Document:

EX-10.23

 

Exhibit 10.23

OLYMPIC STEEL, INC.

OLYMPIC STEEL, INC. 2007 OMNIBUS INCENTIVE PLAN

PERFORMANCE-EARNED RESTRICTED STOCK UNIT (PERS UNIT) AGREEMENT

     THIS PERFORMANCE-EARNED RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”), is entered into as
of this 1st day of May, 2007 (the “Effective Date”), by and between Olympic Steel, Inc., an Ohio
corporation (the “Company”), and ___(the “Grantee”).

WITNESSETH:

     WHEREAS, the Compensation Committee of the Board of Directors (the “Compensation Committee”)
administers the Olympic Steel, Inc. 2007 Omnibus Incentive Plan (the “Plan”); and

     WHEREAS, the Committee desires to provide the Grantee with Performance-Earned Restricted Stock
Units under the Plan upon the terms and conditions set forth in this Agreement;

     NOW, THEREFORE, the Company and the Grantee agree as follows:

     1. Definitions. Unless the context otherwise indicates, the following words used
herein shall have the following meanings wherever used in this Agreement;

     (a) The words “Good Cause” mean a reasonable determination by the Board made in good
faith (without the participation of the Grantee), pursuant to the exercise of its business
judgment, that any one of the following events has occurred:

	 	(i)	 	Grantee is found by the Board to have engaged
in (1) willful misconduct, (2) willful or gross neglect, (3) fraud, (4)
misappropriation, or (5) embezzlement in the performance of his duties
as an employee of the Company;
	 
	 	(ii)	 	Grantee has materially breached any restrictive
covenant between him and the Company including, but not limited to, any
restrictive covenants regarding non-competition, non-solicitation or
confidentiality or any material provision of any employment agreement
with the Company and fails to cure such breach within ten (10) days
following written notice from the Company specifying such breach which
notice from the Company shall be provided within thirty (30) days after
said breach;
	 
	 	(iii)	 	Grantee is found by the Board to have failed
to provide reasonable cooperation with any federal government or other
governmental regulatory investigation, the reasonableness of such
cooperation to be determined by reference to statutory and regulatory
authorities, Federal Sentencing Guidelines, and relevant case law
interpretations;

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	 	(iv)	 	Grantee signs or certifies statements required
to be made pursuant to Sarbanes-Oxley Sections 302 and 906, or other
similar rules or regulations then in effect, which turn out to be false
or inaccurate in any material respect; provided, however, that the
Board has made a reasonable determination in good faith that the
Grantee knew or should have known that such statements were false or
inaccurate in any material respect;
	 
	 	(v)	 	Grantee has been indicted by a state or federal grand jury with
respect to a felony, a crime of moral turpitude or any crime involving
the Company (other than pursuant to actions taken at the direction or
with the approval of the Board) and a special committee of the Board,
chaired by an Outside Director appointed by the Chair of the Audit
Committee, considers the matter, makes a recommendation to the Board to
terminate Grantee’s employment for Cause, and the Board concurs in that
recommendation; or
	 
	 	(vi)	 	Grantee is found by the Board to have engaged
in a material violation of the Code of Conduct of the Company as then
in effect.

     (b) The words “Performance Period” mean the period set forth on Exhibit A of this
Agreement.

     (c) The words “Performance Requirements” mean the performance requirements as set forth
on Exhibit A of this Agreement.

Notwithstanding this Section 1 and, unless otherwise specified in the Agreement, capitalized terms
shall have the meanings attributed to them under the Plan.

     2. Grant of Performance-Earned Restricted Stock Units. As of the Effective Date, the
Company grants to the Grantee, upon the terms and conditions set forth in this Agreement, the right
to receive Common Shares after the completion of the Performance Period provided that the
Performance Requirements have been achieved at the end of the Performance Period as set forth on
Exhibit A (“Performance-Earned Restricted Stock Units” or “PERS Units”). The PERS Units are
granted in accordance with, and subject to, all the terms, conditions and restrictions of the Plan,
which is hereby incorporated by reference in its entirety. The Grantee irrevocably agrees to, and
accepts, the terms, conditions and restrictions of the Plan and this Agreement on his own behalf
and on behalf of any heirs, successors and assigns.

     3. Restrictions on PERS Units. The Grantee cannot sell, transfer, assign, hypothecate
or otherwise dispose of the PERS Units or pledge them as collateral for a loan. In addition, the
PERS Units will be subject to such other restrictions as the Compensation Committee deems necessary
or appropriate.

     4. Extraordinary Dividends on PERS Units. If Common Shares are issued after the
Performance Period, they will be credited with any extraordinary dividends paid during the period
commencing with the beginning date of the Performance Period and ending on the date of issuance of
the Common Shares, which shall be paid only in the event that the Performance Requirements are
satisfied. If the Performance Requirements are not satisfied, no extraordinary dividends shall be
paid. The Compensation Committee shall have the sole authority to determine

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whether a dividend is extraordinary and its decision shall be final and conclusive with
respect to payment of extraordinary dividends under this Agreement.

     5. Termination of Employment.

     (a) Normal or Early Retirement, Death, or Total Disability. If the Grantee
terminates employment as a result of a Normal or Early Retirement, death or Disability while
an employee of the Company, its Subsidiaries or Affiliates or dies or becomes totally
disabled within thirty (30) days of the Grantee’s having ceased to be such an employee by
reason of involuntary termination of employment not for Good Cause and prior to the last day
of the Performance Period, the Grantee (or his or her Beneficiary or Beneficiaries) shall be
entitled to a prorated issuance of Common Shares calculated by multiplying (x) by (y) where:

     (x) is the number of Common Shares, if any, that would have been earned by the Grantee
as the result of the satisfaction of the Performance Requirements set forth on Exhibit A;
and

     (y) is the number of months that the Grantee was employed (rounded up to the nearest
whole number) during the Performance Period divided by thirty-two (32).

The Compensation Committee shall determine in its sole and exclusive discretion whether the
Grantee’s employment with the Company, its Subsidiaries and Affiliates has terminated
because of his or her Disability. The issuance of Common Shares, if any, for the pro-rated
award shall be at the same time as the issuance of Common Shares under Section 7 of this
Agreement.

