1
AMENDMENT NO. 3
TO THE
CHARTER ONE BANK, F.S.B.
EMPLOYEE SAVINGS PLAN AND TRUST
WHEREAS, First Federal Savings Bank, known as Charter One Bank, F.S.B.
(the "Company") effective October 1, 1992, previously established The First
Federal Savings Bank Employee Savings Plan as renamed effective October 1, 1992,
the Charter One Bank, F.S.B. Employee Savings Plan (the "Plan") and Trust
Agreement (the "Trust") which were originally effective January 1, 1985, most
recently restated effective July 1, 1992 and subsequently amended:
WHEREAS, Section 19.1 of the Plan and Trust provides that the Company
reserves the right to amend the Plan and Trust;
NOW THEREFORE RESOLVED, that Sections 4, 9, 10, 11 and 17 are amended
effective January 1, 1993, Section 1 is amended effective January 1, 1994 and
Section 7 is amended effective July 1, 1994 as follows:
Effective January 1, 1993:
--------------------------
1. Section 4 is amended to restate the first paragraph of Subsection 4.1
in its entirety as follows:
4.1 Rollovers
The Administrator may authorize the Trustee to accept a
rollover contribution in cash, within the meaning of Code
section 402(c) or 408(d)(3)(A)(ii), directly from an Eligible
Employee or as a Direct Rollover, as such term is defined in
Section 11, from another qualified plan on behalf of the
Eligible Employee, even if he is not yet a Participant. The
Employee shall be responsible for furnishing satisfactory
evidence, in such manner as prescribed by the Administrator,
that the amount is eligible for rollover treatment. A rollover
contribution received directly from an Eligible Employee must
be paid to the Trustee in cash within 60 days after the date
received by the Eligible Employee from a qualified plan or
conduit individual retirement account. Contributions described
in this paragraph shall be posted to the applicable Employee's
Rollover Account as of the date received by the Trustee.
2. Section 9 is amended to restate Subsection 9.8 in its entirety as
follows:
9.8 Loan Application, Note and Security
A Participant shall apply for any loan in such manner and with
such advance notice as prescribed by the Administrator. All
loans shall be evidenced by a promissory note, secured only by
the portion of the Participant's Account from which the loan
is made, and the Plan shall have a lien on this portion of his
Account. The promissory note may be evidenced by the
Participant's endorsement on the check representing the loan
proceeds.
1
2
CHARTER ONE BANK, F.S.B. AMENDMENT NO. 3
EMPLOYEE SAVINGS PLAN AND TRUST
3. Section 10 is amended to add a sentence prior to 10.4 (a), to restate
Subsection 10.4 (b), to add a new Subsection 10.4 (c), to restate
Subsection 10.4 (d) (formerly Subsection 10.4 (c)), to redesignate
existing Subsections, and to restate Subsection 10.4 (h) to delete the
last sentence thereof (formerly Subsection 10.4 (g)) as follows:
10.4 Withdrawal Processing
The terms Direct Rollover, Distributee, Eligible Rollover
Distribution and Eligible Retirement Plan as referenced below
are defined in Section 11.
(b) Application and Notice. A Participant shall apply for
any in-service withdrawal in such manner and with
such advance notice as prescribed by the
Administrator. Effective for in-service withdrawals
applied for after December 31, 1992, the Participant
shall be provided the notice prescribed by Code
section 402(f).
(c) Waiver of 30-Day Notice Requirement. If an in-service
withdrawal is one to which Code sections 401(a)(11)
and 417 do not apply, such in-service withdrawal may
commence less than 30 days after the aforementioned
notice is provided, if:
(1) the Participant is clearly informed that he
has the right to a period of at least 30
days after receipt of such notice to
consider his option to elect or not elect a
Direct Rollover for the portion, if any, of
his in-service withdrawal which will
constitute an Eligible Rollover
Distribution; and
(2) the Participant after receiving such notice,
affirmatively elects a Direct Rollover for
the portion, if any, of his in-service
withdrawal which will constitute an Eligible
Rollover Distribution or alternatively
elects to have such portion made payable
directly to him, thereby not electing a
Direct Rollover.
