Document:

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                         PROFIT INCENTIVE BONUS PLAN
                                       OF
                            HUDSON CITY SAVINGS BANK

        AMENDMENT

1.   Article I - A new section 1.16 shall be inserted and the existing section
     1.16 shall be renumbered section 1.17 with all sections and
     cross-references renumbered accordingly, the new section 1.16 shall read in
     its entirety as follows:

      1.16 "CORPORATE INSIDER" means any person who is required to file reports
          with the Securities and Exchange Commission with respect to Shares of
          Hudson City Bancorp, Inc. pursuant to section 16 of the Securities
          Exchange Act of 1934, as amended.

2.   Article I - A new section 1.18 shall be inserted and the existing section
     1.18 shall be renumbered section 1.19 with all sections and
     cross-references renumbered accordingly, the new section 1.18 shall read in
     its entirety as follows:

      1.18 "DISCRETIONARY TRANSACTION" means a transaction pursuant to this Plan
          or any other employee benefit plan maintained by the Bank or any
          affiliate of the Bank that: (a) is effected at the volition of a
          Corporate Insider; (b) results, directly or indirectly, in the
          acquisition or disposition of beneficial ownership of Shares by the
          Corporate Insider; (c) is not made in connection with the death,
          disability, retirement or termination of employment of the Corporate
          Insider; (d) is not required to be made available to the Corporate
          Insider pursuant to any provision of the Code applicable to the Plan;
          and (e) results in either intra-plan transfer involving Shares or an
          investment fund which invests in Shares or a cash distribution or loan
          funded by a volitional disposition of Shares or a beneficial interest
          in Shares.

3.   Article I - A new section 1.23 shall be inserted and the existing section
     1.23 shall be renumbered section 1.24 with all sections and
     cross-references renumbered accordingly, the new section 1.24 shall read in
     its entirety as follows:

      1.23 "EMPLOYER STOCK FUND" means an Investment Fund the purpose of which
          is to invest primarily in Shares.

4.   Article I - Section 1.30 shall be amended by deleting the first appearance
     of the word "and" and inserting the phrase "and the Employer Stock Fund"
     before the word "described".

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5.   Article I - A new section 1.47 shall be inserted and the existing section
     1.47 shall be renumbered section 1.48 with all sections and
     cross-references renumbered accordingly, the new section 1.47 shall read
     in its entirety as follows:

     1.47 "SHARE" means a share of common stock, par value $.01, of Hudson City
          Bancorp, Inc.

6.   Article IV - Section 4.01 shall be amended by adding new subsections (b)
     and (c) to read in their entirety as follows:

     (b)  If, on or before September 30, 1999, the Bank consummates a
          transaction whereby it becomes a wholly owned subsidiary of a
          corporation which issues stock to the public, the Bank Contributions
          for the Plan Year ending September 30, 1999 shall be an amount equal
          to the lesser of:

          (i)  An amount that shall not reduce the amount of Income Available
               for Surplus below $2,500 per $1,000,000 of Average Assets for the
               Plan Year, or

          (ii) the sum of (A) 10% of the Compensation while a Member during the
               period beginning October 1, 1998 and ending March 31, 1999 and
               (B) 5% of the Compensation while a Member during the period
               beginning April 1, 1999 and ending September 30, 1999 of each
               such Member in the Plan at the end of such Plan Year and each
               such Member whose death, Disability of Retirement shall have
               occurred during the Plan Year,

          but not exceeding the maximum amount which would be deductible by the
          Bank for income tax purposes under the provisions of Section 404 of
          the Code. Notwithstanding the foregoing, the Board may, in its
          discretion, waive the limitation under clause (i) for any Plan Year in
          which it finds that there have been extraordinary charges against
          income, including, but not limited to, nonrecurring expenses and
          losses realized from the sales of securities, and may also, upon such
          finding, direct that Bank Contributions for such Plan Year be paid
          from accumulated earnings of the Bank.

