Element Vehicle Management Services Group 401(k) match, vesting and fees

The Plan provides each eligible participant immediate fully vested rights in all employee, employer, and rollover contributions and earnings on those contributions, regardless of the employee's length of participation in the Plan or service with the Company.

The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan. Automatically enrolled participants have their deferral rate set at 4% of eligible compensation and their contributions invested in a Target Date Fund until changed by the participant.

Active participantsmay obtain a loan from the Plan andmay hold two outstanding loans at any time (one for general purpose and one for principal residence). Participants may borrow from their fund accounts a minimum of $500 and are limited to the lesser of $50,000 or fifty percent of the participant's vested account balance. The loans are secured by the participant's account balance and bear interest at a rate equal to the prime rate plus one percent. Loan repayments are made through payroll deductions over a term not to exceed five years, unless the proceeds of the loan are used to purchase or build the principal residence of the participant, in which case the loan may be repaid over a period not to exceed 15 years. Terminated employees must continue to make payments on loans at least quarterly.