1. Subject to the provisions of paragraph (2) below, the provisions of the Plan may be modified or amended by the Board of Trustees retroactively, if necessary, only to the extent the Board of Trustees find such modification or amendment necessary to bring the Plan into conformity with governmental regulation which must be conformed with in order to qualify the Plan as tax-exempt under Section 501 of the Internal Revenue Code or to meet any other law or governmental regulation under the Employee Retirement Income Security Act of 1974, as amended.
2. The provisions of the Plan may also be modified or amended prospectively by the Board of Trustees at a regular or special meeting.