AMENDMENT TO
M.D.C. HOLDINGS, INC. 401(k) SAVINGS PLAN
WHEREAS, M.D.C. Holdings, Inc. and Richmond Homes, Inc. I (hereinafter
referred to as the "Employer") established the M.D.C. Holdings, Inc. 401(k)
Savings Plan (hereinafter referred to as the "Plan") effective January 1,
1992 for the benefit of its eligible Employees and their Beneficiaries; and
WHEREAS, the Employer reserved the right to amend the Plan under the terms
thereof; and
WHEREAS, the Employer now desires to amend the Plan and restate its
provisions to comply with the requirements of the Tax Reform Act of 1986 (TRA
'86), the Omnibus Budget Reconciliation Act of 1986 (OBRA '86), and the
Unemployment Compensation Amendment of 1992 (UCA '92) if applicable;
NOW THEREFORE, the Plan is hereby amended and restated in its entirety
effective January 1, 1993 except as follows:
1. Effective on January 1, 1993, the provisions relating to Direct Rollovers
shall be added to the Plan as governed by the terms of Article VI-A of the
Plan attached hereto.
2. Effective January 1, 1994, the provisions relating to Serious Financial
Hardships of other than elective deferrals shall be limited to once every
twelve consecutive months, as further described in Article X of the Plan
attached hereto.
3. Effective January 1, 1994, the provisions relating to Matching
Contributions shall be amended and governed by the terms of Article IV of
the Plan attached hereto.
4. Effective January 1, 1994, the provisions relating to Service and
Eligibility shall be amended and governed by the terms of Articles II and
III respectively of the Plan attached hereto.
5. The terms of the Plan as heretofore set forth shall no longer apply with
respect to Participants under the Plan who have not terminated employment
(including terminations on account of Retirement, death or Disability); and
the terms of the Plan with respect to such Participants shall henceforth be
as set forth in the M.D.C. Holdings, Inc. 401(k) Savings Plan, a copy of
which is attached to and forms a part of this amendment.
6. The Plan and Trust as amended and restated, shall represent a continuation
of the prior Plan and Trust as heretofore set forth and shall not abridge
or curtail any rights accorded to Participants under said prior instrument.
WHEREAS, M.D.C. Holdings, Inc. and Richmond Homes, Inc. I (hereinafter referred
to as the "Employer") established the M.D.C. Holdings, Inc. 401(k) Savings Plan
(hereinafter referred to as the "Plan") effective January 1, 1992 for the
benefit of its eligible Employees and their Beneficiaries; and
WHEREAS, Richmond Homes, Inc. I established the Richmond Homes, Inc. I 401(k)
Savings Plan (hereinafter referred to as the "Prior Plan"), effective January 1,
1992 for the benefit of its eligible employees and their Beneficiaries; and
WHEREAS, the Employer reserved the right to amend the Prior Plan under their
terms thereof; and
WHEREAS, the Employer now desires to merge the assets and liabilities of the
Prior Plan thereby creating
the M.D.C. Holdings, Inc. 401(k) Savings Plan (hereinafter referred to as the
"Plan"); and
NOW THEREFORE, effective April 1, 1994, the Plan is amended as follows:
1. The terms of the Prior Plan as heretofore set forth shall no longer apply
with respect to Participants under the Prior Plan who have not terminated
employment (including terminations on account of retirement, death or
disability) and the terms of the Prior Plan with respect to such
Participants shall henceforth be as set forth in the M.D.C. Holdings, Inc.
401(k) Savings Plan, copies of which are attached to and form a part of
this amendment.
2. The M.D.C. Holdings, Inc. 401(k) Savings Plan shall represent a
continuation of the Prior Plan as heretofore set forth and shall not
abridge or curtail any rights or privileges accorded to Participants under
the Prior Plan.
3. The Employer does hereby adopt the Plan and agree to be bound by all of its
terms, conditions and amendments.
4. The Employer hereby transfers the assets of the Prior Plan attributable to
Participants in the Prior Plan to Group Annuity Contract GA-36104 and
M.D.C. Holdings, Inc. 401(k) Savings Plan.
IN WITNESS WHEREOF, the Employer, the Administrator and the Trustee have
hereunto affixed their signatures.
Executed at Denver, Colorado on December 30, 1994
M.D.C. HOLDINGS, INC.
/s/ Dana S. Halpin By: /s/ Paris G. Reece III
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Witness Paris G. Reece III
Title: Senior Vice President
Executed at Denver, Colorado on December 30, 1994
RICHMOND HOMES, INC. I
/s/ Dana S. Halpin By: /s/ Paris G. Reece III
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Witness Paris G. Reece III
Title: Vice President
Accepted this 30th day of December, 1994.
/s/ Dana S. Halpin By: /s/ Thomas M. Jenkins
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Witness Thomas M. Jenkins, Administrator
Accepted this _____ day of _____________, 19__.
By:
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Witness Trustee
Accepted this _____ day of _____________, 19__.
By:
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Witness Trustee
Accepted this _____ day of _____________, 19__.
By:
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Witness Trustee
Executed at ________________ on _______________, 19__
IMPORTANT NOTE
Neither Connecticut General Life Insurance Company nor any of its employees can
provide you with legal advice in connection with the execution of this document.
Prior to execution of this document, you should consult your attorney on whether
this document is appropriate for you.