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<TITLE>Form S-8</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the
 Securities and Exchange Commission on March 6, 2015 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration No.&nbsp;333- <U></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form S-8
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Public Service Enterprise Group Incorporated </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as specified in its charter) </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>New Jersey</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><B>22-2625848</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(State of Incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(I.R.S. Employer Identification No.)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>80 Park Plaza, P.O. Box 1171, Newark, NJ 07101-1171 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address, including zip code, of Registrant&#146;s principal executive offices) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Employee Savings Plan</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Full title of plan) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Caroline Dorsa</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>or</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>M. Courtney McCormick, Esq.</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Executive Vice President</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>and Chief Financial Officer</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Deputy General Counsel</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>80 Park Plaza </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>P.O. Box 1171 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Newark, NJ
07101-1171 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(973) 430-7000 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address, including zip code, and telephone number, including area code, of agents for service) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Large&nbsp;accelerated&nbsp;filer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Non-accelerated&nbsp;filer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" NOWRAP><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;(Do&nbsp;not check if a smaller reporting company)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF REGISTRATION FEE </B></P>
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<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of Securities</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to be registered<SUP>1</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Amount to be<BR>registered</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>maximum</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>offering
price</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>per share<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>maximum aggregate<BR>offering price<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Amount of<BR>registration fee<SUP STYLE="font-size:85%; vertical-align:top">1,2</SUP></B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Stock (without par value)</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">2,000,000 shares</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$41.37</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$82,740,000</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$9,614</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Pursuant to Rule 416(c) under the Securities Act of 1933, this registration statement also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan described herein.
</TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Estimated in accordance with Rule 457(h) under the Securities Act of 1933 solely for
the purpose of determining the registration fee based on the average of the high and low prices of PSEG Common Stock on March
3, 2015 for, as reported in the consolidated reporting system. </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<P style="text-align: center;">
<FONT size=3 face="Times-Roman,Times New Roman,Times,serif">2,000,000 SHARES</FONT><BR>
<FONT size=3 face="Times-Roman,Times New Roman,Times,serif">PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED</FONT><BR>
<FONT size=3 face="Times-Roman,Times New Roman,Times,serif">COMMON STOCK (WITHOUT PAR VALUE)</FONT></P>
<P style="text-align: center;">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">offered through the</FONT></P>
<P style="text-align: center;">
<FONT size=3 face="Times-Roman,Times New Roman,Times,serif">PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED</FONT><BR>
<FONT size=3 face="Times-Roman,Times New Roman,Times,serif">EMPLOYEE SAVINGS PLAN</FONT></P>
<P STYLE="text-align: justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">The Employee Savings Plan (&#147;Savings Plan&#148;) of Public Service Enterprise Group Incorporated (&#147;PSEG&#148;), provides a convenient method for
represented employees of PSEG and its subsidiaries participating in the Savings Plan to purchase shares of PSEG&#146;s Common Stock (without par value) through payroll deductions without payment of any brokerage commission or service charge. While shares
of Common Stock are held under the Savings Plan, dividends on such shares are used to purchase additional shares of Common Stock.</FONT></P>
<P STYLE="text-align: justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">PSEG&#146;s Employee Benefits Committee is the Savings Plan&#146;s plan administrator. Aon Hewitt is the Savings Plan&#146;s third-party administrator. The Savings
Plan provides that shares of Common Stock purchased for participants will be purchased in the open market by an agent independent of PSEG and its affiliates, as selected by PSEG or at PSEG&#146;s option, directly from PSEG.</FONT></P>
<P STYLE="text-align: justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">The price per share of Common Stock purchased in the open market by any independent agent will be the weighted average price, excluding brokerage commissions, of
all shares acquired by that independent agent for the Savings Plan during the period such purchases are made. Any applicable brokerage commissions for purchases by any independent agent in the open market will be paid for by the Savings Plan and will be
an expense of the Savings Plan.</FONT></P>
<P STYLE="text-align: justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">The price per share of Common Stock purchased directly from PSEG will be made at the average of the high and low sale prices of the Common Stock on the New York
Stock Exchange on the date that such shares are purchased. In the event that there are no trades reported on the date of purchase, the purchase price will be determined on the basis of such prices on the next prior date on which the Common Stock was
purchased.</FONT></P>
<P STYLE="text-align: justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">You should read this prospectus carefully. If you are not now and do not wish to become a participant, or if you wish to continue your present participation without
change, no action on your part is required. If you wish to join the Savings Plan or change the amount of your payroll deductions under the Savings Plan, please follow the instructions for submitting an enrollment form to Benefits Express. It is suggested
that this prospectus be retained for future reference.</FONT></P>
<P STYLE="text-align: justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful and complete. Any representation to the contrary is a criminal offense.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">March 6, 2015</FONT></P>
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<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">TABLE OF CONTENTS</FONT></B></TD>
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<B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">PAGE</FONT></B>&nbsp;</TD>
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<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">General Information About the Savings Plan</FONT>&nbsp;</TD>
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<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">6</FONT>&nbsp;</TD>
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<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED</FONT></B></TD>
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<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">EMPLOYEE SAVINGS PLAN</FONT></B></TD>
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<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article I Purpose</FONT>&nbsp;</TD>
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&nbsp;</TD>
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<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">7</FONT>&nbsp;</TD>
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<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 1.1.</FONT>&nbsp;</TD>
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<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Purpose</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">7</FONT>&nbsp;</TD>
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<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article II Definitions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">7</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.1.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Account</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">7</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.2.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Active Participant</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">7</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.3.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Additional Lump Sum Deposits</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">7</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.4.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Affiliate</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">7</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.5.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Basic Deposits</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">7</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.6.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Board of Directors</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">7</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.7.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Cash Balance Plan</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">7</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.8.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Code</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">8</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.9.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Commissioner</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">8</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.10.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Committee</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">8</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.11.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Company or Employee Benefits Committee</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">8</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.12.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Company Common Stock</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">8</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.13.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Company Common Stock Fund</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">8</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.14.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Compensation</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">8</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.15.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Deferred</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">9</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.16.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Deposits</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">9</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.17.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Disability</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">9</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.18.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Eligible Employee</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">9</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.19.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Employee</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">9</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.20.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Employer</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">9</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.21.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Employer Contributions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">9</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.22.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">ERISA</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">9</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.23.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Frozen ESOP Account</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">9</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.24.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Fund</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">10</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.25.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Highly Compensated Employee</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">10</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.26.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Hour of Service</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">10</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.27.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Investment Manager</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">11</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.28.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Lay Off or Laid Off</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">11</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.29.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Matured</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">11</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.30.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Nondeferred</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">11</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.31.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Participant</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">11</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.32.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Participating Affiliate</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">11</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.33.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Pension Plan</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">11</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.34.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Personal Choice Retirement Account Fund</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">12</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.35.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Plan</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">12</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.36.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Plan Year</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">12</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.37.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Qualified Domestic Relations Order or QDRO</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">12</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.38.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Record Keeper</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">12</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.39.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Required Beginning Date</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">12</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
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<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.40.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Retirement</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">12</FONT>&nbsp;</TD>
</TR>
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	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.41.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Retirement Choice Program</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">13</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.42.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Rollover Contributions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">13</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.43.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Roth Account</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">13</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.44.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Roth Elective Deferral</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">13</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.45.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Savings Accounts</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">13</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.46.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Spouse</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">14</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.47.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Supplemental Deposits</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">14</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.48.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Thrift Plan</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">14</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.49.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Trust Agreement</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">14</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.50.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Trust Fund</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">14</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.51.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Trustee</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">14</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 2.52.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Year of Service</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">14</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article III Participation</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">15</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 3.1.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Participation</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">15</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 3.2.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Effective Date of Participation</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">15</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article IV Deposits</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">16</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.1.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Basic Deposits</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">16</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.2.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Supplemental Deposits</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">16</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.3.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Roth Elective Deferrals</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">16</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.4.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Additional Lump Sum Deposits</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">16</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.5.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Method of Deposits</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">17</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.6.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Limits on Deferred Deposits</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">17</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.7.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Distribution of Excess Deferral Amounts</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">17</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.8.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Code Section 401(k) Limits on Deferred Deposits</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">18</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.9.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Unmatched Employer Contributions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">19</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.10.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Changing Deposit Percentages</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">19</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.11.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Suspension of Deposits</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">20</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.12.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Limit on Additional Lump Sum Deposits</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">20</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.13.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Elections</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">20</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.14.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Rollover Contributions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">20</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.15.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Transfers from the Thrift Plan</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">20</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 4.16.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Qualifying Military Service</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">21</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article V Employer Contributions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">21</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 5.1.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Amount and Payment of Employer Contributions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">21</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 5.2.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Employer Contributions in Company Common Stock</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">22</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 5.3.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Reduction of Employer Contributions by Forfeitures</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">22</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 5.4.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Maximum Annual Additions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">22</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 5.5.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Return of Employer Contributions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">22</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 5.6.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Allocation from Cash Balance Plan</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">22</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 5.7.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Qualified Military Service</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">22</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article VI Savings Account and Roth Account Investments</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">23</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 6.1.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Investments of Deposits, Rollover Contributions and Employer Contributions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">23</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 6.2.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Change in Investment Direction</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">23</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 6.3.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Transfer/Reallocation of Investments</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">23</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 6.4.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Quarterly Automatic Rebalancing</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">23</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
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     <TD STYLE="width: 16%"></TD>
     <TD></TD>
     <TD STYLE="width: 5%; text-align: center"></TD></TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 6.5.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Loans</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">24</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 6.6.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Special Rules for Investment in the Personal Choice Retirement Account Fund</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">24</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 6.7.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Election to Reinvest or Distribute Cash Dividends</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">25</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 6.8.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Special Rule for Default Investment of Accounts</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">25</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article VII Savings Account and Roth Account Funds</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">26</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 7.1.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Establishment of Funds</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">26</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 7.2.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Company Common Stock Fund</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">26</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article VIII Savings Accounts and Roth Accounts</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">27</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 8.1.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Establishment</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">27</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 8.2.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Measure of Savings Accounts and Roth Accounts</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">27</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 8.3.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Valuation of Funds</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">27</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 8.4.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Valuation of Savings Accounts and Roth Accounts</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">27</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 8.5.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Separate Accounting with Savings Account</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">28</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article IX Frozen ESOP Accounts</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">28</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 9.1.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Maintenance of Separate Accounts</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">28</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 9.2.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Allocation of Distributions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">28</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 9.3.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Withdrawals or Transfers</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">28</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 9.4.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Dividends and Other Income</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">28</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 9.5.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Voting of Frozen ESOP Account Common Stock</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">28</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article X Vesting</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">29</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 10.1.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Vesting of Employer Contributions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">29</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 10.2.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Vesting of Retirement Choice Program Allocation Subaccount</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">29</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 10.3.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Qualified Military Service</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">29</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 10.4.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Vesting of Deposits, Rollover Contributions and Frozen ESOP Account</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">29</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article XI Account Distributions and Withdrawals</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">29</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.1.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Distribution Upon Retirement, Disability, Lay Off or Death</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">29</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.2.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Distribution Upon Other Termination of Employment</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">30</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.3.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Partial Distributions Following Termination of Employment</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">31</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.4.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Withdrawal of Nondeferred Deposits and</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left">
&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Employer Contributions During Employment</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">31</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.5.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Withdrawals of Deferred Deposits During Employment After Age 59</FONT><SUP><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">1</FONT></SUP><FONT size=2 face=
"Times-Roman,Times New Roman,Times,serif">/</FONT><FONT size=1 face="Times-Roman,Times New Roman,Times,serif">2</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">32</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.6.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Hardship Withdrawals</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">32</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.7.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Suspension of Participation</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">34</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.8.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Transfer of Employment</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">34</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.9.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Form of Distributions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">34</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.10.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Time of Distributions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">35</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 12pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.11.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Limitation on Post Age 70</FONT><SUP><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">1</FONT></SUP><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">/</FONT><FONT size=
1 face="Times-Roman,Times New Roman,Times,serif">2 </FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Distributions</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">35</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 11.99pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.12.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Distribution in the Case of Certain Disabilities</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">36</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 11.99pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.13.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Loans</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">36</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 11.99pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.14.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Inability to Locate Payee</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">37</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 11.99pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.15.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Federal Income Tax Withholding on Distributions and Withdrawals</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">37</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 11.99pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.16.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Direct Rollover to Another Plan or IRA</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">37</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 11.99pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.17.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Distributions on Account of Military Service</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">38</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD STYLE="text-align: left; text-indent: 11.99pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 11.18.</FONT>&nbsp;</TD>
	<TD STYLE="text-align: left; text-indent: 0.01pt">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Optional Forms of Payment for Merged Plans</FONT>&nbsp;</TD>
	<TD STYLE="text-align: center">
<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">38</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
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   <TD></TD>

   <TD STYLE="width: 5%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article XII Limits on Benefits and Contributions Under Qualified Plans</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">39</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 12.1.</FONT>&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Definitions</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">39</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 12.2.</FONT>&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Annual Addition Limits</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">40</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article XIII Beneficiary in Event of Death</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">41</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 13.1.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Designation and Change of Beneficiary</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">41</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article XIV Administration</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">41</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 14.1.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Named Fiduciary</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">41</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 14.2.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Administration</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">41</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 14.3.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Control and Management of Assets</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">42</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 14.4.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Benefits to be Paid from Trust</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">42</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 14.5.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Expenses</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">42</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 14.6.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Overpayments</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article XV Claims Procedure</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 15.1.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Filing of Claims</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 15.2.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Appeal of Claims</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 15.3.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Review of Appeals</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article XVI Merger or Consolidation</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 16.1.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Merger or Consolidation</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article XVII Non-Alienation of Benefits</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 17.1.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Non-Alienation of Benefits</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article XVIII Amendments</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 18.1.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Amendment Process</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article XIX Termination</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 19.1.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Authority to Terminate</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 19.2.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Distribution Upon Termination</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article XX Plan Confers No Right to Employment</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 20.1.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">No Right to Employment</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article XXI Alternate Payees</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 21.1.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Alternate Payees Under QDROs</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Article XXII Construction</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 22.1.</FONT>&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Governing Law</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Section 22.2.</FONT>&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Headings</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Additional Information About the Savings Plan</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">45</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Tax Consequences of the Savings Plan</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">45</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Where You Can Find More Information</FONT>&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">48</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P><!-- Field: Page; Sequence: 5; Value: 2 -->
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">GENERAL INFORMATION ABOUT THE SAVINGS PLAN</FONT></B></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">The Savings Plan is administered by the Employee Benefits Committee appointed from time to time by the PSEG Board of Directors. The
Committee has overall responsibility for the administration and interpretation of the Savings Plan.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">PSEG Services Corporation, PSEG&#8217;s subsidiary, is responsible for receiving and processing enrollment forms and making payroll
deductions. PSEG Services Corporation, PSEG&#8217;s subsidiary, is located at 80 Park Plaza, Newark, NJ 07102.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Aon Hewitt is third-party administrator for the Savings Plan. The third-party administrator keeps a continuing record of
Participants&#8217; accounts under the Savings Plan, sends quarterly statements of account to Participants and performs other duties relating to the Savings Plan for Participants. The third-party administrator is located at Benefits Express (PSEG), 4
Overlook Point, P.O. Box 1584, Lincolnshire, IL 60069-1584.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">The Savings Plan has been in effect since 1999 and, previously, was the Employee Savings Plan of Public Service Electric and Gas Company
established in 1981. The Savings Plan was last amended effective January 31, 2014. There are approximately 6,328 participants in the Savings Plan.</FONT></P><!-- Field: Page; Sequence: 6; Value: 2 -->
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<A name="page_7"></A><BR>



<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">EMPLOYEE SAVINGS PLAN</FONT></B><BR><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE I</FONT></B><BR><B><FONT size=2 face=
"Times-Bold,Times New Roman,Times,serif">PURPOSE</FONT></B></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 1.1. Purpose</FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">. The purpose of the Plan is to encourage
and assist thrift and savings by eligible bargaining unit employees of Public Service Enterprise Group Incorporated and certain of its Affiliates through tax-sheltered forms of investment. The Plan and its related Trust Fund are intended to meet the
requirements applicable to qualified profit-sharing plans under sections 401(a), 401(k), 401(m) and 501(a) of the Code and the requirements applicable to employee stock ownership plans under section 4975(e)(7) of the Code.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">The Plan is intended to constitute a plan described in section 404(c) of the Employee Retirement Income Security Act of 1974, as
amended, and Department of Labor regulations section 2550.404c-l. As a result, fiduciaries of the Plan may be relieved of liability for any losses that are the direct and necessary result of investment instructions given by Participants and
beneficiaries.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE II</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">DEFINITIONS</FONT></B></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">When used herein, the words and phrases hereinafter defined shall have the following meanings unless a different meaning is clearly
required by the context of the Plan:</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.1. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Account</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the separate account maintained
in the Plan for each Participant which consists of the Participant&#8217;s Savings Account, Roth Account and/or the Participant&#8217;s Frozen ESOP Account.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.2. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Active
Participant</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean a Participant who is an Eligible Employee presently making Nondeferred
Deposits or for whom Deferred Deposits are presently being made.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.3. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Additional Lump Sum
Deposits</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean that amount which is contributed to the Plan by a Participant on a lump sum
basis. Additional Lump Sum Deposits shall not be entitled to be matched by Employer Contributions.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.4. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Affiliate</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean&#8212;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">any
organization while it is a member of a controlled group of corporations (as defined in Code section 414(b) as modified by Code
section 415(h)) which includes the Company;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">any
trades or businesses (whether or not incorporated) while they are under common control (as defined in Code section 414(c) as modified
by Code section 415(h)) with the Company;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">any
organization during any period in which it (along with the Company) is a member of an affiliated service group (as defined in
Code section 414(m)); or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">any
other entity during any period in which it is required to be aggregated with the Company under Code section 414(o).</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.5. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Basic
Deposits</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean that amount, not less than 1%, nor more than 7% of a Participant&#8217;s
Compensation, contributed to the Plan through payroll deduction by or on behalf of a Participant which is entitled to be matched by Employer Contributions.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.6. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Board of
Directors</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the Board of Directors of the Company.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.7. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Cash Balance
Plan</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the Cash Balance Pension Plan for Represented Employees of Public Service
Enterprise Group Incorporated (formerly known as the &#8220;Cash Balance Pension Plan for Represented Employees of Public Service Electric and Gas Company&#8217;&#8217;) or the Cash Balance Pension Plan of Public Service Enterprise Group Incorporated
(formerly known as the &#8220;Cash Balance Pension Plan of Public Service Electric and Gas Company&#8217;&#8217;).</FONT></P><!-- Field: Page; Sequence: 7; Value: 2 -->
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<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.8. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Code</FONT></I></B><B><FONT size=
2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the Internal Revenue Code of 1986, as amended, or as it may be amended from time to time. A reference to a section
of the Code shall also refer to any regulations and other guidance issued under that section.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.9. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Commissioner</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8217;&#8217; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the Commissioner of
Internal Revenue.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.10. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Committee</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">or &#8220;Employee Benefits
Committee&#8221; shall mean the Employee Benefits Committee of the Company appointed by the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.11. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Company</FONT></I></B><B><FONT size=2 face=
"Times-Bold,Times New Roman,Times,serif">&#8217;&#8217; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean Public Service Enterprise Group Incorporated or its successor.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.12. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Company Common
Stock</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the Common Stock, without nominal or par value, of the Company.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.13. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Company Common Stock
Fund</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the Fund established pursuant to Section 7.1(a). The Company Common Stock Fund is
intended to qualify as an employee stock ownership plan under Code section 4975(e)(7).</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.14. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Compensation</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the total remuneration paid
to a Participant for services rendered to an Employer excluding the Employer&#8217;s cost for any public or private employee benefit plan, but including all Deferred Basic and Supplemental Deposits made by a Participant or on a Participant&#8217;s behalf
to this Plan and all elective contributions that are made by an Employer on behalf of a Participant which are not includible in income under Code section 125 or 132(f)(4), under rules adopted by the Committee which are uniformly applicable to all
Participants similarly situated. However, Compensation shall not include the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">any
amounts which are deferred under any deferred compensation plan of the Company or any Affiliate and any payments from any such
plans of any previously deferred amount;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">any
amounts which constitute reimbursement of expenses;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">the
following miscellaneous payments:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">separation
pay;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">gratuity
payments upon death;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">payment
for vacation due at time of death;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">worker&#8217;s
compensation for permanent partial disability;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Employer
contributions for social security, unemployment compensation or other taxes;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Employer
payments toward reimbursement of adoption expenses; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">payments
made expressly for the purpose of satisfying withholding tax liabilities on awards earned pursuant to any employee suggestion
program of any Employer;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">the
following special international payments:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">international
service premium;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">commodities
and services allowance;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">equalization
pay;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">transportation
allowance;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">foreign
service pay; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">hardship
allowance; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">any
amounts received by a Participant as a result of the sale of vacation entitlements.</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Effective from the first payroll period beginning after March 1, 2010, Compensation for Participants, other than Participants in units
of Employees represented by Utility Workers Union of America (UWUA) Local 601, shall be limited to a Participant&#8217;s base pay, his/her overtime pay and amounts received pursuant to the incentive</FONT></P><!-- Field: Page; Sequence: 8; Value: 2 -->
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<A name="page_9"></A><BR>



<P STYLE="text-align: justify"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">compensation program in which he/she is a participant. Compensation shall, however, exclude the Company&#8217;s or Participating Affiliate&#8217;s cost for any public
or private employee benefit plan, including this Plan, but shall include all elective contributions that are made by the Company or Participating Affiliate on behalf of a Participant which are not includible in income under Code sections 125, 132(f)(4)
or 401(k). Compensation shall also exclude any amounts that would otherwise be excluded pursuant to the terms of subparagraphs (a), (b), and (c), above).</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Notwithstanding anything in the Plan to the contrary, Compensation shall include differential pay in the Plan Year in which it is
paid.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">In any case, however, Compensation of each Participant taken into account for any Plan Year shall not exceed the applicable compensation
limit for such year determined under Code section 401(a)(17). This limit on annual compensation shall be adjusted for cost-of-living increases in accordance with Code section 401(a)(17)(B).</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.15. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Deferred</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">in reference to Deposits shall mean that
such Deposits are deferred from current Federal income taxation under Code section 401(k)), provided, however, that effective August 1, 2006, the term &#8220;Deferred&#8221; in reference to Deposits shall also apply to Roth Elective
Deferrals.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.16. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Deposits</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the aggregate of Additional Lump
Sum Deposits, Basic Deposits and Supplemental Deposits made by or on behalf of a Participant to his or her Account. The total of all Deposits made by or on behalf of a Participant in any Plan Year shall not exceed 50% of the Participant&#8217;s
Compensation for such Plan Year. Deposits shall include &#8220;Deferred Compensation&#8221; credited to the Participant under the U.S. Energy Partners 401(k) Plan, &#8220;Elective Deferrals&#8221; credited to the Participant under the Arden Engineering
Constructors, Inc. 401(k) Plan, &#8220;Employee Pre-Tax Basic Contributions&#8221; credited to the Participant under the Fluidics, Inc. Retirement and 401(k) Plan, and &#8220;Salary Reduction Contributions&#8221; credited to the Participant under the
Wisvest-Connecticut 401(k) Plan.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.17. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Disability</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8217;&#8217; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean any physical or mental
condition which renders a Participant incapable of performing further work for his or her Employer, as certified in writing by a Doctor of Medicine designated and approved by the Committee.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.18. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Eligible
Employee</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean any individual included in a unit of employees covered by a collective
bargaining agreement who is an Employee of the Company or a Participating Affiliate and who is receiving remuneration for personal services rendered to the Company or Participating Affiliate other than (1) solely as a director of the Company or a
Participating Affiliate, (2) as a consultant, (3) as an independent contractor, (4) as an individual who is a &#8220;leased employee&#8221; within the meaning of Code section 414(n) and as defined in section 2.26(e) of this Plan, or (5) any other
individual engaged by the Company or Participating Affiliate in a relationship mat the Company characterizes as other than an employment relationship or who has waived his or her rights to coverage as an employee (regardless of whether a determination is
made by the Internal Revenue Service or other governmental agency or court after the individual is engaged to perform such services that the individual is an employee of the Company or Participating Affiliate for the purposes of the Code or
otherwise).</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.19. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Employee</FONT></I></B><B><FONT size=2 face=
"Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean any individual employed by the Company or an Affiliate.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.20. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Employer</FONT></I></B><B><FONT size=2 face=
"Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the Company and any Participating Affiliate.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.21. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Employer
Contributions</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the amounts contributed to the Plan on behalf of Participants by an
Employer in accordance with Article V. Employer Contributions shall include &#8220;Employer&#8217;s Matching Contributions&#8221; and &#8220;Employee Nonelective Contributions&#8221; credited to the Participant under the Fluidics, Inc. 401(k) Plan and
&#8220;Employer Matching Contributions&#8221; and &#8220;Employer Discretionary Contributions&#8221; credited to the Participant under the Wisvest-Connecticut 401(k) Plan.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.22. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">ERISA</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the Employee Retirement Income
Security Act of 197 4, as amended, or as it may be amended from time to time. A reference to a section of ERISA shall also refer to any regulations and other guidance issued under that section.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.23. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Frozen ESOP
Account</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean that separate portion of an Account established pursuant to Section 9.1 which
evidences the shares of Company Common Stock transferred to the Plan for the Account of a Participant, pursuant to the merger with this Plan with the Public Service Electric and Gas Company Tax</FONT></P><!-- Field: Page; Sequence: 9; Value: 2 -->
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<P STYLE="text-align: justify"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Reduction Act Employee Stock Ownership Plan (TRASOP) and/or the Public Service Electric and Gas Company Payroll-Based Employee Stock Ownership Plan (PA YSOP),
including the net worth of the Trust Fund attributable thereto.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.24. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Fund</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean any of the funds or other investment
options established under the Plan for the investment of Participants&#8217;Accounts and a loan fund for each Participant who takes a loan under Section 11.13. The Thrift and Pension Investment Committee shall have the discretion to add, change, or
eliminate Funds as it deems appropriate. Except as otherwise directed by the Thrift and Pension Investment Committee, the Funds shall include a Company Common Stock Fund and a Personal Choice Retirement Account Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.25. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Highly Compensated Employee</FONT></I></B><B><FONT size=
2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">any
Employee, as defined in section 414(q) of the Code, who at any time:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">during
the Plan Year or the preceding Plan Year was at any time a 5% owner (as defined in Code section 416(i)(l)); or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">for
the preceding Plan Year, received Compensation (as defined in section 12.l(c)) from the Company or an Affiliate in excess of $80,000
(as adjusted for cost-of-living increases).</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If
so elected, the Company may also provide that an Employee with Compensation in excess of $80,000 (as adjusted for cost-of-living
increases) shall be a Highly Compensated Employee only if such Employee is in the group consisting of the top 20% of Employees
when ranked on the basis of Compensation paid during such Plan Year, excluding those Employees permitted to be excluded pursuant
to Code section 414(q) (herein referred to as the &#8220;Top Paid Group Election&#8221;).</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 30pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Effective
for Plan Years beginning on or after January 1, 1997, the Company shall determine its Highly Compensated Employees without application
of the Top Paid Group Election. Notwithstanding the foregoing, the Company may apply the Top Paid Group Election with respect
to a Plan Year so long as such election is applied consistently to the determination years of all plans (retirement and non-retirement)
of the Company that begin within the same calendar year and so long as the Plan is amended to reflect the application of the Top
Paid Group Election to a given Plan Year.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.26. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Hour of Service</FONT></I></B><B><FONT size=2 face=
"Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Each
hour for which an Employee is directly or indirectly paid remuneration or entitled to such payment by an Employer for the performance
of duties;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Each
hour for which an Employee is paid or entitled to payment by the Company on account of a period of time during which no duties
are performed (whether or not the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including
disability), layoff, jury duty, military service, or leave of absence; provided, however, that an Employee shall not be credited
with more than 501 Hours of Service under this sentence for any continuous period during which he or she performs no duties for
the Company. Notwithstanding the preceding provisions of this subsection (b), no credit will be given:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">for
an Hour of Service for which the individual is directly or indirectly paid, or entitled to payment, on account of a period during
which no duties are performed if such payment is made or due under a plan maintained solely for the purpose of complying with
applicable worker&#8217;s compensation, unemployment compensation, or disability insurance laws; or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">for
an Hour of Service for which a payment is made, which solely reimburses the individual for medical or medically related expenses
incurred.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Each
hour not otherwise credited under the Plan for which back pay, irrespective of mitigation of damages, is either awarded or agreed
to by an Employer. No more than 501 Hours of Service shall be credited under this item (c) for a period of time during which the
Employee did not or would not have performed duties.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Hours
of Service will be credited for employment with an Affiliate.</FONT></TD>
</TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Hours
of Service will be credited for employment as a &#8220;leased employee&#8221; as that term is defined in Code section 414(n) and
as defined below, if such leased employee participates in the Plan as a result of subsequent employment with the Company or an
Affiliate. A &#8220;leased employee&#8221; shall mean a person performing services for the Company or an Affiliate who is not
a common-law employee where&#8212;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">such
services are provided pursuant to an agreement between the Participating Affiliate and any other person or entity (hereinafter
referred to as the &#8220;leasing organization&#8221;);</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">such
person has performed the services for the Participating Affiliate on a substantially full-time basis for a period of at least
one year;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">such
services are performed under the primary direction of or control by the Participating Affiliate; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">the
person is not covered by a safe harbor plan under Code section 414(n)(5) maintained by the leasing organization. In applying the
provisions of this paragraph (4), the Company or an Affiliate may rely upon a written certificate by the leasing organization
that the individual is covered by a plan of the type described.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">An
Employee shall be credited with an Hour of Service for each month during any period the Employee is absent from work with the
Company or an Affiliate for qualified military service in accordance with Code section 414(u). Notwithstanding the foregoing,
if the Employee fails to report to work before reemployment rights expire, the Employee shall not receive credit for Hours of
Service during such military leave.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
number of Hours of Service to be credited an Employee shall be on the basis of months of employment under which an Employee is
credited with 190 Hours of Service for each month for which such Employee would be required to be credited with at least one Hour
of Service.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
crediting of Hours of Service under this Plan will be applied under the rules of paragraph (b) and (c) of the Department of Labor
Regulation 2530.200b-2, which, by this reference, will be specifically incorporated in full into this Plan.</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.27. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Investment Manager</FONT></I></B><B><FONT size=2 face=
"Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean an investment manager as defined in ERISA section 3(38).</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.28. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Lay
Off</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; or &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Laid Off</FONT></I></B><B><FONT size=2 face=
"Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean a Participant&#8217;s involuntary separation from service with an Employer because of a reduction in work force at a time
when there is no further work available with the Employer for which the Participant is qualified.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.29. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Matured</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">in reference to Deposits and Employer
Contributions shall mean that the respective amount has been held in the Plan for at least 24 months. The 24-month period will include periods during which Deposits and Employer Contributions held in the Participant&#8217;s Account were held in the
Fluidics, Inc. Retirement and 401(k) Plan. The 24-month period shall also include periods during which Deposits and Employer Contributions held in the Participant&#8217;s Savings Account were held in the Wisvest-Connecticut 401(k) Plan, if
applicable.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.30. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Nondeferred</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">in reference to Deposits shall mean that
such Deposits are not deferred from current Federal income taxation under Code section 401(k).</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.31. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Participant</FONT></I></B><B><FONT size=2 face=
"Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean any person who has an interest in the Trust Fund.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.32. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Participating
Affiliate</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean any Affiliate of the Company which: (a) adopts the Plan with the approval of
the Board of Directors; (b) authorizes the Board of Directors, the Employee Benefits Committee and the Thrift and Pension Investment Committee to act for it in all matters arising under or with respect to the Plan; and (c) complies with such other terms
and conditions relating to the Plan as may be imposed by the Board of Directors. For the avoidance of any doubt, a Participating Affiliate shall not include Long Island Electric Utility ServCo LLC.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.33. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Pension
Plan</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the Pension Plan of Public Service Enterprise Group Incorporated (formerly known as
the &#8220;Pension Plan of Public Service Electric and Gas Company&#8221;).</FONT></P><!-- Field: Page; Sequence: 11; Value: 2 -->
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<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.34. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Personal Choice Retirement
Account Fund</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the Fund established pursuant to Section 7.1(b).</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.35. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Plan</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean this Public Service Enterprise Group
Incorporated Employee Savings Plan (formerly known as the &#8220;Public Service Electric and Gas Company Employee Savings Plan&#8221;), including all amendments hereto which may hereafter be made.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.36. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Plan Year</FONT></I></B><B><FONT size=2 face=
"Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the calendar year.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.37. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Qualified Domestic Relations
Order</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; or &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">QDRO</FONT></I></B><B><FONT size=2 face=
"Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean any judgment, decree or order pursuant to a state domestic relations or community property law which relates to the
provision of child support or marital property rights, which creates or recognizes the existence of an alternate payee&#8217;s right to (or assigns to all alternate payee the right to) receive all or part of a Participant&#8217;s Account, and which meets
the requirements of(a) and (b) below, as interpreted in accordance with Code section 414(p):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">such
order specifies:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">the
name and last known mailing address of the Participant and each alternate payee;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">the
amount or the percentage of the Participant&#8217;s Account to be paid to each alternate payee, or the manner in which such amount
or percentage is to be determined;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">the
number of payments or the period to which the order applies; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">each
plan to which such order applies; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">such
order does not require the Plan to:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">provide
any type or form of benefit or option not otherwise provided under the Plan;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">provide
increased benefits; or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">pay
to an alternate payee amounts required to be paid to another alternate payee under a prior QDRO.</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.38. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Record
Keeper</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the person(s) or entity(ies) designated by the Committee to maintain the records
of the Plan and Plan Accounts and to perform such other functions as may be designated by the Committee.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
2.39. &#8220;</B></FONT><B><FONT STYLE="font: x-small Times-BoldItalic,Times New Roman,Times,serif"><I>Required Beginning Date</I></FONT></B><B><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif">&#8221;
</FONT></B><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">shall mean with respect to distributions to any
Participant, no later than the April 1 of the calendar year following the calendar year in which the Participant attains age 70</FONT><FONT STYLE="font: xx-small Times-Roman,Times New Roman,Times,serif"><SUP>1</SUP>/2</FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">;
provided, however, that with respect to distributions to any Participant who attained age 70 before July 1, 1987 and who was not
a &#8220;5% owner,&#8221; the Required Beginning Date for such Participant shall be April 1 of the calendar year following the
calendar year in which (1) the Participant attains age 70</FONT><FONT STYLE="font: xx-small Times-Roman,Times New Roman,Times,serif">1/2
</FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">or (2) the Participant retires, whichever is later.
Effective as of January 1, 2003, &#8220;Required Beginning Date&#8221; shall mean with respect to distributions to any Participant
other than a 5% owner, April 1 of the calendar year following the calendar year in which the Participant attains age 70</FONT><FONT STYLE="font: xx-small Times-Roman,Times New Roman,Times,serif">1/2
</FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">or retires, whichever is later. The Required Beginning
Date for a 5% owner shall mean no later than the April l of the calendar year following the calendar year in which such 5% owner
attains age 70</FONT><FONT STYLE="font: xx-small Times-Roman,Times New Roman,Times,serif">1/2</FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">.
For purposes of this Section 2.40, a &#8220;5% owner&#8221; shall mean any person owning (or considered as owning within the meaning
of Code section 318) more than 5% of the outstanding stock of an Employer or stock possessing more than 5% of the total combined
voting power of such stock.</FONT></P>


<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.40. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Retirement</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the termination of employment
by a Participant, other than by reason of his or her death, after attaining age 65 or&#8212;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">in
the case of a participant in the Pension Plan, when the sum of the Participant&#8217;s age and credited service (as defined in
the Pension Plan) equals or exceeds 80 or under circumstances otherwise entitling the Participant to an immediately payable periodic
retirement benefit under the Pension Plan, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">in
the case of a participant in the Cash Balance Plan, after attaining age 55 and completing five or more years of credited service
(as defined in the Cash Balance Plan).</FONT></TD>
</TR></TABLE>
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<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.41. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Retirement Choice
Program</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the Public Service Enterprise Group Incorporated Retirement Choice Program
(formerly known as the &#8220;Public Service Electric and Gas Company Retirement Choice Program&#8221;) or the Public Service Enterprise Group Incorporated Retirement Choice Program for Represented Employees (formerly known as the &#8220;Public Service
Electric and Gas Company Retirement Choice Program for Represented Employees&#8221;).</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.42. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Rollover
Contributions</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean Eligible Employee contributions transferred to the Plan, in accordance
with Section 4.14, from a trust under another plan qualified under Code sections 501(a) and 401(a), respectively. Rollover Contributions shall also include &#8220;Rollover Contributions&#8221; credited to the Participant under the Fluidics, Inc.
