Document:

Exhibit 10.228

                    1990 Change in Control and Severance Policy
                for Top Tier Officers of United States Trust Company
                         of New York and Affiliated Companies

                             As Amended and Restated
                        Effective as of October 22, 1996

1.   Purpose

     This document  sets forth the 1990 Change in Control and  Severance  Policy
for Top Tier Officers of United States Trust Company of New York, as amended and
restated effective as of October 22, 1996.

     The purpose of the Plan is to provide for  payments to (and other  benefits
for)  certain  officers  of the  United  States  Trust  Company  of New York and
designated   affiliates  thereof  whose  service  is  terminated  under  certain
circumstances  following  changes in the ownership or  management of U.S.  Trust
Corporation,  and to provide for regular  severance  payments to certain of such
officers whose service is otherwise terminated.

2.   Definitions

The following definitions are applicable to the Plan:

     "Act" means the Employee  Retirement Income Security Act of 1974, as now in
effect or as hereafter amended.

     "Affiliate"  means  any  affiliate  of the  Trust  Company  that  has  been
designated by the Committee  specifically  for purposes of  participation in the
Plan.

     "Awards Plans" means the 1990 Annual  Incentive Plan of United States Trust
Company  of New  York  and  Affiliated  Companies  (the  "AIP"),  the  Executive
Incentive  Plan of U.S.  Trust  Corporation,  the 1995 Annual  Incentive Plan of
United  States  Trust  Company  of New York and  Affiliated  Companies,  and any
successor plan of any of the foregoing.

     "Base Salary" means,  with respect to any  Participant,  the  Participant's
base salary as in effect at the time his or her service is terminated  provided,
however,  that  if a  Participant  terminates  his or her  service  following  a
reduction in the Participant's base salary, then, for purposes of

Section 5, the Participant's  "Base Salary" shall mean his or her base salary as
in effect immediately prior to any such reduction.

     "Change in Control" has the meaning set forth in Section 5(f).

     "'Change  in Control  Benefit"  means any payment or other  benefit  that a
Participant  may be entitled to receive  under any Change in Control Plan upon a
change  in  control  (as  defined  in  such  Plan)  or  upon  the  Participant's
involuntary  termination  (as  defined in such Plan)  following  such  change in
control.

     "Change in Control  Plan" means any plan  (including  this Plan),  program,
policy,  or agreement or resolution of the Board of Directors of the Corporation
or the Trust Company under which a Change in Control  Benefit may be provided to
a Participant. All Change in Control Plans shall be listed in Schedule C hereto,
which shall be amended as necessary, from time to time, by the Committee.

     "Code" means the Internal Revenue Code of 1986, as amended.

     "Committee"  means the Compensation and Benefits  Committee of the Board of
Directors of the Trust Company.

     "Corporation" means U.S. Trust Corporation.

     "Former Management Committee Member" means any of the individuals listed in
Schedule B hereto.

     "401(k) Plan" means the 401(k) Plan and ESOP of United States Trust Company
of New York and Affiliated Companies.

     "Involuntary Termination" has the meaning set forth in Section 5(e).

     "1987  Policy"  means the 1987  Change in Control  Policy of United  States
Trust Company of New York and Affiliated Companies,  as set forth in and adopted
by  resolutions  of the Board of  Directors  of U.S.  Trust  Corporation  at its
meeting on December 8, 1987. The 1987 Policy is reproduced in Schedule D hereto.

     "Participant" has the meaning set forth in Section 4.

     "Payment"  means  any and all  payments  to which a  Participant  is or may
become entitled in accordance with the provisions of the Plan.

     "Plan" means the 1990 Change in Control and  Severance  Policy for Top Tier
Officers of United States Trust Company of New York and Affiliated Companies, as
set forth herein and as amended from time to time.

     "Retirement  Plan" means the  Employees'  Retirement  Plan of United States
Trust Company of New York and Affiliated Companies.

     "Stock  Plan"  means  the  1989  Stock  Compensation  Plan  of  U.S.  Trust
Corporation, as in effect on any date prior to January 1, 1994.

     "Trust Company" means United States Trust Company of New York.

3.   Administration

     The Plan shall be administered  by the Committee.  The Committee shall have
exclusive  authority  to determine  all matters  involving  the  administration,
operation and  interpretation  of the Plan, in its  discretion.  All  decisions,
actions  or  interpretations  of the  Committee  under the plan  shall be final,
conclusive and binding upon all parties.  After a Change in Control,  all powers
of the Committee  under this Plan shall be exercised  solely by the Committee as
it was constituted immediately prior to such Change in Control.

4.   Participation

     (a) A  "Participant"  shall  mean any  officer  of the Trust  Company or an
Affiliate who (i) is a Participant in the Executive Incentive Plan of U.S. Trust
Corporation,  or  (ii)  is  included  in the  list  of  persons  designated  for
participation  in the Plan set forth in  Schedule  A hereto,  as the same may be
amended from time to time by the Committee, in its sole discretion.

     (b) Notwithstanding any other provisions of the Plan, no Participant who is
otherwise  eligible  to receive a Payment  under the Plan who is employed by the
Trust Company or an Affiliate under the terms of a written  employment  contract
shall be  entitled  to receive  such  Payment,  except to the  extent  otherwise
provided in such contract.

5.   Change in Control

     (a)  Special  Severance   Payment.   Any  Participant  who  experiences  an
Involuntary  Termination within two years following a Change in Control, and any
Participant  who is a member of the Office of Chairman of the Trust  Company and
who  voluntarily  terminates  employment  with the Trust  Company and all of its
affiliates within six months following a Change in Control, shall be entitled to
receive a Payment in an amount equal to

          (i) the sum of:

               (A) two times the Participant's annual Base Salary,

               (B) two  times  the  average  of the  highest  three  awards  the
          Participant  earned under the Awards Plans for the five years prior to
          the year during which the Change in Control occurs, and

               (C) in the  case  of a  Participant  who is a  Former  Management
          Committee Member not entitled to a Payment under Section 6, the amount
          of the Payment to which he would otherwise be entitled under Section 6
          if he were a Senior Vice President,

          (ii) reduced by the aggregate  amount the Participant is actually paid
     under all other severance or separation  plans,  policies and  arrangements
     maintained by the Trust Company or its Affiliates.

For  purposes of computing  amounts  described in clause  (i)(B)  above,  awards
earned under the Awards Plans for years  preceding the year in which a Change in
Control occurs shall be deemed to have equalled the amount of such awards before
reduction  on  account  of (x) any  ESOP  Contributions  made on  behalf  of the
Participant  under  the 401 (k) Plan,  (y) any  amount  taken  into  account  in
determining  the number of Benefit  Equalization  Units (as defined in the Stock
Plan)  credited  to the  Participant's  account  under the Stock Plan or (z) any
Supplemental  ESOP  Contribution  amount credited to the  Participant's  account
under the Executive Deferred Compensation Plan of U.S. Trust Corporation. Except
as otherwise  provided in Section 7(a), no Participant's  Payment under the Plan
shall be less than the amount he would have received under the 1987 Policy.

     (b) Other Benefits. Any Payment payable to a Participant under this Section
5 shall be paid in addition to any payments or benefits the Participant receives
under Section 6 and under any other applicable plans, programs or agreements.

     (c)  Medical/Life  Insurance  Continuation  Coverage.  A  Participant  who,
without  regard to the  limitation  set forth in  Section  4(b),  is  entitled a
Payment under this Section 5 shall also be entitled to the  continuation (on the
same terms and  conditions) of any medical and life insurance  coverage to which
the  Participant  was entitled  immediately  prior to his or her  termination of
employment for a period of two years following such termination.

     Notwithstanding the above, to the extent that a Participant becomes covered
under the medical or life insurance  arrangements  of an employer other than the
Trust Company or an affiliate, the Trust Company shall no longer be obligated to
provide comparable benefits hereunder.