     (b) Reasons Other Than Normal or Early Retirement, Death or Disability. If the
Compensation Committee determines in its sole and exclusive discretion that the Grantee’s
employment with the Company, its Subsidiaries and Affiliates has terminated prior to the end
of the Performance Period for reasons other than those described in subsection (a) above,
the Grantee will forfeit his PERS Units and any right to receive Common Shares under this
Agreement except that in the case of an involuntary termination of employment not for Good
Cause, the PERS Units and issuance of Common Shares may not be forfeited if so provided
pursuant to any severance agreement entered into between the Grantee and the Company. If
the PERS Units are forfeited, the Grantee will have no further interests under this
Agreement.

     6. Change in Control. If a Change in Control as defined in the Plan has occurred
prior to the end of the Performance Period:

	 	(a)	 	the Performance Requirements shall be deemed to have been
satisfied at the greater of either the target level of the Performance
Requirements as set forth on Exhibit A as if the entire Performance Period had
elapsed or the level of actual achievement of the Performance Requirements as
of the date of the Change in Control; and
	 
	 	(b)	 	the appropriate amount of Common Shares, or if the Grantee so
elects, cash, determined in accordance with subparagraph (a) above shall be

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	 	 	 	issued or paid to the Grantee not later than 30 days after the date of the
Change in Control.

     7. Issuance of Common Shares. As soon as practicable after the satisfaction of the
Performance Requirements:

	 	(a)	 	with respect to Common Shares earned under Section 5 or 6 above, the
Company will immediately deliver to the Grantee (or his or her Beneficiary or
Beneficiaries) the Common Shares to which Grantee is entitled free and clear of
any restrictions (except any applicable securities law restrictions); and
	 
	 	(b)	 	with respect to Common Shares otherwise earned under this
Agreement, the Company will issue to the Grantee the Common Shares to which
Grantee is entitled subject to the one-year no sale restriction set forth in
Section 8 below and any applicable securities law restrictions.

Notwithstanding anything in this Agreement to the contrary, Common Shares will be issued not later
than two and one-half (2 1/2) months after the year in which the Performance Requirements are
satisfied.

     8. One-Year Holding Period for Common Shares. Except as elected by the Grantee to
satisfy withholding tax obligations as set forth at the end of this Agreement, Grantee agrees to
not sell, transfer, or otherwise dispose of the Common Shares issued pursuant to this Agreement
during the period beginning on the last day of the Performance Period and ending on the first
anniversary of such date; provided, however, that such one year holding period shall not apply if
the Grantee is entitled to Common Shares as a result of Normal or Early Retirement, Death or Total
Disability pursuant to Section 5(a) or a Change in Control pursuant to Section 6 above. Any such
Common Shares issued to the Grantee will bear a legend specifying the one-year no sale restriction.
If the Company so directs, the Common Shares may be held in escrow by the Company or a third party
designated by the Company until the lapse of the one year holding period.

     9. Voting Rights. The Grantee will not have any voting rights as a result of the
award of the PERS Units and shall only have the right to vote Common Shares once they have been
actually issued.

     10. Designation of Beneficiary. By properly executing and delivering a Designation of
Beneficiary Form to the Company, the Grantee may designate an individual or individuals as his or
her Beneficiary or Beneficiaries under the Plan. In the event that the Grantee fails to properly
designate a Beneficiary, his or her interests under the Plan will pass to the person or persons in
the first of the following classes in which there are any survivors: (i) spouse at the time of
death; (ii) issue, per stirpes; (iii) parents; and (iv) the executor or administrator of estate.
Except as the Company may determine in its sole and exclusive discretion, a properly completed
Designation of Beneficiary Form shall be deemed to revoke all prior designations upon its receipt
and approval by the Designated Representative.

     11. Non-Transferability and Legends. When issued, if the Common Shares have not been
registered under the Securities Act of 1933, as amended (the “Act”), they may not be sold,
transferred or otherwise disposed of unless a registration statement under the Act with respect to

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the Common Shares has become effective or unless the Grantee establishes to the satisfaction of the
Company that an exemption from such registration is available. The Common Shares will bear a
legend stating the substance of such restrictions, as well as any other restrictions the
Compensation Committee deems necessary or appropriate.

     12. Termination of Agreement. This Agreement will terminate on the earliest of: (1)
the last day of the Performance Period if the Performance Requirements are not satisfied; (2) the
date of the Grantee’s termination of employment with the Company, its Subsidiaries and Affiliates
for reasons other than Early or Normal Retirement, death, or Total Disability as set forth in
Section 5(b) above prior to the last day of the Performance Period; or (3) the date that Common
Shares are issued to the Grantee. Any terms or conditions of this Agreement that the Company
determines are reasonably necessary to effectuate its purposes will survive the termination of this
Agreement.

     13. Miscellaneous Provisions.

	 	a.	 	Effect of Corporate Reorganization or Other Changes
Affecting Number or Kind of Common Shares. The provisions of this
Agreement will be applicable to the PERS Units, Common Shares and or other
securities which may be acquired by the Grantee as a result of a liquidation,
recapitalization, reorganization, redesignation or reclassification, split-up,
reverse split, merger, consolidation, Common Shares dividend, combination or
exchange of PERS Units or Common Shares, exchange for other securities, a sale
of all or substantially all assets or the like. The Committee may
appropriately adjust the number and kind of shares under the PERS Units or
Common Shares set forth in this Agreement to reflect such a change.
	 
	 	b.	 	Successors and Legal Representatives. This Agreement
will bind and inure to the benefit of the Company and the Grantee, and their
respective successors, assigns and legal representatives.
	 
	 	c.	 	Integration. This Agreement, together with the Plan,
constitutes the entire agreement between the Grantee and the Company with
respect to the subject matter hereof, and may not be modified, amended, renewed
or terminated, nor may any term, condition or breach of any term or condition
be waived, except pursuant to the terms of the Plan or by a writing signed by
the person or persons sought to be bound by such modification, amendment,
renewal, termination or waiver. Any waiver of any term, condition or breach
thereof will not be a waiver of any other term or condition or of the same term
or condition for the future, or of any subsequent breach.
	 
	 	d.	 	Notice. Any notice relating to this grant must be in
writing.
	 
