AMERICAN MARITIME OFFICERS PENSION PLAN1 2018 Summary Plan Description 1 AMERICAN MARITIME OFFICERS...

AMERICAN MARITIME OFFICERS

PENSION PLAN

Summary Plan Description

2018 Summary Plan Description

2018 Summary Plan Description i

TABLE OF CONTENTS TABLE OF CONTENTS ..................................................................................................................................................... i

INTRODUCTION ............................................................................................................................................................ 1

BOARD OF TRUSTEES .................................................................................................................................................... 2

AMERICAN MARITIME OFFICERS PENSION PLAN - PLAN DESCRIPTION ................................................... 3

GENERAL INFORMATION ............................................................................................................................................ 4

TYPE OF PLAN .................................................................................................................................................................... 4 PLAN ADMINISTRATION ..................................................................................................................................................... 4 SAFEGUARDING YOUR BENEFITS ....................................................................................................................................... 4 FUNDING OF THE PLAN – CONTRIBUTIONS ......................................................................................................................... 5 AMO PENSION PLAN BENEFITS ......................................................................................................................................... 5

Pension Benefit (Defined Benefit) ................................................................................................................................. 5 Money Purchase Benefit (Defined Contribution) ......................................................................................................... 5

OBTAINING THE PLAN DOCUMENT AND OTHER DOCUMENTS ............................................................................................ 6

PENSION BENEFIT DEFINED BENEFIT ........................................................................................................................................................... 8

ELIGIBLE EMPLOYEES ...................................................................................................................................................... 10 FUNDING .......................................................................................................................................................................... 10 TYPES OF BENEFITS ......................................................................................................................................................... 10 ESTIMATE ........................................................................................................................................................................ 10

ACCUMULATION OF PENSION CREDIT ................................................................................................................. 11

COVERED EMPLOYMENT .................................................................................................................................................. 11 RECIPROCAL AGREEMENTS .............................................................................................................................................. 11

AMOUNT OF PENSION CREDIT ................................................................................................................................. 12

PENSION CREDIT .............................................................................................................................................................. 12 SERVICE WITH NEWLY CONTRIBUTING EMPLOYER (PRIOR TO 9/15/03) .......................................................................... 12 PAST SERVICE CREDIT IN THE MARITIME INDUSTRY (PRIOR TO 9/15/03) ........................................................................ 12

VESTING, BREAKS-IN-SERVICE AND CANCELLATION OF DEFINED BENEFIT PENSION CREDIT ...... 13

VESTING CREDIT .............................................................................................................................................................. 13 VESTED BENEFIT ............................................................................................................................................................. 13 BREAK-IN-SERVICE ......................................................................................................................................................... 13 CANCELLATION OF PENSION AND VESTING CREDITS ....................................................................................................... 14 WAIVER OF BREAK-IN-SERVICE (GROUP 1 ONLY) .......................................................................................................... 14

COMPUTATION OF PAY .............................................................................................................................................. 15

GROUP I PENSION BENEFITS ............................................................................................................................................ 15

BENEFITS SUBJECT TO OFFSET ............................................................................................................................... 17

COMPANY PENSION PLAN ................................................................................................................................................ 17 OTHER PENSION PLAN ..................................................................................................................................................... 17 OPTION B PARTICIPANTS ................................................................................................................................................. 17

FORMS OF BENEFIT PAYMENT ................................................................................................................................ 18

DEFINITION OF NORMAL FORMS OF RETIREMENT BENEFIT PAYMENT ............................................................................. 18 Married Participants - 100% Joint and Survivor Annuity ......................................................................................... 18 Single Participants - Life Annuity ............................................................................................................................... 18

2018 Summary Plan Description ii

DEFINITION OF OPTIONAL FORMS OF RETIREMENT BENEFIT PAYMENT FOR MARRIED PARTICIPANTS ONLY ..................................................................................................................... 18

SELECTION OF BENEFIT PAYMENT OPTIONS ..................................................................................................... 19

ELECTION PROCEDURE .................................................................................................................................................... 19 EFFECT ON PRE-RETIREMENT SURVIVOR BENEFIT .......................................................................................................... 19 RIGHT TO REVOKE WAIVER ............................................................................................................................................. 19 POST-RETIREMENT SURVIVOR BENEFIT ........................................................................................................................... 19 PRE-RETIREMENT SURVIVOR BENEFIT ............................................................................................................................. 20

DEFINED BENEFIT DISTRIBUTIONS IN GENERAL .............................................................................................. 21

MANDATORY DISTRIBUTION .................................................................................................................................... 21

CASH-OUT PROVISION ................................................................................................................................................ 21

APPLICATION FOR PENSION BENEFITS ................................................................................................................ 22

PENSION EFFECTIVE DATE ............................................................................................................................................... 22 WHEN SHOULD YOU FILE? .............................................................................................................................................. 22 WHEN DO YOU GET THE FIRST CHECK? ......................................................................................................................... 22 WHEN CAN YOU EXPECT YOUR MONTHLY BENEFIT CHECK? ......................................................................................... 22 ADDITIONAL REQUIREMENTS FOR DISABILITY PENSIONS ................................................................................................ 22

DEFINED CONTRIBUTION BENEFIT MONEY PURCHASE BENEFIT (MPB) ........................................................................................................................ 24

MONEY PURCHASE BENEFIT (DEFINED CONTRIBUTION) .............................................................................. 26

PARTICIPATION ................................................................................................................................................................ 26 VESTED BENEFIT ............................................................................................................................................................. 26 VESTING CREDIT .............................................................................................................................................................. 26 BREAK-IN-SERVICE, REEMPLOYMENT, FORFEITURE ........................................................................................................ 27 INVESTMENT OF MPB FUNDS .......................................................................................................................................... 27 INVESTMENT RISK .......................................................................................................................................................... 27 INVESTMENT OPTIONS ..................................................................................................................................................... 27 VALUATION AND EXPENSES ............................................................................................................................................. 28 STATEMENT OF ACCOUNT ................................................................................................................................................ 29

DISTRIBUTION OF MPB ACCOUNT BALANCE ..................................................................................................... 30

TIME OF PAYMENT ........................................................................................................................................................... 30 Death .......................................................................................................................................................................... 30 Retirement ................................................................................................................................................................... 30 Permanent and Total Disability.................................................................................................................................. 30 When Your Employment Ends .................................................................................................................................... 30 Qualified Domestic Relations Order (QDRO) ............................................................................................................ 31

METHOD OF PAYMENT ..................................................................................................................................................... 31 BENEFICIARY DESIGNATION FORM .................................................................................................................................. 31 CASH-OUT PROVISION ..................................................................................................................................................... 32

GENERAL INFORMATION DEFINED BENEFIT AND MONEY PURCHASE BENEFIT ...................................................................................... 34

SUSPENSIONS AND/OR LIMITATIONS OF BENEFIT PAYMENTS .................................................................... 36

QUALIFIED DOMESTIC RELATIONS ORDER (QDRO) ........................................................................................................ 36 RETURN TO WORK - RE-EMPLOYMENT OF PENSIONERS .................................................................................................. 36 FEDERAL TAX LIENS ........................................................................................................................................................ 36

2018 Summary Plan Description iii

PLAN IMPROVEMENTS/CHANGES ..................................................................................................................................... 37 OVERPAYMENTS .............................................................................................................................................................. 37

AMENDMENTS, ELIMINATION OF BENEFITS AND PLAN TERMINATION .................................................. 38

AMENDMENT ................................................................................................................................................................... 38 TERMINATION .................................................................................................................................................................. 38 PENSION BENEFIT GUARANTY CORPORATION ................................................................................................................. 38

APPEAL PROCEDURE ................................................................................................................................................... 40

STATEMENT OF ERISA RIGHTS ................................................................................................................................ 41

RECEIVE INFORMATION ABOUT YOUR PLAN AND BENEFITS ........................................................................................... 41 PRUDENT ACTION BY PLAN FIDUCIARIES ........................................................................................................................ 43 ENFORCE YOUR RIGHTS .................................................................................................................................................. 43 ASSISTANCE WITH YOUR QUESTIONS ............................................................................................................................... 43

