Document:

Exhibit 10.29

First Amendment to Salary Continuation Agreement for Donita Koval

 

FIRST AMENDMENT TO THE

OMEGA BANK, NATIONAL ASSOCIATION

SALARY CONTINUATION AGREEMENT

 

DATED DECEMBER 23, 2003

FOR DONITA KOVAL

 

THIS FIRST AMENDMENT (“First Amendment”) is made and entered into this 18th day of December 2006, by and between OMEGA BANK, NATIONAL ASSOCIATION, located in State College, Pennsylvania (the “Bank”), and DONITA KOVAL (the “Officer”).

 

WITNESSTH:

 

WHEREAS, on December 23, 2003, the Bank and the Officer entered into a deferred compensation agreement titled “Omega Bank, National Association Salary Continuation Agreement,” (“Agreement”); and

 

WHEREAS, the Bank and the Officer desire to amend the Agreement through this First Amendment.

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and intending to be legally bound hereby, the Bank and the Officer agree as follows:

 

	
             
 	
            1.
 	
            Section 1.8 of the Agreement is hereby amended to read as follows:
 

 

	
             
 	
            “1.8.
 	
            “Normal Retirement Age” means the Officer’s 62nd birthday.”
 

 

2.           Section 2.3.1 is hereby amended by adding the following to the end thereof:  “The liability shall be calculated assuming that the Officer accrues her Normal Retirement Benefit ratably over the period beginning on the Effective Date and ending on her Normal Retirement Age.  However, effective as of January 1, 2006, the difference between the Officer’s accrued benefit as of December 31, 2005 and the Officer’s projected accrued benefit at Normal Retirement Age shall accrue ratably over the period beginning on January 1, 2006 and ending on her Normal Retirement Age.”

 

	
             
 	
            3.
 	
            A new Section 8.11 is hereby added to the Agreement which shall read as follows:
 

 

“8.11      Code Section 409A Matters.  Code Section 409A shall only apply to that portion of the Officer’s benefit that was not earned and vested prior to January 1, 2005.  The parties intend that the increased accruals that result from the change in the Normal Retirement Age to age 62 as of January 1, 2006 shall not be treated as a material modification so as to affect the pre-January 1, 2005 accruals and that such increased accruals shall be subject to Code Section 409A.”

 

	
             
 	
            4.
 	
            This First Amendment shall be effective as of January 1, 2006.
 

 

IN WITNESS WHEREOF, the Officer and the Bank have executed this First Amendment on the date set forth above.

 

	OFFICER:

      

      

      /s/ Donita Koval

      ———————————————
      

      DONITA KOVAL 	 	BANK: 

      OMEGA BANK, NATIONAL ASSOCIATION

      

      By:              /s/
      David B. Lee

             ———————————————————

             Print Name:        David
      B. Lee

                                  ——————————————

             Print Title:          Chairman

                                  ——————————————
      

 

 

39Exhibit 10.30

Second Amendment to Salary Continuation Agreement for Daniel Warfel

 

SECOND AMENDMENT TO THE

OMEGA BANK, NATIONAL ASSOCIATION

SALARY CONTINUATION AGREEMENT

 

DATED MARCH 1, 2000

FOR DANIEL WARFEL

 

THIS SECOND AMENDMENT (“Second Amendment”) is made and entered into this 18th day of December, 2006, by and between OMEGA BANK, NATIONAL ASSOCIATION, located in State College, Pennsylvania (the “Bank”), and DANIEL WARFEL (the “Officer”).

 

WITNESSTH:

 

WHEREAS, on March 1, 2000, the Bank and the Officer entered into a deferred compensation agreement titled “Omega Bank, National Association Salary Continuation Agreement,” (“Agreement”),  and on December 23, 2003, the Bank and the Officer entered into the “First Amendment to the Omega Bank, National Association Amended and Restated Salary Continuation Agreement” (“First Amendment”) which amended the Agreement; and

 

WHEREAS, the Bank and the Officer desire to further amend the Agreement through this Second Amendment.

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and intending to be legally bound hereby, the Bank and the Officer agree as follows:

 

	
             
 	
            1.
 	
            Section 1.8 of the Agreement is hereby amended to read as follows:
 

 

	
             
 	
            “1.8.
 	
            “Normal Retirement Age” means the Officer’s 62nd birthday.”
 

 

2.           Section 2.3.1 is hereby amended by adding the following to the end thereof:  “The liability shall be calculated assuming that the Officer accrues his Normal Retirement Benefit ratably over the period beginning on the Effective Date and ending on his Normal Retirement Age.  However, effective as of January 1, 2006, the difference between the Officer’s accrued benefit as of December 31, 2005 and the Officer’s projected accrued benefit at Normal Retirement Age shall accrue ratably over the period beginning on January 1, 2006 and ending on his Normal Retirement Age.”