	 	e.	 	No Employment Right Created. Nothing in this Agreement
will be construed to confer upon the Grantee the right to continue in the
employment or service of the Company, its Subsidiaries or Affiliates, or to be
employed or serve in any particular position therewith, or affect any

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	 	 	 	right which the Company, its Subsidiaries or an Affiliate may have to
terminate the Grantee’s employment or service with or without cause.
	 
	 	f.	 	Separability. In the event of the invalidity of any
part or provision of this Agreement, such invalidity will not affect the
enforceability of any other part or provision of this Agreement.
	 
	 	g.	 	Section Headings. The section headings of this
Agreement are for convenience and reference only and are not intended to
define, extend or limit the contents of the sections.
	 
	 	h.	 	Amendment, Waiver and Revocation of Terms. The
Compensation Committee may waive any term or condition in this Agreement that
could have been excluded on the date of grant. No such waiver will be deemed
to be a waiver of similar terms under other agreements. The Compensation
Committee may amend this Agreement to include or exclude any provision which
could have been included in, or excluded from, this Agreement on the date of
grant, but only with the Grantee’s written consent. Similarly, the
Compensation Committee may revoke this Agreement at any time except that, after
execution of the Agreement and its delivery to the Company, revocation may only
be accomplished with the Grantee’s written consent.
	 
	 	i.	 	Plan Administration. The Plan is administered by the
Compensation Committee, which has sole and exclusive power and discretion to
interpret, administer, implement and construe the Plan and this Agreement. All
elections, notices and correspondence relating to the Plan should be directed
to the Chairman of the Compensation Committee at:

Olympic Steel, Inc.

5096 Richmond Road

Bedford Heights, Ohio 44146

	 	j.	 	Governing Law. Except as may otherwise be provided in
the Plan, this Agreement will be governed by, construed and enforced in
accordance with the internal laws of the State of Ohio, without giving effect
to its principles of conflict of laws.
	 
	 	k.	 	Incapacity. If the Compensation Committee determines
that the Grantee is incompetent by reason of physical or mental disability or a
person incapable of handling his or her property, the Compensation Committee
may deal directly with or direct any payment or distribution to the guardian,
legal representative or person having the care and custody of the incompetent
or incapable person. The Compensation Committee may require proof of
incompetence, incapacity or guardianship, as it may deem appropriate before
making any payment or distribution. In the event of a payment or distribution,
the Compensation Committee will have no obligation thereafter to monitor or
follow the application of the Shares distributed or amounts so paid. Payments
or distributions made pursuant

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	 	 	 	to this paragraph shall completely discharge the Company with respect to
such payments or distributions.
	 
	 	l.	 	Code Section 409A. It is intended that this Agreement
and the compensation and benefits hereunder either be exempt from, or comply
with, Internal Revenue Code Section 409A, and this Agreement shall be so
construed and administered. In the event that the Company reasonably
determines that any compensation or benefits payable under this Agreement may
be subject to taxation under Section 409A, the Company, after consultation with
the Grantee, shall have the authority to adopt, prospectively or retroactively,
such amendments to this Agreement or to take any other actions it determines
necessary or appropriate to (a) exempt the compensation and benefits
payable under this Agreement from Section 409A or (b) comply with the
requirements of Section 409A. In no event, however, shall this section or any
other provisions of this Agreement be construed to require the Company to
provide any gross-up for the tax consequences of any provisions of, or payments
under, this Agreement and the Company shall have no responsibility for tax
consequences to Grantee (or his beneficiary) resulting from the terms or
operation of this Agreement.

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     IN WITNESS WHEREOF, THE Company has caused this Agreement to be executed on its behalf by its
duly authorized officer and the Grantee has hereunto set his hand.

	 	 	 	 	 	 	 	 	 	 	 
	Grantee	 	 	 	Olympic Steel, Inc.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Print Name:

	 	 	 	 	 	Its:	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	Date:	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 

Mandatory Sale of Common Shares to Satisfy Tax Obligations. By checking one of the
boxes below for either minimum or maximum income tax withholding and signing below, the
Grantee irrevocably elects that, upon satisfaction of the Performance Requirements, the
Compensation Committee shall cause to be sold a portion of the Common Shares sufficient to
satisfy

	 	o	 	the minimum statutory tax liability for federal, state and local
withholding taxes; or
	 
	 	o	 	the maximum tax liability based on the highest marginal federal, state and
local income taxes rates

of the Grantee resulting from satisfaction of the Performance Requirements.
The Grantee represents that, as of the date set forth below, he or she is
not aware of any material nonpublic information about the Company or its
securities. The Grantee will provide such irrevocable stock power or
additional information and documentation as the Company deems necessary to
complete such sale. The Compensation Committee will cause the proceeds of
such sale to be delivered to the appropriate taxing authorities in
satisfaction of such tax liabilities.

	 	 	 	 	 
	 

	 	 

Grantee
	 	 
	 
	 
	 	 	 	 
	 

	 	 

Date
	 	 

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EXHIBIT A

PERFORMANCE REQUIREMENTS FOR

THE PERFORMANCE PERIOD

COMMENCING May 1, 2007

AND ENDING December 31, 2009

	1.	 	Performance Requirements.
	 
	 	 	The Performance Requirements for the Performance Period shall be based on ROIC and EBITDA.

	 	a.	 	ROIC shall mean the Company’s return on invested capital for the Performance
Period and shall be determined by dividing (i) by (ii), where:

	 	(i)	 	is the Company’s EBITDA for the Performance Period which shall
be equal to the sum of (A), (B) and (C) below where:

	 	(A)	 	is the Company’s EBITDA for the period
commencing May 1, 2007 and ending December 31, 2007 multiplied by a
fraction where the numerator is twelve (12) and the denominator is
eight (8); and
	 
	 	(B)	 	is the Company’s EBITDA for the period
commencing January 1, 2008 and ending December 31, 2008; and
	 
	 	(C)	 	is the Company’s EBITDA for the period
commending January 1, 2009 and ending December 31, 2009; and

	 	(ii)	 	is the Company’s Average Invested Capital for the Performance Period
which shall be equal to the sum of (A), (B) and (C) below where:

	 	(A)	 	is equal to the Average Invested Capital for
the period commencing May 1, 2007 and ending December 31, 2007; and
	 
	 	(B)	 	is equal to the Average Invested Capital for
the period commencing January 1, 2008 and ending December 31, 2008; and
	 
	 	(C)	 	is equal to the Average Invested Capital for
the period commending January 1, 2009 and ending December 31, 2009.

	 	b.	 	The Company’s Average Invested Capital for any of the periods described above
in a. (ii) shall be determined by the addition of the Company’s total shareholder’s
equity (common and preferred) and institutional long-term and short-term debt as of the
first day and last day of each period and dividing the sum by two (2).
	 
	 	c.	 	EBITDA shall mean the earnings of the Company before interest, taxes,
depreciation and amortization for the Performance Period.