CALCULATION OF DEFINED BENEFIT PENSION BENEFIT .............................................................................. 44

CALCULATION ................................................................................................................................................................. 44 EXAMPLE ......................................................................................................................................................................... 44

SCHEDULE OF BENEFITS ............................................................................................................................................ 45

GROUP I DEEP SEA/INLAND WATERS/GREAT LAKES ....................................................................................................... 46 GROUP IIE INLAND WATERS ........................................................................................................................................... 47

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2018 Summary Plan Description 1

AMERICAN MARITIME OFFICERS PENSION PLAN

INTRODUCTION

The Trustees of the American Maritime Officers Pension Plan (“AMO Pension Plan” or “Plan”) are pleased to present you with this updated booklet summarizing your benefits under the AMO Pension Plan. This booklet is referred to as the Plan’s Summary Plan Description (“SPD”). The SPD is intended to outline the principal provisions of the Plan so that you may know your rights and duties under the Plan. The Trustees reserve the right to amend, modify or terminate the Plan, in whole or in part, at any time, and for any reason.

Please remember that this SPD does not provide you with the full details of the Plan nor does it change the official written Rules and Regulations of the Plan (“Plan Document”) that determines your rights under the Plan. A copy of the Plan Document is available upon request from the Plan Office. If there is a conflict between the official Plan Document and this SPD, the language of the Plan Document will govern.

Please note that no one except the Board of Trustees (or its designees) has the authority to interpret and construe the terms of the Plan, including this SPD, and the Plan Document, to make any promises to you about it, or to change the provisions of the Plan. The Board of Trustees has the exclusive right and power, in its sole and absolute discretion, to interpret the Plan Document and decide all matters under the Plan, including, without limitation, the right to make all decisions with respect to eligibility for and the amounts of benefits payable under the Plan and the right to resolve any possible ambiguities, inconsistencies, or omissions concerning the Plan. All determinations of the Board of Trustees (or its duly authorized designees) are final and binding on all persons and will be given full force and effect.

Please read this booklet carefully and retain it for future reference. If you have any questions, the Plan Office will always assist you.

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AMERICAN MARITIME OFFICERS (AMO) PENSION PLAN

BOARD OF TRUSTEES

UNION TRUSTEES EMPLOYER TRUSTEES Paul Doell National President American Maritime Officers 601 S. Federal Highway Dania Beach, FL 33004

F. Anthony Naccarato Chairman/Secretary 490 L’Enfant Plaza East SW, Suite 7204 Washington, DC 20024

Joseph Z. Gremelsbacker (Pro Tem) National Vice President, Deep Sea American Maritime Officers 601 S. Federal Highway Dania Beach, FL 33004

Edward Hanley (Pro Tem) Vice President, Labor Relations Maersk Line Ltd. 2510 Walmer Ave Suite C Norfolk, VA 23513

J. Michael Murphy National Vice President, Government Relations American Maritime Officers 490 L’Enfant Plaza East SW, Suite 7204 Washington, DC 20024

Todd Johnson President and Chief Executive Officer Pacific-Gulf Marine, Inc. 401 Whitney Avenue, Suite 511 Gretna, LA 70056

Brian D. Krus Senior National Assistant Vice President, Great Lakes American Maritime Officers One Maritime Plaza, Third Floor Toledo, OH 43604

Melissa Serridge Director, Human Resources and Labor Relations Tote Services, Inc. 10550 Deerwood Park Blvd Ste 602 Jacksonville, FL 32256

Daniel E. Shea National Executive Vice President American Maritime Officers 1121 7th Street, Second Floor Oakland, CA 94607

Scott Winfield Director, Fleet Operations & Labor relations Transoceanic Cable Shipping Co., LLC 1001 E McCommas St Baltimore, MD 21230

Thomas Heaton Controller American Maritime Officers 601 S. Federal Highway Dania Beach, FL 33004

Ira Douglas Director of Marine Personnel Crowley Maritime Corporation 9487 Regency Square Blvd. Jacksonville, FL 32225

T. Christian Spain (Alternate) National Assistant Vice President, Government Relations American Maritime Officers 490 L’Enfant Plaza East SW, Suite 7204 Washington, DC 20024

Damon Mote (Alternate) Vice President, Marine Labor Relations OSG America, Inc. 302 Knights Run Avenue, Suite 1200 Two Harbour Place Tampa, FL 33602

David M. Weathers (Alternate) National Vice President, Inland Waters American Maritime Officers 2724 61st Street, Suite B PMB 192 Galveston, TX 77551

Timothy D. Callahan (Alternate) Accounting Manager Keystone Shipping Company Suite 600 One Bala Plaza East Bala Cynwyd, PA 19004

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AMERICAN MARITIME OFFICERS PENSION PLAN - PLAN DESCRIPTION

NAME OF PLAN: American Maritime Officers Pension Plan

NAME, ADDRESS AND Board of Trustees TELEPHONE NUMBER OF American Maritime Officers Pension Plan PLAN SPONSOR: 2 West Dixie Highway, Dania Beach, FL 33004

(954) 920-4247 or (800) 348-6515

EMPLOYER ID NUMBER: 13-1936709

PLAN NUMBER: 001

PLAN YEAR: October 1 – September 30

TYPE OF PLAN: Defined Benefit & Defined Contribution TYPE OF ADMINISTRATION: Trustee Administered PLAN ADMINISTRATOR: Board of Trustees American Maritime Officers Pension Plan 2 West Dixie Highway, Dania Beach, FL 33004 (954) 920-4247 or (800) 348-6515 RECORDKEEPER Newport Group FOR THE 1350 Treat Boulevard, Suite 300 MONEY PURCHASE BENEFIT: Walnut Creek, California 94597 (800) 650-1065 CUSTODIAN Matrix Trust Company FOR MONEY PURCHASE BENEFIT 2800 North Central Avenue, Suite 900 INVESTMENT TRANSACTIONS: Phoenix, AZ 85004-1037 (800) 458-9269 CONSULTANT: Morgan Stanley– The Atlantic Group 595 South Federal Highway, 4th Floor Boca Raton, FL 33432 (800) 975-7061

The Board of Trustees welcomes questions and encourages Participants and their families to make inquiries directly to the Plan Office. The Plan Office is located at 2 West Dixie Highway, Dania Beach, Florida 33004. The Administrator is the agent for service of legal process. Process may be served on the Administrator at the Plan Office. Service of process may also be upon a Plan Trustee.

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AMERICAN MARITIME OFFICERS (AMO) PENSION PLAN

SUMMARY PLAN DESCRIPTION

GENERAL INFORMATION

TYPE OF PLAN The American Maritime Officers Pension Plan is a multiemployer pension plan that provides two different benefits: a defined benefit pension (“Pension Benefit”) and defined contribution benefit (“Money Purchase Benefit”). The purpose of this summary is to convey important information; it is not intended to interpret, extend or change in any way the Plan Document, which will govern in all cases. PLAN ADMINISTRATION The AMO Pension Plan is administered by a joint Board of Trustees consisting of an equal number of union and employer designated Trustees. The Trustees are listed on page 2. An Executive Director and staff supervise the day-to-day operations of the Plan. Administrative costs for administrating the defined benefit portion of the Plan are paid by a small percentage of the contributions received. Administrative costs for administrating the defined contribution benefit of the Plan are explained in further detail on page 28. The Plan is maintained pursuant to collective bargaining agreements between American Maritime Officers and its affiliate, District 2A TTWISEU (collectively “the Union”) and contracted companies. The benefits vary according to the respective collective bargaining agreements with signatory companies. A complete list of contracted companies and copies of applicable agreements may be obtained upon written request to the Plan Office and are available for examination, upon prior written request. Participants are also entitled to receive, free of charge, information as to whether a particular employer is a contracted company (also referred to as a participating employer) for the Pension Benefit, the Money Purchase Benefit, or both. The Board of Trustees reserves the right, in its sole discretion, to interpret, amend, modify, or terminate any provisions of the Plan and any benefits provided under the Plan, and to determine the eligibility of an individual for benefits, provided that no amendment or modification may reduce benefit rights that have accrued as long as funds are available for payment of the accrued benefits, unless as provided by law. A denial of benefits may be appealed to the Board of Trustees. The procedure is explained in detail on page 40. SAFEGUARDING YOUR BENEFITS The Plan's records are regularly audited by independent certified public accountants and an annual review is conducted by the Plan's actuaries. An annual financial report of the Plan's activities is filed with the U.S. Department of Labor and a summary of the report is published in the Union’s newspaper, American Maritime Officer.