Retirement and 401(k) Plan, or the Wisvest-Connecticut 401(k) Plan. Effective as of January 1, 2002, Rollover Contributions shall also include Eligible Employee contributions transferred to the Plan, in accordance with Section 4.15, from the
following:</FONT></P>

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<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">a
qualified plan described in both Code sections 401(a) and 403(a), including after-tax employee contributions;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">an
annuity contract described in Code section 403(b);</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">an
eligible plan under Code section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality
of a state or political subdivision of a state; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">an
individual retirement account or annuity described in Code sections 408(a) or 408(b) that is eligible to be rolled over.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 0"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Rollover
Contributions shall include any amounts from a &#8220;qualified Roth contribution program&#8221; as defined in Code section 402A(b).</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.43. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Roth
Account</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean that separate portion of an Account established pursuant to Section 8.1(b) which
evidences the value of Roth Elective Deferrals on behalf of a Participant under the Plan, including the net worth of the Trust Fund attributable thereto.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.44. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Roth Elective
Deferral</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean an elective deferral by a Participant that is designated irrevocably by the
Participant in accordance with Section 4.3 as a Roth elective deferral and that is being made in lieu of all or a portion of the Deferred Deposits that are pre-tax elective deferrals the Participant is otherwise eligible to make under the Plan. Roth
Elective Deferrals are treated as includable in the Participant&#8217;s income at the time the Participant would have received that amount in cash if the Participant had not made a deferral election.</FONT></P>

<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.45. </FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">&#8220;Savings Account&#8221;
</FONT></I></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean that separate portion of an Account established pursuant to Section 8.1(a) and which consists of the sum of the following subaccounts of such Participant:</FONT></P>

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<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-BoldItalic,Times New Roman,Times,serif"><B><I>Basic
Deposit Subaccount </I></B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">shall mean that portion
of a Participant&#8217;s Savings Account which evidences the value of Basic Deposits by or on behalf of a Participant under the
Plan, including the net worth of the Trust Fund attributable thereto.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-BoldItalic,Times New Roman,Times,serif"><B><I>Supplemental
Deposit Subaccount </I></B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">shall mean that portion
of a Participant&#8217;s Savings Account which evidences the value of Supplemental Deposits and Additional Lump Sum Deposits under
the Plan, assets transferred by the Participant from his or her Frozen ESOP Account, and Rollover Contributions to the Plan by
or on behalf of a Participant, including the net worth of the Trust Fund attributable thereto, and also including Deposits and
Rollover Contributions credited to the Participant under the Fluidics, Inc. Retirement and 401(k) Plan and the Wisvest-Connecticut
401(k) Plan and merged into this Plan.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-BoldItalic,Times New Roman,Times,serif"><B><I>Employer
Contribution Subaccount </I></B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">shall mean that portion
of a Participant&#8217;s Savings Account which evidences the value of Employer Contributions which have been credited to a Participant&#8217;s
Account under Section 5.1 of the Plan (less any forfeitures), including the net worth of the Trust Fund attributable thereto,
and also including Employer Contributions credited to the Participant under the Fluidics, Inc. Retirement and 401(k) Plan and
the Wisvest-Connecticut 401(k) Plan and merged into this Plan.</FONT></TD>
</TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-BoldItalic,Times New Roman,Times,serif"><B><I>Retirement
Choice Program Allocation Subaccount </I></B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">shall
mean that portion of a Participant&#8217;s Savings Account which evidences the value of certain service and age points allocated
to this Plan pursuant to the Cash Balance Plan and the Retirement Choice Plan and in accordance with Section 5.6 herein, including
the net worth of the Trust Fund attributable thereto.</FONT></TD>
</TR></TABLE>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.46. &#8220;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Spouse</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the person to whom the Participant
is married. Spouse shall include a person of the same sex if the individuals are lawfully married under applicable law even if the married couple is domiciled in a state that does not recognize the validity of same-sex marriages. Spouse shall not include
individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, or other similar formal relationship recognized under state law that is not denominated as a manage under the laws of that
state.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.47. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Supplemental
Deposits</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the amount, if any, of Compensation contributed to the Plan through payroll
deduction by or on behalf of a Participant which is greater than the maximum permitted Basic Deposit. Supplemental Deposits shall include &#8220;Deferred Compensation&#8221; credited to the Participant under the U.S. Energy Partners 401(k) Plan
&#8220;Elective Deferrals&#8221; credited to the Participant under the Arden Engineering Constructors, Inc. 401(k) Plan, &#8220;Employee Pre-Tax Basic Contributions&#8221; credited to the Participant under the Fluidics, 1nc. Retirement and 401(k) Plan,
and &#8220;Salary Reduction Contributions&#8221; credited to the Participant under the Wisvest-Connecticut 401(k) Plan.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.48. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Thrift
Plan</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the Public Service Enterprise Group Incorporated Thrift and Tax-Deferred Savings
Plan (formerly known as the Public Service Electric and Gas Company Thrift and Tax-Deferred Savings Plan.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.49. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Trust
Agreement</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8217;</FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">&#8217; shall mean the agreement between the Company and the Trustee which provides for
the management of the Trust Fund and the investment of Deposits, Employer Contributions and Rollover Contributions to the Plan and investment of Plan assets.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.50. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Trust
Fund</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the aggregate of Additional Lump Sum Deposits, Basic and Supplemental Deposits made
by or on behalf of Participants, Rollover Contributions and Employer Contributions, together with Frozen ESOP Accounts, increased by any profits or income thereon, and decreased by any losses thereon and by any payments made therefrom.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.51. &#8216;&#8216;</FONT></B><B><I><FONT size=2 face=
"Times-BoldItalic,Times New Roman,Times,serif">Trustee</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean any individual(s) or
corporation(s) by whom any assets of the Plan are held under the Trust Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 2.52. &#8220;</FONT></B><B><I><FONT size=2 face="Times-BoldItalic,Times New Roman,Times,serif">Year of
Service</FONT></I></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">&#8221; </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">shall mean the 12 consecutive month period beginning on the first day of the month in which
an Employee commences employment with the Company or an Affiliate and each succeeding 12 consecutive month period beginning on the yearly anniversary of such day, during which the Employee completes not less than 1,000 Hours of Service. The determination
of whether an Employee shall have completed not less than 1,000 Hours of Service during any such period shall be made by crediting such Employee with 190 Hours of Service for each calendar month during such period in which the Employee is entitled to be
credited with at least one Hour of Service for such month. For purposes of determining eligibility for Employer Contributions under Section 5.1, an Employee shall complete a Year of Service during the month in which he or she is credited with 1,000 Hours
of Service during the applicable 12-month period. In addition, any Employee whose Account includes balances transferred from the Fluidics, Inc. Retirement and 401(k) Plan or the Wisvest-Connecticut 401(k) Plan shall, for purposes of determining Year of
Service hereunder, be credited with service with Fluidics, Inc., Wisvest Corporation or Wisvest-Connecticut LLC, as appropriate, in accordance with this Section 2.52.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Furthermore, for purposes of determining Year of Service hereunder, any Employee who as of January 11, 1998 was an employee of Fluidics,
Inc., who, effective as of January 12, 1998 became an Employee of the Company or an Affiliate, and who is a member of one of the following units of Employees covered by a collective bargaining agreement, shall for purposes of this Section 2.52 only, be
deemed to have commenced employment as of January 12, 1998. The foregoing sentence shall not apply with respect to any Employee whose Account includes balances transferred from the Fluidics, Inc. Retirement and 401(k) Plan.</FONT></P>

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<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Bristol
Myers Squibb (NJ) Local 9 Plumbers and Pipefitters Union</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Local
9 Plumbers and Pipefitters</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Local
107 (PA) Teamsters</FONT></TD>
</TR></TABLE>
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE III</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">PARTICIPATION</FONT></B></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 3.1. Participation. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Each Eligible Employee may become a
Participant by applying with the Record Keeper to establish a Savings Account or Roth Account or accept a Rollover Contribution on such Eligible Employee&#8217;s behalf, when a Frozen ESOP Account was established on his or her behalf, or when the
Eligible Employee elects to make transfers of age and service credits pursuant to the terms of the Cash Balance Plan and the Retirement Choice Program. An Eligible Employee who, at the time he or she becomes employed by the Company or a Participating
Affiliate is a participant in the Thrift Plan, shall be automatically enrolled in the Plan, and account balances held in that plan shall be transferred to this Plan.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">By contacting the Record Keeper and using its automatic voice response system or such other method as approved by the Committee, the
Eligible Employee can (a) arrange for the payment of an Additional Lump Sum Deposit to the Plan, (b) authorize his or her Employer to withhold an amount in a specified percentage of his or her Compensation, (c) authorize his or her Employer to accept a
Rollover Contribution from another eligible plan in accordance with Section 4.14, (d) authorize establishing an Account to accept transfers of age and service credits pursuant to the terms of the Cash Balance Plan and the Retirement Choice Program, and
(e) authorize the Record Keeper and/or Employer to pay any such amount to the Trustee for investment in an applicable Account under the Plan in accordance with the Eligible Employee&#8217;s instructions.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">An Eligible Employee who was a former employee of Wisvest-Connecticut LLC or Wisvest Corporation shall become a Participant upon the
earlier of: (i) the establishment of a Savings Account to accept the assets merged with this Plan from the Wisvest-Connecticut 401(k) Plan, effective December 31, 2002, or (ii) any of the methods for participation set forth above in this
Section3.1.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Notwithstanding the foregoing, in the case of any Eligible Employee who is hired or rehired to a permanent, full-time position on or
after January 1, 2008, the Eligible Employee shall be provided with information on automatic enrollment upon his or her initial eligibility for the Plan. Unless the Eligible Employee timely elects to decline making Deposits or to elect an alternate
contribution percentage, the Eligible Employee shall be automatically enrolled in the Plan and shall have Basic Deferred Deposits (none of which shall be designated as Roth Elective Deferrals) made by the Employer on his or her behalf in an amount equal
to 3% of his or her Compensation. An Eligible Employee who is automatically enrolled may elect to withdraw Basic Deferred Deposits made pursuant in this paragraph (together with attributable earnings), provided that any such election must be made within
90 days of the Eligible Employee&#8217;s date of hire and in accordance with procedures established by the Committee.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Participation in the Plan is entirely voluntary.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 3.2. Effective Date of Participation. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Subject to the
provisions of Section 3.1 above, the effective date of participation shall be the earliest of the following: (a) participation in the Plan shall be effective for an Eligible Employee and payroll deductions shall commence, as soon as practicable after the
Eligible Employee has applied to the Record Keeper for participation; (b) participation in the Plan for an Eligible Employee whose account is transferred from the Thrift Plan to this Plan shall be effective as of the date such individual became an
Eligible Employee under the terms of this Plan; (c) participation in the Plan for an Eligible Employee making a Rollover Contribution or a transfer of age and service credits pursuant to the terms of the Cash Balance Plan and the Retirement Choice
Program shall be effective as soon as practicable after such Eligible Employee&#8217;s Rollover Contribution or transferred age and service credits are accepted for transfer; (d) participation of an Eligible Employee in the Plan with respect to the
Frozen ESOP Account became effective upon receipt by the Plan of the assets credited to the account of such Eligible Employee in Public Service Electric and Gas Company&#8217;s TRASOP and/or PAYSOP pursuant to a merger of such plan or plans with this
Plan; and (e) participation in the Plan shall be effective for a newly hired Eligible Employee who is automatically enrolled in the Plan and payroll deductions shall commence as soon as practicable after such Eligible Employee&#8217;s date of
hire.</FONT></P><!-- Field: Page; Sequence: 15; Value: 2 -->
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE IV</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">DEPOSITS</FONT></B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.1. Basic Deposits. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Subject to the limitations
of Sections 4.6 and 5.4, an Eligible Employee may elect:</FONT></P>

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<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">to
make Basic Nondeferred Deposits to the Plan in an amount equal to any integral multiple of 1% of his or her Compensation up to
a total of 8% each pay period;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">to
have Basic Deferred Deposits made to the Plan by an Employer on his or her behalf in an amount equal to any integral multiple
of 1% of his or her Compensation up to a total of 7% each pay period; or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">to
make, or have made by an Employer on his or her behalf, any combination of Deposits under (a) or (b) above, totaling up to 7%
of his or her Compensation each pay period;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 0; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Effective
August 1, 2006, the provisions of section 4.3 regarding Roth Elective Deferrals shall apply to Basic Deferred Deposits. Basic
Deposits made by or on behalf of a Participant shall be paid over by the Employer to the Trustee and deposited in the Trust Fund
as soon as practicable after deduction and, in any event, within 15 business days after the end of the month in which such deduction
is made. Such Basic Deposits shall be credited as soon as practicable to such Participant&#8217;s Basic Deposit Subaccount in
the Plan, or to the Participant&#8217;s Roth Account, as applicable.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.2. Supplemental Deposits. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Subject to the limitations
of Sections 4.6 and 5.4, each Participant who is electing the maximum permitted Basic Deposit to the Plan may also elect:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">to
make Supplemental Nondeferred Deposits to the Plan in an amount equal to any integral multiple of 1% of his or her Compensation
to a total of 43% of his or her Compensation each pay period;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">to
have Supplemental Deferred Deposits made by an Employer on his or her behalf in an amount equal to any integral multiple of 1%
of his or her Compensation up to a total of 43% of his or her Compensation each pay period; or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">to
make, or have made by an Employer on his or her behalf, any combination of the Deposits specified in (a) or (b) above, totaling
up to 43% of his or her Compensation each pay period.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 0; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Effective
August 1, 2006, the provisions of section 4.3 regarding Roth Elective Deferrals shall apply to Supplemental Deferred Deposits.
Supplemental Deposits made by or on behalf of a Participant shall be paid over by an Employer to the Trustee and deposited in
the Trust Fund as soon as practicable after deduction and, in any event, within 15 business days after the end of the month in
which such deduction is made. Such Supplemental Deposits shall be credited as soon as practicable to such Participant&#8217;s
Supplemental Deposit Subaccount in the Plan, or to the Participant&#8217;s Roth Account, as applicable.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.3. Roth Elective Deferrals. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Effective August
1, 2006, a Participant may irrevocably elect that all or any portion of his or her Deferred Deposits, both Basic and Supplemental,
shall be made as a Roth Elective Deferral. Roth Elective Deferrals shall be credited to the Participant&#8217;s Roth Account in
the same time and manner such amounts would have been credited to the Participant&#8217;s Basic Deposit Subaccount or Supplemental
Deposit Subaccount but for the election to have these contributions made as Roth Elective Deferrals. Notwithstanding any provision
of this Plan to the contrary, Roth Elective Deferrals may not be recharacterized as Nondeferred Deposits.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.4. Additional Lump Sum Deposits. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Within any Plan
Year, each Participant may make one or more Additional Lump Sum Deposits on a Nondeferred basis in the minimum amount of $250
and in such total amounts which, when aggregated with such Participant&#8217;s Basic Deposits and Supplemental Deposits, do not
exceed 50% of his or her Compensation for that Plan Year and subject to the limitations of Sections 4.6, 4.13 and 5.4. Additional
Lump Sum Deposits made by a Participant shall be paid over by the Record Keeper to the Trustee and deposited in the Trust Fund
as soon as practicable, but no later than 15 business days after the end of the month in which such Additional Lump Sum Deposit
is received. Such Additional Lump Sum Deposits shall be credited as soon as practicable to such Participant&#8217;s Supplemental
Deposit Subaccount in the Plan.</FONT></P>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.5. Method of Deposits. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Basic Deposits and Supplemental
Deposits by or on behalf of Active Participants shall be made by means of payroll deduction. For convenience of administration,
if the percentage of Compensation elected to be contributed to the Plan by an Active Participant is not equal to a whole dollar
amount, such amount will be increased to the next whole dollar amount in establishing the deduction to be made from such Active
Participant&#8217;s pay. In addition, if an Active Participant&#8217;s Compensation is changed, the resulting change in deduction
shall be made as soon as practicable after such change in Compensation.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Additional
Lump Sum Deposits shall be paid directly by Participants to the Record Keeper who shall forward them to the Trustee for investment
in the Participant&#8217;s Savings Account in accordance with his or her then current investment direction.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.6. Limits on Deferred Deposits.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">In
no event may Deferred Deposits for any Participant attributable to any taxable year of such Participant (presumably the calendar
year) exceed the amount permitted by Code section 402(g) in effect for such taxable year, except to the extent permitted under
Section 4.6(b) of the Plan below. Where a Participant elects under Section 4.1 to have Deferred Deposits made by an Employer to
the Plan which would otherwise exceed the limit of this Section 4.6(a) and 4.6(b) below, if applicable, such excessive Deferred
Deposits (other than Roth Elective Deferral amounts) shall be deemed to be Nondeferred Deposits to the Plan (&#8220;Deemed Nondeferred
Deposits&#8221;) rather than Deferred Deposits to the Plan; provided, however, that such Deemed Nondeferred Deposits shall be
subject to the limits and rules of Sections 4.1 and 4.2; and provided further, that such Deemed Nondeferred Deposits shall be
deemed to be Basic Nondeferred Deposits (and, therefore, matched by Employer Contributions as set forth in Article V) to the extent
possible under the limits of Sections 2.5 and 4.1, taking into account other Basic Deferred and Nondeferred Deposits of the Participant.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">In
addition to the Deposits allowed by this Article IV, Eligible Employees who have attained age 50 before the close of a Plan Year
shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, Code section 414(v) (and
in the amount of allowable catch-up contributions for the Plan Year as set forth in Code section 414(v)). Such catch-up contributions
shall not be taken into account for purposes of Section 4.6(a) and Article XII of the Plan. The Plan shall not be treated as failing
to satisfy the provisions of the Plan implementing the requirements of Code sections 401(k)(3), 401(k)(11), 401(k)(12), 410(b),
or 416, as applicable, by reason of such catch-up contributions. Unless otherwise determined by the Employee Benefits Committee,
no election shall be required for the making of catch-up contributions, provided, however, that a Participant shall be able to
elect that all or a portion of his or her catch-up contributions shall be Roth Elective Deferrals (in accordance with Section
4.3) and credited to such Participant&#8217;s Roth Account. To the extent that a Participant has Deferred Deposits which would
otherwise exceed the limit of Section 4.6(a) above, such excess Deferred Deposit shall first be deemed a catch-up contribution
if allowed under the provisions of this Section 4.6(b). Any remaining excess Deferred Deposit after the application of this Section
4.6(b) shall be treated in accordance with Section 4.6(a) above.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.7. Distribution of Excess Deferral Amounts.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
any other provision of the Plan to the contrary, an Employer shall distribute any Excess Deferral Amount (as defined below), adjusted
according to Section 4.7(d), to Participants who claim such allocable Excess Deferral Amounts for a calendar year. Such distribution
shall be made no later than the April 15th next following the end of the calendar year for which such claim is made.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">For
purposes of this Section 4.7, &#8220;Excess Deferral Amount&#8221; shall mean the amount of Deferred Deposits for a calendar year
that the Participant allocates to this Plan and claims pursuant to the election procedure set forth in Section 4.7(c) below. The
Committee shall determine the extent to which the Excess Deferral Amount is composed of Deferred Deposits other than Roth Elective
Deferrals and the extent to which the Excess Deferral Amount is composed of Roth Elective Deferrals, in accordance with administrative
procedures applied uniformly to all Participants.</FONT></TD>
</TR></TABLE>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
Participant&#8217;s election to claim an Excess Deferral Amount for a calendar year shall be in writing, shall be submitted to
the Committee no later than the March 1st next following the end of such calendar year, shall specify the Excess Deferral Amount
and shall state that if such amount is not distributed, such Excess Deferral Amount, when added to amounts deferred under other
plans or arrangements described in Code sections 401(k), 408(k) or 403(b), exceeds the limit imposed on the Participant by Code
section 402(g) for the taxable year (calendar year) in which the deferral occurred.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 30pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
Participant shall be deemed to make an election to claim an Excess Deferral Amount for a calendar year to the extent that the
amount of Deferred Deposits, when aggregated with deferrals by the Participant pursuant to any other cash or deferred arrangement
maintained by the Company or an Affiliate under Code section 40 l (k), exceeds the limit imposed by Code section 402(g) for such
year.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
amount distributed to a Participant pursuant to this Section 4.7 with respect to a calendar year shall be increased or decreased,
as applicable, by investment income or losses attributable thereto, as calculated in accordance with applicable Treasury regulations
or other regulatory guidance. The amount distributed shall be adjusted for attributable income or losses for the period after
the end of the calendar year for which the contributions were made and prior to the distribution date. Notwithstanding the foregoing,
for Plan Years beginning on or after January 1, 2007, the amount distributed to a Participant shall include any income attributable
to any period after the end of the calendar year through the distribution date.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">In
the event that the Excess Deferral Amount consists of Roth Elective Deferrals, the excess Roth Elective Deferrals shall be returned
by April 15 of the year following the year of contribution.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.8. Code Section 401(k) Limits on Deferred Deposits.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Effective
January 1, 1997, Deferred Deposits for any Plan Year shall not result in the actual deferral percentage of the group of Highly
Compensated Employees eligible to participate in the Plan for such Plan Year exceeding the actual deferral percentage of the group
of all other Eligible Employees for the current Plan Year by more than the greater of:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">one
and one-quarter times; or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">the
lesser of (A) two times or (B) two percentage points.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 30pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">However,
notwithstanding the above, the Committee may use the actual deferral percentage for the prior Plan Year for the group of Eligible
Employees who are not Highly Compensated Employees by making an election at a time, and in a manner, prescribed by the Secretary
of the Treasury. Such election may be revoked for a following Plan Year only in accordance with rules prescribed by the Secretary
of the Treasury.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
actual deferral percentage of each group of Eligible Employees shall be the average of the ratios (calculated separately for each
Eligible Employee in each group) of (i) the Deferred Deposits made on behalf of each Eligible Employee for the relevant Plan Year
to (ii) such Eligible Employee&#8217;s Compensation for the relevant Plan Year (or in the discretion of the Committee, for the
portion of the Plan Year during which the Employee was an Eligible Employee, provided this alternative is applied uniformly to
all Employees for the Plan Year on a reasonably consistent basis from Plan Year to Plan Year).</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">&#8220;Compensation&#8221;
for purposes of this Section 4.8 only shall mean an Eligible Employee&#8217;s compensation as determined in any manner that satisfies
the requirements of Code section 414(s).</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
Committee shall, consistent with regulations under the Code, establish nondiscriminatory rules to meet the requirements of this
Section 4.8 provided, however, that any distribution to Highly Compensated Employees of Deferred Deposits to meet the requirements
of this Section 4.8 shall be made on the basis of the dollar amount of Deferred Deposits on behalf of each such Highly Compensated
Employee. Any distribution of Deferred Deposits made in accordance with this Section 4.8 shall occur no later than the last day
of the Plan Year following the Plan Year for which such Deferred Deposit was made.</FONT></TD>
</TR></TABLE>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
amount of Deferred Deposits which must be distributed to any Highly Compensated Employee under this section for a Plan Year shall
be reduced by &#8220;Excess Deferral Amounts&#8221; previously distributed to the Highly Compensated Employee for the taxable
year of such Highly Compensated Employee ending during the Plan Year. Furthermore, the amount of any Deferred Deposit distributed
under this section must include the income attributable thereto. For Plan Years ending prior to January 1, 2006 or beginning on
or after January 1, 2008, in no event shall the distribution include income attributable to any period after the end of the Plan
Year for which the Deferred Deposit was made. The Committee shall determine the extent to which any Deferred Deposit to be distributed
is composed of Deferred Deposits other than Roth Elective Deferrals and the extent to which the Deferred Deposit to be distributed
is composed of Roth Elective Deferrals, in accordance with administrative procedures applied uniformly to all Participants.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Should
the Committee determine during the course of any Plan Year that the nondiscrimination test of Code section 401(k) might not be
met for such Plan Year, the Committee may reduce, at any time, the percentage of Deferred Deposits that a Highly Compensated Employee
may elect to have contributed to the Plan in accordance with this Article IV to a percentage that the Committee determines appropriate
to ensure that the test shall be met for the Plan Year.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
any provision above, in running the actual deferral percentage test under this Section 4.8 the Committee may utilize any of the
testing alternatives permitted under Code section 401(k) and Treasury Regulation section 1.401(k)-2.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Italic,Times New Roman,Times,serif"><I>Special
Testing Provisions</I></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">For
purposes of this Section 4.8, the actual deferral percentage of a Highly Compensated Employee who is eligible for Deferred Deposits
or similar employer contributions under two or more plans described in Code section 401(k) that are maintained by the Company
or an Affiliate shall be determined as if all such contributions were made under a single Plan, except as otherwise provided in
regulations under Code section 401(k).</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">For
purposes of this Section 4.8, actual deferral percentages shall be determined by considering all applicable contributions made
under any other plans that are aggregated with this Plan for purposes of Code sections 401(a)(4) and 410(b). If other plans are
permissively aggregated with this Plan for purposes of Code section 401(k), the aggregated plans must satisfy Code sections 401(a)(4)
and 410(b) as if they constituted a single plan.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">For
purposes of this Section 4.8, the actual deferral percentage test shall be performed after application of the mandatory disaggregation
rules of Code section 410(b). Notwithstanding the preceding sentence, two or more separate collective bargaining units may be
treated as a single collective bargaining unit for purposes of such test if the combination of units is determined on a basis
that is reasonable and reasonably consistent from year to year.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.9. Unmatched Employer Contributions. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If, as the
result of the operation of Sections 4.6, 4.7, and/or 4.8, and before the operation of Section 4.10, the combined Deposits of a
Participant are adjusted in such a way that Employer Contributions previously made on behalf of a Participant for a Plan Year
are no longer matched by such Participant&#8217;s Basic Deposits, then the matching Employer Contributions allocated to such Participant&#8217;s
Account for such Plan Year shall be reduced, under nondiscriminatory rules established by the Committee, to the extent necessary
to equal the percentage of Employer Contributions (as set forth in Article V) with respect to the Participant&#8217;s remaining
Basic Deposits for such Plan Year. The amount, if any, of previously allocated Employer Contributions in excess of the percentage
of Employer Contributions (as set forth in Article V) of the Participant&#8217;s remaining Basic Deposits shall be forfeited and
applied to reduce future Employer Contributions to the Plan.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.10. Changing Deposit Percentages. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The percentage
of Compensation deposited in the Plan by or on behalf of an Active Participant shall continue in effect until such Active Participant
shall change the rate of such Deposits. An Active Participant may change the rate of Deposits to a higher or lower percentage
of Compensation within the limitations of Sections 4.1, 4.2 and 4.6 by arranging for such change with the Record Keeper or as
otherwise prescribed by the Committee. Any such change shall become effective as soon as practicable after receipt of the notice
of change by the Record Keeper. Effective January 1, 2008, an Active Participant may make</FONT></P>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 0; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">an
election to automatically increase his or her rate of Deposits each year, but no higher than 8% of the Active Participant&#8217;s
Compensation. Any such election shall be effective as of a date designated by the Committee and shall be made by giving notice
of election in the manner prescribed by the Committee.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.11. Suspension of Deposits.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">An
Active Participant may suspend all of the Deposits to the Plan made by such Participant or on his or her behalf at any time by
arranging for such suspension with the Record Keeper or as otherwise prescribed by the Committee. Such suspension shall be effective
as soon as practicable after receipt of the notice of suspension by the Record Keeper, and shall continue until such Participant
elects to have Deposits resumed by arranging therefor with the Record Keeper. Payroll deductions under the Plan shall begin again
as soon as practicable after such notice is received by the Record Keeper.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If,
after other required and authorized deductions from an Active Participant&#8217;s pay, there is not sufficient money available
in any pay period to make the entire authorized payroll deduction for such Participant&#8217;s Nondeferred Deposits, no payroll
deduction shall be made therefor for that pay period.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">In
case of any such total suspension of Deposits, pursuant to subsection (a), Employer Contributions on behalf of such Participant
shall be automatically suspended for a like period.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.12. Limit on Additional Lump Sum Deposits. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">No
further Additional Lump Sum Deposits may be made by any Participant in any Plan Year in which the aggregate amount of all of such
Participant&#8217;s Deposits under the Plan exceeds 50% of such Participant&#8217;s Compensation for that Plan Year. Any Additional
Lump Sum Deposits inadvertently received in excess of this limitation shall be refunded to the Participant as soon as practicable
following determination of such excess.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.13. Elections. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">All elections under this Article
IV shall be made at the time, in the manner and subject to the conditions as are specified by the Committee. Elections of Deferred
Deposits shall in all cases be irrevocably made prior to the beginning of the payroll period for which such elections shall apply.
In any year in which the Committee deems it necessary to do so to meet the requirements of Section 4.6, 4.8, 4.10 or 5.4 of the
Code and the regulations thereunder, the Committee may reduce, for that Plan Year, the permissible amount of Deposits by or on
behalf of any or all Active Participants.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.14. Rollover Contributions.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Subject
to such rules as may be established by the Committee, an Eligible Employee may transfer Rollover Contributions (as defined in
Section 2.42) to the Plan, to be deposited in his or her Supplemental Deposit Account. The Eligible Employee must certify that
such amount to be transferred as a Rollover Contribution qualifies for such transfer under the Code and regulations thereunder
and must submit such information or evidence, satisfactory to the Committee that it may require in order to approve such transfer.
In addition, Rollover Contributions shall then be subject to all terms and conditions of this Plan and the Trust Agreement and
shall be treated in the same manner as Supplemental Deposits, unless the context of the Plan or Trust requires otherwise.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">In.
the event that the Plan accepts a Rollover Contribution from an Eligible Employee that includes an amount that the Committee later
determines is an &#8220;invalid rollover contribution&#8221; (as defined below), the amount of the invalid rollover contribution,
plus any earnings attributable thereto, shall be distributed to the Eligible Employee as soon as practicable after such determination.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">An
&#8220;invalid rollover contribution&#8221; is an amount that is not an eligible Rollover Contribution, as described in subsection
(a) above, or that does not satisfy the other requirements of Code section 401(a)(31), Code section 402(c), or Code section 408(d)(3)
for treatment as a rollover or a rollover contribution.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
4.15. Transfers from the Thrift Plan. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Any Eligible
Employee who, at the time he or she becomes employed by the Company or a Participating Affiliate, is a participant in the Thrift
Plan, shall automatically be enrolled in the Plan, and all balances in the Thrift Plan shall be transferred to the Plan. Upon
the transfer of Employee whose terms of employment is not covered by a collectively bargaining agreement to a position where his
or her terms of employment is covered by a collectively bargaining agreement and he or she become an</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Eligible Employee in this Plan, such Eligible Employee&#8217;s account under the Thrift Plan shall transfer to this Plan. All contribution and investment elections in
effect for the Thrift Plan shall remain in effect, subject to change pursuant to the operation of Sections 4.11, 4.12 and 6.2 hereof.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 4.16. Qualified Military Service. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Notwithstanding any
provision in this Plan to the contrary, effective December 12, 1994, a Participant who is or was engaged in &#8220;qualified military service,&#8221; as that term is defined in Code section 414(u), shall be permitted to make additional Basic Deposits,
Supplemental Deposits, and Additional Lump Sum Deposits in accordance with this Article IV and in an amount as determined under Code section 414(u). Under no circumstances shall the Deposits provided for in this Section 4.17 exceed the amount the
Participant would have been permitted to contribute had such Participant remained continuously employed by the Employer throughout the period of qualified military service.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE V</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">EMPLOYER CONTRIBUTIONS</FONT></B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
5.1. Amount and Payment of Employer Contributions. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Each
Employer shall contribute to the Plan on behalf of Participants who are Eligible Employees, who have completed a Year of Service,
and who are making or having their Employer make on their behalf Basic Deposits to the Plan an amount equal to 50% of the aggregate
of such Basic Deposits, except to the extent that such Basic Deposits are reduced or distributed as provided in Sections 4.6 through
4.19, and except as provided in this Article V and in Section 11.4.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Provided,
however, that, effective for the first payroll period beginning after January 10, 2010:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">No
Employer Contributions shall be made with respect to Participants who are (a) included within a unit of employees covered by a
collective bargaining agreement with United Association of Journeymen and Apprentices of the Plumbing and Pipefitters Industry
(UA) Local No. 855 and (b) also participants in the Pension Plan; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Employer
Contributions with respect to Participants who are (a) included within a unit of employees covered by a collective bargaining
agreement with International Brotherhood of Electrical Workers Local Union 94, International Brotherhood of Electrical Workers
Local Union 97, Office Professional Employees International Union Local 153, and the Utility Workers Union of America (UWUA) Local
470-1 and (b) also participants in the Pension Plan shall be limited to 25% of Basic Deposits.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
the foregoing, effective from the first payroll period beginning after December 31, 2010, Employer Contributions with respect
to Participants who are (a) included within a unit of employees covered by a collective bargaining agreement with International
Brotherhood of Electrical Workers Local Union 94, International Brotherhood of Electrical Workers Local Union 97, Office Professional
Employees International Union Local 153, the United Association of Journeymen and Apprentices of the Plumbing and Pipefitters
Industry (UA) Local No. 855 and the Utility Workers Union of America (UWUA) Local 470-1, and (b) also participants in the Pension
Plan shall be equal to 50% of the aggregate of their Basic Deposits.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
the foregoing, effective from the first payroll period beginning after December 31,2011, Employer Contributions with respect to
Participants in units of employees represented by Utility Workers Union of America (UWUA) Local 601 shall be equal to 25% of the
aggregate of their Basic Deposits. Effective from the first payroll period beginning after December 31, 2012, Employer Contributions
with respect to Participants in units of employees represented by Utility Workers Union of America (UWUA) Local 601 shall be equal
to 50% of the aggregate of their Basic Deposits.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Basic
Deposits of an Eligible Employee&#8217;s before-tax Compensation shall be matched before Basic Deposits of an Eligible Employee&#8217;s
after-tax Compensation.</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Employer
Contributions with respect to a Plan Year shall be paid to the Trustee not later than the due date (including extensions of time)
for filing the Company&#8217;s consolidated Federal income tax return for such year. All Employer Contributions may be made without
regard to current or accumulated earnings of the Employer. Notwithstanding the foregoing, the Plan shall be designated a profit
sharing plan for purposes of Code sections 401(a), 402, 412 and 417, except with respect to balances held in the Company Common
Stock Fund.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
5.2. Employer Contributions in Company Common Stock. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">For
periods prior to February 1, 2002, Employer Contributions with respect to Basic Deposits in excess of 5% of Compensation for Participants
who were employed by an Employer other than CEA Newark Bay Services, Inc. were made in shares of Company Common Stock and Employer
Contributions with respect to Basic Deposits in excess of 6% of Compensation for Participants who were employed by CEA Newark
Bay Services, Inc. were made in shares of Company Common Stock. Effective as of February 1, 2002, Employer Contributions are made
solely in accordance with Section 5.1 above. In addition, effective as of February 1, 2002, with respect to Employer Contributions
made in shares of Company Common Stock prior to February 1, 2002 and in accordance with this Section 5.2, such shares may be transferred
to any of the available Funds established pursuant to Section 7.1.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
5.3. Reduction of Employer Contributions by Forfeitures. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
amount of an Employer&#8217;s Contribution shall be reduced by the amount of the reduction of an unmatched Employer Contribution
allocable to a Highly Compensated Employee as provided in Sections 4.8, and 4.9, by the amount of any forfeiture as a result of
termination of the employment of an Active Participant as provided in Section 11.2, or as a result of the Employer&#8217;s inability
to locate a Participant or beneficiary to whom a benefit hereunder is due as provided in Section 11.14.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
5.4. Maximum Annual Additions. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The maximum Annual
Addition, as defined in Section 12.1, for any Plan Year to any Participant&#8217;s Account may not exceed the amount provided
for by Code section 415(c). The rules governing the application of this Section 5.4 and other limitations imposed by Code section
415 are more fully set forth in Article XII.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
5.5. Return of Employer Contributions.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
any provision of the Plan to the contrary, any Employer Contribution made to the Plan by reason of mistake of fact may be returned
to the Employer making such Employer Contribution, provided the return of such Employer Contribution is made within one year from
the date the mistaken payment was made, and any amount so returned shall be disposed of as the Committee shall direct.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If
the Internal Revenue Service determines that any contribution by an Employer to the Plan is not deductible under Code section
404, such Employer shall have the option, which it may exercise within one year after the date of the disallowance of such deduction,
to have such contribution returned to the Employer, and any amount so returned shall be disposed of as the Committee shall direct.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
5.6. Allocation from Cash Balance Plan. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Pursuant
to the Cash Balance Plan and the Retirement Choice Program, Participants who so elect may have certain service and age points
otherwise allocated to them under the Cash Balance Plan made as an Employer Contribution to their Accounts under this Plan. All
amounts so elected shall be accepted by the Trustee and invested in accordance with Section 6.1. No amounts attributable to Employer
Contributions resulting from Participant elections made pursuant to the Cash Balance Plan and the Retirement Choice Program shall
be available for withdrawal from the Plan until the Participant&#8217;s termination of employment by the Company or any Affiliate.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
5.7. Qualified Military Service. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
any provision in this Plan to the contrary, effective December 12, 1994, the Employer shall contribute to the Plan on behalf of
a Participant who is or was engaged in &#8220;qualified military service,&#8221; as that term is defined in Code section 414(u),
and who makes or is having made additional Basic Deposits to the Plan under Section 4.17 on his or her behalf, the amount of Employer
Contributions as required under this Article V and Code section 414(u) with respect to such additional Basic Deposits. In addition,
a Participant who is or was engaged in qualified military service shall be entitled to make the election provided for in Section
5.6 of this Plan, if applicable, for the period set forth in Code section 414(u).</FONT></P>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE VI</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">SAVINGS ACCOUNT AND ROTH ACCOUNT INVESTMENTS</FONT></B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
6.1. Investment of Deposits, Rollover Contributions and Employer Contributions. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Deposits,
Rollover Contributions and Employer Contributions to the Plan shall be invested by the Trustee under the Trust Agreement in the
Funds established pursuant to Section 7.1. Upon enrolling in the Plan, each Participant shall specify, in such manner as shall
be prescribed by the Committee, the percentage (which shall be an integral multiple of 1% &#8212; including 0% but not exceeding
100% in the aggregate) of Deposits to his or her Savings Account and Roth Account which shall be invested in each of such Funds.
Employer Contributions shall be invested by the Trustee for the Account of an Active Participant in the same Funds and in the
same percentages as directed by such Participant with respect to the Basic Deposits to his or her Savings Account. Rollover Contributions
may be invested in Funds under the Plan in such dollar amounts as shall be designated by the Participant. Notwithstanding anything
to the contrary herein, a Participant who, at the time he or she becomes an Eligible Employee, is a participant in the Thrift
Plan, shall continue the same investment elections as he or she maintained in the Thrift Plan until a change in investment direction
is made in conformity with Section 6.2 hereof.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
6.2. Change in Investment Direction. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Any investment
direction given by a Participant under Section 6.1 or automatic investment under Section 6.8 shall continue in effect until changed
by the Participant. A Participant may change any such direction by giving notice of such change in the manner prescribed by the
Committee. Any such change shall become effective as soon as practicable after receipt of the notice of change by the Record Keeper.
A change in investment direction under this Section 6.2 shall not automatically cause a transfer of investments under Section
6.3.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
6.3. Transfer/Reallocation of Investments. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Subject
to Section 6.6 regarding transfers into and out of the Personal Choice Retirement Account Fund and Section 9.3 regarding transfers
out of the Frozen ESOP Account, a Participant may:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">direct
that all or any part (in integral multiples of 1%) of his or her interest in any one or more of the Funds be transferred to any
one or more of the other Funds, except that no transfer may be made into a Participant&#8217;s Frozen ESOP Account. A Participant
may also transfer his or her Frozen ESOP Account assets (in integral multiples of 1%, but not exceeding 100% in the aggregate)
into any one or several of the Funds. However, any transfer from a Fund shall be subject to such contractual limitations regarding
transfers from such Fund as may exist from time to time under the contracts governing investments held in such Fund. A direction
to transfer all or a portion of a Participant&#8217;s interest in a Fund shall be made by giving notice in the form prescribed
by the Committee. Subject to any contractual limitations that may be applicable, any such transfer shall be made as soon as practicable
after receipt of the notice of such transfer by the Record Keeper; or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">reallocate
all or any part (in integral multiples of 1%) of his or her interest among the Funds, except that no funds may be reallocated
into or out of a Participant&#8217;s Frozen ESOP Account. Any such reallocation shall be subject to such contractual limitations
as may exist from time to time under the contracts governing investments held in such Funds. A direction to reallocate a portion
of a Participant&#8217;s interest in a Fund shall be made by giving notice in the form prescribed by the Committee. Subject to
any contractual limitations that may be applicable, any such reallocation shall be made as soon as practicable after receipt of
the notice of such reallocation by the Record Keeper.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
6.4. Quarterly Automatic Rebalancing. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Excluding
investments in the Participant&#8217;s Frozen ESOP Account and in the Personal Choice Retirement Account Fund, a Participant may
elect to automatically rebalance his or her Account among some or all of the Funds at the end of each calendar quarter. Any such
rebalancing shall also be subject to those contractual limitations regarding transfers from certain Funds as may exist from time
to time under the contracts governing investments held in such Funds. A direction to elect quarterly automatic rebalancing of
a Participant&#8217;s Account shall be made by giving notice in the form prescribed by the Committee and shall be in effect until
an election is made to discontinue such rebalancing. Subject to any applicable contractual limitations, such rebalancing shall
commence as soon as practicable after the Record Keeper&#8217;s receipt of the notice of such election and shall occur on, or
as soon as practicable following, the end of each subsequent calendar quarter.</FONT></P>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
6.5. Loans</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Participants
may receive loans from their Savings Accounts and Roth Accounts under the provisions of Section 11.13. A loan to a Participant
shall be considered an investment of such Participant&#8217;s Savings Account and Roth Account, and the principal amount of the
loan shall be treated as a separate investment within the Accounts and subaccounts. Repayments of the principal amount of the
loan shall reduce such corresponding investments of each such Account and subaccount in the inverse order of such investment and
repayments of such principal along with any accrued interest thereon shall be invested in the Funds in accordance with the Participant&#8217;s
then current investment direction. Loan amounts shall be taken from Accounts in the following order:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Roth
Elective Deferrals;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Deferred
Deposits other than Roth Elective Deferrals;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Unmatured
vested Employer Contributions;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Matured
vested Employer Contributions;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Rollover
Contributions;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Unmatured
Post-1986 Nondeferred Deposits;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Matured
Post-1986 Nondeferred Deposits;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(8)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Pre-1987
Nondeferred Deposits.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
the foregoing, loan proceeds shall not be taken from a Participant&#8217;s Frozen ESOP Account, from assets invested in the Personal
Choice Retirement Account Fund, or from the Retirement Choice Program Allocation Subaccount of a Participant&#8217;s Account.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Each
outstanding loan under the Arden Engineering Constructors, Inc. 401(k) Plan, the Fluidics, Inc. Retirement and 401(k) Plan, and
the Wisvest-Connecticut 401(k) Plan at the time the assets of such plans were merged into this Plan shall continue to be in effect
in accordance with the original terms and conditions of such loan; provided, however, that the loan amortization amounts, and
corresponding payroll deductions amounts, shall be modified to the extent necessary to conform to payroll periods in use under
this Plan.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
6.6. Special Rules for Investment in the Personal Choice Retirement Account Fund. </B>Notwithstanding any provision of this Plan
to the contrary, the investment in the Personal Choice Retirement Account Fund shall be subject to the following restrictions
and limitations:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">only
vested amounts in a Participant&#8217;s Account may be transferred into the Personal Choice Retirement Account Fund;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">investments
shall be in minimum amounts of $1,000 and shall be accomplished only through Fund transfers in accordance with Section 6.3 (therefore,
no Basic Deposits, Supplemental Deposits, Additional Lump Sum Deposits, or Employer Contributions may be made directly into the
Personal Choice Retirement Account Fund);</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">for
the period October 1, 1999 through September 30, 2000, investments shall be limited to 50% of the vested balance in the Participant&#8217;s
Account; therefore, the vested balance of the Participant&#8217;s Account shall be no less than $2,000 to be able to make an initial
investment in the Personal Choice Retirement Account Fund;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">for
the period October 1, 2000 through September 30, 2001, investment shall be limited to 75% of the vested balance in the Participant&#8217;s
Account;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">for
the period October 1, 2001 and beyond, any Participant maintaining a balance in the Personal Choice Retirement Account Fund must
maintain a minimum $500 vested balance in the Plan&#8217;s other Funds;</FONT></TD>
</TR></TABLE>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">transfers
into and out of the Personal Choice Retirement Account Fund shall be in whole dollar amounts only with the exception of a 100%
transfer out of the Personal Choice Retirement Account Fund, or a supplemental transfer out of a residual amount after the Personal
Choice Retirement Account Fund is closed;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">with
respect to transfers out of the Personal Choice Retirement Account Fund, the Participant must designate the specific investment(s)
which is (are) to be liquidated in order to effect the requested transfer;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">participation
shall be subject to an annual participation fee in an amount determined by the Committee;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">the
annual participation fee shall be deducted on the day the Participant first invests in the Personal Choice Retirement Account
Fund, and the first business day of January thereafter, pro rata from the portion of the Participant&#8217;s Account which is
nonforfeitable and not invested in the Personal Choice Retirement Account Fund;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">all
fees related to specific transactions in the Personal Choice Retirement Account Fund will be deducted directly from the Participant&#8217;s
Account (first, from the balance in the Personal Choice Retirement Account Fund and then from the balance in the Participant&#8217;s
other Funds);</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">all
transactions within and from the Personal Choice Retirement Account Fund shall be in settled cash only, and, to the extent that
a transaction has not settled, further transactions and withdrawals from the Personal Choice Retirement Account Fund will not
be available;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">no
transfer may be made directly from any stable value fund offered under the Plan into the Personal Choice Retirement Account Fund,
and any amounts transferred from such stable value fund must be invested in one of the Plan&#8217;s other equity funds for at
least 90 days (or such other applicable requirement as may be imposed from time to time) before they may be transferred into the
Personal Choice Retirement Account Fund; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">the
Record Keeper may take administrative control of the Participant&#8217;s Personal Choice Retirement Account Fund solely for purposes
of settling transfers to a Participant&#8217;s beneficiary and for apportioning the Participant&#8217;s Account with respect to
a Qualified Domestic Relations Order in accordance with Article XXII herein.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
6.7. Election to Reinvest or Distribute Cash Dividends. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">In
accordance with the procedures established by the Committee, a Participant (or the Participant&#8217;s beneficiary) may elect,
with respect to dividends on shares of Company Common Stock allocated to the Participant&#8217;s Account and invested in the Company
Common Stock Fund, to have such dividends: (a) paid directly to the Participant (or beneficiary) in cash; or (b) paid to the Participant&#8217;s
Account and reinvested in the Company Common Stock Fund. If dividends are paid directly to the Participant (or beneficiary) under
this Section 6.7, the dividends must be paid no later than 90 days after the close of the Plan Year in which such dividends were
paid to shareholders. Where a Participant fails to make an election in accordance with the procedures established by the Committee,
the dividends paid with respect to that portion of a Participant&#8217;s Account invested in the Company Common Stock Fund shall
be automatically reinvested in accordance with subsection (b) herein. The provisions of this Section 6.7 do not apply with respect
to Company Common Stock held in a Participant&#8217;s Frozen ESOP.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
6.8. Special Rule for Default Investment of Accounts. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Absent
an investment election by an Eligible Employee who has been automatically enrolled in the Plan or any other Eligible Employee
on whose behalf contributions are made to the Plan, his or her Account shall be invested in the Fund selected by the Thrift and
Pension Investment Committee in its sole and absolute discretion. The Thrift and Pension Investment Committee has selected the
Target Date Funds as the default investment option.</FONT></P>
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE VII</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">SAVINGS ACCOUNT AND ROTH ACCOUNT FUNDS</FONT></B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
7.1. Establishment of Funds. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The Thrift and Pension
Investment Committee shall establish Funds exclusively for the collective investment of Trust Fund assets attributable to Participant
Savings Accounts and Roth Accounts; as directed by Participants. Except as otherwise directed by the Thrift and Pension Investment
Committee, the Funds shall include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
&#8220;Company Common Stock Fund,&#8221; the assets of which are principally invested in Company Common Stock as described in
further detail in Section 7.2; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
&#8220;Personal Choice Retirement Account Fund,&#8221; the assets of which are invested in individual stocks, bonds, and mutual
funds as directed by the Participant.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Any
or all of the Funds established under the Plan may be temporarily maintained in cash, or may be invested directly or indirectly
in certain short-term obligations as permitted by the Trust Agreement. Dividends, interest and other income in respect of any
Fund shall be reinvested in the same Fund to the extent not used to pay expenses of the Plan. Except as otherwise limited by the
pro6visions of this Plan, withdrawals, distributions and forfeitures, except as otherwise specified in the Plan, shall be charged
pro rata against the various Funds in which the Accounts and subaccounts from which such withdrawals, distributions or forfeitures
are then invested.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
7.2. Company Common Stock Fund.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Company
Common Stock purchased for the Company Common Stock Fund shall be purchased by the Trustee on the open market or directly from
the Company should the Company elect to make such sales.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If
the Company shall elect to sell shares of Company Common Stock directly to the Plan, the price to be paid by the Trustee for any
such purchases shall be the average of the high and low sales prices of Company Common Stock as reported by the New York Stock
Exchange on the date of purchase.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">All
voting discretion, including the power to decide whether or not to tender Company Common Stock in connection with a tender offer,
with respect to the shares of Company Common Stock held under the Company Common Stock Fund for the Account of a Participant (whether
vested or not vested) shall be vested in the Trustee. However, the Trustee shall vote all such shares (including fractional shares
or fractional rights to shares) in accordance with the directions of such Participant. Within a reasonable time before voting
rights are to be exercised, the Company or the Trustee shall cause to be sent to each Participant entitled to give voting instructions
all information that the Company has or will distribute to shareholders of Company Common Stock regarding the exercise of such
voting rights. Shares with respect to which no voting instructions are received shall not be voted by the Trustee.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If,
during the course of the Plan, the Company should grant to the holders of Company Common Stock rights to subscribe to an issue
or issues of securities of the Company, any such rights attaching to the shares of Company Common Stock held by the Trustee under
the Company Common Stock Fund shall be sold by the Trustee and the net proceeds applied by the Trustee to the purchase of Company
Common Stock on the open market for such Funds. Stock dividends on shares held by the Company Common Stock Fund and stock issued
upon any split of such shares shall be credited to the Company Common Stock Fund.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Section
401(a)(28) of the Code requires that &#8220;qualified participants&#8221; (as defined under Section 401(a)(28) of the Code) be
permitted to diversity their investments under the Company Common Stock Fund within the 90 day period after the close of the first
plan year in which such participants first become &#8220;qualified participants.&#8221; Notwithstanding this requirement, Participants
under the Plan are permitted to immediately diversify their investments under the Company Common Stock Fund and the Frozen ESOP
Account.</FONT></TD>
</TR></TABLE>
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE VIII</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">SAVINGS ACCOUNTS AND ROTH ACCOUNTS</FONT></B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
8.1. Establishment.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Italic,Times New Roman,Times,serif"><I>Savings
Accounts. </I></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The Committee shall maintain or cause
to be maintained a Savings Account for each Participant which shall consist of the following subaccounts: Basic Deposit Subaccount,
Supplemental Deposit Subaccount and Employer Contribution Subaccount, the assets of which shall be invested pursuant to the direction
of the Participant as provided in Article VI. The assets of each such subaccount of the Savings Account shall be identified as
to Nondeferred or Deferred.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Italic,Times New Roman,Times,serif"><I>Roth
Accounts. </I></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The Committee shall maintain or cause
to be maintained a Roth Account for each Participant which shall hold Roth Elective Deferrals. The Record Keeper will maintain
a record of the amount of Roth Elective Deferrals in each Participant&#8217;s Roth Account. Gains, losses, and other credits or
charges shall be separately allocated to a Participant&#8217;s Roth Account on a reasonable basis, consistent with the method
used for the Participant&#8217;s other Accounts. The assets of a Participant&#8217;s Roth Account shall be invested pursuant to
the direction of the Participant as provided in Article VI. No contributions other than Roth Elective Deferrals and properly attributable
earnings will be credited to each Participant&#8217;s Roth Account.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
8.2. Measure of Savings Accounts and Roth Accounts.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
interests of Participants in the Funds shall be measured by participating units in the particular Fund, the number and value of
which shall be determined as of each business day as provided in the next paragraph. Each participating unit shall have an equal
beneficial interest in the Fund, and none shall have priority or preference over any other.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">As
soon as practicable at the end of each business day, the Trustee shall determine the value of each such Fund as of such business
day in the manner prescribed in Section 8.3. The value so determined shall be divided by the total number of participating units
allocated to the Accounts of Participants participating in such Fund in accordance with subsection (a) as of the prior business
day. The resulting quotient shall be the value of a participating unit as of such business day, and participating units shall
be allocated, as such value, to and from the Fund subaccounts of Participants for all transactions by them or on their behalf
with respect to the current business day. The value of all participating units allocated to Participants&#8217; Fund subaccounts
shall be redetermined in a similar manner each succeeding business day, and participating units shall be allocated to and from
the Accounts of Participants participating in such Fund at such value for all transactions with respect to such business day.
