ADOPTION AGREEMENT
FOR
NEWBERRY FEDERAL SAVINGS BANK
EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
Name of Employer: ▇▇▇▇▇▇▇▇ Federal Savings Bank
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Address: ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
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Telephone Number: (▇▇▇) ▇▇▇-▇▇▇▇ (▇▇▇) ▇▇▇-▇▇▇▇ FAX
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Contact Person: ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇, President
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Name of Plan: Newberry Federal Savings Bank Employees'
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Savings & Profit Sharing Plan and Trust
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THIS ADOPTION AGREEMENT, upon execution by the Employer and the Trustee, and
subsequent approval by a duly authorized representative of Pentegra Services,
Inc. (the "Sponsor"), together with the Sponsor's Employees' Savings & Profit
Sharing Plan and Trust Agreement (the "Agreement"), shall constitute the
▇▇▇▇▇▇▇▇ Federal Savings Bank Employees' Savings & Profit Sharing Plan and Trust
(the "Plan"). The terms and provisions of the Agreement are hereby incorporated
herein by this reference; provided, however, that if there is any conflict
between the Adoption Agreement and the Agreement, this Adoption Agreement shall
control.
The elections hereinafter made by the Employer in this Adoption Agreement may be
changed by the Employer from time to time by written instrument executed by a
duly authorized representative thereof; but if any other provision hereof or any
provision of the Agreement is changed by the Employer other than to satisfy the
requirements of Section 415 or 416 of the Internal Revenue Code of 1986, as
amended (the "Code"), because of the required aggregation of multiple plans, or
if as a result of any change by the Employer the Plan fails to obtain or retain
its tax-qualified status under Section 401(a) of the Code, the Employer shall be
deemed to have amended the Plan evidenced hereby and by the Agreement into an
individually designed plan, in which event the Sponsor shall thereafter have no
further responsibility for the tax-qualified status of the Plan. However, the
Sponsor may amend any term, provision or definition of this Adoption Agreement
or the Agreement in such manner as the Sponsor may deem necessary or advisable
from time to time and the Employer and the Trustee, by execution hereof,
acknowledge and consent thereto. Notwithstanding the foregoing, no amendment of
this Adoption Agreement or of the Agreement shall increase the duties or
responsibilities of the Trustee without the written consent thereof.
1
I. Effect of Execution of Adoption Agreement
The Employer, upon execution of this Adoption Agreement by a duly
authorized representative thereof, (choose 1 or 2):
1. _____ Establishes as a new plan the ▇▇▇▇▇▇▇▇ Federal Savings Bank
Employees' Savings & Profit Sharing Plan and Trust, effective
_____________________, 200______ (the "Effective Date").
2. X Amends its existing defined contribution plan and trust
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( ▇▇▇▇▇▇▇▇ Federal Savings Bank 401(k) Profit Sharing
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Plan) dated October 1, 1985, in its entirety into the ▇▇▇▇▇▇▇▇
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Federal Savings Bank Employees' Savings & Profit Sharing Plan
and Trust, effective May 1, 2000, except as otherwise provided
-----------
herein or in the Agreement (the "Effective Date").
II. Definitions
A. Employer
1. "Employer," for purposes of the Plan, shall mean:
▇▇▇▇▇▇▇▇ Federal Savings Bank
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2. The Employer is (choose whichever may apply):
(a) _____ A member of a controlled group of corporations under Section
414(b) of the Code.
(b) _____ A member of a group of entities under common control under
Section 414(c) of the Code.
(c) _____ A member of an affiliated service group under Section 414(m)
of the Code.
(d) X A corporation.
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(e) _____ A sole proprietorship or partnership.
(f) _____ A Subchapter S corporation.
3. Employer's Taxable Year Ends on 9/30 .
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4. Employer's Federal Taxpayer Identification Number is ▇▇-▇▇▇▇▇▇▇ .
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5. Employer's Plan Number is (enter 3-digit number) 002 .
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B. "Entry Date" means the first day of the (choose 1 or 2):
1. X Calendar month coinciding with or next following the date the
----
Employee satisfies the Eligibility requirements described in
Section III.
