SUMMARY PLAN DESCRIPTION. for the AMBROSE MULTIPLE EMPLOYER RETIREMENT SAVINGS PLAN

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1 SUMMARY PLAN DESCRIPTION for the AMBROSE MULTIPLE EMPLOYER RETIREMENT SAVINGS PLAN

2 TABLE OF CONTENTS (1) Eligibility to Participate... 4 (2) Types of Plan Contributions... 4 (3) Compensation... 7 (4) Vesting... 7 (5) Payment of Benefits After Termination of Employment... 9 (6) Payment of Benefits Prior to Termination of Employment (7) Disability Benefits (8) Payment of Benefits upon Death (9) Your Responsibility with Respect to the Plan (10) Claims Procedure (11) Your Rights under ERISA (12) Federal Income Taxation of Benefits Paid (13) Assignment of Plan Benefits (14) Top Heavy Provisions (15) Participant Direction of Investment (16) Funding of the Plan (17) Future of the Plan... 17

3 SUMMARY PLAN DESCRIPTION We are offering you the ability to participate in our retirement program -- the Ambrose Multiple Employer Retirement Savings Plan (the Plan ). The Plan has been designed to help you save for your retirement and is for the benefit of the employees of Ambrose (the Employer or the Company ) and the employers who have adopted the Plan (the Adopting Employers ). This Summary Plan Description ( SPD ) describes the provisions of the Plan. The primary purpose of this SPD is to provide you with a non-technical explanation of the most important features of the Plan. If there is any inconsistency between the Plan and this SPD, the provisions of the Plan will govern. We urge you to read this SPD carefully so that you will understand the Plan as it applies to you and your family. We suggest that you keep a copy of this SPD in a safe place for future reference. There are several documents which officially control the provisions of the Plan and spell out the exact terms of your rights under the Plan. The primary document is the Ambrose Multiple Employer Retirement Savings Plan. The Company is the Plan Administrator of the Plan. The Company has delegated the authority to administer the Plan on its behalf to an administrative committee (the Committee ). The duties of the Committee are to exercise supervisory control over the Plan s operation, including determination of the eligibility of employees to receive benefits, computation of the amount of benefit payments, and authorization for payments of such benefits. The Committee may, in its sole discretion, make such rules and regulations as are necessary to administer the Plan. The Committee s decisions are final, conclusive and binding. The Plan is a defined contribution plan commonly known as a 401(k) plan. The Plan is subject to all of the provisions of the Employee Retirement Income Security Act of 1974, as amended ( ERISA ), except the funding provisions (which provide for minimum contributions to fund accrued pension benefits) and Title IV (which provides federal guaranties of certain pension benefits) of ERISA, which are not applicable to 401(k) savings plans, such as this Plan. These rules do not apply because the interest of each Participant under the Plan is measured by the balance in such Participant s account, rather than in terms of a fixed, predetermined pension benefit. The Plan is also designed to comply with Section 404(c) of ERISA and the regulations promulgated there under which is described later in the SPD. 3

4 (1) Eligibility to Participate. If you are employed by the Employer and an Adopting Employer, you become eligible to participate in the Plan on the business day coincident with or next following the later of (i) your first day of employment or (ii) the date on which you attain the age of 20. It is not necessary for you to complete any specified number of hours of service. The following employees are not eligible to participate in the plan: an employee whose terms of employment are covered by a collective bargaining agreement; a nonresident alien who does not receive any earned income from the Employer which constitutes income from sources within the United States; or an individual treated by Ambrose Employer Group or an Adopting Employer as an Independent Contractor. If by reason of this exclusion, you should become ineligible to participate in the Plan, you may not receive an allocation of the Adopting Employer s contribution during the period of your exclusion, but your account balance will continue to share in trust fund earnings or losses. (2) Types of Plan Contributions. (a) Employee Elective Deferrals (the 401(k) Arrangement). This Plan includes a 401(k) arrangement, under which you may elect to have the Employer contribute a portion of your compensation to the Plan. The contributions the Employer makes under your election are elective deferrals. In order to participate in the Plan, you must enter into a salary reduction agreement with the Employer. The Committee will provide you with access to a salary reduction agreement form which will explain your salary reduction options. The Employer will withhold from your pay the amount you have agreed to have the Employer contribute as elective deferrals. You may contribute between 1% and 100% of your compensation (in whole percentages) during the plan year subject to the IRS limitations described below. Limitations on Elective Contributions. For any calendar year, your elective deferrals may not exceed a specific dollar amount determined by the Internal Revenue Service. For 2010 this dollar limitation is $16,500, and it will be indexed by the Internal Revenue Service (the IRS ) for cost-of-living adjustments in future years. If your elective deferrals for a particular calendar year exceed such limitation, the Plan will refund the excess amount, plus any earnings (or loss) allocated to that excess amount. If you participate in another 401(k) arrangement or in similar arrangements under which you elect to have an employer contribute on your behalf, your combined elective deferrals may not exceed the dollar limitation in effect for that calendar year. The Form W-2 you receive from each employer for the calendar year will report the amount of your elective deferrals for that calendar year under that employer s plan. If your total exceeds the dollar limitation in effect for that calendar year you should decide which plan you wish to designate as the plan with the 4

