Exhibit 10 a)









 

EXHIBIT
10 a)




STATE
BANCORP, INC.

DEFERRED
COMPENSATION ARRANGEMENTS




The
following is a description of the deferred compensation arrangements that the
Company has made available to selected officers and directors of the Company’s
wholly owned subsidiary, State Bank of Long Island, and its subsidiaries
(collectively, the “Bank”) for which no formal plan documents exist and which
have been implemented through standard forms of individual agreements with the
participating officers and directors (“Participants”). This description is
provided pursuant to Item 601(b)(10)(iii) of Regulation S-K. Deferral of bonus
payments is permitted under the terms of the plan documents for the Bank’s
Incentive Award Plan.




There are
three categories of deferred compensation arrangements for which there is no
written plan document: Supplemental Employee Retirement Plan Deferred
Compensation; Agreements for the Deferral of Director’s Fees and Salary Deferral
Agreements. In April 2004, the Bank entered into Agreements with the
Participants to provide for uniformity of payments by requiring the Participant
to elect a single form of payment for payouts under all categories. Participants
may elect to take payments in a lump sum or over 36 or 60 months. A copy of that
form of agreement is annexed as Exhibit 10(a)(i). 

 

SUPPLEMENTAL
EMPLOYEE RETIREMENT PLAN DEFERRED COMPENSATION




The Board
of Directors of the Bank has authorized the Bank to enter into a standard form
of agreement with officers of the Bank to provide a non-qualified deferred
compensation arrangement for each officer for whom contributions under the
Company’s Employee Stock Ownership Plan (“ESOP”) and 401(k) Plan are limited by
the applicable provisions of the Internal Revenue Code. The agreements provide
for a credit to a deferred compensation account for the officer of an amount
equal to the excess of: (A) the amount of the contribution to the ESOP and the
401(k) Plan for such officer in the absence of such Internal Revenue Code
limitations over (B) the actual amount of such contribution. Amounts credited
accrue interest, during each calendar month, at the Bank's Prime Rate as in
effect on the first day of such calendar month. All
accounts are unfunded and general obligations of the Bank. A copy of
the form of
Agreement, as amended, is annexed as Exhibit 10(a)(ii). All of the executive
officers of the Company and the Bank have entered into a Supplemental Employee
Retirement Plan Deferred Compensation Agreement with the Bank.

 

AGREEMENTS
FOR THE DEFERRAL OF DIRECTOR’S FEES 




The Board
of Directors of the Bank has authorized the Bank to enter into a standard form
of agreement with directors of the Bank who elect to
defer the receipt of all or any portion of their director’s compensation.
Amounts deferred are allocated to a deferred compensation account. Amounts
credited accrue interest, during each calendar month, at the Bank's Prime Rate
as in effect on the first day of such calendar month. All
accounts are unfunded and general obligations of the Bank. A copy of
the form of
Agreement, as amended, is annexed as Exhibit 10(a)(iii). The following directors
have entered into Agreements for the Deferral of Director’s Fees: Thomas F.
Goldrick, Jr., Daniel T. Rowe,

Richard
W. Merzbacher and Arthur Dulik, Jr. 

 

SALARY
DEFERRAL AGREEMENTS 




The Board
of Directors of the Bank has authorized the Bank to enter into a standard form
of agreement with selected key employees who elect to
defer the receipt of all or any portion of their salary. Amounts deferred are
allocated to a deferred compensation account. Amounts
credited accrue interest, during each calendar month, at the Bank's Prime Rate
as in effect on the first day of such calendar month. All
accounts are unfunded and general obligations of the Bank. A copy of
the form of
Agreement, as amended, is annexed as Exhibit 10(a)(iv). The following executive
officers of the Bank have entered into Salary Deferral Agreements: Thomas F.
Goldrick, Jr., Daniel T. Rowe and Brian K. Finneran. Mr. Goldrick and Mr.
Finneran subsequently discontinued salary deferrals.