Document:

Exhibit 10.10

	
 

	
DIRECTOR
  SUPPLEMENTAL

	
 

	
RETIREMENT
  BENEFIT PLAN

	
 

	
OSWEGO
  COUNTY SAVINGS BANK

	
 

	
Oswego,
  New York

	
 

	
March
  15, 2000

	
 

	
Financial
  Institution Consulting Corporation

	
 

	
700
  Colonial Road, Suite 260

	
 

	
Memphis,
  Tennessee 38117

	
 

	
WATS:
  1-800-873-0089

	
 

	
FAX:
  (901) 684-7414

	
 

	
(901) 684-7400

DIRECTORS SUPPLEMENTAL RETIREMENT BENEFIT
PLAN

          This
Directors Supplemental Retirement Benefit Plan (the “Plan”), executed as of the
15th day March, 2000, formalizes the understanding by and between OSWEGO COUNTY
SAVINGS BANK. (the “Bank”), a state chartered savings bank, and its directors,
hereinafter referred to as “Director(s)”, who shall be eligible to participate
in this Plan by execution of a Directors Supplemental Retirement Benefit Plan
Joinder Agreement (“Joinder Agreement”) in a form provided by the Bank. Any
reference herein to the “Holding Company” shall mean the Oswego County Bancorp,
Inc. and any reference to the “Mutual Holding Company” shall mean Oswego County
Mutual Holding Co., M.H.C.

WITNESSETH:

          WHEREAS,
the Directors serve the Bank as members of the Board of Directors; and

          WHEREAS,
the Bank desires to honor, reward and recognize the Directors who have provided
long and faithful service to the Bank and to ensure the continued service on
the Board by such Directors until retirement age; and

          WHEREAS,
the Directors wish to be assured that they will be entitled to a certain amount
of extended compensation for some definite period of time from and after
retirement from active service with the Bank or other termination of service
and wish to provide their beneficiaries with benefits from and after death; and

          WHEREAS,
the Bank and the Directors wish to provide the terms and conditions upon which
the Bank shall pay such extended compensation to the Directors after retirement
or other termination of service and/or death benefits to their beneficiaries
after death; and

          WHEREAS,
the Bank and the Directors intend this Plan to be considered an unfunded
arrangement, maintained primarily to provide supplemental retirement income for
such Directors; and

          WHEREAS,
the Bank has adopted this Directors Supplemental Retirement Benefit Plan which
controls all issues relating to Retirement Benefits as described herein;

          NOW,
THEREFORE, in consideration of the premises and of the mutual promises herein
contained, the Bank and the Directors agree as follows:

SECTION I 

DEFINITIONS 

	
 

	
 

	
 

	
When used
  herein, the following words and phrases shall have the meanings below unless
  the context clearly indicates otherwise:

	
 

	
 

	
1.1

	
“Accrued Benefit” means that portion of the
  Retirement Benefit which is required to be expensed and accrued under
  generally accepted accounting principles (GAAP) by any appropriate method
  which the Bank’s Board of Directors may require in the exercise of its sole
  discretion.

	
 

	
 

	
1.2

	
“Act” means the Employee Retirement Income Security Act of 1974, as
  amended from time to time.

	
 

	
 

	
1.3

	
 “Administrator” means the
  Bank.

	
 

	
 

	
1.4

	
 “Bank” means OSWEGO COUNTY
  SAVINGS BANK and any successor thereto.

	
 

	
 

	
1.5

	
 “Beneficiary” means the
  person or persons (and their heirs) designated as Beneficiary in the
  Director’s Joinder Agreement to whom the deceased Director’s benefits are
  payable. If no Beneficiary is so designated, then the Director’s Spouse, if
  living, will be deemed the Beneficiary. If the Director’s Spouse is not
  living, then the Children of the Director will be deemed the Beneficiaries
  and will take on a per stirpes basis. If there are no living Children, then
  the Estate of the Director will be deemed the Beneficiary.

	
 

	
 

	
1.6

	
“Benefit Age” shall be the birthday on which the Director becomes
  eligible to receive the Retirement Benefit under the Plan. Such birthday
  shall be designated in the Director’s Joinder Agreement.

	
 

	
 

	
1.7

	
“Benefit Eligibility Date” shall be the date on which a Director is
  entitled to receive his Retirement Benefit. A Director’s “Benefit Eligibility
  Date” shall occur on the 1st day of the month coincident with or next
  following the month in which the Director attains his Benefit Age designated
  in the Joinder Agreement.

	
 

	
 

	
1.8

	
“Cause” means personal dishonesty, willful misconduct, willful
  malfeasance, breach of fiduciary duty involving personal profit, intentional
  failure to perform stated duties, willful violation of any law, rule,
  regulation (other than traffic violations or similar offenses), or final
  cease-and-desist order, material breach of any provision of this Plan, or
  gross negligence in matters of material importance to the Bank.

	
 

	
 

	
1.9

	
A “Change in Control” shall mean and include the following with
  respect to the Mutual Holding Company, the Bank, or the Holding Company:

1

	
 

	
 

	
 

	 	
(1)

	
a reorganization, merger, merger
  conversion, consolidation or sale of all or substantially all of the assets
  of the Bank, the Mutual Holding Company or the Holding Company, or a similar
  transaction in which the Bank, the Mutual Holding Company or the Holding
  Company is not the resulting entity; or

	 	
 

	
 

	 	
(2)

	
individuals who constitute the board of
  directors of the Bank, the Mutual Holding Company or the Holding Company on
  the date hereof (the “Incumbent Board”) cease for any reason to constitute at
  least a majority thereof, provided that any person becoming a director
  subsequent to the date hereof whose election was approved by a vote of at
  least three-quarters of the directors comprising the Incumbent Board, or
  whose nomination for election was approved by the Holding Company’s
  nominating committee which is comprised of members of the Incumbent Board,
  shall be, for purposes of this clause (ii) considered as though he were
  a member of the Incumbent Board.

          Notwithstanding
the foregoing, a “Change in Control” of the Bank or the Holding Company shall
not be deemed to have occurred if the Mutual Holding Company ceases to own at
least 51°% of all outstanding shares of stock of the Holding Company in
connection with a liquidation of the Mutual Holding Company into the Holding
Company or a conversion of the Mutual Holding Company from mutual to stock
form.

          In
addition, “Change in Control” shall mean and include the following with respect
to the Bank or the Holding Company in the event that the Mutual Holding Company
converts to stock form or in the event that the Holding Company issues shares
of its common stock to stockholders other than the Mutual Holding Company:

	
 

	
 

	
 

	 	
(1)

	
a change in control of a nature that would
  be required to be reported in response to Item 1(a) of the current report on
  Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of
  the Securities Exchange Act of 1934 (hereinafter the “Exchange Act”); or

	 	
 

	
 

	 	
(2)

	
an acquisition of “control” as defined in
  the Bank Holding Company Act and applicable regulations thereunder (“BHCA”),
  as determined by the Board of Directors of the Bank or the Holding Company;
  or

	 	
 

	
 

	 	
(3)

	
at such time as:

	
 

	
(i)

	
any “person” (as the term is used in Sections 13(d) and 14(d) of the
  Exchange Act) or “group acting in concert” is or becomes the “beneficial
  owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
  of securities of the Bank representing Twenty Percent (20%) or more of the
  combined voting power of the Bank’s or Holding Company’s outstanding
  securities ordinarily having the right to vote at the elections of directors,
  except for any stock purchased by the Bank’s Employee Stock Ownership Plan
  and/or the trust under such plan; or

	 	
 

	
 

	
 

	
(ii)

	
a proxy statement is issued soliciting proxies from the stockholders
  of the Holding Company by someone other than the current management of the
  Holding Company, seeking stockholder approval of a plan of reorganization,
  merger, or consolidation of the Holding Company with one or more corporations
  as a result of which the outstanding shares of the class of the Holding
  Company’s securities are exchanged for or converted into cash or property or
  securities not issued by the Holding Company.