     (c)  If, on or before the last day of any Plan Year that begins after
          September 30, 1999, the Bank has consummated a transaction whereby it
          has become a wholly owned subsidiary of a corporation which issues
          stock to the public, the Bank Contributions for any Plan Year shall be
          an amount equal to the lesser of:

          (i)  An amount that shall not reduce the amount of Income Available
               for Surplus below $2,500 per $1,000,000 of Average Total Assets
               for the Plan Year, or

          (ii) 5% of the Compensation while a Member during such Plan Year, of
               each such Member in the Plan at the end of such Plan Year and
               each such Member whose death, Disability or Retirement shall have
               occurred during such Plan Year,

          but not exceeding the maximum amount which would be deductible by the
          Bank for income tax purposes under the provisions of Section 404 of
          the Code.

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          Notwithstanding the foregoing, the Board may, in its discretion, waive
          the limitation under clause (i) above for any Plan Year in which it
          finds that there have been extraordinary charges against income,
          including, but not limited to, nonrecurring expenses and losses
          realized from the sales of securities, and may also, upon such
          finding, direct that the Bank Contributions for such Plan Year be paid
          from accumulated earnings of the Bank.

7.   Article IV - Section 4.03 shall be amended to read in its entirety as
     follows:

     4.03 PAYMENT OF BANK CONTRIBUTIONS

     Subject to an election made by a Member pursuant to Section 4.04, the Bank
     Contributions for any Plan Year shall be paid to the Trust Fund as of the
     September Valuation Date for such Plan Year but before the due date of the
     Bank's Federal income tax return for such year, including any extensions
     thereof except for the Bank Contributions made pursuant to Section
     4.01(b)(ii)(A) which shall be paid to the Trust Fund on May 31, 1999. These
     amounts shall be credited to the accounts of Members pursuant to Article V.

8.   Article IV - Section 4.04(a) shall be amended to read in its entirety as
     follows:

     (a)  Subject to Section 4.07 and paragraph (b) below, each Member shall be
          entitled to elect to receive in cash up to 50% (in multiples of 10%)
          of his allocation of Bank Contributions for any Plan Year except in
          the case of Bank Contributions made pursuant to Sections 4.01(b) and
          4.01(c) in which case each Member shall be entitled to elect to
          receive in cash up to 100% (in multiples of 10%) of such allocation.
          An election pursuant to this Section 4.04 shall be made by filing
          notice, in the form and manner prescribed by the Plan Administrator,
          on or before August 15th of the Plan Year for which it is to be
          effective. Any such election may be changed or revoked by further
          notice given, in the form the manner prescribed by the Plan
          Administrator, on or before August 15th of such Plan Year, but not
          thereafter, except as provided in Section 4.07(a). Payments to Members
          pursuant to such an election shall be made as promptly following the
          end of such Plan Year as practicable, and in no event later than 2 1/2
          months after the close of the Plan Year. Notwithstanding the
          foregoing, in the case of Bank Contributions made pursuant to Section
          4.01(b)(ii)(A), an election pursuant to this Section 4.04 shall be
          made by filing notice, in the form and manner prescribed by the Plan
          Administrator, on or before May 31, 1999 and any such election may be
          changed or revoked by further notice given before such date, but not
          thereafter, except as provided in Section 4.07(a). Payments to Members
          pursuant to an election regarding Bank Contributions made pursuant to
          Section 4.01(b)(ii)(A) shall be made no later that June 15, 1999. If a
          Member fails to make an election pursuant to this Section 4.04(a) for
          any Plan Year, the Plan Administrator shall act as if the Member had
          not elected to receive a cash payment.

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9.   Article IV -- Section 4.09(a) shall be amended to read in its entirety as
     follows:

     (a)  No amount shall be allocated to a Member's Accumulated Share for any
          Plan Year commencing on or after January 1, 1987 to the extent that
          such allocation, when added to the Member's annual addition for that
          Plan Year under any other qualified defined contribution plan of the
          Bank or an Affiliated Company, would result in an annual addition of
          an amount greater than the lesser of (1) $30,000 (or one-quarter of
          the dollar limitation in effect under Section 415(b)(1)(A) of the
          Code, if greater) or (ii) 25% of the Member's aggregate remuneration.
          For purposes of this Section 4.09, the term "annual addition" with
          respect to each Member under this Plan or any other qualified defined
          contribution plan maintained by the Bank or an Affiliated Company
          means the sum for any Plan Year of:

