Document:

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                                                                    EXHIBIT 10.5

           INDEPENDENCE COMMUNITY BANK AMENDED AND RESTATED SEVERANCE
                                      PLAN

                                    ARTICLE I
                            ESTABLISHMENT OF THE PLAN

         Independence Savings Bank (the "Bank") hereby establishes the 1998
Amended and Restated Severance Plan (the "Plan").

                                   ARTICLE II
                               PURPOSE OF THE PLAN

         The purpose of this Plan is provide certain specified benefits to
certain Officers as provided herein whose employment is terminated in connection
with or subsequent to a Change in Control of the Bank's parent corporation,
Independence Community Bank Corp. (the "Corporation") (the Bank and the
Corporation are hereinafter collectively referred to as the "Employer").

                                   ARTICLE III
                                   DEFINITIONS

         3.01     ANNUAL COMPENSATION. An Officer's "Annual Compensation" for
purposes of this Plan shall be deemed to mean the aggregate base salary and
incentive compensation (whether cash or equity based as provided herein) earned
by or paid to the Officer by the Employer or any subsidiary thereof during the
calendar year immediately preceding the calendar year in which the Date of
Termination occurs. Notwithstanding the foregoing, for purposes of this Plan, an
Officer's Annual Compensation does not include deferred compensation earned by
the Officer in a prior year but received in the calendar year immediately
preceding the calendar year in which the Date of Termination occurs. In
addition, for purposes of this Agreement, "incentive compensation" shall include
both cash and equity-based incentive compensation; provided, however, that for
purposes of this Agreement equity-based incentive compensation shall only
include grants of restricted share awards ("Restricted Share Incentive Awards")
resulting from incentive compensation awards under the Executive Management
Incentive Compensation Plan or the Officers Incentive Compensation Plan (the
"Incentive Plans") and not options and restricted stock awards granted pursuant
to the 1998 Stock Option Plan, the 1998 Recognition and Retention Plan and Trust
Agreement or the 2002 Stock Incentive Program (collectively, the "Equity Plans")
except to the extent that any such Restricted Share Incentive Awards are granted
under said Equity Plans solely as a result of incentive awards made pursuant to
the terms of the Incentive Plans or any successors thereto; provided, further,
that in the event that at the time of termination the equity-based portion of an
incentive compensation grant has not fully vested, solely for purposes of
calculating an Officer's Annual Compensation in order to determine the amount of
severance due Executive pursuant to the terms of Section 4.01 hereof, such
unvested Restricted Share Incentive Award shall be deemed to have been vested
and paid as of the end of the calendar year immediately preceding the calendar
year in which the Date of

<PAGE>

Termination occurs. For purposes of determining the value of the Restricted
Share Incentive Award deemed vested as of the end of the calendar year
immediately preceding the calendar year in which the Date of Termination occurs
in order to determine the severance due an Officer hereunder, the number of
shares subject to the Restricted Share Incentive Award shall be multiplied by
the fair market value of a share of common stock of the Corporation, determined
as of the date of the grant of the Restricted Share Incentive Award.

         3.02     CAUSE. Termination of an Officer's employment for "Cause"
shall mean termination because of personal dishonesty, incompetence, willful
misconduct, breach of fiduciary duty involving personal profit, intentional
failure to perform stated duties, willful violation of any law, rule or
regulation (other than traffic violations or similar offenses) or final
cease-and-desist order. For purposes of this paragraph, no act or failure to act
on the Officer's part shall be considered "willful" unless done, or omitted to
be done, by the Officer not in good faith and without reasonable belief that the
Officer's action or omission was in the best interests of the Employer.

         3.03     CHANGE IN CONTROL OF THE CORPORATION. "Change in Control of
the Corporation" shall mean the occurrence of any of the following: (i) the
acquisition of control of the Corporation as defined in 12 C.F.R. Section 574.4,
unless a presumption of control is successfully rebutted or unless the
transaction is exempted by 12 C.F.R. Section 574.3(c)(vii), or any successor to
such sections; (ii) an event that would be required to be reported in response
to Item 1(a) of Form 8-K or Item 6(e) of Schedule 14A of Regulation 14A pursuant
to the Securities Exchange Act of 1934, as amended ("Exchange Act"), or any
successor thereto, whether or not any class of securities of the Corporation is
registered under the Exchange Act; (iii) any "person" (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act) is or becomes the "beneficial
owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Corporation representing 20% or more of the
combined voting power of the Corporation's then outstanding securities; or (iv)
during any period of three consecutive years, individuals who at the beginning
of such period constitute the Board of Directors of the Corporation cease for
any reason to constitute at least a majority thereof unless the election, or the
nomination for election by stockholders, of each new director was approved by a
vote of at least two-thirds of the directors then still in office who were
directors at the beginning of the period.

