401(k) Plan Summary Plan Description

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1 401(k) Plan Summary Plan Description i

2 Table of Contents Background Information... 1 Name of the Plan... 1 Plan Sponsor... 1 Plan Sponsor s IRS Identification Number... 1 Participating Companies... 1 Plan Number... 1 Plan Year... 1 Plan Administrator... 1 Plan Manager... 1 Trustee... 2 Agent for Service of Legal Process... 2 Plan Type... 2 Overview of the Plan... 3 Purpose of the Plan... 3 General Operation of the Plan... 3 About this Summary... 3 Schwab s Telephone and Internet Account Services... 4 Eligibility and Enrollment... 4 When Participation Begins... 4 When Participation Ends... 5 Effect on Employment... 5 Employee and Employer Contributions and Accounts... 5 Your Elective Deferral Contributions... 5 Company Matching Contributions... 6 Company Discretionary Contributions... 6 Rollover Contributions... 6 Compensation... 6 Special Contribution Rules for Veterans... 7 Accounting for Contributions... 7 Investment of Your Account... 7 Investments - In General... 7 Making Your Initial Investment Choice... 8 Changing Your Investment Choice for Future Contributions... 8 Changing Your Investment Choice for Your Existing Account Balance... 8 Investment Risk... 8 Valuation of Funds and Adjustment of Accounts... 8 Valuation... 8 Quarterly Statements... 8 i

3 Vesting... 8 Vesting in Your Deferral Account, Rollover Pre-tax Account and Rollover After-tax Account8 Vesting in Your Matching Account, Company Discretionary Contribution Account and Profit Sharing Account... 9 Vesting in Your UC Synergetic Plan Account and Your UC Synergetic Plan Rollover Account... 9 Service... 9 Introduction... 9 Calculation of Service for Determining When Seasonal or Temporary Employees Shall Participate in the Plan... 9 Calculation of Service for Vesting Purposes... 9 Credit for Service for Certain Predecessor Companies Credit for Military Service Breaks in Service Effect of a Break in Service Loans Availability of Loans Minimum Loan Amount Maximum Loan Amount Maximum Number of Loans Interest Rate Repayment Period Applying for a Loan Loan Application Fee Security for a Loan Prepayment Suspension of Repayments During Military Service Suspension of Repayments During a Non-Military Leave of Absence Distributions While Loan is Outstanding Default In-service Withdrawals In General Withdrawals on or after Age 59½ Withdrawals from UC Synergetic Plan Rollover Account Hardship Withdrawals Tax Consequences of Withdrawals Distribution of Benefits on Retirement, Permanent Disability or Termination Retirement Termination Because of Permanent Disability Other Termination of Employment Consent to Payment Form of Payment Direct Rollovers Death Benefits In General Form of Payment ii

4 Claims Procedure Applying for Benefits Denial of Benefits Appeal of Denial Decision on Appeal Loss of Benefits Loss of Benefits/Change of Address Assignment or Attachment of Benefits Qualified Domestic Relations Orders Amendment and Termination of the Plan Statement Required by Government Regulations Prudent Actions by Plan Fiduciaries Enforce Your Rights Assistance With Your Questions Exhibit A iii

5 BACKGROUND INFORMATION Name of the Plan The formal name is the Pike 401(k) Plan. It is called the Plan in this summary. Plan Sponsor Pike Enterprises, Inc. 100 Pike Way Mount Airy, NC Plan Sponsor s IRS Identification Number Participating Companies For convenience, we use the name Pike in this summary to refer collectively to the companies in the Pike family of companies that participate in the Plan including Pike Electric Corporation and affiliates of Pike Electric Corporation. However, by using the term Pike it does not mean that you are employed by Pike Electric Corporation. You are employed by the entity that directly pays your wages. A complete list of the participating Pike family companies that participate in the Plan can be obtained from the Plan Administrator. Plan Number 001 Plan Year January 1 to December 31 Plan Administrator The Plan Administrator is a committee (called the Committee in this summary) that is made up of certain officers of Pike who are responsible for the administration of the Plan. The Committee s address and phone number are as follows: 401(k) Plan Administrative Committee Pike Enterprises, Inc. 100 Pike Way Mount Airy, NC Telephone: (336) The Committee has the discretionary authority to interpret and apply the Plan s provisions and make factual determinations in order to make eligibility and benefit determinations. Plan Manager The Committee has delegated the Plan s day-to-day administrative operations to Mrs. Rhonda Bunker, who can be contacted by telephone at (336) , or by mail at the address shown above for the Plan Administrator. 1

6 Trustee The Plan s Trustee is responsible for administering the trust fund that holds the Plan s assets. The Trustee can be contacted at the following address: Charles Schwab Trust Company, A division of Charles Schwab Bank 211 Main Street, 14 th Floor San Francisco, CA Agent for Service of Legal Process The Committee, as Plan Administrator, is designated to receive any summons or legal notice delivered to inform the Plan of a legal action concerning it. In addition, the Trustee may receive any summons or legal notice delivered to inform the Plan of a legal action concerning it. Plan Type The Plan is a discretionary profit sharing plan with a 401(k) feature. This means that participating employees may contribute to the Plan on a pre-tax basis and that Pike may make contributions on behalf of participants as well. The amount of contributions made by Pike may vary from year-to-year. 2

