Amendment No. 4 to Employee Stock Ownership Plan of Wake Forest Federal Savings & Loan Association

Summary

This document is an amendment to the Employee Stock Ownership Plan (ESOP) of Wake Forest Federal Savings & Loan Association. It updates the rules regarding distributions to employees who leave the company, specifically addressing how account balances of $1,000 or less are handled. If a departing employee's vested account balance is $1,000 or less, they will receive a full distribution of the vested amount, and any nonvested portion will be forfeited. The amendment was approved by the Board of Directors and signed by the company's president.

EX-10.4(E) 2 b408471ex10_4e.txt EXHIBIT 10.4(E) Exhibit 10.4(e) ------------------------------------------- EMPLOYEE STOCK OWNERSHIP PLAN AMENDMENT NO. 4 OF WAKE FOREST FEDERAL DOCUMENT: WA01 ###-###-#### SAVINGS & LOAN ASSOCIATION DRAFT DATE: 08/02/05 Adopted on December 6, 1995 BOARD OF DIRECTORS Effective on April 3, 1996 APPROVAL DATE: AUGUST 15, 2005 -------------------- ------------------------------------------- AMENDMENT 1. ARTICLE XIII - Section 13.4(c) of the Plan shall be amended, effective as of March 28, 2005, to read in its entirety as follows: If an Employee terminates service, and the value of the Employee's vested Account balance is not greater than $1,000, the Employee will receive a distribution of the value of the entire vested portion of such Account balance and the nonvested portion will be treated as a Forfeiture. If an Employee would have received a distribution under the preceding sentence but for the fact that the Employee's vested Account balance exceeded $1,000 when the Employee terminated Service and if at a later time such Account balance is reduced such that it is not greater than $1,000, the Employee will receive a distribution of such Account balance and the nonvested portion will be treated as a Forfeiture. For purposes, of this section, if the value of an Employee's vested Account balance is zero, the Employee shall be deemed to have received a distribution of such vested Account balance. IN WITNESS WHEREOF, this Amendment has been executed by the undersigned officer of Wake Forest Federal Savings & Loan Association pursuant to authority given by resolution of the Board of Directors. WAKE FOREST FEDERAL SAVINGS & LOAN ASSOCIATION By: /s/ Robert C. White ---------------------------------- Name: Robert C. White Title: President