Document:

exv10w3

Exhibit 10.3

THE NEWALLIANCE BANK 401(K) PLAN

AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

PREAMBLE

     This 401(k) Plan Amended and Restated Supplemental Executive Retirement Plan (“Plan”) of
NewAlliance Bank (the “Bank”) is adopted effective as of September __, 2008. The Plan was
initially adopted effective as of April 1, 2004 and was previously amended and restated as of
September 25, 2007 and November 27, 2007.

     The Plan as amended and restated shall in all respects be subject to the provisions set forth
herein. This Plan was previously amended and restated to comply with the requirements of Section
409A of the Code and the regulations issued thereunder. No benefits payable under this Plan shall
be deemed to be grandfathered for purposes of Section 409A of the Code. The Plan is being further
amended and restated at this time to change the vesting schedule and to make certain other changes.

     The Plan shall at all times be characterized as a “top hat” plan of deferred compensation
maintained for a select group of management or highly compensated employees, as described under
Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and any regulations relating thereto. The Plan
has been and shall continue to be operated in compliance with Section 409A of the Code. The Plan
is an unfunded plan for tax purposes. The provisions of the Plan shall be construed to effectuate
such intentions.

PURPOSE

     The Plan is established and maintained by the Bank for the purpose of permitting one or more
of its officers listed in Appendix A attached hereto who participate in The NewAlliance Bank 401(k)
Plan (the “401(k) Plan”) to receive retirement and savings benefits pursuant to this Plan in excess
of the limitations imposed by Sections 401(a)(17), 401(k)(3), 401(m), 402(g) and 415 of the Code.

     Accordingly, the Bank hereby adopts this amended and restated Plan pursuant to the terms and
provisions set forth below:

ARTICLE I

DEFINITIONS

     In addition to those terms defined above, the following terms shall have the meanings
hereinafter set forth whenever used herein:

     1.1 “401(k) Allocation” means the retirement and savings benefit allocable to the individual
account of a participant in the 401(k) Plan pursuant to Article IV of the 401(k) Plan and Section
4.1(a) of the ESOP.

 

 

     1.2 “Accumulation Account” means the account maintained on the books of the Bank for each
Participant with respect to the Plan. Each Participant’s Accumulation Amount shall consist of the
following sub-Accounts: (i) a Stock Units Account, a sub-account that is credited with Stock Units;
and (ii) such other sub-accounts as may be necessary to reflect allocations under the Plan and such
further sub-Accounts as the Committee may deem necessary. The Stock Units Account (i) may not be
diversified; (ii) must remain at all times credited with units that represent Company Common Stock;
and (iii) must be distributed solely in the form of Company Common Stock, except to the extent the
Stock Units Account is adjusted pursuant to Section 4.1(b) of the Plan. A Participant’s
Accumulation Account shall be utilized solely as a device for the measurement and determination of
any benefits payable to the Participant pursuant to this Plan. A Participant shall have no
interest in his Accumulation Account, nor shall it constitute or be treated as a trust fund of any
kind.

     1.3 “Board” means the Board of Directors of the Bank.

     1.4 “Change in Control” means a change in the ownership of the Company or the Bank, a change
in the effective control of the Company or the Bank or a change in the ownership of a substantial
portion of the assets of the Company or the Bank, in each case as provided under Section 409A of
the Code and the regulations thereunder.

     1.5 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any
regulations relating thereto.

     1.6 “Committee” shall mean the Compensation Committee of the Board.

     1.7 “Company” means NewAlliance Bancshares, Inc. or any successor thereto.

     1.8 “Company Common Stock” means shares of common stock of the Company.

     1.9 “Disability” means in the case of any Participant that the Participant: (i) is unable to
engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months, receiving income replacement benefits for a
period of not less than three months under an accident and health plan covering employees of the
Company or the Bank.

     1.10 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time
to time, and any regulations relating thereto.

     1.11 “ESOP” means the NewAlliance Bancshares, Inc. Employee Stock Ownership Plan.