7 OVERVIEW OF THE PLAN Purpose of the Plan We all plan for the future and look forward to the time when we can retire with a dependable income for the rest of our lives. Pike has established the Plan to help you achieve financial security during your retirement years, along with Social Security benefits and your personal savings. General Operation of the Plan The Plan is a tax qualified 401(k) plan that allows you to elect to put aside a portion of your compensation as a before-tax contribution to the Plan. This enables you to save for your retirement and reduces your current income taxes at the same time. If you make before tax contributions, Pike may elect to make an employer matching contribution to the Plan with respect to a portion of your before tax contributions. In some cases, Pike may also elect to make a discretionary non-matching contribution. The contributions made on your behalf under the Plan are allocated to your Account. You can direct the investment of the money held in your Account as you wish from among the available investment options under the Plan. The value of your Account will generally change on each day that the financial markets are open. Any earnings, gains or losses attributable to the funds in which you invest are credited directly to your Account. When you terminate your employment with Pike, the vested value of your Account can be distributed to you. However, you may be able to roll over part or all of the distribution to an individual retirement account ( IRA ) or to another retirement plan which accepts rollovers. Vesting and distributions are discussed in more detail later in the summary. Although the Plan is a long-term, retirement oriented savings vehicle, Pike recognizes that you may need to access your savings before retirement. For this reason, the Plan permits you to receive withdrawals and loans while you are still working. However, there are certain restrictions on the availability of withdrawals and loans, and certain tax penalties may apply to withdrawals before age 59½ or to loans that are not repaid. To assist in the administration of the Plan, Pike has engaged Charles Schwab Trust Company (Schwab) to serve as the Plan s record keeper and investment fund provider. Schwab offers a toll free telephone transaction and information line, as well as an internet web site, both of which are available 24 hours a day, 7 days a week. For more information, see below under Schwab s Telephone and Internet Account Services. ABOUT THIS SUMMARY This is a summary plan description as defined by the Employee Retirement Income Security Act of 1974, as amended (commonly known as ERISA ). Its purpose is to broadly describe the most important provisions of the Plan which apply to most participants; accordingly, it does not provide specific details about every feature of the Plan. This summary describes the terms of the Plan that are in effect on July 1, 2013, and is generally applicable only to individuals who are actively employed by Pike on or after that date. Every effort has been made to accurately describe the Plan provisions which are contained in the Plan document. However, only the Plan gives any person a legal right to benefits and this summary is neither the Plan nor a substitute for the Plan. If there is any difference between this summary and the Plan, the terms of the Plan and any related administrative rules will be followed. Nobody speaking on behalf of the 3

8 Plan or Pike can verbally change the terms of the Plan. Therefore, you should consult the actual Plan document if you have any specific questions about your benefits. Please read the entire summary because if you take parts of it out of context, you might get only partial information which could be misleading. After you have read this summary, put it in a safe place for future reference by you and your family. If you are eligible for the Pike Compensation Deferral Plan, see Exhibit A to this summary for information about how your participation in that plan impacts your participation in and contributions to the Plan. SCHWAB S TELEPHONE AND INTERNET ACCOUNT SERVICES As a convenient and ready source of information about your Account, Schwab provides both a toll free Retirement Plan Hotline (referred to in this document as the Schwab Retirement Plan Hotline ) and an internet service (referred to in this document as the Schwab internet service ). Both the Schwab Retirement Plan Hotline and the Schwab internet service allow you to make changes to your investments and to get information about your Account 24 hours a day, 7 days a week. Additional instructions about the Schwab Retirement Plan Hotline and the Schwab internet service will be provided when you initially enroll in the Plan. Once you register with the Schwab Retirement Plan Hotline or the Schwab internet service, your Account is literally at your fingertips. You can: Enroll in the Plan Review your account balance Confirm or change your investment elections Initiate transfers between investment funds Check the performance of your investments Initiate loans, withdrawals and distributions; and Change the rate of your Elective Deferral Contributions Using the Schwab internet service, you can also access your Account history and project personalized What if investment scenarios. ELIGIBILITY AND ENROLLMENT When Participation Begins If you are an employee of Pike, you are eligible to participate in the Plan as of the first day of the pay period that coincides with or immediately follows the later of your 18th birthday or the day on which you complete 60 days of employment (including weekends and holidays) with Pike. Effective as of June 1, 2013, if you are classified as temporary or seasonal, you will not be eligible to participate in the Plan until the first day of the next pay period following the date on which you complete a Year of Service. In general, employees covered by a collective bargaining agreement are not eligible to participate in the Plan unless specifically addressed in the collective bargaining agreement. 4

