Russelectric ESOP Settlement Payouts for Plan Participants

This settlement is for people connected to the Russelectric Employee Stock Ownership Plan (ESOP) who received a benefit when that plan terminated. Receiving this notice means the records indicate you may be in the class, but the Settlement Administrator will calculate distributions from plan records.

• The Settlement Class includes Russelectric ESOP participants and beneficiaries who received a benefit when the ESOP ended.
• The amount assigned to an individual comes from ESOP recordkeeper records and the Court-approved allocation plan.

The $14.55 million is the total settlement fund, not the amount available for distribution to each person. The amount left after Court-approved deductions is called the Net Settlement Amount.

• The combined fund is $14.55 million.
• Court-approved attorneys’ fees and costs, administrative expenses, and service awards will be deducted before class members’ shares are calculated.
• The notice estimates about 394 class members based on an initial review of records.

The notice does not give a fixed payment amount per person. It says the Net Settlement Amount will be divided pro rata, meaning each person’s share is based on their percentage interest in Russelectric stock held through the ESOP.

• Your percentage interest is your Russelectric stock shares in the ESOP divided by 42,617.824.
• That percentage is multiplied by the Net Settlement Amount.
• You will receive one payment covering all four settlements, not four separate payments.

You may choose to have your distribution sent directly to an individual retirement account (IRA) or an eligible employer plan. This requires a Rollover Form and a receiving financial institution that will accept the transfer.

• Use the enclosed Rollover Form, or obtain one from the Settlement Administrator or settlement website.
• The form should be submitted before the Fairness Hearing date of November 16, 2026. The notice does not state a separate time of day cutoff.
• The IRA or employer plan must accept the rollover.
• A direct rollover is not subject to automatic withholding.

If you do not choose a rollover, the Settlement Administrator will attempt to mail your distribution as a check. The notice says it is important to report an address change because the check will be sent by mail.

• No form or other action is needed to receive a check.
• Keep the Settlement Administrator updated if your mailing address changes.
• Checks are subject to automatic tax withholding and tax reporting as determined by the Settlement Administrator.

No payment is promised yet. The Court must approve the settlements, and any appeal process must be completed. The notice gives an estimate only for the situation where the Court approves the settlements and there are no appeals.

• Payments depend on final Court approval and on that approval no longer being subject to appeal.
• If there are no appeals, the notice estimates distribution will likely occur about four months after the Final Approval Order.
• An appeal can take several years.

This is a non-opt-out settlement class. That means a class member cannot leave the settlements to pursue a separate claim covered by the releases described in the settlement agreements.

• You cannot exclude yourself, also called opting out or leaving the settlement.
• If the settlements receive final approval, class members are bound by them and related Court orders.
• You may object instead, following the notice’s objection requirements.

You may object to one or more settlements or to the requested fees, costs, administrative expenses, or service awards. The notice sets detailed delivery and content requirements, so an objection needs to meet all of them to be considered.

• Your written objection must be filed with the Court and mailed to Class Counsel and each defendant’s counsel by October 26, 2026.
• It must include the case name and number, your contact information, the settlement challenged, your reasons, supporting documents, attorney information if applicable, and your signature.
• You do not need to attend the Fairness Hearing for the Court to consider a timely objection.