Fractional units shall be calculated to such number of decimal places as shall be determined by the Committee from time to time.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If
a Participant shall direct pursuant to Section 6.3 that his or her interest in a Fund or any part thereof shall be transferred
to another Fund or Funds, or if such Participant&#8217;s interest in a Fund or any part thereof is distributed, withdrawn, borrowed
or forfeited under Articles IV or XI, the number of participating units representing such interest or portion thereof as of the
applicable business day shall be cancelled for purposes of any subsequent determination of the number of and value of the participating
units in such Fund.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
8.3. Valuation of Funds. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The value of a Fund as
of any business day shall be the market value of all assets (including any uninvested cash) held by the Fund as determined by
the Trustee, reduced by the amount of any accrued liabilities of the Fund on such business day and increased by Deposits, Rollover
Contributions and Employer Contributions with respect to such business day. The Trustee&#8217;s determination of market value
shall be binding and conclusive upon all parties.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
8.4. Valuation of Savings Accounts and Roth Accounts. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
value of a Participant&#8217;s subaccount for any Fund as of any business day shall be the value of the participating units allocated
to the Participant&#8217;s subaccount for such Fund as of such business day. The value of a Participant&#8217;s Account as of
any business day shall be the aggregate of the values of such subaccounts, or, if none, the value of the participating units allocated
to the Account for a Fund, determined as provided in the preceding Sections of this Article VIII.</FONT></P>
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<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 8.5. Separate Accounting within Savings Account. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">The
amounts of Deferred Deposits in a Participant&#8217;s Savings Account shall at all times be separately accounted for from other amounts in such Savings Account, by allocating investment gains and losses on Deferred Deposit amounts on a reasonable pro
rata basis and by adjusting the Deferred and other portions of the subaccounts of a Participant&#8217;s Savings Account for withdrawals, distributions, borrowings and contributions. Gains, losses, withdrawals, distributions, borrowings, forfeitures and
other credits or charges shall be separately allocated between such Deferred Deposit amounts and other portions of the subaccounts on a reasonable and consistent basis.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE IX</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">FROZEN ESOP ACCOUNTS</FONT></B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
9.1. Maintenance of Separate Accounts. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Each Frozen
ESOP Account shall be maintained on the basis of shares of Company Common Stock allocated to such Frozen ESOP Account, with each
Frozen ESOP Account being credited with the number of full and fractional shares of Company Common Stock so allocated.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
9.2. Allocation of Distributions. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Any distributions
received by the Plan with respect to Company Common Stock allocated to a Participant&#8217;s Frozen ESOP Account shall be allocated
to such Frozen ESOP Account.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
9.3. Withdrawals or Transfers.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
any provision in the Plan to the contrary, a Participant may withdraw in accordance with Sections 11.3 or 11.4, or transfer in
accordance with Section 6.3, the shares of Company Common Stock allocated to Participant&#8217;s Frozen ESOP Account or the cash
value thereof.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">With
respect to an election of a Participant to withdraw Company Common Stock from such Participant&#8217;s Frozen ESOP Account, the
shares of Company Common Stock, or the cash value at the election of the Participant, shall be distributed in accordance with
Article XI, provided that such Participant elects to withdraw all full and fractional shares of Company Common Stock allocated
to such Frozen ESOP Account or the cash value thereof. Such distribution shall be made as soon as practicable after receipt by
the Record Keeper of the Participant&#8217;s election to withdraw.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">With
respect to an election of a Participant to transfer the Company Common Stock held in the Participant&#8217;s Frozen ESOP Account
to the Participant&#8217;s Savings Account, such election must be with respect to the cash value only of all full and fractional
shares of Company Common Stock allocated to the Participant&#8217;s Frozen ESOP Account. Such transfer shall be made as soon as
practicable after receipt by the Record Keeper of the Participant&#8217;s election to transfer, shall be deposited in the Participant&#8217;s
Savings Account, shall be invested in one or more (in multiples of 1% up to an aggregate of 100%) of the Savings Account Funds
as such Participant shall designate and thereafter shall be deemed a Rollover Contribution and treated accordingly. The cash value
of each share of Company Common Stock so transferred shall be equal to the price of a share of Company Common Stock actually received
by the Trustee.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
Participant may not borrow from his or her Frozen ESOP Account.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
9.4. Dividends and Other Income. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Unless otherwise
directed as hereinafter provided, dividends paid in cash with respect to Company Common Stock allocated to a Participant&#8217;s
Frozen ESOP Account shall be distributed to the Participant as soon thereafter as practicable and, in any event, not later than
90 days after the close of the Plan Year in which paid. Company Common Stock delivered to the Trustee pursuant to a stock dividend,
stock split or reorganization, shall be allocated to the Frozen ESOP Account of Participants in that proportion which the shares
of each Participant&#8217;s Frozen ESOP Account bears to the total shares of all Participants&#8217; Frozen ESOP Accounts.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
9.5. Voting of Frozen ESOP Account Common Stock. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">As
provided in Section 7.2 with respect to the Company Common Stock Fund, all voting discretion with respect to stock held in a Participant&#8217;s
Frozen ESOP Account, including the power to decide whether or not to tender Company Common Stock in connection with a tender offer,
shall be vested in the Trustee. Each Participant shall be entitled to direct the Trustee as to the manner in which voting rights
attributable to Company Common Stock (including fractional shares or fractional rights to</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 0; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">shares)
allocated to such Participant&#8217;s Frozen ESOP Account are to be exercised. Within a reasonable time before voting rights are
to be exercised, the Trustee or the Company shall cause to be sent to each Participant entitled to give voting instructions all
information that the Company has or will distribute to shareholders of Company Common Stock regarding the exercise of such voting
rights. Such voting rights shall be exercised by the Trustee but only to the extent directed by a Participant. Shares with respect
to which no voting instructions are received shall not be voted by the Trustee.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE X</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">VESTING</FONT></B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
10.1. Vesting of Employer Contributions. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Effective
for Plan Years beginning on or after January 1, 2000, all Active Participants shall have a 100% vested interest in his or her
Savings Account attributable to Employer Contributions for all Plan Years, except as set forth in Section 10.2 below. In addition,
each Participant shall have a 100% vested interest in any assets allocated to his or her Savings Account from the Wisvest-Connecticut
401(k) Plan, merged with this Plan effective December 31, 2002.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
10.2. Vesting of Retirement Choice Program Allocation Subaccount.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Prior
to January 1, 2008, amounts held in the Retirement Choice Program Allocation Subaccount of a Participant&#8217;s Account shall
vest in accordance with Section 5.5 of the Cash Balance Plan, which provided during this period that a Participant who terminates
employment with the Company prior to Retirement but after he or she has completed five or more Years of Service shall have a 100%
vested interest in his or her Retirement Choice Program Allocation Subaccount. In addition, a Participant shall have a 100% vested
interest in his or her Retirement Choice Program Allocation Subaccount should such Participant be entitled to a normal retirement
benefit in accordance with Section 5.2 of the Cash Balance Plan or a disability retirement benefit in accordance with Section
5.6 of the Cash Balance Plan. All Participants employed on or after January 1, 2008 shall have a 100% vested interest in their
Retirement Choice Program Allocation Subaccount.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Effective
December 12, 1994, for purposes of determining Years of Service for vesting under this Article X, a Participant shall be credited
with any period of absence from employment as a result of such Participant&#8217;s qualified military service in accordance with
Code section 414(u).</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
10.3. Qualified Military Service. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Effective December
12, 1994, for purposes of determining Years of Service for vesting under this Article X, a Participant shall be credited with
any period of absence from employment as a result of Participant&#8217;s qualified military service in accordance with Code section
414(u).</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
10.4. Vesting of Deposits, Rollover Contributions and the Frozen ESOP Account. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
Participant&#8217;s interest in his or her Savings Account, Roth Account, and Frozen ESOP Account shall be 100% vested at all
times.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE XI</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ACCOUNT DISTRIBUTIONS AND WITHDRAWALS</FONT></B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.1. Distribution Upon Retirement, Disability, Lay Off or Death. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If
a Participant terminates employment on account of Retirement or Disability, is Laid Off or dies, then, in that event, the Participant&#8217;s
Savings Account and Roth Account, determined as of the business day coinciding with or next following the date of the last Deposit
made by or which would have been made on behalf of such Participant, together with the Participant&#8217;s Frozen ESOP Account,
shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">if
the value of such Accounts as so determined is $1,000 ($5,000 prior to January 28, 2005) or less, be distributed, subject to the
provisions of Section 11.10(c), as soon as practicable to the Participant, or in the case of death of the Participant, to the
Participant&#8217;s beneficiary as determined in accordance with Article XIV or, if none, to the Participant&#8217;s estate. The
Committee or its designee shall review the Participants&#8217;Accounts at least once every six months and distribute, as allowed
by applicable law, those Accounts not exceeding $1,000 ($5,000 prior to January 28, 2005) (or such other amount established by
law) regardless if the vested balance in the Participant&#8217;s Accounts at the time of any previous</FONT></TD>
</TR></TABLE>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 30pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">distribution
exceeded $1,000 ($5,000 prior to January 28, 2005). In determining whether the value of the Participant&#8217;s Accounts exceeds
$1,000, the portion of the Accounts attributable to the Participant&#8217;s Rollover Contributions (and earnings allocable thereto)
shall be disregarded; or</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">if
the value of such Accounts as so determined shall exceed $1.000 ($5,000 prior to January 28, 2005), be distributed upon the earliest
of the Participant&#8217;s Required Beginning Date, the death of such Participant or the receipt by the Record Keeper of an application
for distribution (which may be for less than all of the Participant&#8217;s Account balance provided, however, that the amount
of distribution shall be at least $200, unless such distribution is of 100% of the remaining value of such Participant&#8217;s
Account) in a manner prescribed by the Committee.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.2. Distribution Upon Other Termination of Employment. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Upon
a Participant&#8217;s severance from employment with an Employer for reasons other than Retirement, Disability, Lay Off or death,
the vested portion of the Participant&#8217;s Account, determined as of the business day coinciding with or next following the
date of the last Deposit made by or which would have been made on behalf of such Participant or, if none, the business day coinciding
with or next following the date of such severance, shall:</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">if
the value of the vested portion of such Account as so determined is $1,000 ($5,000 prior to January 28, 2005) or less, be distributed,
subject to the provisions of Section 11.10(c), as soon as practicable to the Participant, or, in the case of death of the Participant
after termination of employment but prior to such distribution, to the Participant&#8217;s beneficiary, or, if none, to the Participant&#8217;s
estate. The Committee or its designee shall review the Participants&#8217; Accounts at least once every six months and distribute,
as allowed by applicable law, those Accounts not exceeding $1,000 ($5,000 prior to January 28, 2005) regardless if the vested
balance in the Participant&#8217;s Accounts at the time of any previous distribution exceeded $1,000 ($5,000 prior to January
28, 2005). In determining whether the value of the Participant&#8217;s Accounts exceeds $1,000, the portion of the Accounts attributable
to the Participant&#8217;s Rollover Contributions (and earnings allocable thereto) shall be disregarded; or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">if
the value of the vested portion of such Account as so determined shall exceed $1,000 ($5,000 prior to January 28, 2005) be distributed
upon the earliest of the Participant&#8217;s Required Beginning Date, the death of the Participant, or the receipt by the Record
Keeper of an application for distribution (which may be for less than all of the Participant&#8217;s Account balance provided,
however, that the amount of distribution shall be at least $200, unless such distribution is of 100% of the remaining value of
such Participant&#8217;s Account) in a manner prescribed by the Committee.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Any
nonvested portion of the Participant&#8217;s Account, determined as of the date of severance from employment, shall be forfeited
and shall be applied thereafter to reduce a subsequent contribution or contributions of the Employer as provided in Section 5.1.
If such former Participant is rehired by an Employer on or before the end of and is employed by an Employer at the end of the
fifth Plan Year after the Plan Year in which such severance occurred, then such nonvested portion of the Participant&#8217;s Account
shall be reinstated by the Employer and the Participant&#8217;s right thereto shall be determined as if the Participant had not
terminated employment, provided that the Participant repays to the Plan the amount of any distribution paid to him or her on account
of the severance from employment.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
nonvested portion of the Participant&#8217;s Account, determined as of the date of severance from employment, shall be forfeited
as of the earlier of (i) the date the Participant receives a cash-out distribution as described in Treasury Regulation section
1.41l(a)-7(d) or (ii) the time at which the terminated Participant experiences five consecutive one-year Breaks in Service (as
defined below), and shall be applied thereafter to reduce a subsequent contribution or contributions of the Employer as provided
in Section 5.1.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">For
purposes of this Section 11.2, a Break in Service shall mean a consecutive 12-month period described in Section 2.52 in which
an Employee is not credited with at least 501 Hours of Service, which shall be treated as commencing on the date of severance
from employment with the Company or an Affiliate. Notwithstanding any provision in this Plan to the contrary, effective December
12, 1994, a Participant shall not incur a Break in Service for any period during which the Participant is or was engaged in &#8220;qualified
military service,&#8221; in accordance with Code section 414(u).</FONT></P>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.3. Partial Distributions Following Termination of Employment. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
Participant who elects pursuant to Section 11.1 (b) or 11.2(b) to continue participation in the Plan following severance from
employment may, subsequent to such Participant&#8217;s severance from employment but prior to his or her Required Beginning Date,
upon application to the Committee in such format as it may determine, withdraw all or part of such Participant&#8217;s Account
in minimum amounts of $200 per withdrawal. A Participant must specifically request a withdrawal from such Participant&#8217;s
Frozen ESOP Account, and such withdrawal must be 100% of the full and fractional shares of Company Common Stock allocated to such
Frozen ESOP Account or the cash value thereof, in accordance with Section 9.3 of the Plan. Otherwise, withdrawals shall be taken
from a Participant&#8217;s Savings Plan subaccounts in the following order, except as may be necessitated by a Participant election
pursuant to Section 11.9(b):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Pre-1987
Nondeferred Deposits;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Post-1986
Supplemental Nondeferred Deposits and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Matured
post-1986 Basic Nondeferred Deposits and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Earnings
on pre-1987 Nondeferred Deposits;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Unmatured
post-1986 Basic Nondeferred Deposits and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Rollover
Contributions and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Matured
vested Employer Contributions and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Unmatured
vested Employer Contributions and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Vested
Retirement Choice Program allocations and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Basic
Deferred Deposits and earnings thereon; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Supplemental
Deferred Deposits and earnings thereon.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.4. Withdrawal of Nondeferred Deposits and Employer Contributions During Employment.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
Participant may, by application to the Record Keeper in the form prescribed by the Committee, request to withdraw from the Plan
any or all of his or her Nondeferred Deposits and earnings thereon, Rollover Contributions and earnings thereon and Vested Employer
Contributions (except for Employer Contributions resulting from Participant elections made pursuant to the Cash Balance Plan)
shall be available for withdrawal as well as earnings thereon; provided, however, that the amount withdrawn shall be at least
$200, unless such withdrawal is of 100% of the value of such Participant&#8217;s Savings Account.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If
a withdrawal includes contributions that are not Matured, Employer Contributions with respect to such Participant shall be suspended
for a period of three months. Provided, however, that if the Participant is not currently receiving Employer Contributions, the
ability of such Participant to make Deposits to the Plan shall be suspended for a period of three months.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
Participant must specifically request a withdrawal from such Participant&#8217;s Frozen ESOP Account, and such withdrawal must
be of 100% of the full and fractional shares of Company Common Stock allocated to such Frozen ESOP Account or the cash value thereof,
in accordance with Section 9.3 of the Plan; otherwise, withdrawals shall be taken from a Participant&#8217;s Savings Plan subaccounts
in the following order, except as may be necessitated by a Participant election pursuant to Section 11.9(b):</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Pre-1987
Nondeferred Deposits;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Post-1986
Nondeferred Supplemental Deposits and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Matured
Post-1986 Nondeferred Basic Deposits and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Earnings
on pre-1987 Nondeferred Deposits;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Unmatured
Post-1986 Basic Nondeferred Deposits and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Rollover
Contributions and earnings thereon;</FONT></TD>
</TR></TABLE>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Matured
vested Employer Contributions and earnings thereon; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(8)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Unmatured
vested Employer Contributions and earnings thereon.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Any
withdrawal made by a Participant pursuant to this Section 11.4 shall be made from all Funds in which the Nondeferred Deposits,
Rollover Contributions and Employer Contributions by or on behalf of such Participant are invested and shall be charged pro rata
against such Funds, except as may be necessitated by a Participant election pursuant to Section 11.9(b). Notwithstanding the foregoing,
there shall be no withdrawal from the Personal Choice Retirement Account Fund.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
amount of any withdrawal made by a Participant pursuant to this Section 11.4 shall be determined as of the close of the business
day on which the notice of withdrawal is received by the Record Keeper.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
any of the foregoing, no withdrawals resulting from Participant elections made pursuant to the Cash Balance Plan and the Retirement
Choice Program shall be permitted prior to the date that the Participant terminates his or her employment.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.5. Withdrawals of Deferred Deposits During Employment After Age 59</FONT><FONT STYLE="font: 9pt Times-Roman,Times New Roman,Times,serif"><SUP>1</SUP></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">/</FONT><FONT STYLE="font: 7pt Times-Roman,Times New Roman,Times,serif">2 </FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">.</FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
Participant who is an Employee and who has attained age 59</FONT><FONT STYLE="font: 9pt Times-Roman,Times New Roman,Times,serif"><SUP>1</SUP></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">/</FONT><FONT STYLE="font: 7pt Times-Roman,Times New Roman,Times,serif">2</FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">,
may withdraw all or a portion of the vested balance of his or her Account, excluding the Retirement Choice Program Allocation
Subaccount. Withdrawals shall be charged to the Participant&#8217;s subaccounts in the following order, except as may be necessitated
by a Participant election pursuant to Section 11.9(b):</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Deferred
Deposits;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Pre-1987
Nondeferred Deposits;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Post-1986
Nondeferred Supplemental Deposits and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Matured
Post-1986 Nondeferred Basic Deposits and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Earnings
on pre-1987 Nondeferred Deposits;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Unmatured
Post-1986 Basic Nondeferred Deposits and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Rollover
Contributions and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(8)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Matured
vested Employer Contributions and earnings thereon; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(9)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Unmatured
vested Employer Contributions and earnings thereon.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
value of the Account for the purpose of such withdrawal shall be determined as of the close of the business day in which the notice
of withdrawal is received by the Record Keeper. The minimum withdrawal permitted shall be $200, unless such withdrawal is 100%
of the current aggregate value of the amount available for withdrawal.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.6. Hardship Withdrawals.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Upon
the application of any Participant, or his or her legal representative, the Committee, in accordance with a uniform nondiscriminatory
policy, shall permit such Participant to withdraw such portion of the value of his or her vested Savings Account and Roth Account
as deemed to be necessary for relief of an immediate and heavy financial need related to:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Expenses
for medical care described in Code section 213(d) previously incurred by the Participant or the Participant&#8217;s Spouse, dependents
(as defined in Code section 152 without regard to Code section 152(b)(1), 152(b)(2), and 152(d)(1)(B)) or primary Beneficiary
or necessary for these persons to obtain medical care described in Code section 213(d);</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Costs
directly related to the purchase (excluding mortgage payments) of a principal residence of the Participant;</FONT></TD>
</TR></TABLE>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Payment
of tuition, related educational fees, and room and board expenses for the next 12 months of post-secondary education for the Participant,
or the Participant&#8217;s Spouse, children, any dependents (as defined in Code section 152 without regard to Code section 152(b)(1),
152(b)(2), and 152(d)(l)(B)) or primary Beneficiary;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Payments
necessary to prevent the eviction of the Participant from his or her principal residence or foreclosure on the mortgage of the
Participant&#8217;s principal residence;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Effective
January 1, 2006, expenses for the repair of damage to the Participant&#8217;s principal residence that would qualify for the casualty
deduction under Code section 165 (determined without regard to whether the loss exceeds 10 percent of adjusted gross income);
or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Effective
January 1, 2006, burial or funeral expenses for the Participant&#8217;s deceased parent, Spouse, children, dependent (as defined
in Code section 152 without regard to Code section 152(b)(1), 152(b)(2), and 152(d)(l)(B)) or primary Beneficiary.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
Participant or legal representative making application under this Section 11.6 shall have the burden of presenting to the Committee
satisfactory proof of such need. The Committee shall not permit withdrawal under this Section without first receiving such proof
as it shall deem necessary to demonstrate such hardship.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
amount which may be withdrawn shall be withdrawn in the following order, except as may be necessitated by a Participant election
pursuant to Section 11.9(b):</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Pre-1987
Nondeferred;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Post-1986
Nondeferred Supplemental Deposits and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Matured
Post-1986 Nondeferred Basic Deposits and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Earnings
on pre-1987 Nondeferred Deposits;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Unmatured
Post-1986 Basic Nondeferred Deposits and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Rollover
Contributions and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Matured
vested Employer Contributions and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(8)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Unmatured
vested Employer Contributions and earnings thereon;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(9)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Deferred
Deposits and earnings thereon credited as of December 31, 1988; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(10)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Roth
Elective Deferrals.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
withdrawal will be deemed to be necessary to satisfy an immediate and heavy financial need of a Participant if all of the following
requirements are satisfied;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
withdrawal is not in excess of the amount of the immediate and heavy financial need of the Participant;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
Participant has obtained all distributions, other than hardship withdrawals, and all nontaxable loans currently available under
all plans maintained by his or her Employer; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
Participant is prohibited under the terms of the Plan or an otherwise legally enforceable agreement from making elective contributions
and employee contributions to the Plan and all other plans maintained by the Company or an Affiliate for at least six months after
receipt of the hardship withdrawal. Effective with respect to Participant withdrawals taken pursuant to this Section 11.6 prior
to January 1, 2002, the suspension period required by this paragraph (3) shall last for 12 months following the Participant&#8217;s
receipt of the withdrawal, and elective contributions (if any) made by the Participant during the taxable year immediately following
the taxable year of the hardship withdrawal shall not exceed the applicable limit under Code section 402(g) for such next taxable
year less the amount of such Participant&#8217;s elective contributions for the taxable year of the hardship withdrawal</FONT></TD>
</TR></TABLE>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Amounts
available for hardship withdrawals with respect to Deferred Deposits will be limited to the amount of a Participant&#8217;s Deferred
Deposits, plus earnings allocable thereto which were credited to Participant&#8217;s Accounts as of December 31, 1988, less the
amount of any previous hardship withdrawals.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
hardship withdrawal from the Savings Account and Roth Account shall not be permitted unless and until a Participant has withdrawn,
pursuant to Section 9.3, all Company Common Stock from his or her Frozen ESOP Account.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
hardship withdrawal shall be paid to the Participant in the amount approved as soon as practicable after his or her application
is approved by the Committee.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
any of the foregoing, no withdrawals from the Retirement Choice Program Allocation Subaccount shall be permitted prior to the
date that the Participant terminates his or her employment.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.7. Suspension of Participation. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If a Participant
shall cease to be an Eligible Employee, Deposits and Employer Contributions to his or her Account shall be suspended, and no Additional
Lump Sum Deposits shall be permitted to be made during the period of ineligibility. Distribution of such Participant&#8217;s Account
shall be deferred until such Participant&#8217;s termination of employment with an Employer, whereupon the Participant&#8217;s
Account shall be distributed in accordance with the applicable provisions of this Article XI. Such Participant shall continue
to be deemed a Participant for all purposes other than for Articles IV and V during such period of ineligibility.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.8. Transfer of Employment. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If a Participant
shall be transferred to the employ of an Affiliate which is not an Employer, distribution of such Participant&#8217;s Account
shall be deferred until the Participant is no longer in the employ of the Employer or any Affiliate, whereupon the Participant&#8217;s
Account shall be distributed in accordance with the applicable provisions of this Article XI. Such transferred Participant shall
continue to be deemed a Participant for all purposes other than for Articles IV and V during such period of deferral of distribution.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.9. Form of Distributions.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">All
distributions from the Plan shall be made in money by check, except that in the case of a lump sum distribution only, other than
a hardship withdrawal in accordance with Section 11.6, a Participant may, by notice to the Record Keeper in the manner prescribed
by the Committee, elect to have any whole shares of Company Common Stock held for such Participant&#8217;s Frozen ESOP Account
distributed in shares of Company Common Stock (the value of any fractional shares shall be paid in money by check).</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
Participant may by notice to the Record Keeper in the manner prescribed by the Committee, with respect to a distribution pursuant
to Sections 11.1, 11.2 and 11.3 or a withdrawal pursuant to Sections 11.4, 11.5 and 11.6, elect to have any whole shares of Company
Common Stock held for such Participant&#8217;s Company Common Stock Fund subaccount distributed in shares of Company Common Stock
(the value of any fractional shares shall be paid in money by check). If no such election is made, the entire value of the amount
of the Participant&#8217;s Account being distributed shall be distributed in money by check.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">All
distributions from the Plan shall be made in one lump sum except that, in the case of a distribution from a Participant&#8217;s
Account on account of a Participant&#8217;s Retirement, such Participant may elect to have his or her Account, including the Frozen
ESOP Account, which is to be transferred into one of the Savings Account Funds, distributed in annual or quarterly payments in
money by check (or in shares pursuant to subsection (b) above) by the Trustee in amounts as nearly equal as possible for a specified
number of years up to ten years. Each payment shall be an amount equal to the aggregate of the Participant&#8217;s Savings Account
and Roth Account as of the applicable date divided by the number of payments remaining.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If
a Participant shall die prior to complete distribution of his or her Account pursuant to subsection (c), the value of the Participant&#8217;s
Account shall be distributed as soon as practicable in a lump sum to the Participant&#8217;s beneficiary, or, if none, to the
Participant&#8217;s estate. The amount so distributed after a Participant&#8217;s death shall be the remaining aggregate value
of the Participant&#8217;s Account determined as of the business day coinciding with or next following the date of the Participant&#8217;s
death.</FONT></TD>
</TR></TABLE>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If
no election is made under subsection (c) above, and the vested balance of a Participant&#8217;s Account exceeds $1,000 ($5,000
prior to January 28, 2005) a distribution will be made in one lump sum at the time provided for in Section 11.1 or Section 11.2.
Notwithstanding the foregoing, effective December 1, 2013 a spousal beneficiary may take an immediate distribution or defer payment
but not beyond the date that would have been the Participant&#8217;s Required Beginning Date. A non-spousal beneficiary may take
an immediate distribution or delay taking payment but not beyond the fifth anniversary of the Participant&#8217;s death or the
date that would have been the Participant&#8217;s Required Beginning Date, if earlier.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.10. Time of Distributions.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">All
distributions from the Plan shall commence as soon as practicable, and in any event no later than 60 days after the later of the
close of the Plan Year in which the Participant terminates employment, reaches his or her Required Beginning Date, dies, or, if
applicable, requests a distribution under Section 11.1 or 11.2, or 60 days after the close of the Plan Year in which the Participant
elects to withdraw funds from the Plan in the case of distributions under Sections 9.3, 9.4, 11.3, 11.4 and 11.5.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">In
the case of a distribution over a period of years under Section 11.9(c), the initial payment shall he made at a time determined
in accordance with subsection (a). In the case of annual distributions, the remaining annual payments shall be made in successive
calendar years on such date each year as shall be determined by the Committee, subject to the provisions of Section 11.9(d) in
the case of the Participant&#8217;s death. In the case of quarterly distributions, the remaining payments shall be made each successive
three-month period on such day during the period as may be established by the Committee, subject to the provisions of Section
11.9(d) in the case of the Participant&#8217;s death.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">In
the case of a distribution on account of a Participant&#8217;s Retirement, subject to the provisions of subsection 11.11, the
Participant may elect to have his or her Account distributed as a lump sum during (1) the Plan Year next following the Plan Year
of his or her Retirement, (2) the next succeeding Plan Year thereafter or (3) if the Account value exceeds $1,000 ($5,000 prior
to January 28, 2005) at any time up to the Participant&#8217;s Required Beginning Date. If no such election is made, distribution
shall commence in accordance with Section 11.1 and subsection (a) above.</FONT></TD>
</TR></TABLE>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 11.11. Limitation on Post Age 70</FONT></B><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">1/2
</FONT></B><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Distributions. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Notwithstanding the provisions of Sections 11.9 and 11.10:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
entire interest of a Participant must:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">be
distributed not later than the Participant&#8217;s Required Beginning Date; or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">commence
no later than such Required Beginning Date and be payable in accordance with regulations under the Code over a period not extending
beyond the life expectancy of such Participant.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
the foregoing, effective January 1, 2003, any Participant who is actively employed by the Company or Participating Affiliate who
is or will be age 70</FONT><FONT STYLE="font: xx-small Times-Roman,Times New Roman,Times,serif">1/2</FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">,
as of December 31, 2003 and who is or will be receiving payments in accordance with this Section 11.11 as in effect prior to January
1, 2003, shall be eligible to elect to continue or commence, as the case may be, such payments or suspend such payments until
Retirement.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">If
a Participant dies before his or her entire interest has been distributed, then such entire interest (or the remaining part of
such interest if distribution thereof has commenced) shall be distributed within five years after the Participant&#8217;s death,
except in the case of a spousal beneficiary as set forth in Section 11.9(e) of the Plan, and, if distribution has commenced prior
to death, shall be distributed at least as rapidly as the method of distribution being used as of the date of such Participant&#8217;s
death.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
amount of the distribution required by this Section 11.11 is equal to the quotient obtained by dividing the Participant&#8217;s
Account balance by the distribution period in the Uniform Lifetime Table set forth in Treasury Regulation section 1.401(a)(9)-9,
using the Participant&#8217;s age as of the Participant&#8217;s birthday in the calendar year for which the distribution is required.</FONT></TD>
</TR></TABLE>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
the foregoing, with respect to distributions made under this Section 11.11 of the Plan for calendar years beginning on or after
January 1, 2002, the Plan will apply the minimum distribution requirements of Code section 401(a)(9), including the incidental
death benefit requirements of Code section 401(a)(9)(G), in accordance with the final regulations and life expectancy tables under
Code section 401(a)(9), specifically sections 1.401(a)(9)-2 through 1.401(a)(9)-9, that were published April 17, 2002. The provisions
of this Section 11.11 reflecting Code section 401(a)(9) shall override any inconsistent Plan provisions.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
anything in this Section 11.11 of the Plan to the contrary, effective January 1, 2009, a Participant or beneficiary who would
have been required to receive one or more distributions during 2009 under Section 11.11 without regard to the enactment of Code
section 401 (a)(9)(H), shall not receive a distribution for 2009, unless the Participant or beneficiary elects to receive one
or more distributions.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.12. Distribution in the Case of Certain Disabilities. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">In
the event that the Committee shall find that any person entitled to a distribution under the Plan is unable to care for his or
her affairs because of illness or accident or because the person is a minor or has died, the Committee may direct that any distribution
due such person, unless claim shall have been made therefor by a duly appointed legal representative, be paid or applied to or
for the benefit of such person, or his or her Spouse, any child of such person (including an adopted child), any parent or other
blood relative of such person, or a person with whom the person resides, or any of them, and any such payment or application so
made shall be a complete discharge of the liabilities of the Plan therefor.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.13. Loans.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
Committee shall have complete authority to establish and administer a loan program to provide loans to Participants. The loan
program shall include the following:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">A
procedure for applying for loans;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
basis on which loans will be approved or denied;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Limitations
(if any) on the types and amounts of loans offered;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
procedure under the loan program for determining a reasonable rate of interest;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
types of collateral which may secure a loan; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
events constituting default and the steps that will be taken to preserve plan assets in the event of such default.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 30pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
rules and applicable limitations established by the loan program shall be such as to prevent any loan from constituting a prohibited
transaction under Code section 4975 and ERISA section 406, or a Plan distribution under Code section 72(p).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
Trustee shall, subject to the approval of the Committee and compliance with the written loan program and the provisions of the
Code, lend a Participant, who is employed by an Employer, an amount up to 50% of the vested portion of his or her Account, including
the Frozen ESOP Account, but not more than $50,000 in the aggregate as of the date on which the loan is approved reduced by the
highest outstanding loan balance during the preceding 12 months. Loans shall also be available on a reasonably equivalent basis
to a Participant or beneficiary who is a &#8216;&#8216;party in interest,&#8221; as that term is defined in ERISA section 3(14).
However, no amount may be loaned directly from any Frozen ESOP Account or from the Retirement Choice Program Allocation Subaccount.