                    (i) all contributions by the Bank and Affiliated Companies
                    (including contributions made under a salary reduction
                    agreement pursuant to sections 401(k), 408(k) or 403(b) of
                    the Code) under any qualified defined contribution plan
                    maintained by the Bank or any Affiliated Company, as well as
                    the Member's allocable share, if any, of any forfeitures
                    under such plans; plus

                    (ii)(A) for Plan Years that begin prior to January 1, 1987,
                    the lesser of (I) one-half of all nondeductible voluntary
                    contributions under any other qualified defined contribution
                    plan (whether or not terminated) maintained by the Bank or
                    any Affiliated Company, or (II) the amount of the
                    nondeductible voluntary contributions under a qualified
                    defined contribution plan (whether or not terminated)
                    maintained by the Bank or Affiliated Company in excess of 6%
                    of such Member's Statutory Compensation; and (B) for Plan
                    Years that begin after December 31, 1986, the sum of all of
                    the nondeductible voluntary contributions under any other
                    qualified defined contribution plan (whether or not
                    terminated) maintained by the Bank and all Affiliated
                    Companies,

               that have been allocated to the Member's Accumulated Share under
               this Plan or his accounts under any other such qualified defined
               contribution plan. Any Elective Bank Contributions or Personal
               Contributions which may have been distributed from the Plan under
               the provisions of Section 4.07 shall be included in the annual
               addition for the year allocated.

               Notwithstanding the foregoing, if, for any Limitation Year, the
               aggregate amount of employer contributions under a tax-qualified
               employee stock ownership plan of the Bank or any Affiliated
               Company that are allocated directly to the accounts of
               individuals who are Highly Compensated Employees for that
               Limitation Year plus such Highly Compensated Employees' allocable
               shares of any employer contributions applied to the repayment of
               a securities acquisition loan for such Limitation Year does not
               exceed one-third of the aggregate of such employer contributions
               for all participating employees for such Limitation Year, Annual
               Additions shall not include any employer contributions used to
               pay interest on a securities

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          acquisition loan or any forfeitures of employer securities purchased
          with the proceeds of a securities acquisition loan for such Limitation
          Year.

10.  Article V - Section 5.02 shall be amended by replacing the "." at the end
     thereof with the phrase ", except in the case of Bank Contributions
     made pursuant to Sections 4.01(b) and 4.01(c) which shall be credited
     entirely to a Member's Optional Account.".

11.  Article V - Section 5.03 shall be amended by replacing the "." at the end
     thereof with the phrase ", except for Bank Contributions made pursuant to
     Sections 4.01(b) and 4.01(c) which shall be credited to a Member's Optional
     Account in their entirety.".

12.  Article VII - Section 7.02 shall be amended to read in its entirety as
     follows:

     7.02  THE INVESTMENT FUNDS

     The Trust Fund shall consist of the Savings Fund, the Equity Fund, the
     Intermediate Bond Fund (effective as of July 1, 1994) and the Employer
     Stock Fund (effective as of the date of the completion of the transaction
     whereby the Bank becomes a wholly owned subsidiary of Hudson City Bancorp,
     Inc.), each of which shall be administered and invested by the Trustee in
     accordance with the provisions of the Plan and the Trust Agreement. The
     Trust Agreement shall specify the types of investments which the Trustee is
     authorized to make in the respective Investment Funds (or such other funds,
     hereinafter provided for) to which reference should be made for a complete
     description thereof. For identification purposes only, the Investment Funds
     will consist primarily of:

     (a)  The Equity Fund: common stocks and investments convertible into common
          stocks and stock of regulated investment companies and mutual funds
          which themselves invest primarily in common stocks and investments
          convertible into common stocks;

     (b)  The Savings Fund: savings accounts and time or other interest bearing
          deposits in mutual savings banks, including the Bank;

     (c)  The Intermediate Bond Fund: U.S. government and corporate fixed-income
          securities of varying maturities; and

     (d)  The Employer Stock Fund: Shares of Hudson City Bancorp, Inc.