2
2. ____ Calendar quarter (January 1, April 1, July 1, October 1)
coinciding with or next following the date the Employee satisfies
the Eligibility requirements described in Section III.
C. "Member" means an Employee enrolled in the membership of the Plan.
D. "Normal Retirement Age" means (choose 1 or 2):
1. X Attainment of age 65 (select an age not less than 55 and not
---- ------
greater than 65).
2. _____ Later of: (i) attainment of age 65 or (ii) the fifth anniversary
of the date the Member commenced participation in the Plan.
E. "Normal Retirement Date" means the first day of the first calendar month
coincident with or next following the date upon which a Member attains
his or her Normal Retirement Age.
F. "Plan Year" means the twelve (12) consecutive month period ending on
9/30 (month/day).
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G. "Salary" for benefit purposes under the Plan means (choose 1, 2 or 3):
1. X Total taxable compensation as reported on Form W-2 (exclusive of
----
any compensation deferred from a prior year).
2. ____ Basic Salary only.
3. ____ Basic Salary plus one or more of the following (if 3 is chosen,
then choose (a), (b), (c) or (d), whichever shall apply):
(a) _____ Commissions not in excess of $______________________
(b) _____ Commissions to the extent that Basic Salary plus
Commissions do not exceed $ _____________________
(c) _____ Overtime
(d) _____ Overtime and bonuses
Note: Member pre-tax contributions to a Section 401(k) plan are always
included in Plan Salary.
Member pre-tax contributions to a Section 125 cafeteria plan are
also to be included in Plan Salary, unless the Employer elects to
exclude such amounts by checking this line. ___________
III. Eligibility Requirements
A. All Employees shall be eligible to participate in the Plan in
accordance with the provisions of Article II of the Plan, except the
following Employees shall be excluded (choose whichever shall apply):
1. X Employees who have not attained age 21.
----
2. X Employees who have not, during the 12 consecutive month
---- ------
period (1-11, 12 or 24) beginning with an Employee's Date of
Employment, Date of Reemployment or any anniversary thereof,
completed 1,000 Hours of Service (determined by multiplying
-------
the number of months above by 83 1/3.
Note: Employers which permit Members to make pre-tax elective
deferrals to the Plan (see V.A.3.) may not elect a 24 month
eligibility period.
3
3. X Employees included in a unit of Employees covered by a
----
collective bargaining agreement, if retirement benefits were
the subject of good faith bargaining between the Employer and
Employee representatives.
4. X Employees who are nonresident aliens and who receive no earned
----
income from the Employer which constitutes income from sources
within the United States.
5. ____ Employees included in the following job classifications:
(a) _____ Hourly Employees
(b) _____ Salaried Employees
6. ____ Employees of the following employers which are aggregated
under Section 414(b), 414(c) or 414(m) of the Code:
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____________________________________________
____________________________________________
Note: If no entries are made above, all Employees shall be eligible to
participate in the Plan on the later of: (i) the Effective Date
or (ii) the first day of the calendar month or calendar quarter
(as designated by the Employer in Section II.D.) coinciding with
or immediately following the Employee's Date of Employment or,
as applicable, Date of Reemployment.
B. Such Eligibility Computation Period established above shall be
applicable to (choose 1 or 2):
1. X Both present and future Employees.
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2. ___ Future Employees only.
C. Such Eligibility requirements established above shall be (choose 1 or
2):
1. X Applied to the designated Employee group on and after the
----
Effective Date of the Plan.
2. ____ Waived for the _____ consecutive monthly period (may not
exceed 12) beginning on the Effective Date of the Plan.
4
IV. Hours of Employment and Prior Employment Credit
A. The number of Hours of Employment with which an Employee or Member is
credited shall be (choose 1 or 2):
1. X The actual number of Hours of Employment. (Hour of Service
----
Method)
2. ____ 190 Hours of Employment for every month of Employment.
(Equivalency Method)
Note: This election is relevant if you selected an eligibility
requirement under III.A.2. or a vesting schedule under VIII.A.
other than immediate vesting.
B. Prior Employment Credit: N/A
_____ Employment with the following entity or entities shall be
included for eligibility and vesting purposes:
Note: If this Plan is a continuation of a Predecessor Plan, service
under the Predecessor Plan shall be counted as Employment under
this Plan.