 

	
             
 	
            3.
 	
            A new Section 8.11 is hereby added to the Agreement which shall read as follows:
 

 

“8.11      Code Section 409A Matters.  Code Section 409A shall only apply to that portion of the Officer’s benefit that was not earned and vested prior to January 1, 2005.  The parties intend that the increased accruals that result from the change in the Normal Retirement Age to age 62 as of January 1, 2006 shall not be treated as a material modification so as to affect the pre-January 1, 2005 accruals and that such increased accruals shall be subject to Code Section 409A.”

 

	
             
 	
            4.
 	
            This Second Amendment shall be effective as of January 1, 2006.
 

 

IN WITNESS WHEREOF, the Officer and the Bank have executed this Second Amendment on the date set forth above.

 

	OFFICER:

      

      

      /s/ Daniel Warfel

      ———————————————
      

      DANIEL WARFEL 	 	BANK: 

      OMEGA BANK, NATIONAL ASSOCIATION

      

      By:              /s/
      David B. Lee

             ———————————————————

             Print Name:        David
      B. Lee

                                  ——————————————

             Print Title:          Chairman

                                  ——————————————
      

 

40EXHIBIT 10.28

DESCRIPTION
OF OUTSIDE DIRECTOR FEE ARRANGEMENTS

          Directors
who are not executive officers of the Company or the Bank (“Outside Directors”)
receive an annual retainer of $30,000 from the Bank, with no additional
retainer from the Company. The Chair of the Audit Committee receives an
additional annual retainer of $10,000 and the Chair of the Compensation
Committee receives an additional annual retainer of $5,000. Outside Directors
also receive meeting fees of $1,500 for each Board or Bank Board meeting attended,
$1,000 for each Audit Committee or Compensation Committee attended, and $750
for each other committee meeting attended, whether or not they are members of
such committee. However, where the Board of Directors and the Bank Board meet
on the same day, directors receive only a single board meeting fee for such
meetings. Similarly, directors receive only a single committee meeting fee
where identically constituted committees of the Board of Directors and Bank
Board meet on the same day. 

          Outside
Directors who are members of the Loan Committee also receive a fee from the
Bank for conducting on-site inspections of proposed real estate collateral for
certain loans in excess of $1,500,000 and certain other loans in excess of
$750,000. For each day that a director conducts such inspections, the director
receives a fee of $400 for the first property inspected and $200 for each
additional property inspected on that day.

113EXHIBIT 10 (i) (E) 

DATE

Re: Option
granted under the Sterling Bancorp Stock Incentive Plan (the “Plan”)

Dear
Mr./Mrs./Ms. _______:

          This
will confirm the terms of the Option granted to you on ______________, under
the Plan, by the Compensation Committee of the Board of Directors of Sterling
Bancorp (this and other capitalized terms in this agreement have the meaning
given them under the Plan, except where otherwise indicated):

               (1)
The Option is nonqualified stock option for a total of _____ Shares, at an
exercise price of $____ per share, which shall become exercisable on the fifth
anniversary of the date of grant and shall remain exercisable for a term of ten
(10) years from the date of grant (subject, however, to earlier termination as
provided in Section 9 of the Plan).

               (2)
The Option may be exercised by written notice to Sterling Bancorp as to all
Shares as to which it is then exercisable or as to any portion thereof (but not
less than 100 Shares) and the purchase price shall be payable in cash or any
other property authorized pursuant to Section 8(a) of the Plan. The Option may
be exercised only by you, subject to the right of your estate or legal
representative to exercise to the extent permitted under the Plan.

               (3)
The number of shares subject to the Option and the Option price shall be
adjusted in accordance with the terms of Section 12 of the Plan.

PAGE 88

EXHIBIT 10 (i) (E)

               
(4) You agree that you will not dispose of any Shares acquired pursuant to the
Option except in accordance with the registration requirements of the
Securities Act of 1933 (including the exemptions thereunder) and that the Board
may condition the issuance of Shares on your execution of an appropriate
undertaking to such effect and may require the legending of the certificates
representing the Shares, as authorized by Section 20 of the Plan.

               (5)
The terms of this Option Agreement are subject to those of the Plan, which
shall control in the event of any conflict.

               Your
signature will confirm your acceptance of the Option and the terms set forth
above.

	
 

	
 

	
 

	
Very truly
  yours,

	
 

	
 

	
 

	
STERLING
  BANCORP

	
 

	
 

	
 

	
John C.
  Millman

	
 

	
President 

	
Accepted and
  Agreed:

	
 

	
 

	
 

	

	
 

PAGE 89

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