Section 3. Contributions

3.1 Salary Reduction Contributions

(a) Each Eligible Employee may make a salary reduction election to have his or her Compensation reduced for the Year in any amount selected by the employee subject to the limitation in Section 3.1(b) of this article. The Employer will make a salary reduction contribution to the Plan, as an Elective Deferral, in the amount by which the employee’s Compensation has been reduced.

( b) The total salary reduction contribution for any employee cannot exceed the limitation on salary reduction contributions in effect for the year. The limitation on salary reduction contributions was $15,500 for 2023. After 2023, the $15,500 limit will be adjusted by the Secretary of the Treasury, in multiples of $500, for cost-of-living increases under Code section 408(p)(2). The amount of an employee's salary reduction contributions permitted for a Year is increased for employees aged 50 or over by the end of the Year by the amount of allowable Catch-up Contributions. Allowable Catch-up Contributions were $3,500 for 2023. After 2023, the $3,500 limit will be adjusted by the Secretary of the Treasury, in multiples of $500, for cost-of-living increases under Code section 414(v)(2)(C). Catch-up Contributions are otherwise treated the same as other salary reduction contributions.

(Note to reviewer: The following increased limits apply automatically in the case of an Eligible Employer described in Section 2.2B:)

(c) For taxable years beginning after December 31, 2024, for an Eligible Employer as defined in Section 2.2B, the limit on Elective Deferrals and Catch-Up Contributions are each increased to 110% of the otherwise applicable limits for 2024. If an employer has more than 25 employees, the increased deferral limit applies if a matching contribution of at least 4% of Compensation or a nonelective contribution of at least 3% of Compensation is provided in this SIMPLE 401(k) plan.(d)The Plan will separately account for Roth Elective Deferrals in each participant's Roth Elective Deferral account.

3.2 Other Contributions

(a) Matching Contributions - Each Year, the Employer will contribute a Matching Contribution to the Plan on behalf of each employee who makes a salary reduction election under Section 3.1.

40 | Cash or Deferred Arrangement (CODA) LRM Package 01-2024

The amount of the Matching Contribution will be equal to the employee's salary reduction contribution up to a limit of 3 percent of the employee's Compensation for the full Year.

(b) Nonelective Contributions - For any Year, in lieu of a Matching Contribution, the Employer may elect to contribute a nonelective contribution of 2 percent of Compensation for the full Year for each Eligible Employee who received at least $5,000 of Compensation (or such lesser amount as elected by the Employer in the adoption agreement) for the Year. For plan years beginning on or after January 1, 2024, an additional nonelective contribution may be made to each employee of the plan in a uniform percentage of compensation, provided that the contribution may not exceed the lesser of up to 10 percent of compensation or $5,000 (as adjusted for inflation).

(c) Separate accounting - The Plan will maintain a record of the amount of Roth employer contributions in each participant's Roth matching or non-elective account.

(d) Limitation on Contributions - No employer or employee contributions may be made to this Plan for the Year other than salary reduction contributions described in Section 3.1, Matching or nonelective contributions described in Section 3.2 and rollover contributions described in Regulation section 1.402(c)-2, Q&A-1(a).. The provisions of the Plan implementing the limitations of Code section 415 apply to contributions made pursuant to Sections 3.1 (other than Catch-up Contributions) and 3.2.