	
 

	
 

	
 

	
          The
  term “person” includes an individual, a group acting in concert, a
  corporation, a partnership, an association, a joint venture, a pool, a joint
  stock company, a trust, an unincorporated organization or similar company, a
  syndicate or any other group formed for the purpose of acquiring, holding or
  disposing of securities. The term “acquire” means obtaining ownership,
  control, power to vote or sole power of disposition of stock, directly or
  indirectly or through one or more transactions or subsidiaries, through
  purchase, assignment, transfer, exchange, succession or other means,
  including (1) an increase in percentage ownership resulting from a
  redemption, repurchase, reverse stock split or a similar transaction
  involving other securities of the same class; and (2) the acquisition of
  stock by a group of persons and/or companies acting in concert which shall be
  deemed to occur upon the formation of such group, provided that an investment
  advisor shall not be deemed to acquire the voting stock of its advisee if the
  advisor (a) votes the stock only upon instruction from the beneficial owner
  and (b) does not provide the beneficial owner with advice concerning the
  voting of such stock. The term “security” includes nontransferable
  subscription rights issued pursuant to a plan of conversion, as well as a
  “security,” as defined in 15 U.S.C. ss. 78c(2)(1); and the term “acting in
  concert” means (1) knowing participation in a joint activity or
  interdependent conscious parallel action towards a common goal whether or not
  pursuant to an express agreement, or (2) a combination or pooling of voting
  or other interests in the securities of an issuer for a common purpose
  pursuant to any contract, understanding, relationship, agreement or other
  arrangement, whether written or otherwise. Further, acting in concert with
  any person or company shall also be deemed to be acting in concert with any
  person or company that is acting in concert with such other person or
  company.

	
 

	
 

	
 

	
          Notwithstanding
  the above definitions, the boards of directors of the Bank or the Holding
  Company, in their absolute discretion, may make a finding that a Change in
  Control of the Bank or the Holding Company has taken place without the
  occurrence of any or all of the events enumerated above.

	 	
 

	
 

	
1.10

	
“Children” means the Director’s children, or the issue of any
  deceased Children, then living at the time payments are due the Children
  under this Plan. The term “Children” shall include both natural and adopted
  Children.

	
 

	
 

	
1.11

	
“Disability Benefit” means the monthly benefit payable to the
  Director following a determination, in accordance with Subsection 3.6, that
  he is no longer able, properly and satisfactorily, to perform his duties as
  Director.

2

	
 

	
 

	
1.12

	
“Effective Date” of this Plan shall be March 15, 2000.

	
 

	
 

	
1.13

	
“Estate” means the estate of the Director.

	
 

	
 

	
1.14

	
“Interest Factor” means monthly compounding or discounting, as
  applicable, at seven percent (7%) per annum.

	
 

	
 

	
1.15

	
“Payout Period” means the time frame during which certain benefits
  payable hereunder shall be distributed. Payments shall be made in equal
  monthly installments commencing within thirty (30) days following the
  occurrence of the event which triggers distribution for One Hundred Twenty
  (120) consecutive months. For purposes of the Survivor’s Benefits payable
  hereunder, the Payout Period shall be One Hundred Twenty (120) consecutive
  months.

	
 

	
 

	
1.16

	
“Plan Year” shall mean the calendar year.

	
 

	
 

	
1.17

	
“Spouse” means the individual to whom the Director is legally married
  at the time of the Director’s death.

	
 

	
 

	
1.18

	
“Retirement Benefit” means an annual amount payable to the Director
  in monthly installments throughout the Payout Period, equal to the amount
  designated in the Director’s Joinder Agreement and subject to Subsection 3.1.

	
 

	
 

	
1.19

	
“Survivor’s Benefit” means an annual amount payable to the
  Beneficiary in monthly installments throughout the Payout Period, equal to
  the amount designated in the Director’s Joinder Agreement and subject to
  Subsection 3.2.

SECTION II 

ESTABLISHMENT OF RABBI TRUST 

	
 

	
 

	
          The Bank
  intends to establish a rabbi trust into which the Bank intends to contribute
  assets which shall be held therein, subject to the claims of the Bank’s
  creditors in the event of the Bank’s “Insolvency” as defined in the plan
  which establishes such rabbi trust, until the contributed assets are paid to
  the Directors and their Beneficiaries in such manner and at such times as
  specified in this Plan. It is the intention of the Bank to make contributions
  to the rabbi trust to provide the Bank with a source of funds to assist it in
  meeting the liabilities of this Plan. The rabbi trust and any assets held
  therein shall conform to the terms of the rabbi trust agreement which has
  been established in conjunction with this Plan. To the extent the language in
  this Plan is modified by the language in the rabbi trust agreement, the rabbi
  trust agreement shall supersede this Plan. Any contributions to the rabbi
  trust shall be made during each Plan Year in accordance with the rabbi trust
  agreement. The amount of such contribution(s) shall be at least equal to the
  Director’s Accrued Benefit, if any, less: (i) previous contributions made on
  behalf of the Director to the rabbi trust, and (ii) earnings to date on all
  such previous contributions.

SECTION III 

BENEFITS 

	
 

	
 

	
 

	
3.1

	
 

	
Retirement Benefit. If the Director is in the service of the Bank
  until reaching his Benefit Age, the Director shall be entitled to the Retirement
  Benefit. Such Retirement Benefit shall commence on the 1st day of the month
  following the Director’s actual retirement or other termination of service on
  the Board, other than a termination of service due to the Director’s death,
  and shall be payable in monthly installments throughout the Payout Period. In
  the event a Director dies after commencement of the Retirement Benefit
  payments but before completion of all such payments due and owing hereunder,
  the Bank shall pay to the Director’s Beneficiary a continuation of the
  monthly installments for the remainder of the Payout Period.

	
 

	
 

	
 

	
 

	
 

	
A Director
  may, upon proper notice, reduce his Benefit Age so long as his Benefit Age,
  as modified, is not less than age sixty-five (65); provided however, that the
  Director has served on the Board for not less than ten {10) years from the
  effective date of this Plan. The Director must give notice in writing at
  least twelve (12) months prior to attaining his new Benefit Age, provided
  that such notice is given no later than the calendar year prior to attainment
  of the new Benefit Age. If the Director makes such an election, the Director
  shall be entitled to the annuitized value of the Accrued Benefit (using the
  Interest Factor) payable in monthly installments over the Payout Period
  commencing within thirty (30) days of the Director’s attainment of the new
  Benefit Age. In the event that the Director dies after having given notice of
  electing to retire at the new Benefit Age but before leaving the service of
  the Bank or attaining the new Benefit Age, the Director’s beneficiary will be
  entitle to the annuitized value of the Director’s Accrued Benefit (using the
  Interest Factor) payable in monthly installments over the Payout Period
  commencing within thirty (30) days of the Director’s death.

	
 

	
 

	
 

	
3.2

	
 

	
Death Prior to Benefit Age. If the Director dies prior to attaining
  his Benefit Age but while in the service of the Bank, the Director’s
  Beneficiary shall be entitled to the Survivor’s Benefit. The Survivor’s
  Benefit shall commence within thirty (30) days of the Director’s death and
  shall be payable in monthly installments throughout the Payout Period.

	
 

	
 

	
 

	
3.3

	
 

	
Voluntary or Involuntary Termination Other Than for Cause

3

	
 

	
 

	
 

	
 

	
(a)

	
If the
  Director’s service with the Bank is voluntarily or involuntarily terminated
  prior to the attainment of his Benefit Eligibility Date, for any reason other
  than for Cause, the Director’s death, disability, or following a Change in
  Control (as defined), the Director (or his Beneficiary) shall be entitled to
  the annuitized value (using the Interest Factor) of (i) his vested Accrued
  Benefit calculated as of the date of his termination of service, plus (ii)
  interest accrued on such vested Accrued Benefit from the date of termination
  until his Benefit Age.