     (d) Method of Payment.  Any  Payment  payable to a  Participant  under this
Section 5 shall be paid in a lump sum cash payment as soon as practicable  after
the termination of such Participant's employment.

     (e)   Involuntary   Termination.   For  purposes  of  this  Section  5,  an
"Involuntary   Termination"  shall  mean  the  termination  of  a  Participant's
employment with the Trust Company and all of its affiliates

          (i) by the Trust Company or any Affiliate, or

          (ii) by such Participant following any

               (A)  reduction  in  the  Participant's  Base  Salary,  or in  the
          Participant's  opportunity  to earn an  annual  bonus in an  amount at
          least equal to the percentage of the Participant's  annual base salary
          that  was  used to  determine  the  target  bonus  award  for the year
          immediately preceding the year in which a Change in Control occurs,

               (B) change, without the Participant's consent, in the location of
          his place of employment to an borough other than Manhattan or, if such
          place of employment is not in Manhattan, to a city other than the city
          in which his place of employment is located,

               (C) material  diminishment of the Participant's  responsibilities
          with respect to the business of the Trust Company or any Affiliate, or

               (D)  other  material  adverse  change  in the  conditions  of his
          employment with the Trust Company or any Affiliate.

     An Involuntary Termination pursuant to clause (ii) above shall be deemed to
occur within two years  following a Change in Control if the event  described in
subclause (A), (B), (C) or (D) that gives rise to such termination occurs within
two years following a Change in Control and such  termination  occurs within six
months after such event. In addition,  if the Participant's  employment with the
Trust  Company and all of its  affiliates  is terminated by the Trust Company or
any  affiliate  at any time  prior to a Change in  Control  and the  Participant
reasonably  demonstrates  that such  termination  was at the  request of a third
party who had indicated an intention or had taken steps reasonably calculated to
effect such Change in Control and who effectuated  such Change in Control,  such
termination of the  Participant's  employment shall be treated,  for purposes of
this  Plan,  as an  Involuntary  Termination  of  the  Participant's  employment
occurring immediately after the Change in Control.

     Notwithstanding  any other provision  herein, no payment shall be made to a
Participant  pursuant to this Section 5 upon the  Participant's  termination  of
employment unless such termination

of  employment  constitutes  an  "Involuntary  Termination"  as  defined in this
Section  5(e),  except as otherwise  provided in Section 5(a) in the case of the
Participant who is a member of the Office of Chairman.

     (f)  Change in  Control.  For  purposes  of this  Section  5, a "Change  in
Control" shall mean that any of the following events has occurred:

          (i) 20% or more of the  common  shares  of the  Corporation  has  been
     acquired  by any person (as  defined by Section  3(a)(9) of the  Securities
     Exchange Act of 1934) other than directly from the Corporation,

          (ii) there has been a merger or equivalent combination after which 49%
     or  more of the  voting  shares  of the  surviving  corporation  is held by
     persons other than former shareholders of the Corporation, or

          (iii)20% or more of the directors elected by shareholders to the Board
     of Directors of the  Corporation  are persons who were not nominated by the
     Corporation's  Board of  Directors  or by the  Executive  Committee  of the
     Corporation's  Board of Directors in the most recent proxy statement of the
     Corporation.

6.   Regular Severance

     (a)  Regular  Severance  Payment.  Any  Participant  other  than  a  Former
Management  Committee  Member who is an officer of the Trust Company at or above
the rank of Senior Vice  President  whose  employment is terminated by the Trust
Company because of job  discontinuance  or inadequate job  performance  shall be
entitled to a Payment in an amount equal to 26 times his weekly Base Salary.

     A Participant  who is entitled to a Payment under this Section 6 shall also
he offered the services of a professional  outplacement  counseling  firm,  such
services to be paid for by the Trust Company.  The duration,  extent and cost of
such services will be determined by the Trust Company in its sole discretion.

     Notwithstanding the foregoing, a Participant whose employment is terminated
by the Trust Company  because of dishonesty  or other  malfeasance  shall not be
entitled to any Payment or other benefit under this Section 6.

     (b) Method of  Payment.  Any  Payment  payable  under  this  Section 6 with
respect to a Participant's termination of employment shall be paid in a lump-sum
cash payment as soon as practicable following such Participant's  termination of
employment.

7.   Payment Limitations

     Notwithstanding any other provision of the Plan to the contrary, the amount
of the  Payments  that a  Participant  may  otherwise  be  entitled  to  receive
hereunder shall be subject to the following limitations:

     (a)  Limit  on  Section  5(a)(i)(A)  and (B)  Amounts.  In the  case of any
Participant  whose  employment  with  the  Trust  Company  or  an  Affiliate  is
terminated  after he has attained age 63, the amounts  that  otherwise  would be
taken into account under Section  5(a)(i)(A) and (B) in determining  the Payment
to which the Participant is entitled under Section 5 shall be that percentage of
such amounts  determined  by dividing  (x) the number of calendar  months in the
period  that  begins on the  first  day of the month in which the  Participant's
employment is terminated and that ends on the last day of the month in which the
Participant will attain age 65, by (y) 24.

     (b) Limit on Section  5(a)(i)(C) and Section 6 Amounts.  In the case of any
Participant  whose  employment  with the Trust Company is terminated at any time
within six months prior to the date on which the Participant will attain age 65,
the amount that otherwise  would be taken into account under Section  5(a)(i)(c)
in determining the Payment to which the Participant is entitled under Section 5,
or that  otherwise  would be taken into  account in  determining  the Payment to
which the  Participant is entitled under Section 6, shall be that  percentage of
such  amount  determined  by dividing  (x) the number of calendar  months in the
period  that  begins on the  first  day of the month in which the  Participant's
employment is terminated and that ends on the last day of the month in which the
Participant will attain age 65, by (y) 6.

8.   Gross-Up Payment

     If any  Change in Control  Benefit  payable to a  Participant  (a  "Benefit
Payment) is or will be subject to the excise tax imposed with respect to "excess
parachute  payments" under section 4999 of the Code or any interest or penalties
with  respect  to such  excise  tax (such  excise  tax,  together  with any such
interest and penalties,  are collectively  referred to as the "Excise Tax"), the
Participant  shall be entitled  to receive an  additional  payment (a  "Gross-Up
Payment") in an amount such that after payment by the  Participant  of all taxes
(including  any  interest or  penalties  imposed  with  respect to such  taxes),
including any Excise Tax,  imposed upon the Gross-Up  Payment,  the  Participant
will retain an amount of the  Gross-Up  Payment  equal to the Excise Tax imposed
upon Benefit Payment.  The Gross-Up Payment shall be payable to a Participant in
accordance with the following provisions:

     (a) Whenever a Participant becomes entitled to receive any Benefit Payment,
the Trust  Company's  independent  auditors as designated by the Trust Company's
Board of Directors  prior to the occurrence of the Change in Control giving rise
to such Benefit Payment (the "Accounting  Firm" shall determine (i) whether such
Benefit  Payment is or will be subject to Excise Tax;  (ii)  whether any Benefit
Payments  previously made to the Participant  ("Prior Benefit  Payments") are or
will be subject to Excise Tax in an amount

exceeding the amount taken into account in calculating the Gross-Up Payment,  if
any, that was made to the Participant in respect of such prior Benefit Payments;
(iii) the amount of the Excise Tax payable by the  Participant  with  respect to
such Benefit Payment and all Prior Benefit Payments;  and (iv) the amount of the
Gross-Up  Payment  payable to the  Participant  hereunder  with  respect to such
Benefit Payment and all Prior Benefit Payments,  less the amount of any Gross-Up
Payment previously made to the Participant.

     (b) If the Accounting  Firm determines that no Excise Tax is payable by the
Participant with respect to such Benefit Payment and all Prior Benefit Payments,
the Accounting  Firm shall furnish the  Participant and the Trust Company with a
written  statement  certifying  that the Accounting  Firm has determined that no
Excise Tax is payable,  setting  forth the reasons  for its  determination,  and
stating that the Participant has substantial  authority not to report any Excise
Tax on his or her federal income tax return.