The Committee shall review each application for a loan in a nondiscriminatory manner and in accordance with such rules as may
be prescribed by the Committee. Loans, if approved, shall be made as soon thereafter as practicable.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">In
addition to such rules and regulations as the Committee may adopt, all loans shall comply with the following terms and conditions:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">An
application for a loan by an eligible Participant shall be made by making application therefor to the Record Keeper in the manner
prescribed by the Committee.</FONT></TD>
</TR></TABLE>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<A name=page_37></A><BR>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">An
eligible Participant may not apply for more than one loan in any calendar year or for a loan with an initial principal amount
of less than $1,000 and, in any event, may not have more than two loans outstanding at any one time.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">All
loans, including interest thereon, shall be repaid by payroll deduction in equal monthly installments over a period of 12 to 60
months as selected by the Participant. Nothing herein, however, shall prohibit a Participant from prepaying such loan in whole
or in part in a lump sum in accordance with such rules as may be established from time to time by the Committee.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Each
loan shall be secured by an assignment of the Participant&#8217;s entire right, title and interest in and to the Trust Fund to
the extent of the loan and accrued interest thereon and shall be evidenced by the Participant&#8217;s promissory note for the
amount of the loan, including interest, payable to the order of the Trustee.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Each
loan shall bear interest at a reasonable rate (which rate may be a variable rate) to be established from time to time by the Committee,
not in violation of any applicable usury laws. In determining the interest rate, the Committee shall take into consideration interest
rates being charged by other lenders at the time of such determination.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Loan
repayments will be suspended in accordance with Treasury Regulation Section 1.72(p)-l, Q&amp;A9.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.14. Inability to Locate Payee. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Any benefit payable
to a Participant or beneficiary shall be forfeited if the Employer, after reasonable effort, is unable to locate such Participant
or beneficiary to whom payment is due. The amount of any such forfeited benefit shall be applied to reduce the amount of Employer
Contributions required under the Plan as provided in Section 5.3. However, any such forfeited benefit shall be reinstated and
become payable if a claim therefor is made by such Participant or beneficiary.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.15. Federal Income Tax Withholding on Distributions and Withdrawals. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Distributions
and withdrawals under this Plan shall be subject to Federal income tax withholding as prescribed by Code section 3405 and the
regulations thereunder.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.16. Direct Rollover to Another Plan or IRA. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">On
or after January 1, 1993, at the election of a Participant or his or her Spouse or former Spouse entitled to a distribution under
Section 22.1 or the foregoing provisions of this Article XI, the Committee shall direct the Trustee to make a direct rollover
to the trustee or other custodian of an &#8220;eligible retirement plan&#8221; by any reasonable means (including providing the
Participant or Spouse or former Spouse with a check made payable only to the trustee or custodian) of all, or a specified portion,
of an &#8220;eligible rollover distribution,&#8221; subject to the following restrictions:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">An
&#8220;eligible rollover distribution&#8221; is any distribution of all or any portion of the Participant&#8217;s Account, except
that an &#8220;eligible rollover distribution&#8221; does not include:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">any
distribution that is one of a series of substantially equal periodic payments (made not less frequently than annually) made for
the life (or life expectancy) of the recipient or the joint lives (or joint life expectancies) of the recipient and the recipient&#8217;s
designated beneficiary, or for a specified period of at least ten years;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">any
distribution to the extent such distribution is required by Code section 401(a)(9) and, only for the 2009 Plan Year, any distributions
that would have been required without regard to Code section 401(a)(9)(H).;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">any
portion of a hardship distribution made to such Participant in accordance with Section 11.; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">except
as otherwise provided below, the portion of any distribution that is not includable in gross income (determined without regard
to the exclusion for net unrealized appreciation described in Code section 402(e)(4) with respect to employer securities).</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 30pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Effective
January 1, 2002, an &#8220;eligible rollover distribution&#8221; shall also consist of that portion of the Participant&#8217;s
Account which consists of Nondeferred Deposits that are not includable in gross income, so long as such portion is transferred
only to an individual retirement account or annuity described in Code</FONT></P>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 30pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">sections
408(a) or (b), or to a defined contribution plan described in Code sections 401(a) or 403(a), that agrees to separately account
for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross
income and the portion of such distribution which is not so includible. Effective January I, 2007, transfers shall also be permitted
to any qualified plan described in Code section 401(a) or 403(a) or to an annuity contract described in Code section 403(b) that
agrees to separately account for the transferred amounts in accordance with this subsection:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">An
&#8220;eligible retirement plan&#8221; is an individual retirement account described in Code section 408(a), an individual retirement
annuity described in Code section 408(b), an annuity plan described in Code section 403(a), or a qualified, trust described in
Code section 401(a), that accepts the recipient&#8217;s &#8220;eligible rollover distribution.&#8221; Effective as of January
1, 2002, an &#8220;eligible retirement plan&#8221; shall also mean an annuity contract described in Code section 403(b) and an
eligible plan under Code section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality
of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from
this Plan. In addition, effective as of January 1, 2002, this amended definition of &#8220;eligible retirement plan&#8221; shall
apply in the case of a distribution to a Participant&#8217;s surviving Spouse or to an alternate payee under a Qualified Domestic
Relations Order as defined in Code section 414(p). Effective as of January 1, 2008, an &#8220;eligible retirement plan&#8221;
shall also mean an individual retirement arrangement described in Code section 408A.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
Participant or his or her Spouse or former Spouse must specify, in such manner and at such time as the Committee may prescribe,
the &#8220;eligible retirement plan&#8221; to which the distribution is to be paid and may specify more than one &#8220;eligible
retirement plan.&#8221;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
the forgoing provisions of this Section 11.16, a direct rollover of a distribution from a Roth Account under this Plan will only
be made to another Roth elective deferral account under an applicable retirement plan described in Code section 402A(e)(l) and
only to the extent the rollover is permitted under the rules of Code section 402(c).</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
Participant or his or her Spouse or former Spouse must provide to the Committee in a timely manner adequate information regarding
the designated &#8220;eligible retirement plan.&#8221;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Effective
January 1, 2007, a non-Spouse beneficiary shall be entitled to elect a direct rollover of an &#8220;eligible rollover distribution&#8221;
to the extent provided in regulations or other guidance issued by the IRS. However, in the case of any such distribution, an &#8220;eligible
retirement plan&#8221; shall mean an individual retirement account described in Code section 408(a) or an individual retirement
annuity described in Code section 408(b).</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.17. Distributions on Account of Military Service. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Effective
January I, 2009, a Participant who is performing service in the uniformed services (as defined in chapter 43 of title 38 of the
U.S. Code) for a period of more than 30 days may elect to receive all or part of his or her Savings Account attributable to Deferred
Deposits, including earnings, in a lump sum payment. For purposes of Code section 401(k)(2)(B)(i)(I), any such Participant shall
be treated as having been severed from employment during the period in which the Participant is performing service in the uniformed
services. If a Participant elects to receive a distribution pursuant to this section 11.18, the Participant shall be prohibited
from making elective contributions and employee contributions to the Plan and all other plans maintained by the Company or an
Affiliate for six months after the date of the distribution.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
11.18. Optional Forms of Payment for Merged Plans. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">With
respect to the portion of a Participant&#8217;s Account transferred from the Arden Engineering Constructors, Inc. 401(k) Plan
or the Fluidics, Inc. Retirement and 401(k) Plan, he or she may have such portion of his or her Account paid in the form of (i)
installments payable at least annually over any number of years (such period cannot extend beyond life expectancy or joint life
expectancies of Participant and Beneficiary); or (ii) monthly, quarterly, or annual installments for a period not to exceed 10
years. With respect to the portion of a Participant&#8217;s Account transferred from the US. Energy Partners Plan, he or she may
have such portion of his or her Account paid in the form of: (i) a joint and 50% (or 100%) survivor annuity; or (ii) a single
life annuity. Effective January 31, 2013, the forms of payment shall no longer be available to the Participant.</FONT></P>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<A name="page_39"></A><BR>



<P STYLE="text-align: center"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>ARTICLE XII<BR>
LIMITS ON BENEFITS
AND CONTRIBUTIONS UNDER QUALIFIED PLANS</B></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
12.1. Definitions. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">For purposes of this Article
XII, the following definitions and rules of interpretation shall apply:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">&#8220;Annual
Additions&#8221; to a Participant&#8217;s account under a defined benefit plan or a defined contribution plan are the sum, credited
to a Participant&#8217;s account for any Limitation Year, of:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Company
contributions,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Forfeitures,
if any,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Employee
contributions,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Amounts
allocated to an individual medical account (as defined in Code section 415(1)) that is part of a defined benefit plan maintained
by the Company, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Amounts
(derived from contributions paid after December 31, 1985, in taxable years ending after that date) attributable to post-retirement
medical benefits allocated to the separate account of a key employee (as defined in Code section 419A(d)(3)) under a welfare benefit
fund (as defined in Code section 419A(e)) maintained by the Company.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">&#8220;Company&#8221;
shall mean the Company, as described in Section 2.11 and any Affiliate as defined in Section 2.4.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">&#8220;Compensation&#8221;
means an Employee&#8217;s total compensation received from the Company and Affiliates, as reported on the Employee&#8217;s W-2
form, plus any pay reduction contributions made for the Employee pursuant to a plan maintained by the Company or an Affiliate
under Code section 125, 132(f), or 401(k). Effective January 1, 2008, Compensation shall include only amounts paid or treated
as paid to an Employee prior to his or her severance from employment (as determined pursuant to Code section 415), except as otherwise
provided in paragraphs (1) and (2) below.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
                                         following amounts shall be included in Compensation if paid by the later of 2</FONT><FONT STYLE="font: 9pt Times-Roman,Times New Roman,Times,serif"><SUP>1</SUP></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">/</FONT><FONT STYLE="font: 7pt Times-Roman,Times New Roman,Times,serif">2
                                         </FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">months after
                                         the severance from employment or the last day of the Limitation Year in which the severance
                                         from employment occurs:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Regular
compensation for services during or outside the Employee&#8217;s regular working hours, commissions, bonuses, or other similar
payments, if the payment would have been paid prior to severance from employment if the Employee had continued in employment;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Payment
for unused accrued bona fide sick, vacation, or other leave, but only if the Employee would have been able to use the leave if
his or her employment had continued; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Payments
received by an Employee pursuant to a nonqualified unfunded deferred compensation plan, but only if the payment would have been
paid to the Employee at the same time if his or her employment had continued and only to the extent that the payment is includible
in the Employee&#8217;s gross income.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Compensation
shall include payments to a Participant who does not currently perform services for the Company or an Affiliate by reason of qualified
military service (as defined in Code section 414(u)) to the extent that the payments do not exceed the amounts that the Participant
would have received if he or she had continued to perform services for the Company or an Affiliate rather than entering military
service.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">&#8220;Limitation
Year&#8221; means the Plan Year.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">&#8220;Maximum
Permissible Defined Contribution Amount&#8221; for a Limitation Year the Maximum Permissible Defined Contribution Amount with
respect to any Participant shall, effective January I, 2002, be the lesser of:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">$40,000,
as adjusted for increases in the cost-of-living under Code section 415(d); or.</FONT></TD>
</TR></TABLE>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">100%
of the Participant&#8217;s Compensation for the Limitation year.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 30pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Notwithstanding
the foregoing, or anything herein to the contrary, the percentage of compensation limitation of this Section 12.1(e)(2) shall
not apply to any Annual Additions pursuant to Section 12.1(a)(4) or (5) above.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
12.2. Annual Addition Limits. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The amount of the
Annual Addition which may be credited under this Plan to any Participant&#8217;s Account as of any allocation date shall not exceed
the Maximum Permissible Defined Contribution Amount (based upon his or her Compensation up to such allocation date) reduced by
the sum of any credits of Annual Additions made to the Participant&#8217;s accounts under all other plans as of any preceding
allocation date within the Limitation Year. If an allocation date of this Plan coincides with an allocation date of any other
qualified defined contribution plan maintained by the Company, the amount of the Annual Additions which may be credited under
this Plan to any Participant&#8217;s Account as of such date shall be an amount equal to the product of the amount to be credited
under this Plan without regard to this Section 12.2 multiplied by the lesser of one or a fraction, the numerator of which is the
amount described in this Section 12.2 during the Limitation Year and the denominator of which is the amount that would be otherwise
credited on this allocation date under all defined contribution plans without regard to this Section 12.2. However, if a security
is not allocated to a Participant&#8217;s Account under any other qualified tax credit employee stock ownership plan of the Company
because of the operation of the limitations of Code section 415 and the provisions of this Section 12.2, no other amount may be
allocated to the Participant&#8217;s Account under this Plan after the allocation date for such other qualified tax credit employee
stock ownership plan&#8217;s plan year, until all such unallocated securities have been allocated in accordance with the provisions
of such other qualified tax credit employee stock ownership plan</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">For
Plan Years beginning before July 1, 2007, if in any year a Participant&#8217;s Annual Additions exceed the Maximum Permissible
Defined Contribution Amount, such excess shall not be allocated to the Participant&#8217;s accounts in any defined contribution
plan. Instead, the excess shall be handled in the following manner and order, to the extent allowed by law, until the excess is
eliminated:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">the
Participant&#8217;s Supplemental Nondeferred Deposits, or any part thereof, shall be refunded to the Participant, along with any
earnings attributable thereto;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">the
Participant&#8217;s Supplemental Deferred Deposits, or any part thereof, shall be refunded to the Participant, along with any
earnings attributable thereto;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">the
Participant&#8217;s Basic Nondeferred Deposits, or any part thereof, shall be refunded to the Participant, along with any earnings
attributable thereto, and any matching Employer Contributions made with respect to such Deposits shall be forfeited and placed
in a suspense account;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">the
Participant&#8217;s Basic Deferred Deposits, or any part thereof, shall be refunded to the Participant, along with any earnings
attributable thereto, and any matching Employer Contributions made with respect to such Deposits shall be forfeited and placed
in a suspense account; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">any
other Employer Contributions that would have been allocated to the Participant&#8217;s Account but for this Section 12.2 shall
be placed in a suspense account.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Any
amount held in a suspense account shall be used to reduce Employer Contributions for the current Limitation Year or the next Limitation
Year. Such suspense account shall share in the gains and losses of the Trust Fund as other Accounts. In the event of a termination
of the Plan, the suspense account shall revert to the Company to the extent it may not then be allocated to any Participant&#8217;s
Account.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">For
Plan Years beginning on and after July 1, 2007, if in any year a Participant&#8217;s Annual Additions exceed the Maximum Permissible
Defined Contribution Amount, such excess shall be corrected in accordance with the IRS Employee Plan Compliance Resolution System
(&#8220;EPCRS&#8221;).</FONT></P>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE XIII</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">BENEFICIARY IN EVENT OF DEATH</FONT></B></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 13.1. Designation and Change of Beneficiary. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Upon the
death of a married Participant, the Spouse of the Participant shall be deemed the designated beneficiary of the Participant, unless such Spouse has consented, in writing, to the designation of another beneficiary or beneficiaries (which may include the
estate of the Participant) or any change thereof. If such other designated beneficiary or beneficiaries predecease a married Participant and no contingent beneficiary has been designated by the Participant and consented to by such Participant&#8217;s
Spouse, such Participant&#8217;s Spouse shall be deemed the designated beneficiary of the Participant. If, in such case, the Participant&#8217;s Spouse has also predeceased the Participant, the value of the Participant&#8217;s Account shall be paid to
his or her estate.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Each unmarried Participant shall have the right to designate a beneficiary or beneficiaries (including contingent beneficiaries) to
receive any distributions to be made under Article XI upon the death of such Participant. An unmarried Participant may from time to time, without the consent of any beneficiary, change or cancel any such designation. If no beneficiary has been named by a
deceased unmarried Participant, or the designated beneficiary (and any designated contingent beneficiary) has predeceased such Participant, the value of the Participant&#8217;s Account shall be paid to his or her estate as beneficiary.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Any beneficiaries may, by written notice to the Committee, disclaim his or her right to receive distribution of a deceased
Participant&#8217;s account.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Any spousal consent, beneficiary designation and any change therein shall be made in the manner prescribed by the Committee. Any
distribution made to a beneficiary of a deceased Participant under the Plan shall be made to the beneficiary as soon as practicable after such Participant&#8217;s death and shall be in the form of a lump sum payment, regardless of the form of benefit
selected by the deceased Participant. The beneficiary may elect to have such payment made in money by check, or may elect to have any whole shares of Company Common Stock held for the deceased Participant in the Company Common Stock Fund and Frozen ESOP
Account distributed in shares of Company Common Stock and the balance of the deceased Participant&#8217;s Account (including the value of any fractional shares of Company Common Stock) paid in money by check. If no election is made, the entire
distribution to the beneficiary shall be made in money by check.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Notwithstanding anything in this Plan to the contrary, effective January 1, 2007, if a Participant dies on or after January 1, 2007
while performing &#8220;qualified military service,&#8221; as that term is defined in Code section 414(u), his or her beneficiary or beneficiaries are entitled to the additional benefits, if any, that would be provided under this Plan (other than an
increase in contributions and benefits relating to the period of qualified military service) if the Participant had resumed employment immediately prior to his or her death</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE XIV</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ADMINISTRATION</FONT></B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
14.1. Named Fiduciary. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The Committee (and each
member of the Committee acting as such) shall be the named fiduciary of the Plan with authority to control and manage the operation
and administration of the Plan. The Thrift and Pension Investment Committee (and each member of the Committee acting as such)
shall be the named fiduciary of the Plan with respect authority to control and manage the assets of the Plan.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
14.2. Administration.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
Committee shall have full discretionary authority to interpret the Plan and to answer all questions which arise concerning the
application, administration and interpretation of the Plan. The Committee shall adopt such rules and procedures as in its opinion
are necessary and advisable to administer the Plan and to transact its business. Subject to the other requirements of this Article
XV, the Committee may&#8212;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Select
the trustee(s) of any trust pursuant to which assets of the Plan are held;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Employ
agents to carry out non-fiduciary responsibilities;</FONT></TD>
</TR></TABLE>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Employ
agents to carry out fiduciary responsibilities (other than trustee responsibilities as defined in ERISA section 405(c)(3));</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Consult
with counsel, who may be of counsel to an Employer or an Affiliate; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Provide
for the allocation of fiduciary responsibilities (other than trustee responsibilities as defined in ERISA section 405(c)(3)) among
its members. However, any action described in paragraphs (3) or (5) of this subsection (a) and any modification or rescission
of any such action may be effected by the Committee only by a resolution approved by a majority of the Committee.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
Committee and the Thrift and Pension Investment Committee shall keep written minutes of all its proceedings, which shall be open
to inspection by the Board of Directors. In the case of any decision by the Committee with respect to a claim for benefits under
the Plan, the Committee shall include in its minutes a brief explanation of the grounds upon which such decision was based.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">In
performing their duties, the members of the Committee and the Thrift and Pension Investment Committee shall act solely in the
interest of the Participants in the Plan and their beneficiaries and:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">for
the exclusive purpose of providing benefits to the Participants and their beneficiaries;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">with
the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man or woman acting in like capacity
and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">in
accordance with the documents and instruments governing the Plan insofar as such documents and instruments are consistent with
the provisions of Title I of ERISA. In addition to any other duties the Thrift and Pension Investment Committee and the Committee
may have, the Thrift and Pension Investment Committee and the Committee shall periodically review the performance of the Trustee
and any Investment Managers and the performance of all other persons to whom fiduciary duties have been delegated or allocated
pursuant to the provisions of this Article XV, as applicable.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
Company agrees to indemnify and reimburse, to the fullest extent permitted by law, members of the Committee and the Thrift and
Pension Investment Committee, directors and Employees of an Employer and all such former members, directors and Employees, for
any and all expenses, liabilities or losses arising out of any act or omission relating to the rendition of services for or the
management and administration of the Plan.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt"></TD><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">No
member of the Committee and the Thrift and Pension Investment Committee nor any of its delegates shall be personally liable by
virtue of any contract, agreement or other instrument made or executed by him or her or on his or her behalf in such capacity.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
14.3. Control and Management of Assets. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The assets
of the Plan shall be held by the Trustee, in trust, and shall be managed by the Trustee and/or one or more Investment Managers
appointed from time to time by the Thrift and Pension Investment Committee; provided, however, that the Committee shall have investment
authority with respect to loans approved pursuant to Section 11.13, and may, from time to time, determine that the Trustee shall
be subject to the direction of the Thrift and Pension Investment Committee with respect to certain other investments, in which
case the Trustee shall be subject to proper directions of the Thrift and Pension Investment Committee which are in accordance
with the terms of the Plan and which are not contrary to applicable law.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
14.4. Benefits to be Paid from Trust. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Benefits
under the Plan shall be payable only from the Trust Fund and only to the extent that such Trust Fund shall suffice therefor, and
each Participant assumes all risk connected with any decrease in market price of any securities in the respective Funds. Neither
the Company nor any Affiliate shall have any liability to make or continue from its own funds the payment of any benefits under
the Plan.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Bold,Times New Roman,Times,serif"><B>Section
14.5. Expenses. </B></FONT><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">There shall be paid from the Trust
Fund all expenses incurred in connection with the administration of the Plan, including but not limited to the compensation of
the Trustee, record keeping fees, the reasonable fees of counsel for the Trustee for legal services rendered to the Trustee and
the fees of Investment</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 0; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Managers
appointed with respect to the investment and reinvestment of the Trust Fund, except to the extent that such expenses and fees
are paid by the Employer. There shall be paid from the Trust Fund all taxes of any and all kinds whatsoever that may be levied
or assessed under existing or future laws upon or in respect of the Trust Fund or any property of any kind forming a part thereof
and all expenses, including brokerage costs and transfer taxes, incurred in connection with the investment and reinvestment of
the Trust Fund.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 14.6. Overpayments. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Any overpayment made to a
Participant may be withheld from subsequent payments made to such Participant or from payments made to his or her surviving Spouse or beneficiary until the overpayment has been recouped.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE XV</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">CLAIMS PROCEDURE</FONT></B></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 15.1. Filing of Claims. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Claims for benefits under the
Plan shall be filed in writing on such form or forms as may be prescribed by the Committee with the Committee.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 15.2. Appeal of Claims. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Written notice shall be given
to the claiming Participant or beneficiary of the disposition of such claim, setting forth specific reasons for any denial of such claim in whole or in part. If a claim is denied in whole or in part, the notice shall state that such Participant or
beneficiary may, within 60 days of the receipt of such denial, request in writing that the decision denying the claim be reviewed by the Committee and provide the Committee with information in support of his or her position by submitting such information
in writing to the Secretary of the Committee.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 15.3. Review of Appeals. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">The Committee shall review
each claim for benefits which has been denied in whole or in part and for which such review has been requested and shall notify, in writing, the affected Participant or beneficiary of its decision and of the reasons therefor. All decisions of the
Committee shall be final and binding upon all of the parties involved.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE XVI</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">MERGER OR CONSOLIDATION</FONT></B></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 16.1. Merger or Consolidation. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">In the case of any
merger or consolidation of the Plan with, or transfer of assets or liabilities to, any other plan, each Participant or beneficiary shall be entitled to receive a benefit immediately after the merger, consolidation or transfer (if the Plan had been
terminated) which is equal to or greater than the benefit he or she would have been entitled to receive immediately before the merger, consolidation or transfer (if the Plan had then terminated). A merger or consolidation of the Plan with, or transfer of
assets or liabilities to, any other plan shall not be deemed to be a termination or discontinuance of deposits and contributions having the effect of such termination of the Plan.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE XVII</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">NON-ALIENATION OF BENEFITS</FONT></B></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 17.1. Non-Alienation of Benefits. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Except as provided
under Sections 11.13 and 22.1, no benefit or right under the Plan shall in any manner or to any extent be assigned, alienated or transferred by any Participant or beneficiary under the Plan or be subject to attachment, garnishment or other legal process.
Notwithstanding the foregoing, a Participant&#8217;s benefit under the Plan may be offset by any amount such Participant is ordered or required to pay as a result of crimes involving the Plan, or a breach of a fiduciary duty owed by the Participant with
respect to the Plan, as set forth in Code section 401(a)(13), on or after August 5, 1997.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE XVIII</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">AMENDMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 18.1. Amendment Process. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">The Company reserves the
right, by action of the Board of Directors, but subject to applicable law, at any time and from time to time, to modify, suspend or amend in whole or in part any or all of the provisions of the Plan, provided that no modification, suspension or amendment
shall make it possible to deprive any Participant or beneficiary of a previously acquired right; and provided further that no such modification, suspension or amendment shall make it possible for any part of the assets of the Plan to be used
for</FONT></P><!-- Field: Page; Sequence: 43; Value: 2 -->
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<P style="TEXT-ALIGN: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">or diverted to purposes other than for the exclusive benefit of Participants and their beneficiaries under the Plan and for the payment of expenses of the Plan. The
Employee Benefits Policy Committee has the authority to amend the Plan in accordance with the delegation of authority from the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE XIX</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">TERMINATION</FONT></B></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 19.1. Authority to Terminate. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">The Plan may be
terminated in whole or in part at any time by the Board of Directors, but only upon condition that such action is taken as shall render it impossible for any part of the corpus or income of the Trust Fund to be used for or diverted to purposes other than
for the exclusive benefit of the Participants or their beneficiaries and for the payment of expenses of the Plan.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 19.2. Distribution Upon Termination. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Upon termination
or partial termination of the Plan or upon the complete discontinuance of Deposits and Employer Contributions under the Plan, the assets of the Trust Fund shall be administered and distributed to the Participants or their beneficiaries at such time or
times and in such nondiscriminatory manner as is determined by the Committee. Upon termination or partial termination of the Plan or upon the complete discontinuance of Deposits and Employer Contributions under the Plan, the rights of all affected
Participants as of the date of such termination, partial termination or discontinuance of Deposits and Employer Contributions shall be nonforfeitable.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE XX</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">PLAN CONFERS NO RIGHT TO EMPLOYMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 20.1. No Right to Employment. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Nothing contained in the
Plan shall be construed as conferring any legal rights upon any Employee for a continuation of employment or shall interfere with the rights of an Employer or an Affiliate to discharge any Employee or otherwise to treat him or her without regard to the
effect which such treatment might have upon such Employee with respect to the Plan, except as may be limited by applicable law.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE XXI</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ALTERNATE PAYEES</FONT></B></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 21.1. Alternate Payees Under QDROs. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">In the event that a
domestic relations order of any State is received by the Plan and thereafter determined to be a Qualified Domestic Relations Order (QDRO) within the meaning of Code section 414(p), the vested portion of the Account of the Participant to which such QDRO
is directed shall be apportioned as specified in such QDRO, valued as of the business day preceding the date specified in such QDRO. Upon notice to the QDRO administrator that a QDRO is being sought with respect to a Participant&#8217;s Account, no
distribution or loan shall be made to a Participant until such time as the status of the QDRO is determined. The alternate payee of the Participant&#8217;s Account shall thereafter participate in the Plan in accordance with its terms, except such person
shall not have the rights or benefits provided in Article IV, Article V and in Section 11.13. If a QDRO is issued and the amount awarded the alternate payee exceeds the value of the Participant&#8217;s Account less the outstanding loan balance, such QDRO
shall be denied. Notwithstanding the provisions of this Article, the Plan may, without the consent of any such alternate payee, pay to such alternate payee the value of his or her respective share of the apportioned Account of the Participant, if the
value thereof as so determined is $5,000 or less. If a QDRO so provides, benefits may be paid to an alternate payee before they would otherwise be distributable under the Plan, and no such distribution to an alternate payee shall be treated as a
withdrawal by the Participant for purposes of Article XI.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ARTICLE XXII</FONT></B><BR><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">CONSTRUCTION</FONT></B></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 22.1. Governing Law. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">The Plan shall be governed by and
construed and administered under the laws of the State of New Jersey, except to the extent superseded by ERISA.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">Section 22.2. Headings. </FONT></B><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">The headings are for reference only. In
event of a conflict between a heading and the content of an Article or Section, the content shall control.</FONT></P><!-- Field: Page; Sequence: 44; Value: 2 -->
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<P STYLE="text-align: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">ADDITIONAL INFORMATION ABOUT THE SAVINGS PLAN</FONT></B></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Pursuant to this Registration Statement, 2,000,000 shares of Common Stock have been registered for sale pursuant to the Savings
Plan.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">No benefit or right under the Savings Plan may in any manner or to any extent be assigned, alienated, or transferred by any Participant
under the Savings Plan. In addition, no benefit or right under the Savings Plan may be subjected to attachment, garnishment or other legal process without an appropriate court order.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Benefits under the Savings Plan are not guaranteed by the Pension Benefit Guaranty Corporation. PSEG does not provide any such
protection to Participants and it does not insure any gains nor protect against any loss from any investment in the Savings Plan.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Although the Savings Plan is of indefinite duration, PSEG reserves the right to amend, modify or terminate the Savings Plan at any time,
in its sole discretion. PSEG also retains the right to change the Recordkeeper and/or the Independent Agent at its sole discretion.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">While the Savings Plan does not place restrictions on resales of Common Stock acquired thereunder, shares of Common Stock acquired under
the Savings Plan by an &#8220;affiliate,&#8221; as that term is defined in Rule 405 under the Securities Act of 1933 (the &#8220;1933 Act&#8221;), may only be resold pursuant to the registration requirements of the 1933 Act or an appropriate exemption
therefrom. Acquisitions of shares of Common Stock and dispositions of shares of Common Stock by an officer or director, as defined under the rules promulgated under Section 16 of the 1934 Act, of PSEG within any six-month period may give rise to the
right of PSEG to recapture any profit from such transactions pursuant to Section 16(b) of the 1934 Act.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">A copy of PSEG&#8217;s 2014 Annual Report to Stockholders has been furnished to each Participant in the Savings Plan. PSEG will promptly
furnish, without charge, an additional copy of such Annual Report to any Eligible Employee who so requests by writing to the Director, Investor Relations, 80 Park Plaza, T6B, P.O. Box 1171, Newark, New Jersey 07101-1171. Each Participant will be
furnished copies of all future reports, proxy statements and other communications furnished to PSEG stockholders generally.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">For further information about the Savings Plan, Participants and Eligible Employees may contact Benefits Express.</FONT></P>

<P STYLE="text-align: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">TAX CONSEQUENCES OF THE SAVINGS PLAN</FONT></B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">Outlined
below is a summary of certain tax consequences which may result to Participants in the Plan. The law on which this outline is
based is subject to change at any time. Each Participant should consult his or her own tax adviser concerning the application
of Federal taxes, as well as any state, local or foreign taxes, to the Participant&#8217;s particular situation.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">PSEG
believes that the Savings Plan is qualified under sections 401(a) and 401(k) of the Code. Under the Code, an employer may deduct
currently its contributions to and expenses of the Plan from gross income for Federal income tax purposes.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">The
following tax consequences will result to Participants:</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(1)
Any contributions made pursuant to pre-tax salary reduction agreements will not be included in a Participant&#8217;s gross income.
Therefore, neither those contributions nor PSEG&#8217;s Matching Contributions (if any) to the Savings Plan are taxable to a Participant
as income when made or credited to his or her account. However, they will be taxable to a Participant in the year of distribution
or withdrawal. Also, salary reduction contributions (both pre-tax and after-tax) are subject to Social Security tax.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0; text-indent: 15pt; text-align: justify"><FONT STYLE="font: x-small Times-Roman,Times New Roman,Times,serif">(2)
Any after-tax contributions made under applicable plan provisions are not taxed upon distribution, although any dividends, interest
or other income or gains attributable to after-tax contributions are subject to taxation upon distribution. Any Roth 401(k) contributions
made under the Plan &#8211; and earnings thereupon &#8211; are not taxed upon a qualified distribution. However, the earnings
may be taxable if the distribution is not a qualified distribution.</FONT></P>
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<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">(3) </FONT><I><FONT size=2 face="Times-Italic,Times New Roman,Times,serif">Lump-Sum Distribution. </FONT></I><FONT size=2 face=
"Times-Roman,Times New Roman,Times,serif">A lump-sum distribution is a distribution made within one tax year, of the full balance credited to a participant&#8217;s account(s) in the Plan and is either (a) made as a result of the participant&#8217;s
separation from service or death, or (b) made after age 59</FONT><FONT size=1 face="Times-Roman,Times New Roman,Times,serif">1/2</FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">. Unless a Participant elects roll over his or her
distribution, the Participant will be taxed on the distribution in the year it is received. Participants may be eligible to elect to be taxed on the distribution using the ten-year forward-averaging method or the net unrealized appreciation
method.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">(4) The ten-year forward-averaging method, which is available to individuals who were age 50 or older on January 1, 1986, may result in
a lower tax on distributions from the Plan than the regular tax table or tax rate schedule methods. The 1986 tax rates apply in computing the tax under the ten-year forward-averaging method. Only distributions that constitute lump-sum distributions made
after five full years of Plan participation are eligible for the ten-year forward-averaging method. An election must be filed with the IRS to use this method. The election can be made only once, regardless of the number of plans from which a Participant
receives a lump-sum distribution. All distributions received in the same year from this and other qualified plans must be aggregated when computing the tax under the ten-year forward-averaging method.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">(5) The special net unrealized appreciation (&#8220;NUA&#8221;) rule applies to a lump-sum distribution for which Participants elect to
receive in kind shares of Common Stock. When a Participant takes a distribution from the Savings Plan that includes an in kind distribution of Common Stock &#8211; that is, the actual shares of common stock, rather than the cash value of the shares, the
total net unrealized appreciation in the value of the common stock is excludable from his or her income tax for the distribution year only if the distribution qualifies as a lump-sum distribution. A lump-sum distribution is a payment, within one year, of
a Participant&#8217;s entire balance under the Savings Plan that is payable to him or her after having reached age 59</FONT><FONT size=1 face="Times-Roman,Times New Roman,Times,serif">1/2</FONT><FONT size=2 face=
"Times-Roman,Times New Roman,Times,serif">, because the Participant has separated from service with the Company or one of its affiliates, or on account of his or her death or disability. The &#8220;taxable amount&#8221; for a lump-sum distribution from
the Savings Plan will not include any net unrealized appreciation &#8211;Participants will pay federal income tax at ordinary tax rates only on the &#8220;cost basis&#8221; of the shares of common stock. Upon subsequent sale of the common stock, any
taxable gain will be based on the difference in value between the cost basis and the fair market value of the shares. This amount will be taxed at the &#8220;capital gains&#8221; rate of federal income tax. Net unrealized appreciation is the amount by
which the fair market value of the shares of PSEG common stock Participants receive exceeds the amount that the Savings Plan paid for the shares.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">A separate rule applies for the in-kind distribution of Common Stock acquired with after-tax contributions. Participants can receive net
unrealized appreciation treatment on the value of Common Stock acquired with employee after-tax contributions, even if the distribution is not in the form of a lump sum payment. If a partial distribution includes any in kind Common Stock acquired with
employee after-tax contributions, then a portion of the NUA on the Common Stock received in the payment will be excludable, based on the in kind shares of common stock which were purchased with after-tax contributions.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">(6) </FONT><I><FONT size=2 face="Times-Italic,Times New Roman,Times,serif">Rollover</FONT></I><FONT size=2 face=
"Times-Roman,Times New Roman,Times,serif">. In general, the Code permits a Participant to avoid current taxation on any portion of the taxable amount of an eligible rollover distribution by rolling over that portion into an &#8220;eligible retirement
plan&#8221; that accepts rollover contributions. An eligible retirement plan includes a plan qualified under section 401(a) of the Code, including a 401(k) plan, profit-sharing plan, defined benefit plan, stock bonus plan, and money purchase plan; a
section 403(a) annuity plan; a section 403(b) tax-sheltered annuity; an eligible section 457(b) plan maintained by a governmental employer; and a traditional IRA. Rollovers may be made to a Roth IRA, a SIMPLE IRA, or a Coverdell Education Savings Account
(an education IRA). The rollover rules make most, but not all, Plan distributions eligible for rollover.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">The following types of withdrawals and distributions are not eligible for rollover treatment: (1) a series of substantially equal
periodic payments which are made either (a) for a specified period of ten years or more, (b) for the life (or life expectancy) of the participant, or (c) for the Participant&#8217;s lifetime and his/her beneficiary&#8217;s lifetime; (2) mandatory
distributions resulting from the participant having attained age 70</FONT><FONT size=1 face="Times-Roman,Times New Roman,Times,serif">1/2</FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">, or, if later, having retired; (3) hardship
distributions; (4) cash dividends, if any, that are paid on employer stock held in an ESOP; (5) distributions made due to certain legal limits being exceeded; (6) Plan loans that become taxable deemed distributions because of a default; or (7)
contributions made under special Automatic Enrollment rules that are withdrawn pursuant to a Participant&#8217;s request within 90 days of enrollment.</FONT></P><!-- Field: Page; Sequence: 46; Value: 2 -->
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<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">(7) In general, all taxable withdrawals and distributions eligible to be rolled over are subject to a 20% withholding requirement unless
they are rolled over directly to an eligible employer plan or an IRA. This requirement does not, however, prevent a Participant from rolling over eligible amounts into an eligible employer plan or traditional IRA within 60 days of the distribution even
if it is not a direct rollover.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Any portion of a taxable distribution that is not rolled over is subject to ordinary income taxes (plus a 10% tax penalty under certain
circumstances). Consequently, if a distribution is made other than directly to a qualified plan or an IRA, the participant would have to supplement the rollover from her/his own funds by an amount equal to the 20% withholding in order to avoid a tax
liability on that amount for that year.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">(8) Distributions made in cash are taxed as ordinary income to the extent that they exceed the Participant&#8217;s after-tax
contributions, if any. If the distribution qualifies as a lump-sum distribution, however, that income may be eligible for the special ten-year forward-averaging provision. In addition, all or a portion of the distribution may be eligible for rollover
treatment.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">(9) Generally, if a participant receives a lump-sum distribution (other than a distribution of after-tax employee contributions) of
securities from the PSEG Common Stock Fund, the Participant will have taxable income in an amount equal to the lesser of the original average cost of the securities to the respective fund or the securities&#8217; fair market value at distribution. Such
income will be ordinary income, and may be eligible for rollover treatment or the special ten-year forward-averaging provision. Further, any excess of fair market value over the ordinary income amount would not be treated as income at the time of
distribution.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">(10) A &#8220;lump-sum&#8221; distribution for purposes of special tax treatment relative to distributions of employer securities from
qualifying plans means the distribution or payment within one tax year to the recipient of the balance to the credit of an employee which becomes payable to the recipient: (1) on account of the employee&#8217;s death; (2) after the employee attains age
59</FONT><FONT size=1 face="Times-Roman,Times New Roman,Times,serif">1/2</FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">; or (3) on account of the employee&#8217;s separation from service.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Distributions of Common Stock consisting of after-tax contributions are taxed only to the extent that they exceed the applicable
after-tax contributions. Generally, if a participant receives a lump-sum distribution of securities from the PSEG Common Stock Fund (plus cash in lieu of fractions of securities), the participant will have taxable income in an amount equal to (i) the
lesser of the original cost of the securities to the respective fund or the securities&#8217; fair market value at distribution, plus (ii) the amount of cash distributed, minus (iii) the amount of the participant&#8217;s applicable after-tax
contributions. Such income will be ordinary income, and may be eligible for rollover treatment or the special ten-year forward-averaging provision.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">For other than lump-sum distributions, at the time of distribution any appreciation in value of PSEG stock purchased with employer
contributions (if any), reinvested earnings, and salary reduction contributions is recognized as ordinary income. (Any appreciation in the value of securities purchased with after-tax contributions is not recognized and is deferred until subsequent sale
of the securities.) Also, the special ten year forward-averaging provision will not apply if the distribution is not a lump-sum distribution. Rollover treatment, however, may be available.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">(11) When shares of Common Stock are distributed and subsequently sold by the participant, the gain or loss (measured by the difference
between the selling price and the tax basis of the securities sold) must be recognized. Such tax basis is equal to the lesser of the original average cost of the securities under the Plan or the securities&#8217; fair market value at distribution. All or
a portion of any further gain may be subject to preferential long-term capital gains taxation.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">(12) When shares received in a distribution not qualifying as a lump-sum distribution are subsequently sold by the Participant, the
capital gain or loss (measured by the difference between the selling price and the tax basis of the securities sold) must be recognized. In the case of securities purchased with PSEG contributions (if any), reinvested earnings and salary reduction
contributions, such tax basis is equal to the amount of ordinary income reported as a result of the distribution. In the case of shares purchased with employee after-tax contributions, such tax basis is equal to the lesser of the original cost of the
securities under the Savings Plan or the securities&#8217; fair market value at distribution.</FONT></P><!-- Field: Page; Sequence: 47; Value: 2 -->
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<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">(13) </FONT><I><FONT size=2 face="Times-Italic,Times New Roman,Times,serif">Tax Penalties</FONT></I><FONT size=2 face=
"Times-Roman,Times New Roman,Times,serif">. In addition to income taxes on withdrawals and distributions as described, the Code provides for a penalty tax on withdrawals and distributions made before the participant attains age 59</FONT><FONT size=1 face=
"Times-Roman,Times New Roman,Times,serif">1/2</FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">. The penalty tax is 10% of the taxable distributed amount.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">In addition to in-service withdrawals or distributions made after the participant attains age 59</FONT><FONT size=1 face=
"Times-Roman,Times New Roman,Times,serif">1/2</FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">, there is no penalty tax on distributions that are: (i) eligible amounts rolled over in a timely manner to an IRA or eligible employer plan;
(ii) made to a beneficiary after the death of a Participant; (iii) attributable to the Participant&#8217;s permanent disability; (iv) made to a Participant who has separated from service during or after the year in which the participant attained age 55;
(v) used to pay reimbursed medical expenses that exceed 7.5% of adjusted gross income; or paid to alternate payees under a Qualified Domestic Relations Order.</FONT></P>

<P STYLE="text-align: center"><B><FONT size=2 face="Times-Bold,Times New Roman,Times,serif">WHERE YOU CAN FIND MORE INFORMATION</FONT></B></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">PSEG files annual, quarterly and special reports, proxy statements and other information with the SEC. You may read and copy any
document that PSEG files at the Public Reference Room of the SEC at 450 Fifth Street, N.W., Washington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. You may also obtain our
filings on the Internet at the SEC&#8217;s home page at http://www.sec.gov. PSEG&#8217;s Common Stock is listed on the New York Stock Exchange under the ticker symbol &#8220;PEG.&#8221; You can obtain information about PSEG at the offices of the New York
Stock Exchange, 20 Broad Street, New York, New York 10005.</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">This prospectus is part of a registration statement on Form S-8 filed with the SEC under the Securities Act of 1933. It does not contain
all of the information that is important to you. You should read the registration statement for further information with respect to the securities, the Trust and us. Statements contained in this prospectus concerning the provisions of any document filed
as an exhibit to the registration statement or otherwise filed with the SEC highlight selected information, and in each instance reference is made to the copy of the full document as filed with the SEC.</FONT></P><!-- Field: Page; Sequence: 48; Value: 2 -->
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PART II </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INFORMATION NOT REQUIRED IN THE PROSPECTUS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B></B><A NAME="toc648085_20"></A>Item&nbsp;3.</TD>
<TD ALIGN="left" VALIGN="top"><B></B>Incorporation of Documents by Reference.<B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following documents have been filed
by us with the Securities and Exchange Commission and are already incorporated by reference in this registration statement: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Annual Report on Form 10-K for the year ended December&nbsp;31, 2014; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Current Report on Form 8-K filed with the SEC on February 20, 2015; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Amended Current Report on Form 8-K dated January&nbsp;17, 1990 containing a description of our common stock, without par value. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All documents filed by us pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 on or after the date of this registration
statement and prior to the filing of a post-effective amendment to this registration statement which indicates that all securities offered pursuant to this registration statement have been sold or which deregisters all such securities then remaining
unsold shall be deemed to be incorporated by reference in this registration statement and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superceded for purposes of this registration statement to the extent that a statement herein or in any subsequently filed document which also is, or is deemed to be, incorporated by reference herein modifies
or supercedes such statement. Any such statement so modified or superceded shall not be deemed, except as so modified or superceded, to constitute a part of this registration statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You can get a free copy of any of the documents incorporated by reference by making an oral or written request directed to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Vice President, Investor
Relations </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PSEG
Services Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">80 Park Plaza, 6th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Newark, NJ 07101 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone
(973)&nbsp;430-6565 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You should rely only on the information contained or incorporated by reference or deemed to be incorporated by reference in this
prospectus. PSEG has not authorized anyone else to provide you with different or additional information. You should not rely on any other information or representations. PSEG&#146;s affairs may change after this prospectus is distributed. You should
not assume that the information in this prospectus is accurate as of any date other than the dates on the front of those documents. You should read all information supplementing this prospectus. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B></B>Item&nbsp;4.</TD>
<TD ALIGN="left" VALIGN="top">Description of Securities.<B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B></B>Item&nbsp;5.</TD>
<TD ALIGN="left" VALIGN="top">Interests of Named Experts and Counsel.<B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B></B>Item&nbsp;6.</TD>
<TD ALIGN="left" VALIGN="top">Indemnification of Directors and Officers.<B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Section&nbsp;14A:3-5 of the New Jersey
Business Corporation Act, we: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">have the power to indemnify each of our directors and officers (as well as our employees and agents) against expenses and liabilities in connection with any proceeding involving such person by reason of his/her being or
having been such director or officer other than a proceeding by or in our own right, if (a)&nbsp;such director or officer acted in good faith and in a manner he/she reasonably believed to be in or not opposed to our best interests, and (b)&nbsp;with
respect to any criminal proceeding, such director or officer had no reasonable cause to believe his/her conduct was unlawful; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">have power to indemnify each of our directors and officers against expenses in connection with any proceeding by or in our own right to procure a judgment in our favor which involves such director or officer by reason
of his/her being or having been such director or officer, if he/she acted in good faith and in a manner he/she reasonably believed to be in or not opposed to our best interests; however, in such proceeding no indemnification may be provided in
respect to any claim, issue or matter as to which such director or officer shall have been adjudged to be liable to us, unless, and only to the extent that, the court determines that the director or officer is fairly and reasonably entitled to
indemnity for such expenses as the court shall deem proper; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">must indemnify each of our directors and officers against expenses to the extent that he/she has been successful on the merits or otherwise in any proceeding referred to in (1)&nbsp;and (2)&nbsp;above or in defense of
any claim, issue or matter therein; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">have power to purchase and maintain insurance on behalf of a director or officer against any expenses incurred in any proceeding and any liabilities asserted against him/her by reason of his/her being or having been a
director or officer, whether or not we would have the power to indemnify him/her against such expenses and liabilities under the statute. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As used in the statute, &#147;expenses&#148; mean reasonable costs, disbursements and counsel fees, &#147;liabilities&#148; means amounts paid
or incurred in satisfaction of settlements, judgments, fines and penalties, and &#147;proceeding&#148; means any pending, threatened or completed civil, criminal, administrative or arbitrative action, suit or proceeding, and any appeal therein and
any inquiry or investigation which could lead to such action, suit or proceeding. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Indemnification may be awarded by a court under
(1)&nbsp;or (2)&nbsp;as well as under (3)&nbsp;above, notwithstanding a prior determination by us that the director or officer has not met the applicable standard of conduct. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Indemnification under the statute does not exclude any other rights to which a director or officer may be entitled under a certificate of
incorporation, by-law, or otherwise. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Article 8, Section&nbsp;1 of our Certificate of Amendment of Certificate of Incorporation provides as
follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Indemnification: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The corporation shall indemnify to the full extent from time to time permitted by law any person made, or threatened to be made, a party to any
pending, threatened or completed civil, criminal, administrative or arbitrative action, suit, or proceeding and any appeal therein (and any inquiry or investigation which could lead to such action, suit or proceeding) by reason of the fact that he
is or was a director, officer or employee of the corporation or serves or served any other enterprise as a director, officer or employee at the request of the corporation. Such right or indemnification shall inure to the benefit of the legal
representative of any such person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Article 8, Section&nbsp;2 of our Certificate of Amendment of Certificate of Incorporation provides as
follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Limitation of Liability: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">To the full extent from time to time permitted by law, directors and officers of the corporation shall not be personally liable to the
corporation or its shareholders for damages for breach of any duty owed to the corporation or its shareholders. No amendment or repeal of this provision shall adversely affect any right or protection of a director or officer of the corporation
existing at the time of such amendment or repeal. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Our directors and officers are insured under the policies of insurance, within the
limits and subject to the limitations of the policies, against claims made against them for acts in the discharge of their duties, and we are insured to the extent that we are required or permitted by law to indemnify the directors and officers for
such loss. We pay the premiums for such insurance. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B></B>Item&nbsp;7.<B></B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>Exemption from Registration Claimed.<B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B></B>Item&nbsp;8.</TD>
<TD ALIGN="left" VALIGN="top">Exhibits.<B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See Exhibit Index. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B></B>Item&nbsp;9.</TD>
<TD ALIGN="left" VALIGN="top">Undertakings.<B> </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">We hereby undertake: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">to include any prospectus required by Section&nbsp;10(a) (3)&nbsp;of the Securities Act of 1933; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective registration
statement; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>provided, however</I>, that paragraphs (1)&nbsp;(i)&nbsp;and (1)&nbsp;(ii)&nbsp;do not apply if the information required
to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by us pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">that, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">We hereby undertake that, for purposes of determining any liability under the Securities Act of 1933, each filing of our annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Securities Exchange Act
of 1934 that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons
pursuant to the foregoing provisions, or otherwise, we have been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore,
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
unenforceable. In the event that a claim for indemnification against such liabilities (other than our payment of expenses incurred or paid by one of our directors, officers, or controlling
persons in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by us is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such
issue. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the
requirements of the Securities Act of 1933, the registrant, Public Service Enterprise Group Incorporated, certifies that it
has reasonable grounds to believe it meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Newark, State
of New Jersey, on this  6th day of March, 2015.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Public Service Enterprise Group Incorporated</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ CAROLINE DORSA</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Caroline Dorsa</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Executive Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed
by the following person in the capacity and on the date indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:30.60pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Signature</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:28.40pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Capacity</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.10pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Date</P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ CAROLINE DORSA</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Principal Financial Officer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">March 6, 2015</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Caroline Dorsa</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/
                  STUART J BLACK</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Principal Accounting Officer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">March 6, 2015</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Stuart J. Black</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the
         requirements of the Securities Act of 1933, this Registration Statement has also been signed by Caroline Dorsa,
         Attorney-in-Fact, on behalf of the following persons in the capacities indicated on March 6, 2015. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:20.00pt; font-size:8pt; font-family:Times New Roman"><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:30.65pt; font-size:8pt; font-family:Times New Roman"><B>Capacity</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ralph Izzo</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Principal Executive Officer and Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Albert R. Gamper, Jr.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">William V. Hickey</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Shirley Ann Jackson</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">David Lilley</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Thomas A. Renyi</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Hak Cheol Shin</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Richard J. Swift</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Susan Tomasky</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Alfred W. Zollar</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ CAROLINE DORSA</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Caroline Dorsa</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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    <!-- Field: /Page -->

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT INDEX </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD WIDTH="88%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:47.65pt; font-size:8pt; font-family:Times New Roman"><B></B>EXHIBIT&nbsp;NO.<B></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1.00pt solid #000000; width:52.10pt; font-size:8pt; font-family:Times New Roman"><B></B>DESCRIPTION<B></B></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.1(a)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">PSEG&#146;s Certificate of Incorporation<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.1(b)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">PSEG&#146;s Certificate of Amendment of Certificate of Incorporation effective April 23, 1987<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.1(c)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">PSEG&#146;s Certificate of Amendment of Certificate of Incorporation effective April 20, 2007<SUP STYLE="font-size:85%; vertical-align:top">3</SUP></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.2</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">PSEG&#146;s By-Laws<SUP STYLE="font-size:85%; vertical-align:top">4</SUP></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>5</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Not Applicable</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>15</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Not Applicable</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Independent Auditors&#146; Consent</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Power of Attorney</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Previously filed as Exhibit 3.1a with Quarterly Report on Form 10-Q for the Quarter ended March 31, 2007, File No. 001-09120, on May 4, 2007 and incorporated herein by this reference </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Previously filed as Exhibit 3.1b with Quarterly Report on Form 10-Q for the Quarter ended March 31, 2007, File No. 001-09120, on May 4, 2007 and incorporated herein by this reference </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Previously filed as Exhibit 3.1c with Quarterly Report on Form 10-Q for the Quarter ended March 31, 2007, File No. 001-09120, on May 4, 2007 and incorporated herein by this reference. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Previously filed as Exhibit 3.1 with current Report on Form 8-K, File No. 001-09120 on November 18, 2009 and incorporated herein by this reference. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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</BODY></HTML>
[{"type": "S-8", "sequence": "1", "filename": "e62637s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 523426}]
{"company-data": {"conformed-name": "PUBLIC SERVICE ENTERPRISE GROUP INC", "cik": "0000788784", "assigned-sic": "4931", "irs-number": "222625848", "state-of-incorporation": "NJ", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-202594", "film-number": "15682653"}, "business-address": {"street1": "CORPORATE ACCOUNTING SERVICES", "street2": "80 PARK PLAZA, 9TH FLOOR", "city": "NEWARK", "state": "NJ", "zip": "07102-4194", "phone": "973-430-7000"}, "mail-address": {"street1": "CORPORATE ACCOUNTING SERVICES", "street2": "80 PARK PLAZA, 9TH FLOOR", "city": "NEWARK", "state": "NJ", "zip": "07102-4194"}}
Form S-8
As filed with the
 Securities and Exchange Commission on March 6, 2015
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-8
REGISTRATION STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
Public Service Enterprise Group Incorporated
(Exact name of Registrant as specified in its charter)
New Jersey
22-2625848
(State of Incorporation)
(I.R.S. Employer Identification No.)