	
 

	
 

	
 

	
 

	
 

	
Such benefit
  shall commence on the Director’s Benefit Eligibility Date and shall be
  payable in monthly installments throughout the Payout Period. In the event
  the Director dies at any time after commencement of payments hereunder, but
  prior to completion of all such payments due and owing hereunder, the Bank
  shall pay to the Director’s Beneficiary a continuation of the monthly
  installments for the remainder of the Payout Period.

	
 

	
 

	
 

	
 

	
(b)

	
If the Director dies after his voluntary or involuntary termination
  of service occurring prior to his Benefit Eligibility Date, and prior to the
  commencement of benefits hereunder, the Director’s Beneficiary shall be
  entitled to the annuitized value {using the Interest Factor) of his Accrued
  Benefit. The payment of such benefit shall commence within thirty (30) days
  of the Director’s death. The benefit shall be payable in monthly installments
  over the Payout Period.

	
 

	
 

	
 

	
3.4

	
Termination of Service Related to a Change in Control.

	
 

	
 

	
 

	
 

	
(a) 

	
If the
Director’s service is terminated (either voluntarily or involuntarily)
following or coincident with a Change in Control, the Director shall be
entitled to his full Retirement Benefit (as if he had remained in service
until his Benefit Age). Such benefit shall commence on the 1st day of the
month following his termination of service and shall be payable in monthly
installments throughout the Payout Period. In the event that the Director
dies at any time after commencement of the payments, but prior to completion
of all such payments due and owing hereunder, the Bank, or its successor,
shall pay to the Director’s Beneficiary a continuation of the monthly
installments for the remainder of the Payout Period. 

	
 

	
 

	
 

	
 

	
(b) 

	
If, after
such termination, the Director dies prior to commencement of the benefits
hereunder, the Director’s Beneficiary shall be entitled to the Survivor’s
Benefit which shall commence within thirty (30) days of the Director’s death.
The Survivor’s Benefit shall be payable in monthly installments over the
Payout Period. 

	
 

	
 

	
 

	
3.5

	
Termination for Cause. If the Director is terminated for Cause, all
  benefits under this Plan shall be forfeited and this Plan shall become null
  and void as to the Director.

	
 

	
 

	
3.6

	
Disability Benefit. Notwithstanding any other provision hereof, if
  requested by the Director and approved by the Board of Directors, the
  Director who has not attained his Benefit Eligibility Date shall be entitled
  to receive the Disability Benefit hereunder, in any case in which it is
  determined by a duly licensed physician selected by the Bank, that the
  Director is no longer able, properly and satisfactorily, to perform his
  regular duties as a Director, because of ill health, accident, disability or
  general inability due to age. If the Director’s service is terminated
  pursuant to this paragraph and Board of Director approval is obtained, the
  Director may elect to begin receiving the Disability Benefit in lieu of any
  benefit available under Section 3.3, which is not available prior to the
  Director’s Benefit Eligibility Date. The Disability Benefit shall equal the
  Director’s Accrued Benefit, annuitized {using the Interest Factor) over the
  Payout Period. The Disability Benefit shall be payable in monthly
  installments over the Payout Period commencing within thirty (30) days
  following the later of (i) the above mentioned disability determination and
  (ii) the approval of the Disability Benefit by the Board of Directors. In the
  event the Executive dies at any time after termination of employment due to
  disability but prior to commencement or completion of all payments due and
  owing hereunder, the Bank shall pay to the Executive’s Beneficiary a
  continuation of the monthly installments for the remainder of the Payout
  Period.

SECTION IV 

BENEFICIARY DESIGNATION 

	
 

	
 

	
          The Director
  shall make an initial designation of primary and secondary Beneficiaries upon
  execution of his Joinder Agreement and shall have the right to change such
  designation, at any subsequent time, by submitting to the Administrator in
  substantially the form attached as Exhibit A to the Joinder Agreement, a
  written designation of primary and secondary Beneficiaries. Any Beneficiary
  designation made subsequent to execution of the Joinder Agreement shall
  become effective only when receipt thereof is acknowledged in writing by the Administrator.

SECTION V 

DIRECTOR’S RIGHT TO ASSETS 

	
 

	
 

	
          The rights
  of the Director, any Beneficiary, or any other person claiming through the
  Director under this Plan, shall be solely those of an unsecured general
  creditor of the Bank. The Director, the Beneficiary, or any other person
  claiming through the Director, shall only have the right to receive from the
  Bank those payments so specified under this Plan. The Director agrees that
  he, his Beneficiary, or any other person claiming through him shall have no
  rights or interests whatsoever in any asset of the Bank, including any
  insurance policies or contracts which the Bank may possess or obtain to
  informally fund this Plan. Any asset used or acquired by the Bank in
  connection with the liabilities it has assumed under this Plan, unless
  expressly provided herein, shall not be deemed to be held under any trust for
  the benefit of the Director or his 

4

	
 

	
 

	
Beneficiaries,
  nor shall any asset be considered security for the performance of the
  obligations of the Bank. Any such asset shall be and remain, a general,
  unpledged, and unrestricted asset of the Bank

SECTION VI 

RESTRICTIONS UPON FUNDING 

	
 

	
 

	
          The Bank
  shall have no obligation to set aside, earmark or entrust any fund or money
  with which to pay its obligations under this Plan. The Director, his
  Beneficiaries or any successor in interest to him shall be and remain simply
  a general unsecured creditor of the Bank in the same manner as any other
  creditor having a general claim for matured and unpaid compensation. The Bank
  reserves the absolute right in its sole discretion to either purchase assets
  to meet its obligations undertaken by this Plan or to refrain from the same
  and to determine the extent, nature, and method of such asset purchases.
  Should the Bank decide to purchase assets such as life insurance, mutual
  funds, disability policies or annuities, the Bank reserves the absolute
  right, in its sole discretion, to terminate such assets at any time, in whole
  or in part. At no time shall the Director be deemed to have any lien, right,
  title or interest in or to any specific investment or to any assets of the
  Bank. If the Bank elects to invest in a life insurance, disability or annuity
  policy upon the life of the Director, then the Director shall assist the Bank
  by freely submitting to a physical examination and by supplying such
  additional information necessary to obtain such insurance or annuities.

SECTION VII 

ALIENABILITY AND ASSIGNMENT PROHIBITION 

	
 

	
 

	
         Neither the
  Director nor any Beneficiary under this Plan shall have any power or right to
  transfer, assign, anticipate, hypothecate, mortgage, commute, modify or
  otherwise encumber in advance any of the benefits payable hereunder, nor
  shall any of said benefits be subject to seizure for the payment of any debts,
  judgments, alimony or separate maintenance owed by the Director or his
  Beneficiary, nor be transferable by operation of law in the event of
  bankruptcy, insolvency or otherwise. In the event the Director or any
  Beneficiary attempts assignment, communication, hypothecation, transfer or
  disposal of the benefits hereunder, the Bank’s liabilities shall forthwith
  cease and terminate.

SECTION VIII 

ACT PROVISIONS 

	
 

	
 

	
8.1

	
Named Fiduciary and Administrator. The Bank, as Administrator, shall
  be the Named Fiduciary of this Plan. As Administrator, the Bank shall be
  responsible for the management, control and administration of the Plan as
  established herein. The Administrator may delegate to others certain aspects
  of the management and operational responsibilities of the Plan, including the
  employment of advisors and the delegation of ministerial duties to qualified
  individuals.