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V. Contributions
Note: Annual Member pre-tax elective deferrals, Employer matching
contributions, Employer basic contributions, Employer supplemental
contributions, Employer profit sharing contributions and Employer
Qualified Non-Elective contributions, in the aggregate, may not
exceed 15% of all Members' Salary (excluding from Salary Member
pre-tax elective deferrals).
A. Employee Contributions (fill in 1 and/or 6 if applicable; choose 2 or
3; 4 or 5):
1. X The maximum amount of monthly contributions a Member may make
----
to the Plan is 10 % (1-20) of the Member's monthly Salary.
----
2. X A Member may make pre-tax elective deferrals to the Plan,
----
based on multiples of 1% of monthly Salary.
3. ____ A Member may not make pre-tax elective deferrals to the
Plan.
4. ____ A Member may make after-tax contributions to the Plan, based
on multiples of 1% of monthly Salary.
5. X A Member may not make after-tax contributions to the Plan.
----
5
6. X An Employee may allocate a rollover contribution to the Plan
----
prior to satisfying the Eligibility requirements described
above.
B. A Member may change his or her contribution rate (choose 1, 2 or 3):
1. _____ 1 time per pay period.
2. _____ 1 time per calendar month.
3. X 1 time per calendar quarter.
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C. Employer Matching Contributions (fill in 1 if applicable; and choose
2, 3, 4 or 5):
1. The Employer matching contributions under 2, 3 or 4 below shall be
based on the Member's contributions not in excess of 5 % (1-20 but
---
not in excess of the percentage specified in A.1. above) of the
Member's Salary.
2. X The Employer shall allocate to each contributing Member's
----
Account an amount equal to 100 % (based on 1% increments not
to exceed 200%) of the Member's contributions for that month.
3. ____ The Employer shall allocate to each contributing Member's
Account an amount determined in accordance with the following
schedule:
Years of Employment Matching %
------------------- -------------
Less than 3 50%
At least 3, but less than 5 75%
5 or more 100%
4. ____ The Employer shall allocate to each contributing Member's
Account an amount determined in accordance with the following
schedule:
Years of Employment Matching %
------------------- -------------
Less than 3 100%
At least 3, but less than 5 150%
5 or more 200%
5. ____ No Employer matching contributions will be made to the Plan.
D. Employer Basic Contributions (choose 1 or 2): N/A
1. _____ The Employer shall allocate an amount equal to _______%
(based on 1% increments not to exceed 15%) of Member's
Salary for the month to (choose (a) or (b)):
(a) _____ The Accounts of all Members
(b) _____ The Accounts of all Members who were employed
with the Employer on the last day of such
month.
2. _____ No Employer basic contributions will be made to the Plan.
E. Employer Supplemental Contributions:
The Employer may make supplemental contributions for any Plan Year in
accordance with Section
6
3.7 of the Plan.
F. Employer Profit Sharing Contributions (Choose 1, 2, 3, 4, or 5):
1. _____ No Employer Profit Sharing Contributions will be made to the
Plan.
Non-Integrated Formula
----------------------
2. _____ Profit sharing contributions shall be allocated to each
Member in the same ratio as each Member's Salary during such
Contribution Determination Period bears to the total of such
Salary of all Members.
3. _____ Profit sharing contributions shall be allocated to each
Member in the same ratio as each Member's Salary for the
portion of the Contribution Determination Period during
which the Member satisfied the Employer's eligibility
requirement(s) bears to the total of such Salary of all
Members.
Integrated Formula
------------------
4. _____ Profit sharing contributions shall be allocated to each
Member's Account in a uniform percentage (specified by the
Employer as _______%) of each Member's Salary during the
Contribution Determination Period up to the Social Security
Taxable Wage Base as defined in Section _____ of the Plan
("Base Salary") for the Plan Year that includes such
Contribution Determination Period , plus a uniform
percentage(specified by the Employer as _______%) of each
Member's Salary for the Contribution Determination Period in
excess of the Social Security Taxable Wage Base ("Excess
Salary") for the Plan Year that includes such Contribution
Determination Period, in accordance with Article III of the
Plan.