(d) Approval. The Administrator, or the Trustee if
otherwise authorized by the Administrator and
expressly agreed to by the Trustee, is responsible
for determining that an in-service withdrawal request
conforms to the requirements described in this
Section and granting such request.
(h) In-Service Withdrawals After December 31, 1992. With
respect to distributions made on or after January 1,
1993, notwithstanding any provision of the Plan to
the contrary that would otherwise limit a
Distributee's election under this Section, a
Distributee may elect, at the time and in the manner
prescribed by the Plan Administrator, to have any
portion of an Eligible Rollover Distribution paid
directly to an Eligible Retirement Plan specified by
the Distributee in a Direct Rollover.
2
3
CHARTER ONE BANK, F.S.B. AMENDMENT NO. 3
EMPLOYEE SAVINGS PLAN AND TRUST
4. Section 11 is amended to restate the Heading thereof and to restate
Subsection 11.1 in its entirety as follows:
11 DISTRIBUTION ONCE EMPLOYMENT ENDS OR AS REQUIRED BY LAW
-------------------------------------------------------
11.1 Benefit Information, Notices and Election
A Participant, or his Beneficiary in the case of his
death, shall be provided with information regarding
all optional times and forms of distribution
available, to include the notices prescribed by Code
section 402(f), effective January 1, 1993, and Code
section 411(a)(11). Subject to the other requirements
of this Section, a Participant, or his Beneficiary in
the case of his death, may elect, in such manner and
with such advance notice as prescribed by the
Administrator, to have his vested Account balance
paid to him beginning upon any Settlement Date
following the Participant's termination of employment
with all Related Companies or, if earlier, at the
time required by law as set forth in Section 11.6.
If a distribution is one to which Code sections
401(a)(11) and 417 do not apply, such distribution
may commence less than 30 days after the
aforementioned notices are provided, if:
(a) the Participant is clearly informed that he
has the right to a period of at least 30
days after receipt of such notices to
consider the decision as to whether to elect
a distribution and if so to elect a
particular form of distribution and to elect
or not elect a Direct Rollover for all or a
portion, if any, of his distribution which
will constitute an Eligible Rollover
Distribution; and
(b) the Participant after receiving such notice,
affirmatively elects a distribution and a
Direct Rollover for all or a portion, if
any, of his distribution which will
constitute an Eligible Rollover Distribution
or alternatively elects to have all or a
portion made payable directly to him,
thereby not electing a Direct Rollover for
all or a portion thereof.
The terms Direct Rollover and Eligible Rollover
Distribution as referenced above are defined in
Section 11.4.
5. Section 17 is amended to restate Subsection 17.4 (a) in its entirety as
follows:
17.4 Tax Withholding and Payment
(a) Withholding. Effective for taxable distributions made
on or before December 31, 1992, the Trustee shall
calculate and withhold federal (and, if applicable,
state) income taxes in accordance with a
Participant's withholding election. Effective for
taxable distributions made after
3
4
CHARTER ONE BANK, F.S.B. AMENDMENT NO. 3
EMPLOYEE SAVINGS PLAN AND TRUST
December 31, 1992, the Trustee shall calculate and
withhold federal (and, if applicable, state) income
taxes with regard to any Eligible Rollover
Distribution that is not paid as a Direct Rollover.
With regard to any taxable distribution that is not
an Eligible Rollover Distribution, the Trustee shall
calculate and withhold federal (and, if applicable,
state) income taxes in accordance with the
Participant's withholding election.
