Ajinomoto Foods North America 401(k) match, vesting and fees

Vesting - Participants are fully vested immediately in their contributions and Company safe harbor matching contributions and QNEC, plus actual earnings thereon. Vesting in the Company prior discretionary matching contributions portion of their accounts is based on years of service. Depending on the original source of such contributions a participant is either immediately vested or until the participant has completed three years of service, at which time they become 100 percent vested. While still employed by the Company, if a participant becomes disabled, dies or reaches normal retirement age, the participant becomes 100 percent vested. Forfeitures - Forfeitures of Company contributions may first be used to pay Plan administrative expenses and then to reduce future Company contributions and total $26,887 and $15,782 as of December 31, 2024 and 2023, respectively. During 2024, forfeitures of $11,860 were utilized to pay Plan administrative expenses and $1,740 were utilized to reduce Company contributions.

The Plan provides for an automatic enrollment feature whereby eligible employees, unless they elect otherwise, are automatically enrolled at a pre-tax deferral rate of three percent of eligible compensation, increasing one percent annually, up to 10 percent.

Contributions - Each year, participants may make pre-tax or Roth contributions up to 75 percent of their annual compensation, as defined by the Plan and subject to Internal Revenue Code (“IRC”) limitations.

Participants may borrow from their fund accounts up to a maximum equal to the lesser of $50,000 reduced by the highest outstanding loan balance during the previous 12 months, or 50 percent of their vested account balance with a minimum loan amount of $1,000. Loans are generally issued with a maturity of up to five years. The term of any loan for the purpose of purchasing a primary residence shall not exceed 10 years. The loan interest rate is determined by the plan administrator based on prevailing rates, as defined by the Plan. Principal and interest are paid ratably through payroll deductions. The Plan also allows terminated employees to continue making loan payments under the terms of the note agreement.