </table> <p> <font
size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Review Procedure</u>.</font></p>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Claimant is entitled to request the Committee to review any denial by the
Committee of his or her Claim.&#160; The request for review must be submitted in writing to the Committee within 60 days after the date the Notice of Action on Claim is deemed given pursuant to Section 12.6 hereof.&#160; If the Claimant fails to
make a timely request for review, the Claim will be deemed conclusively to be denied.&#160; The Claimant or his or her representative shall be entitled to review all pertinent documents and to submit relevant issues and comments to the Committee in
writing.</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall review the Claim and shall render the final decision to allow or
deny the Claim.&#160; The Committee shall give written notice of its decision to the Claimant within 60 days after it receives the written request for review.&#160; If the Claim is denied, such written notice shall recite the facts on which the
Committee based its decision as well as its reasons therefor, with specific reference to pertinent Plan provisions where applicable.</font></p> </td> </tr> </table> <p><font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Mandatory Arbitration</u>.&#160; Following exhaustion of all administrative remedies as described in Sections 7.1-7.4, above, in
the event of any unresolved dispute under the provisions of this Plan, such dispute shall be submitted to arbitration in accordance with the provisions of Section 12.12 of the Plan.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Claims By Representative</u>.&#160; In the event that any person who is entitled (or required) to file a Claim under this Article
VII is deceased or is mentally or physically incapacitated in a manner that prevents such person from filing such Claim, then such Claim may be filed by another person on behalf of such Claimant, subject to such other person&#146;s providing to the
Committee or Committee, as applicable, reasonable verification of such other person&#146;s authorization to act on the Claimant&#146;s behalf.</font></p> <p align="center"> <font size="2" face="Times New Roman">17</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p align="center"> <font size="2" face="Times New Roman">ARTICLE VIII</font></p> <p align="center"> <font size="2" face="Times New Roman">CHANGES TO THE PLAN</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination, Suspension or Amendment of Plan by Board</u>.&#160; Subject to the provisions of Section 8.2, the Board may, in its
sole discretion, terminate or suspend this Plan at any time or from time to time, in whole or in part, and, except as otherwise provided by the Board, no further Compensation Deferrals or Company Contributions shall be credited to Participants&#146;
Accounts as of the date of such termination or suspension.&#160; Subject to the provisions of Section 8.3, the Board may amend this Plan at any time or from time to time, and any amendment may provide benefits different in kind and/or amount from
those herein set forth.&#160; Notwithstanding the foregoing, in the case of any termination, suspension or amendment of this Plan, such termination, suspension or amendment shall not adversely affect (a) the Account balance of any such Participant
as of the effective date of such termination, suspension or amendment, (b) the Participant&#146;s right to the investment experience adjustments after any suspension or amendment pursuant to the provisions of Section 5.3, (c) the Participant&#146;s
right to investment experience adjustments after termination of the Plan, up to and including the effective date of such termination, pursuant to the provisions of Section 5.3, or (d) the right or ability of any such Participant (and, if applicable,
such Participant&#146;s Beneficiary) to receive his or her vested Distributable Benefit in accordance with the terms of this Plan as in effect immediately prior to such termination, suspension or amendment.&#160; Any termination, suspension or
amendment of this Plan by the Board shall be binding on each Affiliated Company, without further action by any such Affiliated Company.</font></p> <p><font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Plan Upon a Change in Control</u>.&#160; Notwithstanding the provisions of Section 8.1 of the Plan, upon the
occurrence of a Change in Control, the Committee may, in its sole discretion, elect to terminate all or a portion of this Plan, in which case no further Compensation Deferrals or Company Contributions shall be credited to Participants&#146; Accounts
as of the date of such termination and benefits shall be paid out as soon as practicable thereafter as provided in Section 6.8.&#160; In the case of any termination of the Plan by the Committee, such termination shall not adversely affect (a) the
Account balance of any such Participant as of the effective date of such termination, (b) the Participant&#146;s right to investment experience adjustments after termination of the Plan, up to and including the effective date of such termination,
pursuant to the provisions of Section 5.3, or (c) subject to the provisions of Section 6.8, the right or ability of any such Participant (and, if applicable, such Participant&#146;s Beneficiary) to receive his or her vested Distributable Benefit in
