Amendment No. Seven to Westcorp Employee Stock Ownership Plan and Salary Savings Plan (Effective January 1, 2004)

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment, adopted by the Administrative Committee of Westcorp's Employee Stock Ownership Plan and Salary Savings Plan, updates the plan's definition of "Entry Date" to mean the first day of each calendar month. The change is effective as of January 1, 2004, and is intended to benefit eligible employees and their beneficiaries by clarifying when employees can enter the plan. The amendment was approved by the committee on December 18, 2003.

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EX-10.10.7 5 a95909exv10w10w7.txt EXHIBIT 10.10.7 EXHIBIT 10.10.7 WESTCORP EMPLOYEE STOCK OWNERSHIP PLAN AND SALARY SAVINGS PLAN (As Amended and Restated Effective as of January 1, 2001) AMENDMENT NO. SEVEN WHEREAS, WESTCORP, a California corporation (the "Company") established the Westcorp Employee Stock Ownership Plan and Salary Savings Plan (the "Plan"), effective as of January 1, 1975, for the benefit of its eligible employees and their beneficiaries; and WHEREAS, the Company adopted the 2001 Restatement of the Plan effective as of January 1, 2001 and the Plan was amended thereafter on six separate occasions; and WHEREAS, Section 17.1 of the Plan gives the Administrative Committee of the Plan the authority to amend the Plan; and WHEREAS, the Administrative Committee has determined that it is in the best interest of the Plan's participants and their beneficiaries that the Plan be amended as set forth herein. NOW, THEREFORE, pursuant to resolutions adopted by the Plan's Administrative Committee, the Plan is hereby amended effective as of January 1, 2004 as follows: Section 2.26 is hereby amended in its entirety to read as follows: "2.26 Entry Date. "Entry Date" shall mean the 1st day of each calendar month." IN WITNESS WHEREOF, the Administrative Committee of the Westcorp Employee Stock Ownership Plan and Salary Savings Plan has adopted this Amendment No. Seven on the 18th day of December, 2003. ADMINISTRATIVE COMMITTEE OF THE WESTCORP EMPLOYEE STOCK OWNERSHIP PLAN AND SALARY SAVINGS PLAN By: -------------------------------------- Shaunna Monticelli, Chairman Administrative Committee Westcorp Employee Stock Ownership Plan and Salary Savings Plan