EXHIBIT 10(c)(3)
AMENDMENT TO THE 1ST SOURCE CORPORATION
EMPLOYEES' PROFIT SHARING PLAN AND TRUST
AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 1989
WHEREAS, 1ST SOURCE CORPORATION, (hereinafter referred to as the
"Sponsoring Employer") previously adopted the 1st Source Corporation Employees'
Profit Sharing Plan and Trust (hereinafter referred to as the "Plan"); and
WHEREAS, the Plan allows for its amendment under Section 12.03 of the Plan;
and
WHEREAS, the Sponsoring Employer desires to amend the Plan as indicated
herein.
NOW, THEREFORE, the Sponsoring Employer hereby amends the Plan effective as
of the dates indicated as follows:
1. Effective January 1, 1998, all references in the Plan (including Section
6.03A) which mention a $3,500 dollar amount in regard to making a
distribution of Participants' Accrued Benefits without the consent of the
Participant or the Participant's spouse shall be changed to $5,000 (or such
other dollar amount as may be provided from time to time under Code 411
(a)(11)(A)).
2. Effective January 1, 1998, Section 4.02B(1) is amended by restating such
paragraph as follows:
4.02B(1) Commencement of Benefits: Except as provided below, and
notwithstanding anything contained herein to the contrary, any benefits to
which a Participant is entitled shall be distributed or commence to be
distributed, no later than the first day of April following the calendar
year in which the later of the following two events occur:
(a) Such individual attains age 70-1/2, or
(b) If later, date of actual retirement (termination of employment) by the
Participant. Provided, further, if a Participant who is still employed
by the Employer has begun to receive his or her benefits, such
Participant if not currently or previously a "five percent (5%) owner"
(as defined in Section 416(I) of the Code) while receiving
distributions (and subject to reasonable procedures adopted by the
Plan Administrator from time to time) may elect to discontinue
distribution until actual retirement (termination of employment).
Provided, however, any five percent (5%) owner (as defined in Section
416(I) of the Code) shall be required to have his or her benefits
distributed or commenced to be distributed no later than the first day of
April following the calendar year in which such individual attains age
70-1/2 without regard to the actual date of retirement and without regard
to anything in this Plan to the contrary.
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The distribution rules contained in this Section 4.02B(1) shall not apply
to a Participant who has executed a designation prior to January 1, 1984,
in accordance with Section 242(b) of the Tax Equity and Fiscal
Responsibility Act of 1982.
All distributions hereunder shall be in accordance with Code section
401(a)(9)(C), as amended from time to time, and valid regulations
thereunder, which are incorporated hereby by this reference.
3. Effective December 12, 1994, Section 13.07 is added as follows:
13.07 MILITARY SERVICE CREDIT.
a. Notwithstanding any provision of this Plan to the contrary,
contributions, benefits and service credit with respect to qualified
military service will be provided in accordance with Section 414(u) of
the Internal Revenue Code.
b. With respect to Participants who have loans outstanding under Article
VII hereof who join the military service, loan repayments for such
Participants may be suspended by the Plan Administrator under this
Plan to the extent permitted under Section 414(u) of the Internal
Revenue Code.
4. Except as hereby amended, the Plan as currently in existence is hereby
reaffirmed in its entirety. However, these amendments shall be effective
only to the extent that each one is in compliance with the requirements of
the Code and ERISA. To the extent that any of the foregoing amendments are
determined to cause the Plan not to qualify under applicable Code or ERISA
provisions, then any such amendment causing such disqualifications shall be
considered void to the extent necessary to have this Plan continue to be
qualified under applicable Code and ERISA requirements.
1ST SOURCE CORPORATION - "Sponsoring Employer"
By: /s/ Larry E. Lentych
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Title: C.F.O.
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Date: 7/20/99
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