9 To become a participant, you must enroll in the Plan through the Schwab Retirement Plan Hotline or the Schwab internet service. If you are a rehired employee, please see the Plan Manager for details on your participation in the Plan. When Participation Ends You will continue to be a participant in the Plan until you receive all of the benefits to which you are entitled under the Plan (or until your termination of employment, if you have no vested interest in the Plan at that time). In general, if you were previously eligible to participate in the Plan, you will again be eligible to participate immediately upon rehire. Effect on Employment The existence of the Plan and your participation in it have no effect on your employment with Pike, and do not give you any right to continued employment with Pike. EMPLOYEE AND EMPLOYER CONTRIBUTIONS AND ACCOUNTS Your Elective Deferral Contributions While you are a participant, you may make voluntary, pre-tax contributions to the Plan by means of a salary deferral agreement. The contributions made by Pike under the salary deferral agreement are called your Elective Deferral Contributions. You do not owe Federal income taxes on Elective Deferral Contributions when they are contributed to the Plan, but you will owe Federal income taxes and / or State income taxes (if applicable) on them (and on any related earnings) when they are later distributed to you from the Plan. You may defer any whole percentage of your pay from 1% to 50%, which Pike will withhold and pay directly to Schwab on your behalf, and these amounts are credited to your Deferral Account. Your total Elective Deferral Contributions, when added to any pre-tax contributions that you have made under the cash or deferred arrangements of any other employer, cannot be more than the maximum allowed by law for a calendar year. If your salary deferrals under all plans exceed the annual maximum, the excess will be treated as taxable income for Federal income tax purposes in the year in which the excess arises. In general, the maximum dollar amount of salary deferrals that can be made on your behalf is as follows in 2012 and 2013: Year Annual Contribution Maximum 2012 $17, $17,500 After 2013, the $17,500 limit will be adjusted to reflect cost-of-living changes as determined by the Internal Revenue Service. However, if you will be at least age 50 by the end of a calendar year, Federal law permits you to make Elective Deferral Contributions in excess of what would otherwise be the maximum amount that you could make as the result of any and all contribution limits contained in the Plan and the Internal Revenue Code, including the annual dollar limits shown above. These extra Elective Deferral Contributions, called catch-up contributions, are subject to the following dollar limits in 2012 and Year Annual Catch-Up Contribution Maximum 2012 $5, $5,500 5

10 After 2013, the $5,500 limit will be adjusted to reflect cost-of-living changes as determined by the Internal Revenue Service. If you exceed the annual limit on salary deferrals for a calendar year solely because of Elective Deferral Contributions made on your behalf to the Plan, you will receive a refund of the excess Elective Deferral Contributions plus any related earnings. If you exceed the limit for a calendar year because you also made pre-tax contributions under the retirement plan of another employer, and if you want the Plan to refund the excess amount plus earnings, you must notify the Plan Manager of the desired refund by March 1 of the year after the year in which the excess arose. If you do not notify the Plan Manager in time, the excess amount will be subject to Federal income taxation when it is later distributed to you (in other words, you will eventually be taxed twice on the excess amount). There are other tax limits that may affect the amount of your Elective Deferral Contributions or Matching Contributions (see below). The application of these tax limits is complicated and you will be notified if affected. You may change the amount of your Elective Deferral Contributions at any time. You may also suspend your Elective Deferral Contributions at any time. These changes can be made directly by you, using the Schwab Retirement Plan Hotline or the Schwab internet service. Company Matching Contributions For each $1.00 that you contribute as an Elective Deferral Contribution, Pike may elect to contribute a certain amount as a Matching Contribution on your behalf. Matching Contributions will be made in the discretion of the Committee, and the Committee may sometimes elect not to make any Matching Contributions. If Matching Contributions are made on your behalf, they will be credited to your Matching Account. Company Discretionary Contributions In addition to Matching Contributions, Pike from time-to-time may choose to make a discretionary, additional contribution (called a Company Discretionary Contribution ) to the Plan. The Company has discretion to make different types of Company Discretionary Contributions. If a Company Discretionary Contribution is made into the Plan for you, the amount allocated to you will be deposited into your Company Discretionary Contribution Account. Rollover Contributions If you are a participant, you may generally roll over to the Plan all or a portion of a lump sum distribution or installments paid over a period of less than 10 years from another employer s retirement plan, or amounts received from an individual retirement account or annuity ( IRA ). However, rollovers of aftertax amounts can only be made in a direct rollover from another qualified retirement plan. The amount rolled over to the Plan is called a Rollover Contribution. Your right to make a Rollover Contribution is subject to the relevant tax laws which are in effect at the time that you make the Rollover Contribution. Compensation For purposes of determining the contributions made on your behalf to the Plan, your compensation is the amount of pay reported on your IRS Form W-2, as increased by your Elective Deferral Contributions and by any deferrals that you make under Pike s cafeteria plan, but excluding certain amounts such as equity based compensation and taxable imputed income from non-cash awards or fringe benefits. Federal law limits the amount of compensation that can be considered for calculating contributions and allocations under the Plan. Compensation shall not include payments made after your severance of employment, except for any timely made payments of post-severance payments of regular pay or post-severance payments attributable to unused vacation. The 2013 limit is $255,000, but this limit will be adjusted in the future by the Internal Revenue Service to reflect increases in the cost of living. 6