5 excess amount. If you designate the Plan as holding the excess amount for a calendar year, you must notify the Committee of that designation by March 1 of the following calendar year. The Trustees will then distribute the excess amount to you, plus earnings (or loss) allocated to that excess amount. Your account will be charged a $50 processing fee for each such distribution. The IRS requires that the Plan s savings features be applied fairly among employees at all pay levels. As a result, contributions (except for Catch-Up Contributions as described below) made by highly paid employees may be further limited. Catch-Up Contributions. If you have attained (or will attain) age 50 before the end of a Plan Year and you are making the maximum amount of elective deferrals to your 401(k) Contribution Account that you are permitted to make under the Plan in such Plan Year, you are eligible to make additional elective deferrals, called Catch-Up Contributions, which enable you to save more for retirement. However, to the extent that you have not fully contributed to the Plan by the end of the Plan Year, your Catch-Up Contributions will be recharacterized as elective deferrals to your 401(k) Contribution Account. For 2010, you may contribute up to $5,500 as Catch-Up Contributions, and this amount will be indexed by the IRS for cost-of-living adjustments in future years. Your Catch-Up Contributions will be allocated to your Catch-Up Contributions Account. Types of Employee Contributions. The Plan gives you the opportunity to make Before- Tax contributions. Additionally, your Adopting Employer may elect to allow you to make Roth After-Tax Elective Contributions. The Plan does not permit you to make traditional after-tax contributions to your account. Before-Tax Contributions are withheld from your salary before federal and usually state income taxes are taken out. However, Social Security taxes must still be withheld. The Committee will allocate your Before-Tax Contributions to a separate account designated by the Plan as your 401(k) Contribution Account. Roth After-Tax Contributions are withheld from your salary after Social Security taxes and federal and usually state income taxes are taken out. The Committee will allocate your Roth After-Tax Contributions to a separate account designated by the Plan as your Roth 401(k) Contribution Account. Distributions of your Roth Contributions will not be subject to income taxes, and qualified distributions of your earnings on your Roth After-Tax Contributions will not be subject to income tax, so long as certain requirements are met. A qualified distribution of earnings on your Roth After-Tax Contributions is a distribution: That is made after the end of a five year period beginning with the year in which you first make a Roth After-Tax Contribution (or a Roth After-Tax Rollover) to the Plan; and That is made either: (i) after you reach age 59½, (ii) after your death, or (iii) on account of disability. 5