         3.04     CODE. "Code" shall mean the Internal Revenue Code of 1986, as
amended.

         3.05     COMMITTEE. "Committee" means a committee of two or more
directors appointed by the Board pursuant to Article VII hereof.

         3.06     DATE OF TERMINATION. "Date of Termination" shall mean (i) if
an Officer's employment is terminated for Cause, the date on which the Notice of
Termination is given, and (ii) if an Officer's employment is terminated for any
other reason, the date specified in the Notice of Termination.

         3.07     DISABILITY. Termination by the Employer of an Officer's
employment based on "Disability" shall mean termination because of any physical
or mental impairment which qualifies the Officer for disability benefits under
the applicable long-term disability plan

<PAGE>

maintained by the Employer or any subsidiary or, if no such plan applies, which
would qualify the Officer for disability benefits under the Federal Social
Security System.

         3.08     EMPLOYEE. "Employee" shall mean any person, including an
Officer, employed by the Employer on a salaried basis. A person employed by the
Employer on a hourly, commission or fee basis or similar arrangement shall not
be considered an Employee for purposes of this Plan.

         3.09     GOOD REASON. Termination by an Officer of the Officer's
employment for "Good Reason" shall mean termination by the Officer following a
Change in Control of the Corporation based on:

                  (i)      Without the Officer's express written consent, a
                           reduction in the Officer's base salary as in effect
                           immediately prior to the date of the Change in
                           Control of the Corporation or as the same may be
                           increased from time to time thereafter;

                  (ii)     Without the Officer's express written consent, the
                           assignment of any duties or responsibilities which
                           are substantially diminished as compared with the
                           Officer's duties and responsibilities immediately
                           prior to a Change in Control of the Corporation, or a
                           material change in the Officer's reporting
                           responsibilities, titles or offices as an employee
                           and as in effect immediately prior to such a Change
                           in Control of the Corporation, or any removal of the
                           Officer from or any failure to re-elect the Officer
                           to any of such responsibilities, titles or offices,
                           except in connection with the termination of the
                           Officer's employment for Cause, Disability or
                           Retirement or as a result of the Officer's death or
                           by the Officer other than for Good Reason;

                  (iii)    Any relocation of the Officer's principal site of
                           employment to a location more than fifty (50) miles
                           from the principal executive office of the Employers;
                           or

                  (iv)     Any purported termination of the Officer's employment
                           for Disability or Retirement which is not effected
                           pursuant to a Notice of Termination satisfying the
                           requirements of Section 3.11 below.

         3.10     IRS. "IRS" shall mean the Internal Revenue Service.

         3.11     NOTICE OF TERMINATION. Any purported termination of an
Officer's employment by the Employer for any reason or by an Officer for any
reason, including without limitation for Good Reason, shall be communicated by
written "Notice of Termination" to the other party hereto. For purposes of this
Plan, a "Notice of Termination" shall mean a dated notice which (i) indicates
the specific termination provision in this Plan relied upon, (ii) sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Officer's

<PAGE>

employment under the provision so indicated, (iii) specifies a Date of
Termination, which shall be not less than thirty (30) nor more than ninety (90)
days after such Notice of Termination is given, except in the case of the
Employers' termination of the Officer's employment for Cause, which shall be
effective immediately; and (iv) is given in the manner specified in Article VIII
hereof.

         3.12     OFFICER. "Officer" shall mean any Employee of the Employer
having the title of Vice President or more senior title who is not a party to a
severance or employment agreement with the Employer that is in effect as of the
date of the Notice of Termination.

         3.13     OFFICER'S SEVERANCE PERIOD. "Officer's Severance Period" shall
mean the period of time over which benefits are payable to an Officer as
provided in Section 4.01 (whether or not the Officer elects to receive the
benefits to be paid pursuant to subsection (a) thereof in a lump sum).

         3.14     RETIREMENT. "Retirement" shall mean voluntary termination by
the Officer in accordance with the Employer's retirement policies, including
early retirement, generally applicable to their salaried employees.