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FUNDING OF THE PLAN – CONTRIBUTIONS With respect to the defined benefit of the Plan, your Pension Benefit contributions to the Plan are made by participating employers in accordance with the terms of their collective bargaining agreements with the Union or participation agreements. Employer contributions are held in trust and invested by the Plan’s investment managers. The investment managers’ performance is monitored by an independent investment consulting firm and reviewed by the Trustees on a quarterly basis. The amount of contributions is actuarially determined. With respect to the defined contribution benefit of the Plan, your Money Purchase Benefit, your benefit is an individual account. This individual account is a bookkeeping account in your name. Your participating employer contributes to your individual account. The amount of contributions is a fixed percentage of your wages based on the terms of the collective bargaining agreement or participation agreement applicable to you. AMO PENSION PLAN BENEFITS As set forth above, the Plan provides two different types of benefits: a defined benefit pension and a defined contribution benefit.

Pension Benefit (Defined Benefit) Once a Participant accrues sufficient years of Pension Credit, eligibility is established for a specified monthly benefit. The amount of the benefit is dependent on years of pension credit, and the company or companies for which the Participant worked. Because the Plan has been determined by the Plan’s actuaries to be in “endangered status” (as defined under the Pension Protection Act of 2006), pension benefit accruals under the defined benefit portion of the Plan were frozen under the Plan’s rehabilitation plan beginning January 1, 2010. No additional pension benefits will be earned on or after that date except for vesting and eligibility purposes. Money Purchase Benefit (Defined Contribution) Certain employers agree to contribute an amount equal to a percentage of a Participant’s compensation to an individual account on behalf of each eligible Participant. Participants are eligible for a benefit based on the contributions made on their behalf and earnings or losses allocated to those contributions.

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OBTAINING THE PLAN DOCUMENT AND OTHER DOCUMENTS The Plan Document and other documents and information, as specified in this Summary Plan Description, will be made available for review upon written request at the Plan Office: AMO Pension Plan 2 West Dixie Highway Dania Beach, FL 33004 (954) 922-7539 ext. 14 or (800) 348-6515 ext. 14 [email protected]

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PENSION BENEFIT DEFINED BENEFIT

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PENSION BENEFIT (DEFINED BENEFIT)

ELIGIBLE EMPLOYEES Employees of companies with collective bargaining agreements with the Union obliging them to make contributions to the American Maritime Officers Pension Plan are eligible to participate. Officials and employees of the Union, and employees of the American Maritime Officers Plans are also eligible to participate. Because the Plan has been determined to be in “endangered status,” pension benefit accruals under the defined benefit portion of the Plan have been frozen beginning January 1, 2010. No additional pension credit will be earned on or after that date except for vesting and eligibility purposes. No employee is eligible to begin participation in the Plan on or after January 1, 2010. FUNDING Contributions to the Plan on account of the Pension Benefit are made by contributing employers in accordance with the terms of their collective bargaining agreement or participation agreement. Contributions are paid out as benefits to eligible Participants, and if applicable, their surviving spouses, or dependents. Contributions that are not paid out in the form of current benefits are invested and kept in reserve for future benefit payments. The consulting actuaries make an annual review of the Plan, including its assets and liabilities, and then report to the Board of Trustees on the contribution levels recommended for funding the defined benefits under the pension fund. No Participant has any right or interest in any of the income or property received or held by or for the account of the Pension Benefit and no person shall have any vested right to benefits except through fulfillment of all the conditions and requirements set forth in the Plan Document. TYPES OF BENEFITS The Pension Benefit provides four different types of defined benefit pensions: (1) Regular; (2) Reduced; (3) Disability; and (4) Early Retirement. To be eligible for a pension, a Participant must meet certain age and/or years of Pension Credit requirements. The amount of benefit is dependent on the Participant's years of work in Covered Employment for which Pension Credit is granted, and the contracted company(ies) for which the employee worked. In addition, if there is a provision for a wage related pension, then the benefit is dependent on the Participant's "pay" (see page 15 for what constitutes "pay"). The requirements for each of these types of pension and the monthly benefit amount payable varies according to the area(s) and/or company(ies) with which a Participant was employed. Refer to the schedules on pages 46 and 47. ESTIMATE A Participant can, no more than once a year, request that the Plan Office calculate an estimated pension benefit. This can be done by a written request to the Plan Office.

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ACCUMULATION OF PENSION CREDIT Because the Plan has been determined to be in “endangered status,” as discussed above, pension benefit accruals under the defined benefit portion of the Plan have been frozen beginning January 1, 2010. No additional pension credit will be earned on or after that date except for vesting and eligibility purposes. COVERED EMPLOYMENT Pension Credits are earned while working in employment covered by the Plan with respect to the Pension Benefit. Covered Employment under the Pension Benefit includes the following:

Days of actual employment with participating employers. Days of disability for which the Participant receives Disability Benefits from the AMO Medical

Plan while employment with a participating employer is available to him. Qualified Military Service to the extent required by Federal law. Days of participation as an observer under the Observer Training Program sponsored by the

American Maritime Officers Safety & Education Plan. For Group I Deep Sea Participants Only

Days of paid vacation (when taken) under the AMO Vacation Plan. Days for which the Participant receives unearned wages and for which the employer makes

contributions to this Plan. For Group I Great Lakes Participants Only

Days for which a Participant receives company paid sick leave from an employer signatory to this Plan.

Days of paid vacation (when taken) under the AMO Vacation Plan, or if so provided under the applicable collective bargaining agreement, days of Family Leave for which the employer makes contributions to this Plan.

For Group I Inland Water Participants Only

Bonus days if so provided in the applicable collective bargaining agreement. RECIPROCAL AGREEMENTS A Participant may earn credit for eligibility and vesting purposes under this or another plan by virtue of reciprocity between this Plan and another plan with which there is a signed Reciprocal Agreement. The following is a list of Reciprocal Agreements. o Reciprocal Agreement between AMERICAN MARITIME OFFICERS PENSION PLAN and SEAFARERS PENSION

Plan.

o Reciprocal Agreement between DISTRICT 1 MEBA PENSION TRUST and AMERICAN MARITIME OFFICERS PENSION PLAN (Participant must have service under both Plans prior to August 1, 1994).

o Reciprocal Agreement between DISTRICT 2A TTWISEU PENSION AND SEVERANCE PLAN and AMERICAN

MARITIME OFFICERS PENSION PLAN. o Eligibility Credit Agreement between AMO PENSION PLAN and SEAFARERS MARITIME UNION MONEY

PURCHASE PENSION PLAN.