     (c) If the Accounting Firm determines that a Gross-Up Payment is payable to
a  Participant,  it shall furnish the  Participant  and the Trust Company with a
written statement of its  determination,  and all accompanying  calculations and
other material supporting its determination.  The amount of the Gross-Up Payment
so determined by the Accounting Firm to be payable to the  Participant  shall be
paid to the  Participant  as soon as  practicable  after the  Accounting  Firm's
determination has been furnished to the Participant and the Trust Company.

     (d) If in connection with any audit of a  Participant's  federal income tax
returns  it is  determined  that the  Participant  is liable for Excise Tax with
respect to any Benefit  Payments in an amount in excess of the amount taken into
account  in any  determination  previously  made by the  Accounting  Firm  under
Section  8(a),  the  Participant  may, by written  notice to the Trust  Company,
request that a Gross-Up  Payment be made to the Participant with respect to such
additional Excise Tax amount.  Promptly after receipt of such notice,  the Trust
Company shall cause the Accounting Firm to review the Participant's  request and
to  determine  the  amount,  if  any,  of the  Gross-Up  Payment  to  which  the
Participant is entitled with respect to such additional  Excise Tax amount.  The
Participant  shall  furnish  the  Accounting  Firm  with  such  information  and
documents as the Accounting  Firm may reasonably  request to enable it to make a
determination as to the Participant's request. The Accounting Firm shall furnish
the  Participant  and  the  Trust  Company  with  a  written  statement  of  its
determination as to the Participant's request, and all accompanying calculations
and other material  supporting its determination.  The Gross-Up Payment, if any,
determined by the Accounting Firm to be payable to the Participant shall be paid
to the Participant as soon as practicable after the Accounting Firm has made its
determination.

9.   Payment of Legal Fees

     The Trust Company shall  promptly pay, or reimburse each  Participant  for,
all reasonable legal fees and expenses incurred by the Participant in seeking to
obtain, or enforce or defend his or her right to receive,  any Change in Control
Benefit provided under any Change in Control Plan.

10.  Amendment

     Prior to a Change in Control,  the Board of Directors of the Trust  Company
may amend or terminate  this Plan, in whole or in part,  at any time.  Except as
hereinafter  provided,  the Plan, and any Schedules  attached to the Plan, shall
not be  amended  or  terminated  following  a Change  in  Control.  The Board of
Directors  of the Trust  Company  may,  however,  at any time before a Change in
Control, or within 45 days following a Change in Control where the percentage of
the Corporation's common shares acquired or directors appointed under clause (i)
or  (iii),  respectively,  of  Section  5(f) is at least  20% but less than 25%,
direct by  resolution  that no Payments  shall be made and no benefits  provided
pursuant to Section 5, which resolution may be rescinded or countermanded at any
time with or without retroactive effect.

11.  Unsecured Creditor Status

     A Participant shall have the status of a general unsecured  creditor of the
Trust  Company with respect to his or her right to receive any payment under the
Plan.  The Plan shall  constitute  a mere  promise by the Trust  Company to make
payments in the future of the benefits  provided for herein. It is intended that
the arrangements reflected in this Plan be treated as unfunded for tax purposes,
as well as for purposes of any applicable provisions of Title I of ERISA.

     All  payments  to be made  under the Plan  shall be paid  from the  general
assets of the Trust Company and no special or separate fund shall be established
and no  segregation  of assets shall be made to assure  payment of such amounts,
except that the Trust  Company  may  establish  and fund a "'grantor  trust" (as
defined in Sections 671, et seq, of the Code) to provide for any payments  under
the Plan.

     Neither  the Plan nor any action  taken  hereunder  shall be  construed  as
giving  any  Participant  any right to be  retained  in the  employ of the Trust
Company or any affiliate thereof.

12.  Nonalienation of Payment

     A  Participant's  rights to payments under the Plan shall not be subject in
any manner to anticipation,  alienation,  sale,  transfer,  assignment,  pledge,
encumbrance,  attachment,  or garnishment by creditors of the Participant or his
or her beneficiary.

13.  Taxes

     The Trust  Company shall deduct from any Payment  otherwise  required to be
made under the Plan all Federal, state, local and other taxes required by law to
be withheld with respect to such Payment.

14.  Payments to Persons Other Than Participants

     If the  Committee  shall  find that any  Participant  to whom a Payment  is
payable  under the Plan is unable to care for his  affairs  because of  illness,
accident or legal  incapacity,  then any Payment due to such Participant may, if
the Committee so directs the Trust Company, be paid to his or her spouse,  child
or other relative, an institution  maintaining or having custody of such person,
or any person deemed by the Committee to be a proper recipient on behalf of such
Participant,  unless a prior claim  therefor  has been made by a duly  appointed
legal  representative.  In the event that any Participant to whom any Payment is
payable under the Plan dies before he receives his or her Payment,  such Payment
shall be paid to his or her estate.

     Any payment made under this Section 14 shall be a complete discharge of the
liability of the Trust Company therefor.

15.  No Liability of Committee Members

     No  member of the  Committee  shall be  personally  liable by reason of any
contract  or other  instrument  executed  by such member or on his behalf in his
capacity as a member of the Committee  nor for any mistake of judgement  made in
good faith,  and the Trust Company shall indemnify and hold harmless each member
of the Committee, and each employee, officer or director of the Trust Company to
whom any duty or power relating to the  administration  or interpretation of the
Plan may be  allocated  or  delegated  against  any cost or  expense  (including
counsel fees) or liability  (including  any amount paid in settlement of a claim
with the approval of the Board of Directors of the Trust Company) arising out of
any act or  omission  in  connection  with the Plan  unless  arising out of such
person's own fraud or bad faith.

16.  Superseding Effect

     Except to the extent  otherwise  provided  herein,  the Plan supersedes the
1987 Policy.  In addition,  Section 9 supersedes the  resolution  adopted by the
Board  of  Trustees  of  United  States  Trust  Company  of New  York  (as  then
constituted) at its meeting on January 26, 1988,  regarding the payment of legal
fees and expenses.

17.  Governing Law

     The provisions of the Plan shall be governed by and construed in accordance
with the applicable provisions of the Act and the laws of the State of New York.

18.  Successors

     The Plan  shall  inure to the  benefit  of the  Participants  and  shall be
binding upon the Trust Company,  the Corporation,  and any assignee or successor
corporation or organization  resulting from the merger,  consolidation  or other
reorganization  thereof or  succeeding  to  substantially  all of the assets and
business  thereof.  The Trust Company and the  Corporation  agree that they will
make  appropriate  provision for the  preservation of the  Participant's  rights
under the Plan in any  agreement  or plan  that they may enter  into or adopt to
effect any such merger, consolidation, reorganization or transfer of assets.

19.  Severability

     If any provision of the Plan is determined to be invalid or  unenforceable,
the  remaining  provisions  of the Plan shall not for that reason  alone also be
determined to be invalid or unenforceable.