                                   ARTICLE IV
                                    BENEFITS

         4.01     PAYMENTS AND BENEFITS UPON TERMINATION. If the Officer's
employment is terminated subsequent to a Change in Control of the Corporation by
(i) the Employer for other than Cause, Disability, Retirement or the Officer's
death or (ii) the Officer for Good Reason, then the Employer shall:

         (a)      pay to the Officer the following amount of severance
compensation and benefits, subject to reduction as provided in subsections
4.01(c) and (d):

                  (i)      if the Officer has the title of Senior Vice President
at the date of the Change in Control of the Corporation, in either thirty-six
(36) equal monthly installments beginning with the first business day of the
month following the Date of Termination or the present value of such amount in a
lump sum as of the Date of Termination (at the Officer's election), a cash
severance amount equal to three (3) times the Officer's Annual Compensation;

                  (ii)     if the Officer has the title of First Vice President
at the date of the Change in Control of the Corporation, in either twenty-four
(24) equal monthly installments beginning with the first business day of the
month following the Date of Termination or the present value of such amount in a
lump sum as of the Date of Termination (at the Officer's election), a cash
severance amount equal to two (2) times the Officer's Annual Compensation;

                  (iii)    if the Officer has the title of Vice President at the
date of the Change in Control of the Corporation, in either twelve (12) equal
monthly installments beginning with the first business day of the month
following the Date of Termination or the present value of such

<PAGE>

amount in a lump sum as of the Date of Termination (at the Officer's election),
a cash severance amount equal to one (1) times the Officer's Annual
Compensation;

         (b)      maintain and provide for a period ending at the earlier of (i)
the expiration of the Officer's Severance Period or (ii) the date of the
Officer's full-time employment by another employer (provided that the Officer is
entitled under the terms of such employment to benefits substantially similar to
those described in this subparagraph (b)), at no cost to the Officer, the
Officer's continued participation in all group insurance, including life
insurance, health and accident insurance and disability insurance, the Bank's
401(k) Plan, the Bank's Retirement Plan and the Corporation's Employee Stock
Ownership Plan, provided that in the event that the Officer's participation in
any plan, program or arrangement as provided in this subparagraph (b) is barred,
or during such period any such plan, program or arrangement is discontinued or
the benefits thereunder are materially reduced, the Employer shall arrange to
provide the Officer with benefits substantially similar to those which the
Officer was entitled to receive under such plans, programs and arrangements
immediately prior to the Date of Termination. Notwithstanding anything to the
contrary in this subparagraph (b), the Officer shall not be entitled to
participate in any stock option or restricted stock plan or any cash incentive
program or plan subsequent to the Date of Termination.

         (c)      Notwithstanding anything to the contrary herein, the
multiplier used to calculate the amount the payments due an Officer (36, 24 or
12, as the case may be) pursuant to the provisions of Section 4.01(a) shall be
reduced by a number equal to the number of whole months that the Officer
continues to be employed by the Employer or the successor thereto subsequent to
a Change of Control of the Corporation.

         (d)      If the payments and benefits pursuant to Sections 4.01 (a) and
(b) hereof, subject to reduction pursuant to the terms of Section 4.01(c)
hereof, either alone or together with other payments and benefits which the
Officer has the right to receive from the Employer, would constitute a
"parachute payment" under Section 280G of the Code, the payments and benefits
payable by the Bank pursuant to Section 4.01 hereof shall be reduced, in the
manner determined by the Officer, by the amount, if any, which is the minimum
necessary to result in no portion of the payments and benefits payable by the
Bank under Section 4.01 being non-deductible to the Bank pursuant to Section
280G of the Code and subject to the excise tax imposed under Section 4999 of the
Code. The determination of any reduction in the payments and benefits to be made
pursuant to Section 4.01 shall be based upon the opinion of independent counsel
selected by the Bank's independent public accountants and paid by the Bank. Such
counsel shall be reasonably acceptable to the Bank and the Officer; shall
promptly prepare the foregoing opinion, but in no event later than thirty (30)
days from the Date of Termination; and may use such actuaries as such counsel
deems necessary or advisable for the purpose.

         (c)      Nothing contained herein shall result in a reduction of any
payments or benefits to which the Officer may be entitled upon termination of
employment under any circumstances other than as specified in Sections 4.02(a)
and 4.02(b) set forth above, or a reduction in the payments and benefits
specified in Section 4.01 below zero.

<PAGE>

         4.02     MITIGATION; EXCLUSIVITY OF BENEFITS.

         (a)      An Officer shall not be required to mitigate the amount of any
benefits hereunder by seeking other employment or otherwise, nor shall the
amount of any such benefits be reduced by any compensation earned by the Officer
as a result of employment by another employer after the Date of Termination or
otherwise.

         (b)      The specific arrangements referred to herein are not intended
to exclude any other benefits which may be available to an Officer upon a
termination of employment with the Employer pursuant to employee benefit plans
of the Employer or otherwise.