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AMOUNT OF PENSION CREDIT PENSION CREDIT Because the Plan has been determined to be in “endangered status” as discussed above, pension benefit accruals under the defined benefit portion of the Plan have been frozen beginning January 1, 2010. No additional pension credit will be earned on or after that date except for vesting and eligibility purposes. For service on and after January 1, 1956* Pension Credit will be granted based on the following schedule:

Days of Covered Employment in a Calendar year

Number of Quarters Credited

Less than 50 None 50 to 99 1

100 to 149 2 150 to 199 3

200 or More 4

* Prior schedules may vary and may be obtained at the Plan Office. SERVICE WITH NEWLY CONTRIBUTING EMPLOYER (PRIOR TO 9/15/03) If an employee became a Participant as part of a new unit entering into an agreement with the American Maritime Officers prior to September 15, 2003, the Participant may be credited with all continuous employment with the employer in that unit after his employer has contributed to the Plan for one year, provided the Participant remained in the employ of the employer at the conclusion of the one year and had 200 days of Covered Employment during the year. PAST SERVICE CREDIT IN THE MARITIME INDUSTRY (PRIOR TO 9/15/03) If an employee first became a Participant in this plan prior to September 15, 2003 and was formerly a Participant in any other pension plan in the maritime industry (excluding those plans with which this Plan has a reciprocal agreement), he may be granted credit for service which was credited under the other plan after he has earned 10 years of Pension Credit under this Plan subsequent to any one-year Break-in-Service. Past service credit is granted only if such service would have otherwise been credited under the terms of this Plan.

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VESTING, BREAKS-IN-SERVICE AND CANCELLATION OF DEFINED BENEFIT PENSION CREDIT

VESTING CREDIT A year of Vesting Credit is earned by working one hundred and twenty-five (125) days within a calendar year (1,000 hours for non-maritime Participants). There are no partial years for Vesting Credit purposes -- a Participant must have the required (125) days or 1,000 hours. Days of service for vesting purposes include:

Days worked under Covered Employment as defined on page 12. Days for which a back pay award is received. Days for which a Participant is paid or entitled to pay for the non-performance of duties, which are not

considered Covered Employment, up to a maximum of 63 days/501 hours. Days worked in non-Covered Employment with a contributing employer immediately preceding or

following days worked in Covered Employment. Hours of Service for Vesting Credit include each hour for which an Employee is paid, or entitled to payment, for the performance of duties for an Employer:

Each hour for which an Employee is paid, or is entitled to payment, by an Employer on account of a period of time during which no duties are performed (regardless of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty or leave of absence, excluding, however, any period for which payment is made solely for the purpose of complying with workers’ compensation, unemployment or disability insurance laws, or solely to reimburse an employee for medical or medically related expenses. No more than 501 hours will be credited for each single continuous period for which an Employee is paid for reasons other than the performance of duties;

Each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Employer.

VESTED BENEFIT Once a Participant who has completed an hour of service on or after October 1, 1999 accrues 5 years of Vesting Credit their benefit is vested – the participant has a non-forfeitable right to a benefit. In addition, if a Participant reaches Normal Retirement Age (age 65, or the fifth anniversary of participation in the Plan, if later) before incurring a one-year Break-In-Service, their benefit will be vested. In the case of a Participant who has not completed one hour of service on or after October 1, 1999, 10 years of Vesting Credit is required. BREAK-IN-SERVICE A Participant incurs a Break-In-Service in any calendar year during which the Participant does not complete 63 days of service (501 hours for non-maritime Participants). Days of Service used to avoid a Break-In-Service include:

Days of service counted for vesting purposes. Days of absence by reason of pregnancy, birth of a child, adoption of a child or providing care

for a child for the period immediately following birth or adoption, up to a maximum of 63 days/501 hours.

Other days as provided for the in the Rules and Regulations of the AMO Pension Plan may also be counted to avoid a Break-In-Service.

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CANCELLATION OF PENSION AND VESTING CREDITS For Breaks-in-Service beginning on or after October 1, 1987, a Participant’s previous Pension and Vesting Credits will be cancelled when the number of consecutive one year Breaks-in-Service equals or exceeds the greater of five years or the number of years of Vesting Credit earned prior to the break.

Breaks-in-Service beginning prior to October 1, 1987 will be governed by the Rules in effect at the time the break began. WAIVER OF BREAK-IN-SERVICE (GROUP 1 ONLY) A break-in service will be waived and the pension credit lost will be restored if the Employee, excluding the credit forfeited due to the break-in-service, had at least ten years of current pension credit earned under the Plan subsequent to such break-in-service but not later than December 31, 2015, and provided that at least five of such years of current pension credit had been earned as of December 31, 2009.

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COMPUTATION OF PAY

GROUP I PENSION BENEFITS “Pay” means Base Monthly Wages during the period of any three consecutive complete calendar years within the last ten complete calendar years immediately preceding the effective date of pension that will produce the highest average for the Participant. “Base Monthly Wages” are the base wages or benefit base wages as specified in the applicable Collective Bargaining Agreement, but not to exceed the base wages in effect as follows: Effective August 1, 2000, for Deep Sea and Great Lakes Participants retiring on or after that date, base

monthly wage shall be the base wages earned, but not to exceed the base wages in effect as of January 1, 2000, or at the time of retirement, whichever is earlier. Notwithstanding the foregoing, in the case of a Great Lakes employee who works in Covered Employment after August 1, 2003 under a collective bargaining agreement that provides that pension wages are frozen as of January 1, 2003, the base wages, but not to exceed the base wages in effect as of January 1, 2003 or at the time of retirement, whichever is earlier, will be used. Additionally, in the case of a Great Lakes employee who works in Covered Employment after January 1, 2006, under a collective bargaining agreement that provides that pension wages are frozen as of January 1, 2006, the base wages, but not to exceed the base wages in effect as of January 1, 2006 or at the time of retirement, whichever is earlier, will be used.

Effective January 1, 2004, for Deep Sea participants retiring between January 1, 2004 and December 31,

2004, base monthly wage shall be the base wages, but not to exceed the base wages in effect as of January 1, 2001, or at the time of retirement, whichever is earlier; for Deep Sea participants retiring between January 1, 2005 and December 31, 2005, base monthly wages shall be the base wages, but not to exceed the base wages in effect as of January 1, 2002; and for Deep Sea participants retiring on or after January 1, 2006, base monthly wages shall be the base wages, but not to exceed the base wages in effect as of January 1, 2003. For computing pension benefits as a result of employment on a vessel not covered by an agreement with the Union as of the date pension wages are frozen, the base wage on board similar Union contracted vessels shall be used. The foregoing shall not apply to Officials or Employees of the AMO Union or the AMO Plans.

Effective January 1, 2007, for Deep Sea participants retiring on or after January 1, 2007, base monthly

wage shall be the base wages, but not to exceed the base wages in effect as of January 1, 2006, or at the time of retirement, whichever is earlier; and for Deep Sea participants retiring between January 1, 2006 and December 31, 2006, base monthly wages shall be the base wages, but not to exceed the base wages in effect as of January 1, 2003. Base wages are determined under the terms of the applicable collective bargaining agreement. For computing pension benefits as a result of employment on a vessel not covered by an agreement with the Union as of the date pension wages are frozen, the base wage on board similar Union contracted vessels shall be used. The foregoing shall not apply to Officials or Employees of the AMO Union or the AMO Plans.

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Base monthly wages shall not include:

Overtime earnings, payments in lieu of overtime, and bonuses of any kind unless the collective bargaining agreement expressly included such compensation in the base monthly wages.

Non-watch compensation unless the collective bargaining agreement expressly included such

compensation in the base monthly wages.

Compensation in excess of $275,000 annually (as adjusted pursuant to the terms of the Internal Revenue Code).

See page 44 for additional information regarding the calculation of a pension benefit.

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BENEFITS SUBJECT TO OFFSET COMPANY PENSION PLAN Benefits payable under the American Maritime Officers Pension Plan to Participants who received past service credit with a newly participating company will be offset by any benefit payable under that company’s pension plan. In the case of a deferred benefit, the offset will be applied when the Participant receives benefits under this Plan. OTHER PENSION PLAN Benefits payable under the American Maritime Officers Pension Plan to Participants who received past service credit for service under another maritime industry pension plan will be offset by any benefits payable under the other pension plan. In the case of a deferred benefit, the offset will be applied when the Participant receives benefits under this Plan. OPTION B PARTICIPANTS Unlicensed seamen who chose Option B under the pre-1983 SIU reciprocal agreement upon upgrading to officer will be considered for a benefit from this Plan provided the Participant is eligible for and receives a benefit under the Rules and Regulations of the Seafarers Pension Plan.