	 	 	ROIC and EBITDA shall be determined based on the Company’s audited financial statements, or,
if there are no audited financial statements, then based on the Company’s financial
statements as prepared in accordance with generally accepted accounting principles and shall
be determined after taking into account the expense of providing for

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	 	 	all awards payable for the Performance Period. The determination of ROIC and EBITDA shall
be made by the Compensation Committee and shall be final and binding in all respects on the
Grantee and his or her Beneficiaries.
	 
	2.	 	Minimum Performance Requirement.
	 
	 	 	There shall be no issuance of Common Shares under the PERS Units unless total EBITDA for the
Performance Period equals at least $80,000,000 (“Minimum Performance Requirement”). If the
Minimum Performance Requirement is achieved, Shares may be issued to the Grantee
provided that the threshold Performance Requirements are achieved for ROIC or EBITDA as set
forth below.
	 
	3.	 	Calculation of Performance Earned Shares.
	 
	 	 	Provided that the Minimum Performance Requirement has been met, the Grantee shall be
entitled to a number of Common Shares calculated by multiplying (a) by (b) and dividing such
result by (c) where:

	 	(a)	 	equals the sum of the Percentage of Base Salary under the ROIC
Table and EBITDA Table below based upon the level of actual achievement of the
Percentage of ROIC or amount of EBITDA;
	 
	 	(b)	 	equals the Grantee’s base salary at the beginning of the
Performance Period; and
	 
	 	(c)	 	equals the closing price of a Share on the first day of the
Performance Period.

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Tier 2 — Target equals

 25% of Base Salary

ROIC Table

	 	 	 	 	 	 	 	 	 
	 	 	Percentage of ROIC	 	Percentage of Base Salary
	 

	 	Less than 6%
	 	 	0	%
	Threshold

	 	 	6	%	 	 	6.3	%
	 

	 	 	7	%	 	 	7.3	%
	 

	 	 	8	%	 	 	8.4	%
	 

	 	 	9	%	 	 	9.4	%
	 

	 	 	10	%	 	 	10.4	%
	 

	 	 	11	%	 	 	11.4	%
	Target

	 	 	12	%	 	 	12.5	%
	 

	 	 	13	%	 	 	13.6	%
	 

	 	 	14	%	 	 	14.6	%
	 

	 	 	15	%	 	 	15.6	%
	 

	 	 	16	%	 	 	16.6	%
	 

	 	 	17	%	 	 	17.7	%
	Maximum

	 	 	18	%	 	 	18.75	%

Percentage of ROIC and Percentage of Base Salary will be pro-rated based on the above amounts.

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Tier 2 — Target equals

 25% of Base Salary

EBITDA Table

	 	 	 	 	 	 	 	 	 
	 	 	Amount of EBITDA	 	Percentage of Base Salary
	 

	 	Less than $80,000,000
	 	 	0	%
	Threshold

	 	$	80,000,000	 	 	 	9.4	%
	 

	 	$	88,888,889	 	 	 	10.4	%
	 

	 	$	97,777,778	 	 	 	11.4	%
	Target

	 	$	106,666,667	 	 	 	12.5	%
	 

	 	$	115,555,556	 	 	 	13.6	%
	 

	 	$	124,444,444	 	 	 	14.5	%
	 

	 	$	133,333,333	 	 	 	15.6	%
	 

	 	$	142,222,222	 	 	 	16.7	%
	 

	 	$	151,111,111	 	 	 	17.7	%
	Maximum

	 	$	160,000,000	 	 	 	18.75	%

Amount of EBITDA and Percentage of Base Salary will be pro-rated based on the above amounts.

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IRREVOCABLE STOCK POWER

     KNOW
ALL MEN BY THESE PRESENTS that for value received, the undersigned, ___ (the
“Transferor”), does hereby transfer to Olympic Steel, Inc. or its successor in interest (the
“Transferee”), all of the Common Shares, without par value, of Olympic Steel, Inc., an Ohio
corporation (the “Corporation”), which shares are or may be issued under the Performance-Earned
Restricted Unit (PERs Unit) Agreement between the Transferor and Transferee dated May 1, 2007 and
does hereby appoint the Transferee his true and lawful attorney, irrevocable for himself and in his
name and stead, to assign, transfer and set over, all or any part of the shares of Common Shares
hereby transferred to the Transferee, and for that purpose, to make and execute all necessary acts
of assignment and transfer, and one or more persons to substitute with like full power, hereby
ratifying and confirming all that his said attorney, or substitute or substitutes will lawfully do
by virtue hereof.

     IN
WITNESS WHEREOF, I have hereunto set my hand as of the ___ day of ___,
20___.

	 	 	 	 	 
	 

	 	 

TRANSFEROR
	 	 

 54 of 60EX-10.14

 

Exhibit 10.14

Federal Home Loan Bank of Pittsburgh

Supplemental Executive Retirement Plan

Amended and Restated Effective June 26, 2007

 

 

Table of Contents

	 	 	 	 	 	 	 
	Article	 	 	 	Page	 
	 
	 	Preamble	 	 	1	 
	 
	 	 	 	 	 	 
	I.
	 	Definitions	 	 	2	 
	 
	 	 	 	 	 	 
	II.
	 	Participation and Vesting	 	 	4	 
	 
	 	 	 	 	 	 
	III.
	 	Amount and Payment of Supplemental Benefits	 	 	5	 
	 
	 	 	 	 	 	 
	IV.
	 	Administration of the Plan	 	 	10	 
	 
	 	 	 	 	 	 
	V.
	 	General Provisions	 	 	12	 

 

 

Preamble

The Federal Home Loan Bank of Pittsburgh (the “Bank”) participates in the Financial Institutions
Retirement Fund (“Retirement Fund”), a defined benefit retirement plan qualified under the Internal
Revenue Code (the “Code”) for employees of the Federal Home Loan Bank of Pittsburgh. The
Retirement Fund provides benefits to employees based upon age at retirement, years of service and
high three-year average salary.