6 (b) Rollover Contributions. You may roll over your before-tax benefits from any other tax-qualified plan, 403(b) annuity plan, governmental plan, Section 457(b) plan or IRA to the Plan. You may not roll over after-tax benefits into the Plan. If you receive a distribution from any other tax-qualified plan, you can still roll over some or the entire taxable portion of the distribution within 60 days of when you receive it. However, if you receive the distribution yourself, it will be subject to 20% mandatory federal withholding tax. Rollover Contributions will be credited to your Rollover Account and are always 100% vested and nonforfeitable. (c) Profit Sharing Contributions. Your Adopting Employer may elect to contribute profit sharing contributions to the Plan. Your Adopting Employer, in its sole discretion, may choose not to make such contributions for a particular Plan Year. If your Adopting Employer elects to make profit sharing contributions, your share of these contributions will be allocated to your Profit Sharing Account. The Plan may require that you complete a certain number of hours of service or be employed on the last day of the Plan Year to be eligible for a Profit Sharing Contribution. Your Adopting Employer may limit the total profit sharing contribution to your account. Profit Sharing Contributions are generally subject to the vesting schedule described below. Please contact the Ambrose Retirement Plan to determine if your Adopting Employer makes Profit Sharing Contributions and what you must do to qualify for an allocation of Profit Sharing Contributions. (d) Discretionary Matching Contributions. Your Adopting Employer may elect to contribute Discretionary Matching Contributions to the Plan. If your Adopting Employer, in its sole discretion, elects to contribute Discretionary Matching Contributions with respect to a Plan Year, the Discretionary Matching Contributions will be allocated on the basis of your elective deferrals for the Plan Year (other than any elective deferrals which exceed the dollar limitation determined by the Internal Revenue Service or the Adopting Employer and Catch-Up Contributions). The Committee allocates your share of these Discretionary Matching Contributions to your Discretionary Matching Contributions Account. Your Adopting Employer may limit the total Discretionary Matching Contributions to your account. Discretionary Matching Contributions are generally subject to a vesting schedule described below. Please contact the Ambrose Retirement Plan to determined if your Adopting Employer makes Discretionary Matching Contributions. (e) Safe Harbor Contributions. Your Adopting Employer may elect to make Safe Harbor Contributions to the Plan. If your Adopting Employer, in its sole discretion, elects to contribute Safe Harbor Contributions with respect to a Plan Year, such contributions will be allocated to your Safe Harbor Contributions Account. You will be notified about whether your Adopting Employer will make contributions to your Safe Harbor Contribution Account no later than thirty (30) days prior to the first day of the Plan Year. There are two types of Safe Harbor Contributions under the Plan. The Adopting Employer may make Safe Harbor Contributions in an amount that matches at least 100% of your elective deferrals up to 3% of your compensation and 50% of your elective deferrals from 3% up to 5% of your compensation. 6

7 The Adopting Employer may also elect to make a Safe Harbor Contribution on your behalf, without regard to whether you make elective deferrals or Catch-Up Contributions to the Plan, in an amount equal to at least 3% of your Compensation under the Plan. Such a Safe Harbor Contribution may be limited to non-highly compensated employees. Please contact the Ambrose Retirement Plan to determine if your Adopting Employer makes Safe Harbor Contributions. (f) Qualified Nonelective Contributions. If the Plan does not meet certain requirements of the Internal Revenue Code, your Adopting Employer may (but is not required to) contribute additional amounts to the Plan in order to satisfy these requirements. (g) Overall Contribution Limit. In addition to the limit that you can contribute each year as Before-Tax and Roth After-Tax Contributions, the Internal Revenue Code sets an overall limit on the annual contributions to your account. You will be contracted if you are affected by this limit. (3) Compensation. Contributions made to the Plan on your behalf are based on and/or limited by the amount of your Compensation for the portion of the Plan Year in which you actually participate in the Plan. Compensation means your total cash wages, including your salary, bonuses and overtime pay. Compensation also includes any contribution by your Employer on your behalf under a salary reduction agreement (a pre-tax contribution) pursuant to Internal Revenue Code Section 125 (such as any flexible benefits or cafeteria plan), Internal Revenue Code Section 132 (i.e., a qualified transportation benefit arrangement) or 401(k) (i.e., before-tax contributions). Compensation excludes all noncash compensation, benefits paid under the Plan or any other pension, fringe benefit, group insurance or other benefit (other than contributions made under Internal Revenue Code Sections 125, 132(f) or 401(k)). If you are a Self-Employed Individual, your Compensation will include any earned income, as defined in Section 401(c)(2) of the Code, attributable to employment as a self-employed person with regard to the Employer or any Adopting Employer, that is earned during the Plan Year and while you are a participant under the Plan. Your Compensation will not include any contributions by the Employer to, or benefits paid under, the Plan or under any other pension, profit-sharing, fringe benefit, group insurance or other employee welfare plan, or any deferred compensation arrangement or amounts paid or accrued as severance pay; however, your elective deferrals will be treated as Compensation to the extent required by the Code. You may be considered to be both an employee and a Self-Employed Individual for any Plan Year. The amount of Compensation taken into consideration under the Plan for purposes of contributions is limited to $245,000 in 2010, and it will be indexed by the IRS for cost of living adjustments in future years. (4) Vesting. Vesting is the process by which you obtain nonforfeitable rights to all or a part of the balance in your Account. 7

