PROFIT SHARING PLAN
SUMMARY OF PLAN PROVISIONS
ACCOUNTING, EFFECTIVE DATE AND OTHER DATA
EMPLOYER'S NAME First National Bank of Berwick
ADDRESS 111 West Front Street, Berwick, PA 18603
EFFECTIVE DATE November 1, 1985
RESTATED DATE January 1, 1987
TAX YEAR END December 31
PLAN YEAR END December 31
PLAN NUMBER 002
TRADE OR BUSINESS Banking
YEAR END December 31
REQUIREMENT 1 year(s) of service.
REQUIREMENT The minimum age requirement is 21.
CONTRIBUTIONS A participant shall be eligible to receive an
allocation of the employer contributions for a
plan year if the following conditions are met:
The participant must be employed on the last
day of the plan year.
The participant must complete 1,000 hours of
service during the plan year unless the plan
is top-heavy for such plan year.
DEFINITION OF COMPENSATION
Compensation shall mean W-2 earnings.
Compensation shall mean the amount which is actually paid to the participant during the plan year.
Compensation shall include employer contributions made pursuant to a salary reduction agreement which is not
includible in the gross income of the employee under Sections 125, 402(a)(8), 402(h) or 403(b) of the Code.
This definition of compensation shall be effective as of January 1, 1987.
Compensation shall be taken into account for the entire period in which the employee becomes a participant.
These requirements shall not apply if the