However, as a result of the limitations imposed upon the aggregate amount of benefits that a
Participant may receive from the Retirement Fund under Section 415 and other sections of the Code,
such limitations causing a reduction in the benefits otherwise provided to certain of the Bank’s
executives, the Bank has adopted this nonqualified, unfunded Supplemental Executive Retirement Plan
(“Plan”). The purpose of this Plan is to allow certain executives whose benefits under the
Retirement Fund would otherwise be significantly restricted by the terms of the Retirement Fund
itself or the Code to receive benefits under the Plan in order to make up the benefits lost under
the Retirement Fund.

1

 

Article I

Definitions

	1.1	 	“Board” or “Board of Directors” means the Board of Directors of the Federal Home Loan Bank of
Pittsburgh.
	 
	1.2	 	“FIRF Beneficiary” means the person or persons designated by a Retiree under the provisions
of the Retirement Fund to receive his/her benefits in the event of his/her death prior to
receipt of all benefits thereunder.
	 
	1.3	 	“SERP Beneficiary” means the person or persons designated by a Participant under the
provisions of this SERP to receive his/her benefits in the event of his/her death prior to
receipt of all benefits hereunder. If no person is designated by a Participant or the
designated person or persons do not survive the Participant, the Participant’s SERP
Beneficiary shall be his/her estate.
	 
	1.4	 	“Compensation” means the: a) annual base salary plus b) incentive compensation, (excluding
LTI, as defined below) which would be payable to a Participant for services rendered to the
Bank (before reductions or deductions for any reason) on account of his/her employment with
the Bank. Provided that as to any incentive compensation under the VIP (as defined below),
the portion of each Participant’s annual award that shall be included shall not exceed the
maximum amount of incentive compensation that would have been included for such Participant in
that year if the Bank’s short-term incentive compensation plan in effect as of June 25, 2007
continued in effect after 1/01/2008. The remaining portion of any VIP incentive compensation
award shall be excluded from the definition of Compensation.
	 
	1.5	 	“Effective Date” means January 1, 1991.
	 
	1.6	 	“Human Resources Committee” means the Human Resources Committee of the Board of Directors.
	 
	1.7	 	“LTI” means any Long Term Incentive Compensation Plan maintained by the Bank from time to
time.
	 
	1.8	 	“Participant” means an executive or other key employee who has been recommended by the Bank
President, and confirmed by the Board, as eligible to participate in the Plan.
	 
	1.9	 	“Plan Administrator” means such officer(s) or manager of the Bank who has been appointed by
the Human Resources Committee to administer the Plan as set forth in Section 4.2 of the Plan.
The Human Resources Managing Director shall serve as the Plan Administrator unless the Board
shall appoint another Bank officer(s) or manager.
	 
	1.10	 	“Retiree” means a Participant who has retired under the terms of the Retirement
Fund on a normal retirement benefit, an early retirement benefit, or a total and permanent
incapacity benefit.

2

 

	1.11	 	“Supplemental Thrift Plan” means the Federal Home Loan Bank of Pittsburgh Supplemental Thrift
Plan.
	 
	1.12	 	“Supplemental Benefits” means the benefits under this Plan.
	 
	1.13	 	“Separation from Service” means the Participant’s death, retirement, the time at which the
Participant’s services performed for the Bank are permanently reduced to no more than 20
percent of the average level of services performed by the Participant over the preceding
36-month period, or other termination of employment all as set forth in applicable definitions
under 26 C.F.R. 1. 409A-1(h) and related and successor regulations as may be in effect from
time to time.
	 
	1.14	 	“VIP” means the Bank’s short-term Variable Incentive Compensation Plan adopted by the Bank’s
Board of Directors effective January 1, 2008 under which annual incentive compensation awards
may be made.

3

 

Article II

Participation and Vesting

	2.1	 	Participation. An executive or other key employee shall become eligible for Plan
participation on the later of the first day of the calendar month coincident with or next
following the date his/her participation is approved by the Board or the Effective Date. Once
selected as a Participant, a Participant shall continue as a Participant until the Board
determines otherwise. No Participant shall have the right to continue as a Participant in the
Plan. Upon designation as a Participant, the Participant will be given a copy of the Plan.

	2.2	 	Termination of Participation. A Participant’s eligibility for Supplemental Benefits under
the Plan, if any, shall terminate if his/her employment with the Bank terminates, unless, at
that time the Participant is entitled to a vested benefit from the Retirement Fund. A
Participant’s Supplemental Benefits under this Plan may be subject to Forfeiture for Cause, at
any time, as defined in Section 5.6.

	2.3	 	Vesting of Supplemental Benefits. Supplemental Benefits in this Plan shall vest when
benefits vest under the Retirement Fund subject to the Forfeiture for Cause as defined in
Section 5.6.

4

 

Article III

Amount and Payment of Supplemental Benefits

	3.1	 	Obligation to Pay the Supplemental Benefits – Events Which Trigger Payment. The Supplemental
Benefits under this Plan shall be payable by the Bank only with respect to Participants who
die or terminate employment with the Bank with vested benefits from the Retirement Fund.
Consistent with Section 5.2, such Supplemental Benefits shall be payable only from the general
assets of the Bank.

	3.2	 	Amount of Supplemental Benefits. Except in the case of Participant’s death while in active
service, the value, if any, of the Supplemental Benefits shall be equal to the excess of (a)
over (b), where:

	 	(a)	 	is the value of the benefit that would be payable (in a lump sum) as calculated
by the Retirement Fund (for services to the Bank) to, or on account of the Participant
in the Retirement Fund, if the provisions of the Retirement Fund were administered:

	 	(i)	 	without regard to the limitations imposed by Section 401(a)(17)
and Section 415 of the Internal Revenue Code;
	 
	 	(ii)	 	with benefit service calculated from date of hire with the
Bank;
	 
	 	(iii)	 	with restoration of Compensation reduced as a result of the
Participant’s deferral of such Compensation under the terms of the Supplemental
Thrift Plan; and
	 
	 	(iv)	 	using the Compensation definition in this Plan.