8 You are 100% vested at all times in your elective deferrals, Catch-Up Contributions, Safe Harbor Contributions and Rollover Contributions. You become vested in your Matching Contributions Account and Profit Sharing Account (basically, all contributions other than elective deferrals, Catch-Up Contributions, Safe Harbor Contributions and Rollover Contributions). In any event, your entire Account will become 100% vested when you attain normal retirement age (age 65), die, or incur a disability (and meet certain requirements) while you are employed by an Adopting Employer. Please contact the Ambrose Retirement Plan for your Adopting Employer s vesting schedule. Year of Service. Year of Service is a twelve (12) month Period of Service. Each person with an accrued benefit under the Plan who became a participant prior to July 1, 2002 shall receive credit for Years of Service in accordance with Treasury Regulation Section 1.410(a)-7(g). You may also receive credit for years of service with the Adopting Employer prior to the time the Adopting Employer adopted the Plan and for years of service with the Adopting Employer prior to the time you became a participant in the Plan. Vesting Forfeiture. There are two methods under which you could forfeit benefits before you become 100% vested in your entire interest under the Plan. The primary method of vesting forfeiture is the forfeiture break in service rule. The secondary method of forfeiture is the cash out rule. Forfeiture Break in Service Rule. Termination of employment alone will not result in forfeiture under the Plan unless you do not return to employment with an Adopting Employer before incurring a forfeiture break in service. A forfeiture break in service is a period of 5 consecutive vesting service periods in which you do not work more than 500 hours in each vesting service period if you do not have any fully vested benefits under the Plan at such time. 8

9 Example. Assume you are 60% vested in your account balance. After working 400 hours during a particular vesting service period, you terminate employment and perform no further service for the Employer and Adopting Employer during the next 4 vesting service periods. Under this example, you would have a forfeiture break in service during the fourth vesting service period following the vesting service period in which you terminated employment because you did not work more than 500 hours during each period of 5 consecutive vesting service periods. Consequently, you would forfeit the 40% non-vested portion of your account. If you had returned to employment with the Employer and the Adopting Employer at any time during the 5 consecutive vesting service periods and worked more than 500 hours during any vesting service period within that 5- year period, you would not incur a forfeiture under the forfeiture break in service rule. Cash Out Rule. The cash out rule applies if you terminate employment and receive a total distribution of the vested portion of your account balance before you incur a forfeiture break in service. For example, assume you terminated employment during a particular vesting service period after completing 800 hours of service. Assume further the total value of your account balance is $6,000 in which you have a 60% vested interest. Before you incur a forfeiture break in service, you receive a distribution of the $3,600 vested portion ($6,000 X 60%) of your account balance. Upon payment of the $3,600 vested portion of your account balance, you would forfeit the $2,400 nonvested portion. If you return to employment before you incur a forfeiture break in service, you may have the Plan restore your cash out forfeiture by repaying the amount of the distribution you received attributable to Adopting Employer contributions. This repayment right applies only if you do not incur a forfeiture break in service. You must make this repayment no later than the date 5 years after you return to employment with the Employer and Adopting Employer. Upon your reemployment with the Employer and the Adopting Employer, you may request the Committee to provide you with a full explanation of your rights regarding this repayment option. (5) Payment of Benefits After Termination of Employment. (a) When Can You Receive Your Plan Benefits? The Plan will commence distribution to you at the time you elect a distribution. The Plan permits you to elect a distribution as of any distribution date following your termination of employment with the Employer. If your vested account balance is less than or equal to $1,000 at the time of your termination from employment, your account balance will be completely distributed to you whether or not you consent to such a distribution. The Plan does not permit you to receive distribution in any form other than a lump sum. You may not actually receive distribution on the distribution date you elect. The Plan provides the Trustees an administratively reasonable time following a particular distribution date to make actual distribution to a participant. You must receive a distribution of your vested account balance no later than April 1 of the calendar year following the later of the calendar year in which you attain age 70-½ or your retirement. This required distribution date overrides any contrary distribution date described in this summary. In 9

