Exhibit 10.2
PONCE BANK
EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(k) PROVISIONS
Amendment Number One
This Amendment (this “Amendment”) to the Ponce Bank Employee Stock Ownership Plan with 401(k) Provisions (the “Plan”) is made by Ponce Bank (the “Bank”), effective January 1, 2021.
WHEREAS, the Bank maintains the Plan; and
WHEREAS, the Bank wishes to amend the Plan to provide that only participants who have completed least three years of service may direct that all or any portion of their Company Stock Account (as defined in the Plan) be converted to cash and reinvested in the other investment options then available under the Plan; and
WHEREAS, the Bank is permitted to amend the Plan pursuant to Section 15.1 thereof.
NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended as follows, effective as of January 1, 2021:
“A Participant who has completed at least three (3) Years of Service, a Beneficiary of a deceased Participant, or an alternate payee under a Qualified Domestic Relations Order who has an account under the Plan with respect to a Participant who has completed at least three (3) Years of Service may direct that all or any portion of the Company Stock Account be converted to cash and reinvested in the other investment options then available under the Plan.”
[Signature Page to Follow]
IN WITNESS WHEREOF, this Amendment has been executed by the Bank’s duly authorized officer on the date set forth below.
|
| PONCE BANK EMPLOYEE STOCK OWNERSHIP PLAN WITH 401(k) PROVISIONS | ||
5/25/2021 |
| By: |
| /s/Carlos Naudon |
Date |
| Name |
| Carlos Naudon |
|
| Title: |
| President/ CEO |
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