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FORMS OF BENEFIT PAYMENT DEFINITION OF NORMAL FORMS OF RETIREMENT BENEFIT PAYMENT The following normal forms of benefit payment are available under the Plan. Married Participants - 100% Joint and Survivor Annuity The normal form of benefit for a married Participant is a 100% Joint and Survivor annuity. This form of benefit payment provides an actuarially reduced monthly pension benefit to the Pensioner. If the Pensioner predeceases his spouse, the spouse will receive for her lifetime 100% (the full amount) of the actuarially reduced monthly benefit. If the spouse predeceases the Pensioner, there will be no change in the benefit paid to the Pensioner. If the Participant dies before the effective date of the pension benefit, his surviving spouse may be entitled to benefits as described on page 19. Single Participants - Life Annuity The normal form of benefit for a single Participant is a Life Annuity providing monthly pension benefits to the Pensioner for their lifetime.

DEFINITION OF OPTIONAL FORMS OF RETIREMENT BENEFIT PAYMENT FOR MARRIED PARTICIPANTS ONLY The following optional forms of benefit payment are available under the Plan:

Life Annuity (see definition above).

50% Joint and Survivor Annuity - This form of benefit payment provides an actuarially reduced monthly pension benefit to the Pensioner. If the Pensioner predeceases his spouse, the spouse will receive for her lifetime 50% of the actuarially reduced monthly benefit. If the spouse predeceases the Pensioner, there will be no change in the benefit paid to the Pensioner. If the Participant dies before the effective date of the pension benefit, his surviving spouse may be entitled to benefits as described on page 19.

75% Joint and Survivor Annuity - This form of benefit payment provides an actuarially reduced

monthly pension benefit to the Pensioner. If the Pensioner predeceases his spouse, the spouse will receive for her lifetime 75% of the actuarially reduced monthly benefit. If the spouse predeceases the Pensioner, there will be no change in the benefit paid to the Pensioner. If the Participant dies before the effective date of the pension benefit, his surviving spouse may be entitled to benefits as described on page 19.

The term “spouse” used above means the spouse on the Pension Effective Date.

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SELECTION OF BENEFIT PAYMENT OPTIONS ELECTION PROCEDURE A Participant must file an election to receive an optional form of pension benefit. The election must be in writing and on a form provided by the Plan Office. A properly filed option becomes effective when the Participant retires, provided all other eligibility

requirements are met. The Participant's spouse must agree to the election of any optional form of benefit payment that does not

provide a survivor’s annuity at least equal to the 50% joint and survivor annuity within 90 days prior to the Pension Effective Date and sign a waiver of their rights to a survivor annuity.

A spouse must be married to the Participant on the date the Participant retires. EFFECT ON PRE-RETIREMENT SURVIVOR BENEFIT If an effective Optional Form of Benefit Payment is on file and the Participant dies before establishing a Pension Effective Date, the form of Benefit Payment will revert back to the Normal Form of Benefit Payment - 100% Joint and Survivor or Life Annuity. RIGHT TO REVOKE WAIVER A married Participant may revoke the waiver of a 100% Joint and Survivor Annuity at any time prior to Pension Effective Date. In addition, between thirty and ninety days before the effective date of retirement the Participant and his spouse will be sent a notification concerning the benefit payment, and at that time the Participant and his spouse will have the opportunity to reconsider their choice. They can revoke the previous waiver and the benefit will be paid under the 100% Joint and Survivor Annuity. POST-RETIREMENT SURVIVOR BENEFIT If a Participant dies after retirement, any benefit payable will depend on the form in which benefits were being paid to the Pensioner. In order for a spouse to qualify for a post-retirement benefit, she must be married to the Participant on the Pension Effective Date. The Rules and Regulations of the AMO Pension Plan do not provide a post-retirement survivor benefit for a spouse who becomes married to the Participant after the Pension Effective Date. Note: A survivor’s annuity is subject to an actuarial adjustment factor and the factor used depends on the Pensioner’s age and the age of the spouse at the time of retirement.

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PRE-RETIREMENT SURVIVOR BENEFIT If a Participant dies before retirement, certain benefits may be payable to the Participant's surviving spouse. In general, if a Participant who has been married for at least one year dies with a vested right to a pension benefit, his surviving spouse will be entitled to a 100% Joint and Survivor annuity, payable for the spouse's lifetime and commencing as of the first of the month following the month in which the Participant would have been eligible to receive a benefit under the Plan. There are no pre-retirement survivor benefits for unmarried Participants or for Participants who are married for less than a year when they die. The Joint and Survivor Annuity is subject to an actuarial adjustment factor and the factor used depends on your age and the age of your spouse at the Pension Effective Date

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DEFINED BENEFIT DISTRIBUTIONS IN GENERAL

MANDATORY DISTRIBUTION

For Participants who turn age 70-1/2 after December 31, 1998, distribution of their pension benefit is no longer required at age 70-1/2. A Participant who retires after age 70-1/2 will receive his benefit at his retirement date. The benefit will be actuarially adjusted for the period beginning on April 1st of the calendar year following the calendar year in which he reached age 70-1/2 through his retirement date. For those Participants who turned age 70-1/2 prior to January 1, 1999, the Plan is still required to begin distribution of benefits on April 1st of the calendar year following the calendar year in which the Participant turned 70-1/2. For the purpose of this section, a participant is deemed retired 365 days after their last date of AMO Covered Employment. Example: A member that is at least 70-1/2 with a last date of AMO Covered Employment of 10/12/2017 will be considered “retired” on 10/12/2018 and will be required to take his pension benefit no later than April 1, 2019.

CASH-OUT PROVISION If the present value of any combined benefit (including Money Purchase Benefit and Defined Benefit), or the value of a pre-retirement survivor benefit, plus any other benefits to which the eligible spouse may be entitled under this Plan, is $1,000 or less, such benefit may be paid in a single lump sum.

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APPLICATION FOR PENSION BENEFITS An application for benefits can be obtained at the Plan Office or online at www.amoplans.com. PENSION EFFECTIVE DATE The Pension Effective Date is the later of the first of the month following the last date of Covered Employment or the first of the month following the date the application is received in the Plan Office. In the case of a required distribution at age 70 1/2, the Pension Effective Date shall be April 1st of the calendar year following the year in which the participant attains age 70½ or retires. An Employee is deemed to be a “Pensioner” on the later of: (a) the date the Plan receives the executed Irrevocable Letter, signifying the Employee's agreement to his years of credited service and the Pension benefit amount as computed by the Plan Office, or (b) the Pension Effective Date.

WHEN SHOULD YOU FILE? An application should be filed three months before the Pension Effective Date. This will provide enough time for the Plan Office to process the application and submit it to the Board of Trustees for approval.

WHEN DO YOU GET THE FIRST CHECK?

Upon submission of all necessary information, including completion of an Irrevocable Letter confirming the amount payable, and approval of the Board of Trustees, the benefit check will be mailed. If the processing of the application is delayed beyond the effective date, upon completion pension benefits will be paid retroactive to the effective date. WHEN CAN YOU EXPECT YOUR MONTHLY BENEFIT CHECK?

Benefit checks are mailed from the Plan Office on the 15th of each month. As an example, the benefit checks for the period from January 1st to January 31st are mailed on January 15th.

You can also have your monthly pension benefit deposited electronically into your bank account. You may contact the Plan Office for more details.

ADDITIONAL REQUIREMENTS FOR DISABILITY PENSIONS

You are entitled to a Disability Pension Benefit if you: (1) suffer a permanent and total disability; and (2) have at least twenty (20) years of Pension Credit (excluding credit for past service or credit received under a reciprocal agreement); and (3) are eligible for Social Security Disability benefits. If approved for a Disability Pension, the Pensioner cannot engage in any employment in the maritime industry as a licensed Marine Officer. In addition, the Pensioner cannot earn more than $1,000.00 a month in any other gainful employment.

