LABORDE MARINE RETIREMENT PLAN Contribution & Employer Match

LABORDE MARINE RETIREMENT PLAN Average Participant Retirement Account Value

LABORDE MARINE RETIREMENT PLAN Estimated Average Employee Contribution Amount

• Each year, participants may contribute pretax annual compensation, as defined in the Plan.
• Participant contributions are subject to Internal Revenue Code limitations.
• Participants may also contribute amounts representing distributions from other qualified defined benefit or contribution plans.
• The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate.
• This provision has a default deferral rate set at 2% of eligible compensation.
• Contributions are automatically invested in a designated fund until changed by the participant.
• The deferral rate will increase each year by 1% up to 10% until participant elects to change the deferral rate.

• For the year ended December 31, 2024, the Plan elected to match 50% of a participant’s contributions up to 4% with a maximum match of 2%.

• Participants are immediately vested in their elective deferrals plus actual earnings thereon.
• Vesting in the Company’s discretionary matching portion is based on years of continuous service with a participant being 25% vested after one year and 100% vested after four years.
• However, employees hired prior to July 1, 2011, are 100% vested for grandfathered matching and profit sharing contributions; and employees hired prior to June 1, 2013 are 50% vested after one year and 100% vested after two years for discretionary match and discretionary profit sharing contributions.
• As of December 31, 2015, it was determined that a partial plan termination occurred and all participants in the Plan at that time became fully vested.