     The Trustee is also authorized to invest any amounts held or received by it
     in any one or more of the Investment Funds, in short term obligations of
     the U.S. Government, or agencies thereof, or in short term corporate
     obligations or to retain uninvested, or sell investments to provide,
     amounts of cash required for the purposes of any such Fund. The Trust Fund
     shall also contain, in addition to or in place of one or more of the
     Investment Funds described above, such other Investment Fund or Funds as
     may, from time to time, be requested by the Bank and agreed to by the
     Trustee.

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13.  Article IX - Article IX shall be renumbered as Article X with all section
     numbers and cross-references renumbered accordingly and a new Article IX
     shall be inserted to read in its entirety as follows:

                                   ARTICLE IX
                       INVESTMENTS IN EMPLOYER STOCK FUND

     9.01  IN GENERAL

           The provisions of this Article IX shall apply to the Employer Stock
     Fund and to any Member, Former Member or Beneficiary who has an interest in
     the Employer Stock Fund.

     9.02  RESTRICTIONS ON INVESTMENTS BY CORPORATE INSIDERS

           Investment directions, investment direction changes, transfers among
     investment funds, withdrawals during employment, distributions and loans
     made pursuant to the terms of the Plan shall be subject to the following
     restrictions:

               (a)  Any transfer among investment funds that results in an
           increase in the portion of a Corporate Insider's Accumulated Share
           that is invested in the Employer Stock Fund shall be given effect
           only if effected pursuant to an election made at least six months
           after the most recent prior election under this Plan or any other
           employee benefit plan of the Bank or any affiliate of the Bank that
           resulted in a Discretionary Transaction that constituted a
           disposition of beneficial ownership of Shares;

               (b)  Any transfer among investment funds that results in a
           decrease in the portion of a Corporate Insider's Accumulated Share
           that is invested in the Employer Stock Fund shall be given effect
           only if effected pursuant to an election made at least six months
           after the most recent prior election under this Plan or any other
           employee benefit plan of the Bank or any affiliate of the Bank that
           resulted in a Discretionary Transaction that constituted an
           acquisition of beneficial ownership of Shares;

               (c)  Any loan made under this Plan that is funded in whole or in
           part through a disposition of any portion of the Corporate Insider's
           interest in the Employer Stock Fund shall be made only if effected
           pursuant to an election made at least six months after the most
           recent prior election under this Plan or any other employee benefit
           plan of the Bank or any affiliate of the Bank that resulted in a
           Discretionary Transaction that constituted an acquisition of
           beneficial ownership Shares; and

               (d)  Any cash distribution from a Corporate Insider's Accumulated
           Share under the Plan (whether a withdrawal during service, a
           distribution following termination of service or other type of
           distributions that does not constitute a loan under the terms of the
           Plan) shall be made only if: (i) effected pursuant to an election
           made at least six months after the most recent

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     prior election under this Plan or any other employee benefit plan of the
     Bank or any affiliate of the Bank that resulted in a Discretionary
     Transaction that constituted an acquisition of Shares, or (ii)(A) not
     effected at the volition of the Corporate Insider, or (B) effected in
     connection with the Corporate Insider's death, disability, retirement or
     termination of employment, or (C) required to be made available to the
     Corporate Insider pursuant to any applicable requirement of the Code, or
     (D) effected pursuant to a domestic relations order described in section
     414(p) of the Code.

The restrictions set forth in this section 9.02 are intended to comply with the
requirements of Rule 16b-3 promulgated by the Securities and Exchange
Commission and shall be interpreted, applied and modified, in the discretion of
the Plan Administrator, to give effect to such intention.

9.03 COMPLIANCE WITH SECURITIES LAWS

     To the extent that the Plan Administrator may determine necessary,
appropriate or advisable for the purpose of securing compliance with applicable
federal, state or local laws, rules or regulations applicable to trading in
Shares, the Plan Administrator may restrict the making or implementation of
investment or transfer directions by any individual with respect to the Employer
Stock Fund to those periods of time when such individual would, under the
Bank's securities trading policy, be permitted to buy or sell Shares directly
for his own account. The Plan Administrator may refuse to implement any such
direction that would result in a transaction that would be prohibited under
such policy if engaged in outside of the Plan.