         4.03     WITHHOLDING. All payments required to be made by the Employer
hereunder to the Officer shall be subject to the withholding of such amounts, if
any, relating to tax and other payroll deductions as the Employer may reasonably
determine should be withheld pursuant to any applicable law or regulation.

                                    ARTICLE V
                                   ASSIGNMENT

         The Employer may assign this Plan and its rights and obligations
hereunder in whole, but not in part, to any corporation, bank or other entity
with or into which the Bank or the Corporation may hereafter merge or
consolidate or to which the Bank or the Corporation may transfer all or
substantially all of its respective assets, if in any such case said
corporation, bank or other entity shall by operation of law or expressly in
writing assume all obligations of the Employer hereunder as fully as if it had
been originally made a party hereto, but may not otherwise assign this Plan or
their rights and obligations hereunder. An Officer may not assign or transfer
any rights or benefits due hereunder.

                                   ARTICLE VI
                       DURATION AND EFFECTIVE DATE OF PLAN

         6.01     DURATION. Except in the event of a Change in Control of the
Corporation, this Plan is subject to change or termination, in whole or in part,
at any time without notice, in the Board's sole discretion. In the event of a
Change in Control of the Corporation, this Plan may not be terminated or amended
to reduce the benefits provided hereunder for a period of three (3) years from
the date of the Change in Control of the Corporation.

         6.02     EFFECTIVE DATE. This Plan shall be effective as October 1,
1998.

                                   ARTICLE VII
                                 ADMINISTRATION

         7.01     DUTIES OF THE COMMITTEE. The Plan shall be administered and
interpreted by the Committee, as appointed from time to time by the Board of
Directors of the Bank

<PAGE>

pursuant to Section 7.02. The Committee shall have the authority to adopt, amend
and rescind such rules, regulations and procedures as, in its opinion, may be
advisable in the administration of the Plan, including, without limitation,
rules, regulations and procedures with respect to the operation of the Plan. The
interpretation and construction by the Committee of any provisions of the Plan,
any rule, regulation or procedure adopted by it pursuant thereto shall be final
and binding in the absence of action by the Board of Directors of the Bank.

         7.02     APPOINTMENT AND OPERATION OF THE COMMITTEE. The members of the
Committee shall be appointed by, and will serve at the pleasure of, the Board of
Directors of the Bank. The Board from time to time may remove members from, or
add members to, the Committee, provided the Committee shall continue to consist
of two or more members of the Board. The Committee shall act by vote or written
consent of a majority of its members. Subject to the express provisions and
limitations of the Plan, the Committee may adopt such rules, regulations and
procedures as it deems appropriate for the conduct of its affairs. It may
appoint one of its members to be chairman and any person, whether or not a
member, to be its secretary or agent. The Committee shall report its actions and
decisions to the Board at appropriate times but in no event less than one time
per calendar year.

         7.03     LIMITATION ON LIABILITY. Neither the members of the Board of
Directors of the Bank nor any member of the Committee shall be liable for any
action or determination made in good faith with respect to the Plan or any rule,
regulation or procedure adopted by it pursuant thereto. If a member of the Board
or the Committee is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative, by reason of anything done or not
done by him in such capacity under or with respect to the Plan, the Bank shall,
subject to the requirements of applicable laws and regulations, indemnify such
member against all liabilities and expenses (including attorneys' fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred
by him in connection with such action, suit or proceeding if he acted in good
faith and in a manner he reasonably believed to be in the best interests of the
Bank and, with respect to any criminal action or proceeding, had no reasonable
cause to believe his conduct was unlawful.

                                  ARTICLE VIII
                                  MISCELLANEOUS

         8.01     NOTICE. For the purposes of this Plan, notices and all other
communications provided for in this Plan shall be in writing and shall be deemed
to have been duly given when delivered or mailed by certified or registered
mail, return receipt requested, postage prepaid, addressed, with respect to the
Bank, Secretary, Independence Community Bank, 195 Montague Street, 12th Floor,
Brooklyn, New York 11201, and with respect to an Officer, to the home address
thereof set forth in the records of the Bank at the date of any such notice.

         8.02     GOVERNING LAW. The validity, interpretation, construction and
performance of this Plan shall be governed by the laws of the United States
where applicable and otherwise by the substantive laws of the State of New York.

<PAGE>

         8.03     NATURE OF EMPLOYMENT AND OBLIGATIONS.

         (a)      Nothing contained herein shall be deemed to create other than
a terminable at will employment relationship between the Employer and an
Officer, and the Employer may terminate the Officer's employment at any time,
subject to providing any payments specified herein in accordance with the terms
hereof.