Effective January 1, 1994:
--------------------------
6. Sections 1 is amended to restate Subsections 1.13 and 1.34 each in its
entirety as follows:
1.13 "Compensation". The sum of a Participant's Taxable Income and
salary reductions, if any, pursuant to Code sections 125,
402(e)(3), 402(h), 403(b), 414(h)(2) or 457.
For purposes of determining benefits under this Plan,
Compensation is limited to $150,000 (as indexed for the cost
of living pursuant to Code sections 401(a)(17) and 415(d)) per
Plan Year.
For purposes of the preceding sentence, in the case of an HCE
who is a 5% Owner or one of the 10 most highly compensated
Employees, (i) such HCE and such HCE's family group (as
defined below) shall be treated as a single employee and the
Compensation of each family group member shall be aggregated
with the Compensation of such HCE, and (ii) the limitation on
Compensation shall be allocated among such HCE and his family
group members in proportion to each individual's Compensation
before the application of this sentence. For purposes of this
Section, the term "family group" shall mean an Employee's
spouse and lineal descendants who have not attained age 19
before the close of the year in question.
For the purpose of determining HCEs and key employees,
Compensation for the entire Plan Year shall be used. For the
purpose of determining ADP and ACP, Compensation shall be
limited to amounts paid to an Eligible Employee while a
Participant.
1.34 "Pay". The base pay, including retroactive wages, salary
continuation and deceased pay paid to an Eligible Employee by
an Employer while a Participant during the current period.
Pay is neither increased nor decreased by any salary credit or
reduction pursuant to Code sections 125 or 402(e)(3). Pay is
limited to $150,000 (as indexed for the cost of living
pursuant to Code sections 401(a)(17) and 415(d)) per Plan
Year.
4
5
CHARTER ONE BANK, F.S.B. AMENDMENT NO. 3
EMPLOYEE SAVINGS PLAN AND TRUST
Effective July 1, 1994:
-----------------------
7. Section 7 is amended to restate Subsection 7.2 in its entirety as
follows:
7.2 Investment Fund Elections
Each Participant (or Beneficiary) shall direct the investment
of all of his Contribution Accounts.
A Participant shall make his investment election in any
combination of one or any number of the Investment Funds
offered in accordance with the procedures established by the
Administrator and Trustee. The Administrator may set a maximum
percentage of the total election that a Participant may direct
into any specific Investment Fund.
Date: June 20 ,1994 CHARTER ONE BANK, F.S.B.
------------------ --
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
----------------------------------
Title: Senior Vice President
------------------------
The provisions of the above amendment which relate to the Trustee are hereby
approved and executed.
Date: July 15 ,1994 ▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION
-------------------- --
By: /s/ ????
------------------------------------
Title: Vice President
----------------------------
Date: July 15 ,1994 ▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION
-------------------- --
By: /s/ ????
------------------------------------
Title: Vice President
----------------------------
5
6
AMENDMENT NO. 4
TO THE
CHARTER ONE BANK, F.S.B. EMPLOYEE SAVINGS PLAN AND TRUST
WHEREAS, First Federal Savings Bank, known as Charter One Bank, F.S.B.
(the "Company") effective October 1, 1992, previously established The First
Federal Savings Bank Employee Savings Plan as renamed effective October 1, 1992,
the Charter One Bank, F.S.B. Employee Savings Plan (the "Plan") and Trust
Agreement (the "Trust") which were originally effective January 1, 1985, most
recently restated effective July 1, 1992 and subsequently amended;
WHEREAS, Section 19.1 of the Plan and Trust provides that the Company
reserves the right to amend the Plan and Trust;
NOW THEREFORE RESOLVED, that Section 1 is amended effective July 1,
1995 as follows:
1. Section 1 is amended to restate Subsections 1.18 and 1.34 each in its
entirety as follows:
1.18 "Eligible Employee". A full time Employee of an Employer who
is compensated on a salaried basis or an Employee of an
Employer who is compensated on a commission only basis, except
any Employee who is treated as an Employee because he or she
is a Leased Employee.