     1.12 “Participant” means a salaried employee of the Bank who is a participant in the 401(k)
Plan, who is a member of a select group of management or highly compensated employees within the
meaning of ERISA, and who is selected by the Board to participate in the Plan in accordance with
Article II hereof.

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     1.13 “Plan Year” means the 12 consecutive month period ending December 31 of each year, except
that the initial Plan Year shall commence on April 1, 2004 and end on December 31, 2004.

     1.14 “Separation from Service” means a termination of a Participant’s services (whether as an
employee or as an independent contractor) to the Company and the Bank. Whether a Separation from
Service has occurred shall be determined in accordance with the requirements of Section 409A of the
Code based on whether the facts and circumstances indicate that the Company, the Bank and the
Participant reasonably anticipated that no further services would be performed after a certain date
or that the level of bona fide services the Participant would perform after such date (whether as
an employee or as an independent contractor) would permanently decrease to no more than twenty
percent (20%) of the average level of bona fide services performed (whether as an employee or an
independent contractor) over the immediately preceding thirty-six (36) month period.

     1.15 “Stock Units” means shares of Company Common Stock, with each Stock Unit representing one
share of Company Common Stock.

     1.16 “Supplemental Savings Deferred Allocation” shall mean the dollar amount allocated to a
Participant’s account pursuant to Section 3.1 of the Plan.

ARTICLE II

ELIGIBILITY

     A salaried employee of the Bank who is eligible to receive the benefit of a 401(k) Allocation,
the total amount of which is reduced by reason of the limitation on compensation or annual
additions for the purpose of calculating allocations pursuant to Sections 401(a)(17), 401(k)(3),
401(m), 402(g) and 415 of the Code, shall be eligible to be selected by the Board of Directors of
the Bank to participate in the Plan.

ARTICLE III

SUPPLEMENTAL CONTRIBUTIONS

     3.1 Supplemental Savings Deferred Allocation.

     A Participant in the Plan shall receive a Supplemental Savings Deferred Allocation each year
effective as of the last day of the Plan Year. The dollar amount of the Supplemental Savings
Deferred Allocation allocable to a Participant with respect to a given Plan Year shall be
calculated as set forth below:

          (a) The matching contribution which would have been allocated to the Participant for the Plan
Year, as determined by multiplying the Participant’s compensation (as such term is defined in the
401(k) Plan but without giving effect to the limitation imposed by Section 401(a)(17) of the Code)
for the Plan Year by a percentage equal to the matching contribution the Participant was entitled
to under the 401(k) Plan and Section 4.1(a) of the

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ESOP, but without giving effect to the limitations imposed by Sections 401(k)(3), 401(m),
402(g) and 415 of the Code; less

          (b) The matching contribution actually allocated to the account of the Participant in the ESOP
(pursuant to the terms of the 401(k) Plan and the ESOP) for the Plan Year.

     Supplemental Savings Deferred Allocations made for the benefit of a Participant for any Plan
Year shall be credited to a Stock Units Account maintained under the Plan in the name of each
Participant.

ARTICLE IV

ACCUMULATION ACCOUNT

     4.1 Determination of Accumulation Account. Amounts credited under this Plan will be
credited to a Stock Units Account for each Participant. The Participant’s ultimate deferred
compensation payments shall be based on the aggregate value of the Stock Units accrued in the Stock
Units Account (and any other sub-accounts) determined as hereinafter set forth:

          (a) All amounts credited to the Stock Units Account shall be applied to the crediting of Stock
Units. The number of Stock Units credited to a Participant’s Stock Units Account shall equal the
dollar amount credited to such account (as determined in Section 3.1 of the Plan) for a given Plan
Year divided by the closing sales price of the Company Common Stock as of December 31 of that Plan
Year (or if the Company Common Stock is not traded on such date, as of the nearest immediately
preceding trading date). The number of Stock Units shall be rounded to the nearest one-thousandth.
Each Stock Unit shall be deemed to pay cash dividends as if it were one share of Company Stock,
and any such deemed dividends will result in the crediting of additional Stock Units to the Stock
Units Account on a date selected by the Bank, with the number of Stock Units so credited to be
calculated by dividing the amount of the deemed dividend by the closing sales price of the Company
Common Stock on the dividend payment date set by the Company. After the crediting of Stock Units
to the Stock Units Account, subsequent fluctuations in the fair market value of the Company Stock
shall not result in any change in the number of such Stock Units then credited to the Stock Units
Account.