If a Participant receiving a Disability Pension ceases to be totally and permanently disabled, the Participant will no longer be eligible to receive a disability pension and pension benefits will cease unless the Participant is eligible for another type of benefit, in which case benefits payable may be subject to actuarial adjustment.

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DEFINED CONTRIBUTION BENEFIT MONEY PURCHASE BENEFIT (MPB)

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MONEY PURCHASE BENEFIT (DEFINED CONTRIBUTION) Certain participating employers contribute an amount equal to a specified percentage of the Participant's base benefit wages to the Money Purchase Benefit (“MPB”). Participation, wages, and the rate of contribution are determined by the collective bargaining agreement or participation agreement. An individual account is maintained in the name of each Participant. No Participant has a right to benefits, however, except through fulfillment of all conditions and requirements set forth in the Plan Document. The contributions and investments of the MPB are maintained as a separate fund. PARTICIPATION You may participate in the MPB if you work for an employer that is obligated to contribute to the MPB. You should consult the collective bargaining agreement or participation agreement applicable to you. Participation begins on the first day that an employee begins working in employment covered under the MPB. VESTED BENEFIT Any Participant who was credited with Covered Employment in the MPB, the AMO Pension Plan (defined benefit), the American Maritime Officers Defined Contribution Plan, the American Maritime Officers 401(k) Plan, or the American Maritime Officers Medical Plan, prior to January 1, 2017 shall have an non-forfeitable immediate (100% vested) right to the amount of the Participant’s individual account. All other Participants in the MPB shall have a non-forfeitable right to the amount of their account upon completing three (3) years of Vesting Credit. Notwithstanding this, upon a Participant’s permanent or total disability, death, or attainment of Normal Retirement Age while a Participant, his or her interest in his or her individual account shall be 100% vested and non-forfeitable. A Participant who otherwise incurs five consecutive Breaks-In-Service prior to becoming 100% vested forfeits all unvested accrued benefits. VESTING CREDIT You acquire a year of Vesting Credit by working a number of days or hours within a calendar year. For maritime employees, a year of Vesting Credit is earned by working 100 days or more within a calendar year to include earned vacation. For non-maritime employees, a year of Vesting Credit is earned by working 800 hours or more within a calendar year. You cannot earn partial years of Vesting Credit. A day or hour of service generally means a day or hour of service for which your participating employer is obligated to contribute to the Plan, including when you are directly or indirectly entitled to payment for the performance of duties or for reasons other than the performance of duties, such as vacation, holidays, disability, jury duty, and similar paid periods of nonworking time. You will receive 8 hours of service for each day your employer is obligated to contribute to the Plan. No more than 63 days or 501 hours of service may be credited for a period of time during which you are

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entitled to payment for reasons other than the performance of duties. BREAK-IN-SERVICE, REEMPLOYMENT, FORFEITURE If you have less than 63 days or 501 hours of service during a calendar year, you will lose your continuity of service. This is referred to as a Break-In-Service. For maritime employees, a Break-In-Service occurs if you work less than 63 days within a calendar year. For non-maritime employees, a Break-In-Service occurs if you work less than 501 hours of service within a calendar year. If you have a Break-In-Service, you will maintain all of your years of Vesting Credit if the number of consecutive calendar years in which you have a Break-In-Service is less than the greater of: (i) your pre-break years of Vesting Credit, or (ii) five (5) years. However, if the number of consecutive calendar years is greater than this, you forfeit your pre-break years of Vesting Credit. If you were already vested before you had a Break-In-Service, and you did not receive a distribution of your benefits, you will always continue to be vested upon your reemployment. INVESTMENT OF MPB FUNDS This Plan is designed to be a “participant directed” individual account plan within the meaning of Section 404(c) of the Employee Retirement Income Security Act (ERISA). This means that the Plan lets you choose from a broad range of investments, and you can, and have the responsibility to, decide for yourself how to invest the assets in your MPB account under the Plan. By operating under Section 404(c), the Employer and others responsible for the operation of the Plan (the Plan's “fiduciaries”) are relieved of responsibility and liability for any losses in your MPB account that result from your investment decisions.

Your choice of an investment fund or asset allocation model continues until you change it or until the Trustees change the investment options you are invested in for all Plan participants.

INVESTMENT RISK The information provided in this Summary Plan Description regarding the investment options available to you is not provided as investment advice, but only to help you understand the investment options available. By providing this general information, the Trustees do not suggest any particular investment strategy, nor can they guarantee that your investments will be successful. Past performance of an investment option is not a guarantee of future results.

You assume all risk in connection with any decrease in the value of your MPB account invested in accordance with your direction. Some investment options have greater risk than more conservative options, and your needs and tolerance for risk are specific to your individual situation. Therefore, you should carefully review the materials and prospectuses provided concerning the available mutual funds and asset allocation models and consider the amount of risk you are willing to take. If you do not direct that your MPB account be invested in a particular investment option, your MPB account will remain in the Plan’s default investment option until you decide to change it. You will receive information about the default plan prior to you investing in it. Information on the default fund is also available on the Plan’s website at www.newportgroup.com.

The Plan fiduciaries are not liable for any losses caused by your investment decisions.

INVESTMENT OPTIONS

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The investment options – including, mutual funds as well as four asset allocation models – have been selected by the Plan’s Trustees after careful consideration, review, and consultation with the Plan’s investment consultant. The Trustees may change the investment options from time to time if they believe a change will benefit participants. You will be notified a minimum of 30 days in advance if a change in investment options affects you.

Detailed information on each investment option is available on the Newport Group website, www.newportgroup.com. You may request information about each investment option, including factsheets, prospectus, and other information by calling Newport Group (the Plan’s recordkeeper) at 800-650-1065, or Morgan Stanley (the Plan’s investment consultant) at 800-975-7061. The Plan offers four asset allocation models, each with its own degree of investment risk: (1) conservative; (2) moderate; (3) moderate aggressive; and (4) aggressive.

Each asset allocation model is based on assumptions relating to the historical risk and returns of each asset class and is not intended to constitute investment advice. Each model is composed of equities and fixed income securities, with the actual allocation among different types and classes determined by the nature of the model.

You may select any of these asset allocation models and request a prospectus for your choice from Newport Group or from Morgan Stanley. To obtain additional information about these asset allocation models, please contact Morgan Stanley at 800-975-7061.

VALUATION AND EXPENSES The investment funds are valued daily. The value of each fund is published daily in most newspapers, listing the price per share (net asset value) at the close of the preceding business day. You may also find each fund’s price per share on Newport Group’s web site, www.newportgroup.com, or by contacting a Newport Group representative at 800-650-1065.

A number of the investment options offered through the Plan are “no load” mutual funds. This means that there is no charge when the Plan buys or sells shares in a mutual fund. The mutual fund managers, however, are paid a management fee. The mutual fund may also charge sub-transfer agent (shareholder servicing) fees or 12b-1 (marketing or distribution) fees. All three of these fees (management, sub-transfer agent, and 12b-1) are automatically deducted from the assets of the mutual fund and are reflected in the mutual fund’s expense ratio. Each mutual fund’s expense ratio is published annually and is available to you free of charge online as well as available to you in some print publications. More information about these fees is available to you within each mutual fund’s prospectus, summary prospectus, or factsheet, which are also available to you from Newport Group or Morgan Stanley. You may contact Newport Group at 800-650-1065, or Morgan Stanley at 800-975-7061, for more details. Some of the Plan’s service providers, as well as a portion of the Plan’s administration expenses, may be paid with sub-transfer agent fees and 12b-1 fees returned to the Plan by some of the mutual funds within the Plan’s investment options. All other remaining administration fees are paid for by the Plan with employer contributions.

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STATEMENT OF ACCOUNT Each Participant's account is credited with contributions received during the year as well as investment earnings on those contributions. Detailed statements of the value of their accounts are mailed to each Participant quarterly and are also available on the Plan’s website at www.newportgroup.com.