10 addition, if you are considered to be a 5% owner under Section 416 of the Code, you are required to receive distributions before the April 1 of the calendar year in which you attain age 70-½. If the Employer terminates the Plan before you receive a distribution of your vested benefits, the Plan might make a distribution to you before you otherwise would elect distribution. For purposes of making a distribution of any portion of your vested account balance, the Plan refers to the latest valuation of your account balance. In general, the Plan allocates trust fund earnings, gains or losses for a valuation period on the basis of each participant s opening account balance at the beginning of the valuation period, less any distributions and charges to each participant s account during the valuation period. Currently, each business day is a valuation date for purposes of the Plan. Your account will be charged a $50 processing fee for each such distribution. (b) distribution. How are Benefits Paid Under the Plan? Plan benefits are paid in a lump sum (6) Payment of Benefits Prior to Termination of Employment. (a) Rollover Distributions. You have to right to withdraw any or all amounts in your Rollover Account at any time prior to your termination of employment, upon thirty (30) days prior notice to the Committee. (b) Post Age 59-1/2 Distributions. If you have attained age 59½, you may receive a distribution of all or a portion of the vested portion of your Account at any time by giving thirty (30) days prior notice to the Committee. These withdrawals will be made from your Account in the following priority: (i) Rollover Account, (ii) 401(k) Contribution Account, (iii) Catch-Up Contribution Account, (iv) Safe Harbor Contribution Account, (v) the vested portion of your Profit Sharing Contribution Account, if any, and then (vi) the vested portion of your Discretionary Matching Contribution Account. Your account will be charged a $50 processing fee for each such distribution. (c) Hardship Distributions from your Deferral Contributions Account. Prior to your termination of employment, you may elect to withdraw all or any portion of the vested portion of your Discretionary Matching Contribution Account, the vested portion of your Profit Sharing Account, Catch-Up Contribution Account and 401(k) Contribution Account (other than earnings credited to your Catch-Up Contribution Account or 401(k) Contribution Account) in the event you experience a Hardship, upon 30 days prior written notice to the Committee. A Hardship withdrawal may be made only after you have obtained all distributions and nontaxable loans available under all plans maintained by the Employer. In addition, the Hardship withdrawal may not exceed the amount of the immediate and heavy financial need (including amounts necessary to pay any federal, state or local income taxes or penalties as a result of the withdrawal). A withdrawal will qualify as a Hardship withdrawal only if it is made in order to pay: (i) costs directly related to the purchase (excluding mortgage payments) of your principal residence; 10

11 (ii) (iii) (iv) (v) (vi) (vii) tuition, related educational fees and room and board expenses for the next 12-month period of post-secondary education for you, your spouse, your children or dependents; unreimbursed medical expenses (those that are deductible as described in Code Section 213(d)) incurred by you, your spouse or dependents or necessary to obtain such medical care; amounts necessary to prevent eviction from your principal residence or foreclosure on the mortgage on your principal residence; or payment of burial or funeral expenses for a Participant s deceased parent, spouse, child or dependent; expenses for the repair of damage to the participant s principle residence that would qualify under the casualty deduction of Code Section 165 determined without regard to the 10% adjusted gross income limitation; and any other such need as prescribed by the IRS. You will be prohibited from making elective deferrals or employee contributions to any qualified or nonqualified plan maintained by the employer for the 6-month period following the date of a hardship distribution from your Catch-Up Contribution Account or your 401(k) Contribution Account. Upon your request, you will be provided a withdrawal election form. Note. If you take a withdrawal under a Hardship or from your Rollover Account (as discussed above), a 10% tax penalty will be imposed on the amount of such distribution to the extent you must include the distribution in your gross income, unless you qualify for an exception from this penalty. You should consult a tax advisor regarding this tax penalty. (d) Participant Loans. The Plan has adopted a loan policy that will be presented to you upon request. However, you should be aware of the following details: (1) there is a $50 processing fee and a $2 monthly administrative fee for each loan taken from your account, (2) if you terminate employment, your loan will become payable immediately, (3) if the Employer and Adopting Employer terminate their relationship, the loan becomes payable immediately, and (4) the minimum amount you can take out as a loan is $1,000 and the maximum amount you can take out is the lesser of 50% of your account value or $50,000. (7) Disability Benefits. If you incur a disability, the Plan will pay your vested account balance to you in a lump sum at the same time as it would pay your vested account balance for any other termination of employment. You are deemed to have a disability under the Plan if you are entitled to receive disability benefits under the Social Security Act. 11

