Annual Report of Employee Stock Purchase/Savings Plan (Form 11-K)

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Financial Statements and Supplemental Schedule

December 31, 2025 and 2024

(With Report of Independent Registered Public Accounting Firm Thereon)

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Statements of Net Assets Available for Benefits

As of December 31, 2025 and 2024

See accompanying notes to financial statements.

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Statement of Changes in Net Assets Available for Benefits

For the year ended December 31, 2025

See accompanying notes to financial statements.

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Notes to Financial Statements

December 31, 2025 and 2024

1.	Description of the Plan

The following brief description of the H.B. Fuller Company 401(k) & Retirement Plan ("the Plan") is provided for general information purposes only. Participants should refer to the plan document for more complete information regarding the Plan's definitions, benefits, eligibility, and other matters.

General

The Plan is a contributory defined contribution plan covering all eligible U.S. employees of H.B. Fuller Company and participating employers ("the Employer," "Plan Administrator" and "Plan Sponsor"). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").

Trustee

The trustee for the Plan is Empower Trust Company, LLC, ("the Trustee").

Divestiture and Transfer Into Plan from Plan Merger

On December 2, 2024, the Company completed the sale of certain assets of its North American Flooring business. Approximately 175 participants, who were a part of the Company's North American Flooring business, voluntarily elected to roll their balances out of the Plan and transfer their balances to their new plan. As a result, balances totaling $17,790,158 were transferred from the Plan's Trust in March 2025 which is recorded in participant distributions and withdrawals in the Statement of Changes in Net Assets Available for Benefits.

Effective December 31, 2024, the Royal Holdings, Inc. Collective Bargaining Unit 401(k) Savings Plan and Trust ("Royal Plan") was merged into the H.B. Fuller Company 401(k) & Retirement Plan as amended and as approved by the Director of Global Benefits. As a result, assets totaling $4,400,439 were transferred from the Royal Plan's Trust into the Plan's Trust on December 31, 2024 and participant loans totaling $321,892 were transferred into the Plan's Trust on January 2, 2025. The Royal Plan was a defined contribution plan covering eligible union employees of Royal Holdings Inc. ("Royal") which was acquired by the H.B. Fuller Company on October 20, 2017.

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Notes to Financial Statements

December 31, 2025 and 2024

Eligibility and Contributions

All regular full-time and part-time employees on the U.S. Payroll may begin contributing to the Plan as soon as administratively practicable after their date of hire and will be automatically enrolled unless elected otherwise. The automatic contribution of 4 percent of eligible earnings will be taken out of the employee's pay and begins as soon as administratively feasible following 30 days of employment and will be invested in the default investment fund used in the Plan, unless the employee opts out or elects a different percentage. An employee may make contributions equal to 1 percent of pre-tax or after-tax (Roth contribution) compensation up to a maximum of 75 percent subject to a statutory maximum of $23,500 for 2025. Participants are subject to an automatic deferral percentage increase of 1 percent if their deferral percentage is less than 10 percent of eligible earnings as long as the participant has not made a change to their deferral percentage in the last 180 days. Participants who are age 50 or older at any time during the current Plan year, may contribute an additional pre-tax and/or after-tax (Roth contribution) amount to the Plan. The additional amount these participants may contribute during 2025 is $7,500 for ages 50 through 59 as well as age 64 and above and $11,250 for ages 60 through 63. Participants may also contribute amounts representing rollover distributions from other qualified retirement plans.

Beginning April 1, 2025, participants can now also contribute Non-Roth after-tax contributions. Highly Compensated Employees may only contribute up to 3 percent in Non-Roth after-tax contributions; all others may contribute up to the maximum annual IRS limits.

The Employer makes Safe Harbor Matching Contributions ("matching contributions") to employees' accounts by matching 100 percent of an employee's contributions, up to 4 percent of the employee's eligible compensation, to be allocated according to the employee's elections. All qualified employees are immediately eligible for the Employer matching contribution. A participant's contribution and Employer's contribution may be invested in any combination of participant-directed investment funds or H.B. Fuller Company Stock. A participant's investment option for past and future contributions can be changed daily within restrictions. Investment income is allocated to all participants on the basis of their respective account balances at the close of each daily fund valuation.