5. _____ Profit sharing contributions shall be allocated to each
Member's Account in a uniform percentage (specified by the
Employer as _______%) of each Member's Salary for the
portion of the Contribution Determination Period during
which the Member satisfied the Employer's eligibility
requirement(s), if any, up to the Base Salary for the Plan
Year that includes such Contribution Determination Period,
plus a uniform percentage (specified by the Employer as
_______%) of each Member's Excess Salary for the portion of
the Contribution Determination Period during which the
Member satisfied the Employer's eligibility requirement(s)
in accordance with Article III of the Plan.
G. Allocation of Employer Profit Sharing Contributions:
In accordance with Section V, G above, a Member shall be eligible to
share in Employer Profit Sharing Contributions, if any, as follows
(choose 1 or 2):
1. _____ A Member shall be eligible for an allocation of Employer
Profit Sharing Contributions for a Contribution
Determination Period in all events.
7
2. _____ A Member shall be eligible for an allocation of Employer
Profit Sharing Contributions for a Contribution
Determination Period only if he or she (choose (a), (b) or
(c) whichever shall apply):
(a) _____ is employed on the last day of the Contribution
Determination Period or retired, died or became
totally and permanently disabled prior to the
last day of the Contribution Determination
Period.
(b) _____ completed 1,000 Hours of Employment if the
Contribution Determination Period is a period of
12 months (250 Hours of Employment if the
Contribution Determination Period is a period of
3 months) or retired, died or became totally and
permanently disabled prior to the last day of the
Contribution Determination Period.
(c) _____ is employed on the last day of the Contribution
Determination Period and, if such period is 12
months, completed 1,000 Hours of Employment (250
Hours of Employment if the Contribution
Determination Period is a period of 3 months) or
retired, died or became totally and permanently
disabled prior to the last day of the
Contribution Determination Period.
H. "Contribution Determination Period" for purposes of determining and
allocating Employer profit sharing contributions means (choose 1,2, 3 or
4):
1. _____ The Plan Year.
2. _____ The Employer's Fiscal Year (defined as the Plan's "limitation
year") being the twelve (12) consecutive month period commencing
___________________(month/day) and ending _________________
(month/day).
3. _____ The three (3) consecutive monthly periods that comprise each of
the Plan Year quarters.
4. _____ The three (3) consecutive monthly periods that comprise each of
the Employer's Fiscal Year quarters. (Employer's Fiscal Year is
the twelve (12) consecutive month period commencing __________
(month/day) and ending ____________________________(month/day).)
I. Employer Qualified Nonelective Contributions:
The Employer may make qualified nonelective contributions for any Plan
Year in accordance with Section 3.9 of the Plan.
VI. Investment Funds
The Employer hereby appoints Barclays Global Investors, N.A. to serve as
Investment Manager under the Plan.
8
The Employer hereby selects the following Investment Funds to be made
available under the Plan (choose whichever shall apply) and consent to the
lending of securities by such funds to brokers and other borrowers. The
Employer agrees and acknowledges that the selection of Investment Funds made
in this Section VI is solely its responsibility, and no other person,
including the Sponsor or Investment Manager, has any discretionary authority
or control with respect to such selection process. The Employer hereby holds
Investment Manager harmless from, and indemnifies it against, any liability
Investment Manager may incur with respect to such Investment Funds so long
as Investment Manager is not negligent and has not breached its fiduciary
duties.
1. X Money Market Fund
---
2. X Stable Value Fund
---
3. X Government Bond Fund
---
4. X S&P 500 Stock Fund
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5. X S&P 500/Value Stock Fund
---
6. X S&P 500/Growth Stock Fund
---
7. X S&P MidCap Stock Fund
---
8. X ▇▇▇▇▇▇▇ 2000 Stock Fund
---
9. X International Stock Fund
---
10. X Asset Allocation Funds (3)
---
. Income Plus
. Growth & Income
. Growth
11. ___ Employer Stock Fund
12. X ▇▇▇▇▇▇▇▇ Federal Savings Bank Certificate of Deposit Fund
---
VII. Employer Securities N/A
A. If the Employer makes available an Employer Stock Fund pursuant to
Section VI of this Adoption Agreement, then voting and tender offer
rights with respect to Employer Stock shall be delegated and exercised
as follows (choose 1 or 2):
1. _____ Each Member shall be entitled to direct the Plan Administrator
as to the voting and tender offer rights involving Employer
Stock held in such Member's Account, and the Plan
Administrator shall follow or cause the Trustee to follow such
directions. If a Member fails to provide the Plan
Administrator with directions as to voting or tender offer
rights, the Plan Administrator shall exercise those rights as
it determines in its discretion and shall direct the Trustee
accordingly.