          (b) In the event of any change in the outstanding shares of the Company by reason of any stock
dividend or split, recapitalization, merger, consolidation, spin-off, reorganization, combination
or exchange of shares or other similar corporate change, then the Stock Units Account of each
Participant shall be adjusted by the Committee in a reasonable manner to compensate for the change,
and any such adjustment by the Committee shall be conclusive and binding for all purposes of the
Plan.

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ARTICLE V

INVESTMENT OF SUPPLEMENTAL SAVINGS DEFERRED ALLOCATIONS

     Amounts credited hereunder to the account of a Participant shall be converted into Stock Units
and shall be treated as if they were actually invested in the Company Common Stock. If any Company
Common Stock is held in a rabbi trust to fund the Bank’s obligations under the Plan, the Company
Common Stock (i) may not be diversified; (ii) must remain at all times invested in the form of
Company Common Stock or common stock units of the Company, as applicable; and (iii) must be
distributed solely in the form of whole shares of Common Stock, except to the extent that the
Company Common Stock is adjusted as a result of any of the events set forth in Section 4.1(b) of
the Plan. A change by a Participant in the investment election applicable to amounts in his or her
401(k) account or ESOP account shall not affect the number of Stock Units held in the Plan.

ARTICLE VI

VESTING; DISTRIBUTIONS

     6.1 Vesting. For each Plan Year beginning prior to January 1, 2009, the vested
portion of a Participant’s account shall be a percentage of the total amount credited to the
account determined on the basis of the Participant’s number of “Years of Service” (as defined in
the glossary of the 401(k) Plan) according to the following schedule:

	 	 	 	 	 
	Years of Service	 	Vesting Percentage
	Less than 2 years

	 	 	0	%
	2 but less than 3 years

	 	 	25	%
	3 but less than 4 years

	 	 	50	%
	4 but less than 5 years

	 	 	75	%
	5 or more years

	 	 	100	%

     In determining Years of Service for purposes of vesting under the Plan, Years of Service with
the Bank (and its predecessor, The New Haven Savings Bank) prior to the Effective Date shall be
included.

     Notwithstanding the above vesting schedule, a Participant shall be 100% vested in his account
upon (1) the attainment of the “Early Retirement Date” or “Normal Retirement Date” (as defined in
the glossary of the 401(k) Plan); (2) Disability; (3) termination or partial termination of this
Plan; or (4) a Change in Control.

     For each Plan Year beginning on or after January 1, 2009, the vested portion of a
Participant’s account shall be 100% for each Participant who has at least one hour of service under
the 401(k) Plan on or after January 1, 2009.

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     6.2 Distribution.

          (a) General. The vested portion of a Participant’s Accumulation Account may not be
distributed prior to (a) the Participant’s Disability or death, (b) the first day of the month
following the lapse of six months following the Participant’s Separation from Service for reasons
other than Disability or death, (c) the time specified in the Participant’s payment election form,
or (d) a Change in Control. The vested portion of amounts credited to a Participant’s Accumulation
Account shall be distributed to a Participant at the time and in the manner indicated on the
Participant’s payment election form (a copy of which is attached as Appendix B), except that any
distribution must be solely in the form of whole shares of Company Common Stock, except to the
extent that the Company Common Stock is adjusted as a result of any of the events set forth in
Section 4.1(b) of the Plan. Cash will not be distributed in lieu of fractional shares. The form
of benefit payment may be in a single lump sum payment or annual installment payments not in excess
of ten years, as specified on a Participant’s payment election form. If the benefits are to be
paid in annual installments, the first annual installment shall be paid on or as soon as
practicable following the payment event selected by the Participant (subject to the six-month delay
required above if the payment event is a Separation from Service), and all subsequent annual
payments shall be paid on the annual anniversary date of the first payment. Any new payment
elections made by a Participant on or after January 1, 2005 shall be made in accordance with this
If a Participant elects a form of payment upon more than one payment event, then the first payment
event that occurs shall govern how the payment is made.