A participant's voluntary contribution percentage amount can be changed or suspended at any time. Employer matching contributions to the Plan cease during the suspension period.

All employees were eligible to receive non-discretionary non-elective retirement contributions of 1 percent of the employee's eligible earnings each pay period which totaled $2,786,030 for the Plan year ended December 31, 2025.

All employees were eligible to receive an annual discretionary non-elective contribution of up to 3 percent of the employee's eligible earnings based on H.B. Fuller Company's earnings per share. Employees must be employed on November 30^th of the plan year, and contributions are made on an annual basis during the first quarter of the plan year following the plan year to which they pertain. There was a 1 percent discretionary non-elective contribution in the amount of $2,566,547 made to the Plan for the year ended December 31, 2025 and contributed in the first quarter of 2026. This contribution is recorded in employer contributions receivable in the Statements of Net Assets Available for Benefits. There was no discretionary non-elective contribution made for the Plan year ended December 31, 2024.

Participant Accounts

Each participant's account is credited with (a) the participant's contribution, (b) the Employer's matching contribution, (c) an allocation of the Plan's investment income, (d) non-discretionary and discretionary Employer contributions and (e) rollover contributions. Allocations of the Plan's investment income are based on account balances, as defined in the Plan document. Participant accounts are charged with an allocation of administrative expenses.

Payment of Benefits

Upon separation of service, retirement or death, a participant or beneficiary may elect to receive a lump-sum amount equal to the value of the participant's vested interest in his or her account as defined in the Plan document. If the participant terminates employment at the age of 55 or older, the participant may elect to receive their distribution in installment payments as defined by the Plan document. For termination of service due to disability, a participant is eligible for distribution after 12 months of permanent disability. The investment in H.B. Fuller Company Stock may be withdrawn in the form of shares of stock at the option of the Plan participant.

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Notes to Financial Statements

December 31, 2025 and 2024

Vesting

Participants are immediately vested in their contributions, rollover contributions and Employer matching contributions plus actual earnings thereon. Vesting in the Company's non-elective contributions (both non-discretionary and discretionary) plus actual earnings thereon is based on years of eligible service. A participant is 100 percent vested in these contributions after three years of vesting service with the Employer, or upon age 65 (normal retirement date as defined in the Plan), disability, death or plan termination.

Participants may borrow from their fund accounts a minimum of $1,000 but cannot exceed the lesser of: 1) $50,000, reduced by the greatest outstanding loan balance of the past 12 months, or 2) greater of $10,000 or 50 percent of their vested account balance, or 3) 100 percent of their vested account balance. The loans are collateralized by the balance in the participant's account and bear interest at rates equal to the prime rate published in the Wall Street Journal on the last business day of the month immediately preceding the month in which the loan is issued (6.75 percent and 7.50 percent as of December 31, 2025 and 2024, respectively). This is determined at the time of the loan. The rate will remain fixed over the term of the loan, usually 5-15 years. Participant loans at December 31, 2025 had interest rates ranging from 3.25 percent to 8.50 percent maturing at various dates through 2040. Participant loans at December 31, 2024 had interest rates ranging from 3.25 percent to 8.50 percent maturing at various dates through 2039. Principal and interest are repaid ratably through payroll deductions. Only one outstanding loan is allowed per participant.

Forfeitures

Participants who terminate employment with the Employer forfeit the non-vested portion of the Employer's non-elective and profit-sharing contributions to the participant's account. Amounts forfeited are used to pay certain administrative expenses, for participant account adjustments and to reduce future employer contributions. For the year ended December 31, 2025, forfeitures of $436,929 were used to reduce plan expenses and forfeitures of $150,172 were used to reduce employer contributions.

Plan Termination

Although it has no intention to do so, the Employer may, at any time, by action of its board of directors, terminate the Plan or discontinue contributions. Upon termination or discontinuance of contributions, all Employer contribution amounts in participant accounts will become fully vested.