	 	(b)	 	is the value of the benefit as calculated by the Retirement Fund in a lump sum
(for services to the Bank), payable to or on account of the Participant in the
Retirement Fund.

	3.3	 	Amounts Vested as of 12/31/04 – Form of Payment of Supplemental Benefits. A Participant must
file a written payment election with the Plan Administrator indicating the form of payment of
Supplemental Benefits under this Plan; provided, however, that any election made within one
year of the first day (January 1) of the calendar year in which the Participant would become
eligible to receive payment of Supplemental Benefits under this Plan shall not be effective,
and the election in effect immediately prior to the election(s) made within such one-year
period shall be deemed to be the election of the Participant. It is expressly agreed that,
except in the case of a Participant’s death in active service or as otherwise provided in this
Plan, initial payment of Supplemental Benefits due to a Participant under this Plan shall
begin within 90 days following the date of Participant’s Separation from
Service, as defined above. The manner in which such Supplemental Benefits are paid to a
Participant shall be in accordance with the

5

 

	 	 	Participant’s payment election then in effect.
If the Participant has elected a single lump sum payment, such payment shall be made within
90 days of Participant’s Separation from Service. If the Participant has elected a form of
payment other than a single lump sum payment, the initial installment shall be paid within
90 days of Participant’s Separation from Service and each remaining annual payment shall be
made no later than March 31 of each succeeding year. The available forms of payment of the
Supplemental Benefits payable hereunder shall be as follows:

	 	(a)	 	a life annuity over the life of the Participant;
	 
	 	(b)	 	a 100 percent joint and survivor annuity over the life of the Participant and
Participant’s spouse;
	 
	 	(c)	 	a 50 percent joint and survivor annuity over the life of the Participant and
the Participant’s spouse;
	 
	 	(d)	 	a revised retirement allowance during life with some other benefit payable upon
the Participant’s death, where either a dollar amount or percentage of the retirement
allowance and death benefit respectively are specified in the payment election;
	 
	 	(e)	 	a single lump sum payment; or
	 
	 	(f)	 	a partial lump sum payment equal to 25 percent, 50 percent or 75 percent of the
total benefit and an annual allowance for the remainder of the benefit which must
commence at the time of the partial lump sum payment.

	 	 	If a Participant fails for any reason to have a valid and effective written payment election
hereunder, Supplemental Benefits under this Plan shall be paid within 90 days of the later
of the first day of the month in which the Participant has a Separation from Service or
attains age 65 and shall be paid in the form of a single lump sum payment.
	 
	 	 	At any time when a Participant who is a party to a split dollar life insurance agreement
with the Bank (an “SDA”) has an advance cash surrender value election in force under the
SDA, such Participant shall, regardless of any other payment election made under this Plan,
be deemed to have elected a single lump sum payment under this Plan. A Participant who is a
party to an SDA and wishes to make a payment election under this Plan other than a lump sum
payment may do so only if he/she revokes any advance cash surrender value election in force
under the SDA.
	 
	3.4	 	Amounts Not Vested as of 12/31/04 – Form and Timing of Payment of Supplemental Benefits. A
Participant must file a written payment election with the Plan Administrator indicating the
form of payment of Supplemental Benefits under this Plan; provided, however, that any election
made within one year of the first day
(January 1) of the calendar year in which the Participant would become eligible to receive
payment of Supplemental Benefits under this Plan shall not be effective, and the election in
effect immediately prior to the election(s) made within such one-year period shall be deemed
to be the election of the Participant. Notwithstanding the foregoing, no change in a

6

 

	 	 	payment election may be made which impermissibly accelerates any payment, including any
revocation of a prior election. Any change in the form of annuity or other installment
payment election, from a partial or full lump sum election to an installment or annuity
payment election or from an installment or annuity election to a form of lump sum election
(“Revised Election”) will become effective on the first January 1 which is twelve months
after the date of the election.
	 
	 	 	In addition, with respect to any such Revised Election (excluding a change in the form of an
annuity payment election from one form of annuity payment to another annuity form that is
“actuarially equivalent” to the prior elected annuity form as determined by the Bank in
accordance with applicable law and regulations) the payment of the Participant’s
Supplemental Benefits to be paid to the Participant must be deferred by at least five years
after the date on which such payment would have been made. For this purpose, a series of
installment or annuity payments shall be treated as the entitlement to a single payment on
the date of the first payment. Initial payment of Supplemental Benefits due to a
Participant under this Plan shall begin within 90 days following the date of Participant’s
Separation from Service with the Bank. The manner in which such Supplemental Benefits are
paid to a Participant shall be in accordance with Participant’s payment election then in
effect. If the Participant has elected a single lump sum payment, such payment shall be
made within 90 days of Participant’s Separation from Service. If the Participant has
elected another form of payment, the initial installment shall be paid within 90 days of
Participant’s Separation from Service and each remaining annual payment shall be made no
later than March 31 of each succeeding year.
	 
	 	 	The available forms of payment of the Supplemental Benefits payable hereunder shall be as
follows:

	 	(a)	 	a life annuity over the life of the Participant;
	 
	 	(b)	 	a 100 percent joint and survivor annuity over the life of the Participant and
Participant’s spouse;
	 
	 	(c)	 	a 50 percent joint and survivor annuity over the life of the Participant and
the Participant’s spouse;
	 
	 	(d)	 	a revised retirement allowance during life with some other benefit payable upon
the Participant’s death, where either a dollar amount or percentage of the retirement
allowance and death benefit, respectively, are specified in the payment election;
	 
	 	(e)	 	a single lump sum payment; or
	 
	 	(f)	 	a partial lump sum payment equal to 25 percent, 50 percent or 75 percent of the
total benefit and an annual allowance for the remainder of the benefit which must
commence at the time of the partial lump sum payment.

	 	 	If a Participant fails for any reason to have a valid and effective written payment election
hereunder, Supplemental Benefits under this Plan shall be paid within 90 days of the later
of the first of the month in which the Participant has a Separation from Service or

7

 

	 	 	attains age 65 and shall be paid in the form of a single lump sum payment.
	 