          (b) Amount of Each Annual Installment. The dollar amount of each annual installment
paid to a Participant or his or her beneficiaries shall be determined by multiplying the value of
the Participant’s Accumulation Account as of the close of business on the day preceding such
payment by a fraction. The numerator of the fraction shall in all cases be one, and the
denominator of the fraction shall be the number of annual installments remaining to be paid to the
Participant or his or her beneficiaries, including the annual installment for which the calculation
is being made. For example, if a Participant elected to receive 10 annual installments, the amount
of the first annual installment shall be 1/10th of the Participant’s Accumulation Account, the
second annual installment shall be 1/9th of the then remaining Accumulation Account, and so on.

          (c) Prior Elections. Any payment elections made by a Participant before January 1,
2005 shall continue in effect until such time as the Participant makes a subsequent payment
election pursuant to Section 6.2(d) or 6.2(e) below and such payment election becomes effective as
set forth below. If no payment election was previously made, then the current payment election
shall be deemed to be a single lump sum payment as of the later of (i) the first day of the month
following the lapse of six months after a Separation of Service, or (ii) January 1, 2008.

          (d) Transitional Elections Prior to 2009. On or before December 31, 2008, if a
Participant wishes to change his payment election as to either the time or form of payment or both,
the Participant may do so by completing a payment election form approved by the Committee, provided
that any such election (i) must be made prior to the Participant’s Separation from Service, (ii)
shall not take effect before the date that is 12 months after the date the election is made and
accepted by the Committee, (iii) does not cause a payment that would otherwise be

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made in the year of the election to be delayed to a later year, and does not accelerate into
the year in which the election is made a payment that is otherwise scheduled to be made in a later
year.

          (e) Changes in Payment Elections after 2008. On or after January 1, 2009, if a
Participant wishes to change his or her payment election as to either the time or form of payment
or both, the Participant may do so by completing a payment election form approved by the Committee,
provided that any such election (i) must be made prior to the Participant’s Separation from
Service, (ii) must be made at least 12 months before the date on which any benefit payments as of a
fixed date or pursuant to a fixed schedule are scheduled to commence, (iii) shall not take effect
until at least 12 months after the date the election is made and accepted by the Committee, and
(iv) for payments to be made other than upon death or Disability, must provide an additional
deferral period of at least five years from the date such payment would otherwise have been made
(or in the case of any installment payments treated as a single payment, five years from the date
the first amount was scheduled to be paid). For purposes of this Plan and clause (iv) above, all
installment payments under this Plan shall be treated as a single payment.

     6.3 Withholding; Payroll Taxes. The Bank shall withhold from payments made hereunder
any taxes required to be withheld from a Participant’s wages under applicable federal, state or
local tax laws.

     6.4 Payment to Guardian. If a Plan benefit is payable to a minor or a person declared
to be incompetent or to a person incapable of handling the disposition of his property, the
Committee may direct payment of such Plan benefit to the guardian, legal representative or person
having the care and custody of such minor or other person. The Committee may require proof of
incompetence, minority, incapacity or guardianship, as it may deem appropriate prior to
distribution of the Plan benefit. Such distribution shall completely discharge the Committee, the
Company and the Bank from all liability with respect to such benefit.