Plan Amendments and Other Plan Changes

Effective January 1, 2026, the Plan was amended to exclude Paid Family Leave by a third party payor from the definition of Eligible Earnings. Also effective January 1, 2026, the Plan was amended to require certain highly-paid participants to have made a deemed election to contribute all catch-up contributions as Roth contributions.

Effective April 1, 2025, the Plan was amended to accept non-Roth after-tax contributions that are not excluded from the Participant's income, made on behalf of Participants in accordance with certain provisions as stated in the amendment. Also effective April 1, 2025, the Plan allows for In-Plan Roth Conversions.

Effective January 1, 2025, the Plan was amended to include a higher level of catch-up contributions for those participants aged 60-63.

On December 30, 2024, the Plan was amended to merge the Royal Holdings, Inc. Collective Bargaining Unit 401(k) Savings Plan and Trust effective December 31, 2024, as outlined above.

On April 30, 2024, the Plan was amended to merge the spun-off portion of the Beardow Adams, Inc. 401(k) Profit Sharing Plan ("Beardow Adams Plan") as of May 1, 2024. The Plan Sponsor acquired Beardow Adams, Inc. as part of the acquisition of Beardow Adams Holding Ltd. on May 1, 2023.

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Notes to Financial Statements

December 31, 2025 and 2024

2.	Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements are presented on the accrual basis of accounting in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP).

Investment Valuation and Income Recognition

The fair value of the Plan's investment in H.B. Fuller Company stock is based on published quotations. The fair values of investments in securities of unaffiliated issuers are based on quoted market prices. Securities transactions are recorded on the trade date. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the valuation methods are considered appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the methodologies used as of December 31, 2025 and 2024.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation in fair value of investments includes the gains and losses on investments bought and sold as well as held during the year.

Net Appreciation in the Fair Value of Investments

The Plan presents in the Statement of Changes in Net Assets Available for Benefits, the net appreciation in the fair value of investments, which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments.

Contributions

Participant contributions are recorded in the period the Employer makes the payroll deductions. Employer-matching contributions are recorded based on participant contributions and trued up on an annual basis during the first quarter of the plan year following the plan year to which they pertain. Discretionary non-elective contributions are recorded in the year contributed or as a receivable for the year contributed if the contribution is made in the subsequent year.

Concentration of Market Risk

As of December 31, 2025 and 2024, approximately 4 percent and 5 percent of the Plan's net assets available for benefits, respectively were invested in the common stock of H.B. Fuller Company. The underlying value of the H.B. Fuller Company stock is entirely dependent upon the performance of H.B. Fuller Company and the market's evaluation of such performance. It is at least reasonably possible that changes in the fair value of H.B. Fuller Company stock in the near term could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Notes to Financial Statements

December 31, 2025 and 2024

Distributions to Participants

Distributions to participants are recorded when the distribution is made. There were no distributions requested but not yet paid as of December 31, 2025 and 2024.

Notes Receivable from Participants

Participant loans are reported at current value. Current value is defined by ERISA as the sum of the unpaid principal balance plus accrued but unpaid interest.

Plan Expenses

The administrative expenses of the Plan are paid by the Plan participants directly and indirectly through an ERISA spending account, from the forfeiture accounts, and potentially from general assets of the Company. Certain asset management fees of the Plan are charged against the Plan's investment income. The ERISA spending account consists of a quarterly fee collected from each Plan participant to be used to pay eligible plan expenses on the Plan's behalf.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of net assets available for benefits and changes therein, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of investment earnings and expenses during the reporting period. Actual results could differ from those estimates.

Risks and Uncertainties

The Plan provides for various investment options in any combination of stocks, bonds, and other investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.

Subsequent Events

The Plan has evaluated subsequent events for recognition or disclosure through the date these financial statements were issued. There were no events that occurred during such period that would require recognition or disclosure in the financial statements as of, or for, the year ended December 31, 2025.

