Exhibit 4.7
FIRST AMENDMENT
TO THE ADOPTION AGREEMENT OF
UNION BANKSHARES, LTD.
PROFIT SHARING 401(k) PLAN
RECITALS:
1. Union Bankshares, Ltd. is the Employer under the Union Bankshares, Ltd.
Profit Sharing 401(k) Plan (the "Plan") which was originally effective January
1, 1989 as to certain qualification provisions and effective October 1, 1993 as
to other provisions.
2. The Employer wants to amend the Plan to provide that if a Profit Sharing
Contribution is made as of the last day of the Plan Year, such contribution
shall be allocated only to those Participants who are Employees as of the last
day of the Plan Year.
AMENDMENT:
A. Section 15(a) of the Adoption Agreement of the Plan shall be
amended as follows:
"15. LIMITATIONS ON BENEFIT ACCRUAL: The Participant will be eligible to share
in Employer Contributions and Forfeitures for all Service in the Plan Year
provided:
(a) IF THE HOURS OF SERVICE METHOD UNDER SECTION 3.3 APPLIES: (check if
applicable)
( ) 1,000 HOURS: The Participant is credited with at least 1,000
Hours of Service, as described in Section 3.5 of the Plan, during
the Plan Year (or a proportionate part of 1,000 Hours of Service
if participation began on other than the first business day of
the Plan Year).
( ) EXCEPTION: (check if applicable) This limitation will not
apply to accruals of Matching Contributions.
(X) LAST DAY: The Participant is an Employee on the last business day
of the period for which the contribution is made (e.g., last
business day of quarter for quarterly contribution, last business
day of the Plan Year for annual contribution).
(X) EXCEPTION: (check if applicable) This limitation will not
apply to accruals of Matching Contributions made pursuant to
13(b)."
This amendment shall be effective for Plan Years beginning on or after January
1, 1994.
IN WITNESS WHEREOF, the employer has executed this amendment to the
Adoption Agreement this 10th day of November, 1994.
/s/Xxxxx Xxxx
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Xxxxx Xxxx
Vice President and Secretary
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