     6.5 Survivor Benefit. If a Participant should die before distribution of the vested
portion of his or her account pursuant to the Plan has been made to him or her, any remaining
vested amounts shall be distributed to his or her beneficiary in the method designated by the
Participant in writing delivered to the Bank prior to the Participant’s death. If a Participant
has not designated a beneficiary, or if no designated beneficiary is living on the date of
distribution, such vested amounts shall be distributed to those persons entitled to receive
distributions of the Participant’s account under the 401(k) Plan. If a Participant has not
designated a method of distribution, then the vested portion of the Participant’s account shall be
paid in a lump sum as soon as practicable following the date of his death. The payment to a
beneficiary or a deemed beneficiary shall completely discharge the Company and the Bank’s
obligations under this Plan.

ARTICLE VII

     7.1 Scope of Claims Procedures. This Article is based on final regulations issued by
the Department of Labor and published in the Federal Register on November 21, 2000 and codified at
29 C.F.R. Section 2560.503-1. If any provision of this Article conflicts with the requirements of
those regulations, the requirements of those regulations will prevail.

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     7.2 Initial Claim. The Participant or any beneficiary who believes he or she is
entitled to any benefit under the Plan (a “Claimant”) may file a claim with the Bank within one
hundred eighty (180) days of the date on which the event that caused the claim to arise occurred.
The Bank shall review the claim itself or appoint an individual or an entity to review the claim.

          (a) Initial Decision. The Claimant shall be notified within ninety (90) days after
the claim is filed whether the claim is allowed or denied, unless the Claimant receives written
notice from the Bank or appointee of the Bank prior to the end of the ninety (90) day period
stating that special circumstances require an extension of the time for decision, with such
extension not to extend beyond the day which is one hundred eighty (180) days after the day the
claim is filed.

          (b) Manner and Content of Denial of Initial Claims. If the Bank denies a claim, it
must provide to the Claimant, in writing or by electronic communication:

	 	(i)	 	The specific reasons for the denial;
	 
	 	(ii)	 	A reference to the provision of the Plan upon
which the denial is based;
	 
	 	(iii)	 	A description of any additional information or
material that the Claimant must provide in order to perfect the claim;
	 
	 	(iv)	 	An explanation of why such additional material
or information is necessary;
	 
	 	(v)	 	Notice that the Claimant has a right to request
a review of the claim denial and information on the steps to be taken
if the Claimant wishes to request a review of the claim denial; and
	 
	 	(vi)	 	A statement of the Claimant’s right to bring a
civil action under Section 502(a) of ERISA, following a denial on
review of the initial denial.

     7.3 Review Procedures.

          (a) Request For Review. A request for review of a denied claim must be made in
writing to the Bank within sixty (60) days after receiving notice of denial. The decision upon
review will be made within sixty (60) days after the Bank’s receipt of a request for review, unless
special circumstances require an extension of time for processing, in which case a decision will be
rendered not later than one hundred twenty (120) days after receipt of a request for review. A
notice of such an extension must be provided to the Claimant within the initial sixty (60) day
period and must explain the special circumstances and provide an expected date of decision.

     The reviewer shall afford the Claimant an opportunity to review and receive, without charge,
all relevant documents, information and records and to submit issues and comments in writing to the
Bank. The reviewer shall take into account all comments, documents, records and

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other information submitted by the Claimant relating to the claim regardless of whether the
information was submitted or considered in the initial benefit determination.

          (b) Manner and Content of Notice of Decision on Review. Upon completion of its review
of an adverse claim determination, the Bank will give the Claimant, in writing or by electronic
notification, a notice containing:

	 	(i)	 	its decision;
	 
	 	(ii)	 	the specific reasons for the decision;
	 
	 	(iii)	 	the relevant provisions of this Plan on which
its decision is based;
	 
	 	(iv)	 	a statement that the Claimant is entitled to
receive, upon request and without charge, reasonable access to, and
copies of, all documents, records and other information in the Bank’s
files which is relevant (as defined in applicable ERISA regulations) to
the Claimant’s claim for benefits;
	 
	 	(v)	 	a statement describing the Claimant’s right to
bring an action for judicial review under Section 502(a) of ERISA; and
	 
	 	(vi)	 	if an internal rule, guideline, protocol or
other similar criterion was relied upon in making the adverse
determination on review, a statement that a copy of the rule,
guideline, protocol or other similar criterion will be provided without
charge to the Claimant upon request.