12 (8) Payment of Benefits upon Death. If you die prior to receiving all of your benefits under the Plan, the Plan will pay the balance of your vested account to your beneficiary. If you are married, your spouse must consent to the designation of any nonspouse beneficiary. The Plan will pay the benefit to your designated beneficiary, in the form and at the time elected by the beneficiary, unless you specify the timing and form of the beneficiary s distribution. Your benefit payment election generally must provide for complete distribution of your account balance within five years of your death, unless distribution would commence within one year of your death to your designated beneficiary or unless benefits had commenced prior to your death under the mandatory post age 70-½ distribution requirements described in Section (6). Your account will be charged a $50 processing fee for each such distribution. (9) Your Responsibility with Respect to the Plan. It is very important that you keep the Employer apprised of your mailing address even after you have terminated employment. Finally, if the Employer or the Adopting Employer terminates the Plan, you will receive benefits under the Plan based on your account balance as of the termination of the Plan. If the Employer terminates the Plan, your account will become 100% vested, if not already 100% vested, unless you forfeited the nonvested portion prior to the termination date. The fact that the Employer and the Adopting Employer have established this Plan does not confer any right to future employment with the Employer or the Adopting Employer. Furthermore, you may not assign your interest in the Plan to another person or use your Plan interest as collateral for a loan from a commercial lender. (10) Claims Procedure. To obtain Plan benefits, you (or your Beneficiary) must file a written application with the Committee. You will be notified of the acceptance or denial of your claim for benefits within 90 days from the date the Committee receives your election. In some cases your request may take more time to review and an additional processing period of up to 90 days may be used to review your claim. If this happens, you will be notified in writing. The written notice of extension will indicate the special circumstances requiring the extension of time and the date by which the Committee expects to make a determination with respect to the claim. If the extension is required due to your failure to submit information necessary to decide the claim, the period for making the determination will be suspended from the date on which the extension notice is sent to you until the date on which you respond to the Plan s request for information for up to 45 days. If your claim is denied in whole or in part, you will be notified in writing of the reason for the denial and the specific references to Plan provisions on which the denial is based and any additional material or information required to perfect the claim, a description of the Plan s review procedures and applicable time limits, as well as a statement of your rights to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review. If you disagree with the Committee, you, or your duly authorized representative, must appeal the adverse determination in writing to the Committee within 60 days after the receipt of the notice of denial of benefits. If you fail to appeal a denial within the 60-day period, the Committee s determination will be final and binding. If you appeal to the Committee, you, or your duly authorized 12

13 representative, must present all pertinent materials and comments to permit the Committee to reexamine all facts and make a final determination with respect to the denial. The Committee may or may not hold a hearing as to a claim. The Committee will make a final written decision on a claim review, in most cases within 60 days after a receipt of a request for a review, unless special circumstances require an extension of time. If that happens, you will be notified in writing. The written notice of extension will indicate the special circumstances requiring the extension of time and the date by which the Committee expects to make a determination with respect to the claim. If the extension is required due to your failure to submit information necessary to decide the claim, the period for making the determination will be suspended from the date on which the extension notice is sent to you until the date on which you respond to the Plan s request for information for up to 45 days. If you are not notified within such period of the decision upon review, you may treat your claim as being denied. The Committee s decision on your claim for review will be communicated to you in writing. If an adverse benefit determination is made, this notice will include (i) the specific reason(s) for the adverse benefit determination, with references to the specific Plan provisions on which the determination is based; (ii) a statement that you are entitled to receive, upon request and free of charge, reasonable access to (and copies of) all documents, records and other information relevant to the claim; and (iii) a statement of your right to bring a civil action under Section 502(a) of ERISA. The Committee has sole discretion based on the Plan documents in making a decision on a claim and its decision is final, conclusive and binding on all persons. Notwithstanding anything herein to the contrary, you must fully exercise all of your appeal rights provided under the Plan prior to bringing a civil action under Section 502(a) of ERISA. (11) Your Rights under ERISA. As a participant in this Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Plan participants are entitled to: Examine, without charge, at the Plan Administrator s office and at other specified locations all documents governing the Plan, including insurance contracts and collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including insurance contracts and collective bargaining agreements, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Plan Administrator may make a reasonable charge for the copies. Receive a summary of the Plan s annual financial report. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report. Obtain, once a year, a statement of your benefits under the Plan. The Plan may require a written request for this statement, but it must provide the statement free of charge. 13