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DISTRIBUTION OF MPB ACCOUNT BALANCE

TIME OF PAYMENT A vested benefit is payable upon the earlier of death, retirement, the attainment of age 62, permanent and total disability, terminated employment, or to an alternate payee under a Qualified Domestic Relations Order. Notwithstanding the foregoing, a vested benefit for an official or employee of American Maritime Officers or American Maritime Officers Plans is payable upon the earlier of death, retirement, the attainment of age 62, permanent and total disability, or terminated employment.

Death

Marital Status

Distribution Completed Form Needed in Plan Office

Married for at least one year on date of

death

50% of account balance to spouse and 50% of account balance to named beneficiary.

Participant must designate a beneficiary by completing a beneficiary designation form. If no beneficiary is designated, or the designated beneficiary is not alive, 100% of the account balance will be paid to the spouse.

Married for at least one year on date of

death

100% of account balance to named beneficiary.

Participant must designate a beneficiary by completing a beneficiary designation form. . If beneficiary is other than spouse, then the spouse must sign waiver of 50% pre-retirement benefit.

Single or married for less than one year on

date of dearth

100% of account balance to named beneficiary.

Participant must designate a beneficiary by completing a beneficiary designation form.

Retirement

To be considered retired a Participant must withdraw completely from any further employment in the maritime industry, whether covered or non-covered employment, and deposit with the Plan satisfactory documentary proof of withdrawal from membership in the Union.

Permanent and Total Disability A Participant will be considered to be totally and permanently disabled only if: (1) suffered a permanent and total disability, and 2) are eligible for Social Security Disability benefits, and provided that he does not earn more than $1,000.00 per month in any other employment or gainful pursuit whatsoever. The Trustees shall be the sole and final judges of total and permanent disability.

When Your Employment Ends If your employment ends before you reach age 65 (“normal retirement age”) and you are not disabled, you may receive your vested Plan account balance as your benefit. If you receive your Plan benefit before age

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59 ½, you may be required to pay an early distribution tax (see the section “Additional 10% Federal Income Tax”).

Qualified Domestic Relations Order (QDRO)

The portion of an eligible employee’s MPB awarded to an alternate payee under a QDRO may be distributed to an alternate payee as soon as administratively feasible following receipt and approval of the order provided the employee has a non-forfeitable right to the amount in his account and the QDRO provides for immediate distribution of the amount awarded to the alternate payee.

METHOD OF PAYMENT The account balance may be distributed in one of the following methods:

50% Joint and Survivor Annuity; 75% Joint and Survivor Annuity; Single payment (or partial payment); Non-transferable straight life annuity; or 10 annual installment payments.

If a Participant is married and does not elect a 50% Joint and Survivor Annuity, the Participant's spouse must consent and sign a waiver of the survivor’s benefit on the application form provided by the Plan Office. BENEFICIARY DESIGNATION FORM A beneficiary designation form will be sent on request from the Plan Office or online at www.amoplans.com. Your “Beneficiary” is the person or persons designated in accordance with the rules and regulations of this plan, but if (a) no such person is designated, (b) all such persons predecease you; or (c) the Administrator is unable to locate the designated Beneficiary, then benefits will be paid in accordance with the following order of priority: (1) to your spouse; or if there is none surviving, (2) to your children equally, or if there are none surviving, (3) to your parents equally, or if there are none surviving, (4) to your estate, or if there is none,

(5) to any person who is a natural object of your bounty, as the Trustees, in their sole discretion may determine.

If you are married, however, your spouse must consent to your designation of someone other than your spouse, or your spouse will be entitled to 50% of your account. If you have designated your spouse as a Beneficiary, then a divorce decree or legal separation that relates to the spouse will revoke your designation of the spouse as Beneficiary unless the decree or Qualified Domestic Relations Order provides otherwise or a subsequent Beneficiary designation is made.

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CASH-OUT PROVISION Effective October 1, 1997, if the present value of any combined benefit (including Money Purchase Benefit and Defined Benefit), or the value of a pre-retirement survivor benefit, plus any other benefits to which the eligible spouse may be entitled under this Plan, is $1,000 or less, such benefit may be paid in a lump sum.

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GENERAL INFORMATION DEFINED BENEFIT AND MONEY PURCHASE BENEFIT

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SUSPENSIONS AND/OR LIMITATIONS OF BENEFIT PAYMENTS The following events may result in a suspension or otherwise limit or change the defined benefit or defined contribution benefit payable to a Participant or eligible dependent:

Qualified Domestic Relations Order Return to work in the maritime industry IRS Federal Income Tax Lien Plan changes Overpayments

QUALIFIED DOMESTIC RELATIONS ORDER (QDRO) Any rights of a former spouse or other alternate payee under a Qualified Domestic Relations Order, as defined in Section 414(p) of the Internal Revenue Code, 26 U.S.C. 414(p), with respect to any Participant's benefits shall take precedence over those of any later spouse or beneficiary of the Participant. A QDRO is a state Domestic Relations Order that awards all or a portion of a Participant’s benefits to an Alternate Payee such as a former spouse or a child. A copy of the Plan’s procedure for determining the status of a state Domestic Relations Order is available free of charge upon request to the Plan Office. RETURN TO WORK - RE-EMPLOYMENT OF PENSIONERS For Pensioners who either: (1) return to work aboard a vessel in the maritime industry without the express written permission of the Trustees (including Participants who received an in-service lump sum distribution (prior to October 1, 2009) and have declared retirement, or (2) return to work in non-covered employment in the maritime industry, in any capacity without the express written permission of the Trustees (including Participants who received an in-service lump sum distribution (prior to October 1, 2009), the following penalties apply:

(1) If the Participant has not yet attained Normal Retirement Age, the Participant will not be

entitled to pension benefits for any month during which he was so employed and for six additional months, provided that the additional six month period does not extend beyond his Normal Retirement Age; and

(2) The Participant will forfeit all eligibility for benefits under the American Maritime Officers

Medical Plan.

Pensioners who return to employment with the written permission of the Trustees will not be entitled to pension benefits during reemployment, provided they have not reached Normal Retirement Age. Pensioners who return to employment with the written permission of the Trustees who have reached Normal Retirement Age will not lose pension benefits. Pensioners who return to Covered Employment will not be entitled to additional pension credit in excess of that earned as of their original Pension Effective Date. In certain emergency situations, however, the Trustees may grant permissions for Pensioners to work in Covered Employment without the suspension of pension payments in order to meet a temporary shortage of qualified personnel. FEDERAL TAX LIENS

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The Plan is required to comply with a federal tax lien or levy against pension benefits for the payment of federal income taxes. PLAN IMPROVEMENTS/CHANGES Changes in Plan benefits adopted by the Trustees generally are applicable to Participants working in Covered Employment on or after the effective date of the amendments. Participants who have no Covered Employment after the effective date of an amendment may not be eligible for the improvement or changes in benefits. OVERPAYMENTS If the Plan makes a payment that is in excess of what you, your spouse, or your beneficiary is entitled to due to error, fraud, or for any other reason, the Plan reserves the right to recover such overpayment, plus interest and costs, through whatever means necessary, including, without limitation, legal action or by offsetting future benefit payments to you, your spouse, or your beneficiary and any related heirs, assigns, or estate.

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AMENDMENTS, ELIMINATION OF BENEFITS AND PLAN TERMINATION AMENDMENT The Trustees may in their sole discretion amend or modify the Rules and Regulations governing the Plan, except that no amendment or modification may reduce any benefits that have accrued prior to amendment, so long as funds are available for payment of such benefits, except as provided by law. Restrictions are also placed on amendments to the Plan that would have the affect of decreasing an Employee's accrued pension, early retirement, retirement-type subsidy or optional forms of benefit payment, except as provided by law. TERMINATION The Union and contributing employers may terminate the Plan. If this Plan is discontinued, the Trustees will continue in office to distribute the retirement benefits to Participants in such manner as the Trustees determine is most equitable and efficient and based on previously established order of precedence in accordance with the Employee Retirement Income Security Act of 1974, and the regulations of the Pension Benefit Guaranty Corporation.