1.34 "Pay". All cash compensation paid to an Eligible Employee by
an Employer while a Participant during the current period. Pay
excludes reimbursements or other expense allowances, cash and
non-cash fringe benefits, moving expenses, deferred
compensation and welfare benefits.
Pay is neither increased by any salary credit or decreased by
any salary reduction pursuant to Code sections 125 or
402(e)(3). Pay is limited to $150,000 (as indexed for the cost
of living pursuant to Code sections 401(a)(17) and 415(d)) per
Plan Year.
Date: June 28 ,1995 CHARTER ONE BANK, F.S.B.
------------------ --
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
-------------------------------
Title: Senior Vice President
-----------------------
1
7
CHARTER ONE BANK, F.S.B. AMENDMENT NO. 4
EMPLOYEE SAVINGS PLAN AND TRUST
The provisions of the above amendment which relate to the Trustee are hereby
approved and executed.
Date: September 21 ,1995 ▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION
-------------------- --
By: /s/
-----------------------------------
Title:
----------------------------
Date: September 21 ,1995 ▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION
-------------------- --
By: /s/
-----------------------------------
Title:
----------------------------
2
8
AMENDMENT NO. 5
TO THE
CHARTER ONE BANK, F.S.B. EMPLOYEE SAVINGS PLAN AND TRUST
WHEREAS, First Federal Savings Bank, known as Charter One Bank, F.S.B.
(the "Company") effective October 1, 1992, previously established The First
Federal Savings Bank Employee Savings Plan as renamed effective October 1, 1992,
the Charter One Bank, F.S.B. Employee Savings Plan (the "Plan") and Trust
Agreement (the "Trust") which were originally effective January 1, 1985, most
recently restated effective July 1, 1992 and subsequently amended;
WHEREAS, Section 19.1 of the Plan and Trust provides that the Company
reserves the right to amend the Plan and Trust;
NOW THEREFORE RESOLVED, that Sections 1, 8, 14 and 19 are amended
effective July 1, 1992, Sections 3, 11 and 12 are amended effective January 1,
1993, Section 13 is amended effective January 1, 1995, Section 1 is amended
effective July 1, 1995 and Section 11 is amended as of the execution date of
this Amendment as follows:
Effective July 1, 1992:
-----------------------
1. Section 1 is amended to restate Subsections 1.18 and 1.22 each in its
entirety as follows:
1.18 "Eligible Employee". An Employee of an Employer who is
compensated on a salaried basis, except any Employee who is
treated as an Employee because he is a Leased Employee.
1.22 "Forfeiture Account". An account holding amounts forfeited by
Participants who have left the Employer, invested in interest
bearing deposits of the Trustee, pending disposition as
provided in this Plan and Trust as directed by the
Administrator.
2. Section 8 is amended to restate Subsection 8.4 in its entirety as
follows:
8.4. Forfeitures
A Participant's non-vested Account balance shall be forfeited
as of the Settlement Date following the Sweep Date on which
the Administrator has reported to the Trustee that the
Participant's employment has terminated with all Related
Companies. Forfeitures from all Employer Contribution Accounts
shall be transferred to and maintained in a single Forfeiture
Account, which shall be invested in interest bearing deposits
of the Trustee. Forfeiture Account amounts shall be utilized
to restore Accounts, to pay Plan fees and expenses to reduce
Employer Matching Contributions as directed by the
Administrator.
1
9
CHARTER ONE BANK, F.S.B. AMENDMENT NO. 5
EMPLOYEE SAVINGS PLAN AND TRUST
3. Section 14 is amended to restate Subsections 14.1(a) and (b) each in
its entirety as follows:
14.1 Top Heavy Definitions
When capitalized, the following words and phrases have the
following meanings when used in this Section:
(a) "Aggregation Group". The group consisting of each
qualified plan of an Employer (and its Related
Companies) (1) in which a Key Employee is a
participant or was a participant during the
determination period (regardless of whether such plan
has terminated), or (2) which enables another plan in
the group to meet the requirements of Code sections
401(a)(4) or 410(b). The Employer may also treat any
other qualified plan as part of the group if the
group would continue to meet the requirements of Code
sections 401(a)(4) and 410(b) with such plan being
taken into account.
