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EXHIBIT
10.26
MANDATORY DISTRIBUTION
AMENDMENT
(Code Section
401(a)(31)(B))
ARTICLE
I
APPLICATION OF
AMENDMENT
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Effective
Date . Unless a later
effective date is specified in Article III of this Amendment, the
provisions of this Amendment will apply with respect to
distributions made on or after March 28, 2005.
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Precedence . This Amendment supersedes any inconsistent
provision of the Plan.
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ARTICLE
II
DEFAULT PROVISION: AUTOMATIC
ROLLOVER
OF AMOUNTS OVER
$1,000
Unless the
Employer otherwise elects in Article III of this Amendment, the
provisions of the Plan concerning mandatory distributions of
amounts not exceeding $5,000 are amended as follows:
In the event of
a mandatory distribution greater than $1,000 that is made in
accordance with the provisions of the Plan providing for an
automatic distribution to a Participant without the Participant's
consent, if the Participant does not elect to have such
distribution paid directly to an “eligible retirement
plan” specified by the Participant in a direct rollover (in
accordance with the direct rollover provisions of the Plan) or to
receive the distribution directly, then the Administrator shall pay
the distribution in a direct rollover to an individual retirement
plan designated by the Administrator.
ARTICLE
III
EMPLOYER’S ALTERNATIVE
ELECTIONS
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3.1
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(
)
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Effective Date of Plan
Amendment
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This Amendment
applies with respect to distributions made on or after
_____________(may be a date later than March 28, 2005, only if the
terms of the Plan already comply with Code Section
401(a)(31)(B)).
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