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Notes to Financial Statements

December 31, 2025 and 2024

3.	Concentration of Investments

The following presents investments that represent 10 percent or more of the Plan's Net assets available for benefits at December 31, 2025 and 2024:

		2025				2024
Legal & General S&P 500 DC		$	136,483,182			$	133,842,262

4.	Tax Status

The Internal Revenue Service ("IRS") has determined and informed the Employer by a letter dated June 23, 2017 that the Plan is designed in accordance with applicable sections of the Internal Revenue Code ("IRC") contingent upon the adoption of certain proposed amendments that were submitted in a letter to the IRS on June 9, 2017 and have been adopted by the Plan. On December 30, 2021, the Plan was amended and restated effective January 1, 2022. The Plan Administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan's financial statements.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2025 and 2024, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

5.	Related party and Party-in-interest Transactions

Certain Plan investments are held by Empower Trust Company, LLC. Empower Trust Company, LLC is the trustee and record keeper for the Plan and, therefore, these transactions qualify as party-in-interest transactions. Additionally, certain fees for recordkeeping, audit and investment advisory and management services are paid to vendors that are considered parties-in-interest.

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Notes to Financial Statements

December 31, 2025 and 2024

6.	Administration of Plan Assets

The Plan's assets are administered under a contract with Empower Trust Company, LLC, the Trustee of the Plan. The Trustee invests funds received from contributions, investment sales, interest and dividend income and makes distribution payments to participants.

7.	Fair Value Measurements

Estimates of fair value for assets and liabilities are based on the framework established in the accounting guidance for fair value measurements. It also applies to all assets and liabilities that are measured, reported and/or disclosed on a fair value basis. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

Level 1 - Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3 - Unobservable inputs that reflect management's assumptions, and include situations where there is little, if any, market activity for the asset or liability.

The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024.

Mutual funds: Mutual funds consist of investments in various types of funds and are classified as level 1 as they are traded in an active market for which closing prices are readily available.

Common stock: Common stock is classified as level 1 as it is valued at the closing price reported on the active market on which the individual securities are traded.

Common Collective Trust Funds: Common Collective Trust Funds consist of investments that are valued at the net asset value ("NAV") of units of a bank collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Notes to Financial Statements

December 31, 2025 and 2024

The Plan Sponsor is responsible for the determination of fair value. Accordingly, they perform periodic analysis on the prices received from the pricing services used to determine whether the prices are reasonable estimates of fair value. As a result of these reviews, the Plan Sponsor has not historically adjusted the prices obtained from the pricing services. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflected of future fair values. Furthermore, although the Plan Sponsor believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis by level within the hierarchy.

As of December 31, 2025
Description		Total				Level 1				Level 2				Level 3
Investments at fair value:
Mutual Funds		$	25,222,296			$	25,222,296			$	-			$	-
H.B. Fuller Company Stock			19,944,995				19,944,995				-				-
Total categorized in the fair value hierarchy			45,167,291			$	45,167,291			$	-			$	-
Other investments measured at NAV			507,000,118
Total Investments at fair value		$	552,167,409

As of December 31, 2024
Description		Total				Level 1				Level 2				Level 3
Investments at fair value:
Mutual Funds		$	80,941,895			$	80,941,895			$	-			$	-
H.B. Fuller Company Stock			25,163,693				25,163,693				-				-
Total categorized in the fair value hierarchy			106,105,588			$	106,105,588			$	-			$	-
Other investments measured at NAV			415,953,532
Total Investments at fair value		$	522,059,120

Investments Measured Using NAV per Share Practical Expedient

The following table summarizes investments for which fair value is measured using the NAV per share practical expedient as of December 31, 2025 and 2024. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

		December 31, 2025
		Fair Value				Unfunded Commitments			Redemption Frequency (if currently eligible)		Redemption Notice Period
Boston Trust Walden SMID CAP CIT		$	16,849,800				N/A		Daily		Ten days
Blackrock Total Return Bond Fund L			17,200,036				N/A		Daily		Same day
GQG Partners International Equity CIT D			20,045,237				N/A		Daily		Various*
Legal & General S&P 500 DC			136,483,182				N/A		Daily		Same day
Legal & General ACWI EX US DC			21,355,829				N/A		Daily		Same day
State St Real Asset NL CL C			2,781,245				N/A		Daily		Same day
State St Russell small/mid IDX SL CL II			40,851,850				N/A		Daily		Same day
Vanguard Target Retirement Saving Trust IV Fund			24,451,648				N/A		Daily		12 months
Vanguard Target Retire 2020-2070 Trust II Funds			221,819,889				N/A		Daily		Same day
Vanguard Target Retire INCM Trust II Fund			5,161,402				N/A		Daily		Same day
*Five day notification period for trades above $1 million and 15 day notification period for full liquidations.

