First Amendment to Security Pacific National Bank Trust Agreement for Charles Schwab Profit Sharing and Employee Stock Ownership Plan

Summary

Charles Schwab & Co., Inc. and Security Pacific National Bank have amended their trust agreement for the Charles Schwab Profit Sharing and Employee Stock Ownership Plan. Effective January 1, 1992, the amendment changes how cash dividends from employer securities are handled, requiring the trustee to reinvest these dividends in additional employer shares at its discretion. The amendment was executed on December 20, 1991, by both parties.

EX-10.101 3 exh10_101.txt EXHIBIT 10.101 EXHIBIT 10.101 FIRST AMENDMENT TO THE SECURITY PACIFIC NATIONAL BANK TRUST AGREEMENT FOR THE CHARLES SCHWAB PROFIT SHARING AND EMPLOYEE STOCK OWNERSHIP PLAN The "Security Pacific National Bank Trust Agreement for the Charles Schwab Profit Sharing and Employee Stock Ownership Plan," which was amended and restated in its entirety effective November 1, 1990, is hereby further amended, effective January 1, 1992, as follows: By DELETING Section 5.05(c) and SUBSTITUTING therefor the following: (c)Cash dividends received on any Employer Securities held as part of the Plan shall be invested as soon as possible in additional shares of Employer Securities which shall be purchased at such prices, in such amounts, in such manner, at such times and through such broker-dealer as the Trustee may determine in its absolute and uncontrolled discretion. Executed by the Employer and Trustee on December 20, 1991. CHARLES SCHWAB & CO., INC. By: /s/ Charles R. Schwab Its: Chairman and CEO SECURITY PACIFIC NATIONAL BANK By: /s/ Mary Lau Its: Assistant Vice President