	
 

	
 

	
8.2

	
Claims Procedure and Arbitration. In the event that benefits under
  this Plan are not paid to the Director (or to his Beneficiary in the case of
  the Director’s death) and such claimants feel they are entitled to receive
  such benefits, then a written claim must be made to the Administrator within
  sixty {60) days from the date payments are refused. The Bank and its Board of
  Directors shall review the written claim and, if the claim is denied, in
  whole or in part, they shall provide in writing, within ninety (90) days of
  receipt of such claim, their specific reasons for such denial, reference to
  the provisions of this Plan or the Joinder Agreement upon which the denial is
  based, and any additional material or information necessary to perfect the
  claim. Such writing by the Bank and its Board of Directors shall further
  indicate the additional steps which must be undertaken by claimants if an additional
  review of the claim denial is desired.

	
 

	
 

	
 

	
If claimants
  desire a second review, they shall notify the Administrator in writing within
  sixty (60) days of the first claim denial. Claimants may review this Plan,
  the Joinder Agreement or any documents relating thereto and submit any issues
  and comments, in writing, they may feel appropriate. In its sole discretion,
  the Administrator shall then review the second claim and provide a written
  decision within sixty (60) days of receipt of such claim. This decision shall
  state the specific reasons for the decision and shall include reference to
  specific provisions of this Plan or the Joinder Agreement upon which the
  decision is based.

	
 

	
 

	
 

	
If claimants
  continue to dispute the benefit denial based upon completed performance of
  this Plan and the Joinder Agreement or the meaning and effect of the terms
  and conditions thereof, then claimants may submit the dispute to mediation,
  administered by the American Arbitration Association (“AAA”) (or a mediator
  selected by the parties) in accordance with the AAA’s Commercial Mediation
  Rules. If mediation is not successful in resolving the dispute, it shall be
  settled by arbitration administered by the AAA under its Commercial
  Arbitration Rules, and judgment on the award rendered by the arbitrator(s)
  may be entered in any court having jurisdiction thereof.

SECTION IX

MISCELLANEOUS 

	
 

	
 

	
9.1 

	
No Effect on Director’s Rights. Nothing contained herein will confer
  upon the Director the right to be retained in the service of the Bank nor
  limit the right of the Bank to deal with the Director without regard to the
  existence of the Plan.

	
 

	
 

	
9.2  

	
State Law. The Plan is established under, and will be construed
  according to, the laws of the State of New York, to the extent such laws are
  not preempted by the Act and valid regulations published thereunder.

5

	
 

	
 

	
9.3

	
Severability. In the event that any of the provisions of this Plan or
  portion thereof, are held to be inoperative or invalid by any court of
  competent jurisdiction, then: (1) insofar as is reasonable, effect will be
  given to the intent manifested in the provisions held invalid or inoperative,
  and (2) the validity and enforce ability of the remaining provisions will not
  be affected thereby.

	
 

	
 

	
9.4

	
Incapacity of Recipient. In the event the Director is declared
  incompetent and a conservator or other person legally charged with the care
  of his person or Estate is appointed, any benefits under the Plan to which
  such Director is entitled shall be paid to such conservator or other person legally
  charged with the care of his person or Estate.

	
 

	
 

	
9.5

	
Unclaimed Benefit. The Director shall keep the Bank informed of his
  current address and the current address of his Beneficiaries. The Bank shall
  not be obligated to search for the whereabouts of any person. If the location
  of the Director is not made known to the Bank as of the date upon which any
  payment of any benefits may first be made, the Bank shall delay payment of
  the Director’s benefit payment(s) until the location of the Director is made
  known to the Bank; however, the Bank shall only be obligated to hold such
  benefit payment(s) for the Director until the expiration of thirty-six {36)
  months. Upon expiration of the thirty-six (36) month period, the Bank may
  discharge its obligation by payment to the Director’s Beneficiary. If the
  location of the Director’s Beneficiary is not made known to the Bank by the
  end of an additional two (2) month period following expiration of the
  thirty-six (36) month period, the Bank may discharge its obligation by
  payment to the Director’s Estate. If there is no Estate in existence at such
  time or if such fact cannot be determined by the Bank, the Director and his
  Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any,
  of any benefits provided for such Director and/or Beneficiary under this
  Plan.

	
 

	
 

	
9.6

	
Limitations on Liability. Notwithstanding any of the preceding
  provisions of the Plan, no individual acting as an employee or agent of the
  Bank, or as a member of the Board of Directors shall be personally liable to
  the Director or any other person for any claim, loss, liability or expense
  incurred in connection with the Plan.

	
 

	
 

	
9.7

	
Gender. Whenever in this Plan words are used in the masculine or
  neuter gender, they shall be read and construed as in the masculine, feminine
  or neuter gender, whenever they should so apply.

	
 

	
 

	
9.8

	
Effect on Other Corporate Benefit Plans. Nothing contained in this
  Plan shall affect the right of the Director to participate in or be covered
  by any other corporate benefit available to Directors of the Bank
  constituting a part of the Bank’s existing or future compensation structure.

	
 

	
 

	
9.9

	
Suicide. Notwithstanding anything to the contrary in this Plan, the
  benefits otherwise provided herein shall not be payable and this Plan shall
  become null and void with respect to the Director if the Director’s death
  results from suicide, whether sane or insane, within twenty-four (24) months
  after the execution of his Joinder Agreement.

	
 

	
 

	
9.10

	
Inurement. This Plan shall be binding upon and shall inure to the
  benefit of the Bank, its successors and assigns, and the Director, his
  successors, heirs, executors, administrators, and Beneficiaries.

	
 

	
 

	
9.11

	
Headings. Headings and sub-headings in this Plan are inserted for
  reference and convenience only and shall not be deemed a part of this Plan.

SECTION X 

AMENDMENT/REVOCATION 

	
 

	
 

	
          This Plan
  shall not be amended, modified or revoked at any time, in whole or part, as
  to any Director, without the mutual written consent of the Director and the
  Bank, and such mutual consent shall be required even if the Director is no
  longer in the service of the Bank.

SECTION XI 

EXECUTION 

	
 

	
 

	
11.1

	
This Plan sets forth the entire understanding of the parties hereto
  with respect to the transactions contemplated hereby, and any previous
  agreements or understandings between the parties hereto regarding the subject
  matter hereof are merged into and superseded by this Plan.

	
 

	
 

	
11.2

	
This Plan shall be executed in triplicate, each copy of which, when
  so executed and delivered, shall be an original, but all three copies shall
  together constitute one and the same instrument.

6

          IN
WITNESS WHEREOF, the Bank has caused this Plan to be executed on the day and
date first above written.

	
 

	
 

	
 

	
 

	
ATTEST:

	
 

	
OSWEGO COUNTY
  SAVINGS BANK

	
 

	
 

	
 

	
/s/
  Lisa King

	
 

	
By:  /s/ Gregory
  Kreis

	

	
 

	

	
 

	
 

	
Title: 

	
President
  & CEO

	
 

	
 

	
 

	
 

	
/s/ Paul
Schneible 

	
 

	
/s/
Paul Heins  

	

	
 

	

	
Paul
  Schneible

	
 

	
Paul Heins

	
 

	
 

	
 

	
 

	
 

	
 

	
/s/ Bruce
  Frassinelli

	
 

	
/s/
Michael R. Brower 

	

	
 

	

	
Bruce
  Frassinelli

	
 

	
Michael R. Brower

	
 

	
 

	
 

	
/s/ Deborah
  Stanley

	
 

	
 

	

	
 

	
 

	
Deborah
  Stanley

	
 

	
 

7

DIRECTORS SUPPLEMENTAL RETIREMENT BENEFIT
PLAN

JOINDER AGREEMENT

          I,
Lowell Seifter, and OSWEGO COUNTY SAVINGS BANK, hereby agree for good and
valuable consideration, the value of which is hereby acknowledged, that I shall
participate in the Directors Supplemental Retirement Benefit Plan (“Plan”)
established on March 15, 2000, by OSWEGO COUNTY SAVINGS BANK, as such Plan may
now exist or hereafter be modified; and do further agree to the terms and
conditions hereof.