80 Park Plaza, P.O. Box 1171, Newark, NJ 07101-1171
(Address, including zip code, of Registrant's principal executive offices)
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
Employee Savings Plan
(Full title of plan)
Caroline Dorsa
or
M. Courtney McCormick, Esq.
Executive Vice President
and Chief Financial Officer
Deputy General Counsel
80 Park Plaza
P.O. Box 1171
Newark, NJ
07101-1171
(973) 430-7000
(Name, address, including zip code, and telephone number, including area code, of agents for service)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
¨
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
Smaller reporting company
¨
CALCULATION OF REGISTRATION FEE
Title of Securities
to be registered
1
Amount to be
registered
Proposed
maximum
offering
price
per share
2
Proposed
maximum aggregate
offering price
2
Amount of
registration fee
1,2
Common Stock (without par value)
2,000,000 shares
$41.37
$82,740,000
$9,614
1
Pursuant to Rule 416(c) under the Securities Act of 1933, this registration statement also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan described herein.
2
Estimated in accordance with Rule 457(h) under the Securities Act of 1933 solely for
the purpose of determining the registration fee based on the average of the high and low prices of PSEG Common Stock on March
3, 2015 for, as reported in the consolidated reporting system.
2,000,000 SHARES
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
COMMON STOCK (WITHOUT PAR VALUE)
offered through the
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
EMPLOYEE SAVINGS PLAN
The Employee Savings Plan ("Savings Plan") of Public Service Enterprise Group Incorporated ("PSEG"), provides a convenient method for
represented employees of PSEG and its subsidiaries participating in the Savings Plan to purchase shares of PSEG's Common Stock (without par value) through payroll deductions without payment of any brokerage commission or service charge. While shares
of Common Stock are held under the Savings Plan, dividends on such shares are used to purchase additional shares of Common Stock.
PSEG's Employee Benefits Committee is the Savings Plan's plan administrator. Aon Hewitt is the Savings Plan's third-party administrator. The Savings
Plan provides that shares of Common Stock purchased for participants will be purchased in the open market by an agent independent of PSEG and its affiliates, as selected by PSEG or at PSEG's option, directly from PSEG.
The price per share of Common Stock purchased in the open market by any independent agent will be the weighted average price, excluding brokerage commissions, of
all shares acquired by that independent agent for the Savings Plan during the period such purchases are made. Any applicable brokerage commissions for purchases by any independent agent in the open market will be paid for by the Savings Plan and will be
an expense of the Savings Plan.
The price per share of Common Stock purchased directly from PSEG will be made at the average of the high and low sale prices of the Common Stock on the New York
Stock Exchange on the date that such shares are purchased. In the event that there are no trades reported on the date of purchase, the purchase price will be determined on the basis of such prices on the next prior date on which the Common Stock was
purchased.
You should read this prospectus carefully. If you are not now and do not wish to become a participant, or if you wish to continue your present participation without
change, no action on your part is required. If you wish to join the Savings Plan or change the amount of your payroll deductions under the Savings Plan, please follow the instructions for submitting an enrollment form to Benefits Express. It is suggested
that this prospectus be retained for future reference.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful and complete. Any representation to the contrary is a criminal offense.
March 6, 2015
TABLE OF CONTENTS
PAGE
General Information About the Savings Plan
6
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
EMPLOYEE SAVINGS PLAN
Article I Purpose
7
Section 1.1.
Purpose
7
Article II Definitions
7
Section 2.1.
Account
7
Section 2.2.
Active Participant
7
Section 2.3.
Additional Lump Sum Deposits
7
Section 2.4.
Affiliate
7
Section 2.5.
Basic Deposits
7
Section 2.6.
Board of Directors
7
Section 2.7.
Cash Balance Plan
7
Section 2.8.
Code
8
Section 2.9.
Commissioner
8
Section 2.10.
Committee
8
Section 2.11.
Company or Employee Benefits Committee
8
Section 2.12.
Company Common Stock
8
Section 2.13.
Company Common Stock Fund
8
Section 2.14.
Compensation
8
Section 2.15.
Deferred
9
Section 2.16.
Deposits
9
Section 2.17.
Disability
9
Section 2.18.
Eligible Employee
9
Section 2.19.
Employee
9
Section 2.20.
Employer
9
Section 2.21.
Employer Contributions
9
Section 2.22.
ERISA
9
Section 2.23.
Frozen ESOP Account
9
Section 2.24.
Fund
10
Section 2.25.
Highly Compensated Employee
10
Section 2.26.
Hour of Service
10
Section 2.27.
Investment Manager
11
Section 2.28.
Lay Off or Laid Off
11
Section 2.29.
Matured
11
Section 2.30.
Nondeferred
11
Section 2.31.
Participant
11
Section 2.32.
Participating Affiliate
11
Section 2.33.
Pension Plan
11
Section 2.34.
Personal Choice Retirement Account Fund
12
Section 2.35.
Plan
12
Section 2.36.
Plan Year
12
Section 2.37.
Qualified Domestic Relations Order or QDRO
12
Section 2.38.
Record Keeper
12
Section 2.39.
Required Beginning Date
12
2
Section 2.40.
Retirement
12
Section 2.41.
Retirement Choice Program
13
Section 2.42.
Rollover Contributions
13
Section 2.43.
Roth Account
13
Section 2.44.
Roth Elective Deferral
13
Section 2.45.
Savings Accounts
13
Section 2.46.
Spouse
14
Section 2.47.
Supplemental Deposits
14
Section 2.48.
Thrift Plan
14
Section 2.49.
Trust Agreement
14
Section 2.50.
Trust Fund
14
Section 2.51.
Trustee
14
Section 2.52.
Year of Service
14
Article III Participation
15
Section 3.1.
Participation
15
Section 3.2.
Effective Date of Participation
15
Article IV Deposits
16
Section 4.1.
Basic Deposits
16
Section 4.2.
Supplemental Deposits
16
Section 4.3.
Roth Elective Deferrals
16
Section 4.4.
Additional Lump Sum Deposits
16
Section 4.5.
Method of Deposits
17
Section 4.6.
Limits on Deferred Deposits
17
Section 4.7.
Distribution of Excess Deferral Amounts
17
Section 4.8.
Code Section 401(k) Limits on Deferred Deposits
18
Section 4.9.
Unmatched Employer Contributions
19
Section 4.10.
Changing Deposit Percentages
19
Section 4.11.
Suspension of Deposits
20
Section 4.12.
Limit on Additional Lump Sum Deposits
20
Section 4.13.
Elections
20
Section 4.14.
Rollover Contributions
20
Section 4.15.
Transfers from the Thrift Plan
20
Section 4.16.
Qualifying Military Service
21
Article V Employer Contributions
21
Section 5.1.
Amount and Payment of Employer Contributions
21
Section 5.2.
Employer Contributions in Company Common Stock
22
Section 5.3.
Reduction of Employer Contributions by Forfeitures
22
Section 5.4.
Maximum Annual Additions
22
Section 5.5.
Return of Employer Contributions
22
Section 5.6.
Allocation from Cash Balance Plan
22
Section 5.7.
Qualified Military Service
22
Article VI Savings Account and Roth Account Investments
23
Section 6.1.
Investments of Deposits, Rollover Contributions and Employer Contributions
23
Section 6.2.
Change in Investment Direction
23
Section 6.3.
Transfer/Reallocation of Investments
23
Section 6.4.
Quarterly Automatic Rebalancing
23
3
Section 6.5.
Loans
24
Section 6.6.
Special Rules for Investment in the Personal Choice Retirement Account Fund
24
Section 6.7.
Election to Reinvest or Distribute Cash Dividends
25
Section 6.8.
Special Rule for Default Investment of Accounts
25
Article VII Savings Account and Roth Account Funds
26
Section 7.1.
Establishment of Funds
26
Section 7.2.
Company Common Stock Fund
26
Article VIII Savings Accounts and Roth Accounts
27
Section 8.1.
Establishment
27
Section 8.2.
Measure of Savings Accounts and Roth Accounts
27
Section 8.3.
Valuation of Funds
27
Section 8.4.
Valuation of Savings Accounts and Roth Accounts
27
Section 8.5.
Separate Accounting with Savings Account
28
Article IX Frozen ESOP Accounts
28
Section 9.1.
Maintenance of Separate Accounts
28
Section 9.2.
Allocation of Distributions
28
Section 9.3.
Withdrawals or Transfers
28
Section 9.4.
Dividends and Other Income
28
Section 9.5.
Voting of Frozen ESOP Account Common Stock
28
Article X Vesting
29
Section 10.1.
Vesting of Employer Contributions
29
Section 10.2.
Vesting of Retirement Choice Program Allocation Subaccount
29
Section 10.3.
Qualified Military Service
29
Section 10.4.
Vesting of Deposits, Rollover Contributions and Frozen ESOP Account
29
Article XI Account Distributions and Withdrawals
29
Section 11.1.
Distribution Upon Retirement, Disability, Lay Off or Death
29
Section 11.2.
Distribution Upon Other Termination of Employment
30
Section 11.3.
Partial Distributions Following Termination of Employment
31
Section 11.4.
Withdrawal of Nondeferred Deposits and
Employer Contributions During Employment
31
Section 11.5.
Withdrawals of Deferred Deposits During Employment After Age 59
1
/
2
32
Section 11.6.
Hardship Withdrawals
32
Section 11.7.
Suspension of Participation
34
Section 11.8.
Transfer of Employment
34
Section 11.9.
Form of Distributions
34
Section 11.10.
Time of Distributions
35
Section 11.11.
Limitation on Post Age 70
1
/
2
Distributions
35
Section 11.12.
Distribution in the Case of Certain Disabilities
36
Section 11.13.
Loans
36
Section 11.14.
Inability to Locate Payee
37
Section 11.15.
Federal Income Tax Withholding on Distributions and Withdrawals
37
Section 11.16.
Direct Rollover to Another Plan or IRA
37
Section 11.17.
Distributions on Account of Military Service
38
Section 11.18.
Optional Forms of Payment for Merged Plans
38
4
Article XII Limits on Benefits and Contributions Under Qualified Plans
39
Section 12.1.
Definitions
39
Section 12.2.
Annual Addition Limits
40
Article XIII Beneficiary in Event of Death
41
Section 13.1.
Designation and Change of Beneficiary
41
Article XIV Administration
41
Section 14.1.
Named Fiduciary
41
Section 14.2.
Administration
41
Section 14.3.
Control and Management of Assets
42
Section 14.4.
Benefits to be Paid from Trust
42
Section 14.5.
Expenses
42
Section 14.6.
Overpayments
43
Article XV Claims Procedure
43
Section 15.1.
Filing of Claims
43
Section 15.2.
Appeal of Claims
43
Section 15.3.
Review of Appeals
43
Article XVI Merger or Consolidation
43
Section 16.1.
Merger or Consolidation
43
Article XVII Non-Alienation of Benefits
43
Section 17.1.
Non-Alienation of Benefits
43
Article XVIII Amendments
43
Section 18.1.
Amendment Process
43
Article XIX Termination
44
Section 19.1.
Authority to Terminate
44
Section 19.2.
Distribution Upon Termination
44
Article XX Plan Confers No Right to Employment
44
Section 20.1.
No Right to Employment
44
Article XXI Alternate Payees
44
Section 21.1.
Alternate Payees Under QDROs
44
Article XXII Construction
44
Section 22.1.
Governing Law
44
Section 22.2.
Headings
44
Additional Information About the Savings Plan
45
Tax Consequences of the Savings Plan
45
Where You Can Find More Information
48
5
GENERAL INFORMATION ABOUT THE SAVINGS PLAN
The Savings Plan is administered by the Employee Benefits Committee appointed from time to time by the PSEG Board of Directors. The
Committee has overall responsibility for the administration and interpretation of the Savings Plan.
PSEG Services Corporation, PSEG's subsidiary, is responsible for receiving and processing enrollment forms and making payroll
deductions. PSEG Services Corporation, PSEG's subsidiary, is located at 80 Park Plaza, Newark, NJ 07102.
Aon Hewitt is third-party administrator for the Savings Plan. The third-party administrator keeps a continuing record of
Participants' accounts under the Savings Plan, sends quarterly statements of account to Participants and performs other duties relating to the Savings Plan for Participants. The third-party administrator is located at Benefits Express (PSEG), 4
Overlook Point, P.O. Box 1584, Lincolnshire, IL 60069-1584.
The Savings Plan has been in effect since 1999 and, previously, was the Employee Savings Plan of Public Service Electric and Gas Company
established in 1981. The Savings Plan was last amended effective January 31, 2014. There are approximately 6,328 participants in the Savings Plan.
6
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
EMPLOYEE SAVINGS PLAN
ARTICLE I
PURPOSE
Section 1.1. Purpose
. The purpose of the Plan is to encourage
and assist thrift and savings by eligible bargaining unit employees of Public Service Enterprise Group Incorporated and certain of its Affiliates through tax-sheltered forms of investment. The Plan and its related Trust Fund are intended to meet the
requirements applicable to qualified profit-sharing plans under sections 401(a), 401(k), 401(m) and 501(a) of the Code and the requirements applicable to employee stock ownership plans under section 4975(e)(7) of the Code.
The Plan is intended to constitute a plan described in section 404(c) of the Employee Retirement Income Security Act of 1974, as
amended, and Department of Labor regulations section 2550.404c-l. As a result, fiduciaries of the Plan may be relieved of liability for any losses that are the direct and necessary result of investment instructions given by Participants and
beneficiaries.
ARTICLE II
DEFINITIONS
When used herein, the words and phrases hereinafter defined shall have the following meanings unless a different meaning is clearly
required by the context of the Plan:
Section 2.1. "
Account
"
shall mean the separate account maintained
in the Plan for each Participant which consists of the Participant's Savings Account, Roth Account and/or the Participant's Frozen ESOP Account.
Section 2.2. "
Active
Participant
"
shall mean a Participant who is an Eligible Employee presently making Nondeferred
Deposits or for whom Deferred Deposits are presently being made.
Section 2.3. "
Additional Lump Sum
Deposits
"
shall mean that amount which is contributed to the Plan by a Participant on a lump sum
basis. Additional Lump Sum Deposits shall not be entitled to be matched by Employer Contributions.
Section 2.4. "
Affiliate
"
shall mean—
(a)
any
organization while it is a member of a controlled group of corporations (as defined in Code section 414(b) as modified by Code
section 415(h)) which includes the Company;
(b)
any
trades or businesses (whether or not incorporated) while they are under common control (as defined in Code section 414(c) as modified
by Code section 415(h)) with the Company;
(c)
any
organization during any period in which it (along with the Company) is a member of an affiliated service group (as defined in
Code section 414(m)); or
(d)
any
other entity during any period in which it is required to be aggregated with the Company under Code section 414(o).
Section 2.5. "
Basic
Deposits
"
shall mean that amount, not less than 1%, nor more than 7% of a Participant's
Compensation, contributed to the Plan through payroll deduction by or on behalf of a Participant which is entitled to be matched by Employer Contributions.
Section 2.6. "
Board of
Directors
"
shall mean the Board of Directors of the Company.
Section 2.7. "
Cash Balance
Plan
"
shall mean the Cash Balance Pension Plan for Represented Employees of Public Service
Enterprise Group Incorporated (formerly known as the "Cash Balance Pension Plan for Represented Employees of Public Service Electric and Gas Company'') or the Cash Balance Pension Plan of Public Service Enterprise Group Incorporated
(formerly known as the "Cash Balance Pension Plan of Public Service Electric and Gas Company'').
7
Section 2.8. "
Code
"
shall mean the Internal Revenue Code of 1986, as amended, or as it may be amended from time to time. A reference to a section
of the Code shall also refer to any regulations and other guidance issued under that section.
Section 2.9. "
Commissioner
''
shall mean the Commissioner of
Internal Revenue.
Section 2.10. "
Committee
"
or "Employee Benefits
Committee" shall mean the Employee Benefits Committee of the Company appointed by the Board of Directors.
Section 2.11. "
Company
''
shall mean Public Service Enterprise Group Incorporated or its successor.
Section 2.12. "
Company Common
Stock
"
shall mean the Common Stock, without nominal or par value, of the Company.
Section 2.13. "
Company Common Stock
Fund
"
shall mean the Fund established pursuant to Section 7.1(a). The Company Common Stock Fund is
intended to qualify as an employee stock ownership plan under Code section 4975(e)(7).
Section 2.14. "
Compensation
"
shall mean the total remuneration paid
to a Participant for services rendered to an Employer excluding the Employer's cost for any public or private employee benefit plan, but including all Deferred Basic and Supplemental Deposits made by a Participant or on a Participant's behalf
to this Plan and all elective contributions that are made by an Employer on behalf of a Participant which are not includible in income under Code section 125 or 132(f)(4), under rules adopted by the Committee which are uniformly applicable to all
Participants similarly situated. However, Compensation shall not include the following:
(a)
any
amounts which are deferred under any deferred compensation plan of the Company or any Affiliate and any payments from any such
plans of any previously deferred amount;
(b)
any
amounts which constitute reimbursement of expenses;
(c)
the
following miscellaneous payments:
(1)
separation
pay;
(2)
gratuity
payments upon death;
(3)
payment
for vacation due at time of death;
(4)
worker's
compensation for permanent partial disability;
(5)
Employer
contributions for social security, unemployment compensation or other taxes;
(6)
Employer
payments toward reimbursement of adoption expenses; and
(7)
payments
made expressly for the purpose of satisfying withholding tax liabilities on awards earned pursuant to any employee suggestion
program of any Employer;
(d)
the
following special international payments:
(1)
international
service premium;
(2)
commodities
and services allowance;
(3)
equalization
pay;
(4)
transportation
allowance;
(5)
foreign
service pay; and
(6)
hardship
allowance; and
(e)
any
amounts received by a Participant as a result of the sale of vacation entitlements.
Effective from the first payroll period beginning after March 1, 2010, Compensation for Participants, other than Participants in units
of Employees represented by Utility Workers Union of America (UWUA) Local 601, shall be limited to a Participant's base pay, his/her overtime pay and amounts received pursuant to the incentive
8
compensation program in which he/she is a participant. Compensation shall, however, exclude the Company's or Participating Affiliate's cost for any public
or private employee benefit plan, including this Plan, but shall include all elective contributions that are made by the Company or Participating Affiliate on behalf of a Participant which are not includible in income under Code sections 125, 132(f)(4)
or 401(k). Compensation shall also exclude any amounts that would otherwise be excluded pursuant to the terms of subparagraphs (a), (b), and (c), above).
Notwithstanding anything in the Plan to the contrary, Compensation shall include differential pay in the Plan Year in which it is
paid.
In any case, however, Compensation of each Participant taken into account for any Plan Year shall not exceed the applicable compensation
limit for such year determined under Code section 401(a)(17). This limit on annual compensation shall be adjusted for cost-of-living increases in accordance with Code section 401(a)(17)(B).
Section 2.15. "
Deferred
"
in reference to Deposits shall mean that
such Deposits are deferred from current Federal income taxation under Code section 401(k)), provided, however, that effective August 1, 2006, the term "Deferred" in reference to Deposits shall also apply to Roth Elective
Deferrals.
Section 2.16. "
Deposits
"
shall mean the aggregate of Additional Lump
Sum Deposits, Basic Deposits and Supplemental Deposits made by or on behalf of a Participant to his or her Account. The total of all Deposits made by or on behalf of a Participant in any Plan Year shall not exceed 50% of the Participant's
Compensation for such Plan Year. Deposits shall include "Deferred Compensation" credited to the Participant under the U.S. Energy Partners 401(k) Plan, "Elective Deferrals" credited to the Participant under the Arden Engineering
Constructors, Inc. 401(k) Plan, "Employee Pre-Tax Basic Contributions" credited to the Participant under the Fluidics, Inc. Retirement and 401(k) Plan, and "Salary Reduction Contributions" credited to the Participant under the
Wisvest-Connecticut 401(k) Plan.
Section 2.17. "
Disability
''
shall mean any physical or mental
condition which renders a Participant incapable of performing further work for his or her Employer, as certified in writing by a Doctor of Medicine designated and approved by the Committee.
Section 2.18. "
Eligible
Employee
"
shall mean any individual included in a unit of employees covered by a collective
bargaining agreement who is an Employee of the Company or a Participating Affiliate and who is receiving remuneration for personal services rendered to the Company or Participating Affiliate other than (1) solely as a director of the Company or a
Participating Affiliate, (2) as a consultant, (3) as an independent contractor, (4) as an individual who is a "leased employee" within the meaning of Code section 414(n) and as defined in section 2.26(e) of this Plan, or (5) any other
individual engaged by the Company or Participating Affiliate in a relationship mat the Company characterizes as other than an employment relationship or who has waived his or her rights to coverage as an employee (regardless of whether a determination is
made by the Internal Revenue Service or other governmental agency or court after the individual is engaged to perform such services that the individual is an employee of the Company or Participating Affiliate for the purposes of the Code or
otherwise).
Section 2.19. "
Employee
"
shall mean any individual employed by the Company or an Affiliate.
Section 2.20. "
Employer
"
shall mean the Company and any Participating Affiliate.
Section 2.21. "
Employer
Contributions
"
shall mean the amounts contributed to the Plan on behalf of Participants by an
Employer in accordance with Article V. Employer Contributions shall include "Employer's Matching Contributions" and "Employee Nonelective Contributions" credited to the Participant under the Fluidics, Inc. 401(k) Plan and
"Employer Matching Contributions" and "Employer Discretionary Contributions" credited to the Participant under the Wisvest-Connecticut 401(k) Plan.
Section 2.22. "
ERISA
"
shall mean the Employee Retirement Income
Security Act of 197 4, as amended, or as it may be amended from time to time. A reference to a section of ERISA shall also refer to any regulations and other guidance issued under that section.
Section 2.23. "
Frozen ESOP
Account
"
shall mean that separate portion of an Account established pursuant to Section 9.1 which
evidences the shares of Company Common Stock transferred to the Plan for the Account of a Participant, pursuant to the merger with this Plan with the Public Service Electric and Gas Company Tax
9
Reduction Act Employee Stock Ownership Plan (TRASOP) and/or the Public Service Electric and Gas Company Payroll-Based Employee Stock Ownership Plan (PA YSOP),
including the net worth of the Trust Fund attributable thereto.
Section 2.24. "
Fund
"
shall mean any of the funds or other investment
options established under the Plan for the investment of Participants'Accounts and a loan fund for each Participant who takes a loan under Section 11.13. The Thrift and Pension Investment Committee shall have the discretion to add, change, or
eliminate Funds as it deems appropriate. Except as otherwise directed by the Thrift and Pension Investment Committee, the Funds shall include a Company Common Stock Fund and a Personal Choice Retirement Account Fund.
Section 2.25. "
Highly Compensated Employee
"
shall mean:
(a)
any
Employee, as defined in section 414(q) of the Code, who at any time:
(1)
during
the Plan Year or the preceding Plan Year was at any time a 5% owner (as defined in Code section 416(i)(l)); or
(2)
for
the preceding Plan Year, received Compensation (as defined in section 12.l(c)) from the Company or an Affiliate in excess of $80,000
(as adjusted for cost-of-living increases).
(b)
If
so elected, the Company may also provide that an Employee with Compensation in excess of $80,000 (as adjusted for cost-of-living
increases) shall be a Highly Compensated Employee only if such Employee is in the group consisting of the top 20% of Employees
when ranked on the basis of Compensation paid during such Plan Year, excluding those Employees permitted to be excluded pursuant
to Code section 414(q) (herein referred to as the "Top Paid Group Election").
Effective
for Plan Years beginning on or after January 1, 1997, the Company shall determine its Highly Compensated Employees without application
of the Top Paid Group Election. Notwithstanding the foregoing, the Company may apply the Top Paid Group Election with respect
to a Plan Year so long as such election is applied consistently to the determination years of all plans (retirement and non-retirement)
of the Company that begin within the same calendar year and so long as the Plan is amended to reflect the application of the Top
Paid Group Election to a given Plan Year.
Section 2.26. "
Hour of Service
"
shall mean:
(a)
Each
hour for which an Employee is directly or indirectly paid remuneration or entitled to such payment by an Employer for the performance
of duties;
(b)
Each
hour for which an Employee is paid or entitled to payment by the Company on account of a period of time during which no duties
are performed (whether or not the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including
disability), layoff, jury duty, military service, or leave of absence; provided, however, that an Employee shall not be credited
with more than 501 Hours of Service under this sentence for any continuous period during which he or she performs no duties for
the Company. Notwithstanding the preceding provisions of this subsection (b), no credit will be given:
(1)
for
an Hour of Service for which the individual is directly or indirectly paid, or entitled to payment, on account of a period during
which no duties are performed if such payment is made or due under a plan maintained solely for the purpose of complying with
applicable worker's compensation, unemployment compensation, or disability insurance laws; or
(2)
for
an Hour of Service for which a payment is made, which solely reimburses the individual for medical or medically related expenses
incurred.
(c)
Each
hour not otherwise credited under the Plan for which back pay, irrespective of mitigation of damages, is either awarded or agreed
to by an Employer. No more than 501 Hours of Service shall be credited under this item (c) for a period of time during which the
Employee did not or would not have performed duties.
(d)
Hours
of Service will be credited for employment with an Affiliate.
10
(e)
Hours
of Service will be credited for employment as a "leased employee" as that term is defined in Code section 414(n) and
as defined below, if such leased employee participates in the Plan as a result of subsequent employment with the Company or an
Affiliate. A "leased employee" shall mean a person performing services for the Company or an Affiliate who is not
a common-law employee where—
(1)
such
services are provided pursuant to an agreement between the Participating Affiliate and any other person or entity (hereinafter
referred to as the "leasing organization");
(2)
such
person has performed the services for the Participating Affiliate on a substantially full-time basis for a period of at least
one year;
(3)
such
services are performed under the primary direction of or control by the Participating Affiliate; and
(4)
the
person is not covered by a safe harbor plan under Code section 414(n)(5) maintained by the leasing organization. In applying the
provisions of this paragraph (4), the Company or an Affiliate may rely upon a written certificate by the leasing organization
that the individual is covered by a plan of the type described.
(f)
An
Employee shall be credited with an Hour of Service for each month during any period the Employee is absent from work with the
Company or an Affiliate for qualified military service in accordance with Code section 414(u). Notwithstanding the foregoing,
if the Employee fails to report to work before reemployment rights expire, the Employee shall not receive credit for Hours of
Service during such military leave.
(g)
The
number of Hours of Service to be credited an Employee shall be on the basis of months of employment under which an Employee is
credited with 190 Hours of Service for each month for which such Employee would be required to be credited with at least one Hour
of Service.
(h)
The
crediting of Hours of Service under this Plan will be applied under the rules of paragraph (b) and (c) of the Department of Labor
Regulation 2530.200b-2, which, by this reference, will be specifically incorporated in full into this Plan.
Section 2.27. "
Investment Manager
"
shall mean an investment manager as defined in ERISA section 3(38).
Section 2.28. "
Lay
Off
" or "
Laid Off
"
shall mean a Participant's involuntary separation from service with an Employer because of a reduction in work force at a time
when there is no further work available with the Employer for which the Participant is qualified.
Section 2.29. "
Matured
"
in reference to Deposits and Employer
Contributions shall mean that the respective amount has been held in the Plan for at least 24 months. The 24-month period will include periods during which Deposits and Employer Contributions held in the Participant's Account were held in the
Fluidics, Inc. Retirement and 401(k) Plan. The 24-month period shall also include periods during which Deposits and Employer Contributions held in the Participant's Savings Account were held in the Wisvest-Connecticut 401(k) Plan, if
applicable.
Section 2.30. "
Nondeferred
"
in reference to Deposits shall mean that
such Deposits are not deferred from current Federal income taxation under Code section 401(k).
Section 2.31. "
Participant
"
shall mean any person who has an interest in the Trust Fund.
Section 2.32. "
Participating
Affiliate
"
shall mean any Affiliate of the Company which: (a) adopts the Plan with the approval of
the Board of Directors; (b) authorizes the Board of Directors, the Employee Benefits Committee and the Thrift and Pension Investment Committee to act for it in all matters arising under or with respect to the Plan; and (c) complies with such other terms
and conditions relating to the Plan as may be imposed by the Board of Directors. For the avoidance of any doubt, a Participating Affiliate shall not include Long Island Electric Utility ServCo LLC.
Section 2.33. "
Pension
Plan
"
shall mean the Pension Plan of Public Service Enterprise Group Incorporated (formerly known as
the "Pension Plan of Public Service Electric and Gas Company").
11
Section 2.34. "
Personal Choice Retirement
Account Fund
"
shall mean the Fund established pursuant to Section 7.1(b).
Section 2.35. "
Plan
"
shall mean this Public Service Enterprise Group
Incorporated Employee Savings Plan (formerly known as the "Public Service Electric and Gas Company Employee Savings Plan"), including all amendments hereto which may hereafter be made.
Section 2.36. "
Plan Year
"
shall mean the calendar year.
Section 2.37. "
Qualified Domestic Relations
Order
" or "
QDRO
"
shall mean any judgment, decree or order pursuant to a state domestic relations or community property law which relates to the
provision of child support or marital property rights, which creates or recognizes the existence of an alternate payee's right to (or assigns to all alternate payee the right to) receive all or part of a Participant's Account, and which meets
the requirements of(a) and (b) below, as interpreted in accordance with Code section 414(p):
(a)
such
order specifies:
(1)
the
name and last known mailing address of the Participant and each alternate payee;
(2)
the
amount or the percentage of the Participant's Account to be paid to each alternate payee, or the manner in which such amount
or percentage is to be determined;
(3)
the
number of payments or the period to which the order applies; and
(4)
each
plan to which such order applies; and
(b)
such
order does not require the Plan to:
(1)
provide
any type or form of benefit or option not otherwise provided under the Plan;
(2)
provide
increased benefits; or
(3)
pay
to an alternate payee amounts required to be paid to another alternate payee under a prior QDRO.
Section 2.38. "
Record
Keeper
"
shall mean the person(s) or entity(ies) designated by the Committee to maintain the records
of the Plan and Plan Accounts and to perform such other functions as may be designated by the Committee.
Section
2.39. "
Required Beginning Date
"
shall mean with respect to distributions to any
Participant, no later than the April 1 of the calendar year following the calendar year in which the Participant attains age 70
1
/2
;
provided, however, that with respect to distributions to any Participant who attained age 70 before July 1, 1987 and who was not
a "5% owner," the Required Beginning Date for such Participant shall be April 1 of the calendar year following the
calendar year in which (1) the Participant attains age 70
1/2
or (2) the Participant retires, whichever is later.
Effective as of January 1, 2003, "Required Beginning Date" shall mean with respect to distributions to any Participant
other than a 5% owner, April 1 of the calendar year following the calendar year in which the Participant attains age 70
1/2
or retires, whichever is later. The Required Beginning
Date for a 5% owner shall mean no later than the April l of the calendar year following the calendar year in which such 5% owner
attains age 70
1/2
.
For purposes of this Section 2.40, a "5% owner" shall mean any person owning (or considered as owning within the meaning
of Code section 318) more than 5% of the outstanding stock of an Employer or stock possessing more than 5% of the total combined
voting power of such stock.
Section 2.40. "
Retirement
"
shall mean the termination of employment
by a Participant, other than by reason of his or her death, after attaining age 65 or—
(a)
in
the case of a participant in the Pension Plan, when the sum of the Participant's age and credited service (as defined in
the Pension Plan) equals or exceeds 80 or under circumstances otherwise entitling the Participant to an immediately payable periodic
retirement benefit under the Pension Plan, or
(b)
in
the case of a participant in the Cash Balance Plan, after attaining age 55 and completing five or more years of credited service
(as defined in the Cash Balance Plan).
12
Section 2.41. "
Retirement Choice
Program
"
shall mean the Public Service Enterprise Group Incorporated Retirement Choice Program
(formerly known as the "Public Service Electric and Gas Company Retirement Choice Program") or the Public Service Enterprise Group Incorporated Retirement Choice Program for Represented Employees (formerly known as the "Public Service
Electric and Gas Company Retirement Choice Program for Represented Employees").
Section 2.42. "
Rollover
Contributions
"
shall mean Eligible Employee contributions transferred to the Plan, in accordance
with Section 4.14, from a trust under another plan qualified under Code sections 501(a) and 401(a), respectively. Rollover Contributions shall also include "Rollover Contributions" credited to the Participant under the Fluidics, Inc.
Retirement and 401(k) Plan, or the Wisvest-Connecticut 401(k) Plan. Effective as of January 1, 2002, Rollover Contributions shall also include Eligible Employee contributions transferred to the Plan, in accordance with Section 4.15, from the
following:
(a)
a
qualified plan described in both Code sections 401(a) and 403(a), including after-tax employee contributions;
(b)
an
annuity contract described in Code section 403(b);
(c)
an
eligible plan under Code section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality
of a state or political subdivision of a state; and
(d)
an
individual retirement account or annuity described in Code sections 408(a) or 408(b) that is eligible to be rolled over.
Rollover
Contributions shall include any amounts from a "qualified Roth contribution program" as defined in Code section 402A(b).
Section 2.43. "
Roth
Account
"
shall mean that separate portion of an Account established pursuant to Section 8.1(b) which
evidences the value of Roth Elective Deferrals on behalf of a Participant under the Plan, including the net worth of the Trust Fund attributable thereto.
Section 2.44. "
Roth Elective
Deferral
"
shall mean an elective deferral by a Participant that is designated irrevocably by the
Participant in accordance with Section 4.3 as a Roth elective deferral and that is being made in lieu of all or a portion of the Deferred Deposits that are pre-tax elective deferrals the Participant is otherwise eligible to make under the Plan. Roth
Elective Deferrals are treated as includable in the Participant's income at the time the Participant would have received that amount in cash if the Participant had not made a deferral election.
Section 2.45.
"Savings Account"
shall mean that separate portion of an Account established pursuant to Section 8.1(a) and which consists of the sum of the following subaccounts of such Participant:
(a)
Basic
Deposit Subaccount
shall mean that portion
of a Participant's Savings Account which evidences the value of Basic Deposits by or on behalf of a Participant under the
Plan, including the net worth of the Trust Fund attributable thereto.
(b)
Supplemental
Deposit Subaccount
shall mean that portion
of a Participant's Savings Account which evidences the value of Supplemental Deposits and Additional Lump Sum Deposits under
the Plan, assets transferred by the Participant from his or her Frozen ESOP Account, and Rollover Contributions to the Plan by
or on behalf of a Participant, including the net worth of the Trust Fund attributable thereto, and also including Deposits and
Rollover Contributions credited to the Participant under the Fluidics, Inc. Retirement and 401(k) Plan and the Wisvest-Connecticut
401(k) Plan and merged into this Plan.
(c)
Employer
Contribution Subaccount
shall mean that portion
of a Participant's Savings Account which evidences the value of Employer Contributions which have been credited to a Participant's
Account under Section 5.1 of the Plan (less any forfeitures), including the net worth of the Trust Fund attributable thereto,
and also including Employer Contributions credited to the Participant under the Fluidics, Inc. Retirement and 401(k) Plan and
the Wisvest-Connecticut 401(k) Plan and merged into this Plan.
13
(d)
Retirement
Choice Program Allocation Subaccount
shall
mean that portion of a Participant's Savings Account which evidences the value of certain service and age points allocated
to this Plan pursuant to the Cash Balance Plan and the Retirement Choice Plan and in accordance with Section 5.6 herein, including
the net worth of the Trust Fund attributable thereto.
Section 2.46. "
Spouse
"
shall mean the person to whom the Participant
is married. Spouse shall include a person of the same sex if the individuals are lawfully married under applicable law even if the married couple is domiciled in a state that does not recognize the validity of same-sex marriages. Spouse shall not include
individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, or other similar formal relationship recognized under state law that is not denominated as a manage under the laws of that
state.
Section 2.47. "
Supplemental
Deposits
"
shall mean the amount, if any, of Compensation contributed to the Plan through payroll
deduction by or on behalf of a Participant which is greater than the maximum permitted Basic Deposit. Supplemental Deposits shall include "Deferred Compensation" credited to the Participant under the U.S. Energy Partners 401(k) Plan
"Elective Deferrals" credited to the Participant under the Arden Engineering Constructors, Inc. 401(k) Plan, "Employee Pre-Tax Basic Contributions" credited to the Participant under the Fluidics, 1nc. Retirement and 401(k) Plan,
and "Salary Reduction Contributions" credited to the Participant under the Wisvest-Connecticut 401(k) Plan.