<PAGE>

                                    Schedule A

                                    William Brennan
                                    Neil Danzger
                                    David Fann
                                    Richard E. Foley
                                    Robert Y. Garrett
                                    Norman Goldberg
                                    Carl A. Harnish
                                    Douglas Lindgren
                                    Deborah La Berge
                                    Jay F. Luby
                                    Richard McDermott
                                    William Porter
                                    Michael Shields
                                    Elizabeth Sonders
                                    Carol Strickland
                                    Mark Talt
                                    Franklin Ulf
                                    Charles E. Wert

<PAGE>

                                    Schedule B

                                    H. Marshall Schwarz
                                    Jeffrey S. Maurer
                                    Frederick B. Taylor

<PAGE>

                                    Schedule C

Employees'  Retirement  Plan of  United  States  Trust  Company  of New York and
Affiliated Companies

Benefit Equalization Plan of U.S. Trust Corporation

Supplemental  Pension  Agreements  between U.S.  Trust  Corporation  and Messrs.
Maurer, Schwarz and Taylor

1989 Stock Compensation Plan and Predecessor Plans of U.S. Trust Corporation

1995 Stock Option Plan of U.S. Trust Corporation

Executive Incentive Plan of U.S. Trust Corporation

Executive Deferred Compensation Plan of U.S. Trust Corporation

Deferred Restricted Unit Plan of U.S. Trust Corporation

1990  Change in Control  and  Severance  Policy for Top Tier  Officers of United
States Trust Company of New York and Affiliated Companies

<PAGE>

                                    Schedule D

                          1987 Change in Control Policy

     Set  forth  below are the terms of the 1987  Change  in  Control  Policy of
United States Trust Company of New York and Affiliated Companies:

     In the event of an "involuntary  termination"  within two years following a
     "change in control" of a senior  officer who is a member of the  Management
     Committee of United  States Trust Company of New York or such entity as may
     succeed  to  substantially  the same  rights and  responsibilities  of such
     committee  (the  "Management  Committee")  on the date of such  "change  in
     control",  such  senior  officer  shall  be  paid in a lump  sum,  promptly
     following such  termination,  the sum of (a) an amount equal to such senior
     officers then current  annual base salary,  plus (b) an amount equal to the
     average of the  highest  three of the prior five years'  awards  payable to
     such senior officer  pursuant to the Annual Incentive Plan of United States
     Trust Company of New York and  Affiliated  Companies  (the "Annual  Plan'),
     such  amounts  to be in  addition  to any  other  coverages,  payments  and
     distributions  to which such senior  officer is entitled,  except as may be
     specifically  provided in a written agreement entered into by United States
     Trust Company of New York (the "Trust Company") and such senior officer.Exhibit 10.229

                      Executive Deferred Compensation Plan
                                       of
                             U.S. Trust Corporation

             As Amended and Restated effective as of January 1, 2001

1.        Purpose

The Plan  hereinafter  set forth  represents  a  continuation  of the  Executive
Deferred  Compensation  Plan  maintained by U.S.  Trust  Corporation  before its
merger with the Charles Schwab Corporation pursuant to the Agreement and Plan of
Merger dated as of January 12, 2000.

The purpose of the Plan is to provide: (a) Eligible Officers with an opportunity
to defer payment of certain portions of their  compensation,  at their election,
in accordance  with the provisions  herein set forth;  and (b) for the mandatory
deferral of a portion of the incentive compensation payable to certain employees
of the Corporation and its Affiliated Companies.

The Plan is intended to constitute an unfunded plan maintained primarily for the
purpose of providing deferred  compensation for "a select group of management or
highly compensated  employees" within the meaning of Sections 201(2),  301(a)(3)
and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA").

2.        Definitions

As used herein, the following terms shall have the following meanings:

          "Account" or "Accounts" shall mean the account or accounts established
          for a Participant pursuant to Section 4.

          "Affiliated  Companies"  shall mean United States Trust Company of New
          York and each  other  direct  or  indirect  subsidiary  of U.S.  Trust
          Corporation.

          "Award" shall mean any award made to a Participant under the Executive
          Incentive Plan of U.S. Trust  Corporation or the Annual Incentive Plan
          of U.S. Trust Corporation.

          "Beneficiary"  shall  mean  the  person  or  persons  designated  by a
          Participant in accordance with Section 8 to receive any amount payable
          under the Plan by reason of his or her death.

          "Board of Directors"  shall mean the Board of Directors of U.S.  Trust
          Corporation.

          "Change in Control"  shall mean that any of the  following  events has
          occurred after the Merger Closing Date.

               (i)  A Change in Control required to be reported pursuant to Item
                    6(e) of Schedule 14A of Regulation  14A under the Securities
                    Exchange Act of 1934, as amended (the "Exchange Act");

               (ii) A change in the composition of the Board of Directors of the
                    Company,  as a result of which fewer than  two-thirds of the
                    incumbent  directors  are  directors who either (i) had been
                    directors  of the Company 24 months  prior to such change or
                    (ii) were elected,  or nominated for election,  to the Board
                    of Directors of the Company with the affirmative votes of at
                    least a majority of the directors who had been  directors of
                    the  Company  24 months  prior to such  change  and who were
                    still in office at the time of the election or nomination;

               (iii)Any  "person"  (as such term is used in  sections  13(d) and
                    14(d) of the  Exchange  Act) becomes the  beneficial  owner,
                    directly  or  indirectly,   of  securities  of  the  Company
                    representing 20 percent or more of the combined voting power
                    of the Company's then outstanding securities ordinarily (and
                    apart from  rights  accruing  under  special  circumstances)
                    having  the right to vote at  elections  of  directors  (the
                    "Base Capital Stock"); provided, however, that any change in
                    the  relative  beneficial  ownership  of  securities  of any
                    person  resulting  solely from a reduction in the  aggregate
                    number of outstanding  shares of Base Capital Stock, and any
                    decrease   thereafter   in  such   person's   ownership   of
                    securities, shall be disregarded until such person increases
                    in  any  manner,  directly  or  indirectly,   such  person's
                    beneficial ownership of any securities of the Company.

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

          "Committee"  shall mean the  Committee,  as  constituted  from time to
          time,  appointed by the senior management of the Company to administer
          the Plan.

          "Company"  shall  mean The  Charles  Schwab  Corporation,  a  Delaware
          Corporation.

          "Corporation"  shall  mean  U.S.  Trust  Corporation,  a wholly  owned
          subsidiary of the Company.

          "Eligible  Compensation"  shall  mean,  with  respect to any  Eligible
          Officer for any Plan Year  beginning on or after January 1, 2001,  (i)
          the portion of any Award that becomes  payable in cash to the Eligible
          Officer  during such year as reduced by any amount that is contributed
          to the 401(k) Plan on the  Eligible  Officer's  behalf with respect to
          such Award  pursuant  to the  Eligible  Officer's  election  under the
          applicable  provisions  of the 401(k)  Plan;  (ii) the  portion of any
          Mandatory  Deferred  Contribution  that becomes  vested and payable in
          cash to a Participant  during such year;  and (iii) the portion of any
          commissions  (including  any "trail"  commissions  and any  commission
          "overrides")  that is payable in cash to the Eligible  Officer  during
          such year (but,  in the case of any amount  payable  during  such year
          with  respect to  commissions  that were earned  prior to the start of
          such  year,  only to the extent of such of those  commissions  as were
          earned after the date on which the Eligible  Officer  filed his or her
          deferral  election  for such year under  Section 3),  exclusive of the
          amount  of any such  commissions  that are  included  in the  Eligible
          Officer's base compensation for any Plan Year pursuant to the Eligible
          Officer's election, and the portion of any bonus or incentive payments
          that is  payable  in  cash to the  Eligible  Officer  pursuant  to any
          employment  agreement between the Eligible Officer and the Corporation
          or any of its Affiliated  Companies,  to the extent earned during such
          year, regardless of the year in which such bonus or incentive payments
          are payable.

          "Eligible Officer" shall mean any officer of the Corporation or any of
          its Affiliated Companies at or above the rank of Vice President:

          (a)  whose wages  (excluding  the amount of any Stock  Option  Cashout
               Payment) subject to FICA-HI  exceeded  $170,000 for the Plan Year
               immediately preceding the Plan Year in which such officer makes a
               deferral election under Section 3; or

          (b)  whose base  salary as of October 1 of the Plan Year in which such
               officer makes a deferral election under Section 3 when aggregated
               with AIP/EIP target bonus amount for such year, regardless of the
               year in which such bonus amount is payable, exceeds $300,000; or

          (c)  who has been credited with a Mandatory Deferred Contribution.

          For any Plan Year  beginning on or after January 1, 2001, the $170,000
          referred to in the preceding  sentence shall be adjusted to the extent
          necessary  for such  amount to equal the of the  limitation  on annual
          compensation  in effect for such year under section  401(a)(17) of the
          Code.