9.04 VOTING RIGHTS

     Each person with an interest in the Employer Stock Fund shall have the
right to participate confidentially in the exercise of voting rights
appurtenant to Shares held in the Employer Stock Fund; provided, however, that
such person has an interest in the Employer Stock Fund as of the most recent
Valuation Date coincident with or preceding the applicable record date for
which records are available. Such participation shall be achieved by completing
and filing with the inspector of elections, the Trustee or such other person
who shall be independent of the issuer of Shares as the Plan Administrator
shall designate, at least 10 days prior to the date of the meeting of holders
of Shares at which such voting rights will be exercised, a written direction in
the form and manner prescribed by the Plan Administrator. The inspector of
elections, the Trustee or such other person designated by the Plan
Administrator shall tabulate the directions given on a strictly confidential
basis, and shall provide the Plan Administrator with only the final results of
the tabulation. The final results of the tabulation shall be followed by the
Plan Administrator in directing the Trustee as to the manner in which such
voting rights shall be exercised. As to each matter in which the holders of
Shares are entitled to vote, a number of affirmative votes equal to the product
of:

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          (a)  the total number of Shares then held in the Employer Stock Fund
     as of the applicable record date; and

          (b)  a fraction, the numerator of which is the aggregate value (as of
     the Valuation Date coincident with or immediately preceding the applicable
     record date) of the interests in the Employer Stock Fund of all persons
     directing that an affirmative vote be cast, and the denominator of which is
     the aggregate value (as of the Valuation Date coincident with or
     immediately preceding the applicable record date) of the interests in the
     Employer Stock Fund of all persons directing that an affirmative vote or a
     negative vote be cast;

shall be cast. A number of negative votes equal to the excess of the total
number of Shares held in the Employer Stock Fund as of the applicable record
date, over the designated number of affirmative votes, shall be cast. The Plan
Administrator shall furnish, or cause to be furnished, to each person with an
interest in the Employer Stock Fund, all annual reports, proxy materials and
other information known to have been furnished by the issuer of Shares or by any
proxy solicitor, to the holders of Shares.

9.05 TENDER RIGHTS

     Each person with an interest in the Employer Stock Fund shall have the
right to participate confidentially in the response to a tender offer, or to any
other offer, made to the holders of Shares generally, to purchase, exchange,
redeem or otherwise transfer Shares; provided, however, that such person had an
interest in the Employer Stock Fund as of the Valuation Date coincident with or
immediately preceding the first day for delivering Shares or otherwise
responding to such tender or other offer. Such participation shall be achieved
by completing and filing with the inspector of elections, the Trustee or such
other person who shall be independent of the issuer of Shares as the Plan
Administrator shall designate, at least 30 days prior to the last day for
delivering Shares or otherwise responding to such tender or other offer, a
written direction in the form and manner prescribed by the Plan Administrator.
The inspector of elections, the Trustee or such other person designated by the
Plan Administrator shall tabulate the directions given on a strictly
confidential basis, and shall provide the Plan Administrator with only the final
results of the tabulation. The final results of the tabulation shall be followed
by the Plan Administrator in directing the Trustee as to the number of Shares to
be delivered. On the last day for delivering Shares or otherwise responding to
such a tender or other offer, a number of Shares equal to the product of:

          (a)  the total number of Shares then held in the Employer Stock Fund;
     and

          (b)  a fraction, the numerator of which is the aggregate value (as of
     the Valuation Date coincident with or immediately preceding the first day
     of delivering Shares or otherwise responding to such tender or other offer)
     of the interests in the Employer Stock Fund of all persons directing that
     Shares be delivered in response to such tender or other offer, and the
     denominator of which is the aggregate value (as of the Valuation Date
     coincident with or immediately preceding the first day for delivering
     Shares or otherwise

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     responding to such tender or other offer) of the interests in the Employer
     Stock Fund of all persons directing that Shares be delivered or that the
     delivery of Shares be withheld;

shall be delivered in response to such tender or other offer. Delivery of the
remaining Shares then held in the Employer Stock Fund shall be withheld. The
Plan Administrator shall furnish, or cause to be furnished, to each Member whose
Account is invested in whole or in part in the Employer Stock Fund, all
information concerning such tender or other offer furnished by the issuer of
Shares, or information furnished by or on behalf of the person making such
tender or other offer.