Section 2.48. "
Thrift
Plan
"
shall mean the Public Service Enterprise Group Incorporated Thrift and Tax-Deferred Savings
Plan (formerly known as the Public Service Electric and Gas Company Thrift and Tax-Deferred Savings Plan.
Section 2.49. "
Trust
Agreement
'
' shall mean the agreement between the Company and the Trustee which provides for
the management of the Trust Fund and the investment of Deposits, Employer Contributions and Rollover Contributions to the Plan and investment of Plan assets.
Section 2.50. "
Trust
Fund
"
shall mean the aggregate of Additional Lump Sum Deposits, Basic and Supplemental Deposits made
by or on behalf of Participants, Rollover Contributions and Employer Contributions, together with Frozen ESOP Accounts, increased by any profits or income thereon, and decreased by any losses thereon and by any payments made therefrom.
Section 2.51. ''
Trustee
"
shall mean any individual(s) or
corporation(s) by whom any assets of the Plan are held under the Trust Agreement.
Section 2.52. "
Year of
Service
"
shall mean the 12 consecutive month period beginning on the first day of the month in which
an Employee commences employment with the Company or an Affiliate and each succeeding 12 consecutive month period beginning on the yearly anniversary of such day, during which the Employee completes not less than 1,000 Hours of Service. The determination
of whether an Employee shall have completed not less than 1,000 Hours of Service during any such period shall be made by crediting such Employee with 190 Hours of Service for each calendar month during such period in which the Employee is entitled to be
credited with at least one Hour of Service for such month. For purposes of determining eligibility for Employer Contributions under Section 5.1, an Employee shall complete a Year of Service during the month in which he or she is credited with 1,000 Hours
of Service during the applicable 12-month period. In addition, any Employee whose Account includes balances transferred from the Fluidics, Inc. Retirement and 401(k) Plan or the Wisvest-Connecticut 401(k) Plan shall, for purposes of determining Year of
Service hereunder, be credited with service with Fluidics, Inc., Wisvest Corporation or Wisvest-Connecticut LLC, as appropriate, in accordance with this Section 2.52.
Furthermore, for purposes of determining Year of Service hereunder, any Employee who as of January 11, 1998 was an employee of Fluidics,
Inc., who, effective as of January 12, 1998 became an Employee of the Company or an Affiliate, and who is a member of one of the following units of Employees covered by a collective bargaining agreement, shall for purposes of this Section 2.52 only, be
deemed to have commenced employment as of January 12, 1998. The foregoing sentence shall not apply with respect to any Employee whose Account includes balances transferred from the Fluidics, Inc. Retirement and 401(k) Plan.
(a)
Bristol
Myers Squibb (NJ) Local 9 Plumbers and Pipefitters Union
(b)
Local
9 Plumbers and Pipefitters
(c)
Local
107 (PA) Teamsters
14
ARTICLE III
PARTICIPATION
Section 3.1. Participation.
Each Eligible Employee may become a
Participant by applying with the Record Keeper to establish a Savings Account or Roth Account or accept a Rollover Contribution on such Eligible Employee's behalf, when a Frozen ESOP Account was established on his or her behalf, or when the
Eligible Employee elects to make transfers of age and service credits pursuant to the terms of the Cash Balance Plan and the Retirement Choice Program. An Eligible Employee who, at the time he or she becomes employed by the Company or a Participating
Affiliate is a participant in the Thrift Plan, shall be automatically enrolled in the Plan, and account balances held in that plan shall be transferred to this Plan.
By contacting the Record Keeper and using its automatic voice response system or such other method as approved by the Committee, the
Eligible Employee can (a) arrange for the payment of an Additional Lump Sum Deposit to the Plan, (b) authorize his or her Employer to withhold an amount in a specified percentage of his or her Compensation, (c) authorize his or her Employer to accept a
Rollover Contribution from another eligible plan in accordance with Section 4.14, (d) authorize establishing an Account to accept transfers of age and service credits pursuant to the terms of the Cash Balance Plan and the Retirement Choice Program, and
(e) authorize the Record Keeper and/or Employer to pay any such amount to the Trustee for investment in an applicable Account under the Plan in accordance with the Eligible Employee's instructions.
An Eligible Employee who was a former employee of Wisvest-Connecticut LLC or Wisvest Corporation shall become a Participant upon the
earlier of: (i) the establishment of a Savings Account to accept the assets merged with this Plan from the Wisvest-Connecticut 401(k) Plan, effective December 31, 2002, or (ii) any of the methods for participation set forth above in this
Section3.1.
Notwithstanding the foregoing, in the case of any Eligible Employee who is hired or rehired to a permanent, full-time position on or
after January 1, 2008, the Eligible Employee shall be provided with information on automatic enrollment upon his or her initial eligibility for the Plan. Unless the Eligible Employee timely elects to decline making Deposits or to elect an alternate
contribution percentage, the Eligible Employee shall be automatically enrolled in the Plan and shall have Basic Deferred Deposits (none of which shall be designated as Roth Elective Deferrals) made by the Employer on his or her behalf in an amount equal
to 3% of his or her Compensation. An Eligible Employee who is automatically enrolled may elect to withdraw Basic Deferred Deposits made pursuant in this paragraph (together with attributable earnings), provided that any such election must be made within
90 days of the Eligible Employee's date of hire and in accordance with procedures established by the Committee.
Participation in the Plan is entirely voluntary.
Section 3.2. Effective Date of Participation.
Subject to the
provisions of Section 3.1 above, the effective date of participation shall be the earliest of the following: (a) participation in the Plan shall be effective for an Eligible Employee and payroll deductions shall commence, as soon as practicable after the
Eligible Employee has applied to the Record Keeper for participation; (b) participation in the Plan for an Eligible Employee whose account is transferred from the Thrift Plan to this Plan shall be effective as of the date such individual became an
Eligible Employee under the terms of this Plan; (c) participation in the Plan for an Eligible Employee making a Rollover Contribution or a transfer of age and service credits pursuant to the terms of the Cash Balance Plan and the Retirement Choice
Program shall be effective as soon as practicable after such Eligible Employee's Rollover Contribution or transferred age and service credits are accepted for transfer; (d) participation of an Eligible Employee in the Plan with respect to the
Frozen ESOP Account became effective upon receipt by the Plan of the assets credited to the account of such Eligible Employee in Public Service Electric and Gas Company's TRASOP and/or PAYSOP pursuant to a merger of such plan or plans with this
Plan; and (e) participation in the Plan shall be effective for a newly hired Eligible Employee who is automatically enrolled in the Plan and payroll deductions shall commence as soon as practicable after such Eligible Employee's date of
hire.
15
ARTICLE IV
DEPOSITS
Section
4.1. Basic Deposits.
Subject to the limitations
of Sections 4.6 and 5.4, an Eligible Employee may elect:
(a)
to
make Basic Nondeferred Deposits to the Plan in an amount equal to any integral multiple of 1% of his or her Compensation up to
a total of 8% each pay period;
(b)
to
have Basic Deferred Deposits made to the Plan by an Employer on his or her behalf in an amount equal to any integral multiple
of 1% of his or her Compensation up to a total of 7% each pay period; or
(c)
to
make, or have made by an Employer on his or her behalf, any combination of Deposits under (a) or (b) above, totaling up to 7%
of his or her Compensation each pay period;
Effective
August 1, 2006, the provisions of section 4.3 regarding Roth Elective Deferrals shall apply to Basic Deferred Deposits. Basic
Deposits made by or on behalf of a Participant shall be paid over by the Employer to the Trustee and deposited in the Trust Fund
as soon as practicable after deduction and, in any event, within 15 business days after the end of the month in which such deduction
is made. Such Basic Deposits shall be credited as soon as practicable to such Participant's Basic Deposit Subaccount in
the Plan, or to the Participant's Roth Account, as applicable.
Section
4.2. Supplemental Deposits.
Subject to the limitations
of Sections 4.6 and 5.4, each Participant who is electing the maximum permitted Basic Deposit to the Plan may also elect:
(a)
to
make Supplemental Nondeferred Deposits to the Plan in an amount equal to any integral multiple of 1% of his or her Compensation
to a total of 43% of his or her Compensation each pay period;
(b)
to
have Supplemental Deferred Deposits made by an Employer on his or her behalf in an amount equal to any integral multiple of 1%
of his or her Compensation up to a total of 43% of his or her Compensation each pay period; or
(c)
to
make, or have made by an Employer on his or her behalf, any combination of the Deposits specified in (a) or (b) above, totaling
up to 43% of his or her Compensation each pay period.
Effective
August 1, 2006, the provisions of section 4.3 regarding Roth Elective Deferrals shall apply to Supplemental Deferred Deposits.
Supplemental Deposits made by or on behalf of a Participant shall be paid over by an Employer to the Trustee and deposited in
the Trust Fund as soon as practicable after deduction and, in any event, within 15 business days after the end of the month in
which such deduction is made. Such Supplemental Deposits shall be credited as soon as practicable to such Participant's
Supplemental Deposit Subaccount in the Plan, or to the Participant's Roth Account, as applicable.
Section
4.3. Roth Elective Deferrals.
Effective August
1, 2006, a Participant may irrevocably elect that all or any portion of his or her Deferred Deposits, both Basic and Supplemental,
shall be made as a Roth Elective Deferral. Roth Elective Deferrals shall be credited to the Participant's Roth Account in
the same time and manner such amounts would have been credited to the Participant's Basic Deposit Subaccount or Supplemental
Deposit Subaccount but for the election to have these contributions made as Roth Elective Deferrals. Notwithstanding any provision
of this Plan to the contrary, Roth Elective Deferrals may not be recharacterized as Nondeferred Deposits.
Section
4.4. Additional Lump Sum Deposits.
Within any Plan
Year, each Participant may make one or more Additional Lump Sum Deposits on a Nondeferred basis in the minimum amount of $250
and in such total amounts which, when aggregated with such Participant's Basic Deposits and Supplemental Deposits, do not
exceed 50% of his or her Compensation for that Plan Year and subject to the limitations of Sections 4.6, 4.13 and 5.4. Additional
Lump Sum Deposits made by a Participant shall be paid over by the Record Keeper to the Trustee and deposited in the Trust Fund
as soon as practicable, but no later than 15 business days after the end of the month in which such Additional Lump Sum Deposit
is received. Such Additional Lump Sum Deposits shall be credited as soon as practicable to such Participant's Supplemental
Deposit Subaccount in the Plan.
16
Section
4.5. Method of Deposits.
Basic Deposits and Supplemental
Deposits by or on behalf of Active Participants shall be made by means of payroll deduction. For convenience of administration,
if the percentage of Compensation elected to be contributed to the Plan by an Active Participant is not equal to a whole dollar
amount, such amount will be increased to the next whole dollar amount in establishing the deduction to be made from such Active
Participant's pay. In addition, if an Active Participant's Compensation is changed, the resulting change in deduction
shall be made as soon as practicable after such change in Compensation.
Additional
Lump Sum Deposits shall be paid directly by Participants to the Record Keeper who shall forward them to the Trustee for investment
in the Participant's Savings Account in accordance with his or her then current investment direction.
Section
4.6. Limits on Deferred Deposits.
(a)
In
no event may Deferred Deposits for any Participant attributable to any taxable year of such Participant (presumably the calendar
year) exceed the amount permitted by Code section 402(g) in effect for such taxable year, except to the extent permitted under
Section 4.6(b) of the Plan below. Where a Participant elects under Section 4.1 to have Deferred Deposits made by an Employer to
the Plan which would otherwise exceed the limit of this Section 4.6(a) and 4.6(b) below, if applicable, such excessive Deferred
Deposits (other than Roth Elective Deferral amounts) shall be deemed to be Nondeferred Deposits to the Plan ("Deemed Nondeferred
Deposits") rather than Deferred Deposits to the Plan; provided, however, that such Deemed Nondeferred Deposits shall be
subject to the limits and rules of Sections 4.1 and 4.2; and provided further, that such Deemed Nondeferred Deposits shall be
deemed to be Basic Nondeferred Deposits (and, therefore, matched by Employer Contributions as set forth in Article V) to the extent
possible under the limits of Sections 2.5 and 4.1, taking into account other Basic Deferred and Nondeferred Deposits of the Participant.
(b)
In
addition to the Deposits allowed by this Article IV, Eligible Employees who have attained age 50 before the close of a Plan Year
shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, Code section 414(v) (and
in the amount of allowable catch-up contributions for the Plan Year as set forth in Code section 414(v)). Such catch-up contributions
shall not be taken into account for purposes of Section 4.6(a) and Article XII of the Plan. The Plan shall not be treated as failing
to satisfy the provisions of the Plan implementing the requirements of Code sections 401(k)(3), 401(k)(11), 401(k)(12), 410(b),
or 416, as applicable, by reason of such catch-up contributions. Unless otherwise determined by the Employee Benefits Committee,
no election shall be required for the making of catch-up contributions, provided, however, that a Participant shall be able to
elect that all or a portion of his or her catch-up contributions shall be Roth Elective Deferrals (in accordance with Section
4.3) and credited to such Participant's Roth Account. To the extent that a Participant has Deferred Deposits which would
otherwise exceed the limit of Section 4.6(a) above, such excess Deferred Deposit shall first be deemed a catch-up contribution
if allowed under the provisions of this Section 4.6(b). Any remaining excess Deferred Deposit after the application of this Section
4.6(b) shall be treated in accordance with Section 4.6(a) above.
Section
4.7. Distribution of Excess Deferral Amounts.
(a)
Notwithstanding
any other provision of the Plan to the contrary, an Employer shall distribute any Excess Deferral Amount (as defined below), adjusted
according to Section 4.7(d), to Participants who claim such allocable Excess Deferral Amounts for a calendar year. Such distribution
shall be made no later than the April 15th next following the end of the calendar year for which such claim is made.
(b)
For
purposes of this Section 4.7, "Excess Deferral Amount" shall mean the amount of Deferred Deposits for a calendar year
that the Participant allocates to this Plan and claims pursuant to the election procedure set forth in Section 4.7(c) below. The
Committee shall determine the extent to which the Excess Deferral Amount is composed of Deferred Deposits other than Roth Elective
Deferrals and the extent to which the Excess Deferral Amount is composed of Roth Elective Deferrals, in accordance with administrative
procedures applied uniformly to all Participants.
17
(c)
A
Participant's election to claim an Excess Deferral Amount for a calendar year shall be in writing, shall be submitted to
the Committee no later than the March 1st next following the end of such calendar year, shall specify the Excess Deferral Amount
and shall state that if such amount is not distributed, such Excess Deferral Amount, when added to amounts deferred under other
plans or arrangements described in Code sections 401(k), 408(k) or 403(b), exceeds the limit imposed on the Participant by Code
section 402(g) for the taxable year (calendar year) in which the deferral occurred.
A
Participant shall be deemed to make an election to claim an Excess Deferral Amount for a calendar year to the extent that the
amount of Deferred Deposits, when aggregated with deferrals by the Participant pursuant to any other cash or deferred arrangement
maintained by the Company or an Affiliate under Code section 40 l (k), exceeds the limit imposed by Code section 402(g) for such
year.
(d)
The
amount distributed to a Participant pursuant to this Section 4.7 with respect to a calendar year shall be increased or decreased,
as applicable, by investment income or losses attributable thereto, as calculated in accordance with applicable Treasury regulations
or other regulatory guidance. The amount distributed shall be adjusted for attributable income or losses for the period after
the end of the calendar year for which the contributions were made and prior to the distribution date. Notwithstanding the foregoing,
for Plan Years beginning on or after January 1, 2007, the amount distributed to a Participant shall include any income attributable
to any period after the end of the calendar year through the distribution date.
(e)
In
the event that the Excess Deferral Amount consists of Roth Elective Deferrals, the excess Roth Elective Deferrals shall be returned
by April 15 of the year following the year of contribution.
Section
4.8. Code Section 401(k) Limits on Deferred Deposits.
(a)
Effective
January 1, 1997, Deferred Deposits for any Plan Year shall not result in the actual deferral percentage of the group of Highly
Compensated Employees eligible to participate in the Plan for such Plan Year exceeding the actual deferral percentage of the group
of all other Eligible Employees for the current Plan Year by more than the greater of:
(1)
one
and one-quarter times; or
(2)
the
lesser of (A) two times or (B) two percentage points.
However,
notwithstanding the above, the Committee may use the actual deferral percentage for the prior Plan Year for the group of Eligible
Employees who are not Highly Compensated Employees by making an election at a time, and in a manner, prescribed by the Secretary
of the Treasury. Such election may be revoked for a following Plan Year only in accordance with rules prescribed by the Secretary
of the Treasury.
(b)
The
actual deferral percentage of each group of Eligible Employees shall be the average of the ratios (calculated separately for each
Eligible Employee in each group) of (i) the Deferred Deposits made on behalf of each Eligible Employee for the relevant Plan Year
to (ii) such Eligible Employee's Compensation for the relevant Plan Year (or in the discretion of the Committee, for the
portion of the Plan Year during which the Employee was an Eligible Employee, provided this alternative is applied uniformly to
all Employees for the Plan Year on a reasonably consistent basis from Plan Year to Plan Year).
(c)
"Compensation"
for purposes of this Section 4.8 only shall mean an Eligible Employee's compensation as determined in any manner that satisfies
the requirements of Code section 414(s).
(d)
The
Committee shall, consistent with regulations under the Code, establish nondiscriminatory rules to meet the requirements of this
Section 4.8 provided, however, that any distribution to Highly Compensated Employees of Deferred Deposits to meet the requirements
of this Section 4.8 shall be made on the basis of the dollar amount of Deferred Deposits on behalf of each such Highly Compensated
Employee. Any distribution of Deferred Deposits made in accordance with this Section 4.8 shall occur no later than the last day
of the Plan Year following the Plan Year for which such Deferred Deposit was made.
18
(e)
The
amount of Deferred Deposits which must be distributed to any Highly Compensated Employee under this section for a Plan Year shall
be reduced by "Excess Deferral Amounts" previously distributed to the Highly Compensated Employee for the taxable
year of such Highly Compensated Employee ending during the Plan Year. Furthermore, the amount of any Deferred Deposit distributed
under this section must include the income attributable thereto. For Plan Years ending prior to January 1, 2006 or beginning on
or after January 1, 2008, in no event shall the distribution include income attributable to any period after the end of the Plan
Year for which the Deferred Deposit was made. The Committee shall determine the extent to which any Deferred Deposit to be distributed
is composed of Deferred Deposits other than Roth Elective Deferrals and the extent to which the Deferred Deposit to be distributed
is composed of Roth Elective Deferrals, in accordance with administrative procedures applied uniformly to all Participants.
(f)
Should
the Committee determine during the course of any Plan Year that the nondiscrimination test of Code section 401(k) might not be
met for such Plan Year, the Committee may reduce, at any time, the percentage of Deferred Deposits that a Highly Compensated Employee
may elect to have contributed to the Plan in accordance with this Article IV to a percentage that the Committee determines appropriate
to ensure that the test shall be met for the Plan Year.
(g)
Notwithstanding
any provision above, in running the actual deferral percentage test under this Section 4.8 the Committee may utilize any of the
testing alternatives permitted under Code section 401(k) and Treasury Regulation section 1.401(k)-2.
(h)
Special
Testing Provisions
:
(1)
For
purposes of this Section 4.8, the actual deferral percentage of a Highly Compensated Employee who is eligible for Deferred Deposits
or similar employer contributions under two or more plans described in Code section 401(k) that are maintained by the Company
or an Affiliate shall be determined as if all such contributions were made under a single Plan, except as otherwise provided in
regulations under Code section 401(k).
(2)
For
purposes of this Section 4.8, actual deferral percentages shall be determined by considering all applicable contributions made
under any other plans that are aggregated with this Plan for purposes of Code sections 401(a)(4) and 410(b). If other plans are
permissively aggregated with this Plan for purposes of Code section 401(k), the aggregated plans must satisfy Code sections 401(a)(4)
and 410(b) as if they constituted a single plan.
(3)
For
purposes of this Section 4.8, the actual deferral percentage test shall be performed after application of the mandatory disaggregation
rules of Code section 410(b). Notwithstanding the preceding sentence, two or more separate collective bargaining units may be
treated as a single collective bargaining unit for purposes of such test if the combination of units is determined on a basis
that is reasonable and reasonably consistent from year to year.
Section
4.9. Unmatched Employer Contributions.
If, as the
result of the operation of Sections 4.6, 4.7, and/or 4.8, and before the operation of Section 4.10, the combined Deposits of a
Participant are adjusted in such a way that Employer Contributions previously made on behalf of a Participant for a Plan Year
are no longer matched by such Participant's Basic Deposits, then the matching Employer Contributions allocated to such Participant's
Account for such Plan Year shall be reduced, under nondiscriminatory rules established by the Committee, to the extent necessary
to equal the percentage of Employer Contributions (as set forth in Article V) with respect to the Participant's remaining
Basic Deposits for such Plan Year. The amount, if any, of previously allocated Employer Contributions in excess of the percentage
of Employer Contributions (as set forth in Article V) of the Participant's remaining Basic Deposits shall be forfeited and
applied to reduce future Employer Contributions to the Plan.
Section
4.10. Changing Deposit Percentages.
The percentage
of Compensation deposited in the Plan by or on behalf of an Active Participant shall continue in effect until such Active Participant
shall change the rate of such Deposits. An Active Participant may change the rate of Deposits to a higher or lower percentage
of Compensation within the limitations of Sections 4.1, 4.2 and 4.6 by arranging for such change with the Record Keeper or as
otherwise prescribed by the Committee. Any such change shall become effective as soon as practicable after receipt of the notice
of change by the Record Keeper. Effective January 1, 2008, an Active Participant may make
19
an
election to automatically increase his or her rate of Deposits each year, but no higher than 8% of the Active Participant's
Compensation. Any such election shall be effective as of a date designated by the Committee and shall be made by giving notice
of election in the manner prescribed by the Committee.
Section
4.11. Suspension of Deposits.
(a)
An
Active Participant may suspend all of the Deposits to the Plan made by such Participant or on his or her behalf at any time by
arranging for such suspension with the Record Keeper or as otherwise prescribed by the Committee. Such suspension shall be effective
as soon as practicable after receipt of the notice of suspension by the Record Keeper, and shall continue until such Participant
elects to have Deposits resumed by arranging therefor with the Record Keeper. Payroll deductions under the Plan shall begin again
as soon as practicable after such notice is received by the Record Keeper.
(b)
If,
after other required and authorized deductions from an Active Participant's pay, there is not sufficient money available
in any pay period to make the entire authorized payroll deduction for such Participant's Nondeferred Deposits, no payroll
deduction shall be made therefor for that pay period.
(c)
In
case of any such total suspension of Deposits, pursuant to subsection (a), Employer Contributions on behalf of such Participant
shall be automatically suspended for a like period.
Section
4.12. Limit on Additional Lump Sum Deposits.
No
further Additional Lump Sum Deposits may be made by any Participant in any Plan Year in which the aggregate amount of all of such
Participant's Deposits under the Plan exceeds 50% of such Participant's Compensation for that Plan Year. Any Additional
Lump Sum Deposits inadvertently received in excess of this limitation shall be refunded to the Participant as soon as practicable
following determination of such excess.
Section
4.13. Elections.
All elections under this Article
IV shall be made at the time, in the manner and subject to the conditions as are specified by the Committee. Elections of Deferred
Deposits shall in all cases be irrevocably made prior to the beginning of the payroll period for which such elections shall apply.
In any year in which the Committee deems it necessary to do so to meet the requirements of Section 4.6, 4.8, 4.10 or 5.4 of the
Code and the regulations thereunder, the Committee may reduce, for that Plan Year, the permissible amount of Deposits by or on
behalf of any or all Active Participants.
Section
4.14. Rollover Contributions.
(a)
Subject
to such rules as may be established by the Committee, an Eligible Employee may transfer Rollover Contributions (as defined in
Section 2.42) to the Plan, to be deposited in his or her Supplemental Deposit Account. The Eligible Employee must certify that
such amount to be transferred as a Rollover Contribution qualifies for such transfer under the Code and regulations thereunder
and must submit such information or evidence, satisfactory to the Committee that it may require in order to approve such transfer.
In addition, Rollover Contributions shall then be subject to all terms and conditions of this Plan and the Trust Agreement and
shall be treated in the same manner as Supplemental Deposits, unless the context of the Plan or Trust requires otherwise.
(b)
In.
the event that the Plan accepts a Rollover Contribution from an Eligible Employee that includes an amount that the Committee later
determines is an "invalid rollover contribution" (as defined below), the amount of the invalid rollover contribution,
plus any earnings attributable thereto, shall be distributed to the Eligible Employee as soon as practicable after such determination.
(c)
An
"invalid rollover contribution" is an amount that is not an eligible Rollover Contribution, as described in subsection
(a) above, or that does not satisfy the other requirements of Code section 401(a)(31), Code section 402(c), or Code section 408(d)(3)
for treatment as a rollover or a rollover contribution.
Section
4.15. Transfers from the Thrift Plan.
Any Eligible
Employee who, at the time he or she becomes employed by the Company or a Participating Affiliate, is a participant in the Thrift
Plan, shall automatically be enrolled in the Plan, and all balances in the Thrift Plan shall be transferred to the Plan. Upon
the transfer of Employee whose terms of employment is not covered by a collectively bargaining agreement to a position where his
or her terms of employment is covered by a collectively bargaining agreement and he or she become an
20
Eligible Employee in this Plan, such Eligible Employee's account under the Thrift Plan shall transfer to this Plan. All contribution and investment elections in
effect for the Thrift Plan shall remain in effect, subject to change pursuant to the operation of Sections 4.11, 4.12 and 6.2 hereof.
Section 4.16. Qualified Military Service.
Notwithstanding any
provision in this Plan to the contrary, effective December 12, 1994, a Participant who is or was engaged in "qualified military service," as that term is defined in Code section 414(u), shall be permitted to make additional Basic Deposits,
Supplemental Deposits, and Additional Lump Sum Deposits in accordance with this Article IV and in an amount as determined under Code section 414(u). Under no circumstances shall the Deposits provided for in this Section 4.17 exceed the amount the
Participant would have been permitted to contribute had such Participant remained continuously employed by the Employer throughout the period of qualified military service.
ARTICLE V
EMPLOYER CONTRIBUTIONS
Section
5.1. Amount and Payment of Employer Contributions.
Each
Employer shall contribute to the Plan on behalf of Participants who are Eligible Employees, who have completed a Year of Service,
and who are making or having their Employer make on their behalf Basic Deposits to the Plan an amount equal to 50% of the aggregate
of such Basic Deposits, except to the extent that such Basic Deposits are reduced or distributed as provided in Sections 4.6 through
4.19, and except as provided in this Article V and in Section 11.4.
Provided,
however, that, effective for the first payroll period beginning after January 10, 2010:
•
No
Employer Contributions shall be made with respect to Participants who are (a) included within a unit of employees covered by a
collective bargaining agreement with United Association of Journeymen and Apprentices of the Plumbing and Pipefitters Industry
(UA) Local No. 855 and (b) also participants in the Pension Plan; and
•
Employer
Contributions with respect to Participants who are (a) included within a unit of employees covered by a collective bargaining
agreement with International Brotherhood of Electrical Workers Local Union 94, International Brotherhood of Electrical Workers
Local Union 97, Office Professional Employees International Union Local 153, and the Utility Workers Union of America (UWUA) Local
470-1 and (b) also participants in the Pension Plan shall be limited to 25% of Basic Deposits.
Notwithstanding
the foregoing, effective from the first payroll period beginning after December 31, 2010, Employer Contributions with respect
to Participants who are (a) included within a unit of employees covered by a collective bargaining agreement with International
Brotherhood of Electrical Workers Local Union 94, International Brotherhood of Electrical Workers Local Union 97, Office Professional
Employees International Union Local 153, the United Association of Journeymen and Apprentices of the Plumbing and Pipefitters
Industry (UA) Local No. 855 and the Utility Workers Union of America (UWUA) Local 470-1, and (b) also participants in the Pension
Plan shall be equal to 50% of the aggregate of their Basic Deposits.
Notwithstanding
the foregoing, effective from the first payroll period beginning after December 31,2011, Employer Contributions with respect to
Participants in units of employees represented by Utility Workers Union of America (UWUA) Local 601 shall be equal to 25% of the
aggregate of their Basic Deposits. Effective from the first payroll period beginning after December 31, 2012, Employer Contributions
with respect to Participants in units of employees represented by Utility Workers Union of America (UWUA) Local 601 shall be equal
to 50% of the aggregate of their Basic Deposits.
Basic
Deposits of an Eligible Employee's before-tax Compensation shall be matched before Basic Deposits of an Eligible Employee's
after-tax Compensation.
21
Employer
Contributions with respect to a Plan Year shall be paid to the Trustee not later than the due date (including extensions of time)
for filing the Company's consolidated Federal income tax return for such year. All Employer Contributions may be made without
regard to current or accumulated earnings of the Employer. Notwithstanding the foregoing, the Plan shall be designated a profit
sharing plan for purposes of Code sections 401(a), 402, 412 and 417, except with respect to balances held in the Company Common
Stock Fund.
Section
5.2. Employer Contributions in Company Common Stock.
For
periods prior to February 1, 2002, Employer Contributions with respect to Basic Deposits in excess of 5% of Compensation for Participants
who were employed by an Employer other than CEA Newark Bay Services, Inc. were made in shares of Company Common Stock and Employer
Contributions with respect to Basic Deposits in excess of 6% of Compensation for Participants who were employed by CEA Newark
Bay Services, Inc. were made in shares of Company Common Stock. Effective as of February 1, 2002, Employer Contributions are made
solely in accordance with Section 5.1 above. In addition, effective as of February 1, 2002, with respect to Employer Contributions
made in shares of Company Common Stock prior to February 1, 2002 and in accordance with this Section 5.2, such shares may be transferred
to any of the available Funds established pursuant to Section 7.1.
Section
5.3. Reduction of Employer Contributions by Forfeitures.
The
amount of an Employer's Contribution shall be reduced by the amount of the reduction of an unmatched Employer Contribution
allocable to a Highly Compensated Employee as provided in Sections 4.8, and 4.9, by the amount of any forfeiture as a result of
termination of the employment of an Active Participant as provided in Section 11.2, or as a result of the Employer's inability
to locate a Participant or beneficiary to whom a benefit hereunder is due as provided in Section 11.14.
Section
5.4. Maximum Annual Additions.
The maximum Annual
Addition, as defined in Section 12.1, for any Plan Year to any Participant's Account may not exceed the amount provided
for by Code section 415(c). The rules governing the application of this Section 5.4 and other limitations imposed by Code section
415 are more fully set forth in Article XII.
Section
5.5. Return of Employer Contributions.
(a)
Notwithstanding
any provision of the Plan to the contrary, any Employer Contribution made to the Plan by reason of mistake of fact may be returned
to the Employer making such Employer Contribution, provided the return of such Employer Contribution is made within one year from
the date the mistaken payment was made, and any amount so returned shall be disposed of as the Committee shall direct.
(b)
If
the Internal Revenue Service determines that any contribution by an Employer to the Plan is not deductible under Code section
404, such Employer shall have the option, which it may exercise within one year after the date of the disallowance of such deduction,
to have such contribution returned to the Employer, and any amount so returned shall be disposed of as the Committee shall direct.
Section
5.6. Allocation from Cash Balance Plan.
Pursuant
to the Cash Balance Plan and the Retirement Choice Program, Participants who so elect may have certain service and age points
otherwise allocated to them under the Cash Balance Plan made as an Employer Contribution to their Accounts under this Plan. All
amounts so elected shall be accepted by the Trustee and invested in accordance with Section 6.1. No amounts attributable to Employer
Contributions resulting from Participant elections made pursuant to the Cash Balance Plan and the Retirement Choice Program shall
be available for withdrawal from the Plan until the Participant's termination of employment by the Company or any Affiliate.
Section
5.7. Qualified Military Service.
Notwithstanding
any provision in this Plan to the contrary, effective December 12, 1994, the Employer shall contribute to the Plan on behalf of
a Participant who is or was engaged in "qualified military service," as that term is defined in Code section 414(u),
and who makes or is having made additional Basic Deposits to the Plan under Section 4.17 on his or her behalf, the amount of Employer
Contributions as required under this Article V and Code section 414(u) with respect to such additional Basic Deposits. In addition,
a Participant who is or was engaged in qualified military service shall be entitled to make the election provided for in Section
5.6 of this Plan, if applicable, for the period set forth in Code section 414(u).
22
ARTICLE VI
SAVINGS ACCOUNT AND ROTH ACCOUNT INVESTMENTS
Section
6.1. Investment of Deposits, Rollover Contributions and Employer Contributions.
Deposits,
Rollover Contributions and Employer Contributions to the Plan shall be invested by the Trustee under the Trust Agreement in the
Funds established pursuant to Section 7.1. Upon enrolling in the Plan, each Participant shall specify, in such manner as shall
be prescribed by the Committee, the percentage (which shall be an integral multiple of 1% — including 0% but not exceeding
100% in the aggregate) of Deposits to his or her Savings Account and Roth Account which shall be invested in each of such Funds.
Employer Contributions shall be invested by the Trustee for the Account of an Active Participant in the same Funds and in the
same percentages as directed by such Participant with respect to the Basic Deposits to his or her Savings Account. Rollover Contributions
may be invested in Funds under the Plan in such dollar amounts as shall be designated by the Participant. Notwithstanding anything
to the contrary herein, a Participant who, at the time he or she becomes an Eligible Employee, is a participant in the Thrift
Plan, shall continue the same investment elections as he or she maintained in the Thrift Plan until a change in investment direction
is made in conformity with Section 6.2 hereof.
Section
6.2. Change in Investment Direction.
Any investment
direction given by a Participant under Section 6.1 or automatic investment under Section 6.8 shall continue in effect until changed
by the Participant. A Participant may change any such direction by giving notice of such change in the manner prescribed by the
Committee. Any such change shall become effective as soon as practicable after receipt of the notice of change by the Record Keeper.
A change in investment direction under this Section 6.2 shall not automatically cause a transfer of investments under Section
6.3.
Section
6.3. Transfer/Reallocation of Investments.
Subject
to Section 6.6 regarding transfers into and out of the Personal Choice Retirement Account Fund and Section 9.3 regarding transfers
out of the Frozen ESOP Account, a Participant may:
(a)
direct
that all or any part (in integral multiples of 1%) of his or her interest in any one or more of the Funds be transferred to any
one or more of the other Funds, except that no transfer may be made into a Participant's Frozen ESOP Account. A Participant
may also transfer his or her Frozen ESOP Account assets (in integral multiples of 1%, but not exceeding 100% in the aggregate)
into any one or several of the Funds. However, any transfer from a Fund shall be subject to such contractual limitations regarding
transfers from such Fund as may exist from time to time under the contracts governing investments held in such Fund. A direction
to transfer all or a portion of a Participant's interest in a Fund shall be made by giving notice in the form prescribed
by the Committee. Subject to any contractual limitations that may be applicable, any such transfer shall be made as soon as practicable
after receipt of the notice of such transfer by the Record Keeper; or
(b)
reallocate
all or any part (in integral multiples of 1%) of his or her interest among the Funds, except that no funds may be reallocated
into or out of a Participant's Frozen ESOP Account. Any such reallocation shall be subject to such contractual limitations
as may exist from time to time under the contracts governing investments held in such Funds. A direction to reallocate a portion
of a Participant's interest in a Fund shall be made by giving notice in the form prescribed by the Committee. Subject to
any contractual limitations that may be applicable, any such reallocation shall be made as soon as practicable after receipt of
the notice of such reallocation by the Record Keeper.
Section
6.4. Quarterly Automatic Rebalancing.
Excluding
investments in the Participant's Frozen ESOP Account and in the Personal Choice Retirement Account Fund, a Participant may
elect to automatically rebalance his or her Account among some or all of the Funds at the end of each calendar quarter. Any such
rebalancing shall also be subject to those contractual limitations regarding transfers from certain Funds as may exist from time
to time under the contracts governing investments held in such Funds. A direction to elect quarterly automatic rebalancing of
a Participant's Account shall be made by giving notice in the form prescribed by the Committee and shall be in effect until
an election is made to discontinue such rebalancing. Subject to any applicable contractual limitations, such rebalancing shall
commence as soon as practicable after the Record Keeper's receipt of the notice of such election and shall occur on, or
as soon as practicable following, the end of each subsequent calendar quarter.
23
Section
6.5. Loans
(a)
Participants
may receive loans from their Savings Accounts and Roth Accounts under the provisions of Section 11.13. A loan to a Participant
shall be considered an investment of such Participant's Savings Account and Roth Account, and the principal amount of the
loan shall be treated as a separate investment within the Accounts and subaccounts. Repayments of the principal amount of the
loan shall reduce such corresponding investments of each such Account and subaccount in the inverse order of such investment and
repayments of such principal along with any accrued interest thereon shall be invested in the Funds in accordance with the Participant's
then current investment direction. Loan amounts shall be taken from Accounts in the following order:
(1)
Roth
Elective Deferrals;
(2)
Deferred
Deposits other than Roth Elective Deferrals;
(3)
Unmatured
vested Employer Contributions;
(4)
Matured
vested Employer Contributions;
(5)
Rollover
Contributions;
(6)
Unmatured
Post-1986 Nondeferred Deposits;
(7)
Matured
Post-1986 Nondeferred Deposits;
(8)
Pre-1987
Nondeferred Deposits.
(b)
Notwithstanding
the foregoing, loan proceeds shall not be taken from a Participant's Frozen ESOP Account, from assets invested in the Personal
Choice Retirement Account Fund, or from the Retirement Choice Program Allocation Subaccount of a Participant's Account.
(c)
Each
outstanding loan under the Arden Engineering Constructors, Inc. 401(k) Plan, the Fluidics, Inc. Retirement and 401(k) Plan, and
the Wisvest-Connecticut 401(k) Plan at the time the assets of such plans were merged into this Plan shall continue to be in effect
in accordance with the original terms and conditions of such loan; provided, however, that the loan amortization amounts, and
corresponding payroll deductions amounts, shall be modified to the extent necessary to conform to payroll periods in use under
this Plan.
Section
6.6. Special Rules for Investment in the Personal Choice Retirement Account Fund.
Notwithstanding any provision of this Plan
to the contrary, the investment in the Personal Choice Retirement Account Fund shall be subject to the following restrictions
and limitations:
(a)
only
vested amounts in a Participant's Account may be transferred into the Personal Choice Retirement Account Fund;
(b)
investments
shall be in minimum amounts of $1,000 and shall be accomplished only through Fund transfers in accordance with Section 6.3 (therefore,
no Basic Deposits, Supplemental Deposits, Additional Lump Sum Deposits, or Employer Contributions may be made directly into the
Personal Choice Retirement Account Fund);
(c)
for
the period October 1, 1999 through September 30, 2000, investments shall be limited to 50% of the vested balance in the Participant's
Account; therefore, the vested balance of the Participant's Account shall be no less than $2,000 to be able to make an initial
investment in the Personal Choice Retirement Account Fund;
(d)
for
the period October 1, 2000 through September 30, 2001, investment shall be limited to 75% of the vested balance in the Participant's
Account;
(e)
for
the period October 1, 2001 and beyond, any Participant maintaining a balance in the Personal Choice Retirement Account Fund must
maintain a minimum $500 vested balance in the Plan's other Funds;
24
(f)
transfers
into and out of the Personal Choice Retirement Account Fund shall be in whole dollar amounts only with the exception of a 100%
transfer out of the Personal Choice Retirement Account Fund, or a supplemental transfer out of a residual amount after the Personal
Choice Retirement Account Fund is closed;
(g)
with
respect to transfers out of the Personal Choice Retirement Account Fund, the Participant must designate the specific investment(s)
which is (are) to be liquidated in order to effect the requested transfer;
(h)
participation
shall be subject to an annual participation fee in an amount determined by the Committee;
(i)
the
annual participation fee shall be deducted on the day the Participant first invests in the Personal Choice Retirement Account
Fund, and the first business day of January thereafter, pro rata from the portion of the Participant's Account which is
nonforfeitable and not invested in the Personal Choice Retirement Account Fund;
(j)
all
fees related to specific transactions in the Personal Choice Retirement Account Fund will be deducted directly from the Participant's
Account (first, from the balance in the Personal Choice Retirement Account Fund and then from the balance in the Participant's
other Funds);
(k)
all
transactions within and from the Personal Choice Retirement Account Fund shall be in settled cash only, and, to the extent that
a transaction has not settled, further transactions and withdrawals from the Personal Choice Retirement Account Fund will not
be available;
(1)
no
transfer may be made directly from any stable value fund offered under the Plan into the Personal Choice Retirement Account Fund,
and any amounts transferred from such stable value fund must be invested in one of the Plan's other equity funds for at
least 90 days (or such other applicable requirement as may be imposed from time to time) before they may be transferred into the
Personal Choice Retirement Account Fund; and
(m)
the
Record Keeper may take administrative control of the Participant's Personal Choice Retirement Account Fund solely for purposes
of settling transfers to a Participant's beneficiary and for apportioning the Participant's Account with respect to
a Qualified Domestic Relations Order in accordance with Article XXII herein.
Section
6.7. Election to Reinvest or Distribute Cash Dividends.
In
accordance with the procedures established by the Committee, a Participant (or the Participant's beneficiary) may elect,
with respect to dividends on shares of Company Common Stock allocated to the Participant's Account and invested in the Company
Common Stock Fund, to have such dividends: (a) paid directly to the Participant (or beneficiary) in cash; or (b) paid to the Participant's
Account and reinvested in the Company Common Stock Fund. If dividends are paid directly to the Participant (or beneficiary) under
this Section 6.7, the dividends must be paid no later than 90 days after the close of the Plan Year in which such dividends were
paid to shareholders. Where a Participant fails to make an election in accordance with the procedures established by the Committee,
the dividends paid with respect to that portion of a Participant's Account invested in the Company Common Stock Fund shall
be automatically reinvested in accordance with subsection (b) herein. The provisions of this Section 6.7 do not apply with respect
to Company Common Stock held in a Participant's Frozen ESOP.
Section
6.8. Special Rule for Default Investment of Accounts.
Absent
an investment election by an Eligible Employee who has been automatically enrolled in the Plan or any other Eligible Employee
on whose behalf contributions are made to the Plan, his or her Account shall be invested in the Fund selected by the Thrift and
Pension Investment Committee in its sole and absolute discretion. The Thrift and Pension Investment Committee has selected the
Target Date Funds as the default investment option.
