Second Amendment to Carroll Community Bank Employee Stock Ownership Plan
This amendment, effective January 1, 2012, updates the Carroll Community Bank Employee Stock Ownership Plan to clarify the definition of "readily tradable on an established securities market" in compliance with IRS regulations. The change ensures the plan aligns with federal requirements. The amendment was executed by authorized officers of Carroll Community Bank on December 28, 2012.
Exhibit 10.1.1
SECOND AMENDMENT
TO
CARROLL COMMUNITY BANK
EMPLOYEE STOCK OWNERSHIP PLAN
EFFECTIVE JANUARY 1, 2011
WHEREAS, the Carroll Community Bank (the “Bank”) adopted the Carroll Community Bank Employee Stock Ownership Plan, effective January 1, 2011 (the “Plan”); and
WHEREAS, the Bank desires to amend the Plan to comply with Internal Revenue Code requirements;
NOW, THEREFORE, pursuant to the rights reserved in Section 13.3 of the Plan, the Plan is hereby amended below as follows:
Changes
Effective January 1, 2012, add the following sentence before the last sentence in Section 12.4:
“The term “readily tradable on an established securities market” means employer securities that are readily tradable on an established securities market within the meaning of Treas. Reg. Section 1.401(a)(35)-1(f)(5) for purposes of Code Section 401(a)(22).”
IN WITNESS WHEREOF, the duly authorized officers of the Bank have executed this Amendment on this 28th day of December, 2012.