9.06 APPRAISAL RIGHTS

     Each person with an interest in the Employer Stock Fund shall have the
right to participate confidentially in the exercise of dissent and appraisal
rights appurtenant to Shares held in the Employer Stock Fund; provided, however,
that such person has an interest in the Employer Stock Fund as of the most
recent Valuation Date coincident with or preceding the applicable record date
for which records are available. Such participation shall be achieved by
completing and filing with the inspector of elections, the Trustee or such other
person who shall be independent of the issuer of Shares as the Plan
Administrator shall designate, at least 10 days prior to the date of the meeting
of holders of Shares at which such voting rights will be exercised, a written
direction in the form and manner prescribed by the Plan Administrator. The
inspector of elections, the Trustee or such other person designated by the Plan
Administrator shall tabulate the directions given on a strictly confidential
basis, and shall provide the Plan Administrator with only the final results of
the tabulation. The final results of the tabulation shall be followed by the
Plan Administrator in directing the Trustee as to the manner in which such
dissent and appraisal rights shall be exercised. As to each matter giving rise
to dissent and appraisal rights, the Plan Administrator shall direct the Trustee
to exercise such rights as to a number of Shares equal to:

          (a)  the total number of Shares then held in the Employer Stock Funds
     as of the applicable record date; and

          (b)  a fraction, the numerator of which is the aggregate value (as of
     the Valuation Date coincident with or immediately preceding the applicable
     record date) of the interests in the Employer Stock Fund of all persons
     directing that dissent and appraisal rights be exercised be cast, and the
     denominator of which is the aggregate value (as of the Valuation Date
     coincident with or immediately preceding the applicable record date) of the
     entirety of the Employer Stock Fund.

The Trustee shall not exercise dissent and appraisal rights with respect to the
remainder of the Shares held in the Employer Stock Fund. The Plan Administrator
shall furnish, or cause to be furnished, to each person with an interest in the
Employer Stock Fund, all annual reports, proxy materials and other information
known to have been furnished by the issuer of Shares or by any proxy solicitor,
to the holders of Shares with respect to availability, and consequences of
exercise, of dissent and appraisal rights.

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14.  Article X - A new section 10.07 shall be added and the existing section
     10.07 shall be renumbered section 10.08 will all section numbers and
     cross-references renumbered accordingly, such new section 10.07 shall read
     in its entirety as follows:

         10.07 DISTRIBUTION IN SHARES

               Subject to such terms and conditions as may be established from
     time to time by the Plan Administrator, the portion of any distribution
     that is attributable to the interest of a Member, Former Member or
     Beneficiary in the Employer Stock Fund shall, if the payment recipient so
     requests, be paid wholly or partially in Shares. In such event, the maximum
     number of Shares to be distributed shall be the number of whole Shares that
     could have been purchased with the Member's, Former Member's or
     Beneficiary's interest in the Employer Stock Fund on the basis of the value
     of such interest as of the Valuation Date for the distribution and the fair
     market value of a Share on such Valuation Date. Fair market value for this
     purpose shall be determined in such uniform and nondiscriminatory manner as
     the Plan Administrator may prescribe. Any remaining vested balance of the
     Member, Former Member or Beneficiary in the Employer Stock Fund shall be
     paid in cash or cash equivalents.

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                          PROFIT INCENTIVE BONUS PLAN
                                       OF
                            HUDSON CITY SAVINGS BANK

       AMENDMENT
       ---------

1.   ARTICLE 1 -- Effective as of September 30, 1999, Section 1.41 shall be
     amended in its entirety to read as follows:

          1.41   "QUARTER" means, for periods ending before October 31, 1999,
     the three month periods ending on the last day of December, March, June and
     September and, for periods ending on and after October 31, 1999, the three
     month periods ending on the last day of October, January, April and July.
     The period from October 1, 1999 through and including October 31, 1999
     shall be considered to be a Quarter.