25
ARTICLE VII
SAVINGS ACCOUNT AND ROTH ACCOUNT FUNDS
Section
7.1. Establishment of Funds.
The Thrift and Pension
Investment Committee shall establish Funds exclusively for the collective investment of Trust Fund assets attributable to Participant
Savings Accounts and Roth Accounts; as directed by Participants. Except as otherwise directed by the Thrift and Pension Investment
Committee, the Funds shall include:
(a)
A
"Company Common Stock Fund," the assets of which are principally invested in Company Common Stock as described in
further detail in Section 7.2; and
b)
A
"Personal Choice Retirement Account Fund," the assets of which are invested in individual stocks, bonds, and mutual
funds as directed by the Participant.
Any
or all of the Funds established under the Plan may be temporarily maintained in cash, or may be invested directly or indirectly
in certain short-term obligations as permitted by the Trust Agreement. Dividends, interest and other income in respect of any
Fund shall be reinvested in the same Fund to the extent not used to pay expenses of the Plan. Except as otherwise limited by the
pro6visions of this Plan, withdrawals, distributions and forfeitures, except as otherwise specified in the Plan, shall be charged
pro rata against the various Funds in which the Accounts and subaccounts from which such withdrawals, distributions or forfeitures
are then invested.
Section
7.2. Company Common Stock Fund.
(a)
Company
Common Stock purchased for the Company Common Stock Fund shall be purchased by the Trustee on the open market or directly from
the Company should the Company elect to make such sales.
(b)
If
the Company shall elect to sell shares of Company Common Stock directly to the Plan, the price to be paid by the Trustee for any
such purchases shall be the average of the high and low sales prices of Company Common Stock as reported by the New York Stock
Exchange on the date of purchase.
(c)
All
voting discretion, including the power to decide whether or not to tender Company Common Stock in connection with a tender offer,
with respect to the shares of Company Common Stock held under the Company Common Stock Fund for the Account of a Participant (whether
vested or not vested) shall be vested in the Trustee. However, the Trustee shall vote all such shares (including fractional shares
or fractional rights to shares) in accordance with the directions of such Participant. Within a reasonable time before voting
rights are to be exercised, the Company or the Trustee shall cause to be sent to each Participant entitled to give voting instructions
all information that the Company has or will distribute to shareholders of Company Common Stock regarding the exercise of such
voting rights. Shares with respect to which no voting instructions are received shall not be voted by the Trustee.
(d)
If,
during the course of the Plan, the Company should grant to the holders of Company Common Stock rights to subscribe to an issue
or issues of securities of the Company, any such rights attaching to the shares of Company Common Stock held by the Trustee under
the Company Common Stock Fund shall be sold by the Trustee and the net proceeds applied by the Trustee to the purchase of Company
Common Stock on the open market for such Funds. Stock dividends on shares held by the Company Common Stock Fund and stock issued
upon any split of such shares shall be credited to the Company Common Stock Fund.
(e)
Section
401(a)(28) of the Code requires that "qualified participants" (as defined under Section 401(a)(28) of the Code) be
permitted to diversity their investments under the Company Common Stock Fund within the 90 day period after the close of the first
plan year in which such participants first become "qualified participants." Notwithstanding this requirement, Participants
under the Plan are permitted to immediately diversify their investments under the Company Common Stock Fund and the Frozen ESOP
Account.
26
ARTICLE VIII
SAVINGS ACCOUNTS AND ROTH ACCOUNTS
Section
8.1. Establishment.
(a)
Savings
Accounts.
The Committee shall maintain or cause
to be maintained a Savings Account for each Participant which shall consist of the following subaccounts: Basic Deposit Subaccount,
Supplemental Deposit Subaccount and Employer Contribution Subaccount, the assets of which shall be invested pursuant to the direction
of the Participant as provided in Article VI. The assets of each such subaccount of the Savings Account shall be identified as
to Nondeferred or Deferred.
(b)
Roth
Accounts.
The Committee shall maintain or cause
to be maintained a Roth Account for each Participant which shall hold Roth Elective Deferrals. The Record Keeper will maintain
a record of the amount of Roth Elective Deferrals in each Participant's Roth Account. Gains, losses, and other credits or
charges shall be separately allocated to a Participant's Roth Account on a reasonable basis, consistent with the method
used for the Participant's other Accounts. The assets of a Participant's Roth Account shall be invested pursuant to
the direction of the Participant as provided in Article VI. No contributions other than Roth Elective Deferrals and properly attributable
earnings will be credited to each Participant's Roth Account.
Section
8.2. Measure of Savings Accounts and Roth Accounts.
(a)
The
interests of Participants in the Funds shall be measured by participating units in the particular Fund, the number and value of
which shall be determined as of each business day as provided in the next paragraph. Each participating unit shall have an equal
beneficial interest in the Fund, and none shall have priority or preference over any other.
(b)
As
soon as practicable at the end of each business day, the Trustee shall determine the value of each such Fund as of such business
day in the manner prescribed in Section 8.3. The value so determined shall be divided by the total number of participating units
allocated to the Accounts of Participants participating in such Fund in accordance with subsection (a) as of the prior business
day. The resulting quotient shall be the value of a participating unit as of such business day, and participating units shall
be allocated, as such value, to and from the Fund subaccounts of Participants for all transactions by them or on their behalf
with respect to the current business day. The value of all participating units allocated to Participants' Fund subaccounts
shall be redetermined in a similar manner each succeeding business day, and participating units shall be allocated to and from
the Accounts of Participants participating in such Fund at such value for all transactions with respect to such business day.
Fractional units shall be calculated to such number of decimal places as shall be determined by the Committee from time to time.
(c)
If
a Participant shall direct pursuant to Section 6.3 that his or her interest in a Fund or any part thereof shall be transferred
to another Fund or Funds, or if such Participant's interest in a Fund or any part thereof is distributed, withdrawn, borrowed
or forfeited under Articles IV or XI, the number of participating units representing such interest or portion thereof as of the
applicable business day shall be cancelled for purposes of any subsequent determination of the number of and value of the participating
units in such Fund.
Section
8.3. Valuation of Funds.
The value of a Fund as
of any business day shall be the market value of all assets (including any uninvested cash) held by the Fund as determined by
the Trustee, reduced by the amount of any accrued liabilities of the Fund on such business day and increased by Deposits, Rollover
Contributions and Employer Contributions with respect to such business day. The Trustee's determination of market value
shall be binding and conclusive upon all parties.
Section
8.4. Valuation of Savings Accounts and Roth Accounts.
The
value of a Participant's subaccount for any Fund as of any business day shall be the value of the participating units allocated
to the Participant's subaccount for such Fund as of such business day. The value of a Participant's Account as of
any business day shall be the aggregate of the values of such subaccounts, or, if none, the value of the participating units allocated
to the Account for a Fund, determined as provided in the preceding Sections of this Article VIII.
27
Section 8.5. Separate Accounting within Savings Account.
The
amounts of Deferred Deposits in a Participant's Savings Account shall at all times be separately accounted for from other amounts in such Savings Account, by allocating investment gains and losses on Deferred Deposit amounts on a reasonable pro
rata basis and by adjusting the Deferred and other portions of the subaccounts of a Participant's Savings Account for withdrawals, distributions, borrowings and contributions. Gains, losses, withdrawals, distributions, borrowings, forfeitures and
other credits or charges shall be separately allocated between such Deferred Deposit amounts and other portions of the subaccounts on a reasonable and consistent basis.
ARTICLE IX
FROZEN ESOP ACCOUNTS
Section
9.1. Maintenance of Separate Accounts.
Each Frozen
ESOP Account shall be maintained on the basis of shares of Company Common Stock allocated to such Frozen ESOP Account, with each
Frozen ESOP Account being credited with the number of full and fractional shares of Company Common Stock so allocated.
Section
9.2. Allocation of Distributions.
Any distributions
received by the Plan with respect to Company Common Stock allocated to a Participant's Frozen ESOP Account shall be allocated
to such Frozen ESOP Account.
Section
9.3. Withdrawals or Transfers.
(a)
Notwithstanding
any provision in the Plan to the contrary, a Participant may withdraw in accordance with Sections 11.3 or 11.4, or transfer in
accordance with Section 6.3, the shares of Company Common Stock allocated to Participant's Frozen ESOP Account or the cash
value thereof.
(b)
With
respect to an election of a Participant to withdraw Company Common Stock from such Participant's Frozen ESOP Account, the
shares of Company Common Stock, or the cash value at the election of the Participant, shall be distributed in accordance with
Article XI, provided that such Participant elects to withdraw all full and fractional shares of Company Common Stock allocated
to such Frozen ESOP Account or the cash value thereof. Such distribution shall be made as soon as practicable after receipt by
the Record Keeper of the Participant's election to withdraw.
(c)
With
respect to an election of a Participant to transfer the Company Common Stock held in the Participant's Frozen ESOP Account
to the Participant's Savings Account, such election must be with respect to the cash value only of all full and fractional
shares of Company Common Stock allocated to the Participant's Frozen ESOP Account. Such transfer shall be made as soon as
practicable after receipt by the Record Keeper of the Participant's election to transfer, shall be deposited in the Participant's
Savings Account, shall be invested in one or more (in multiples of 1% up to an aggregate of 100%) of the Savings Account Funds
as such Participant shall designate and thereafter shall be deemed a Rollover Contribution and treated accordingly. The cash value
of each share of Company Common Stock so transferred shall be equal to the price of a share of Company Common Stock actually received
by the Trustee.
(d)
A
Participant may not borrow from his or her Frozen ESOP Account.
Section
9.4. Dividends and Other Income.
Unless otherwise
directed as hereinafter provided, dividends paid in cash with respect to Company Common Stock allocated to a Participant's
Frozen ESOP Account shall be distributed to the Participant as soon thereafter as practicable and, in any event, not later than
90 days after the close of the Plan Year in which paid. Company Common Stock delivered to the Trustee pursuant to a stock dividend,
stock split or reorganization, shall be allocated to the Frozen ESOP Account of Participants in that proportion which the shares
of each Participant's Frozen ESOP Account bears to the total shares of all Participants' Frozen ESOP Accounts.
Section
9.5. Voting of Frozen ESOP Account Common Stock.
As
provided in Section 7.2 with respect to the Company Common Stock Fund, all voting discretion with respect to stock held in a Participant's
Frozen ESOP Account, including the power to decide whether or not to tender Company Common Stock in connection with a tender offer,
shall be vested in the Trustee. Each Participant shall be entitled to direct the Trustee as to the manner in which voting rights
attributable to Company Common Stock (including fractional shares or fractional rights to
28
shares)
allocated to such Participant's Frozen ESOP Account are to be exercised. Within a reasonable time before voting rights are
to be exercised, the Trustee or the Company shall cause to be sent to each Participant entitled to give voting instructions all
information that the Company has or will distribute to shareholders of Company Common Stock regarding the exercise of such voting
rights. Such voting rights shall be exercised by the Trustee but only to the extent directed by a Participant. Shares with respect
to which no voting instructions are received shall not be voted by the Trustee.
ARTICLE X
VESTING
Section
10.1. Vesting of Employer Contributions.
Effective
for Plan Years beginning on or after January 1, 2000, all Active Participants shall have a 100% vested interest in his or her
Savings Account attributable to Employer Contributions for all Plan Years, except as set forth in Section 10.2 below. In addition,
each Participant shall have a 100% vested interest in any assets allocated to his or her Savings Account from the Wisvest-Connecticut
401(k) Plan, merged with this Plan effective December 31, 2002.
Section
10.2. Vesting of Retirement Choice Program Allocation Subaccount.
(a)
Prior
to January 1, 2008, amounts held in the Retirement Choice Program Allocation Subaccount of a Participant's Account shall
vest in accordance with Section 5.5 of the Cash Balance Plan, which provided during this period that a Participant who terminates
employment with the Company prior to Retirement but after he or she has completed five or more Years of Service shall have a 100%
vested interest in his or her Retirement Choice Program Allocation Subaccount. In addition, a Participant shall have a 100% vested
interest in his or her Retirement Choice Program Allocation Subaccount should such Participant be entitled to a normal retirement
benefit in accordance with Section 5.2 of the Cash Balance Plan or a disability retirement benefit in accordance with Section
5.6 of the Cash Balance Plan. All Participants employed on or after January 1, 2008 shall have a 100% vested interest in their
Retirement Choice Program Allocation Subaccount.
(b)
Effective
December 12, 1994, for purposes of determining Years of Service for vesting under this Article X, a Participant shall be credited
with any period of absence from employment as a result of such Participant's qualified military service in accordance with
Code section 414(u).
Section
10.3. Qualified Military Service.
Effective December
12, 1994, for purposes of determining Years of Service for vesting under this Article X, a Participant shall be credited with
any period of absence from employment as a result of Participant's qualified military service in accordance with Code section
414(u).
Section
10.4. Vesting of Deposits, Rollover Contributions and the Frozen ESOP Account.
A
Participant's interest in his or her Savings Account, Roth Account, and Frozen ESOP Account shall be 100% vested at all
times.
ARTICLE XI
ACCOUNT DISTRIBUTIONS AND WITHDRAWALS
Section
11.1. Distribution Upon Retirement, Disability, Lay Off or Death.
If
a Participant terminates employment on account of Retirement or Disability, is Laid Off or dies, then, in that event, the Participant's
Savings Account and Roth Account, determined as of the business day coinciding with or next following the date of the last Deposit
made by or which would have been made on behalf of such Participant, together with the Participant's Frozen ESOP Account,
shall:
(a)
if
the value of such Accounts as so determined is $1,000 ($5,000 prior to January 28, 2005) or less, be distributed, subject to the
provisions of Section 11.10(c), as soon as practicable to the Participant, or in the case of death of the Participant, to the
Participant's beneficiary as determined in accordance with Article XIV or, if none, to the Participant's estate. The
Committee or its designee shall review the Participants'Accounts at least once every six months and distribute, as allowed
by applicable law, those Accounts not exceeding $1,000 ($5,000 prior to January 28, 2005) (or such other amount established by
law) regardless if the vested balance in the Participant's Accounts at the time of any previous
29
distribution
exceeded $1,000 ($5,000 prior to January 28, 2005). In determining whether the value of the Participant's Accounts exceeds
$1,000, the portion of the Accounts attributable to the Participant's Rollover Contributions (and earnings allocable thereto)
shall be disregarded; or
(b)
if
the value of such Accounts as so determined shall exceed $1.000 ($5,000 prior to January 28, 2005), be distributed upon the earliest
of the Participant's Required Beginning Date, the death of such Participant or the receipt by the Record Keeper of an application
for distribution (which may be for less than all of the Participant's Account balance provided, however, that the amount
of distribution shall be at least $200, unless such distribution is of 100% of the remaining value of such Participant's
Account) in a manner prescribed by the Committee.
Section
11.2. Distribution Upon Other Termination of Employment.
Upon
a Participant's severance from employment with an Employer for reasons other than Retirement, Disability, Lay Off or death,
the vested portion of the Participant's Account, determined as of the business day coinciding with or next following the
date of the last Deposit made by or which would have been made on behalf of such Participant or, if none, the business day coinciding
with or next following the date of such severance, shall:
(a)
if
the value of the vested portion of such Account as so determined is $1,000 ($5,000 prior to January 28, 2005) or less, be distributed,
subject to the provisions of Section 11.10(c), as soon as practicable to the Participant, or, in the case of death of the Participant
after termination of employment but prior to such distribution, to the Participant's beneficiary, or, if none, to the Participant's
estate. The Committee or its designee shall review the Participants' Accounts at least once every six months and distribute,
as allowed by applicable law, those Accounts not exceeding $1,000 ($5,000 prior to January 28, 2005) regardless if the vested
balance in the Participant's Accounts at the time of any previous distribution exceeded $1,000 ($5,000 prior to January
28, 2005). In determining whether the value of the Participant's Accounts exceeds $1,000, the portion of the Accounts attributable
to the Participant's Rollover Contributions (and earnings allocable thereto) shall be disregarded; or
(b)
if
the value of the vested portion of such Account as so determined shall exceed $1,000 ($5,000 prior to January 28, 2005) be distributed
upon the earliest of the Participant's Required Beginning Date, the death of the Participant, or the receipt by the Record
Keeper of an application for distribution (which may be for less than all of the Participant's Account balance provided,
however, that the amount of distribution shall be at least $200, unless such distribution is of 100% of the remaining value of
such Participant's Account) in a manner prescribed by the Committee.
Any
nonvested portion of the Participant's Account, determined as of the date of severance from employment, shall be forfeited
and shall be applied thereafter to reduce a subsequent contribution or contributions of the Employer as provided in Section 5.1.
If such former Participant is rehired by an Employer on or before the end of and is employed by an Employer at the end of the
fifth Plan Year after the Plan Year in which such severance occurred, then such nonvested portion of the Participant's Account
shall be reinstated by the Employer and the Participant's right thereto shall be determined as if the Participant had not
terminated employment, provided that the Participant repays to the Plan the amount of any distribution paid to him or her on account
of the severance from employment.
The
nonvested portion of the Participant's Account, determined as of the date of severance from employment, shall be forfeited
as of the earlier of (i) the date the Participant receives a cash-out distribution as described in Treasury Regulation section
1.41l(a)-7(d) or (ii) the time at which the terminated Participant experiences five consecutive one-year Breaks in Service (as
defined below), and shall be applied thereafter to reduce a subsequent contribution or contributions of the Employer as provided
in Section 5.1.
For
purposes of this Section 11.2, a Break in Service shall mean a consecutive 12-month period described in Section 2.52 in which
an Employee is not credited with at least 501 Hours of Service, which shall be treated as commencing on the date of severance
from employment with the Company or an Affiliate. Notwithstanding any provision in this Plan to the contrary, effective December
12, 1994, a Participant shall not incur a Break in Service for any period during which the Participant is or was engaged in "qualified
military service," in accordance with Code section 414(u).
30
Section
11.3. Partial Distributions Following Termination of Employment.
A
Participant who elects pursuant to Section 11.1 (b) or 11.2(b) to continue participation in the Plan following severance from
employment may, subsequent to such Participant's severance from employment but prior to his or her Required Beginning Date,
upon application to the Committee in such format as it may determine, withdraw all or part of such Participant's Account
in minimum amounts of $200 per withdrawal. A Participant must specifically request a withdrawal from such Participant's
Frozen ESOP Account, and such withdrawal must be 100% of the full and fractional shares of Company Common Stock allocated to such
Frozen ESOP Account or the cash value thereof, in accordance with Section 9.3 of the Plan. Otherwise, withdrawals shall be taken
from a Participant's Savings Plan subaccounts in the following order, except as may be necessitated by a Participant election
pursuant to Section 11.9(b):
(a)
Pre-1987
Nondeferred Deposits;
(b)
Post-1986
Supplemental Nondeferred Deposits and earnings thereon;
(c)
Matured
post-1986 Basic Nondeferred Deposits and earnings thereon;
(d)
Earnings
on pre-1987 Nondeferred Deposits;
(e)
Unmatured
post-1986 Basic Nondeferred Deposits and earnings thereon;
(f)
Rollover
Contributions and earnings thereon;
(g)
Matured
vested Employer Contributions and earnings thereon;
(h)
Unmatured
vested Employer Contributions and earnings thereon;
(i)
Vested
Retirement Choice Program allocations and earnings thereon;
(j)
Basic
Deferred Deposits and earnings thereon; and
(k)
Supplemental
Deferred Deposits and earnings thereon.
Section
11.4. Withdrawal of Nondeferred Deposits and Employer Contributions During Employment.
(a)
A
Participant may, by application to the Record Keeper in the form prescribed by the Committee, request to withdraw from the Plan
any or all of his or her Nondeferred Deposits and earnings thereon, Rollover Contributions and earnings thereon and Vested Employer
Contributions (except for Employer Contributions resulting from Participant elections made pursuant to the Cash Balance Plan)
shall be available for withdrawal as well as earnings thereon; provided, however, that the amount withdrawn shall be at least
$200, unless such withdrawal is of 100% of the value of such Participant's Savings Account.
(b)
If
a withdrawal includes contributions that are not Matured, Employer Contributions with respect to such Participant shall be suspended
for a period of three months. Provided, however, that if the Participant is not currently receiving Employer Contributions, the
ability of such Participant to make Deposits to the Plan shall be suspended for a period of three months.
(c)
A
Participant must specifically request a withdrawal from such Participant's Frozen ESOP Account, and such withdrawal must
be of 100% of the full and fractional shares of Company Common Stock allocated to such Frozen ESOP Account or the cash value thereof,
in accordance with Section 9.3 of the Plan; otherwise, withdrawals shall be taken from a Participant's Savings Plan subaccounts
in the following order, except as may be necessitated by a Participant election pursuant to Section 11.9(b):
(1)
Pre-1987
Nondeferred Deposits;
(2)
Post-1986
Nondeferred Supplemental Deposits and earnings thereon;
(3)
Matured
Post-1986 Nondeferred Basic Deposits and earnings thereon;
(4)
Earnings
on pre-1987 Nondeferred Deposits;
(5)
Unmatured
Post-1986 Basic Nondeferred Deposits and earnings thereon;
(6)
Rollover
Contributions and earnings thereon;
31
(7)
Matured
vested Employer Contributions and earnings thereon; and
(8)
Unmatured
vested Employer Contributions and earnings thereon.
(d)
Any
withdrawal made by a Participant pursuant to this Section 11.4 shall be made from all Funds in which the Nondeferred Deposits,
Rollover Contributions and Employer Contributions by or on behalf of such Participant are invested and shall be charged pro rata
against such Funds, except as may be necessitated by a Participant election pursuant to Section 11.9(b). Notwithstanding the foregoing,
there shall be no withdrawal from the Personal Choice Retirement Account Fund.
(e)
The
amount of any withdrawal made by a Participant pursuant to this Section 11.4 shall be determined as of the close of the business
day on which the notice of withdrawal is received by the Record Keeper.
(f)
Notwithstanding
any of the foregoing, no withdrawals resulting from Participant elections made pursuant to the Cash Balance Plan and the Retirement
Choice Program shall be permitted prior to the date that the Participant terminates his or her employment.
Section
11.5. Withdrawals of Deferred Deposits During Employment After Age 59
1
/
2
.
(a)
A
Participant who is an Employee and who has attained age 59
1
/
2
,
may withdraw all or a portion of the vested balance of his or her Account, excluding the Retirement Choice Program Allocation
Subaccount. Withdrawals shall be charged to the Participant's subaccounts in the following order, except as may be necessitated
by a Participant election pursuant to Section 11.9(b):
(1)
Deferred
Deposits;
(2)
Pre-1987
Nondeferred Deposits;
(3)
Post-1986
Nondeferred Supplemental Deposits and earnings thereon;
(4)
Matured
Post-1986 Nondeferred Basic Deposits and earnings thereon;
(5)
Earnings
on pre-1987 Nondeferred Deposits;
(6)
Unmatured
Post-1986 Basic Nondeferred Deposits and earnings thereon;
(7)
Rollover
Contributions and earnings thereon;
(8)
Matured
vested Employer Contributions and earnings thereon; and
(9)
Unmatured
vested Employer Contributions and earnings thereon.
(b)
The
value of the Account for the purpose of such withdrawal shall be determined as of the close of the business day in which the notice
of withdrawal is received by the Record Keeper. The minimum withdrawal permitted shall be $200, unless such withdrawal is 100%
of the current aggregate value of the amount available for withdrawal.
Section
11.6. Hardship Withdrawals.
(a)
Upon
the application of any Participant, or his or her legal representative, the Committee, in accordance with a uniform nondiscriminatory
policy, shall permit such Participant to withdraw such portion of the value of his or her vested Savings Account and Roth Account
as deemed to be necessary for relief of an immediate and heavy financial need related to:
(1)
Expenses
for medical care described in Code section 213(d) previously incurred by the Participant or the Participant's Spouse, dependents
(as defined in Code section 152 without regard to Code section 152(b)(1), 152(b)(2), and 152(d)(1)(B)) or primary Beneficiary
or necessary for these persons to obtain medical care described in Code section 213(d);
(2)
Costs
directly related to the purchase (excluding mortgage payments) of a principal residence of the Participant;
32
(3)
Payment
of tuition, related educational fees, and room and board expenses for the next 12 months of post-secondary education for the Participant,
or the Participant's Spouse, children, any dependents (as defined in Code section 152 without regard to Code section 152(b)(1),
152(b)(2), and 152(d)(l)(B)) or primary Beneficiary;
(4)
Payments
necessary to prevent the eviction of the Participant from his or her principal residence or foreclosure on the mortgage of the
Participant's principal residence;
(5)
Effective
January 1, 2006, expenses for the repair of damage to the Participant's principal residence that would qualify for the casualty
deduction under Code section 165 (determined without regard to whether the loss exceeds 10 percent of adjusted gross income);
or
(6)
Effective
January 1, 2006, burial or funeral expenses for the Participant's deceased parent, Spouse, children, dependent (as defined
in Code section 152 without regard to Code section 152(b)(1), 152(b)(2), and 152(d)(l)(B)) or primary Beneficiary.
(b)
A
Participant or legal representative making application under this Section 11.6 shall have the burden of presenting to the Committee
satisfactory proof of such need. The Committee shall not permit withdrawal under this Section without first receiving such proof
as it shall deem necessary to demonstrate such hardship.
(c)
The
amount which may be withdrawn shall be withdrawn in the following order, except as may be necessitated by a Participant election
pursuant to Section 11.9(b):
(1)
Pre-1987
Nondeferred;
(2)
Post-1986
Nondeferred Supplemental Deposits and earnings thereon;
(3)
Matured
Post-1986 Nondeferred Basic Deposits and earnings thereon;
(4)
Earnings
on pre-1987 Nondeferred Deposits;
(5)
Unmatured
Post-1986 Basic Nondeferred Deposits and earnings thereon;
(6)
Rollover
Contributions and earnings thereon;
(7)
Matured
vested Employer Contributions and earnings thereon;
(8)
Unmatured
vested Employer Contributions and earnings thereon;
(9)
Deferred
Deposits and earnings thereon credited as of December 31, 1988; and
(10)
Roth
Elective Deferrals.
(d)
A
withdrawal will be deemed to be necessary to satisfy an immediate and heavy financial need of a Participant if all of the following
requirements are satisfied;
(1)
The
withdrawal is not in excess of the amount of the immediate and heavy financial need of the Participant;
(2)
The
Participant has obtained all distributions, other than hardship withdrawals, and all nontaxable loans currently available under
all plans maintained by his or her Employer; and
(3)
The
Participant is prohibited under the terms of the Plan or an otherwise legally enforceable agreement from making elective contributions
and employee contributions to the Plan and all other plans maintained by the Company or an Affiliate for at least six months after
receipt of the hardship withdrawal. Effective with respect to Participant withdrawals taken pursuant to this Section 11.6 prior
to January 1, 2002, the suspension period required by this paragraph (3) shall last for 12 months following the Participant's
receipt of the withdrawal, and elective contributions (if any) made by the Participant during the taxable year immediately following
the taxable year of the hardship withdrawal shall not exceed the applicable limit under Code section 402(g) for such next taxable
year less the amount of such Participant's elective contributions for the taxable year of the hardship withdrawal
33
(e)
Amounts
available for hardship withdrawals with respect to Deferred Deposits will be limited to the amount of a Participant's Deferred
Deposits, plus earnings allocable thereto which were credited to Participant's Accounts as of December 31, 1988, less the
amount of any previous hardship withdrawals.
(f)
A
hardship withdrawal from the Savings Account and Roth Account shall not be permitted unless and until a Participant has withdrawn,
pursuant to Section 9.3, all Company Common Stock from his or her Frozen ESOP Account.
(g)
The
hardship withdrawal shall be paid to the Participant in the amount approved as soon as practicable after his or her application
is approved by the Committee.
(h)
Notwithstanding
any of the foregoing, no withdrawals from the Retirement Choice Program Allocation Subaccount shall be permitted prior to the
date that the Participant terminates his or her employment.
Section
11.7. Suspension of Participation.
If a Participant
shall cease to be an Eligible Employee, Deposits and Employer Contributions to his or her Account shall be suspended, and no Additional
Lump Sum Deposits shall be permitted to be made during the period of ineligibility. Distribution of such Participant's Account
shall be deferred until such Participant's termination of employment with an Employer, whereupon the Participant's
Account shall be distributed in accordance with the applicable provisions of this Article XI. Such Participant shall continue
to be deemed a Participant for all purposes other than for Articles IV and V during such period of ineligibility.
Section
11.8. Transfer of Employment.
If a Participant
shall be transferred to the employ of an Affiliate which is not an Employer, distribution of such Participant's Account
shall be deferred until the Participant is no longer in the employ of the Employer or any Affiliate, whereupon the Participant's
Account shall be distributed in accordance with the applicable provisions of this Article XI. Such transferred Participant shall
continue to be deemed a Participant for all purposes other than for Articles IV and V during such period of deferral of distribution.
Section
11.9. Form of Distributions.
(a)
All
distributions from the Plan shall be made in money by check, except that in the case of a lump sum distribution only, other than
a hardship withdrawal in accordance with Section 11.6, a Participant may, by notice to the Record Keeper in the manner prescribed
by the Committee, elect to have any whole shares of Company Common Stock held for such Participant's Frozen ESOP Account
distributed in shares of Company Common Stock (the value of any fractional shares shall be paid in money by check).
(b)
A
Participant may by notice to the Record Keeper in the manner prescribed by the Committee, with respect to a distribution pursuant
to Sections 11.1, 11.2 and 11.3 or a withdrawal pursuant to Sections 11.4, 11.5 and 11.6, elect to have any whole shares of Company
Common Stock held for such Participant's Company Common Stock Fund subaccount distributed in shares of Company Common Stock
(the value of any fractional shares shall be paid in money by check). If no such election is made, the entire value of the amount
of the Participant's Account being distributed shall be distributed in money by check.
(c)
All
distributions from the Plan shall be made in one lump sum except that, in the case of a distribution from a Participant's
Account on account of a Participant's Retirement, such Participant may elect to have his or her Account, including the Frozen
ESOP Account, which is to be transferred into one of the Savings Account Funds, distributed in annual or quarterly payments in
money by check (or in shares pursuant to subsection (b) above) by the Trustee in amounts as nearly equal as possible for a specified
number of years up to ten years. Each payment shall be an amount equal to the aggregate of the Participant's Savings Account
and Roth Account as of the applicable date divided by the number of payments remaining.
(d)
If
a Participant shall die prior to complete distribution of his or her Account pursuant to subsection (c), the value of the Participant's
Account shall be distributed as soon as practicable in a lump sum to the Participant's beneficiary, or, if none, to the
Participant's estate. The amount so distributed after a Participant's death shall be the remaining aggregate value
of the Participant's Account determined as of the business day coinciding with or next following the date of the Participant's
death.
34
(e)
If
no election is made under subsection (c) above, and the vested balance of a Participant's Account exceeds $1,000 ($5,000
prior to January 28, 2005) a distribution will be made in one lump sum at the time provided for in Section 11.1 or Section 11.2.
Notwithstanding the foregoing, effective December 1, 2013 a spousal beneficiary may take an immediate distribution or defer payment
but not beyond the date that would have been the Participant's Required Beginning Date. A non-spousal beneficiary may take
an immediate distribution or delay taking payment but not beyond the fifth anniversary of the Participant's death or the
date that would have been the Participant's Required Beginning Date, if earlier.
Section
11.10. Time of Distributions.
(a)
All
distributions from the Plan shall commence as soon as practicable, and in any event no later than 60 days after the later of the
close of the Plan Year in which the Participant terminates employment, reaches his or her Required Beginning Date, dies, or, if
applicable, requests a distribution under Section 11.1 or 11.2, or 60 days after the close of the Plan Year in which the Participant
elects to withdraw funds from the Plan in the case of distributions under Sections 9.3, 9.4, 11.3, 11.4 and 11.5.
(b)
In
the case of a distribution over a period of years under Section 11.9(c), the initial payment shall he made at a time determined
in accordance with subsection (a). In the case of annual distributions, the remaining annual payments shall be made in successive
calendar years on such date each year as shall be determined by the Committee, subject to the provisions of Section 11.9(d) in
the case of the Participant's death. In the case of quarterly distributions, the remaining payments shall be made each successive
three-month period on such day during the period as may be established by the Committee, subject to the provisions of Section
11.9(d) in the case of the Participant's death.
(c)
In
the case of a distribution on account of a Participant's Retirement, subject to the provisions of subsection 11.11, the
Participant may elect to have his or her Account distributed as a lump sum during (1) the Plan Year next following the Plan Year
of his or her Retirement, (2) the next succeeding Plan Year thereafter or (3) if the Account value exceeds $1,000 ($5,000 prior
to January 28, 2005) at any time up to the Participant's Required Beginning Date. If no such election is made, distribution
shall commence in accordance with Section 11.1 and subsection (a) above.
Section 11.11. Limitation on Post Age 70
1/2
Distributions.
Notwithstanding the provisions of Sections 11.9 and 11.10:
(a)
The
entire interest of a Participant must:
(1)
be
distributed not later than the Participant's Required Beginning Date; or
(2)
commence
no later than such Required Beginning Date and be payable in accordance with regulations under the Code over a period not extending
beyond the life expectancy of such Participant.
(b)
Notwithstanding
the foregoing, effective January 1, 2003, any Participant who is actively employed by the Company or Participating Affiliate who
is or will be age 70
1/2
,
as of December 31, 2003 and who is or will be receiving payments in accordance with this Section 11.11 as in effect prior to January
1, 2003, shall be eligible to elect to continue or commence, as the case may be, such payments or suspend such payments until
Retirement.
(c)
If
a Participant dies before his or her entire interest has been distributed, then such entire interest (or the remaining part of
such interest if distribution thereof has commenced) shall be distributed within five years after the Participant's death,
except in the case of a spousal beneficiary as set forth in Section 11.9(e) of the Plan, and, if distribution has commenced prior
to death, shall be distributed at least as rapidly as the method of distribution being used as of the date of such Participant's
death.
(d)
The
amount of the distribution required by this Section 11.11 is equal to the quotient obtained by dividing the Participant's
Account balance by the distribution period in the Uniform Lifetime Table set forth in Treasury Regulation section 1.401(a)(9)-9,
using the Participant's age as of the Participant's birthday in the calendar year for which the distribution is required.
35
(e)
Notwithstanding
the foregoing, with respect to distributions made under this Section 11.11 of the Plan for calendar years beginning on or after
January 1, 2002, the Plan will apply the minimum distribution requirements of Code section 401(a)(9), including the incidental
death benefit requirements of Code section 401(a)(9)(G), in accordance with the final regulations and life expectancy tables under
Code section 401(a)(9), specifically sections 1.401(a)(9)-2 through 1.401(a)(9)-9, that were published April 17, 2002. The provisions
of this Section 11.11 reflecting Code section 401(a)(9) shall override any inconsistent Plan provisions.
(f)
Notwithstanding
anything in this Section 11.11 of the Plan to the contrary, effective January 1, 2009, a Participant or beneficiary who would
have been required to receive one or more distributions during 2009 under Section 11.11 without regard to the enactment of Code
section 401 (a)(9)(H), shall not receive a distribution for 2009, unless the Participant or beneficiary elects to receive one
or more distributions.
Section
11.12. Distribution in the Case of Certain Disabilities.
In
the event that the Committee shall find that any person entitled to a distribution under the Plan is unable to care for his or
her affairs because of illness or accident or because the person is a minor or has died, the Committee may direct that any distribution
due such person, unless claim shall have been made therefor by a duly appointed legal representative, be paid or applied to or
for the benefit of such person, or his or her Spouse, any child of such person (including an adopted child), any parent or other
blood relative of such person, or a person with whom the person resides, or any of them, and any such payment or application so
made shall be a complete discharge of the liabilities of the Plan therefor.
Section
11.13. Loans.
(a)
The
Committee shall have complete authority to establish and administer a loan program to provide loans to Participants. The loan
program shall include the following:
(1)
A
procedure for applying for loans;
(2)
The
basis on which loans will be approved or denied;
(3)
Limitations
(if any) on the types and amounts of loans offered;
(4)
The
procedure under the loan program for determining a reasonable rate of interest;
(5)
The
types of collateral which may secure a loan; and
(6)
The
events constituting default and the steps that will be taken to preserve plan assets in the event of such default.
The
rules and applicable limitations established by the loan program shall be such as to prevent any loan from constituting a prohibited
transaction under Code section 4975 and ERISA section 406, or a Plan distribution under Code section 72(p).
(b)
The
Trustee shall, subject to the approval of the Committee and compliance with the written loan program and the provisions of the
Code, lend a Participant, who is employed by an Employer, an amount up to 50% of the vested portion of his or her Account, including
the Frozen ESOP Account, but not more than $50,000 in the aggregate as of the date on which the loan is approved reduced by the
highest outstanding loan balance during the preceding 12 months. Loans shall also be available on a reasonably equivalent basis
to a Participant or beneficiary who is a ''party in interest," as that term is defined in ERISA section 3(14).
However, no amount may be loaned directly from any Frozen ESOP Account or from the Retirement Choice Program Allocation Subaccount.
The Committee shall review each application for a loan in a nondiscriminatory manner and in accordance with such rules as may
be prescribed by the Committee. Loans, if approved, shall be made as soon thereafter as practicable.
(c)
In
addition to such rules and regulations as the Committee may adopt, all loans shall comply with the following terms and conditions:
(1)
An
application for a loan by an eligible Participant shall be made by making application therefor to the Record Keeper in the manner
prescribed by the Committee.
36
(2)
An
eligible Participant may not apply for more than one loan in any calendar year or for a loan with an initial principal amount
of less than $1,000 and, in any event, may not have more than two loans outstanding at any one time.
(3)
All
loans, including interest thereon, shall be repaid by payroll deduction in equal monthly installments over a period of 12 to 60
months as selected by the Participant. Nothing herein, however, shall prohibit a Participant from prepaying such loan in whole
or in part in a lump sum in accordance with such rules as may be established from time to time by the Committee.
(4)
Each
loan shall be secured by an assignment of the Participant's entire right, title and interest in and to the Trust Fund to
the extent of the loan and accrued interest thereon and shall be evidenced by the Participant's promissory note for the
amount of the loan, including interest, payable to the order of the Trustee.
(5)
Each
loan shall bear interest at a reasonable rate (which rate may be a variable rate) to be established from time to time by the Committee,
not in violation of any applicable usury laws. In determining the interest rate, the Committee shall take into consideration interest
rates being charged by other lenders at the time of such determination.
(6)
Loan
repayments will be suspended in accordance with Treasury Regulation Section 1.72(p)-l, Q&A9.
Section
11.14. Inability to Locate Payee.
Any benefit payable
to a Participant or beneficiary shall be forfeited if the Employer, after reasonable effort, is unable to locate such Participant
or beneficiary to whom payment is due. The amount of any such forfeited benefit shall be applied to reduce the amount of Employer
Contributions required under the Plan as provided in Section 5.3. However, any such forfeited benefit shall be reinstated and
become payable if a claim therefor is made by such Participant or beneficiary.
Section
11.15. Federal Income Tax Withholding on Distributions and Withdrawals.
Distributions
and withdrawals under this Plan shall be subject to Federal income tax withholding as prescribed by Code section 3405 and the
regulations thereunder.
Section
11.16. Direct Rollover to Another Plan or IRA.
On
or after January 1, 1993, at the election of a Participant or his or her Spouse or former Spouse entitled to a distribution under
Section 22.1 or the foregoing provisions of this Article XI, the Committee shall direct the Trustee to make a direct rollover
to the trustee or other custodian of an "eligible retirement plan" by any reasonable means (including providing the
Participant or Spouse or former Spouse with a check made payable only to the trustee or custodian) of all, or a specified portion,
of an "eligible rollover distribution," subject to the following restrictions:
(a)
An
"eligible rollover distribution" is any distribution of all or any portion of the Participant's Account, except
that an "eligible rollover distribution" does not include:
(1)
any
distribution that is one of a series of substantially equal periodic payments (made not less frequently than annually) made for
the life (or life expectancy) of the recipient or the joint lives (or joint life expectancies) of the recipient and the recipient's
designated beneficiary, or for a specified period of at least ten years;
(2)
any
distribution to the extent such distribution is required by Code section 401(a)(9) and, only for the 2009 Plan Year, any distributions
that would have been required without regard to Code section 401(a)(9)(H).;
(3)
any
portion of a hardship distribution made to such Participant in accordance with Section 11.; and
(4)
except
as otherwise provided below, the portion of any distribution that is not includable in gross income (determined without regard
to the exclusion for net unrealized appreciation described in Code section 402(e)(4) with respect to employer securities).
Effective
January 1, 2002, an "eligible rollover distribution" shall also consist of that portion of the Participant's
Account which consists of Nondeferred Deposits that are not includable in gross income, so long as such portion is transferred
only to an individual retirement account or annuity described in Code
37
sections
408(a) or (b), or to a defined contribution plan described in Code sections 401(a) or 403(a), that agrees to separately account
for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross
income and the portion of such distribution which is not so includible. Effective January I, 2007, transfers shall also be permitted
to any qualified plan described in Code section 401(a) or 403(a) or to an annuity contract described in Code section 403(b) that
agrees to separately account for the transferred amounts in accordance with this subsection:
(b)
An
"eligible retirement plan" is an individual retirement account described in Code section 408(a), an individual retirement
annuity described in Code section 408(b), an annuity plan described in Code section 403(a), or a qualified, trust described in
Code section 401(a), that accepts the recipient's "eligible rollover distribution." Effective as of January
1, 2002, an "eligible retirement plan" shall also mean an annuity contract described in Code section 403(b) and an
eligible plan under Code section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality
of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from
this Plan. In addition, effective as of January 1, 2002, this amended definition of "eligible retirement plan" shall
apply in the case of a distribution to a Participant's surviving Spouse or to an alternate payee under a Qualified Domestic
Relations Order as defined in Code section 414(p). Effective as of January 1, 2008, an "eligible retirement plan"
shall also mean an individual retirement arrangement described in Code section 408A.
(c)
The
Participant or his or her Spouse or former Spouse must specify, in such manner and at such time as the Committee may prescribe,
the "eligible retirement plan" to which the distribution is to be paid and may specify more than one "eligible
retirement plan."
(d)
Notwithstanding
the forgoing provisions of this Section 11.16, a direct rollover of a distribution from a Roth Account under this Plan will only
be made to another Roth elective deferral account under an applicable retirement plan described in Code section 402A(e)(l) and
only to the extent the rollover is permitted under the rules of Code section 402(c).