accordance with the terms of this Plan as in effect immediately prior to such termination.&#160; Any termination of this Plan by the Committee pursuant to this Section 8.2 shall be binding on each Affiliated Company, without further action by any
such Affiliated Company.</font></p> <p align="center"> <font size="2" face="Times New Roman">18</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment of Plan Following a Change in Control</u>.&#160; Notwithstanding the
provisions of Section 8.1 of the Plan, upon the occurrence of a Change in Control of the Sponsor, if the Committee does not terminate the Plan as provided in Section 8.2, the Plan shall continue in force as provided in Section 12.4: provided,
however, that for a period of 24 months following the date of a Change in Control of the Sponsor, no amendment to the Plan shall be effective unless such amendment is consented to in writing by a majority of Plan Participants pursuant to procedures
established by the Committee.</font></p> <p align="center"> <font size="2" face="Times New Roman">19</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p align="center"><font size="2" face="Times New Roman">ARTICLE IX</font></p> <p align="center"> <font size="2" face="Times New Roman">FUNDING</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>In General</u>.&#160; Benefits under this Plan shall be payable solely from the general assets of the Sponsor (and, with respect
to any Participant who is an employee of an Affiliated Company, also from the general assets of such Affiliated Company), and no person shall be entitled to look to any other source for payment of such benefits.&#160; The Sponsor (and, if
applicable, any Affiliated Company) shall have and possess all title to, and beneficial interest in, any and all funds or reserves maintained or held by the Sponsor (or such Affiliated Company) on account of any obligation to pay benefits as
required this Plan, whether or not earmarked as a fund or reserve for such purpose; any such funds, other property or reserves shall be subject to the claims of the creditors of the Sponsor (or such Affiliated Company), and the provisions of this
Plan are not intended to create, and shall not be interpreted as vesting, in any Participant, Beneficiary or other person, any right to or beneficial interest in any such funds, other property or reserves.&#160; Nothing in this Section 9.1 shall be
construed or interpreted as prohibiting or restricting the establishment of a grantor trust (within the mean of Code Section 671) from which benefits under this Plan may be payable, so long as such trust or contract does not cause the plan to be
funded for purposes of Sections 201(a), 301(a)(3) or 401(a)(1) of ERISA.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Establishment of Rabbi
Trust</u>.&#160; The Sponsor has established (or will establish) a trust (&#147;Trust&#148;) substantially in the form attached hereto as Exhibit B for the purpose of funding benefits under this Plan as provided in this Article IX and for the
purpose of paying the reasonable legal and administration fees and expenses incurred by Participants and their Beneficiaries in connection with lawsuits, actions or other proceedings brought by such persons to enforce their rights under the
Plan.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Funding of Rabbi Trust</u>.&#160; Subject to the amendment or termination of this Plan and the
restrictions set forth in Section 9.1, the Company shall contribute to the Trust, on behalf of each Participant, the amount of Compensation Deferrals made by such Participant and the amount of any Company Contribution allocated to such
Participant&#146;s Account.&#160; Amounts corresponding to Salary Deferrals for each payroll period shall be contributed to the Trust as soon as reasonably practicable following the end of such payroll period.&#160; Bonus Deferrals for a Plan Year
shall be contributed to the Trust as soon as reasonably practicable following the date on which such Bonus amounts otherwise would have been paid to the Participant.</font></p> <p align="center"><font size="2" face="Times New Roman">20</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p align="center"> <font size="2" face="Times New Roman">ARTICLE X</font></p> <p align="center"> <font size="2" face="Times New Roman">AFFILIATED COMPANIES</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1&nbsp;&nbsp;&nbsp;<u>Affiliated Company Participation</u>.&#160; The Board of Directors may revoke or modify an Affiliated Company&#146;s participation in this
Plan at any time and for any or no reason, or terminate this Plan with respect to such Affiliated Company&#146;s employees and Participants, subject to the provisions of Section 8.1 concerning changes in the Plan.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2&nbsp;&nbsp;&nbsp;<u>Adoption Agreement</u>.&#160; Any Affiliated Company participating in the Plan shall adopt the Plan and shall agree to be bound by the terms
and conditions of the Plan and any future changes made by the Board to the Plan.</font></p> <p align="center"> <font size="2" face="Times New Roman">21</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p align="center"> <font size="2" face="Times New Roman">ARTICLE XI</font></p> <p align="center"> <font size="2" face="Times New Roman">CHANGE IN CONTROL</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1&nbsp;&nbsp;&nbsp;<u>Change in Control</u>.&#160; As used in this Plan, &#147;Change in Control&#148; shall mean the following and shall be deemed to occur if any