         (b)      Nothing contained herein shall create or require the Employer
to create a trust of any kind to fund any benefits which may be payable
hereunder, and to the extent that the Officer acquires a right to receive
benefits from the Employer hereunder, such right shall be no greater than the
right of any unsecured general creditor of the Employer.

         8.04     HEADINGS. The section headings contained in this Plan are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Plan.

         8.05     VALIDITY. The invalidity or unenforceability of any provision
of this Plan shall not affect the validity or enforceability of any other
provisions of this Plan, which shall remain in full force and effect.

         8.06     REGULATORY PROHIBITION. Notwithstanding any other provision of
this Plan to the contrary, any payments made to an Officer pursuant to this
Plan, or otherwise, are subject to and conditioned upon their compliance with
Section 18(k) of the Federal Deposit Insurance Act (12 U.S.C. Section 1828(k))
and the regulations promulgated thereunder, including 12 C.F.R. Part 359.<PAGE>

                                                                   EXHIBIT 10.20

                           INDEPENDENCE COMMUNITY BANK
                              EXECUTIVE MANAGEMENT
                           INCENTIVE COMPENSATION PLAN
           for the Fiscal Year of January 1, 2003 - December 31, 2003

                                 I. INTRODUCTION

     The Boards of Directors of Independence Community Bank Corp. ("ICBC" or
"the Company") and Independence Community Bank ("the Bank") have approved a
strategy designed to drive the business of ICBC to operating and profit levels
that will make ICBC a top performer in its industry. The Compensation Committee
("Committee") and the Board of Directors of ICBC and the Bank have considered
and approved this Plan to assist in attaining that objective. Accordingly, this
Plan will focus on critical performance measures that the Board believes are
very significant to the success of the institution, namely diluted earnings per
share (EPS) and return on average assets (ROAA).

     The Committee and the Board acknowledge that the evolution of ICBC into a
top performer relative to its peers is a process that is likely to take several
years. As a result, the Committee and the Board have indicated that they expect
to continue the Plan or adopt new incentive compensation plans in future years
with revised and updated goals and targets as to EPS and ROAA or other
measurements adopted annually to assess the progress management makes towards
achieving the performance of the top performing institutions in the industry -
for example return on equity, efficiency ratio and net interest margin. In
particular, an annual evaluation will consider progress made in comparison to
the performance of a peer group of top-performing financial institutions.
Accordingly, Plan performance goals and targets approved in future years will be
based on this long-term objective.

     This Plan will be known as the Independence Community Bank Executive
Management Incentive Compensation Plan for January 1, 2003 - December 31, 2003
("the FY2003 Plan "). The January 1, 2003 - December 31, 2003 period is the
"Plan Year".

                                       1

<PAGE>

                                   II. GENERAL

A.   Participants in the FY2003 Plan will be the members of the Bank's
     Management Committee, namely the following officers:

          Alan H. Fishman, President and Chief Executive Officer
          John A. Dorman, Executive Vice President - Business Banking
          Gary M. Honstedt, Executive Vice President - Commercial Real Estate
          Lending
          Harold A. McCleery, Executive Vice President - Chief Credit Officer
          Terence J. Mitchell, Executive Vice President - Consumer Banking
          John B. Zurell, Executive Vice President - Chief Financial Officer
          Frank W. Baier, Senior Vice President and Treasurer (Executive Vice
          President - Chief Financial Officer and Treasurer as of 8/16/2003)
          Stephen J. Glass, Senior Vice President - Chief Information Officer
          Frank S. Muzio, Senior Vice President and Controller
          Santiago Patino, Senior Vice President - Corporate Operations
          Ellen K. Rogoff, Senior Vice President - Director of Human Resources
          Janice Schillig, Senior Vice President - Director of Marketing
          John K. Schnock, Senior Vice President, Secretary and Counsel

B.   Awards granted under the FY2003 Plan will be made by the Committee upon
     consideration of the various factors set forth herein. However, awards will
     be made in the sole discretion of the Committee. The Committee shall have
     the sole authority, subject to the Board of Directors, to interpret and
     implement the provisions of the FY2003 Plan. No Participant shall be
     entitled to any award unless and until the Committee notifies a FY2003 Plan
     Participant of his or her specific award under the FY2003 Plan. Neither the
     terms of the FY2003 Plan nor any award granted hereunder shall create any
     right of a FY2003 Plan Participant to continued employment with ICBC, the
     Bank or any affiliate thereof.