9
2. _____ The Plan Administrator shall direct the Trustee as to the
voting of all Employer Stock and as to all rights in the
event of a tender offer involving such Employer Stock.
VIII. Investment Direction
N/A A. Members shall be entitled to designate what percentage of employee
contributions and employer contributions made on their behalf will be
invested in the various Investment Funds offered by the Employer as
specified in Section VI of this Adoption Agreement; provided,
however, that the following portions of a Member's Account must be
invested in the Employer Stock Fund or, if applicable, the Employer
Certificate of Deposit Fund (choose whichever shall apply):
1. _____ Employer Profit Sharing Contributions
2. _____ Employer Matching Contributions
3. _____ Employer Basic Contributions
4. _____ Employer Supplemental Contributions
5. _____ Employer Qualified Nonelective Contributions
N/A
B. ___ Amounts invested in the Employer Stock Fund or, if applicable,
the Employer Certificate of Deposit Fund may not be transferred
to any other Investment Fund.
N/A 1. ___ Notwithstanding this election in B, a Member may transfer such
amounts upon (choose whichever may apply):
(a) _____ the attainment of age ___ (insert 45 or greater)
(b) _____ the completion of ___ (insert 10 or greater) years of
employment
(c) _____ the attainment of age plus years of employment equal
to ___ (insert 55 or greater)
C. A Member may change his or her investment direction (choose 1,2, or
3):
1. X 1 time per business day.
---
2. ___ 1 time per calendar month.
3. ___ 1 time per calendar quarter.
D. If a Member fails to make an effective investment direction, the
Member's contributions and employer contributions made on the
Member's behalf shall be invested in Newberry Savings Bank CD Fund
-----------------------------
(insert one of the Investment Funds selected in Section VI of this
Adoption Agreement).
10
IX. Vesting Schedules; Years of Employment for Vesting Purposes
A. (Choose 1, 2, 3, 4, 5, 6 or 7)
Schedule Years of Employment Vested %
-------- ------------------- --------
1. ___ Immediate Upon Enrollment 100%
2. ___ 2-6 Year Graded Less than 2 0%
2 but less than 3 20%
3 but less than 4 40%
4 but less than 5 60%
5 but less than 6 80%
6 or more 100%
3. ___ 5-Year Cliff Less than 5 0%
5 or more 100%
4. ___ 3-Year Cliff Less than 3 0%
3 or more 100%
5. ___ 4-Year Graded Less than 1 0%
1 but less than 2 25%
2 but less than 3 50%
3 but less than 4 75%
4 or more 100%
6. ___ 3-7 Year Graded Less than 3 0%
3 but less than 4 20%
4 but less than 5 40%
5 but less than 6 60%
6 but less than 7 80%
7 or more 100%
7. X Other Less than 1 0%
--- -----
1 but less than 2 10%
---- --- --
2 but less than 3 20%
---- --- --
3 but less than 4 30%
---- --- --
4 but less than 5 40 %
---- --- --
5 but less than 6 60%
---- --- --
6 but less than 7 80%
---- --- --
7 or more 100%
---
B. With respect to the schedules listed above, the Employer elects one of
the following (choose 1, 2, 3 and 4; or 5):
11
1. Schedule 7 solely with respect to Employer matching
----
contributions.
2. Schedule ____ solely with respect to Employer basic contributions.
3. Schedule ____ solely with respect to Employer supplemental
contributions.
4. Schedule _____ solely with respect to Employer profit sharing
contributions.