          "401(k)  Plan"  shall mean the 401(k)  Plan and ESOP of United  States
          Trust Company of New York and Affiliated Companies.

          "401(k) Plan Year" shall mean the "Plan Year" as defined in the 401(k)
          Plan.

          "Mandatory  Deferred  Contribution"  shall mean the amount credited by
          the Corporation or an Affiliated Company to a Participant's Account.

          "Merger Closing Date" shall mean May 31, 2000.

          "Participant"  shall  mean any (i)  Eligible  Officer  who has made an
          election under Section 3 hereof (or under Section 3 of the Prior Plan)
          to defer any portion of his or her Eligible  Compensation for any Plan
          Year,  (ii)  person who has made an  election  under the Prior Plan to
          defer any portion of his or her 1995  Cashout  Payments (as defined in
          Section 4 of the Prior Plan),  (iii) person whose  Account or Accounts
          have been credited with a Supplemental  ESOP  Contribution  amount for
          any 401(k) Plan Year  pursuant to Section 5 of the Prior Plan, or (iv)
          any person  whose  Mandatory  Deferred  Contribution  Account has been
          credited with a Mandatory Deferred  Contribution pursuant to Section 5
          hereof.

          "Plan" shall mean the  Executive  Deferred  Compensation  Plan of U.S.
          Trust  Corporation,  as set forth  herein and as amended  from time to
          time.

          "Plan Year" shall mean each calendar year.

          "Prior Plan" shall mean the Executive  Deferred  Compensation  Plan of
          U.S. Trust Corporation, as in effect prior to the Merger Closing Date.

          "Retirement" shall mean a Participant's termination of employment with
          the Corporation and its Affiliated Companies for any reason other than
          death  if,  as  of  the  date  of  the  Participant's  termination  of
          employment,  (i) the  Participant  has  attained  age 65,  or (ii) the
          Participant  has attained age sixty (60) and is credited with at least
          ten (10) "Years of Service" (as defined in the  Retirement  Plan),  or
          (iii) the sum of Participant's age and the number of his or her "Years
          of Service",  as defined in the 401(k) Plan,  is at least equal to 80.
          In addition,  in the case of any Participant  who becomes  entitled to
          receive   benefit   payments  under  the  long-term   disability  plan
          maintained by the  Corporation or any of its Affiliated  Companies and
          who  continues  to receive  payments  under such plan  throughout  the
          entire period ending on the date on which  Participant first meets the
          age, or the age of service, requirements set forth in clause (i), (ii)
          or (iii) above, such Participant shall be treated, for purposes of the
          Plan, as having  terminated  employment  with the  Corporation and its
          Affiliated  Companies as a result of  Retirement,  on the first day of
          the month following the date on which the Participant first meets such
          requirements.  In  applying  clause  (ii)  and  (iii)  above  for this
          purpose, the Participant's "Years of Service" shall include the number
          of calendar years (or part thereof)  during which the  Participant has
          received benefits payments under such long-term disability plan.

          "Statutory  Limitations"  shall mean,  with respect to any 401(k) Plan
          Year, the limitations imposed under sections 401(a)(17) and 415 of the
          Code with respect to the amount of compensation that may be taken into
          account in calculating  contributions on behalf of any Member, and the
          amount of contributions  that may be allocated to a Member's  account,
          under the 401(k) Plan for such year.

          "Stock Option  Cashout  Payment"  shall mean the payment made upon the
          consummation of the merger of U.S. Trust  Corporation with the Charles
          Schwab  Corporation  to an  Eligible  Officer  with  respect to shares
          subject to any  unexercised  stock  options  granted  to the  Eligible
          Officer under the 1995 Stock Option Plan of U.S. Trust Corporation.

          "Vesting  Date"  shall mean with  respect to any amount  credited to a
          Participant's  Mandatory Deferred Contribution Account, the date as of
          which such  amount  becomes  vested  under the terms of the  Executive
          Incentive Plan of U.S. Trust  Corporation,  the applicable  commission
          arrangement or the applicable employment contract as the case may be.

3.        Deferral of Eligible Compensation

With  respect  to each Plan Year  beginning  on or after  January  1,  2001,  an
Eligible  Officer  may  elect to have  payment  of any part or all of his or her
Eligible  Compensation  for such  year  deferred,  and to have  payment  of such
portion made under the terms of this Plan.  Any such  election  shall be made in
accordance with the following rules:

          (a)  A deferral election shall be made in the manner prescribed by the
               Committee for such purpose.

          (b)  In the deferral election, the Eligible Officer (i) shall specify,
               by amount or  percentage  (which must be an even multiple of 5%),
               the  portion of his or her  Eligible  Compensation  the  Eligible
               Officer wishes to defer (the amounts so deferred are  hereinafter
               referred to as the Eligible Officer's  "Deferred  Amounts"),  and
               (ii) shall specify, by percentage (which must be an even multiple
               of 5%), the portions of the Eligible  Officer's  Deferred Amounts
               that he or she wishes to have credited, respectively, to the Lump
               Sum  Payment  Account  and to  the  Installment  Payment  Account
               established for the Eligible Officer pursuant to Section 4.

          (c)  An Eligible  Officer's  election  to defer  payment of any amount
               credited to his or her  Mandatory  Contribution  Account  must be
               made at least one year prior to the Vesting  Date of such amount.
               An  Eligible  Officer's  election  to defer  any  other  Eligible
               Compensation  for any Plan Year  beginning on or after January 1,
               2001, shall be filed with the Committee no later than December 15
               of  the  preceding  Plan  Year,  or by  such  other  date  as the
               Committee may determine in its discretion.

          (d)  Any deferral election made by an Eligible Officer with respect to
               his  or  her  Eligible  Compensation  for a Plan  Year,  and  any
               election made by an Eligible Officer under Section 3(b) as to the
               allocation of the Eligible  Officer's  Deferred  Amounts for such
               year to his or her  Lump  Sum  Payment  Account  and  Installment
               Payment  Account,   shall  be  irrevocable  except  as  otherwise
               provided in Section 7.

          (e)  Notwithstanding  any other  provision  herein to the contrary,  a
               deferral election otherwise  permitted to be made hereunder shall
               be subject to the following requirements:

               (i)  No amount may be deferred pursuant to an Eligible  Officer's
                    election unless such amount equals or exceeds $1,000;

               (ii) No portion of an Eligible  Officer's  Eligible  Compensation
                    may be  deferred  hereunder  to the  extent  that any tax is
                    required  to be  withheld  from  such  portion  pursuant  to
                    applicable federal, state or local law;

               (iii)No portion of an Eligible  Officer's  Eligible  Compensation
                    may be deferred  hereunder  to the extent that such  portion
                    has been  earned  prior to the  date on which  the  Eligible
                    Officer's election to defer such portion has been filed with
                    the Committee; and

               (iv) No amount may be deferred pursuant to an Eligible  Officer's
                    election  hereunder for a period of 12 months  following the
                    Eligible  Officer's  receipt of a hardship  withdrawal under
                    the 401(k) Plan.

4.        Accounts

There  shall be  maintained  on the books and  records of the  Corporation,  for
bookkeeping  purposes only,  separate Accounts for each Participant,  to reflect
the  Participant's  interest under the Plan,  including all amounts  credited to
each  Participant  under the Prior Plan.  Such Accounts shall be established and
maintained in accordance with the following provisions:

     (a)  For each  Participant,  there shall be  maintained  a Lump Sum Payment
          Account and an Installment Payment Account.

     (b)  For  Participants  who elected to defer  certain  "cash-out  payments"
          under Section 4 of the Prior Plan, there shall be maintained a Special
          1995 Deferral Account.

     (c)  A Mandatory  Deferred  Contribution  Account shall be established  and
          maintained  for each  Participant  who is  credited  with a  Mandatory
          Deferred Contribution to the Plan on or after January 1, 2001.