14 In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate this Plan, called fiduciaries of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries. No one, including your Employer or Adopting Employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a retirement benefit or from exercising your rights under ERISA. If your claim for a retirement benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request materials from the Plan and do not receive the materials within 30 days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. In addition, if you disagree with the Plan s decision or lack thereof concerning the qualified status of a domestic relations order, you may file suit in Federal court. If it should happen that Plan fiduciaries misuse the Plan s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. If you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. (12) Federal Income Taxation of Benefits Paid. Existing federal income tax laws do not require you to report as income the contributions allocated to your account. However, when the Plan distributes your account balance to you, you must report as income the Plan distributions you receive. Special rules apply to the taxation of the distributions of earnings from Roth accounts (see the section on Roth Contributions for more information). Also, it may be possible for you to defer federal income taxation of a distribution by making a rollover contribution to your own rollover individual retirement account. Mandatory income tax withholding rules apply to some distributions you do not rollover directly to an individual retirement account or to another plan. At the time you receive a distribution, you also will receive a notice discussing withholding requirements and the options available to you. We emphasize that you should consult your own tax adviser with respect to the proper method of reporting any distribution you receive from the Plan. 14

15 (13) Assignment of Plan Benefits. The Plan does not permit you to assign your benefits in the Plan. In addition, pursuant to the terms of the Plan, no lien may be created on any funds, securities or other property held under the Plan, and your creditors may not attach, garnish or otherwise interfere with your Account balance. One exception to this rule is a payment made pursuant to a Qualified Domestic Relations Order ( QDRO ). A QDRO is a court order or decree that compels the Committee to pay or allocate a portion of your Account to your spouse, former spouse, child or other dependent (the Alternate Payee of the QDRO). If a QDRO is received by the Committee, all or a portion of your Account balance may be used to satisfy the obligation. There is a one-time fee of $500 for processing a QDRO. This fee will be split equally between the portion of your Account that is assigned to the Alternate Payee and the portion that remains yours, or, if the QDRO assigns your entire Account to the Alternate Payee, it will be assessed entirely against the interest of the Alternate Payee. You or your beneficiaries may obtain, without charge, a copy of the procedures from the Committee. A second exception involves circumstances under which your benefits under the Plan are offset by an amount for which you are liable to the Plan as a result of your conviction of a crime regarding the Plan, a civil judgment, or a settlement agreement between you and the U.S. Department of Labor or Pension Benefit Guaranty Corporation. (14) Top Heavy Provisions. As required by law, alternate Plan provisions go into effect if the Plan becomes top-heavy with respect to any Adopting Employer. An Adopting Employer s portion of the Plan will be top-heavy if more than 60% of the total assets of that portion of the Plan are in the Accounts of key employees (owners or officers of the Company). In the event that your Adopting Employer s portion of the Plan becomes top-heavy in a Plan year, you will be notified about any additional benefits to which you may be entitled. (15) Participant Direction of Investment. The Plan permits every participant to direct the investment of his account balance under the Plan in certain investment funds (the Investment Funds ). Participants may request a change in their investment allocations once per day by calling or by visiting and then entering in their social security number and their personal identification number ( PIN ). No guarantees are made to the timeliness of the change request processing. All requests received via telephone and the Internet with the proper social security number and proper PIN will be considered valid. You should protect your PIN number. If you do not select one or more Investment Funds, the Committee will direct that your account be invested in one or more Investment Funds that it selects. The Investment Funds under the Plan are not deposits or obligations of, or guaranteed by the Employer, your Adopting Employer, the Trustee or any other person, or entity. Investment in the Investment Funds involves risks, including the possibility of loss. Past performance will not necessarily reflect future performance, which depends on various factors including, but not limited to, market performance and fluctuations. The Employer and your Adopting Employer do not have an obligation to make up any losses suffered by you should any losses occur. 15