of the following events occur:</font></p>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="10%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="89%" colspan="2" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any &#147;person,&#148; as such term is used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), is or becomes the &#147;beneficial owner&#148; (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Impac Mortgage Holdings
Company (the &#147;Parent&#148;) representing 50% or more of the combined voting power of the Parent&#146;s then outstanding voting securities.</font></p> </td> </tr>
<tr>
<td width="10%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="89%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="10%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="89%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any &#147;person,&#148; as such term is used in Sections 13 (d) and 14(d)
of the Exchange Act, other than any person who were the beneficial owners of securities of Impac Funding Corporation, a California corporation, as January 1, 2000, or a direct or indirect subsidiary of Parent (&#147;Parent Subsidiary&#148;), is or
becomes the &#147;beneficial owner&#148; (as defined in Rule 13d-3 under the 50% or more of the combined voting power of Sponsor&#146;s then outstanding voting securities).</font></p> </td> </tr>
<tr>
<td width="10%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="89%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="10%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="89%" colspan="2" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During any period of two consecutive years, individuals who, as of the
beginning of such period, constitute the Parent&#146;s Board of Directors (the &#147;Parent&#146;s Incumbent Board&#148;) cease for any reason to constitute at least a majority of the Parent&#146;s Board of Directors, unless the election, or
nomination for election by the Parent&#146;s stockholders, of each new director is approved by a vote of at least two-thirds of the directors then comprising the Parent&#146;s Incumbent Board.</font></p> </td> </tr>
<tr>
<td width="10%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="89%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="10%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="89%" colspan="2" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During any period of two consecutive years, individuals who, as of the
beginning of such period, constitute the Sponsor&#146;s Board of Directors (the &#147;Sponsor&#146;s Incumbent Board&#148;) cease for any reason to constitute at least a majority of the Sponsor&#146;s Board of Directors, unless the election, or
nomination for election by the Sponsor&#146;s stockholders, of each new director is approved by a vote of at least two-thirds of the directors then comprising the Sponsor&#146;s Incumbent Board.</font></p> </td> </tr>
<tr>
<td width="10%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="89%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="10%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="89%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stockholders of the Parent approve a merger or consolidation of
Parent with any other corporation, other than the following</font></p> </td> </tr>
<tr>
<td width="10%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="89%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="10%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="80%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A merger or consolidation which would result in the voting securities of the Parent
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities or another entity) more</font></p> </td> </tr> </table> <p align="center"> <font size="2"
face="Times New Roman">22</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="80%" valign="top"> <p> <font size="2" face="Times New Roman">than 50% of the combined voting power of the voting securities of the Parent or such other entity outstanding immediately after such merger or consolidation; or</font></p> </td>
</tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="80%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="80%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A merger or consolidation effected to implement a recapitalization of the Parent
(or similar transaction) in which no person acquires 50% or more of the combined voting power of the Parent&#146;s then outstanding voting securities.</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="80%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stockholders of the Sponsor approve a merger or consolidation of
Sponsor with any other corporation, other than the following</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="80%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="80%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A merger or consolidation which would result in the voting securities of the Sponsor
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being 50% of the combined voting power of the voting securities of the Sponsor or such other entity outstanding immediately after such merger or