11 Special Contribution Rules for Veterans If you are absent from employment because of U.S. military service which entitles you to reemployment rights under Federal law, and if you return to employment within the time required by law, you will have a limited period of time in which to make up missed Elective Deferral Contributions. You will receive Matching Contributions to the extent that the make-up Elective Deferral Contributions would have been matched if they had been made during your period of military service. In addition, you will be entitled to receive any Company Discretionary Contributions that you missed during your military service. Upon your return from military service, please contact the Plan Manager for more details. Accounting for Contributions All contributions made to the Plan on your behalf are credited to a separate Account established for you which is divided into subaccounts to identify the different types of contributions that have been made to the Plan. Establishing the separate Account and related subaccounts is merely a bookkeeping method to keep track of your interest under the Plan. These subaccounts are: Deferral Account If you make Elective Deferral Contributions to the Plan, they are credited to your Deferral Account. Matching Account If Pike makes any Matching Contributions with respect to your Elective Deferral Contributions, those Matching Contributions will be credited to your Matching Account. Company Discretionary Contribution Account If Pike makes any Company Discretionary Contributions to the Plan on your behalf, those contributions will be credited to your Company Discretionary Contribution Account. Rollover Pre-tax Account If you make a Rollover Contribution of pre-tax funds from another retirement plan or an IRA, this amount is credited to a Rollover Pre-tax Account. Rollover After-tax Account If you make a Rollover Contribution of after-tax funds directly from another qualified retirement plan, this amount is credited to a Rollover After-tax Account. Profit Sharing Account If you were a participant in the Plan before July 1, 1994, you may have a Profit Sharing Account representing contributions made by Pike to the Plan before it became a 401(k) plan. INVESTMENT OF YOUR ACCOUNT Investments - In General You may invest your Account in any one or more of the investment funds made available to you under the Plan. A listing of the available investment funds, their investment objectives, their past performance and a prospectus is provided to you upon your initial Plan participation, and thereafter this information is available upon request by contacting the Schwab Retirement Plan Hotline. Upon your request, Schwab will also provide you with the following: A description of the annual operating expenses of each investment alternative (e.g., investment management fees or administrative fees) Copies of any materials relating to the available investment funds (e.g., prospectuses, financial statements and reports) A list of assets making up the portfolios of certain funds, and any information on the name of any bank or insurance company issuing a fixed rate investment contract, along with the terms and rate of return under the contract 7

12 Information on the value of shares or units in an investment, as well as the past and current investment performance information; and/or Information on the value of the shares or units held in your Account Making Your Initial Investment Choice When you begin participation in the Plan, you will make your first investment choice. You can invest in one, several or all of the available investment funds, in multiples of 1%, so long as the total equals 100%. If you do not make an initial investment election, any contributions that are made to the Plan on your behalf will be invested in a default fund selected by the Committee. The current default fund under the Plan is identified in the investment materials provided to you upon your initial Plan participation. Your first investment election will apply to all future contributions to the Plan until you change your election, as discussed in the next section of this summary. Changing Your Investment Choice for Future Contributions You can change your investment choice as to future contributions as often as you wish, in 1% multiples, through the use of the Schwab Retirement Plan Hotline or the Schwab internet service. The change will be effective with the next payroll which is processed, and will remain in effect until you make another change. Changing Your Investment Choice for Your Existing Account Balance You can change the investment of your Account balance as often as you wish among the available investment options, in multiples of 1%, through the use of the Schwab Retirement Plan Hotline or the Schwab internet service. Depending on when you make your change, it will be effective on the same day or the next business day. Investment Risk Because you have the ability to decide how your Account is invested, this Plan is considered to be an ERISA Section 404(c) plan, which means that Pike is generally not responsible for the investment performance of any investment option(s) that you select. In addition, no employee or officer of Pike is authorized to give you any investment advice, and the fact that a particular investment fund is available under the Plan is not a recommendation. VALUATION OF FUNDS AND ADJUSTMENT OF ACCOUNTS Valuation The fair market value of the investment funds is generally determined at the end of each business day. Each participant s Account is then adjusted upward or downward proportionately to reflect any increase or decrease in the value of the investment funds as a whole. Quarterly Statements After the end of each calendar quarter (calendar quarters end on the last day of March, June, September and December), you will receive a written statement that shows the balance of your Account at the end of the quarter. In addition, you can access your Account balance at any time through the use of the Schwab Retirement Plan Hotline or the Schwab internet service. VESTING Vesting in Your Deferral Account, Rollover Pre-tax Account and Rollover After-tax Account 8