	 	 	Effective as of January 1, 2005, at any time when a Participant who is a party to an SDA has
an advance cash surrender value election in force under the SDA, such Participant shall,
regardless of any other payment election made under this Plan, be deemed to have elected a
single lump sum payment under this Plan. A Participant who is a party to an SDA and wishes
to make a payment election under this Plan other than a lump sum payment may do so only if
he/she revokes any advance cash surrender value election in force under the SDA and, whether
or not such an election has been made under the SDA, irrevocably waives the right to make
such an election in the future. In addition, any such election under this Plan which is a
Revised Election, shall be subject to the restrictions on Revised Elections set forth above
in this Section 3.4.
	 
	3.5	 	Amounts Not Vested as of 12/31/04 – Revision of Existing Payment Election Prior to 12/31/07.
The Plan is hereby amended to permit each Participant, on or before December 31, 2007, to
amend his/her current payment election as in effect on June 25, 2007, covering amounts not
vested as of December 31, 2004. Such a revised payment election shall be referred to as a
“Transition Election.” Provided that such Transition Election does not result in a payment in
2007, such Transition Election shall become effective upon receipt by the Plan Administrator
and shall not be subject to the terms of Section 3.4. Any Transition Election shall be
subject to the requirements of I.R.S. Notice 2006-79.
	 
	3.6	 	Death Benefit. In the event of the death of a Participant while in active service, but prior
to becoming a Retiree, the death benefit will equal the excess of (a) over (b) where:

	 	(a)	 	is the death benefit (as calculated by the Retirement Fund) that would
otherwise be payable to the FIRF Beneficiary under the Retirement Fund, if the
provisions of the Retirement Fund were (i) administered without regard to the
limitations imposed by Sections 401(a)(17) and 415 of the I.R.C. and (ii) calculated
from the date of hire. For purposes of determining the benefit under this subsection
(a), (i) any deferrals made by or on account of the Participant to the Supplemental
Thrift Plan are to be included as Compensation and (ii) Compensation shall be defined
as under this Plan.
	 
	 	(b)	 	is the death benefit, as calculated by the Retirement Fund.

8

 

	3.7	 	Restoration of Employment. If a Participant is restored to employment with the Bank, ongoing
payments under the Plan shall be discontinued. Upon death or other Separation from Service
with the Bank, the Participant’s Supplemental Benefits under the Plan shall be recomputed in
the manner of the applicable provisions of this Plan and the Retirement Fund, and shall again
become payable to such Participant in accordance with the provisions of the Plan, but be
reduced by the amounts already paid to the Participant under the Plan.

9

 

Article IV

Administration of the Plan

	4.1	 	Human Resources Committee. The Board has delegated to the Human Resources Committee
authority over, and responsibility for, the interpretation and administration of the Plan;
except that, the power to determine eligibility for participation in the Plan pursuant to
Section 2.1 is reserved to the Board. The Human Resources Committee shall interpret and
construe the Plan and have the responsibility to ensure that its provisions are carried. The
Human Resources Committee shall exercise such power and responsibilities in its sole and
absolute discretion. The Human Resources Committee shall designate an officer(s) or manager
of the Bank to act as administrator of the Plan, to perform those duties set forth below in
section 4.2.

	4.2	 	Plan Administrator. The Plan Administrator shall:

	 	(a)	 	act as the point of contact for submission of claims for Supplemental Benefits
under the Plan;
	 
	 	(b)	 	calculate the Supplemental Benefits due under the Plan or arrange for the
calculation of Supplemental Benefits;
	 
	 	(c)	 	inform Participants of the terms of the Plan and respond to their questions
regarding the Plan;
	 
	 	(d)	 	review and process claims for the payment of Supplemental Benefits under the
Plan;
	 
	 	(e)	 	provide necessary reporting to Bank management, Participants, the Human
Resources Committee, the Board and others, as necessary; and
	 
	 	(f)	 	take such other action as required to perform the tasks listed hereunder or
otherwise administer the terms of the Plan. In fulfilling the responsibilities in this
section, the Plan Administrator may use other Bank staff, other agents or engage
contractors.

	4.3	 	Claims Procedure. All claims for Supplemental Benefits shall be in writing and shall be
filed with the Plan Administrator. If the Plan Administrator wholly or partially denies a
Participant’s or SERP Beneficiary’s claim for Supplemental Benefits hereunder, the Plan
Administrator shall, within 90 days after the Plan’s receipt of the claim, give the claimant
written notice setting forth in understandable language:

	 	(a)	 	the specific reason(s) for the denial;
	 
	 	(b)	 	specific reference to pertinent Plan provisions on which the denial is based;

10

 

	 	(c)	 	a description of any additional material or information which must be submitted
to perfect the claim, as well as an explanation of why such material or information is
necessary; and
	 
	 	(d)	 	an explanation of the Plan’s review procedure.

The claimant shall have 60 days after the day on which such written notice of denial is
handed or mailed to him/her, in which to apply (in person or by authorized representative),
to the Human Resources Committee, in writing, for a full and fair review of the denial of
his/her claim. In connection with such review, the claimant (or his/her representative)
shall be afforded reasonable opportunity to review pertinent documents, and may submit
issues and comments in writing.

The Human Resources Committee shall issue its decision on review promptly and within 60 days
after the Plan’s receipt of the request for review, unless special circumstances require an
extension to not later than 120 days after receipt of the request for review. (Written
notice of any such extension shall be furnished to the claimant before the commencement of
such extension.) The decision shall be in writing and shall be in understandable language
setting forth specific reasons for the decision and specific references to pertinent Plan
provisions on which the decision is based.

11

 

Article V

General Provisions

	5.1	 	Rights to Employment. The establishment of the Plan, and selection of an executive for
inclusion as a Participant in the Plan, shall not be construed as conferring any legal rights
upon any Participant or other person for the continuation of employment; nor shall it
interfere with the rights of the Bank to discharge any Participant and to treat him/her
without regard to the effect such treatment might have upon him/her as a Participant in the
Plan.

