Amendment No. 3 to BSB Bancorp, Inc. 1996 Long-Term Incentive and Capital Accumulation Plan
This amendment, adopted by BSB Bancorp, Inc.'s Board of Directors, changes the rules for exercising stock options under the company's 1996 Long-Term Incentive and Capital Accumulation Plan. Now, options can only be exercised during the periods when directors, Section 16 Officers, and key employees are allowed to trade company securities under the company's Insider Trading Policy, unless the Committee decides otherwise. This ensures compliance with federal securities laws and aligns option exercise periods with insider trading restrictions.
Exhibit 10.5
BSB Bancorp, Inc.
AMENDMENT TO SECTION 8.03(d)
OF
1996 LONG-TERM INCENTIVE AND CAPITAL ACCUMULATION PLAN
RESOLVED, that with respect to all options previously granted to any individual and to all options granted in the future to any individual, the period in which options may be exercised shall be that period established as the permissible time period for directors, Section 16 Officers and key employees of the Company or its subsidiaries to trade in the Company’s securities under the Company’s Insider Trading Policy for federal securities law, unless the Committee shall determine otherwise.
The amendment to Section 8.03(d) was duly adopted and approved by the Board of Directors of BSB Bancorp, Inc. by resolution at a meeting held on the 25th day of November 2002.
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| /s/ LARRY G. DENNISTON |
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| Larry G. Denniston |
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