13 Vesting refers to your entitlement to receive the value of your Account when you terminate employment with Pike. Your Deferral Account, your Rollover Pre-tax Account and your Rollover Aftertax Account are always fully vested. Vesting in Your Matching Account, Company Discretionary Contribution Account and Profit Sharing Account You are fully vested in the value of your Matching Account, Company Discretionary Contribution Account and your Profit Sharing Account when you have completed three Years of Service (as discussed below under Service ). Additionally, regardless of your Years of Service, your entire Account will be 100% vested if, while you are employed by Pike, you reach age 59½, become permanently disabled (as defined below under Termination Because of Permanent Disability ) or die, or if you die on or after January 1, 2007 while performing qualified military service. Vesting in Your UC Synergetic Plan Account and Your UC Synergetic Plan Rollover Account If you were employed by UC Synergetic, Inc. and had an account balance in the UC Synergetic 401(k) Plan, you became fully vested in your UC Synergetic Plan Account under the Plan on November 15, If you were employed by UC Synergetic, Inc. and had a rollover account balance in the UC Synergetic 401(k) Plan, you are fully vested in your UC Synergetic Plan Rollover Account under the Plan. SERVICE Introduction Your Years of Service are calculated in order to determine whether you are eligible to participate in the Plan and are vested in the Plan if you terminate employment before your death, permanent disability or retirement. For more information about vesting, please see above under Vesting. Calculation of Service for Determining When Seasonal or Temporary Employees Shall Participate in the Plan Prior to January 1, 1994 and effective as of June 1, 2013, for purposes of determining when seasonal or temporary employees shall participate in the Plan, a Year of Service means the 12 consecutive month period in which you, if you are a seasonal or temporary employee, complete at least 1,000 Hours of Service. Calculation of Service for Vesting Purposes You will receive a Year of Service for: (i) each year of service that you had under the Plan as of December 31, 1993, as determined under the calculation method that was in effect before 1994, and (ii) each 12-month period of service on and after January 1, 1994; provided, however, that you will not receive credit for any service that is forfeited as a result of a 5-year Break in Service (as described below under Effect of a Break in Service ). You will not receive a Year of Service for any period used for determining a Year of Service if you completed more than 500 Hours of Service but less than 1,000 Hours of Service. A period of service is a period of employment with Pike, beginning on the first day on which you perform services for Pike (or January 1, 1994, if later), and ending on your severance date. Your severance date is the first to occur of the following: Your termination of employment for any reason including quit, discharge, retirement or death; or 9

14 The first anniversary of the first day of an absence, for a reason other than quit, discharge, retirement or death, which continues for more than 12 months. You also get credit for months, up to 12 months, for the time that you are absent from work if you are rehired within 12 months of your termination of employment; except that if your termination occurs after you have already been absent from work, then you must be rehired within 12 months of the date on which the absence began in order to get credit for the months after your termination. If you are not reemployed within the 12-month period, but later resume employment with Pike, your separate periods of employment will in most cases be added together to determine your total Years of Service, except as described below under Effect of a Break in Service. Credit for Service for Certain Predecessor Companies Certain participants may receive past service credit for companies acquired by Pike, depending on the terms of the applicable transaction. Credit for Military Service If you are absent from employment because you entered the military, naval or merchant marine service of the United States, you will receive credit for service during the period from your severance date to your reemployment date if you have reemployment rights under applicable laws and you are reemployed by Pike within the time specified by law for protecting your reemployment rights. Breaks in Service A Break in Service is a term used to describe a period in which you do not receive credit for service. A Break in Service begins on your severance date (unless you are reemployed within 12 months, as described above under Calculation of Service ), and ends on the date you again perform services for Pike. However, the following are exceptions to the Break in Service rules: Birth or Adoption. If you are absent from work and your absence continues beyond a severance date solely because of pregnancy, the birth or adoption of your child or caring for your child immediately after birth or adoption, your severance date will be delayed for 12 months (and therefore a Break in Service will not occur until 24 months after the first day of your absence) but you will not get any credit for Years of Service during those additional 12 months. In order for your severance date to be delayed for 12 months due to pregnancy, the birth or adoption of your child or caring for your child immediately after birth or adoption, you must give the Plan Manager information, as and when required, to establish the reason for your absence and the length of the absence. Layoff or Approved Leaves of Absence. No Break in Service will occur while you are (i) on layoff for a period of one year or less, or (ii) on a leave of absence approved by Pike. The layoff period will not count towards your Years of Service, and an approved leave of absence will only count towards your Years of Service to the extent discussed above under Calculation of Service. Other Leaves. In addition, applicable laws may require that a Break in Service not occur if you are absent for specified reasons, such as absences under the Family and Medical Leave Act of The Plan will retain your previous service credit and give service credit during the absence to the extent required by applicable law. The above special exceptions to the Break in Service rules do not create, broaden or otherwise affect your rights, if any, to a disability or other leave of absence, with or without pay from Pike, under any other program or policy that may be provided by Pike outside of the Plan. Those rights, if any, would be governed exclusively by the terms and conditions of any such other program or policy. 10