     7.4 Calculation of Time Periods. For purposes of the time periods specified in this
Article, the period of time during which a benefit determination is required to be made begins at
the time a claim is filed in accordance with the procedures of this Plan without regard to whether
all the information necessary to make a decision accompanies the claim. If a period of time is
extended due to a Claimant’s failure to submit all information necessary, the period for making the
determination shall be tolled from the date the notification is sent to the Claimant until the date
the Claimant responds.

     7.5 Legal Action. If the Bank fails to follow the claims procedures required by this
Article, a Claimant shall be deemed to have exhausted the administrative remedies available under
the Plan and shall be entitled to pursue any available remedy under Section 502(a) of ERISA on the
basis that the Plan has failed to provide a reasonable claims procedure that would yield a decision
on the merits of the claim. A Claimant’s compliance with the foregoing provisions of this Article
is a mandatory requisite to a Claimant’s right to commence any legal action with respect to any
claims for benefits under the Plan.

     7.6 Review by the Bank. Notwithstanding anything in this Agreement to the contrary,
the Bank may determine, in its sole and absolute discretion, to review any claim for benefits
submitted by a Claimant under this Agreement or to delegate its review to a third party, committee
or individual.

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ARTICLE VIII

ADMINISTRATION OF THE PLAN

     8.1 Administration by the Bank. The Bank shall be responsible for the general
operation and administration of the Plan and for carrying out the provisions thereof.

     8.2 General Powers of Administration. All provisions set forth in the 401(k) Plan
with respect to the administrative powers and duties of the Bank, expenses of administration, and
procedures for filing claims shall also be applicable with respect to the Plan.

ARTICLE IX

AMENDMENT OR TERMINATION

     9.1 Amendment or Termination. The Bank intends the Plan to be permanent but reserves
the right to amend or terminate the Plan when, in the sole opinion of the Bank, such amendment or
termination is advisable. Any such amendment or termination shall be made pursuant to a resolution
of the Board. In addition, in the event that the Committee determines, after a review of Section
409A of the Code and all applicable Internal Revenue Service guidance, that the Plan or payment
election form needs to be further amended to comply with Section 409A of the Code, the Committee
may amend the Plan or the payment election form to make any changes required for it to comply with
Section 409A of the Code.

     9.2 Effect of Amendment or Termination.

          (a) General. No amendment or termination of the Plan shall directly or indirectly
reduce the vested portion of any account held hereunder as of the effective date of such amendment
or termination. A termination of the Plan will not be a distributable event, except in the three
circumstances set forth in Section 9.2(b) below. No additional credits with respect to
Supplemental ESOP Allocations shall be made to the account of a Participant and no additional Years
of Service (within the meaning of Section 6.1) shall be credited after termination of the Plan, but
the Company or the Bank shall continue to credit gains and losses pursuant to Article IV until the
vested balance of the Participant’s account has been fully distributed to the Participant or his
beneficiary.

          (b) Termination. Under no circumstances may the Plan permit the acceleration of the
time or form of any payment under the Plan prior to the payment events specified herein, except as
provided in this Section 9.2(b). The Company or the Bank may, in its discretion, elect to
terminate the Plan in any of the following three circumstances and accelerate the payment of the
entire unpaid balance of the Participant’s vested benefits as of the date of such payment in
accordance with Section 409A of the Code, provided that in each case the action taken complies with
the applicable requirements set forth in Treasury Regulation §1.409A-3(j)(4)(ix):

	 	(i)	 	the Plan is irrevocably terminated within the
30 days preceding a Change in Control and (1) all arrangements
sponsored by the

