Employee Stock Ownership Plan (ESOP)

Eligibility

Full-time employees who have completed 30 days of service are eligible to enter the plan on the first day of the next calendar quarter. When you become eligible, you are automatically enrolled.

Part-time employees who have completed 1,000 hours of service are eligible to enter the plan on the first day of the next calendar quarter. When you become eligible, you are automatically enrolled.

SMP Contributions

Each year, SMP may make a discretionary contribution to the ESOP. The amount is then divided among eligible participants for that Plan Year. Your “share” of the contribution is based on your years of service plus the compensation you received during the year (compared to the compensation received by other eligible participants). Company contributions are reflected in your account on or about March 15 of the following year.

Vesting

SMP ESOP contributions are vested as follows:

• Less than 2 years service. . . . . . . 0%
• 2 years service. . . . . . . .. . . . . . . . 20%
• 3 years service. . . . . . . . . . . .. . . . 40%
• 4 years service. . . . . . . . .  . . . . . . 60%
• 5 years service. . . . . . . . . . . . .  . . 80%
• 6 years service. . . . . . . . .  . . . . . . 100%