(e)
The
Participant or his or her Spouse or former Spouse must provide to the Committee in a timely manner adequate information regarding
the designated "eligible retirement plan."
(f)
Effective
January 1, 2007, a non-Spouse beneficiary shall be entitled to elect a direct rollover of an "eligible rollover distribution"
to the extent provided in regulations or other guidance issued by the IRS. However, in the case of any such distribution, an "eligible
retirement plan" shall mean an individual retirement account described in Code section 408(a) or an individual retirement
annuity described in Code section 408(b).
Section
11.17. Distributions on Account of Military Service.
Effective
January I, 2009, a Participant who is performing service in the uniformed services (as defined in chapter 43 of title 38 of the
U.S. Code) for a period of more than 30 days may elect to receive all or part of his or her Savings Account attributable to Deferred
Deposits, including earnings, in a lump sum payment. For purposes of Code section 401(k)(2)(B)(i)(I), any such Participant shall
be treated as having been severed from employment during the period in which the Participant is performing service in the uniformed
services. If a Participant elects to receive a distribution pursuant to this section 11.18, the Participant shall be prohibited
from making elective contributions and employee contributions to the Plan and all other plans maintained by the Company or an
Affiliate for six months after the date of the distribution.
Section
11.18. Optional Forms of Payment for Merged Plans.
With
respect to the portion of a Participant's Account transferred from the Arden Engineering Constructors, Inc. 401(k) Plan
or the Fluidics, Inc. Retirement and 401(k) Plan, he or she may have such portion of his or her Account paid in the form of (i)
installments payable at least annually over any number of years (such period cannot extend beyond life expectancy or joint life
expectancies of Participant and Beneficiary); or (ii) monthly, quarterly, or annual installments for a period not to exceed 10
years. With respect to the portion of a Participant's Account transferred from the US. Energy Partners Plan, he or she may
have such portion of his or her Account paid in the form of: (i) a joint and 50% (or 100%) survivor annuity; or (ii) a single
life annuity. Effective January 31, 2013, the forms of payment shall no longer be available to the Participant.
38
ARTICLE XII
LIMITS ON BENEFITS
AND CONTRIBUTIONS UNDER QUALIFIED PLANS
Section
12.1. Definitions.
For purposes of this Article
XII, the following definitions and rules of interpretation shall apply:
(a)
"Annual
Additions" to a Participant's account under a defined benefit plan or a defined contribution plan are the sum, credited
to a Participant's account for any Limitation Year, of:
(1)
Company
contributions,
(2)
Forfeitures,
if any,
(3)
Employee
contributions,
(4)
Amounts
allocated to an individual medical account (as defined in Code section 415(1)) that is part of a defined benefit plan maintained
by the Company, or
(5)
Amounts
(derived from contributions paid after December 31, 1985, in taxable years ending after that date) attributable to post-retirement
medical benefits allocated to the separate account of a key employee (as defined in Code section 419A(d)(3)) under a welfare benefit
fund (as defined in Code section 419A(e)) maintained by the Company.
(b)
"Company"
shall mean the Company, as described in Section 2.11 and any Affiliate as defined in Section 2.4.
(c)
"Compensation"
means an Employee's total compensation received from the Company and Affiliates, as reported on the Employee's W-2
form, plus any pay reduction contributions made for the Employee pursuant to a plan maintained by the Company or an Affiliate
under Code section 125, 132(f), or 401(k). Effective January 1, 2008, Compensation shall include only amounts paid or treated
as paid to an Employee prior to his or her severance from employment (as determined pursuant to Code section 415), except as otherwise
provided in paragraphs (1) and (2) below.
(1)
The
                                         following amounts shall be included in Compensation if paid by the later of 2
1
/
2
months after
                                         the severance from employment or the last day of the Limitation Year in which the severance
                                         from employment occurs:
(i)
Regular
compensation for services during or outside the Employee's regular working hours, commissions, bonuses, or other similar
payments, if the payment would have been paid prior to severance from employment if the Employee had continued in employment;
(ii)
Payment
for unused accrued bona fide sick, vacation, or other leave, but only if the Employee would have been able to use the leave if
his or her employment had continued; and
(iii)
Payments
received by an Employee pursuant to a nonqualified unfunded deferred compensation plan, but only if the payment would have been
paid to the Employee at the same time if his or her employment had continued and only to the extent that the payment is includible
in the Employee's gross income.
(2)
Compensation
shall include payments to a Participant who does not currently perform services for the Company or an Affiliate by reason of qualified
military service (as defined in Code section 414(u)) to the extent that the payments do not exceed the amounts that the Participant
would have received if he or she had continued to perform services for the Company or an Affiliate rather than entering military
service.
(d)
"Limitation
Year" means the Plan Year.
(e)
"Maximum
Permissible Defined Contribution Amount" for a Limitation Year the Maximum Permissible Defined Contribution Amount with
respect to any Participant shall, effective January I, 2002, be the lesser of:
(1)
$40,000,
as adjusted for increases in the cost-of-living under Code section 415(d); or.
39
(2)
100%
of the Participant's Compensation for the Limitation year.
Notwithstanding
the foregoing, or anything herein to the contrary, the percentage of compensation limitation of this Section 12.1(e)(2) shall
not apply to any Annual Additions pursuant to Section 12.1(a)(4) or (5) above.
Section
12.2. Annual Addition Limits.
The amount of the
Annual Addition which may be credited under this Plan to any Participant's Account as of any allocation date shall not exceed
the Maximum Permissible Defined Contribution Amount (based upon his or her Compensation up to such allocation date) reduced by
the sum of any credits of Annual Additions made to the Participant's accounts under all other plans as of any preceding
allocation date within the Limitation Year. If an allocation date of this Plan coincides with an allocation date of any other
qualified defined contribution plan maintained by the Company, the amount of the Annual Additions which may be credited under
this Plan to any Participant's Account as of such date shall be an amount equal to the product of the amount to be credited
under this Plan without regard to this Section 12.2 multiplied by the lesser of one or a fraction, the numerator of which is the
amount described in this Section 12.2 during the Limitation Year and the denominator of which is the amount that would be otherwise
credited on this allocation date under all defined contribution plans without regard to this Section 12.2. However, if a security
is not allocated to a Participant's Account under any other qualified tax credit employee stock ownership plan of the Company
because of the operation of the limitations of Code section 415 and the provisions of this Section 12.2, no other amount may be
allocated to the Participant's Account under this Plan after the allocation date for such other qualified tax credit employee
stock ownership plan's plan year, until all such unallocated securities have been allocated in accordance with the provisions
of such other qualified tax credit employee stock ownership plan
For
Plan Years beginning before July 1, 2007, if in any year a Participant's Annual Additions exceed the Maximum Permissible
Defined Contribution Amount, such excess shall not be allocated to the Participant's accounts in any defined contribution
plan. Instead, the excess shall be handled in the following manner and order, to the extent allowed by law, until the excess is
eliminated:
(a)
the
Participant's Supplemental Nondeferred Deposits, or any part thereof, shall be refunded to the Participant, along with any
earnings attributable thereto;
(b)
the
Participant's Supplemental Deferred Deposits, or any part thereof, shall be refunded to the Participant, along with any
earnings attributable thereto;
(c)
the
Participant's Basic Nondeferred Deposits, or any part thereof, shall be refunded to the Participant, along with any earnings
attributable thereto, and any matching Employer Contributions made with respect to such Deposits shall be forfeited and placed
in a suspense account;
(d)
the
Participant's Basic Deferred Deposits, or any part thereof, shall be refunded to the Participant, along with any earnings
attributable thereto, and any matching Employer Contributions made with respect to such Deposits shall be forfeited and placed
in a suspense account; and
(e)
any
other Employer Contributions that would have been allocated to the Participant's Account but for this Section 12.2 shall
be placed in a suspense account.
Any
amount held in a suspense account shall be used to reduce Employer Contributions for the current Limitation Year or the next Limitation
Year. Such suspense account shall share in the gains and losses of the Trust Fund as other Accounts. In the event of a termination
of the Plan, the suspense account shall revert to the Company to the extent it may not then be allocated to any Participant's
Account.
For
Plan Years beginning on and after July 1, 2007, if in any year a Participant's Annual Additions exceed the Maximum Permissible
Defined Contribution Amount, such excess shall be corrected in accordance with the IRS Employee Plan Compliance Resolution System
("EPCRS").
40
ARTICLE XIII
BENEFICIARY IN EVENT OF DEATH
Section 13.1. Designation and Change of Beneficiary.
Upon the
death of a married Participant, the Spouse of the Participant shall be deemed the designated beneficiary of the Participant, unless such Spouse has consented, in writing, to the designation of another beneficiary or beneficiaries (which may include the
estate of the Participant) or any change thereof. If such other designated beneficiary or beneficiaries predecease a married Participant and no contingent beneficiary has been designated by the Participant and consented to by such Participant's
Spouse, such Participant's Spouse shall be deemed the designated beneficiary of the Participant. If, in such case, the Participant's Spouse has also predeceased the Participant, the value of the Participant's Account shall be paid to
his or her estate.
Each unmarried Participant shall have the right to designate a beneficiary or beneficiaries (including contingent beneficiaries) to
receive any distributions to be made under Article XI upon the death of such Participant. An unmarried Participant may from time to time, without the consent of any beneficiary, change or cancel any such designation. If no beneficiary has been named by a
deceased unmarried Participant, or the designated beneficiary (and any designated contingent beneficiary) has predeceased such Participant, the value of the Participant's Account shall be paid to his or her estate as beneficiary.
Any beneficiaries may, by written notice to the Committee, disclaim his or her right to receive distribution of a deceased
Participant's account.
Any spousal consent, beneficiary designation and any change therein shall be made in the manner prescribed by the Committee. Any
distribution made to a beneficiary of a deceased Participant under the Plan shall be made to the beneficiary as soon as practicable after such Participant's death and shall be in the form of a lump sum payment, regardless of the form of benefit
selected by the deceased Participant. The beneficiary may elect to have such payment made in money by check, or may elect to have any whole shares of Company Common Stock held for the deceased Participant in the Company Common Stock Fund and Frozen ESOP
Account distributed in shares of Company Common Stock and the balance of the deceased Participant's Account (including the value of any fractional shares of Company Common Stock) paid in money by check. If no election is made, the entire
distribution to the beneficiary shall be made in money by check.
Notwithstanding anything in this Plan to the contrary, effective January 1, 2007, if a Participant dies on or after January 1, 2007
while performing "qualified military service," as that term is defined in Code section 414(u), his or her beneficiary or beneficiaries are entitled to the additional benefits, if any, that would be provided under this Plan (other than an
increase in contributions and benefits relating to the period of qualified military service) if the Participant had resumed employment immediately prior to his or her death
ARTICLE XIV
ADMINISTRATION
Section
14.1. Named Fiduciary.
The Committee (and each
member of the Committee acting as such) shall be the named fiduciary of the Plan with authority to control and manage the operation
and administration of the Plan. The Thrift and Pension Investment Committee (and each member of the Committee acting as such)
shall be the named fiduciary of the Plan with respect authority to control and manage the assets of the Plan.
Section
14.2. Administration.
(a)
The
Committee shall have full discretionary authority to interpret the Plan and to answer all questions which arise concerning the
application, administration and interpretation of the Plan. The Committee shall adopt such rules and procedures as in its opinion
are necessary and advisable to administer the Plan and to transact its business. Subject to the other requirements of this Article
XV, the Committee may—
(1)
Select
the trustee(s) of any trust pursuant to which assets of the Plan are held;
(2)
Employ
agents to carry out non-fiduciary responsibilities;
41
(3)
Employ
agents to carry out fiduciary responsibilities (other than trustee responsibilities as defined in ERISA section 405(c)(3));
(4)
Consult
with counsel, who may be of counsel to an Employer or an Affiliate; and
(5)
Provide
for the allocation of fiduciary responsibilities (other than trustee responsibilities as defined in ERISA section 405(c)(3)) among
its members. However, any action described in paragraphs (3) or (5) of this subsection (a) and any modification or rescission
of any such action may be effected by the Committee only by a resolution approved by a majority of the Committee.
(b)
The
Committee and the Thrift and Pension Investment Committee shall keep written minutes of all its proceedings, which shall be open
to inspection by the Board of Directors. In the case of any decision by the Committee with respect to a claim for benefits under
the Plan, the Committee shall include in its minutes a brief explanation of the grounds upon which such decision was based.
(c)
In
performing their duties, the members of the Committee and the Thrift and Pension Investment Committee shall act solely in the
interest of the Participants in the Plan and their beneficiaries and:
(1)
for
the exclusive purpose of providing benefits to the Participants and their beneficiaries;
(2)
with
the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man or woman acting in like capacity
and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; and
(3)
in
accordance with the documents and instruments governing the Plan insofar as such documents and instruments are consistent with
the provisions of Title I of ERISA. In addition to any other duties the Thrift and Pension Investment Committee and the Committee
may have, the Thrift and Pension Investment Committee and the Committee shall periodically review the performance of the Trustee
and any Investment Managers and the performance of all other persons to whom fiduciary duties have been delegated or allocated
pursuant to the provisions of this Article XV, as applicable.
(d)
The
Company agrees to indemnify and reimburse, to the fullest extent permitted by law, members of the Committee and the Thrift and
Pension Investment Committee, directors and Employees of an Employer and all such former members, directors and Employees, for
any and all expenses, liabilities or losses arising out of any act or omission relating to the rendition of services for or the
management and administration of the Plan.
(e)
No
member of the Committee and the Thrift and Pension Investment Committee nor any of its delegates shall be personally liable by
virtue of any contract, agreement or other instrument made or executed by him or her or on his or her behalf in such capacity.
Section
14.3. Control and Management of Assets.
The assets
of the Plan shall be held by the Trustee, in trust, and shall be managed by the Trustee and/or one or more Investment Managers
appointed from time to time by the Thrift and Pension Investment Committee; provided, however, that the Committee shall have investment
authority with respect to loans approved pursuant to Section 11.13, and may, from time to time, determine that the Trustee shall
be subject to the direction of the Thrift and Pension Investment Committee with respect to certain other investments, in which
case the Trustee shall be subject to proper directions of the Thrift and Pension Investment Committee which are in accordance
with the terms of the Plan and which are not contrary to applicable law.
Section
14.4. Benefits to be Paid from Trust.
Benefits
under the Plan shall be payable only from the Trust Fund and only to the extent that such Trust Fund shall suffice therefor, and
each Participant assumes all risk connected with any decrease in market price of any securities in the respective Funds. Neither
the Company nor any Affiliate shall have any liability to make or continue from its own funds the payment of any benefits under
the Plan.
Section
14.5. Expenses.
There shall be paid from the Trust
Fund all expenses incurred in connection with the administration of the Plan, including but not limited to the compensation of
the Trustee, record keeping fees, the reasonable fees of counsel for the Trustee for legal services rendered to the Trustee and
the fees of Investment
42
Managers
appointed with respect to the investment and reinvestment of the Trust Fund, except to the extent that such expenses and fees
are paid by the Employer. There shall be paid from the Trust Fund all taxes of any and all kinds whatsoever that may be levied
or assessed under existing or future laws upon or in respect of the Trust Fund or any property of any kind forming a part thereof
and all expenses, including brokerage costs and transfer taxes, incurred in connection with the investment and reinvestment of
the Trust Fund.
Section 14.6. Overpayments.
Any overpayment made to a
Participant may be withheld from subsequent payments made to such Participant or from payments made to his or her surviving Spouse or beneficiary until the overpayment has been recouped.
ARTICLE XV
CLAIMS PROCEDURE
Section 15.1. Filing of Claims.
Claims for benefits under the
Plan shall be filed in writing on such form or forms as may be prescribed by the Committee with the Committee.
Section 15.2. Appeal of Claims.
Written notice shall be given
to the claiming Participant or beneficiary of the disposition of such claim, setting forth specific reasons for any denial of such claim in whole or in part. If a claim is denied in whole or in part, the notice shall state that such Participant or
beneficiary may, within 60 days of the receipt of such denial, request in writing that the decision denying the claim be reviewed by the Committee and provide the Committee with information in support of his or her position by submitting such information
in writing to the Secretary of the Committee.
Section 15.3. Review of Appeals.
The Committee shall review
each claim for benefits which has been denied in whole or in part and for which such review has been requested and shall notify, in writing, the affected Participant or beneficiary of its decision and of the reasons therefor. All decisions of the
Committee shall be final and binding upon all of the parties involved.
ARTICLE XVI
MERGER OR CONSOLIDATION
Section 16.1. Merger or Consolidation.
In the case of any
merger or consolidation of the Plan with, or transfer of assets or liabilities to, any other plan, each Participant or beneficiary shall be entitled to receive a benefit immediately after the merger, consolidation or transfer (if the Plan had been
terminated) which is equal to or greater than the benefit he or she would have been entitled to receive immediately before the merger, consolidation or transfer (if the Plan had then terminated). A merger or consolidation of the Plan with, or transfer of
assets or liabilities to, any other plan shall not be deemed to be a termination or discontinuance of deposits and contributions having the effect of such termination of the Plan.
ARTICLE XVII
NON-ALIENATION OF BENEFITS
Section 17.1. Non-Alienation of Benefits.
Except as provided
under Sections 11.13 and 22.1, no benefit or right under the Plan shall in any manner or to any extent be assigned, alienated or transferred by any Participant or beneficiary under the Plan or be subject to attachment, garnishment or other legal process.
Notwithstanding the foregoing, a Participant's benefit under the Plan may be offset by any amount such Participant is ordered or required to pay as a result of crimes involving the Plan, or a breach of a fiduciary duty owed by the Participant with
respect to the Plan, as set forth in Code section 401(a)(13), on or after August 5, 1997.
ARTICLE XVIII
AMENDMENTS
Section 18.1. Amendment Process.
The Company reserves the
right, by action of the Board of Directors, but subject to applicable law, at any time and from time to time, to modify, suspend or amend in whole or in part any or all of the provisions of the Plan, provided that no modification, suspension or amendment
shall make it possible to deprive any Participant or beneficiary of a previously acquired right; and provided further that no such modification, suspension or amendment shall make it possible for any part of the assets of the Plan to be used
for
43
or diverted to purposes other than for the exclusive benefit of Participants and their beneficiaries under the Plan and for the payment of expenses of the Plan. The
Employee Benefits Policy Committee has the authority to amend the Plan in accordance with the delegation of authority from the Board of Directors.
ARTICLE XIX
TERMINATION
Section 19.1. Authority to Terminate.
The Plan may be
terminated in whole or in part at any time by the Board of Directors, but only upon condition that such action is taken as shall render it impossible for any part of the corpus or income of the Trust Fund to be used for or diverted to purposes other than
for the exclusive benefit of the Participants or their beneficiaries and for the payment of expenses of the Plan.
Section 19.2. Distribution Upon Termination.
Upon termination
or partial termination of the Plan or upon the complete discontinuance of Deposits and Employer Contributions under the Plan, the assets of the Trust Fund shall be administered and distributed to the Participants or their beneficiaries at such time or
times and in such nondiscriminatory manner as is determined by the Committee. Upon termination or partial termination of the Plan or upon the complete discontinuance of Deposits and Employer Contributions under the Plan, the rights of all affected
Participants as of the date of such termination, partial termination or discontinuance of Deposits and Employer Contributions shall be nonforfeitable.
ARTICLE XX
PLAN CONFERS NO RIGHT TO EMPLOYMENT
Section 20.1. No Right to Employment.
Nothing contained in the
Plan shall be construed as conferring any legal rights upon any Employee for a continuation of employment or shall interfere with the rights of an Employer or an Affiliate to discharge any Employee or otherwise to treat him or her without regard to the
effect which such treatment might have upon such Employee with respect to the Plan, except as may be limited by applicable law.
ARTICLE XXI
ALTERNATE PAYEES
Section 21.1. Alternate Payees Under QDROs.
In the event that a
domestic relations order of any State is received by the Plan and thereafter determined to be a Qualified Domestic Relations Order (QDRO) within the meaning of Code section 414(p), the vested portion of the Account of the Participant to which such QDRO
is directed shall be apportioned as specified in such QDRO, valued as of the business day preceding the date specified in such QDRO. Upon notice to the QDRO administrator that a QDRO is being sought with respect to a Participant's Account, no
distribution or loan shall be made to a Participant until such time as the status of the QDRO is determined. The alternate payee of the Participant's Account shall thereafter participate in the Plan in accordance with its terms, except such person
shall not have the rights or benefits provided in Article IV, Article V and in Section 11.13. If a QDRO is issued and the amount awarded the alternate payee exceeds the value of the Participant's Account less the outstanding loan balance, such QDRO
shall be denied. Notwithstanding the provisions of this Article, the Plan may, without the consent of any such alternate payee, pay to such alternate payee the value of his or her respective share of the apportioned Account of the Participant, if the
value thereof as so determined is $5,000 or less. If a QDRO so provides, benefits may be paid to an alternate payee before they would otherwise be distributable under the Plan, and no such distribution to an alternate payee shall be treated as a
withdrawal by the Participant for purposes of Article XI.
ARTICLE XXII
CONSTRUCTION
Section 22.1. Governing Law.
The Plan shall be governed by and
construed and administered under the laws of the State of New Jersey, except to the extent superseded by ERISA.
Section 22.2. Headings.
The headings are for reference only. In
event of a conflict between a heading and the content of an Article or Section, the content shall control.
44
ADDITIONAL INFORMATION ABOUT THE SAVINGS PLAN
Pursuant to this Registration Statement, 2,000,000 shares of Common Stock have been registered for sale pursuant to the Savings
Plan.
No benefit or right under the Savings Plan may in any manner or to any extent be assigned, alienated, or transferred by any Participant
under the Savings Plan. In addition, no benefit or right under the Savings Plan may be subjected to attachment, garnishment or other legal process without an appropriate court order.
Benefits under the Savings Plan are not guaranteed by the Pension Benefit Guaranty Corporation. PSEG does not provide any such
protection to Participants and it does not insure any gains nor protect against any loss from any investment in the Savings Plan.
Although the Savings Plan is of indefinite duration, PSEG reserves the right to amend, modify or terminate the Savings Plan at any time,
in its sole discretion. PSEG also retains the right to change the Recordkeeper and/or the Independent Agent at its sole discretion.
While the Savings Plan does not place restrictions on resales of Common Stock acquired thereunder, shares of Common Stock acquired under
the Savings Plan by an "affiliate," as that term is defined in Rule 405 under the Securities Act of 1933 (the "1933 Act"), may only be resold pursuant to the registration requirements of the 1933 Act or an appropriate exemption
therefrom. Acquisitions of shares of Common Stock and dispositions of shares of Common Stock by an officer or director, as defined under the rules promulgated under Section 16 of the 1934 Act, of PSEG within any six-month period may give rise to the
right of PSEG to recapture any profit from such transactions pursuant to Section 16(b) of the 1934 Act.
A copy of PSEG's 2014 Annual Report to Stockholders has been furnished to each Participant in the Savings Plan. PSEG will promptly
furnish, without charge, an additional copy of such Annual Report to any Eligible Employee who so requests by writing to the Director, Investor Relations, 80 Park Plaza, T6B, P.O. Box 1171, Newark, New Jersey 07101-1171. Each Participant will be
furnished copies of all future reports, proxy statements and other communications furnished to PSEG stockholders generally.
For further information about the Savings Plan, Participants and Eligible Employees may contact Benefits Express.
TAX CONSEQUENCES OF THE SAVINGS PLAN
Outlined
below is a summary of certain tax consequences which may result to Participants in the Plan. The law on which this outline is
based is subject to change at any time. Each Participant should consult his or her own tax adviser concerning the application
of Federal taxes, as well as any state, local or foreign taxes, to the Participant's particular situation.
PSEG
believes that the Savings Plan is qualified under sections 401(a) and 401(k) of the Code. Under the Code, an employer may deduct
currently its contributions to and expenses of the Plan from gross income for Federal income tax purposes.
The
following tax consequences will result to Participants:
(1)
Any contributions made pursuant to pre-tax salary reduction agreements will not be included in a Participant's gross income.
Therefore, neither those contributions nor PSEG's Matching Contributions (if any) to the Savings Plan are taxable to a Participant
as income when made or credited to his or her account. However, they will be taxable to a Participant in the year of distribution
or withdrawal. Also, salary reduction contributions (both pre-tax and after-tax) are subject to Social Security tax.
(2)
Any after-tax contributions made under applicable plan provisions are not taxed upon distribution, although any dividends, interest
or other income or gains attributable to after-tax contributions are subject to taxation upon distribution. Any Roth 401(k) contributions
made under the Plan – and earnings thereupon – are not taxed upon a qualified distribution. However, the earnings
may be taxable if the distribution is not a qualified distribution.
45
(3)
Lump-Sum Distribution.
A lump-sum distribution is a distribution made within one tax year, of the full balance credited to a participant's account(s) in the Plan and is either (a) made as a result of the participant's
separation from service or death, or (b) made after age 59
1/2
. Unless a Participant elects roll over his or her
distribution, the Participant will be taxed on the distribution in the year it is received. Participants may be eligible to elect to be taxed on the distribution using the ten-year forward-averaging method or the net unrealized appreciation
method.
(4) The ten-year forward-averaging method, which is available to individuals who were age 50 or older on January 1, 1986, may result in
a lower tax on distributions from the Plan than the regular tax table or tax rate schedule methods. The 1986 tax rates apply in computing the tax under the ten-year forward-averaging method. Only distributions that constitute lump-sum distributions made
after five full years of Plan participation are eligible for the ten-year forward-averaging method. An election must be filed with the IRS to use this method. The election can be made only once, regardless of the number of plans from which a Participant
receives a lump-sum distribution. All distributions received in the same year from this and other qualified plans must be aggregated when computing the tax under the ten-year forward-averaging method.
(5) The special net unrealized appreciation ("NUA") rule applies to a lump-sum distribution for which Participants elect to
receive in kind shares of Common Stock. When a Participant takes a distribution from the Savings Plan that includes an in kind distribution of Common Stock – that is, the actual shares of common stock, rather than the cash value of the shares, the
total net unrealized appreciation in the value of the common stock is excludable from his or her income tax for the distribution year only if the distribution qualifies as a lump-sum distribution. A lump-sum distribution is a payment, within one year, of
a Participant's entire balance under the Savings Plan that is payable to him or her after having reached age 59
1/2
, because the Participant has separated from service with the Company or one of its affiliates, or on account of his or her death or disability. The "taxable amount" for a lump-sum distribution from
the Savings Plan will not include any net unrealized appreciation –Participants will pay federal income tax at ordinary tax rates only on the "cost basis" of the shares of common stock. Upon subsequent sale of the common stock, any
taxable gain will be based on the difference in value between the cost basis and the fair market value of the shares. This amount will be taxed at the "capital gains" rate of federal income tax. Net unrealized appreciation is the amount by
which the fair market value of the shares of PSEG common stock Participants receive exceeds the amount that the Savings Plan paid for the shares.
A separate rule applies for the in-kind distribution of Common Stock acquired with after-tax contributions. Participants can receive net
unrealized appreciation treatment on the value of Common Stock acquired with employee after-tax contributions, even if the distribution is not in the form of a lump sum payment. If a partial distribution includes any in kind Common Stock acquired with
employee after-tax contributions, then a portion of the NUA on the Common Stock received in the payment will be excludable, based on the in kind shares of common stock which were purchased with after-tax contributions.
(6)
Rollover
. In general, the Code permits a Participant to avoid current taxation on any portion of the taxable amount of an eligible rollover distribution by rolling over that portion into an "eligible retirement
plan" that accepts rollover contributions. An eligible retirement plan includes a plan qualified under section 401(a) of the Code, including a 401(k) plan, profit-sharing plan, defined benefit plan, stock bonus plan, and money purchase plan; a
section 403(a) annuity plan; a section 403(b) tax-sheltered annuity; an eligible section 457(b) plan maintained by a governmental employer; and a traditional IRA. Rollovers may be made to a Roth IRA, a SIMPLE IRA, or a Coverdell Education Savings Account
(an education IRA). The rollover rules make most, but not all, Plan distributions eligible for rollover.
The following types of withdrawals and distributions are not eligible for rollover treatment: (1) a series of substantially equal
periodic payments which are made either (a) for a specified period of ten years or more, (b) for the life (or life expectancy) of the participant, or (c) for the Participant's lifetime and his/her beneficiary's lifetime; (2) mandatory
distributions resulting from the participant having attained age 70
1/2
, or, if later, having retired; (3) hardship
distributions; (4) cash dividends, if any, that are paid on employer stock held in an ESOP; (5) distributions made due to certain legal limits being exceeded; (6) Plan loans that become taxable deemed distributions because of a default; or (7)
contributions made under special Automatic Enrollment rules that are withdrawn pursuant to a Participant's request within 90 days of enrollment.
46
(7) In general, all taxable withdrawals and distributions eligible to be rolled over are subject to a 20% withholding requirement unless
they are rolled over directly to an eligible employer plan or an IRA. This requirement does not, however, prevent a Participant from rolling over eligible amounts into an eligible employer plan or traditional IRA within 60 days of the distribution even
if it is not a direct rollover.
Any portion of a taxable distribution that is not rolled over is subject to ordinary income taxes (plus a 10% tax penalty under certain
circumstances). Consequently, if a distribution is made other than directly to a qualified plan or an IRA, the participant would have to supplement the rollover from her/his own funds by an amount equal to the 20% withholding in order to avoid a tax
liability on that amount for that year.
(8) Distributions made in cash are taxed as ordinary income to the extent that they exceed the Participant's after-tax
contributions, if any. If the distribution qualifies as a lump-sum distribution, however, that income may be eligible for the special ten-year forward-averaging provision. In addition, all or a portion of the distribution may be eligible for rollover
treatment.
(9) Generally, if a participant receives a lump-sum distribution (other than a distribution of after-tax employee contributions) of
securities from the PSEG Common Stock Fund, the Participant will have taxable income in an amount equal to the lesser of the original average cost of the securities to the respective fund or the securities' fair market value at distribution. Such
income will be ordinary income, and may be eligible for rollover treatment or the special ten-year forward-averaging provision. Further, any excess of fair market value over the ordinary income amount would not be treated as income at the time of
distribution.
(10) A "lump-sum" distribution for purposes of special tax treatment relative to distributions of employer securities from
qualifying plans means the distribution or payment within one tax year to the recipient of the balance to the credit of an employee which becomes payable to the recipient: (1) on account of the employee's death; (2) after the employee attains age
59
1/2
; or (3) on account of the employee's separation from service.
Distributions of Common Stock consisting of after-tax contributions are taxed only to the extent that they exceed the applicable
after-tax contributions. Generally, if a participant receives a lump-sum distribution of securities from the PSEG Common Stock Fund (plus cash in lieu of fractions of securities), the participant will have taxable income in an amount equal to (i) the
lesser of the original cost of the securities to the respective fund or the securities' fair market value at distribution, plus (ii) the amount of cash distributed, minus (iii) the amount of the participant's applicable after-tax
contributions. Such income will be ordinary income, and may be eligible for rollover treatment or the special ten-year forward-averaging provision.
For other than lump-sum distributions, at the time of distribution any appreciation in value of PSEG stock purchased with employer
contributions (if any), reinvested earnings, and salary reduction contributions is recognized as ordinary income. (Any appreciation in the value of securities purchased with after-tax contributions is not recognized and is deferred until subsequent sale
of the securities.) Also, the special ten year forward-averaging provision will not apply if the distribution is not a lump-sum distribution. Rollover treatment, however, may be available.
(11) When shares of Common Stock are distributed and subsequently sold by the participant, the gain or loss (measured by the difference
between the selling price and the tax basis of the securities sold) must be recognized. Such tax basis is equal to the lesser of the original average cost of the securities under the Plan or the securities' fair market value at distribution. All or
a portion of any further gain may be subject to preferential long-term capital gains taxation.
(12) When shares received in a distribution not qualifying as a lump-sum distribution are subsequently sold by the Participant, the
capital gain or loss (measured by the difference between the selling price and the tax basis of the securities sold) must be recognized. In the case of securities purchased with PSEG contributions (if any), reinvested earnings and salary reduction
contributions, such tax basis is equal to the amount of ordinary income reported as a result of the distribution. In the case of shares purchased with employee after-tax contributions, such tax basis is equal to the lesser of the original cost of the
securities under the Savings Plan or the securities' fair market value at distribution.
47
(13)
Tax Penalties
. In addition to income taxes on withdrawals and distributions as described, the Code provides for a penalty tax on withdrawals and distributions made before the participant attains age 59
1/2
. The penalty tax is 10% of the taxable distributed amount.
In addition to in-service withdrawals or distributions made after the participant attains age 59
1/2
, there is no penalty tax on distributions that are: (i) eligible amounts rolled over in a timely manner to an IRA or eligible employer plan;
(ii) made to a beneficiary after the death of a Participant; (iii) attributable to the Participant's permanent disability; (iv) made to a Participant who has separated from service during or after the year in which the participant attained age 55;
(v) used to pay reimbursed medical expenses that exceed 7.5% of adjusted gross income; or paid to alternate payees under a Qualified Domestic Relations Order.
WHERE YOU CAN FIND MORE INFORMATION
PSEG files annual, quarterly and special reports, proxy statements and other information with the SEC. You may read and copy any
document that PSEG files at the Public Reference Room of the SEC at 450 Fifth Street, N.W., Washington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. You may also obtain our
filings on the Internet at the SEC's home page at http://www.sec.gov. PSEG's Common Stock is listed on the New York Stock Exchange under the ticker symbol "PEG." You can obtain information about PSEG at the offices of the New York
Stock Exchange, 20 Broad Street, New York, New York 10005.
This prospectus is part of a registration statement on Form S-8 filed with the SEC under the Securities Act of 1933. It does not contain
all of the information that is important to you. You should read the registration statement for further information with respect to the securities, the Trust and us. Statements contained in this prospectus concerning the provisions of any document filed
as an exhibit to the registration statement or otherwise filed with the SEC highlight selected information, and in each instance reference is made to the copy of the full document as filed with the SEC.
48
PART II
INFORMATION NOT REQUIRED IN THE PROSPECTUS
Item 3.
Incorporation of Documents by Reference.
The following documents have been filed
by us with the Securities and Exchange Commission and are already incorporated by reference in this registration statement:
•
Our Annual Report on Form 10-K for the year ended December 31, 2014;
•
Our Current Report on Form 8-K filed with the SEC on February 20, 2015; and
•
Our Amended Current Report on Form 8-K dated January 17, 1990 containing a description of our common stock, without par value.
All documents filed by us pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 on or after the date of this registration
statement and prior to the filing of a post-effective amendment to this registration statement which indicates that all securities offered pursuant to this registration statement have been sold or which deregisters all such securities then remaining
unsold shall be deemed to be incorporated by reference in this registration statement and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superceded for purposes of this registration statement to the extent that a statement herein or in any subsequently filed document which also is, or is deemed to be, incorporated by reference herein modifies
or supercedes such statement. Any such statement so modified or superceded shall not be deemed, except as so modified or superceded, to constitute a part of this registration statement.
You can get a free copy of any of the documents incorporated by reference by making an oral or written request directed to:
Vice President, Investor
Relations
PSEG
Services Corporation
80 Park Plaza, 6th Floor
Newark, NJ 07101
Telephone
(973) 430-6565
You should rely only on the information contained or incorporated by reference or deemed to be incorporated by reference in this
prospectus. PSEG has not authorized anyone else to provide you with different or additional information. You should not rely on any other information or representations. PSEG's affairs may change after this prospectus is distributed. You should
not assume that the information in this prospectus is accurate as of any date other than the dates on the front of those documents. You should read all information supplementing this prospectus.
Item 4.
Description of Securities.
Not applicable.
Item 5.
Interests of Named Experts and Counsel.
Not applicable.
Item 6.
Indemnification of Directors and Officers.
Under Section 14A:3-5 of the New Jersey
Business Corporation Act, we:
(1)
have the power to indemnify each of our directors and officers (as well as our employees and agents) against expenses and liabilities in connection with any proceeding involving such person by reason of his/her being or
having been such director or officer other than a proceeding by or in our own right, if (a) such director or officer acted in good faith and in a manner he/she reasonably believed to be in or not opposed to our best interests, and (b) with
respect to any criminal proceeding, such director or officer had no reasonable cause to believe his/her conduct was unlawful;
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(2)
have power to indemnify each of our directors and officers against expenses in connection with any proceeding by or in our own right to procure a judgment in our favor which involves such director or officer by reason
of his/her being or having been such director or officer, if he/she acted in good faith and in a manner he/she reasonably believed to be in or not opposed to our best interests; however, in such proceeding no indemnification may be provided in
respect to any claim, issue or matter as to which such director or officer shall have been adjudged to be liable to us, unless, and only to the extent that, the court determines that the director or officer is fairly and reasonably entitled to
indemnity for such expenses as the court shall deem proper;
(3)
must indemnify each of our directors and officers against expenses to the extent that he/she has been successful on the merits or otherwise in any proceeding referred to in (1) and (2) above or in defense of
any claim, issue or matter therein; and
(4)
have power to purchase and maintain insurance on behalf of a director or officer against any expenses incurred in any proceeding and any liabilities asserted against him/her by reason of his/her being or having been a
director or officer, whether or not we would have the power to indemnify him/her against such expenses and liabilities under the statute.
As used in the statute, "expenses" mean reasonable costs, disbursements and counsel fees, "liabilities" means amounts paid
or incurred in satisfaction of settlements, judgments, fines and penalties, and "proceeding" means any pending, threatened or completed civil, criminal, administrative or arbitrative action, suit or proceeding, and any appeal therein and
any inquiry or investigation which could lead to such action, suit or proceeding.
Indemnification may be awarded by a court under
(1) or (2) as well as under (3) above, notwithstanding a prior determination by us that the director or officer has not met the applicable standard of conduct.
Indemnification under the statute does not exclude any other rights to which a director or officer may be entitled under a certificate of
incorporation, by-law, or otherwise.
Article 8, Section 1 of our Certificate of Amendment of Certificate of Incorporation provides as
follows:
Indemnification:
The corporation shall indemnify to the full extent from time to time permitted by law any person made, or threatened to be made, a party to any
pending, threatened or completed civil, criminal, administrative or arbitrative action, suit, or proceeding and any appeal therein (and any inquiry or investigation which could lead to such action, suit or proceeding) by reason of the fact that he
is or was a director, officer or employee of the corporation or serves or served any other enterprise as a director, officer or employee at the request of the corporation. Such right or indemnification shall inure to the benefit of the legal
representative of any such person.
Article 8, Section 2 of our Certificate of Amendment of Certificate of Incorporation provides as
follows:
Limitation of Liability:
To the full extent from time to time permitted by law, directors and officers of the corporation shall not be personally liable to the
corporation or its shareholders for damages for breach of any duty owed to the corporation or its shareholders. No amendment or repeal of this provision shall adversely affect any right or protection of a director or officer of the corporation
existing at the time of such amendment or repeal.
Our directors and officers are insured under the policies of insurance, within the
limits and subject to the limitations of the policies, against claims made against them for acts in the discharge of their duties, and we are insured to the extent that we are required or permitted by law to indemnify the directors and officers for
such loss. We pay the premiums for such insurance.
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Item 7.
Exemption from Registration Claimed.
Not applicable.
Item 8.
Exhibits.
See Exhibit Index.
Item 9.
Undertakings.
(a)
We hereby undertake:
(1)
to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
to include any prospectus required by Section 10(a) (3) of the Securities Act of 1933;
(ii)
to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration
statement; and
(iii)
to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
provided, however
, that paragraphs (1) (i) and (1) (ii) do not apply if the information required
to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by us pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement;
(2)
that, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and
(3)
to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b)
We hereby undertake that, for purposes of determining any liability under the Securities Act of 1933, each filing of our annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act
of 1934 that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
(h)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons
pursuant to the foregoing provisions, or otherwise, we have been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore,
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unenforceable. In the event that a claim for indemnification against such liabilities (other than our payment of expenses incurred or paid by one of our directors, officers, or controlling
persons in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by us is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such
issue.
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SIGNATURES
Pursuant to the
requirements of the Securities Act of 1933, the registrant, Public Service Enterprise Group Incorporated, certifies that it
has reasonable grounds to believe it meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Newark, State
of New Jersey, on this  6th day of March, 2015.
Public Service Enterprise Group Incorporated
By:
/s/ CAROLINE DORSA
Caroline Dorsa
Executive Vice President
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed
by the following person in the capacity and on the date indicated.
Signature
Capacity
Date
/s/ CAROLINE DORSA
Principal Financial Officer
March 6, 2015
Caroline Dorsa
/s/
                  STUART J BLACK
Principal Accounting Officer
March 6, 2015
Stuart J. Black
Pursuant to the
         requirements of the Securities Act of 1933, this Registration Statement has also been signed by Caroline Dorsa,
         Attorney-in-Fact, on behalf of the following persons in the capacities indicated on March 6, 2015.
Name
Capacity
Ralph Izzo
Principal Executive Officer and Director
Albert R. Gamper, Jr.
Director
William V. Hickey
Director
Shirley Ann Jackson
Director
David Lilley
Director
Thomas A. Renyi
Director
Hak Cheol Shin
Director
Richard J. Swift
Director
Susan Tomasky
Director
Alfred W. Zollar
Director
By:
/s/ CAROLINE DORSA
Caroline Dorsa
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EXHIBIT INDEX
EXHIBIT NO.
DESCRIPTION
3.1(a)
PSEG's Certificate of Incorporation
1
3.1(b)
PSEG's Certificate of Amendment of Certificate of Incorporation effective April 23, 1987
2
3.1(c)
PSEG's Certificate of Amendment of Certificate of Incorporation effective April 20, 2007
3
3.2
PSEG's By-Laws
4
5
Not Applicable
15
Not Applicable
23
Independent Auditors' Consent
24
Power of Attorney
1
Previously filed as Exhibit 3.1a with Quarterly Report on Form 10-Q for the Quarter ended March 31, 2007, File No. 001-09120, on May 4, 2007 and incorporated herein by this reference
2
Previously filed as Exhibit 3.1b with Quarterly Report on Form 10-Q for the Quarter ended March 31, 2007, File No. 001-09120, on May 4, 2007 and incorporated herein by this reference
3
Previously filed as Exhibit 3.1c with Quarterly Report on Form 10-Q for the Quarter ended March 31, 2007, File No. 001-09120, on May 4, 2007 and incorporated herein by this reference.
4
Previously filed as Exhibit 3.1 with current Report on Form 8-K, File No. 001-09120 on November 18, 2009 and incorporated herein by this reference.
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