(b) "Determination Date". The last day of the preceding
Plan Year, or with regard to the Plan's initial Plan
Year, the last day of that Plan Year.
4. Section 19 is amended to restate the Heading thereof, to add a new
Subsection 19.3, to redesignate each subsequent Subsection and to
restate Subsection 19.4 (formerly Subsection 19.3) in its entirety as
follows:
19 AMENDMENT, MERGER, DIVESTITURES AND TERMINATION
-----------------------------------------------
19.3 Divestitures
In the event of a sale by an Employer which is a
corporation of: (1) substantially all of the
Employer's assets used in a trade or business to an
unrelated corporation, or (2) a sale of such
Employer's interest in a subsidiary to an unrelated
entity or individual, lump sum distributions shall be
permitted from the Plan, except as provided below, to
Participants with respect to Employees who continue
employment with the corporation acquiring such assets
or who continue employment with such subsidiary, as
applicable.
Notwithstanding, distributions shall not be permitted
if the purchaser agrees, in connection with the sale,
to be substituted as the Company as the sponsor of
the Plan or to accept a transfer of the assets and
liabilities representing the Participants' benefits
into a plan of the purchaser or a plan to be
established by the purchaser.
19.4 Plan Termination
The Company may, at any time and for any reason,
terminate the Plan or completely discontinue
contributions. Upon either of these events,
2
10
CHARTER ONE BANK, F.S.B. AMENDMENT NO. 5
EMPLOYEE SAVINGS PLAN AND TRUST
or in the event of a partial termination of the Plan
within the meaning of Code section 411(d)(3), the
Accounts of each affected Employee who has not yet
incurred a Break in Service shall be fully vested. If
no successor plan is established or maintained, lump
sum distributions shall be made in accordance with
the terms of the Plan as in effect at the time of the
Plan's termination or as thereafter amended provided
that a post-termination amendment shall not be
effective to the extent that it violates Section 19.1
unless it is required in order to maintain the
qualified status of the Plan upon its termination.
The Trustee's and Employer's authority shall continue
beyond the Plan's termination date until all Trust
assets have been liquidated and distributed. The
Employers hereby agree to indemnify the Trustee
against any and all liabilities resulting from the
termination of the Plan or Trust (1) including
(without limitation) any expenses reasonably
attributable to the Company's failure to apply for a
favorable determination from the Internal Revenue
Service with respect to the qualification of the Plan
upon its termination, any other expenses reasonably
incurred in the defense of any claim relating to this
Plan's termination, and amounts paid in any
settlement relating to any such liability, but (2)
excluding liability resulting from actions or
inactions made in bad faith, or resulting from the
gross negligence or willful misconduct of the
Trustee.
Effective January 1, 1993:
--------------------------
1. Section 3 is amended to add a new last sentence to Subsection 3.5 and
to restate the preceding sentence (formerly the last sentence of
Subsection 3.5) as follows:
3.5 Refunds When Contribution Dollar Limit Exceeded
Refunds shall not include investment gain or loss for the
period between the end of the applicable calendar year and the
date of distribution. However, for calendar years ending
before December 31, 1993, refunds shall include investment
gain or loss for the period between the end of the applicable
calendar year and the date of distribution.
2. Section 11 is amended to restate Subsection 11.2 and the introduction
to Subsection 11.9 each in its entirety as follows:
11.2 Payment Form and Medium
Except to the extent otherwise provided by Section 11.3, a
Participant may elect to be paid in any of these forms:
(a) a single lump sum, or
3
11
CHARTER ONE BANK, F.S.B. AMENDMENT NO. 5
EMPLOYEE SAVINGS PLAN AND TRUST
(b) a portion paid in a lump sum, and the remainder paid
later.