consolidation); or</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="80%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="80%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A merger or consolidation effected to implement a recapitalization of the Sponsor
(or similar transaction) in which no person acquires 50% or more of the combined voting power of the Sponsor&#146;s then outstanding voting securities; or</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="80%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="80%" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A merger or consolidation with a Parent Subsidiary.</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stockholders of Parent approve a plan of complete liquidation of the
Parent or an agreement for the sale or other disposition by the Parent of all or substantially all of the Parent&#146;s assets.</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="9%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="90%" colspan="2" valign="top"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stockholders of Sponsor approve a plan of complete liquidation of
the Sponsor or an agreement for the sale or other disposition by the Sponsor of all or substantially all of the Sponsor&#146;s assets to a person that is not a Parent Subsidiary.</font></p> </td> </tr> </table> <p> <font size="2"
face="Times New Roman">Notwithstanding the preceding provisions of this Section 11.1, a Change in Control shall not be deemed to have occurred (1) if the &#147;person&#148; described in the preceding provisions of this Section 11.1, is an
underwriter or underwriting syndicate that has acquired the ownership of 50% or more of the combined voting power of the Parent&#146;s then outstanding voting securities solely in connection with a public offering of the Parent&#146;s securities, or
(2) if the &#147;person&#148; described in the preceding provisions of this Section 11.1 is an underwriter or underwriting syndicate that has acquired the ownership of 50% or more of the combined voting power of the Sponsor&#146;s then outstanding
voting securities solely in connection with a public offering of the Sponsor&#146;s securities.&#160; Further, a Change of Control of any one participating Company shall be deemed to be a Change in Control only </font></p> <p align="center"> <font
size="2" face="Times New Roman">23</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p> <font size="2" face="Times New Roman">with respect to employees of that Company and shall not be deemed to be a Change in Control with respect to employees of any other participating Company.</font></p> <p
align="center"><font size="2" face="Times New Roman">24</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p align="center"> <font size="2" face="Times New Roman">ARTICLE XII</font></p> <p align="center"> <font size="2" face="Times New Roman">MISCELLANEOUS PROVISIONS</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Designation of Beneficiary</u>.&#160; A Participant shall be entitled to designate one or more individuals or entities (including
a trust or trusts), in any combination, as his or her &#147;Beneficiary&#148; or &#147;Beneficiaries&#148; to receive any Plan benefit payments to which such Participant is entitled as of, or by reason of, his or her death; provided, however, that
the designation of any individual or entity other than the Participant&#146;s spouse shall be effective only with the consent of the Participant&#146;s spouse.&#160; Any such designation may be made or changed at any time prior to the
Participant&#146;s death by written notice filed with the Committee, with such written notice to be in such form and contain such information as the Committee may from time to time determine.&#160; In the event that (a) a Beneficiary designation is
not on file or is not effective at the date of a Participant&#146;s death, (b) no Beneficiary survives the Participant, or (c) no Beneficiary is living at the time any payment becomes payable under this Plan, then, for purposes of making any further
payment of any unpaid benefits under the Plan, such Participant&#146;s Beneficiary or Beneficiaries shall be deemed to be the Participant&#146;s estate.&#160; A Beneficiary entitled to receive any Plan Benefit payments pursuant to this Section 12.1
shall receive such payments at the time(s) and in the manner elected by the Participant in his or her Participation Agreement.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments During Incapacity</u>.&#160; The Committee shall have no duty or obligation to determine the competence or capacity of any
Participant or Beneficiary.&#160; However, in the event that the Committee is made aware that a Participant (or Beneficiary) is under mental or physical incapacity at the time of any payment to be made to such Participant (or Beneficiary) pursuant
to this Plan, any such payment may be made to the conservator or other legally appointed personal representative having authority over and responsibility for the person or estate of such Participant (or Beneficiary), as the case may be, and for
purposes of such payment references in this Plan to the Participant (or Beneficiary) shall mean and refer to such conservator or other personal representative of the person or estate of the Participant (or Beneficiary), any such payment may be made