5. Schedule _____ with respect to all Employer contributions.
NOTE: Notwithstanding any election by the Employer to the contrary,
each Member shall acquire a 100% vested interest in his Account
attributable to all Employer contributions made to the Plan upon the
earlier of (i) attainment of Normal Retirement Age, (ii) approval for
disability or (iii) death. In addition, a Member shall at all times have
a 100% vested interest in the Employer Qualified Non-Elective
Contributions, if any, and in the pre-tax elective deferrals and
nondeductible after-tax Member Contributions.
C. Years of Employment Excluded for Vesting Purposes
The following Years of Employment shall be disregarded for vesting
purposes (choose whichever shall apply):
1. _____ Years of Employment during any period in which neither the
Plan nor any predecessor plan was maintained by the Employer.
2. _____ Years of Employment of a Member prior to attaining age 18.
X. Withdrawal Provisions
A. The following portions of a Member's Account will be eligible for in-
service withdrawals, subject to the provisions of Article VII of the Plan
(choose whichever shall apply):
1. _____ Employee after-tax contributions and the earnings thereon.
In-service withdrawals permitted only in the event of (choose
whichever shall apply):
(a) _____ Hardship.
(b) _____ Attainment of age 59 1/2.
2. X Employee pre-tax elective deferrals and the earnings
----- thereon.
Note: In-service withdrawals of all employee pre-tax elective
deferrals and earnings thereon as of December 31, 1988
are permitted only in the event of hardship or attainment
of age 59 1/2. In-service withdrawals of earnings after
December 31, 1988 are permitted only in the event of
attainment of age 59 1/2.
12
3. X Employee rollover contributions and the earnings thereon.
----
In-service withdrawals permitted only in the event of (choose
whichever shall apply):
(a) _____ Hardship.
(b) _____ Attainment of age 59 1/2.
4. X Employer matching contributions and the earnings thereon.
----
In-service withdrawals permitted only in the event of (choose
whichever shall apply):
(a) _____ Hardship.
(b) _____ Attainment of age 59 1/2.
5. _____ Employer basic contributions and the earnings thereon.
In-service withdrawals permitted only in the event of (choose
whichever shall apply):
(a) _____ Hardship.
(b) _____ Attainment of age 59 1/2.
6. _____ Employer supplemental contributions and the earnings thereon.
In-service withdrawals permitted only in the event of (choose
whichever shall apply):
(a) _____ Hardship.
(b) _____ Attainment of age 59 1/2.
7. _____ Employer profit sharing contributions and the earnings thereon.
In-service withdrawals permitted only in the event of (choose
whichever shall apply):
(a) _____ Hardship.
(b) _____ Attainment of age 59 1/2.
8. _____ Employer qualified nonelective contributions and earnings
thereon.
Note: In-service withdrawals of all employer qualified
nonelective contributions and earnings thereon are
permitted only in the event of attainment of age 59 1/2.
9. _____ No in-service withdrawals shall be allowed.
13
N/A B. Notwithstanding any elections made in Subsection A of this Section X
above, the following portions of a Member's Account shall be excluded
from eligibility for in-service withdrawals (choose whichever shall
apply):
1. _____ Employer contributions, and the earnings thereon, credited
to the Employer Stock Fund or, if applicable, the Employer
Certificate of Deposit Fund.
2. _____ All contributions and/or deferrals, and the earnings
thereon, credited to the Employer Stock Fund or, if
applicable, the Employer Certificate of Deposit Fund.
3. _____ Other: _____________________________________________
XI. Distribution Option (choose whichever shall apply)
1. X Lump Sum and partial lump sum payments only.
----
2. ____ Lump Sum and partial lump sum payments plus one or more of the
following (choose (a) and /or (b)):
(a) _____ Installment payments.
(b) _____ Annuity payments.
3. ____ Distributions in kind of Employer Stock.
XII. Loan Program (choose 1, 2 or 3)
1. _____ No loans will be permitted from the Plan.
2. X Loans will be permitted from the Member's Account.
-----
3. _____ Loans will be permitted from the Member's Account, excluding
(choose whichever shall apply):
(a) _____ Employer Profit sharing contributions and the
earnings thereon.
(b) _____ Employer matching contributions and the earnings
thereon.
(c) _____ Employer basic contributions and the earnings
thereon.
(d) _____ Employer supplemental contributions and the
earnings thereon.