          I
understand that I must execute this Directors Supplemental Retirement Benefit
Plan Joinder Agreement (“Joinder Agreement”) as well as notify the
Administrator of such execution in order to participate in the Plan from its
Effective Date. Otherwise, I may execute this Joinder Agreement and give notice
of such execution to the Administrator at least thirty (30) days prior to any
February 1.

          My
“Benefit Age” shall be Sixty-Five (65)>

          My
annual “Retirement Benefit” shall be Twenty-Three Thousand Seven Hundred and
Seventeen Dollars ($23,717), subject to Subsection 3.1 and all relevant
Subsections of the Plan.

          My
annual “Survivor’s Benefit” shall be Twenty-Three Thousand Seven Hundred and
Seventeen Dollars ($23,717), subject to Subsection 3.2 and all relevant
Subsections of the Plan.

          In
general, I understand that my receipt (or my Beneficiary’s receipt) of the
Retirement Benefit (or Survivor’s Benefit) shall be subject to all provisions
of the Plan.

          In
General, I understand that if I voluntarily or involuntarily terminate service
at the Bank pursuant to Subsection 3.3 of the Plan and prior to reaching my
Benefit Age, for any reason other than for Cause, my retirement benefit shall
be computed in accordance with Subsection 3.3 of the Plan, and in general such
benefit shall be based on the annuitized value of (i) my Accrued Benefit on
such date, plus (ii) interest accrued on such Accrued Benefit from the date of
termination until my Benefit Age.

          I
hereby designate the following individuals as my “Beneficiary” and I am aware
that I can subsequently change such designation by submitting to the
Administrator, at any subsequent time, and in substantially the form attached
hereto as Exhibit A, a written designation of the primary and secondary
Beneficiaries tow hom payment under the Plan shall be made in the event of my
death prior to complete distribution of the benefits due and payable under the
Plan. I understand that any Beneficiary designation made subsequent to
execution of the Joinder Agreement shall become effective only when receipt
thereof is acknowledged in writing by the Administrator.

	
 

	
 

	
PRIMARY
  BENEFICIARY:

	
Sharon
  McAuliffe

	
 

	
 

	
SECONDARY
  BENEFICIARY: 

	
Gabriel
  Seifter, Miriam Seifter and Catherine Wise

	
 

	
 

          I
further understand that I am entitled to review or obtain a copy of the Plan,
at any time, and may do so by contacting the Bank.

          This
Joinder Agreement shall become effective upon execution (below) by both the
Director and a duly authorized officer of the Bank.

          Dated
this ________ day of _____________________, 2002.

	
 

	
/s/Lowell
  Seifter

	

	
(Director)

	
 

	
/s/Gregory
  Kreis

	

	
(Bank’s duly
  authorized Officer)

  President & CEO

8

DIRECTORS SUPPLEMENTAL RETIREMENT BENEFIT
PLAN

JOINDER AGREEMENT

          I,
Deborah Stanley, and OSWEGO COUNTY SAVINGS BANK, hereby agree for good and
valuable consideration, the value of which is hereby acknowledged, that I shall
participate in the Directors Supplemental Retirement Benefit Plan (“Plan”)
established on March 15, 2000, by OSWEGO COUNTY SAVINGS BANK, as such Plan may
now exist or hereafter be modified; and do further agree to the terms and
conditions hereof.

          I
understand that I must execute this Directors Supplemental Retirement Benefit
Plan Joinder Agreement (“Joinder Agreement”) as well as notify the
Administrator of such execution in order to participate in the Plan from its
Effective Date. Otherwise, I may execute this Joinder Agreement and give notice
of such execution to the Administrator at least thirty (30) days prior to any
February 1.

          My
“Benefit Age” shall be Sixty-Five (65)>

          My
annual “Retirement Benefit” shall be Twenty-Four Thousand Six Hundred and Forty
Dollars ($24,640), subject to Subsection 3.1 and all relevant Subsections of
the Plan.

          My
annual “Survivor’s Benefit” shall be Twenty-Four Thousand Six Hundred and Forty
Dollars ($24,640), subject to Subsection 3.2 and all relevant Subsections of
the Plan.

          In
general, I understand that my receipt (or my Beneficiary’s receipt) of the
Retirement Benefit (or Survivor’s Benefit) shall be subject to all provisions
of the Plan.

          In
General, I understand that if I voluntarily or involuntarily terminate service
at the Bank pursuant to Subsection 3.3 of the Plan and prior to reaching my
Benefit Age, for any reason other than for Cause, my retirement benefit shall
be computed in accordance with Subsection 3.3 of the Plan, and in general such
benefit shall be based on the annuitized value of (i) my Accrued Benefit on
such date, plus (ii) interest accrued on such Accrued Benefit from the date of
termination until my Benefit Age.

          I
hereby designate the following individuals as my “Beneficiary” and I am aware
that I can subsequently change such designation by submitting to the
Administrator, at any subsequent time, and in substantially the form attached
hereto as Exhibit A, a written designation of the primary and secondary
Beneficiaries tow hom payment under the Plan shall be made in the event of my
death prior to complete distribution of the benefits due and payable under the
Plan. I understand that any Beneficiary designation made subsequent to
execution of the Joinder Agreement shall become effective only when receipt
thereof is acknowledged in writing by the Administrator.

	
 

	
 

	
PRIMARY
  BENEFICIARY:

	
Michael J.
  Stanley, husband

	
 

	
 

	
SECONDARY
  BENEFICIARY:

	
All children
  

	
 

	
 

          I
further understand that I am entitled to review or obtain a copy of the Plan,
at any time, and may do so by contacting the Bank.

          This
Joinder Agreement shall become effective upon execution (below) by both the
Director and a duly authorized officer of the Bank.

          Dated
this 16th day of March, 2000.

	
 

	
/s/Deborah
  F. Stanley

	
 

	
(Director)

	

	
/s/Gregory
  Kreis

	

	
(Bank’s duly
  authorized Officer)

  President & CEO

9Exhibit 10.11

OSWEGO COUNTY NATIONAL BANK

VOLUNTARY DEFERRED COMPENSATION PLAN

FOR DIRECTORS

(Amended and Restated)

(Effective January 1, 2005)

TABLE OF CONTENTS

	
 

	
 

	
 

	
Page

	
 

	
ESTABLISHMENT AND PURPOSE
OF THE PLAN 

	
1 

	
ADMINISTRATION 

	
1 

	
ELIGIBILITY 

	
1 

	
DEFERRALS OF COMPENSATION 

	
1 

	
ACCOUNTS UNDER THE PLAN 

	
1 

	
DEEMED INVESTMENT OF
ACCOUNTS 

	
1 

	
CHANGE IN INVESTMENT
DIRECTIONS 

	
1 

	
CREDITING OF ACCOUNTS 

	
1 

	
STATUS OF INVESTMENTS 

	
1 

	
VESTING 

	
1 

	
PAYMENT OF ACCOUNTS 

	
1 

	
UNFORESEEABLE EMERGENCY 

	
2 

	
CHANGE IN CONTROL 

	
2 

	
DESIGNATION OF
BENEFICIARIES 

	
2 

	
NONALIENATION 

	
2 

	
INDEMNIFICATION 

	
3 

	
SEVERABILITY 

	
3 

	
WAIVER 

	
3 

	
FILING A CLAIM 

	
3 

	
APPEAL OF DENIED CLAIMS 

	
3 

	
LEGAL ACTION 

	
3 

	
DISCRETION OF COMMITTEE 

	
3 

	
NOTICES 

	
3 

	
GOVERNING LAW 

	
3 

	
CONSTRUCTION OF LANGUAGE 

	
3 

	
AMENDMENT OR DISCONTINUANCE 

	
3 

- i -

VOLUNTARY DEFERRED COMPENSATION PLAN

FOR DIRECTORS

(Amended and Restated Effective January 1, 2005)

          1.
Establishment and Purpose of the Plan. This Voluntary Deferred Compensation Plan
for Directors (the “Plan”) is established to enable the members of the Board of
Directors of Oswego County National Bank (the “Bank”), Bridge Street Financial,
inc. (The “Parent Company”) and its subsidiaries to defer all or a portion of
their fees that would otherwise be paid to them as directors and to, instead,
receive such amounts at a later date. The Plan is intended to meet the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) and other relevant provisions of the American Jobs Creation Act of
2004, as amended, and the Treasury Regulations promulgated thereunder.  