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	 	 	 	Company and the Bank and any successors immediately following the
Change in Control that would be aggregated with the Plan under
Treasury Regulation §1.409A-1(c)(2) are terminated with respect to
each participant that experienced the Change in Control event, and
(2) each Participant and all participants under the other aggregated
arrangements receive all of their benefits under the terminated
arrangements within 12 months of the date that all necessary action
to irrevocably terminate the Plan and the other aggregated
arrangements is taken;

	 	(ii)	 	the Plan is irrevocably terminated at a time
that is not proximate to a downturn in the financial health of the
Company or the Bank and (1) all arrangements sponsored by the Company
and the Bank that would be aggregated with the Plan under Treasury
Regulation §1.409A-1(c) if a Participant participated in such
arrangements are terminated, (2) no payments are made within 12 months
of the date the Company and the Bank take all necessary action to
irrevocably terminate the arrangements, other than payments that would
be payable under the terms of the arrangements if the termination had
not occurred; (3) all payments are made within 24 months of the date
the Company and the Bank take all necessary action to irrevocably
terminate the arrangements; and (4) neither the Company nor the Bank
adopts a new arrangement that would be aggregated with the Plan under
Treasury Regulation §1.409A-1(c) if a Participant participated in both
arrangements, at any time within three years following the date the
Company and the Bank take all necessary action to irrevocably terminate
the Plan; or
	 
	 	(iii)	 	the Plan is terminated within 12 months of a
corporate dissolution taxed under Section 331 of the Code, or with the
approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A),
provided that the amounts deferred by the Participant under the Plan
are included in each Participant’s gross income in the later of (1) the
calendar year in which the termination of the Plan occurs, or (2) the
first calendar year in which the payment is administratively
practicable.

ARTICLE X

GENERAL PROVISIONS

     10.1 Participant’s Rights Unsecured. To fund its obligations under the Plan, the Bank
may elect to form a trust, or to utilize a pre-existing trust, to purchase and hold shares of
Company Common Stock, subject to compliance with all applicable tax and securities laws. If the
Bank elects to use a trust to fund its obligations under the Plan, a Participant shall have no
right to demand the transfer to him of stock or other assets from the Bank or from such trust
formed or utilized by the Bank. Any shares of Company Common Stock held in a trust may be

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distributed to a Participant in payment of part or all of the Bank’s obligations under the
Plan. The right of a Participant or his designated beneficiary to receive a distribution hereunder
shall be an unsecured claim against the general assets of the Bank, and neither the Participant nor
a designated beneficiary shall have any rights in or against any specific assets of the Bank.

     10.2 General Conditions. Nothing in this Plan shall operate or be construed in any
way to modify, amend or affect the terms and provisions of the 401(k) Plan and the ESOP.

     10.3 No Guarantee of Benefits. Nothing contained in the Plan shall constitute a
guarantee by the Bank or any other person or entity that the assets of the Bank will be sufficient
to pay any benefit hereunder.

     10.4 No Enlargement of Employee Rights. No Participant shall have any right to
receive a distribution of contributions made under the Plan except in accordance with the terms of
the Plan. Establishment of the Plan shall not be construed to give any Participant the right to be
retained in the service of the Bank.

     10.5 Spendthrift Provision. No interest of any person or entity in, or right to
receive a distribution under, the Plan shall be subject in any manner to sale, transfer,
assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor
may such interest or right to receive a distribution be taken, either voluntarily or involuntarily,
for the satisfaction of the debts of, or other obligations or claims against, such person or
entity, including claims for alimony, support, separate maintenance and claims in bankruptcy
proceedings.

     10.6 Applicable Law. The Plan shall be construed and administered under the laws of
the State of Connecticut to the extent such laws are not superseded by federal law.