     (d)  A Vested Mandatory Deferred  Contribution Account shall be established
          and maintained for each Participant who elects under Section 3 to have
          payment  deferred  with respect to any portion of his or her Mandatory
          Deferred Contribution Account.

     (e)  A Retiree Payment Account shall be established  and/or  maintained for
          each  Participant  who elects  under  Section 7(f) or made an election
          under  Section  7(f) of the Prior Plan to have payment with respect to
          his or her Account or Accounts made in the manner therein provided.

     (f)  A Participant's Accounts shall be adjusted to reflect all Earnings (as
          defined in  paragraph  (a) of Section 6) or interest to be credited to
          such  Accounts  pursuant to Section 6, all  transfers  to or from such
          Accounts  pursuant to Section  6(d)(ii) or (e), and all payments  made
          with respect to the Participant's Account balances pursuant to Section
          7.

     (g)  Other than  amounts  credited to a  Participant's  Mandatory  Deferred
          Contribution   Account  under  Section  4(c),   which  shall  vest  in
          accordance with the applicable Vesting Date, a Participant's  interest
          in  each  of  his  or  her   Accounts   shall  be  fully   vested  and
          nonforfeitable at all times.

5.        Mandatory Deferred Contributions

     (a)  There shall be credited to the Mandatory Deferred Contribution Account
          an amount equal to the amount of the Mandatory  Deferred  Contribution
          awarded to the Participant.

     (b)  As of the Vesting Date of any Mandatory  Deferred  Contributions  with
          respect to which a deferral  election  has been made under  Section 3,
          the Participant's Vested Mandatory Deferred Contribution Account shall
          be  credited  with an  amount  equal to the  amount  of the  Mandatory
          Deferred Contribution that the Participant has elected to defer.

6.        Crediting of Earnings

Until  payment with respect to a  Participant's  Accounts has been made in full,
the  Participant's  Accounts  shall be  credited  with  Earnings  or interest in
accordance with the following provisions:

     (a)  As of the last day of each calendar month, each part of the balance of
          a Participant's  Accounts for which a separate  Earnings Credit Option
          (as hereinafter  defined) is in effect  pursuant to the  Participant's
          election  hereunder  shall be credited  with an amount  determined  by
          multiplying such part of the balance of the Participant's Account by a
          percentage   corresponding  to  the  Applicable  Rate  of  Return  (as
          hereinafter defined) for such month under such Earnings Credit Option.
          The amount so credited (which may be positive or negative depending on
          whether  the  Applicable  Rate of Return for the month is  positive or
          negative) is referred to herein as "Earnings".

     (b)  For  purposes of this  Section 6, the term  "Earnings  Credit  Option"
          shall mean, as of any date of reference on or after July 1, 1996,  any
          one  of  the   following:   the  S&P  500  Index,   the  Lehman  Bros.
          Government/Corporate Bond Index, and the IBC's Money Fund Report First
          Tier Average.  Notwithstanding the foregoing, the Committee may at any
          time, in its sole  discretion,  determine (i) that any option referred
          to in the  preceding  paragraph  shall cease to constitute an Earnings
          Crediting  Option  for  purposes  of the Plan,  or (ii) that any other
          index or  hypothetical  investment  fund or referenced  rate of return
          shall  constitute  an Earnings  Crediting  Option for purposes of this
          Plan.  Participants shall be notified in writing,  at least 45 days in
          advance, of any change in the Plan's Earnings Crediting Options.

     (c)  The  "Applicable  Rate of Return"  for any month shall mean (i) in the
          case  of the S&P 500  Index,  the  percentage,  as  determined  by the
          Committee,  by  which  (A) the  value  of such  Index  as of the  last
          business day of such month,  as adjusted to reflect all income  earned
          for such month on the securities  included in such Index,  exceeds, or
          is less than,  (B) the value of such Index as of the last business day
          of the immediately  preceding  month,  determined  without taking such
          adjustment  into  account;  (ii)  in  the  case  of the  Lehman  Bros.
          Government/Corporate  Bond Index, the percentage, as determined by the
          Committee,  by which the value of such  Index as of the last  business
          day of such month,  exceeds,  or is less than, the value of such Index
          as of the last business day of the immediately  preceding month; (iii)
          in the case of the IBC's Money Fund  Report  First Tier  Average,  the
          rate of return  corresponding  to the 7-day  compounded yield for such
          Average, for the period ending on, or most recently prior to, the last
          day of  such  month;  and  (iv)  in the  case  of any  other  Earnings
          Crediting  Option,  the rate of return  applicable for such month,  as
          determined by the Committee in its sole discretion.

     (d)  A  Participant  may  make  elections  with  respect  to  the  Earnings
          Crediting  Options that are to apply on and after January 1, 2001 with
          respect to his or her Accounts  other than his or her Retiree  Payment
          Account, in accordance with the following rules:

          (i)  A Participant may elect to have any part or all of the balance of
               any such  Account  credited  with  Earnings  under  any  Earnings
               Crediting  Option  available under the Plan at the time of his or
               her election.

          (ii) Each Eligible Officer who becomes a Participant on or at any time
               after  January 1, 2001 shall make an initial  election  as to the
               Earnings  Crediting Options that are to apply with respect to his
               or her Account in the manner prescribed by the Committee. In such
               election,  the Participant shall specify,  by percentages  (which
               must be an even  multiple  of 5%),  the  respective  parts of the
               balance of such  Account  that are to be credited  with  Earnings
               under each of the Earnings  Crediting  Options  designated by the
               Participant.  If a  Participant  has  failed  to  make  a  timely
               election as to the Earnings  Crediting  Options that are to apply
               to any  Account  prior to the date as of which an amount is first
               credited to such Account, the Participant shall be deemed to have
               selected  the IBC's Money Fund Report  First Tier  Average as the
               Earnings  Crediting Option to apply to the entire balance of such
               Account.

          (iii)The Earnings  Crediting  Options selected (or deemed to have been
               selected)  by a  Participant  with  respect to an  Account  shall
               remain  in  effect  for  that  Account  (and  shall  apply to all
               additional  amounts  allocated  to such  Account  pursuant to any
               elections made by the  Participant  hereunder with respect to any
               subsequent Plan Years) until the  Participant  changes his or her
               election as to the Earnings Crediting Options for that Account in
               accordance with clause (iv) below.

          (iv) A Participant may change the Earnings  Crediting Options that are
               to apply with  respect  to the  balance  of an  Account,  or with
               respect to any  Deferred  Amounts to be credited to such  Account
               for any Plan Year  pursuant  to the  Participant's  election,  by
               making a new  election  hereunder  with respect to the balance of
               that  Account,  or with respect to such  Deferred  Amounts in the
               manner  prescribed  by  the  Committee.   The  Participant  shall
               specify,  in the same manner as  described  in clause (ii) above,
               the respective parts of the balance of such Account,  or portions
               of such Deferred  Amounts,  that are to be credited with Earnings
               under each of the Earnings  Crediting  Options  designated by the
               Participant.  Any new election  made by a  Participant  hereunder
               with respect to the balance of any Account shall become effective
               as of the first day of the calendar  month  following the date on
               which such election is made,  provided that it is at least 2 days
               prior to such first day. Any new election  made by a  Participant
               hereunder with respect to Deferred Amounts to be credited to such
               Account for any Plan Year shall be  effective as of the date such
               amounts  are  credited  to such  Account  under  Section  4.  The
               Earnings  Crediting  Options  selected by the Participant in such
               new  election   shall  remain  in  effect  with  respect  to  the
               Participant's  Account until the Participant again changes his or
               her election with respect to that Account in accordance with this
               clause (iv).

     (e)  As  of  the  last  day  of  each  calendar  month,  the  balance  of a
          Participant's  Retiree Payment Account shall be credited with interest
          at a rate equal to the monthly average  constant  maturity yield for a
          10-year maturity on U.S. Treasury securities,  for the month preceding
          the month in which payments with respect to the Participant's  Retiree
          Payment Account commences.

