Common use of Amendment or Plan Termination Clause in Contracts

Amendment or Plan Termination. The Bank intends this Agreement to be permanent, but reserves the right to amend or terminate the Agreement when, in the sole opinion of the Bank, such amendment or termination is advisable. However, the Bank may not amend Subsection 1.17 of the Agreement in a manner which reduces the Interest Factor to a rate below the rate earned on the Stable Fund provided for in the Bank’s qualified 401(k) plan (or, should the Bank’s qualified 401(k) plan be terminated, or such qualified 401(k) plan be amended so that the Stable Fund is no longer applicable to such plan, or should the Bank designate a different qualified 401 (k) plan provider and such successor provider does not offer the Stable Fund, to a rate below an annual rate equal to: (i) the ask yield for the One Year Treasury ▇▇▇▇ with a maturity date closest to one (1) year, as published by The Wall Street Journal on December 31 of the most recent calendar year, plus (ii) 150 basis points.) Any amendment or termination shall be made pursuant to a resolution of the Board of Directors of the Bank and shall be effective as of the date of such resolution. No amendment or termination of the Agreement shall directly or indirectly deprive any Executive of all or any portion of the Executive’s Elective Contribution Account as of the effective date of the resolution amending or terminating the Agreement.

Amendment or Plan Termination. The Bank intends this Agreement to be permanent, but reserves the right to amend or terminate the Agreement when, in the sole opinion of the Bank, such amendment or termination is advisable. However, the Bank may shall not amend Subsection 1.17 1.16 of the Agreement in a manner which reduces the Interest Factor to a rate below the rate earned on the Stable Fund provided for in the Bank’s qualified 401(k) plan (or, should the Bank’s qualified 401(k) plan be terminated, or such qualified 401(k) plan be amended so that the Stable Fund is no longer loner applicable to such plan, or should the Bank designate a different qualified 401 (k401(k) plan provider and such successor provider does not offer the Stable Fund, to a rate below an annual rate equal to: (i) the ask yield for the One Year Treasury ▇▇▇▇ with a maturity date closest to one (1) year, as published by The Wall Street ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Journal on December 31 of the most recent calendar year, plus (ii) 150 basis points.) ). Any amendment or termination shall be made pursuant to a resolution of the Board of Directors of the Bank and shall be effective as of the date of such resolution. No amendment or termination of the Agreement shall directly or indirectly deprive any Executive Director of all or any portion of the ExecutiveDirector’s Elective Contribution Contribution. Account as of the effective date of the resolution amending or terminating the Agreement.