     10.7 Incapacity of Recipient. If any person entitled to a distribution under the Plan
is deemed by the Bank to be incapable of personally receiving and giving a valid receipt for such
payment, then, unless and until claim therefor shall have been made by a duly appointed guardian or
other legal representative of such person, the Bank may provide for such payment or any part
thereof to be made to any other person or institution then contributing toward or providing for the
care and maintenance of such person. Any such payment shall be a payment for the account of such
person and a complete discharge of any liability of the Bank and the Plan therefor.

     10.8 Corporate Successors. The Plan shall not be automatically terminated by a
transfer or sale of assets of the Bank or by the merger or consolidation of the Bank into or with
any other company or other entity, but the Plan shall be continued after such sale, merger or
consolidation only if and to the extent that the transferee, purchaser or successor entity agrees
to continue the Plan. In the event that the Plan is not continued by the transferee, purchaser or
successor entity, then the Plan shall terminate subject to the provisions of Section 9.2 of the
Plan. Notwithstanding the above, the Plan shall terminate at the same time as the 401(k) Plan or
ESOP is terminated and all benefits hereunder shall become payable pursuant to the provisions of
Section 9.2 of the Plan.

12

 

     10.9 Unclaimed Benefit. Each Participant shall keep the Bank informed of his current
address and the current address of his designated beneficiary. The Bank shall not be obligated to
search for the whereabouts of any person. If the location of a Participant is not made known
to the Bank within three (3) years after the date on which payment of the Participant’s account may
first be made, payment may be made as though the Participant had died at the end of the three-year
period. If, within one additional year after such three-year period has elapsed, or, within three
years after the actual death of a Participant, the Bank is unable to locate any designated
beneficiary of the Participant, then the Bank shall have no further obligation to pay any benefit
hereunder to such Participant or designated beneficiary and such benefit shall be irrevocably
forfeited.

     10.10 Limitations on Liability. Notwithstanding any of the preceding provisions of
the Plan, neither the Bank nor any individual acting as employee or agent of the Bank shall be
liable to any Participant, former Participant or other person for any claim, loss, liability or
expense incurred in connection with the Plan.

     10.11 Gender and Number. Whenever any words are used herein in the masculine,
feminine or neuter gender, they shall be construed as though they were also used in another gender
in all cases where they would so apply, and whenever any words are used herein in the singular or
plural form, they shall be construed as though they were also used in the other form in all cases
where they would so apply.

13

 

     IN WITNESS WHEREOF, the Bank has caused this Plan to be executed by its duly authorized
officers on this 23rd day of September 2008.

	 	 	 

	 

	 	NEWALLIANCE BANK
	 
	 	 
	Attest:
	 	 
	 
	 	 
	By: /s/ Patricia M. Pacelli

	 	By: /s/ Peyton R. Patterson
	Name: Patricia M. Pacelli

	 	Name: Peyton Patterson
	Title: Asst. Corporate
Secretary

	 	Title: Chairman, President and Chief
Executive Officer

14exv10w5

	 	 	 	 	 

EXHIBIT 10.5

HURON CONSULTING GROUP INC.

EXECUTIVE OFFICERS’ COMPENSATION FOR 2011(1)

SUMMARY SHEET

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name	 	Position	 	Year	 	 	Base Salary	 	 	Bonus (2)	 
	 
	James H. Roth
	 	President and Chief Executive Officer	 	 	2011	 	 	$	800,000	 	 	$	880,000	 
	 
	James K. Rojas
	 	Executive Vice President, Chief Operating Officer, Chief Financial Officer and Treasurer	 	 	2011	 	 	$	550,000	 	 	$	440,000	 
	 
	Diane E. Ratekin
	 	Executive Vice President and General Counsel	 	 	2011	 	 	$	325,000	 	 	$	162,500	 
	 

 

			
	(1)	 	Excludes restricted stock and stock option awards which were previously disclosed in the
Company’s Report on Form 8-K filed on March 17, 2011.
	 
	(2)	 	Bonuses shown are targets in a 162(m) compliant performance plan. Actual amounts earned and paid
may be greater or smaller than the amounts indicated.

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