to any person or institution that has apparent responsibility for the person and/or estate of the Participant (or Beneficiary) as determined by the Committee.&#160; Any payment made in accordance with the provisions of&#160; this Section 12.2 to a
person or institution other than the Participant (or Beneficiary) shall be deemed for all purposes of this Plan as the equivalent of a payment to such Participant (or Beneficiary), and the Company shall have no further obligation or responsibility
with respect to such payment.</font></p> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Prohibition Against Assignment</u>.&#160; Except as otherwise expressly
provided in Section 12.1 and Section 12.2 hereof, the rights, interests and benefits of a Participant under this Plan (a) may not be sold, assigned, transferred, pledged, hypothecated, gifted, bequeathed or otherwise disposed of to any other party
by such Participant or any Beneficiary, executor, administrator, heir, distribute or other person claiming under such Participant, and (b) shall not be subject to execution, attachment or similar process.&#160; Any </font></p> <p align="center">
<font size="2" face="Times New Roman">25</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p> <font size="2" face="Times New Roman">attempted sale, assignment, transfer, pledge, hypothecation, gift, bequest or other disposition of such rights, interests or benefits contrary to the foregoing provisions of
this Section 12.3 shall be null and void and without effect.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Assumption of Plan</u>.&#160; The Company
expressly agrees that it shall not merge or consolidate into or with another corporation, or sell substantially all of its assets to another corporation, firm or person until such corporation, firm or person expressly agrees in writing to assume and
discharge the duties and obligations of the Company under this Plan.&#160; The powers, duties, rights and obligations of the Company under this Plan may be assigned (i) to any company into which the Company may be merged, or with which it may be
consolidated, or (ii)&nbsp;to any company resulting from any merger, reorganization or consolidation to which the Company is a party, or (iii) to any company to which the business of the Company may be transferred, to the extent affected
Participants transfer their employment to such company.&#160; If such an assignment occurs, the successor-in-interest to the Company shall assume the powers, duties, rights and obligations of the Company in writing.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding Effect</u>.&#160; The provisions of this Plan shall be binding upon the Sponsor, the Participants, all Affiliated Companies
employing any Participants, and any successor-in-interest, beneficiary, heir or personal representative to the Sponsor, any Participant or any such Affiliated Company.</font></p> <p><font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6&nbsp;&nbsp;&nbsp;&nbsp;<u>No Right to Employment</u>.&#160; This Plan is voluntary on the part of the Sponsor and its Affiliated Companies, and shall not be
deemed to constitute an employment contract between any Participant and the Sponsor or any Affiliated Company, nor shall the adoption or existence of the Plan or any provision contained in the Plan be deemed to be a required condition of the
employment of any Participant.&#160; Nothing contained in this Plan shall be deemed to give any Participant the right to continued employment with the Sponsor or any Affiliated Company, and the Sponsor and its Affiliated Companies may terminate any
Participant at any time, in which case the Participant&#146;s rights arising under this Plan shall be only those expressly provided under the terms of this Plan.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>.&#160; All notices, requests, or other communications (hereinafter collectively referred to as &#147;Notices&#148;)
required or permitted to be given hereunder or which are given with respect to this Plan shall be in writing and may be personally delivered, or may be sent by United States registered mail, postage prepaid, return receipt requested and addressed as
follows:</font></p>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="50%" valign="top"> <p> <font size="2" face="Times New Roman">To the Sponsor,<br> and Affiliated Company<br> or the Committee at:</font></p> </td>
<td width="50%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="50%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="50%" valign="top"> <p> <font size="2" face="Times New Roman">Impac Funding Corporation</font></p> </td> </tr>
<tr>
<td width="50%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="50%" valign="top"> <p> <font size="2" face="Times New Roman">1401 Dove Street</font></p> </td> </tr>
<tr>
<td width="50%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="50%" valign="top"> <p> <font size="2" face="Times New Roman">Newport Beach, CA 92660</font></p> </td> </tr> </table> <p align="center"> <font size="2" face="Times New Roman">26</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="50%" valign="top"> <p><font size="2" face="Times New Roman">To Participant at:</font></p> </td>
<td width="50%" valign="top"> <p> <font size="2" face="Times New Roman">The Participant&#146;s residential<br> mailing address as reflected<br> in the Sponsor&#146;s or Affiliated<br> Company&#146;s employment records</font></p> </td> </tr> </table>