C.   The FY2003 Plan is designed to provide FY2003 Plan Participants with awards
     equal in value to a specified percentage (the "Target Bonus") of his or her
     annual base salary at the end of the Plan Year based upon his or her
     executive rank (President, Executive Vice President or Senior Vice
     President). The award may be increased or decreased above or below the
     Target Bonus depending on actual performance during the Plan Year relative
     to the target thresholds described herein.

     Awards granted under the FY2003 Plan will be made by the Committee upon
     consideration of the following factors:

          (1)  Executive level of each Participant as provided herein;

          (2)  Corporate Performance Component: the achievement of EPS and ROAA
               targets, with the weighting of this component for awards granted
               with respect to the Plan Year determined by executive level as
               follows, President and Chief Executive Officer - 100%, Executive
               Vice Presidents and Senior Vice President - 75%; and

                                       2

<PAGE>

          (3)  Business Unit/Function Performance Component: based upon
               recommendation of the President and CEO, with the weighting of
               this component for the Plan Year determined by executive level as
               follows, Executive Vice Presidents and Senior Vice Presidents -
               25%.

D.   Once the total award is determined, the award will be due and payable in
     cash and ICBC stock as described herein (unless deferred by the Fiscal Year
     2003 Plan Participant).

E.   The Committee and the Board may also adjust the amounts of awards granted
     hereunder upon consideration of unusual factors or unanticipated
     extraordinary events which have a significant impact on the goals and
     targets established hereunder.

Newly hired employees and others promoted to or made a member of the Bank's
Management Committee during the Plan Year may be considered for participation in
the FY2003 Plan. If any such person is selected by action of the Committee to be
included within the list of FY2003 Plan Participants, he or she shall be
eligible to receive a pro-rated award based on his or her period of service with
the Bank during the Plan Year. In addition, Participants whose employment
terminates prior to payment of an award may be entitled to receive a pro-rated
award payable entirely in cash if recommended by the President and CEO and
approved by the Committee.

                      III. SPECIFIC FY 2003 PLAN STRUCTURE

A.   Executive Level Target Bonus Component Allocation

<TABLE>
<CAPTION>
                                 Target Bonus %        Corporate Performance        BU/Functional Component
     Executive Level               Base Salary          Component Weighting                Weighting
-----------------------------------------------------------------------------------------------------------
<S>                              <C>                   <C>                          <C>
     President & CEO                  100%                     100%                           ----

Executive Vice Presidents              65%                      75%                           25%

 Senior Vice Presidents                45%                      75%                           25%
</TABLE>

                                       3

<PAGE>

B.   Corporate Performance Component

<TABLE>
<CAPTION>
                             EPS                Payout Percentage                  ROAA
--------------------------------------------------------------------------------------------
<S>                   <S>                       <C>                         <C>
MAXIMUM               $2.80 AND ABOVE                 150%                  1.701% AND ABOVE

                      ----------------------------------------------------------------------
                            2.79                      145%                        1.695
                      ----------------------------------------------------------------------
                            2.78                      140%                        1.689
                      ----------------------------------------------------------------------
                            2.77                      135%                        1.683
                      ----------------------------------------------------------------------
                            2.76                      130%                        1.677
                      ----------------------------------------------------------------------
                            2.75                      125%                        1.671
                      ----------------------------------------------------------------------
                            2.74                      122%                        1.665
                      ----------------------------------------------------------------------
                            2.73                      119%                        1.659
                      ----------------------------------------------------------------------
                            2.72                      116%                        1.653
                      ----------------------------------------------------------------------
                            2.71                      113%                        1.647
                      ----------------------------------------------------------------------
                            2.70                      110%                        1.640
                      ----------------------------------------------------------------------
                            2.69                      108%                        1.634
                      ----------------------------------------------------------------------
                            2.68                      106%                        1.628
                      ----------------------------------------------------------------------
                            2.67                      104%                        1.622
                      ----------------------------------------------------------------------
                            2.66                      102%                        1.616
                      ----------------------------------------------------------------------

TARGET                     $2.65                      100%                        1.610%

                      ----------------------------------------------------------------------
                            2.64                       98%                        1.604
                      ----------------------------------------------------------------------
                            2.63                       96%                        1.598
                      ----------------------------------------------------------------------
                            2.62                       94%                        1.592
                      ----------------------------------------------------------------------
                            2.61                       92%                        1.586
                      ----------------------------------------------------------------------
                            2.60                       90%                        1.580
                      ----------------------------------------------------------------------
                            2.59                       87%                        1.574
                      ----------------------------------------------------------------------
                            2.58                       84%                        1.568
                      ----------------------------------------------------------------------
                            2.57                       81%                        1.561
                      ----------------------------------------------------------------------
                            2.56                       78%                        1.555
                      ----------------------------------------------------------------------
                            2.55                       75%                        1.549
                      ----------------------------------------------------------------------
                            2.54                       70%                        1.543
                      ----------------------------------------------------------------------
                            2.53                       65%                        1.537
                      ----------------------------------------------------------------------
                            2.52                       60%                        1.531
                      ----------------------------------------------------------------------
                            2.51                       55%                        1.525
                      ----------------------------------------------------------------------
                            2.50                       50%                        1.519%
                      ----------------------------------------------------------------------