16 You should evaluate the Investment Funds available under this Plan in the same way you would evaluate any investment to determine whether you are comfortable with the investment risk and expected rate of return. The Plan is intended to constitute a plan under ERISA Section 404(c) and Title 29 of the Code of Federal Regulations Section c-1. Consequently, the fiduciaries of the Plan will be relieved of liability for any losses which are the direct and necessary result of investment instructions given by you or your beneficiaries. You are urged to read the literature describing each Investment Fund prior to making any investment decision. Remember, you will share in any losses as well as any gains of the investments you choose. If you want additional information about any investment alternative, you may request any of the following information by contacting Christine Pesaturo at or A description of the annual operating expenses of each investment fund (e.g. investment management fees, administrative fees, transaction costs) which reduce the rate of return to you, and the aggregate amount of such expenses expressed as a percentage of average net assets of the designated investment alternative; Prospectuses, financial statements and reports, plus any other material available to the Plan which relates to the available investment alternatives; A list of the assets comprising the portfolio of each investment fund, the value of such assets (or the proportion of the investment fund which it comprises), and with respect to each such asset which is a fixed rate investment contract issued by a bank, savings and loan association or insurance company, the name of the issuer of the contract, the term of the contract and the rate of return on the contract; Information concerning the value of shares or units of the investment funds available to Participants under the Plan, as well as the past investment performance of such funds, determined net of expenses, on a reasonable and consistent basis; and Information concerning the value of shares of the investment funds held in your Account. (16) Funding of the Plan. The Trustees for the Plan will hold the assets of the Plan in trust. The Trust invests through an annuity contract held in trust by the Trustees. Upon the direction of the Committee, the Trustees will make all distribution and benefit payments from the trust fund to participants and beneficiaries. All amounts contributed by employees and by the Company, as well as earnings thereon, are held by the Trustees. While you direct the trustee regarding the manner in which to invest you individual account, the Committee directs the Trustees in regard to the underlying investments and investment policies. The costs and expenses of the Plan are paid by the Plan, unless the Employer, in its discretion, decides to pay such costs and expenses. Certain transaction fees and expenses which affect your (and your Beneficiaries ) account balances are described in this SPD and in the prospectus for each 16

17 fund. An annual asset charge is charged to the account balances of Participants to pay for administrative costs of the Plan. The current asset charge is 10 basis points (0.10 percent). (17) Future of the Plan. It is the Company s intention that the Plan will continue indefinitely; however, the Employer reserves the right to amend or terminate the Plan on its behalf and on behalf of all Adopting Employers by action of its managing members. In addition, each Adopting Employer that has adopted the Plan may terminate its participation under the Plan by action of its governing board. You may obtain information concerning the identity of members of the board of directors or such authorized committee from the Plan Administrator. If the Employer does terminate the Plan or if your Adopting Employer terminates its participation under the Plan, you will still be entitled to your full Account balance. 17

18 BASIC PLAN INFORMATION Name of Plan Plan Sponsor Ambrose Multiple Employer Retirement Savings Plan Ambrose Employer Group, LLC 199 Water Street Suite 2800 New York, NY Employer Identification Number Plan Number 333 Participants and Beneficiaries may receive from the Committee, upon written request, information as to whether a particular employer is an Adopting Employer of the Plan and, if so, its address. Type of Plan Plan Year Type of Administration Name and Address of the Committee Name and Address of the Trustees A Code Section 401(a) profit sharing plan with a Code Section 401(k) feature in which benefits are based on employee and employer contributions made to individual accounts. The Plan is administered on the basis of a Plan Year, which is January 1 through December 31. The Committee is responsible for administering the plan. Members of the Committee are appointed by the Plan Sponsor. Ambrose Employer Group, LLC 199 Water Street Suite 2800 New York, NY Attention: Christine Pesaturo John Iorillo Co-CEO, Managing Member c/o Ambrose Employer Group, LLC 199 Water Street Suite 2800 New York, NY Greg Slamowitz Co-CEO, Managing Member c/o Ambrose Employer Group, LLC 199 Water Street Suite 2800 New York, NY Name and Address of the Recordkeeper Guardian Group Pensions 401(k) P.O. Box Lehigh Valley, PA

19 Agent for Service of Legal Process AMBROSE EMPLOYER GROUP, LLC 199 Water Street Suite 2800 New York, NY Attention: Greg Slamowitz Service of legal process may also be made upon the Plan s Trustee or the Committee. 19

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