Amendment No. 1 to Insignia Financial Group, Inc. 401(k) Restoration Plan

Summary

This amendment, effective June 1, 2000, modifies the Insignia Financial Group, Inc. 401(k) Restoration Plan. It allows executives to suspend their deferral elections for the remainder of the plan year, meaning they can stop future contributions for that year. After suspending, they cannot make new deferral elections under this plan for the rest of the year, but they may still change their elections under the company's standard 401(k) plan, following its rules. The amendment is executed by the company and signed by an executive vice president.

EX-10.3(K) 7 file006.txt 401(K) RESTORATION PLAN AMENDMENT NO. 1 INSIGNIA FINANCIAL GROUP, INC. 401(K) RESTORATION PLAN Amendment No. 1 Pursuant to Section 21, the Plan is hereby amended, effective June 1, 2000, by adding to the end of the last sentence in the second paragraph of Section 4, the following new clause and additional sentence: provided that an Executive may terminate an election for the balance of the Plan Year for the purpose of suspending all future deferrals for such Plan Year. Following such a suspension, an Executive may not elect subsequent deferrals under this Plan for the balance of the Plan Year but shall be free to change any election under the Company's 401(k) plan pursuant to the terms of the 401(k). IN WITNESS WHEREOF, the Company has executed this plan amendment as of June 1, 2000. Dated INSIGNIA FINANCIAL GROUP, INC. ---------------------- By /s/ Adam B. Gilbert -------------------------------- Title Executive Vice-President -------------------------------