THRESHOLD               Below $2.50                     0%                    Below 1.519%

                      ----------------------------------------------------------------------
</TABLE>

          EPS and ROAA are each weighted 50% in calculating the portion of the
award earned for corporate performance. The above scale is not subject to
interpolation (i.e., an EPS of $2.678 is counted as $2.67 and is paid out at the
104% rate. Each $.01 increment in EPS is treated as a hurdle. The same principle
applies for ROAA, i.e., an ROAA of

                                       4
<PAGE>

1.6034% is counted as 1.598% and is paid out at the 96% rate. The EPS and ROAA
thresholds must both be achieved before any award is paid.

          There will be no awards earned under the FY2003 Plan unless EPS for
the Plan Year is at least $2.50 and ROAA is at least 1.519%; at achievement of
EPS of $2.80 or higher and ROAA of 1.701% or Higher, the corporate performance
component payout percentage would be 150% of target, the maximum.

C.   Business Unit/Functional Performance Component

     Each business unit will be evaluated by the President and CEO on its
overall performance during the Plan Year as well as the attainment of specific
operating initiatives assigned to the Business Unit at the start of the Plan
Year. There will be no awards under this component unless the threshold
corporate performance levels of at least $2.50 EPS and 1.519% ROAA are achieved.
The Business Unit/Functional Performance Component payout percentage will be
based on the following performance ratings:

<TABLE>
<CAPTION>
      BU/Functional                          Percentage of
   Performance Rating                        Award Earned
----------------------------------------------------------
<S>                                           <C>
Outstanding Performance                       125% - 150%

Exceeded Expectations                         110% - 125%

Fully Met Expectations                            100%

Met Minimum Expectations                       50% - 80%

Did Not Meet Expectations                          0%
</TABLE>

     The Business Unit/Functional Performance Component percentage payout can
range from 0% for Did Not Meet minimum performance criteria to a maximum of 150%
for Outstanding Performance. The President and CEO will provide a written report
to the Committee with respect to his recommendation of both the Business
Unit/Functional Performance Component rating and the percentage of award earned
with respect to each FY2003 Plan Participant. The President and CEO's award will
not include the Business Unit/Functional Performance Component. The Committee
will determine the final Business Unit/Functional Performance Component and
percentage of award earned using the President and CEO's recommendation and such
other information as it deems appropriate.

                                       5

<PAGE>

                              IV. PAYMENT OF AWARDS

A.   Once awards have been calculated in accordance with the foregoing process
     and submitted to and approved by the Committee, the Committee shall notify
     each of the FY2003 Plan participants in writing of the amount, if any, of
     his or her award. Thereafter, payment of any such awards will be made as
     follows:

          (1)  Subject to the provisions of subsection (3) hereof, a cash
               payment equal to such percentage of the award as shown in the
               following table (unless the Participant has made a timely
               election to defer all or part of the award or is required to
               defer receipt of such payment due to the applicability of Section
               162(m) of the Internal Revenue Code) will be made within 15 days
               of the date of the award notice:

                    President and CEO - 60%
                    Executive Vice President - 65%
                    Senior Vice President - 70%

          (2)  In the discretion of the Committee (the "Compensation Committee")
               administering the 1998 Recognition and Retention Plan (the "RRP)
               or the 2002 Stock Incentive Plan ("SIP") a grant of shares of
               ICBC common stock pursuant to the RRP or SIP (unless the FY2003
               Plan Participant has made a timely election to defer receipt of
               all or a portion of such shares or is required to defer receipt
               of such shares due to the applicability of Section 162(m) of the
               Internal Revenue Code) shall be made with respect to the
               remaining portion of the award. It is expected that such grant
               shall vest over a three year period, with one-third of such
               shares vesting on each anniversary date of the granting of such
               award for a three-year period. The number of shares awarded shall
               be determined by discounting the closing price of ICBC common
               stock on the date the award is approved by 15% and dividing the
               adjusted price into the dollar amount of the applicable
               percentage of the award. A Participant's unvested portion will
               become fully vested upon his or her death, "disability",
               "retirement" or a "change in control" only as provided in the RRP
               or the SIP. However, the award of a Participant whose employment
               terminates prior to payment of the award shall be paid entirely
               in cash.

