EXHIBIT 4.5
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THIRD AMENDMENT TO
THE ADOPTION AGREEMENT TO
XXXXX SPRING BANCORP CASH AND DEFERRED
PROFIT SHARING PLAN AND TRUST
This THIRD AMENDMENT, made and executed at Olney, Maryland on the 14th day of
November, 1995, by and between XXXXX SPRING BANCORP, a corporation organized and
existing under the laws of the state of Maryland (hereinafter referred to as
"Employer"), and XXXXX SPRING NATIONAL BANK OF MARYLAND (hereinafter referred to
as "Trustee").
WITNESSETH:
WHEREAS, the Employer established a Profit Sharing Plan and Trust effective
January 1, 1982, known as the Xxxxx Spring National Bank and Savings Institution
Cash and Deferred Profit Sharing Plan and Trust (hereinafter referred to as the
"Plan") in recognition of the contribution made to its successful operation by
its employees and for the exclusive benefit of its eligible employees; and
WHEREAS, under the terms of the Plan, the Employer has the ability to amend the
Plan, provided the Trustee joins in such amendment if the provisions of the Plan
affecting the Trustee are amended; and
WHEREAS, it is now desired to amend said Plan in certain respects.
NOW, THEREFORE, the Employer and the Trustee do hereby amend the Plan as
follows:
1. Effective July 1, 1995, Adoption Agreement Section 2.01(b), Eligibility -
Service requirement, shall be amended to read as follows:
"[x] (b) Service requirement. (Choose one of (1) through (3))
[ ] (1) One Year of Service.
[x] (2) 3 months (90 days) following the Employee's Employment
Commencement Date.
[ ] (3) One Hour of Service."
2. Effective July 1, 1995, Adoption Agreement Section 2.01(f), Plan Entry
Date, shall be amended to read as follows:
"[x] (f) (Specify entry dates) The pay period next following the date the
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Employee meets the eligibility requirements."
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3. Effective July 1, 1995, Adoption Agreement Section 3.01(k)(1), Salary
Reduction Agreements-Limitation on amount, shall be amended as follows:
"[ ] (i) No maximum limitation other than as provided in the Plan.
[x] (ii) May not exceed 15% of Compensation for the Plan Year, subject to
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the annual additions limitation described in Part 2 of Article III and
the 402(g) limitation described in Section 14.07 of the Plan.
[ ] (iii) Based on percentages of Compensation must equal at least
______________."
4. Effective January 1, 1993, Adoption Agreement Section 6.03(g), Participant
Elections Prior to Separation from Service - Regular Matching Contributions
Account and Employer Contributions Account - Hardship, shall be amended as
follows:
"[ ] (1) Under Section 6.01(A)(4) of the Plan.
[ ] (2) Under Section 14.11 of the Plan.
[x] (3) Provided in the addendum to this Adoption Agreement, numbered
Section 6.03.
[ ] (4) In no event may a Participant receive a hardship distribution
before he is at least ___% vested in these Accounts. [Note: If the
percentage in the blank is less than 100%, see the special vesting
formula in Section 5.03.]"
All other provisions of said Plan shall remain in full force and effect.
IN WITNESS WHEREOF, the Employer and the Trustee have executed this Third
Amendment on the day and year first above written.
XXXXX SPRING BANCORP
/s/ Xxxxx Xxxx By: /s/ Xxxxxx X. Xxxxx
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Witness
XXXXX SPRING NATIONAL BANK
OF MARYLAND
/s/ Xxxxx Xxxx By: /s/ Xxxxx X. Xxxxxx
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Witness
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Addendum to Adoption Agreement Section 6.03(g)(3)
A Participant may elect a hardship distribution prior to his Separation from
Service in accordance with the hardship distribution policy under Section
6.01(A)(4) of the Plan. A hardship distribution shall be limited to 75% of a
Participant's vested account balance.
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