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