     (f)  If payment with respect to any Account maintained for a Participant is
          to be made in form of annual  installments  pursuant to Section 7 with
          respect to such Account,  such Account  shall  continue to be credited
          with  Earnings or interest in accordance  with the  provisions of this
          Section 6 until all  payments  required to have been made with respect
          to such Account have been made.  For this  purpose,  any such payments
          shall  be  deemed  to have  been  made pro  rata  from the  respective
          portions of the balance of such  Account  that are subject to separate
          Earnings Crediting Options.

7.        Payment of Account Balances

Payment  with  respect  to a  Participant's  Account  balances  shall be made in
accordance with the following provisions:

     (a)  Except for the nonvested portion of a Participant's Mandatory Deferred
          Contribution  Account,  a Participant's  Account balances shall become
          payable   upon  the  earliest  to  occur  of  the   following   events
          (hereinafter  referred to as "Payment Events"):  (i) the Participant's
          death,  (ii) the  Participant's  Retirement,  (iii) the  Participant's
          termination  of employment  with the  Corporation  and its  Affiliated
          Companies   or  the  Company  for  any  reason  other  than  death  or
          Retirement, and (iv) the occurrence of a Change in Control

     (b)  Amounts credited to a Participant's  Mandatory  Deferred  Contribution
          Account  shall  become  payable in the form of a single  lump sum cash
          payment as soon as practicable  following the Vesting Date  applicable
          to such amounts unless a Participant elects at least one year prior to
          such  Vesting  Date to defer  payment  with  respect  to such  amounts
          pursuant to Section 3.

     (c)  Unless a  Participant  otherwise  elects  under  this  Section  7 with
          respect to his or her Lump Sum Payment  Account,  payment with respect
          to such  Account  shall be made in the form of a single  lump sum cash
          payment.  Such  payment  shall be made to the  Participant  or, if the
          Participant's  Accounts  become payable by reason of his or her death,
          to the  Participant's  Beneficiary.  Payment  shall be made as soon as
          practicable  after the  occurrence  of any  Payment  Event;  provided,
          however, that if payment with respect to the Participant's Installment
          Payment  Account  is  required  to be  made  in  the  form  of  annual
          installments  pursuant to Section  7(d)(ii),  or if a Participant  has
          made the election  provided in Section 7(f) with respect to his or her
          Installment  Payment  Account but not with  respect to his or her Lump
          Sum Payment Account,  payment with respect to the  Participant's  Lump
          Sum  Payment  Account  shall be made on the  same  date as the date on
          which the first  annual  installment  payment is  required  to be made
          under this  Section  7. The  amount so  payable  shall be equal to the
          balance of this  Participant's  Lump Sum Payment Account determined as
          of the last day of the month  preceding  the month in which payment is
          made.

     (d)  Unless a Participant  otherwise  elects under Section 7(e)(ii) or 7(f)
          with respect to his or her Installment  Payment Account,  payment with
          respect to such Account shall be made in accordance with the following
          rules:

          (i)  Except as provided in clause (ii) below, payment shall be made to
               the Participant or, in the event of the  Participant's  death, to
               his or her  Beneficiary,  in the same form, at the same time, and
               in an amount  determined  in the same  manner,  as  payment  with
               respect to the  Participant's  Lump Sum Payment  Account is to be
               made, as provided in paragraph (c) above.

          (ii) If the Participant's  Account balances become payable as a result
               of  the  Participant's   Retirement,   or  as  a  result  of  the
               Participant's  death while he or she is still  employed  with the
               Company or  Corporation  or any of its  Affiliated  Companies but
               after the  Participant  has met the age, or the age and  service,
               requirements  for  eligibility  for  Retirement   stated  in  the
               definition  of such term  contained  in Section 2,  payment  with
               respect to the Participant's Installment Payment Account shall be
               made to the  Participant  or, in the  event of the  Participant's
               death, to his or her  Beneficiary,  in the form of a series of 10
               annual installments.  The first such installment payment shall be
               made on the last business day of March of the Plan Year following
               the year in which the  Participant's  Retirement or death occurs,
               and the remaining  installment payments shall be made on the last
               business day of March of each succeeding Plan Year. The amount of
               each such installment payment shall be determined by dividing (A)
               the  balance of the  Participant's  Installment  Payment  Account
               determined as of the last day of the Plan Year preceding the year
               in  which  such  payment  is to be  made,  by (B) the  number  of
               installment   payments  remaining  to  be  made.  The  last  such
               installment  payment  shall  include  earnings  credited  to  the
               Installment  Payment Account for the month preceding the month in
               which such payment is made.

     (e)  Payment with respect to a Participant's  Special 1995 Deferral Account
          shall be made in accordance with the following rules:

          (i)  Payment with respect to the  Participant's  Special 1995 Deferral
               Account shall be made to the  Participant in the form of a series
               of 10 annual installments  commencing on the last business day of
               February 1996,  with the remaining  installment  payments made on
               the last business day of February of each  succeeding  Plan Year.
               The amount of each such  installment  payment shall be determined
               by dividing  (A) the balance of the  Participant's  Special  1995
               Deferral  Account  determined as of the last day of the Plan Year
               preceding  the year in which such  payment is to be made,  by (B)
               the number of installment payments remaining to be made. The last
               such installment  payment shall include Earnings  credited to the
               Special 1995 Deferral  Account for the month  preceding the month
               in which such payment is made.

          (ii) If a Lump Sum  Payment  Account  and/or  an  Installment  Payment
               Account  is  being  maintained  for a  Participant  described  in
               Section  3(c)(ii)  of the Prior Plan in  addition  to the Special
               1995  Deferred   Account  that  has  been  established  for  such
               Participant,  the  Participant  may  elect to have  payment  with
               respect to either or both of such other Accounts made in the same
               form,  at the same times,  and in amounts  determined in the same
               manner,   as  the  payments  to  be  made  with  respect  to  the
               Participant's Special 1995 Deferral Account as provided in clause
               (i) above.

     (f)  Any  Participant   whose  employment  with  the  Corporation  and  its
          Affiliated  Companies  terminates  after March 31, 1995 as a result of
          Retirement  may  elect  to  have  the  balance  of  the  Participant's
          Installment  Payment Account,  or the balances of that Account and the
          Participant's  Lump Sum Payment  Account,  transferred and credited to
          the Retiree Payment Account  established for the Participant  pursuant
          to Section 4, and to have payment  with  respect to the  Participant's
          Retiree  Payment  Account  made in the form of a series  of 15  annual
          installments,  with  interest  credited on the unpaid  balance of such
          Account as provided in Section 6(e).  Such Account balance or balances
          shall be so transferred  and credited as of the first day of the month
          in which the first installment payment with respect to such Account is
          to be made.

          Any  such  election  shall  be made in the  manner  prescribed  by the
          Committee  for this  purpose  and  filed by the  Participant  with the
          Committee  at least 12 months  prior to the date of the  Participant's
          Retirement.

          In the case of a  Participant  who  makes  such  election,  the  first
          installment payment with respect to his or her Retiree Payment Account
          shall be made on the last  business  day of March  following  the Plan
          Year in which the Participant retires,  and the remaining  installment
          payments  shall  be made on the  last  business  day of  March of each
          succeeding  Plan Year.  The amount of the first  installment  shall be
          determined  by  dividing  the  balance  of the  Participant's  Retiree
          Payment  Account on the day on which such payment is to be made (after
          any  amounts  required  to be  credited  to such  Account  on such day
          pursuant to Section 6 or 7 have been  credited),  by 15. The amount of
          each remaining installment payment shall be determined by dividing (A)
          the balance of the Participant's Retiree Payment Account determined as
          of the last day of the month preceding the month in which such payment
          is to be made, by (B) the number of installment  payments remaining to
          be made.