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Notes to Financial Statements

December 31, 2025 and 2024

		December 31, 2024
		Fair Value				Unfunded Commitments			Redemption Frequency (if currently eligible)		Redemption Notice Period
Legal & General S&P 500 DC		$	133,842,262				N/A		Daily		Same day
Legal & General ACWI EX US DC			18,653,465				N/A		Daily		Same day
State St Russell small/mid IDX SL CL II			39,363,078				N/A		Daily		Five days
Vanguard Target Retirement Saving Trust IV Fund			24,486,546				N/A		Daily		12 months
Vanguard Target Retire 2020-2070 Trust II Funds			194,557,835				N/A		Daily		Same day
Vanguard Target Retire INCM Trust II Fund			5,050,346				N/A		Daily		Same day

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Schedule H, line 4i -Schedule of Assets (Held at End of Year)

December 31, 2025

EIN 41-0268370

Plan Number 003

(b)

Identity of issuer,

(e)

borrower, or

(c)

(d)

Current

(a)

similar party

Description

Cost

value

*

H.B. Fuller Company Stock Fund

Common Stock

**

$

19,944,995

Blackrock Total Return Bond Fund L

Common Collective Trust Fund

**

17,200,036

Boston Trust Walden Smid Cap CIT

Common Collective Trust Fund

**

16,849,800

Fidelity US Bond Index

Mutual Fund

**

25,222,296

GQG Partners International Equity CIT D

Common Collective Trust Fund

**

20,045,237

Legal & General S&P 500 DC

Common Collective Trust Fund

**

136,483,182

Legal & General ACWI EX US DC

Common Collective Trust Fund

**

21,355,829

State St Real Asset NL CL C

Common Collective Trust Fund

**

2,781,245

State St Russell small/mid IDX SL CL II

Common Collective Trust Fund

**

40,851,850

Vanguard Retirement Savings Trust IV

Common Collective Trust Fund

**

24,451,648

Vanguard Target Retire 2020 Trust II

Common Collective Trust Fund

**

7,891,032

Vanguard Target Retire 2025 Trust II

Common Collective Trust Fund

**

18,140,965

Vanguard Target Retire 2030 Trust II

Common Collective Trust Fund

**

36,033,336

Vanguard Target Retire 2035 Trust II

Common Collective Trust Fund

**

43,315,505

Vanguard Target Retire 2040 Trust II

Common Collective Trust Fund

**

26,795,981

Vanguard Target Retire 2045 Trust II

Common Collective Trust Fund

**

24,365,771

Vanguard Target Retire 2050 Trust II

Common Collective Trust Fund

**

28,590,292

Vanguard Target Retire 2055 Trust II

Common Collective Trust Fund

**

19,441,064

Vanguard Target Retire 2060 Trust II

Common Collective Trust Fund

**

11,905,537

Vanguard Target Retire 2065 Trust II

Common Collective Trust Fund

**

4,095,059

Vanguard Target Retire 2070 Trust II

Common Collective Trust Fund

**

1,245,347

Vanguard Target Retire INCM Trust II

Common Collective Trust Fund

**

5,161,402

*

Participant loans

Participant loans, interest rate (Low 3.25%, High 8.50 %, due at various dates through 2040)

-

7,117,432

Total investments

$

559,284,841

*	Represents party-in-interest.

**	Cost omitted for participant directed investments.

EXHIBITS

The following documents are filed as exhibits to this Report:

Exhibit No.		Document
23.1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

H.B. FULLER COMPANY 401(k) & RETIREMENT PLAN

Date:	June 10, 2026		By:	/s/ Dawn R. Bergien-Skarbalus
			(Director of Global Benefits, on behalf of Celeste B. Mastin, Plan Administrator)