CITY OF RALEIGH

MONEY PURCHASE PENSION PLAN

NINTH AMENDMENT

The City Council of the City of Raleigh, North Carolina hereby amends the City of
Raleigh Money Purchase Pension Plan, as amended and restated effective January 1, 2001, as
follows:

1. Delete of Section 3.05 in its entirety and substitute therefor the following:

“Section 3.05 SPECIAL EMPLOYER CONTRIBUTION FOR CITY

MANAGER, J. RUSSELL ALLEN -- Effective as of the date of hire of the City
Manager, J. Russell Allen, a special Employer contribution shall be made by the
Employer on behalf of the City Manager, J. Russell Allen, in lieu of the contribution
described in Section 3.01. This special Employer Contribution shall not be contingent
upon participation in the City of Raleigh Deferred Pay Plan. The special Employer
contribution shall not be subject to the vesting schedule set forth in Section 5.08 of the
Plan, but shall be immediately 100% vested.

Effective for the period beginning on the date of hire of the City Manager, J.
Russell Allen and ending March 31, 2002, the amount of the special annual Employer
contribution made to the City Manager, J. Russell Allen shall be equal to 7% of his
Compensation.

Effective for the period beginning April 1, 2002 and ending March 31, 2004, the
amount of the special annual Employer contribution made to the City Manager, J. Russell
Allen shall be equal to 8% of his Compensation.

Effective for the period beginning April 1, 2004 and ending March 31, 2005, the
amount of the special annual Employer contribution made to the City Manager, J. Russell
Allen shall be equal to 9% of his Compensation.

Effective for the period beginning April 1, 2005 and ending March 31, 2006, the
amount of the special annual Employer contribution made to the City Manager, J. Russell
Allen shall be equal to 10% of his Compensation.

Effective for the period beginning April 1, 2006 and ending March 31, 2007, the
amount of the special annual Employer contribution made to the City Manager, J. Russell
Allen shall be equal to 11% of his Compensation.

Effective for the period beginning April 1, 2007 and ending March 31, 2008, the
amount of the special annual Employer contribution made to the City Manager, J. Russell
Allen shall be equal to 12% of his Compensation.

Effective for the period beginning April 1, 2008 and ending March 31, 2009, the
amount of the special annual Employer contribution made to the City Manager, J. Russell
Allen shall be equal to 13% of his Compensation.

WCSR 4243750v3
 Effective for the period beginning April 1, 2009 and continuing until the effective
date of a subsequent amendment, the amount of the special annual Employer contribution
made to the City Manager, J. Russell Allen shall be equal to 15% of his Compensation.”

2. Add the following new Section 3.06 immediately following Section 3.05:

“Section 3.06 SPECIAL EMPLOYER CONTRIBUTION FOR CITY

ATTORNEY, THOMAS A. MCCORMICK – Effective as of July 1, 2005, a special
Employer contribution shall be made by the Employer on behalf of the City Attorney,
Thomas A. McCormick in lieu of the contribution described in Section 3.01. This special
Employer Contribution shall not be contingent upon participation in the City of Raleigh
Deferred Pay Plan. The special Employer contribution shall not be subject to the vesting
schedule set forth in Section 5.08 of the Plan, but shall be immediately 100% vested.

Effective for the period beginning on July 1, 2005 and ending June 30, 2006, the
amount of the special annual Employer contribution made to the City Attorney, Thomas
A. McCormick shall be equal to 10% of his Compensation.

Effective for the period beginning on July 1, 2006 and ending June 30, 2007, the
amount of the special annual Employer contribution made to the City Attorney, Thomas
A. McCormick shall be equal to 11% of his Compensation.

Effective for the period beginning on July 1, 2007 and ending June 30, 2008, the
amount of the special annual Employer contribution made to the City Attorney, Thomas
A. McCormick shall be equal to 12% of his Compensation.

Effective for the period beginning on July 1, 2008 and continuing until the
effective date of a subsequent amendment, the amount of the special annual Employer
contribution made to the City Attorney, Thomas A. McCormick shall be equal to 13% of
his Compensation.”

IN WITNESS WHEREOF, the City Council on behalf of the City of Raleigh, North
Carolina has caused this Ninth Amendment to be signed and dated this the ____ day of February,
2010.

CITY OF RALEIGH, NORTH CAROLINA

By: ________________________________

ATTEST:

By: _____________________________

WCSR 4243750v3
 RESOLUTIONS OF THE
CITY COUNCIL OF THE
CITY OF RALEIGH, NORTH CAROLINA

WHEREAS, the City of Raleigh, North Carolina sponsors the City of Raleigh Money
Purchase Pension Plan (hereinafter referred to as the “Plan”) for its employees; and

WHEREAS, Section 7.01 of the Plan gives the authority to the City Council to modify,
alter, or amend the Plan, in whole or in part, in all cases that directly concern the City Manager
and the City Attorney; and

WHEREAS, as part of annual City Council evaluations of the City Manager from 2002
(City Manager) and 2005 (City Attorney) through 2008, the Council has in some years increased
the contribution percentages under the Plan for those two persons; and

WHEREAS, pursuant to a review of the Plan, it was determined that the City should have
approved Plan amendments for all years in which the contribution percentages changed for the
City Manager and the City Attorney; and

WHEREAS, legal counsel for the City prepared a filing with the IRS to request approval
to adopt a retroactive amendment to incorporate all changes from 2002 through 2008; and

WHEREAS, the IRS has approved the retroactive amendment; and

WHEREAS, legal counsel to the City has prepared the desired retroactive amendment,
entitled “City of Raleigh Money Purchase Pension Plan – Ninth Amendment” (the
“Amendment”), a copy of which has been made available for examination by the members of the
City Council;

NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Raleigh,

that the Plan shall be and hereby is amended as provided in the Amendment and the Amendment
shall be and hereby is adopted and approved, and the proper persons, acting for and in behalf of
the City, shall be and hereby are authorized and directed to execute the Amendment and to take
such other actions as may be deemed necessary or advisable to carry out the intent and purpose
of these resolutions.

* * * * * * * * * *

THIS IS TO CERTIFY that the foregoing is a true and correct copy of resolutions duly
adopted by the City Council of the City of Raleigh, North Carolina on the 2nd day of February,
2010.

By: ________________________________
Clerk

WCSR 4297892v1