2.   ARTICLE IV -- Effective as of September 30, 1999, Section 4.03 is amended
     to read in its entirety as follows:

          4.03   PAYMENT OF BANK CONTRIBUTIONS

                 Subject to an election made by a Member pursuant to Section
                 4.04, the Bank Contributions for any Plan Year shall be paid to
                 the Trust Fund before the due date of the Bank's Federal income
                 tax return for such year, including any extensions thereof
                 except for the Bank Contributions made pursuant to Section
                 4.01(b)(ii)(A) which shall be paid to the Trust Fund on May 31,
                 1999. The Bank Contributions shall be credited to Member's
                 accounts as of the Valuation Date on or next following the date
                 paid into the Trust Fund.

3.   ARTICLE IV -- Effective as of September 30, 1999, Section 4.04(a) shall be
     amended to add the following sentence at the end thereof:

     The Plan Administrator shall have the discretion to require elections to be
     made on or before a date other than August 15th of a Plan Year if it
     determines necessary or appropriate to comply with applicable securities
     laws.

4.   ARTICLE IV -- Effective as of September 30, 1999, Section 4.05 is amended
     by deleting "September Valuation Date" and substituting "October Valuation
     Date" therefor.

5.   ARTICLE VI -- Effective as of September 30, 1999, Section 6.03 is amended
     by deleting "September Valuation Date" and substituting "October Valuation
     Date" therefor.

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6.   Article VII - Effective as of September 30, 1999, the first sentence of
     Section 8.02(a) shall be amended in its entirety to read as follows:

     A Member may change his investment direction by filing a notice not less
     than ten days (or such other dates as are prescribed by the Plan
     Administrator from time to time) before any Valuation Date in the form and
     manner prescribed by the Plan Administrator, which notice may be rescinded
     (by written notice to the Plan Administrator) on or prior to the last date
     by which notices must be received.

7.   Article VIII - Effective as of September 30, 1999, the first sentence of
     Section 8.03(a) shall be amended in its entirety to read as follows:

     A Member may direct that multiples of 10% of the units in any Investment
     Fund be redeemed and the proceeds applied to the purchase for him of units
     in another Investment Fund or Funds, as the case may be, by filing a notice
     not less than ten days (or such other dates as are prescribed by the Plan
     Administrator from time to time) before any Valuation Date in the form and
     manner prescribed by the Plan Administrator, which notice may be rescinded
     (by written notice to the Plan Administrator) on or prior to the last date
     by which notices must be received.

8.   Article X - Effective as of September 30, 1999, Section 10.05 is amended by
     deleting the words "September Valuation Date" and substituting "October
     Valuation Date" therefor.

9.   Article X - Effective as of September 30, 1997, Section 10.06(e) is amended
     by deleting "$3,500" and substituting "$5,000" therefor.

10.  Article X - Effective as of September 30, 1999, the first sentence of
     Section 10.08(c) is amended in its entirety to read as follows:

     A request for a loan shall be filed in the form and manner prescribed by
     the Plan Administrator at least ten days (or such other dates as are
     prescribed by the Plan Administrator from time to time) before the end of a
     Quarter, which request may be rescinded (by written notice to the Plan
     Administrator) on or prior to the last date by which requests must be
     received; the loan, if approved by the Plan Administrator under such
     uniform rules as it shall adopt, shall be effected as of the Valuation Date
     for such Quarter, and the proceeds disbursed to the Member as soon
     thereafter as practicable.

11.  Article X - Effective as of September 30, 1997, Section 10.10 is amended by
     deleting "$3,500" and substituting "$5,000" therefor.

12.  Article XIII - Effective as of September 30, 1997, Section 13.05 is amended
     by deleting "$3,500" wherever it appears and substituting "$5,000"
     therefor.

                                     2 of 2

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