Distributions shall be made in cash, except to the extent a
distribution consists of a loan call as described in Section
9. Alternatively, a Participant may elect that a lump sum
payment be made in the form of whole shares of Company Stock
and cash in lieu of fractional shares to the extent invested
in the Company Stock Fund).
11.9 Payment to Beneficiary
Payment to a Beneficiary must either: (1) be completed by the
end of the calendar year that contains the fifth anniversary
of the Participant's death or (2) begin by the end of the
calendar year that contains the first anniversary of the
Participant's death and be completed within the period of the
Beneficiary's life or life expectancy, except that:
3. Section 12 is amended to restate Subsection 12.5 in its entirety as
follows:
12.5 Adjustment for Investment Gain or Loss
Any excess Deferrals or Contributions to be refunded to a
Participant or forfeited in accordance with Section 12.3 or
12.4 shall be adjusted for investment gain or loss. Refunds or
forfeitures shall not include investment gain or loss for the
period between the end of the applicable Plan Year and the
date of distribution. However, for Plan Years ending before
December 31, 1993, refunds shall include investment gain or
loss for the period between the end of the applicable Plan
Year and the date of distribution.
Effective January 1, 1995:
--------------------------
1. Section 13 is amended to restate Subsection 13.2 in its entirety:
13.2 Maximum Annual Addition
The Annual Addition to a Participant's accounts under this
Plan and any other defined contribution plan maintained by any
Related Company for any Plan Year shall not exceed the lesser
of (1) 25% of his Taxable Income or (2) $30,000 (as adjusted
for the cost of living pursuant to Code section 415(d)).
Effective July 1, 1995:
-----------------------
1. Section 1 is amended to restate Subsection 1.18 in its entirety as
follows:
1.18 "Eligible Employee". An Employee of an Employer who is
compensated on a salaried basis or an Employee of an Employer
who is compensated on a commission only basis, except any
Employee who is treated as an Employee because he is a Leased
Employee.
4
12
CHARTER ONE BANK, F.S.B. AMENDMENT NO. 5
EMPLOYEE SAVINGS PLAN AND TRUST
Effective As Of The Execution Date Of The Amendment:
----------------------------------------------------
1. Section 11 is amended to restate Subsection 11.3, including the
Subheading thereof, in its entirety as follows:
11.3 Distribution of Small Amounts
If after a Participant's employment with all Related Companies
ends, the Participant's vested Account balance is $3,500 or
less, and if at the time of any prior withdrawal or
distribution the Participant's vested Account balance did not
exceed $3,500, the Participant's benefit shall be paid as a
single lump sum as soon as administratively feasible in
accordance with procedures prescribed by the Administrator.
Date: January 22 ,1996 CHARTER ONE BANK, F.S.B.
----------------- --
By: /s/ ???
-----------------------------------
Title: ???
------------------------------
The provisions of the above amendment which relate to the Trustee are hereby
approved and executed.
Date: May 24 ,1996 BZW BARCLAYS GLOBAL INVESTORS, N.A.
--------------------- --
By: /s/ ????
--------------------------------------
Title: Principal
--------------------------------
Date: May 24 ,1996 BZW BARCLAYS GLOBAL INVESTORS, N.A.
--------------------- --
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇
--------------------------------------
Title: Principal
--------------------------------
5
13
AMENDMENT NO. 6
TO THE
CHARTER ONE BANK, F.S.B. EMPLOYEES SAVINGS PLAN AND TRUST
WHEREAS, First Federal Savings Bank, known as Charter One Bank, F.S.B.
