First Amendment to Warwick Community Bancorp, Inc. Employee Stock Ownership Plan

Summary

This amendment updates the Warwick Community Bancorp, Inc. Employee Stock Ownership Plan, effective January 1, 1997. It changes the rules for lump-sum payouts to employees with small account balances upon leaving the company, adjusts contribution requirements for certain employees in top-heavy years, and sets a new vesting schedule for participants during those years. All other terms of the original plan remain unchanged. The amendment is signed by company officers.

EX-10.31 8 d1232010.txt MATERIAL CONTRACTS Exhibit 10.31 FIRST AMENDMENT TO THE WARWICK COMMUNITY BANCORP, INC. EMPLOYEE STOCK OWNERSHIP PLAN Pursuant to section 16.1 of the Warwick Community Bancorp, Inc. Employee Stock Ownership Plan ("Plan"), the Plan is hereby amended as follows, effective as of January 1, 1997: 1. ARTICLE XIII - Effective as of January 1, 1997, section 13.3, of the Plan shall be amended by adding the following clause to the end of section 13.3(a)(i): PROVIDED, HOWEVER, that if termination of employment occurs prior to January 1, 1998 and the total vested balance credited to his Account at termination of employment is $3,500 or less, or if termination of employment occurs after December 31, 1998 and the total vested balance credited to his Account at termination of employment is $5,000 (or such higher amount as may be prescribed by law) or less, his entire vested interest in his Account shall be paid to him in a single lump sum as soon as practicable after termination of employment. 2. ARTICLE XVII - Effective as of January 1, 1997, section 17.8 of the Plan shall be amended by adding the following sentence at the end of subsection (a): Notwithstanding any provision to the contrary, the contribution to be made for any Participant (other than a Key Employee) under the first sentence of this section 17.8(a) shall be made regardless of whether the Participant has less than 1,000 Hours of Service in such Top Heavy Plan Year and regardless of such Participant's level of compensation. 3. ARTICLE XVII - Effective as of January 1, 1997, section 17.8 of the Plan shall be amended by adding a new subsection (c) to read in its entirety as follows: (c) Notwithstanding any provision to the contrary, for any Top Heavy Plan Year, the vesting schedule for each Participant who has one or more Hours of Service after the Plan becomes Top Heavy shall be as follows for all Accounts which have not been forfeited: YEARS OF VESTED VESTING SERVICE PERCENTAGE - -------------------------------------------------------------------- 2 20% 3 40% 4 60% 5 80% 6 100% Page 1 of 2 4. In all other respects, the Plan shall continue in effect in accordance with its terms. WARWICK COMMUNITY BANCORP, INC. By:/s/ Timothy A. Dempsey ---------------------------- Timothy A. Dempsey Chairman of the Board and Chief Executive Officer Attest: By:/s/ Nancy Sobotor-Littell ------------------------------------ Nancy Sobotor-Littell Corporate Secretary and Director Page 2 of 2