15 Effect of a Break in Service If you have a Break in Service of less than 5 years, or if you are vested in part of your Account (amounts attributable to Rollover Contributions are not considered for this purpose) at the time of your Break in Service, and if you are later rehired by Pike, your Years of Service after reemployment will be added to the Years of Service you earned before the Break in Service. However, if you have a Break in Service of at least 5 years and if you were not vested in any part of your Account (amounts attributable to Rollover Contributions are not considered for this purpose) at the time of your break, the Years of Service that you earned before the Break in Service will not be credited if you are later rehired by Pike. LOANS Availability of Loans Pike realizes that there may be times when you need access to the money in your Account, but are not eligible to make an in-service withdrawal or do not wish to make one. For this reason, the Plan includes a loan provision that allows you to borrow from the vested portion of your Account. You must be actively employed to apply for a loan. Minimum Loan Amount The minimum amount of each loan is $1,000. Maximum Loan Amount Generally, the maximum amount that you can borrow is 50% of the vested value of your Account, up to $50,000. The $50,000 maximum is reduced if you have any outstanding loan amount from the Plan during the 12-month period before the new loan is made. Maximum Number of Loans You may only have one outstanding loan at a time. Certain exceptions may apply for merged plans. Interest Rate The annual interest rate on your loan will be a fixed rate that is similar to the interest rate that is available from a commercial lender for a similar loan, as determined as of the date on which your loan application is processed. The interest rate will stay the same for the entire period of the loan. Repayment Period In general, the repayment period for any loan from the Plan cannot be more than 5 years. However, your repayment period can be as long as 10 years if the loan is to be used to acquire your principal residence. Applying for a Loan If you are considering applying for a loan, you must use the Schwab Retirement Plan Hotline or the Schwab internet service to initiate a loan transaction. You can use the Schwab Retirement Plan Hotline or the Schwab internet service to create various loan repayment models based upon the amount you wish to borrow or the amount you wish to have deducted from your pay. Once you have determined which loan arrangement will work best for you, you can request a loan. If you request a loan other than a principal residence loan, Schwab will process your loan request and a promissory note, along with your loan check, will be mailed directly to your home. If you agree to the terms and conditions, you can then authorize and cash your loan check. The loan transaction will be completed at that point. If you request a principal residence loan, Schwab will ask you to provide additional documentation. After Schwab receives that information, Schwab will process your loan request and will generate a check that 11

16 will be mailed directly to your home. You must agree to the terms and conditions prior to receiving the check The loan transaction will be completed at that point. When signing the forms (which also serves as the promissory note), you are agreeing to the terms of the loan and you agree to repay the amount of the loan with interest. The promissory note verifies that part of your Account will be used as collateral for the loan. Loan Application Fee Schwab charges a loan application fee, which you will be responsible for paying. As of 2013, the loan application fee is $75.00 and subject to change without notice. Security for a Loan Your loan will be secured by the portion of your Account that equals your outstanding loan balance. Prepayment You may completely prepay a loan at any time without penalty, by check or money order. Partial prepayments are not permitted unless under certain circumstances related to missed loan payments. Suspension of Repayments During Military Service If you are serving in the U.S. military, your loan repayments will be suspended until you are reemployed by Pike. After loan repayments resume, the loan, including the interest that accrued during the suspension period, must be repaid by the latest date permitted by law, as increased by your period of military service; and the amount of each repayment installment after the end of the suspension period cannot be less than the amount required under the term of the original loan. Suspension of Repayments During a Non-Military Leave of Absence If you are on a non-military loan leave of absence, and if you are not receiving any compensation or are receiving compensation at a rate (after applicable employment tax withholdings) that is less than the amount of your scheduled loan repayments, those repayments will be suspended for a period that does not exceed the lesser of: (i) one year, or (ii) the period of the loan leave of absence. After loan repayments resume, the loan, including the interest that accrued during the suspension period, must be repaid by the latest date permitted by law; and the amount of each repayment installment after the end of the suspension period cannot be less than the amount required under the term of the original loan. A loan leave of absence is an authorized leave of absence, a period of layoff or a period of absence from employment because of an injury (regardless of whether the injury occurred on or off the job). Distributions While Loan is Outstanding No distribution will be made to you or any beneficiary until any outstanding loans, including the accrued interest, have been paid in full. There are two exceptions to this provision: a participant with an outstanding loan will be eligible to receive an in-service withdrawal after age 59½ or a hardship withdrawal. To the extent a distribution is otherwise payable under the Plan, the Trustee will offset the amount of any then outstanding loan (and any interest then due but not paid) from any amount due to the participant (or other payee) and distribute the balance. Default A loan is not a taxable distribution, but if you do not make the loan repayments as they become due (except to the extent that repayments have been suspended, as discussed above), the entire outstanding loan balance (not just the late repayment amounts) is treated as a taxable distribution for Federal income tax purposes and you will owe Federal income taxes on that amount (and state income taxes, if applicable). In addition, if the default happens before you reach age 59½, you may also owe an additional 10% Federal penalty tax on the amount that is treated as a distribution. 12