(the "Company") effective October 1, 1992, previously established The First
Federal Savings Bank Employee Savings Plan as renamed effective October 1, 1992,
the Charter One Bank, F.S.B. Employee Savings Plan (the "Plan") and Trust
Agreement (the "Trust") which were originally effective January 1, 1985, most
recently restated effective July 1, 1992 and subsequently amended;
WHEREAS, Section 19.1 of the Plan and Trust provides that the Company
reserves the right to amend the Plan and Trust;
NOW THEREFORE RESOLVED, that Section 1 is amended effective January 1,
1996 and Sections 1, 2, 9 and 10 are amended effective July 15, 1996 as follows:
Effective January 1, 1996:
--------------------------
1. Section 1 is amended to restate Subsection 1.49 in its entirety as
follows:
1.49 "Trustee". BZW Barclays Global Investors, National
Association.
Effective July 15, 1996:
------------------------
1. Section 1 is amended to restate Subsection 1.16 in its entirety as
follows:
1.16 "Disability". An illness or injury of a potentially permanent
nature, expected to last for a continuous period of not less
than 12 months, certified by a physician selected by or
satisfactory to the Administrator, which prevents the Employee
from engaging in his occupation for wage or profit for which
the Employee is reasonably fitted by training, education or
experience.
2. Section 2 is amended to restate Subsection 2.3 in its entirety as
follows:
2.3 Ineligible or Former Participants
A Participant may not make or share in Plan Contributions, nor
be eligible for a new Plan loan, except as described in
Section 9.1, during the period he is Ineligible, but he shall
continue to participate for all other purposes. An Ineligible
Participant or former Participant shall automatically become
an active Participant on the date he again becomes an Eligible
Employee.
1
14
CHARTER ONE BANK, F.S.B. AMENDMENT NO. 6
EMPLOYEES SAVINGS PLAN AND TRUST
3. Section 9 is amended to restate Subsection 9.1 in its entirety as
follows:
9.1 Participant Loans Permitted
Loans are permitted pursuant to the terms and conditions set
forth in this Section. Loans shall only be permitted to a
Participant or a Beneficiary who is an Employee and eligible
for loan repayment through payroll deduction or a
party-in-interest as defined in ERISA section 3(14). All loan
limits are determined as of the date the Trustee reserves
funds for the loan. The funds will be disbursed to the
Participant as soon as is administratively feasible after the
next following Settlement date.
4. Section 10 is amended to add a new Subsection 10.4 and to redesignate
each subsequent Subsection as follows:
10.4 Withdrawals for Disability
(a) Requirements. A Participant who is an Employee, who
has incurred a Disability and who is not receiving
compensation directly from his Employer may withdraw
from the Contribution Accounts listed in paragraph
(b) below.
(b) Account Sources for Withdrawal. The withdrawal amount
shall come only from the Participant's fully vested
Accounts, in the following priority order:
Rollover Account
Employee Account
Employer Matching Account
Prior Fixed Match Account
(c) Permitted Frequency. There is no restriction on the
number of times a Participant may withdraw from these
Accounts by reason of his Disability.
(d) Suspension from Further Contributions. A withdrawal
from a Participant's Accounts by reason of his
Disability shall not affect his ability to make
further Contributions.
Date: July 31 ,1996 CHARTER ONE BANK, F.S.B.
-------------- --
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
----------------------------------
Title: Sr. V.P., Manager of Administrative
Services
-----------------------------------
2
15
CHARTER ONE BANK, F.S.B. AMENDMENT NO. 6
EMPLOYEES SAVINGS PLAN AND TRUST
The provisions of the above amendment which relate to the Trustee are hereby
approved and executed.
Date: August 27 ,1996 BZW BARCLAYS GLOBAL INVESTORS, NATIONAL ASSOCIATION
--------------- --
By: /s/
--------------------------------------------
Title:
--------------------------------------
Date: August 27 ,1996 BZW BARCLAYS GLOBAL INVESTORS, NATIONAL ASSOCIATION
--------------- --
By: /s/
--------------------------------------------
Title:
--------------------------------------
3