     (g)  In any case where payment with respect to any Account is to be made in
          the form of annual installment  payments,  the following special rules
          shall apply:

          (i)  If the  Participant  should die before  receiving all installment
               payments  required to be made with respect to such  Account,  any
               installment  payments  remaining  to be made  at the  date of the
               Participant's   death   shall   be  made  to  the   Participant's
               Beneficiary in the same form, at the same times,  and in the same
               amounts, as such payments would have been made to the Participant
               (A)  if he or  she  had  not  died,  and  (B),  in  the  case  of
               installment  payments  required to be made to a Beneficiary under
               Section  7(d)(ii)  due to the  death of a  Participant  occurring
               before the  Participant  had received any such  payments,  if the
               Participant's employment had terminated as a result of Retirement
               on the date of his or death.

          (ii) If a Change  in  Control  should  occur  before  all  installment
               payments  required to be made with  respect to such  Account have
               been made,  the balance of such Account shall become  immediately
               due and payable  upon the  occurrence  of such Change in Control.
               Payment  with  respect  to  such  balance  shall  be  made to the
               Participant  or,  if  the  Participant  has  died,  to his or her
               Beneficiary,  in the  form of a single  lump  sum  cash  payment.
               Payment shall be made as soon as practicable after the occurrence
               of such Change in Control.  The amount so payable  shall be equal
               to the balance of the Participant's  Account determined as of the
               last day of the month  preceding  the month in which  payment  is
               made.

     (h)  Notwithstanding any other provision in this Section 7 to the contrary,
          payment with respect to any part or all of the  Participant's  Account
          balances  may be  made  to the  Participant  of,  if  applicable,  the
          Participant's Beneficiary,  on any date earlier than the date on which
          such payment is to be made  pursuant to such other  provisions of this
          Section 7 if (i) the Participant, or his or her Beneficiary,  requests
          such early  payment and (ii) the  Committee,  in its sole  discretion,
          determines   that  such  early   payment  is  necessary  to  help  the
          Participant,  or  his  or  her  Beneficiary,  meet  an  "unforeseeable
          emergency" within the meaning of Section  1.457-2(h)(4) of the federal
          income tax regulations.  The amount that may be so paid may not exceed
          the amount necessary to meet such emergency.

          (i)  There shall be deducted from the amount of any payment  otherwise
               required to be made under the Plan all  Federal,  state and local
               taxes  required  by law  to be  withheld  with  respect  to  such
               payment.

8.        Designation and Change of Beneficiary

Each Participant  shall file with the Committee a written  designation of one or
more  persons as the  Beneficiary  who shall be  entitled  to receive any amount
payable under the Plan by reason of his or her death.  A  Participant  may, from
time to time,  revoke or change his or her Beneficiary  designation  without the
consent of any previously  designated  Beneficiary  by filing a new  designation
with the Committee. The last such designation received by the Committee shall be
controlling;  provided,  however,  that no designation,  or change or revocation
thereof,  shall be  effective  unless  received  by the  Committee  prior to the
Participant's  death and in no event shall it be effective as of a date prior to
such receipt.  If at the date of a Participant's  death, there is no designation
of a Beneficiary  in effect for the  Participant  pursuant to the  provisions of
this Section 8, or if no Beneficiary designated by the Participant in accordance
with the provisions hereof survives to receive any amount payable under the Plan
by reason of the Participant's  death, the Participant's estate shall be treated
as the Participant's Beneficiary for purposes of the Plan.

9.        Payments to Persons Other Than Participants

If the Committee  shall find that any  Participant  or  Beneficiary  to whom any
amount  is  payable  under  the Plan is  unable  to care for his or her  affairs
because of illness,  accident or legal  incapacity,  then,  if the  Committee so
directs,  such amount may be paid to such Participant's or Beneficiary's spouse,
child or other  relative,  an institution  maintaining or having custody of such
person, or any person deemed by the Committee to be a proper recipient on behalf
of such  Participant,  unless a prior  claim  therefore  has been made by a duly
appointed legal representative of the Participant or Beneficiary.

Any  payment  made under this  Section 9 shall be a  complete  discharge  of the
liability of the Corporation with respect to such payment.

10.       Rights of Participants

A  Participant's  rights  and  interests  under the Plan shall be subject to the
following provisions:

     (a)  A Participant shall have the status of a general unsecured creditor of
          the  Corporation  with  respect  to his or her  right to  receive  any
          payment  under the Plan.  The Plan shall  constitute a mere promise by
          the  Corporation  to  make  payments  in the  future  of the  benefits
          provided for herein. It is intended that the arrangements reflected in
          this Plan be  treated as  unfunded  for tax  purposes,  as well as for
          purposes of Title I of ERISA.

     (b)  The  Corporation  may, but shall not be required  to,  purchase a life
          insurance  policy or  policies,  to assist  it in  funding  any of its
          payment obligations under the Plan. If any policy is so purchased,  it
          shall, at all times, remain subject to the claims of the Corporation's
          creditors.  No Participant or Beneficiary  shall have any interest in,
          or rights with respect to, such policy.

     (c)  A Participant's rights to payments under the Plan shall not be subject
          in any manner to anticipation, alienation, sale, transfer, assignment,
          pledge,  encumbrance,  attachment,  or garnishment by creditors of the
          Participant or his or her Beneficiary.

     (d)  Neither the Plan nor any action taken  hereunder shall be construed as
          giving any  Participant  any right to be retained in the employment of
          the Company, the Corporation or any of its Affiliated Companies.

11.       Administration

The Plan  shall be  administered  by the  Committee.  The  Committee  shall have
exclusive  authority  to determine  all matters  involving  the  administration,
operation and  interpretation  of the Plan, in its  discretion.  All  decisions,
actions  or  interpretations  of the  Committee  under the Plan  shall be final,
conclusive and binding upon all parties.

No member of the Committee shall be personally  liable by reason of any contract
or other  instrument  executed  by such member or on his or her behalf in his or
her capacity as a member of the  Committee  nor for any mistake of judgment made
in good faith, and the Corporation shall indemnify and hold harmless each member
of the  Committee  and  each  employee,  officer,  director  or  trustee  of the
Corporation  or any of its  Affiliated  Companies  to whom  any  duty  or  power
relating to the  administration  or interpretation of the Plan may be delegated,
against any cost or expense (including counsel fees) or liability (including any
sum paid in  settlement  of a claim with the approval of the Board of Directors)
arising out of any act or omission to act in  connection  with the Plan,  unless
arising out of such person's own fraud or bad faith.

12.       Amendment or Termination

The Board of Directors  may, with  prospective  or  retroactive  effect,  amend,
suspend or  terminate  the Plan or any  portion  thereof at any time;  provided,
however,  that no amendment  of the Plan shall  deprive any  Participant  of any
rights to receive  payment of any  amounts due him or her under the terms of the
Plan as in effect prior to such amendment without his or her written consent.

Any amendment that the Board of Directors would be permitted to make pursuant to
the preceding  paragraph may also be made by the Committee where  appropriate to
facilitate the  administration  of the Plan or to comply with  applicable law or
any applicable rules and regulations of governing  authorities provided that the
cost  of the  Plan  to the  Corporation  is not  materially  increased  by  such
amendment.

Notwithstanding any other provision in this Plan to the contrary,  the Committee
may terminate any  Participant's  participation  in the Plan, and direct that an
immediate  payment be made with  respect to the  balances  of the  Participant's
Accounts,  if the  Committee,  in its  sole  discretion,  determines  that  such
termination of participation  and payment are necessary in order to preserve the
Plan's  status  as a plan  of  deferred  compensation  for "a  select  group  of
management or highly compensated employees" within the meaning of the applicable
provisions of ERISA.

13.       Successor Corporation

     The obligations of the Corporation under the Plan shall be binding upon any
successor  corporation or organization  succeeding to  substantially  all of the
assets and business of the Corporation.

14.       Governing Law

The provisions of the Plan shall be governed by and construed in accordance with
the laws of the State of New York.

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