          2.
Administration.
The Plan shall be administered by the Personnel and Compensation Committee of
the Board of Directors of the Bank or such other committee appointed either by
the Board of Directors of the Bank (the “Board”) or by such Personnel and
Compensation Committee (the “Committee”). The Committee shall be authorized to
interpret the Plan and make decisions regarding any questions arising
thereunder, and any such interpretation or decision of the Committee shall,
unless overruled or modified by the Board, be final, conclusive and binding
upon all directors of the Bank, the Parent Company and its subsidiaries and
upon any person claiming benefits or rights under the Plan by or through any
such individual. No member of the Committee shall be entitled to act on or
decide any matter relating solely to himself or herself or any of his or her
rights or benefits under the Plan. The Committee may, in its discretion,
designate a person or persons to carry out such duties or functions as the
Committee so determines. Notwithstanding any provision of the Plan to the
contrary, any duty or function which may be performed by the Committee or its
delegates under the Plan may instead be performed by the Board if the Board so
determines in its sole discretion.  

          3.
Eligibility.
Members of the Board of Directors of the Bank, the Parent Company and its
subsidiaries shall be permitted to participate in the Plan. To the extent, if
any, the provisions of the Employee Retirement income Security Act of 1974, as
amended, apply to this Plan with respect to any directors who are otherwise
employees of the Bank, the Parent Company or its subsidiaries, it is intended
that this program be limited to a select group of management or highly
compensated employees, within the meaning of such law.  

          4.
Deferrals of Compensation. With respect to each year as to which an individual has been
designated as eligible to participate in this Plan, the individual may elect to
become a Participant in the Plan by submitting to the Committee or its designee
a written election to defer receipt of either a percentage of the amount, or
specified dollar amount, that would otherwise be earned by the Participant in
connection with his or her services as a director of the Bank, the Parent
Company, or one or more of its subsidiaries in the next following calendar
year. Except as otherwise provided by the Committee in accordance with
applicable law, such election shall be made on or before the last day of the
calendar year preceding the calendar year with respect to which the election
relates. With respect to each individual who first becomes an eligible
Participant, such an individual may defer receipt of compensation in the same
year he/she first becomes eligible to participate in the Plan provided the
election applies only to compensation deferred for services preformed
subsequent to the date the election is filed with the Committee through the end
of the calendar year and the election is made within 30 days after the
individual first becomes an eligible Participant.  

          5.
Accounts under the Plan. Amounts deferred by a Participant pursuant to Paragraph 4 hereof shall
be maintained in an Account for such Participant by the Bank, the Parent
Company, or by the subsidiary of the Bank responsible to pay the compensation
being deferred by the participant hereunder.  

          6.
Deemed investment of Accounts. The Account maintained on behalf of each Participant with respect to
the amounts deferred by that Participant hereunder with respect to each year of
participation by the Participant shall be deemed to be invested in, and shall
be adjusted to reflect earnings and losses of, such investments or investment
funds as is designated as available from time to time by the Committee. To the
extent the Committee makes available alternative deemed investment vehicles
with respect to amounts eligible to be deferred under the Plan, each
Participant shall, upon making a deferral election hereunder, designate, in the
form and manner prescribed by the Committee, that the amounts to be credited to
his or her Account be applied in such proportions as he or she may designate,
in such multiples as is permitted by the Committee, in each deemed investment
made available by the Committee. The Committee may make available different
deemed investments for amounts deferred at different times under the Plan, and
may change the available deemed investments under the Plan from time to time.
The Committee may also designate that only one deemed investment be available
with respect to any amounts deferred hereunder, in which event that deemed
investment shall apply to all such amounts without regard to any other election
that a Participant may desire.  

          7.
Change in investment Directions. A Participant may, in the form and manner prescribed by the Committee,
elect to change his or her investment direction with respect to all or a
portion of the amounts then held, or to be held, in such Participant’s Account,
with such election and new investment direction becoming effective the first
day of any semi-annual period (i.e January 1 or July 1), provided such
investment direction election is made, and not revoked, prior to the first day
of such semi-annual period. Such direction may relate solely to amounts already
allocated to the Participant’s Account (in which event it shall constitute a
direction to transfer amounts in the Participant’s Account among the various
available deemed investments) or may relate solely to amounts to be deferred in
the future, or may relate to both amounts already allocated to the
Participant’s Account and amounts to be deferred in the future. Any investment
direction election made by a Participant shall remain in effect until changed,
to the extent such change is permitted under the Plan.  

          8.
Crediting of Accounts. Each Participant’s Account shall be deemed credited at the end of each
semi-annual period (or on such other dates as is designated by the Committee) with
the earnings or losses that the amount in the Account would have experienced
had the Account actually been invested in the deemed investment designated by
the Participant or, as appropriate, the Committee.  

          9.
Status of Investments. All investments made by the Bank, the Parent Company, or any other
subsidiary of the Bank pursuant to this Plan wilt be deemed made solely for the
purpose of aiding such entity in measuring and meeting its obligations under
the Plan. Further, such entities are not limited to the investments described
in the provisions set forth above but are merely obligated to provide payments
pursuant to the terms of this Plan that reflect the investment returns offered
by the deemed investments made available under the Plan. The Bank or, as
applicable, the Parent Company, one or more of the subsidiaries of the Bank,
will be named sole owner of all such investments and of all rights and
privileges conferred by the terms of the instruments evidencing such
investments. This Plan places no obligation upon the Bank, the Parent Company,
or its subsidiaries to invest any portion of the amount in a Participants
Account, to invest or continue to invest in any specific asset, to liquidate
any particular investment, or to apply in any specific manner the proceeds from
the sate, liquidation, or maturity of any particular investment, The Bank may,
in its sole and absolute discretion, establish one or more accounts, funds, or
trusts to reflect its obligations under the Plan. However, nothing stated
herein shall cause such investments to be treated as anything but the general
assets of the Bank or, as applicable, the Parent Company, or any subsidiaries
of the Bank, nor will anything stated herein cause such investments to
represent the vested, secured or preferred interest of the Participant or his
or her beneficiaries designated under this Ptan. Participants hereunder have
the status of unsecured creditors with respect to their Accounts, and it is
intended that the Plan be unfunded for tax purposes and, to any extent
applicable, for purposes of Title 1 of the Employee Retirement income Security
Act of 1974, as amended.  

          10.
Vesting.
Participants shall be fully vested in all amounts in their accounts at all
times.  

          11.
(a) Payment of Accounts. At the time a Participant elects to defer compensation hereunder, the
Participant shall designate the time and the manner of the payment of the
amounts to be allocated to such Participant’s Account with respect to such
deferral of compensation. Except as otherwise provided below, payment to a
Participant shall commence upon a fixed date selected by the Participant at the
time of the deferral. chosen from the following dates:  

                    (i)
The last day of a semi-annual period ending at least two years from the end of
the calendar year in which the deferred compensation would otherwise become
payable, but no later than the end of the calendar quarter in which occurs the
Participant’s 75” birthday, except that amounts deferred under the Plan on or
after December 10, 2003, shall be payable no later than the end of the
semi-annual period in which occurs the Participant’s 715` birthday.  