	5.2	 	Source of Funding – Participant as General Creditor. The Bank shall not be required to
establish any form of trust or funded account for the purpose of providing the Supplemental
Benefits under this Plan. The Bank, in its sole discretion, may choose to establish funding
arrangements with respect to the Plan on such terms and conditions as the Bank deems
appropriate; provided, however, that the assets of the Bank held pursuant to any such
arrangement shall remain subject to the claims of the Bank’s general creditors. Any
Participant who may have or claim any interest in or right to any Supplemental Benefits
payable hereunder, shall rely solely upon the unsecured promise of the Bank as set forth
herein, for the payment of the claim. Nothing herein contained should be construed to give to
or vest in any Participant, now or at any time in the future, any right, title, interest or
claim in or to any specific asset, fund, reserve, account or property of any kind whatever
owned by the Bank, or in which the Bank may have any right, title or interest, now or at any
time in the future. The Plan is not intended to be a qualified plan within the meaning of
Section 401(a) of the Internal Revenue Code and the Bank shall not be required to qualify the
Plan under the Internal Revenue Code.

	5.3	 	Incapacity. In the event that the Human Resources Committee shall find that a Participant is
unable to care for his/her affairs because of illness or accident, the Human Resources
Committee may direct that any Supplemental Benefits payment due him/her, unless claim shall
have been made therefor by a duly appointed legal representative, be paid to his/her spouse, a
child, a parent or other blood relative, or to a person with whom he/she resides, and any such
payment so made shall be a complete discharge of the liabilities of the Plan therefor.

	5.4	 	Reporting and Withholding of Taxes. The Bank shall file Form W-2 and other applicable tax
documents as required under applicable federal and state law, including, without limitation,
any required annual federal tax filings of a Participant’s accrued benefits under or payments
from the Plan. The Bank shall have the right to deduct from each Supplemental Benefits
payment to be made under the Plan any required withholding taxes and shall withhold or cause
to be withheld from all payments or accruals of Supplemental Benefits under the Plan (if
applicable), all federal, state or local taxes required to be withheld by law. The
Participant shall be liable for the payment of all taxes on the Supplemental Benefits under
the Plan that are the Participant’s responsibility under the laws establishing such taxes.

	5.5	 	Alienation of Supplemental Benefits Under the Plan. Supplemental Benefits payable

12

 

	 	 	under this
Plan shall not be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance or charge, whether voluntary or involuntary, including any
such liability which is for alimony or other payments for the support of a spouse or former
spouse, or for any other relative of the Participant, prior to actually being received by the
person entitled to the Supplemental Benefits under the terms of the Plan, and any attempt to
anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be
void; nor shall any such distribution or payment be in any way liable for or subject to the
debts, contracts, liabilities, engagements or torts of any person entitled to such
distribution or payment. If any Participant or SERP Beneficiary is adjudicated bankrupt or
purports to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge any such
distribution or payment voluntarily or involuntarily, the Bank, in its discretion, may hold or
cause to be held or applied such distribution or payment or any part thereof to or for the
benefit of such Participant or SERP Beneficiary in such manner as the Bank shall direct.
	 
	5.6	 	Forfeiture for Cause. The Supplemental Benefits otherwise payable under the Plan to a
Participant may be subject to forfeiture for cause at any time. “Cause” shall mean:

	 	(a)	 	the perpetration by a Participant of a defalcation involving the Bank or any
affiliate;
	 
	 	(b)	 	willful, reckless or grossly negligent conduct of a Participant entailing a
substantial violation of any material provision of the laws, rules, regulations or
orders of any governmental agency applicable to the Bank or an affiliate;
	 
	 	(c)	 	the repeated and deliberate failure by a Participant to comply with reasonable
policies or directives of the Board; or
	 
	 	(d)	 	the breach by a Participant of a noncompetitive covenant or agreement with the
Bank or affiliate.

	 	 	Whether the facts in any case amount to “Cause” shall be determined by the Board of
Directors.
	 
	5.7	 	Compliance with Laws. The provisions of the Plan shall be construed, administered and
governed under the laws of the United States including, without limitation, Internal Revenue
Code Section 409A and implementing regulations and, to the extent they defer to state law, the
laws of the Commonwealth of Pennsylvania.
	 
	5.8	 	Construction. Whenever any words are used herein in the masculine gender, they shall be
construed as though they were also used in the feminine gender in all cases where they would
so apply, and whenever any words are used herein in the singular form, they shall be construed
as though they were also used in the plural form in all
cases where they would so apply. Titles of Articles and Sections hereof are for convenience
of reference only and are not to be taken into account in construing the provisions of this
Plan. In case any provision of the Plan shall be held illegal or invalid for any reason,
said illegality or invalidity shall not affect the remaining parts of the Plan,

13

 

	 	 	but the Plan
shall be construed and enforced as if said illegal and invalid provision had never been
inserted herein.
	 
	5.9	 	Amendment and Termination. The Bank specifically reserves the right, in the sole and
unfettered discretion of its Board, at any time, to amend, in whole or in part, any or all of
the provisions of the Plan and to terminate the Plan in whole or in part; provided, however,
that no such amendment or termination shall reduce or eliminate the rights of a Participant
accrued hereunder to the date of such amendment or termination. Provided further, that no
such termination shall result in an impermissible acceleration of any amount deferred under
this Plan that would violate the provisions of Internal Revenue Code Section 409A(a)(3) or
Treasury Regulation Section 1.409A-3(j) or any successor regulations.
	 
	5.10	 	Binding on Successors. The Plan shall be binding upon and inure to the benefit of the Bank
and its successors and assigns. The Plan shall also be binding upon and inure to the benefit
of any successor organization succeeding to substantially all of the assets and business of
the Bank. Nothing in the Plan shall preclude the Bank from merging or consolidating into or
with, or transferring all or substantially all of its assets to, another organization, which
assumes the Plan and all obligations of the Bank hereunder. The Bank agrees that it will make
appropriate provision for the preservation of Participants’ rights under the Plan in any
agreement or plan which it may enter into to effect any merger, consolidation, reorganization
or transfer of assets. Upon such a merger, consolidation, reorganization, or transfer of
assets and assumption of Plan obligations of the Bank, the term “Bank” shall refer to such
other organization and the Plan shall continue in full force and effect.
	 
	5.11	 	Permissible Payment Acceleration. In the event of an Internal Revenue Code Section 409A Plan
failure that results in income inclusion to a Participant, payment of Participant’s benefits
under this Plan shall be accelerated; provided that, the amount of the accelerated payment
shall not exceed the amount required to be included in Participant’s income due to the Plan
failure.

14

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