Exhibit 10.1
AMENDMENT
TO
THE
PRESIDENTIAL REALTY CORPORATION
DEFINED BENEFIT PLAN
As Amended and Restated Effective
January 1, 1997
WHEREAS , the Presidential Realty Corporation (the
“Employer”) sponsors a defined benefit pension plan
known as the Presidential Realty Corporation Defined Benefit Plan;
(the “Plan”); and
WHEREAS, under the terms of the Plan, the Employer has
the ability to amend the Plan; and
WHEREAS, the Employer desires to amend the Plan to freeze
all future benefit accruals under the terms of the Plan effective
February 28, 2009, and in conjunction therewith, freeze
participation in the Plan for any Eligible Employee who has not
become a Participant prior to February 28, 2009; and
WHEREAS, the Employer also desires to freeze
participation with respect to any Former Participant who may become
reemployed following termination of employment or otherwise regain
the status of Eligible Employee; however, Years of Service for
vesting purposes may continue to accrue for such Employee, subject
to the Plan’s Break in Service rules;
NOW, THEREFORE, effective as of February 28, 2009, the Employer
hereby amends the Plan to provide as follows:
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Section 1.9 of
Article I, the definition of “Average Monthly
Compensation”, is amended by adding the following new
paragraph, to be placed at the end of such Section:
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“In
conjunction with the freezing of benefit accruals effective
February 28, 2009, in no event will a Participant’s
Compensation earned after February 28, 2009 be considered in the
determination of his Average Monthly
Compensation.”
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Section 1.40,
Article I, the definition of “Plan Year of Service”, is
amended by adding the following new paragraph, to be placed at the
end of such Section:
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“Effective February 28, 2009, all future
benefit accruals under the Plan shall be frozen, and periods of
employment after such date shall not be considered in the
determination of a Participant’s Plan Years of Service under
the Plan.”
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3. Section
3.1 of Article III, entitl