<p> <font size="2" face="Times New Roman">A Notice which is delivered personally shall be deemed given as of the date of personal delivery, and a Notice mailed as provided herein shall be deemed given on the date received.&#160; Any Participant may
change his or her address for purposes of Notices hereunder pursuant to a Notice to the Committee, given as provided herein, advising the Committee of such change.&#160; The Sponsor, any Affiliated Company and/or the Committee may at any time change
its address for purposes of Notices hereunder pursuant to a Notice to all affected Participants, given as provided herein, advising such Participants of such change.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>.&#160; This Plan shall be governed by, interpreted under and construed and enforced in accordance with the internal
laws, and not the laws pertaining to conflicts or choice of laws, of the State of California applicable to agreements made and to be performed wholly within the State of California.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Titles and Headings; Gender of Terms</u>.&#160; Article and Section headings herein are for reference purposes only and shall not be
deemed to be part of the substance of this Plan or in any way to enlarge or limit the meaning or interpretation of any provision in this Plan.&#160; Use in this Plan of the masculine, feminine or neuter gender shall be deemed to include each of the
omitted genders if the context so requires.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10&nbsp;&nbsp;<u>Severability</u>.&#160; In the event that any provision of this Plan is
found to be invalid or otherwise unenforceable by a court or other tribunal of competent jurisdiction, such invalidity or unenforceability shall not be construed as rendering any other provision contained herein invalid or unenforceable, and all
such other provisions shall be given full force and effect to the same extent as though the invalid and unenforceable provision was not contained herein.</font></p> <p><font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11&nbsp;&nbsp;<u>Tax Effect of Plan</u>.&#160; Neither the Sponsor nor any Affiliated Company warrants any tax benefit or any financial benefit under this
Plan.&#160; Without limiting the foregoing, the Sponsor and each Affiliated Company and their directors, officers, employees and agents shall be held harmless by the Participant from, and shall not be subject to any liability on account of, any
Federal or State tax consequences or any consequences under ERISA of any determination as to the amount of plan benefits to be paid, the method by which plan benefits are paid, the persons to whom plan benefits are paid, or the commencement or
termination of the payment of plan benefits.</font></p> <p align="center"> <font size="2" face="Times New Roman">27</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12&nbsp;&nbsp;<u>Mandatory Arbitration</u>.&#160; In the event of any unresolved dispute between a Participant
or Beneficiary and the Company or the Trustee regarding this Plan, such dispute shall be submitted to arbitration in accordance with the rules and regulations of the American Arbitration Association for the arbitration of employee benefit plan claim
disputes (including the rules contained therein for the selection of an arbitrator who is familiar with employee benefit plans).&#160; The written determination of the arbitrator shall be final, binding and conclusive on the Parties and judgment on
the award rendered by the arbitrator may be entered by any court having jurisdiction thereof.&#160; The prevailing party or parties of any arbitration of legal or equitable proceeding shall be entitled to have and recover his or their attorneys
fees, costs and expenses as determined by the arbitrator.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Sponsor has caused this Plan to be executed by its
duly authorized officer effective as of the Effective Date hereof.</font></p>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="53%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="47%" colspan="2" valign="top"> <p align="center"> <font size="2" face="Times New Roman">I<small>MPAC</small> F<small>UNDING</small> C<small>ORPORATION</small></font></p> </td> </tr>
<tr>
<td width="53%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="47%" colspan="2" valign="top"> <p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="53%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="47%" colspan="2" valign="top"> <p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="53%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">By:</font></p> </td>
<td width="41%" valign="top"> <p align="center"><font size="2" face="Times New Roman">/s/ R<small>ON</small> M<small>ORRISON</small></font></p> </td> </tr>
<tr>
<td width="53%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="41%" valign="top"> <hr size="1" width="100%" noshade color=black> </td> </tr>
<tr>
<td width="53%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">Title:</font></p> </td>
<td width="41%" valign="top"> <p align="center"><font size="1" face="Times New Roman"><b>E.V.P</b></font></p> </td> </tr> </table> <p align="center"><font size="2" face="Times New Roman">28</font></p>
</BODY></HTML>

</TEXT>
</DOCUMENT>