                    (ii)
The last day of any one of the two semi-annual periods ending after the service
of the Participant as a director of the Bank, the Parent Company, or any of is
subsidiaries terminates (as designated by the Participant at the time of
deferral).  

1

Except as otherwise provided
below, the form of payment of deferred amounts in a Participant’s Account shall
be designated by the Participant at the time the election to defer compensation
is made and shall be from among the following options, to the extent such
optional forms are made available by the Committee. All forms of payment shall
be based on the value of a Participant’s Account attributable to the particular
deferral election and all forms of payment shall be actuarially equivalent to
each other. The options that may be made available are:

                    (A)
a lump sum; 

                    (B)
a number of semi-annual installments or annual installments, limited in such
manner as is determined by the Committee; or 

                    (C)
a designated dollar amount (to the extent such amount is allocated to the
Participant’s Account with respect to the deferral of compensation in question)
or percentage of the Participant’s account at the end of one or more
semi-annual periods otherwise available for election for the commencement of
distributions as described above, with the remainder of the amount subject to
such designation to be distributed commencing at such other date chosen by the
Participant at the time of the deferral. 

Notwithstanding any provision
of the Plan to the contrary, a Participant who is a specified employee as
defined in the regulations promulgated under Code Section 409A may not commence
receipt of his/her benefit until the first day of the seventh month following
his/her separation from service. For purposes of Code Section 409A, the
Committee shall determine which Participants are specified employees as of
December 31 in accordance with the Regulations promulgated under Section 409A.
Such determination by the Committee shall be effective for the twelve month
period commencing on April 1.

               (b)
Payment Upon Unforeseeable Emergency. A Participant may also, solely to the extent
permitted by the Committee, direct that a portion of the amounts payable to the
Participant be distributed in the event of an Unforeseeable Emergency (as
defined below).  

               (c)
Payment Upon Change of Control. A Participant may also, solely to the extent permitted by the
Committee, direct that all of the amounts then allocated to the Participant’s
Account be distributable to the Participant upon a Change of Control of the
Bank (as defined below), provided such Change of Control is a “change of
control” as such term is defined in Section 409A of the Code.  

               (d)
Payments Upon Death. To the extent permitted by the Committee, a Participant may elect that
if the Participant dies before payments of a deferred amount have otherwise
commenced to the Participant, the amount allocated to the Participant’s Account
be distributed to the Participant’s Beneficiary (as defined below) either on
the last day of the calendar quarter in which the Participant dies (or as soon
as practicable thereafter) or on the last day of the semi-annual period in the
calendar year immediately following the date of the Participant’s death;
provided, however that if no such election is made, payment shall be made in a
single Lump sum at the end of the semi-annual period in which the Participant
died, or as soon as practicable thereafter. If payments of a deferred amount in
the form of installments have already commenced to the Participant, they shall continue
to be made after the Participants death to the Participant’s Beneficiary in
accordance with the Act to avoid acceleration of payment, who shall otherwise
be granted the same rights as were held by the Participant hereunder.

               (e)
Additional Payment Elections. Notwithstanding the preceding provisions of this Paragraph 11 to the
contrary, a Participant may subsequently elect, in such form and manner as may
be prescribed by the Committee, a revised commencement date for the amounts
credited to his or her Account, in lieu of the date(s) initially selected,
provided that: (i) any such election is not effective until 24 months following
such election, (ii) the election provides that payment will be deferred for at
least five (5) years from the date such payment would otherwise have been made
(except for death as provided above), and (iii) the election is made at least
24 months prior to the first scheduled payment. Notwithstanding the preceding
provisions of this Paragraph 11 to the contrary, a Participant may also
subsequently elect, in such form and manner as may be prescribed by the
Committee, that the amounts credited to his or her Account be paid in any one
of the forms of benefit payment provided under this Paragraph 11 in lieu of the
form of payment initially selected, provided that: (i) any such election is not
effective for 24 months, (ii) the election to modify the form of distribution
provides that payment will be deferred for at least five (5) years from the
date such payment would otherwise have been made (except for death as provided
above), and (iii) such election is made at least 24 months prior to the first
scheduled payment. For purposes of applying the provisions of this paragraph,
the installment payment form of distribution provided under paragraph 11(ii)(b)
of the Plan shall be treated as a payment in a single sum payable on the first
scheduled payment date.  

          12.
Unforeseeable Emergency. A Participant may request, in writing to the Committee, a request for
a withdrawal from his/her Account if the Participant experiences an
Unforeseeable Emergency. Withdrawals for the purpose of an Unforeseeable
Emergency are limited to the extent needed to satisfy the emergency, which
cannot be met by the Participant utilizing other resources. The Committee shall
make a determination with regard to the Unforeseeable Emergency in accordance
with Code Section 409A and the Treasury Regulations promulgated thereunder. For
purposes of this Plan, the term “Unforeseeable Emergency” means a severe
financial hardship to the Participant, the Participant’s spouse or a dependent
(as defined in Code Section 152(a)) of the Participant, toss of the
Participant’s property due to casualty, or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of
the Participant. Examples of an Unforeseeable Emergency may include, under
appropriate circumstances, the eminent foreclosure or eviction of the
Participant from his or her home, the need to pay for unexpected medical
expenses, and the need to pay for funeral expenses of a spouse or dependent.
The purchase or construction of a home and payment of college tuition are not
Unforeseeable Emergencies.  

          13.
Change in Control.
Unless otherwise determined by the Committee at the time of a Participant’s
deferral hereunder, for purposes of this Plan, subject to Section 409A of the
Code, a Change in Control means the earliest of (1) the occurrence of a
Terminating Event (as defined below), or (ii) the dissemination of a proxy
statement soliciting proxies from stockholders or members of the Bank seeking
stockholder or member approval of a Terminating Event of the type described in
clause (a) below, or (iii) the publication or dissemination of an announcement
of action intended to result in a Terminating Event of the type described in
clauses (b) or C) below. For these purposes, a “Terminating Event” means:  

               (a)
the reorganization, merger or consolidation of the Bank with one or more
corporations as a result of which the outstanding shares of common stock of the
Bank are exchanged or converted into cash or property or securities not issued
by the Bank unless the reorganization, merger or consolidation shall have been
affirmatively recommended to the Bank’s stockholders or members by a majority
of the members of the Board.  

               (b)
the acquisition of substantially all of the property or of more than 35% of the
voting power of the Bank by any person or entity; or  

               (c)
the occurrence of any circumstance having the effect that directors who were
nominated for election as directors by the Nominating Committee of the Board
shall cease to constitute a majority of the authorized number of directors of
the Bank.  

          14.
Designation of Beneficiaries. In the event that a Participant dies prior to the receipt of all
amounts payable to him or her pursuant to the Plan, all remaining amounts
credited to his or her Account shall be paid to such one or more Beneficiaries
and in such proportions as the Participant may designate, in accordance with
the provisions of Paragraph 11. if no Beneficiary has been named by the
Participant, or if a named Beneficiary has predeceased the Participant and no
successor beneficiary has been named or if a beneficiary designation is
otherwise ineffective, payment shall be made to the estate of the Participant,
and if any Beneficiary shall die after payments to that Beneficiary have
commenced, if any remaining payments would otherwise be made to such
Beneficiary, they shall instead be made to the estate of the Beneficiary. A
Beneficiary designation pursuant to this Paragraph 14 shall not be effective
unless it is in writing and is received by the Committee prior to the death of
the Participant making the designation.  