17 IN-SERVICE WITHDRAWALS In General All in-service withdrawals will be made in the form of a lump sum. Payment of the amount withdrawn will be in cash; provided, however, that if you receive a withdrawal after age 59½, you can make a direct rollover to an IRA or another retirement plan, as described below under Direct Rollovers. You cannot withdraw any portion of your Account which represents an outstanding loan balance, and any amounts that you withdraw cannot later be repaid to the Plan. Withdrawals on or after Age 59½ If you are at least age 59½, you may withdraw all (or part) of the value of your Account during your employment with Pike. Any such withdrawal will not affect your eligibility to make or receive additional contributions during your employment with Pike. Withdrawals from UC Synergetic Plan Rollover Account If you have a UC Synergetic Plan Rollover Account, you may withdraw all (or part) of the value of your UC Synergetic Plan Rollover Account during your employment with Pike. Any such withdrawal will not affect your ability to make or receive additional contributions during your employment with Pike. Hardship Withdrawals If you experience a serious financial hardship, you may request an in-service withdrawal of your Elective Deferral Contributions (but not the earnings on those contributions) and amounts in your Rollover Pre-Tax Account and your Rollover After-Tax Account. For purposes of the Plan, a serious financial hardship is an immediate and heavy financial need resulting from one of the following: Expenses for medical care previously incurred by you, your spouse or any of your dependents; or the amount necessary to pay for you, your spouse or any of your dependents to obtain medical care. Costs directly related to the purchase of your primary residence (excluding mortgage payments). Tuition payments, room and board expenses and related educational fees for the next 12 months of post-secondary education for you, your spouse, your children or your dependents. Payments necessary to prevent your eviction from your personal residence or to prevent foreclosure on the mortgage on your residence. Burial or funeral expenses for your deceased parent, spouse, child or dependent. Expenses for the repair of damage to your principal residence that would qualify as a casualty loss under the Internal Revenue Code (without regard to whether the loss is large enough to be deducted on your tax return). The following rules also apply to hardship withdrawals: The amount that you withdraw cannot be less than $500, and it may not exceed the amount required to satisfy the serious financial hardship plus income taxes or penalties reasonably anticipated to result from the hardship withdrawal. Only the sum of your Elective Deferral Contributions plus the amount (if any) in your Rollover Pre-Tax Account and Rollover After-tax Account may be withdrawn for hardship reasons. You may not withdraw any contributions made by Pike. You must obtain all distributions, other than hardship distributions, and all nontaxable loans currently available to you before you can request a hardship withdrawal. 13

18 You will be suspended from making Elective Deferral Contributions to this Plan for a period of 6 months after you receive your hardship withdrawal. Tax Consequences of Withdrawals Federal income tax (and state income taxes, if applicable) will be owed on the taxable portion of any withdrawal you make from the Plan that is not rolled over to an IRA or another employer s retirement plan. If the portion of your withdrawal that is eligible for rollover is at least $200 and you do not make a direct rollover of the entire eligible rollover amount, the taxable portion of any eligible rollover amount that is not directly rolled over will be subject to 20% required Federal income tax withholding (see the discussion below under Direct Rollovers ). There may also be a 10% additional Federal tax on the taxable portion of any withdrawal that you make before you are age 59½. DISTRIBUTION OF BENEFITS ON RETIREMENT, PERMANENT DISABILITY OR TERMINATION Retirement You can receive your entire Account balance if you retire at any time after you reach age 59½. If you continue to work past age 59½, you will remain a participant in the Plan and will remain eligible to make contributions. However, even if you remain employed after reaching age 59½, you are permitted to make an in-service withdrawal at any time after you reach age 59½. Termination Because of Permanent Disability You can receive your entire Account balance if your employment ends because you become permanently disabled. You will be treated as permanently disabled for purposes of the Plan if you have a physical or mental condition that entitles you to receive Social Security disability benefits. Other Termination of Employment If you terminate employment before you reach age 59½ or become disabled, you will be entitled to a distribution of the vested part of your Account. If you are not fully vested at the time that you terminate employment, the non-vested amounts in your Matching Account, Company Discretionary Contribution Account and Profit Sharing Account will be forfeited when you receive a distribution of your vested Account balance. You may elect to receive a distribution of the vested portion of your Account Balance and any non-vested portions will be forfeited. If you elect not to receive a distribution following termination of employment, the non-vested portion of your Account Balance will not be forfeited until you have incurred 5 consecutive years of Breaks in Service. If you had a termination of employment and received a distribution of your vested Account Balance and are rehired by Pike before incurring 5 consecutive years of Breaks in Service, all previously forfeited amounts will be re-credited to your Account. Consent to Payment Payment will be made automatically in a lump sum without your consent following your termination or retirement if your vested Account balance is $1,000 or less, but you must still file an application if you wish to make a direct rollover. If your vested Account balance is between $1,000 and $5,000, payment will be made automatically without your consent following your termination or retirement in the form of a direct rollover to an individual retirement account designated by the Committee, unless you elect to have such distribution paid directly to you or in the form of a direct rollover to an eligible retirement plan specified by you. If your vested Account balance is more than $5,000 and you do not consent to receive a distribution as soon as your employment ends, payment will be delayed until you file a benefit application or die, whichever occurs first. However, Federal law requires payments to begin to you by April 1 of the year that follows the later of the year in which you terminate employment or the year in which you reach 14