(e) _____ Employee after-tax contributions and the earnings
thereon.
(f) _____ Employee pre-tax elective deferrals and the
earnings thereon.
(g) _____ Employee rollover contributions and the earnings
thereon.
14
(h) _____ Employer qualified nonelective contributions and
the earnings thereon.
(i) _____ Any amounts to the extent invested in the Employer
stock fund.
XIII. Additional Information
If additional space is needed to select or describe an elective feature
of the Plan, the Employer should attach additional pages and use the
following format:
The following is hereby made a part of Section --- of the Adoption
Agreement and is thus incorporated into and made a part of the [Plan
Name]
Signature of Employer's Authorized Representative ____________________
Signature of Trustee _________________________________________________
Supplementary Page _____ of [total number of pages].
XIV. Plan Administrator
The Named Plan Administrator under the Plan shall be the (choose 1, 2,
3 or 4):
Note: Pentegra Services, Inc. may not be appointed Plan Administrator.
1. X Employer
----
2. ____ Employer's Board of Directors
3. ____ Plan's Administrative Committee
4. ____ Other (if chosen, then provide the following information)
Name: ____________________________________________________
Address: _________________________________________________
Tel No: __________________________________________________
Contact: _________________________________________________
Note: If no Named Plan Administrator is designated above, the
Employer shall be deemed the Named Plan Administrator.
15
XV. Trustee
The Employer hereby appoints The Bank of New York to serve as Trustee for
all Investment Funds under the Plan except the Employer Stock Fund.
The Employer hereby appoints the following person or entity to serve as
Trustee under the Plan for the Employer Stock Fund.*
Name: _________________________________________________________________
Address: ______________________________________________________________
Telephone No: ______________________ Contact: ________________________
___________________________________
Signature of Trustee
(Required only if the Employer is
serving as its own Trustee)
* Subject to approval by The Bank of New York, if The Bank of New York is
appointed as Trustee for the Employer Stock Fund.
The Employer hereby appoints The Bank of New York to serve as Custodian
under the Plan for the Employer Stock Fund in the event The Bank of New York
does not serve as Trustee for such Fund.
16
EXECUTION OF ADOPTION AGREEMENT
By execution of this Adoption Agreement by a duly authorized representative of
the Employer, th Employer acknowledges that it has established or, as the case
may be, amended a tax-qualified retirement plan into the ▇▇▇▇▇▇▇▇ Federal
Savings Bank Employee's Savings & Profit Sharing Plan and Trust (the "Plan").
The Employer hereby represents and agrees that it will assume full fiduciary
responsibility for the operation of the Plan and for complying with all duties
and requirements imposed under applicable law, including, but not limited to,
the Employee Retirement Income Security Act of 1974, as amended, and the
Internal Revenue Code of 1986, as amended. In addition, the Employer represents
and agrees that it will accept full responsibility of complying with any
applicable requirements of federal or state securities law as such laws may
apply to the Plan and to any investments thereunder. The Employer further
acknowledges that any opinion letter issued with respect to the Adoption
Agreement and the Agreement, by the Internal Revenue Service ("IRS") to Pentegra
Services, Inc., as sponsor of the Employees' Savings & Profit Sharing Plan, does
not constitute a ruling or a determination with respect to the tax-qualified
status of the Plan and that the appropriate application must be submitted to the
IRS in order to obtain such a ruling or determination with respect to the Plan.
The failure to properly complete the Adoption Agreement may result in
disqualification of the Plan and Trust evidenced thereby.
The Sponsor will inform the Employer of any amendments to the Plan or Trust
Agreement or of the discontinuance or abandonment of the Plan or Trust.
Any inquiries regarding the adoption of the Plan should be directed to the
Sponsor as follows:
Pentegra Services, Inc.
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
(▇▇▇) ▇▇▇-▇▇▇▇
IN WITNESS WHEREOF, the Employer has caused this Adoption Agreement to be
executed by its duly authorized officer this 31st day of March , 2000.
---- ---------- -
▇▇▇▇▇▇▇▇ Federal Savings Bank
By: /s/ J. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
_____________________________
Name: J. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
___________________________
Title: Chairman and CEO
__________________________
17