          15.
Nonalienation.
The right to receive a benefit under the Plan shalt not be subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment, or garnishment by creditors of the Participant or the Participants
beneficiaries.  

2

          16.
Indemnification.
The Bank shalt indemnify, hold harmless and defend each member of the Board,
each member of the Committee, each member of the Benefits Committee, and each
of their designees who are employees of the Bank, the Parent Company or any of
its subsidiaries, against any reasonable costs, including legal fees, incurred
by them, or arising out of any action, suit or proceeding in which they may be
involved, as a result of their efforts, in good faith, to defend or enforce the
terms of the Plan.  

          17.
Severability. A
determination that any provision of the Plan is invalid or unenforceable shalt
not affect the validity or enforceability of any other provision hereof.  

          18.
Waiver. Failure
to insist upon strict compliance with any of the terms, covenants or conditions
of the Plan shall not be deemed a waiver of such term, covenant or condition. A
waiver of any provision of the Plan must be made in writing, designated as a
waiver, and signed by the party against whom its enforcement is sought. Any
waiver or relinquishment of any right or power hereunder at any one or more
times shalt not be deemed a waiver or relinquishment of such right or power at
any other time or times.  

          19.
Filing a Claim.
Any controversy or claim arising out of or relating to the Plan shall be filed
with the Committee which shall make all determinations concerning such claim.
Any decision by the Committee denying such claim shall be in writing and shall
be delivered to the Participant or Beneficiary filing the claim (“Claimant”).  

               (a)
In General.
Notice of a denial of benefits will be provided within 90 days of the
Committee’s receipt of the Claimant’s claim for benefits. If the Committee
determines that it needs additional time to review the claim, the Committee
will provide the Claimant with a notice of the extension before the end of the
initial 90-day period. The extension will not be more than 90 days from the end
of of the initial 90-day period and the notice of extension will explain the
special circumstances that require the extension and the date by which the
Committee expects to make a decision.  

               (b)
Contents of Notice. If a claim for benefits is completely or partially denied, notice of
such denial shall be in writing and shalt set forth the reasons for denial in
plain language. The notice shall (1) cite the pertinent provisions of the Plan
document and (2) explain, where appropriate, how the Claimant can perfect the
claim, including a description of any additional material or information
necessary to complete the claim and why such material or information is
necessary. The claim denial also shall include an explanation of the claims
review procedures and the time limits applicable to such procedures, including
a statement of the Claimant’s right to bring a civil action under Section
502(a) of ERISA following an adverse decision on review.  

          20.
Appeal of Denied Claims. A claimant whose claim has been completely or partially denied shall
be entitled to appeal the claim denial by filing a written appeal with the
Committee. A Claimant who timely requests a review of the denied claim (or his
or her authorized representative) may review, upon request and free of charge,
copies of all documents, records and other information relevant to the denial
and may submit written comments, documents, records and other information
relevant to the claim to the Committee. All written comments, documents,
records, and other information shall be considered “relevant” if the
information (1) was relied upon in making a benefits determination, (2) was
submitted, considered or generated in the course of making a benefits decision
regardless of whether it was relied upon to make the decision, or (3) demonstrates
compliance with administrative processes and safeguards established for making
benefit decisions. The Committee may, in its sole discretion and if it deems
appropriate or necessary, decide to hold a hearing with respect to the claim
appeal.  

               (a)
In General.
Appeal of a denied benefits claim must be filed in writing with the Committee
no later than sixty (60) days after receipt of the written notification of such
claim denial. The Committee shall make its decision regarding the merits of the
denied claim within sixty (60) days following receipt of the appeal (or within
one hundred and twenty (120) days after such receipt, in a case where there are
special circumstances requiring extension of time for reviewing the appealed
claim). If an extension of time for reviewing the appeal is required because of
special circumstances, written notice of the extension shall be furnished to
the Claimant prior to the commencement of the extension. The notice will
indicate the special circumstances requiring the extension of time and the date
by which the Committee expects to render the determination on review. The
review will take into account comments, documents, records and other
information submitted by the Claimant relating to the claim without regard to
whether such information was submitted or considered in the initial benefit
determination.  

               (b)
Contents of Notice. If a benefits claim is completely or partially denied on review,
notice of such denial shall be in writing and shall set forth the reasons for
denial in plain language.  

                    (i)
The decision on review shall set forth (a) the specific reason or reasons for
the denial, (b) specific references to the pertinent Plan provisions on which
the denial is based, (c) a statement that the Claimant is entitled to receive,
upon request and free of charge, reasonable access to and copies of all
documents, records, or other information relevant (as defined above) to the
Claimant’s claim, and (d) a statement describing any voluntary appeal
procedures offered by the plan and a statement of the Claimant’s right to bring
an action under Section 502(a) of ERISA.  

          21.
Legal Action. A
Claimant may not bring any legal action relating to a claim for benefits under
the Plan unless and until the Claimant has followed the claims procedures under
the Plan and exhausted his or her administrative remedies under such claim
procedures.  

          22.
Discretion of Committee. All interpretations, determinations and decisions of the Committee
with respect to any claim shall be made in its sole discretion, and shall be
final and conclusive.  

          23.
Notices. Any
notice or other communication required or permitted to be given to a party
under the Plan shall be deemed given if personally delivered or if mailed,
postage prepaid, by certified mail, return receipt requested, to the party at
the address listed below, or at such other address as one such party may by
written notice specify to the other:  

               (a)
if to the Committee:  

Attention: Chairperson -
Personnel and Compensation Committee

Oswego County National Bank

300 State Route 104

Oswego, NY 13126  

               (b)
if to any party other than the Committee, to such party at the address last
published by such party by written notice to the Committee.  

          24.
Governing Law.
The Plan shall be construed, administered and enforced according to the laws of
New York, except to the extent that such laws are preempted by federal law.  

          25.
Construction of Language. Wherever appropriate in the Plan, words used in the singular may be
read in the plural, words in the plural may be read in the singular, and words
importing the mate gender shall be deemed equally to refer to the feminine or
the neuter. Any reference to an Article or Section shall be to an Article or
Section of the Plan, unless otherwise indicated.  

          26.
Amendment or Discontinuance. The Board may amend, discontinue or terminate the Plan at any time in
accordance with applicable taw; provided, however, that no amendment or
discontinuance shall affect the rights of Participants to amounts already
allocated to their Accounts under the Plan. The Committee of the Bank may make
any amendment to the Plan that may be necessary or appropriate to facilitate
the administration, management, and interpretation of the Plan or to conform
the Nan thereto or that may be necessary or appropriate to satisfy requirements
of law, provided that any such amendment does not significantly affect the cost
to Bank, Parent Company or any of its subsidiaries of maintaining the Plan.
Notwithstanding the foregoing, no amendment by the Board or Committee of the
Bank shall be made to the extent that any such amendment would cause any
Participant who administers any employee benefit plan of the Bank (or the
Parent Company or any subsidiary of the Bank) and who, in accordance with the
terms of any such plan or applicable taw, must be ‘disinterested’, to cease to
qualify as an ‘outside’ director, within the meaning of Section 162(m) of the Internal
Revenue Code of 1986, as amended, and the treasury regulations thereunder.  

In witness whereof, Oswego
County National Bank has caused this amendment and restatement of the Voluntary
Deferred Compensation Plan for Directors to be executed on September 21, 2006.  

3

 OSWEGO COUNTY NATIONAL BANK

	
 

	
 

	
 

	
 

	
By: 

	
/s/

	
 

	
 

	

	
 

	
 

	
Chairperson of the Board

Attest:

	
 

	
 

	
 

	
/s/

	
 

	
/s/ 

	

	
 

	

	
Secretary

	
 

	
President

4

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