19 age 70½; provided, however, that if you are a 5% owner, you must begin receiving distributions by April 1 of the year that follows the year in which you reach age 70½, even if you are then still employed. Form of Payment Payments to you following your retirement or termination will be made in the form of (i) a lump sum, or (ii) quarterly installments that are payable over a period that does not exceed the lesser of 10 years or the joint life expectancy of you and your beneficiary; provided, however, that payments must be made in the form of a lump sum if your Account balance is $5,000 or less. As discussed below under Direct Rollovers, you may be able to make a direct rollover of all or part of a lump sum or installments payable over a period of less than 10 years. For more information about the available forms of payment, please contact the Plan Manager, the Schwab Retirement Plan Hotline or the Schwab internet service. Direct Rollovers All or any portion of a Plan payment received by you or your spouse (including a spouse or former spouse who is an alternate payee under a qualified domestic relations order), except for any portion which is (i) a distribution required by law, (ii) part of a series of payments for a fixed period of at least 10 years or (iii) a hardship withdrawal, may be transferred directly from the Plan to a traditional IRA, or to another employer s retirement plan if it accepts rollovers. Rollovers can also be made to a Roth IRA. Distributions to non-spouse beneficiaries are eligible for the direct rollover option, but non-spouse beneficiaries can only make a direct rollover to an inherited traditional IRA. If a distribution to a participant, spouse or non-spouse beneficiary which is eligible for rollover is a least $200 and if the participant, spouse or non-spouse beneficiary does not make a direct rollover of the entire eligible rollover amount, the taxable portion of any eligible rollover amount that is not directly rolled over will be subject to 20% required Federal income tax withholding. More details concerning your payment options will be given to you before you receive your distribution. Because tax laws are complicated and are subject to change, you should obtain tax advice before taking a distribution from the Plan. DEATH BENEFITS In General If you die before receiving payment of your entire Account balance, and if you are not married at the time of your death, your entire remaining Account balance will be paid after your death to the person that you named as your beneficiary. If you die before receiving payment of your entire Account balance, and if you are married when you die, your entire remaining Account balance will be paid to your surviving spouse. You and your spouse can elect not to have benefits paid in this manner if you both agree in writing to the designation of a beneficiary other than your spouse, and if your spouse s written consent is witnessed by a notary public, a Committee member or an authorized representative of the Committee. In addition, the marriage of a single participant will automatically act as a revocation of any pre-marriage beneficiary designation unless subsequently consented to by the participant s new spouse. It is very important that you properly select a beneficiary to receive your benefits in the event of your death, and that you change your beneficiary if you decide that you want someone else to receive those benefits. If you have not previously selected a beneficiary, or if you wish to change your beneficiary, please use the Schwab Retirement Plan Hotline or the Schwab internet service as soon as possible. If all of your designated beneficiaries predecease you, or if you fail to validly designate a beneficiary prior to your death, your beneficiary will be your surviving spouse, or if none, your estate. If it is not administratively feasible for your estate to be your beneficiary, the Committee may direct a distribution to a trust established by you or your descendants. If a beneficiary survives you but then dies before receiving 15

20 full payment of your entire remaining Account balance, any Account balance remaining as of the date of the beneficiary s death will be paid to the beneficiary s estate. Form of Payment Payments to your beneficiary following your death will be made in the form of (i) a lump sum, or (ii) quarterly installments that are payable over a period that does not exceed the lesser of 10 years or your beneficiary s life expectancy; provided, however, that payments must be made in the form of a lump sum if your Account balance is $5,000 or less. As discussed above under Direct Rollovers, your beneficiary may be able to make a direct rollover of all or part of a lump sum or installments payable over a period of less than 10 years. CLAIMS PROCEDURE Applying for Benefits Applications for withdrawals and distributions can be obtained from the Schwab Retirement Plan Hotline or the Schwab internet service. Completed forms are to be returned to Schwab. If you have questions about the Plan or want to make any other type of claim, you should write to the Committee at the address shown above for the Plan Administrator under Background Information. Denial of Benefits If an application or claim is either partially or completely denied, you will receive a denial notice in writing within 90 days after your application or written claim is received. If special circumstances require an extension of time of up to an additional 90 days for processing the application, you will receive written notice of the extension within the first 90 days. The written extension notice will explain why the extension is necessary and will indicate when a decision is expected to be made with respect to the application. The denial notice will include (i) the reasons for the denial; (ii) references to relevant Plan provisions upon which the denial is based; (iii) a description of any additional material needed to process your application or claim and an explanation as to why that information is needed, if applicable; and (iv) an explanation of the Plan s procedure for filing an appeal, including information about time limits and the ability to bring a court action under ERISA if the application is denied on appeal. Appeal of Denial If an application or claim is denied, you may appeal. The appeal must be in writing to the Committee (at the address shown above for the Plan Administrator under Background Information ) and must be received by the Committee within 60 days after you received the denial notice. In connection with the appeal, you or your representative may provide the Committee with written comments, documents, records and other information that relates to the claim for benefits. You will be provided, upon request and free of charge, reasonable access to and copies of all documents, records and other information that is relevant to your claim. At the Committee s option, the Committee or its designated representative may arrange to meet or talk personally with you and/or your representative or have a hearing for the purpose of understanding your position and any related evidence that you may wish to offer. Decision on Appeal The Committee will review the appeal, and will take into account all comments, documents, records and other information submitted by you, regardless of whether that information was submitted or considered when the initial decision was made with respect to the benefit application. Normally, the Committee will make a decision within 60 days after receiving the written request for appeal. If special circumstances 16

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