          (3)  In the event the Compensation Committee determines not to grant
               restricted stock awards with respect to any portion of an award,
               then such remaining amount shall be paid in cash within 15 days
               of the date of the Compensation committee's determination not to
               make such restricted stock awards.

B.        (1)  In the event that a FY2003 Plan Participant is a "covered
               employee" for purposes of Section 162(m) of the Internal Revenue
               Code and such FY2003 Plan Participant's applicable employee
               remuneration in a particular tax year exceeds or is likely to
               exceed the limitation as specified in Section 162(m)

                                       6

<PAGE>

               of the Code, the Committee may request that such FY2003 Plan
               Participant defer the payment of all or a portion of the FY2003
               Plan Participant's award to be received under the FY2003 Plan or
               such other plans and programs, employment agreements and
               arrangements of the Company to the extent necessary to avoid the
               payment of employee remuneration for such tax year in excess of
               the Section 162(m) limit.

          (2)  Notwithstanding any other provision of the FY2003 Plan, any
               FY2003 Plan Participant may elect, consistent with any rules and
               regulations established by the Committee, to defer the receipt of
               all or any portion of an award granted hereunder. The election to
               defer the receipt of the award must be made no later than two
               months before the end of the calendar year preceding the calendar
               year in which the FY2003 Plan Participant would otherwise have an
               unrestricted right to receive such award. Any election to defer
               the receipt of an award, in whole or in part, shall be
               irrevocable as long as the FY2003 Plan Participant remains an
               employee of the Company, the Bank or one of their subsidiaries.

          (3)  The Committee may, at its sole discretion, allow for the early
               payment of a FY2003 Plan Participant's deferred award account in
               the event of an "unforeseeable emergency" or in the event of the
               death or disability of the FY2003 Plan Participant. An
               "unforeseeable emergency" means an unanticipated emergency caused
               by an event beyond the control of the FY2003 Plan Participant
               that would result in severe financial hardship if the
               distribution were not permitted. Such distributions shall be
               limited to the amount necessary to sufficiently address the
               financial hardship. Any distributions under this provision shall
               be consistent with the Internal Revenue Code and the regulations
               promulgated thereunder. Additionally, the Committee may use its
               discretion to cause award accounts to be distributed when
               continuing the program is no longer in the best interest of the
               Company or the Bank.

          (4)  No FY2003 Plan Participant or other person shall have any
               interest in any fund or in any specific asset of the Company or
               the Bank by reason of any amount credited pursuant to the
               provisions hereof. Any amounts payable pursuant to the provisions
               hereof shall be paid from the general assets of the Company or
               the Bank or a subsidiary thereof and no FY2003 Plan Participant
               or other person shall have any rights to such assets beyond the
               rights afforded general creditors of the Company or the Bank.
               However, the Company or the Bank or a subsidiary thereof shall
               have the right to establish a reserve, trust or make any
               investment for the purpose of satisfying the obligations created
               under the FY2003 Plan; provided, however, that no FY2003 Plan
               Participant or other person shall have any interest in such
               reserve, trust or investment.

                                       7

<PAGE>

          (5)  To the extent not otherwise inconsistent with the provisions of
               the FY2003 Plan, FY2003 Plan Participants may defer awards
               hereunder in accordance with the provisions of the Independence
               Community Bank Corp. Deferred Compensation Plan.

                    V. PROVISIONS RELATING TO SECTION 162(m)
                          OF THE INTERNAL REVENUE CODE.

It is the intent of the Company that any compensation (including any award)
deferred under the FY2003 Plan by a person who is, with respect to any year of
settlement, deemed by the Committee to be a "covered employee" within the
meaning of Section 162(m) of the Internal Revenue Code and the regulations
thereunder, which compensation constitutes either "qualified performance-based
compensation" within the meaning of Section 162(m) and the regulations
thereunder or compensation not otherwise subject to the limitation on
deductibility under Section 162(m) and the regulations thereunder, shall not, as
a result of deferral hereunder, become compensation with respect to which the
Company in fact would not be entitled to a tax deduction under Section 162(m)
and the regulations thereunder. Accordingly, unless otherwise determined by the
Committee, if any compensation would become so disqualified under Section 162(m)
and the regulations thereunder as a result of deferral hereunder, the terms of
such deferral shall be automatically modified to the extent necessary to ensure
that the compensation would not, at the time of settlement, be so disqualified.

                                       8

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