Upon the termination or partial termination of the Plan, all affected Participants will have a nonforfeitable right to their pension benefit earned as of the date of termination or partial termination in accordance with the provisions of the Plan to the extent funded as of such date. PENSION BENEFIT GUARANTY CORPORATION Your pension benefits (defined benefit) under this multiemployer plan are insured by the Pension Benefit Guaranty Corporation (PBGC), a federal insurance agency. A multiemployer plan is a collectively bargained pension arrangement involving two or more unrelated employers, usually in a common industry. Under the multiemployer plan program, the PBGC provides financial assistance through loans to plans that are insolvent. A multiemployer plan is considered insolvent if the plan is unable to pay benefits (at least equal to the PBGC's guaranteed benefit limit) when due. The maximum benefit that the PBGC guarantees is set by law. Under the multiemployer program, the PBGC guarantee equals a participant's years of service multiplied by (1) 100% of the first $11 of the monthly benefit accrual rate and (2) 75% of the next $33. The PBGC's maximum guarantee limit is $33.75 per month times a participant's years of service. For example, the maximum annual guarantee for a retiree with 30 years of service would be $12,870. The PBGC guarantee generally covers: (1) normal and early retirement benefits; (2) disability benefits if you become disabled before the plan becomes insolvent; and (3) certain benefits for your survivors. The PBGC guarantee generally does not cover: (1) Benefits greater than the maximum guaranteed amount set by law; (2) benefit increases and new benefits based on plan provisions that have been in place for fewer than 5 years at the earlier of: (i) the date the plan terminates or (ii) the time the plan becomes insolvent; (3) benefits that are not vested because you have not worked long enough; (4) benefits for which you have not met all of the requirements at the time the plan becomes insolvent; and (5) non-pension benefits, such as health insurance, life insurance, certain death benefits, vacation pay, and severance pay.

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For more information about the PBGC and the benefits it guarantees, ask your plan administrator or contact the PBGC's Technical Assistance Division, 1200 K Street, N.W., Suite 930, Washington, D.C. 20005–4026 or call 202–326–4000 (not a toll-free number). TTY/TDD users may call the federal relay service toll-free at 1–800–877–8339 and ask to be connected to 202–326–4000. Additional information about the PBGC's pension insurance program is available through the PBGC's website on the Internet at http://www.pbgc.gov. The MPB (defined contribution benefit) is not insured by the PBGC.

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APPEAL PROCEDURE If a person files a claim for benefits which is wholly or partially denied, the Plan Office shall, within ninety (90) days of the date the claim for benefits was filed forty-five (45) days in the case of a claim based on disability), provide notice in writing to such claimant setting forth the specific reason or reasons for denying payment of the benefits, which reasons shall be stated in as clear a manner as possible and in a fashion calculated to be understood by the claimant. If special circumstances require additional time for processing the claim, written notice of this extension of time shall be sent to the claimant within the ninety (90) day or forty-five (45) day period. The notice will include a description of the special circumstances and the date by which the Plan Office expects to render a decision. In the case of a disability claim the notice will also explain the standards upon which entitlement to benefits is based, describe any unresolved issues, and allow you45 days to provide information to resolve such issues. Such extension shall not exceed ninety (90) days (thirty (30) days in the case of a disability claim), provided, however, that in the case of a claim based on disability, a second 30-day extension may be taken if special circumstances require, in which case the claimant will be notified of the additional extension. Any notice sent by the Plan Office denying, in whole or in part, any claim shall also make reference to the specific and pertinent provisions of the Agreement and Declaration of Trust or Rules and Regulations, if any, upon which the denial is based, and, if appropriate, shall also describe any additional material or information necessary for the claim to be honored, along with an explanation of why such material or information is necessary. Such notice shall also include a statement that the claimant has a right within ninety (90) days (one hundred and eighty (180) days in the case of a claim based on disability) of written notification of the denial of the claim, in whole or in part, to request in writing a review by the Trustees of the decision denying the claim, and that the claimant has a right to bring a civil action under Section 502(a) of ERISA if the claim is denied. A claimant whose application for benefits is denied in whole or in part by the Plan Office shall have the right to file a request for review of the denied claim within ninety (90) days (one hundred and eighty (180) days in the case of a claim based on disability) after receipt of the written notification of denial. The claimant or his duly authorized representative shall have the right to review and request copies of pertinent documents concerning the claim free of charge and to submit issues and comments in connection with the appeal in writing. A review of the denied claim will take into account all comments, records and other information submitted by the claimant or his/her authorized representative, without regard to whether such information was submitted or considered in your initial benefit determination. In the case of a claim based on disability, the person who conducted the initial review or such person’s subordinate will not conduct the review. If denial was based on a medical judgment, the Trustees will consult with a medical expert trained in the medical field involved who is not the person consulted in the original denial or such person’s subordinate. Any medical experts consulted by the Trustees will be identified to you.

All such requests for review shall be referred by the Plan Office to the Chairman and Secretary of the Board of Trustees, who shall be authorized to hear and determine the appeal, or who may, in their sole discretion, refer the claim to two Trustees, one of whom shall be a union designated Trustee and one of whom shall be an employer designated Trustee who shall be authorized to hear and determine the appeal.

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A decision on a request for review shall be made within sixty (60) days (forty-five (45) days in the case of a claim based on disability) after the Plan Office’s receipt of the request, unless special circumstances require an extension of time for the processing of the claim for review. In such event, a decision shall be rendered as soon as possible, but not later than one hundred twenty (120) days (ninety (90) days in the case of a disability claim) after receipt of the request for review, unless the claimant requests additional time. Written notice of the extension of time for the making of a decision on the request for review shall be furnished to the claimant prior to the extension and will include a description of the special circumstances and the date by which the Trustees expect to render a decision. The decision of the Trustees, or the Trustees to whom authority is delegated to reach a decision on a request for review, shall be in writing and shall be final and binding on all parties. The decision shall include specific reasons for the denial or grant of the claim and specific references to the provisions of the Agreement and Declaration of Trust or Rules and Regulations, if any, upon which the decision is based and include a statement that the claimant has a right to bring a civil action under Section 502(a) of ERISA if the claim is denied. Any civil legal action must be brought within one year of the decision or appeal. The Plan requires that if you decide to file suit in a state or federal court that you file your suit in the appropriate state court sitting in Broward County, Florida, or, the United States District Court for the Southern District of Florida. Any claimant or person filing an appeal or request for review shall have the right to appear in person and/or appear in person by his counsel before the Trustees or the Trustees who have been delegated authority to reach a decision or determination on the appeal. The Trustees have the sole power and discretionary authority to construe, interpret and apply the terms of the Plan and no individuals have authority to interpret the rules of the Plan or to make any representations to you about the Plan.

STATEMENT OF ERISA RIGHTS As a Participant in the American Maritime Officers Pension 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 shall be entitled to: RECEIVE INFORMATION ABOUT YOUR PLAN AND BENEFITS Examine, without charge, at the Plan Office and at other specified locations, such as union halls, 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 Office, 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 Office 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, which is done by publishing the summary annual report in the Union’s newspaper. Obtain a statement telling you whether you have a right to receive a pension at normal retirement age, age sixty-five (65) and if so, what your benefits would be at normal retirement age if you stop working under the plan now. If you do not have a right to a pension, the statement will tell you how many more years you have

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to work to get a right to a pension. This statement must be requested in writing and is not required to be given more than once every twelve (12) months. The plan must provide the statement free of charge.

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PRUDENT ACTION BY PLAN FIDUCIARIES In addition to creating rights for Plan Participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit Plan. The people who operate your 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, your Union or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA. ENFORCE YOUR RIGHTS If your claim for a benefit is denied or ignored in whole or in part, you have a right to receive a written explanation of the reason for the denial, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. You have the right

AMERICAN MARITIME OFFICERS PENSION PLAN1 2018 Summary Plan Description 1 AMERICAN MARITIME OFFICERS...

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