Document:

New Haven Savings Bank Deferred Compensation Plan

 EXHIBIT 10.2 
  
 THE NEW HAVEN SAVINGS BANK 
 DEFERRED COMPENSATION PLAN 
  

	1.	 	Purpose of the Plan 

  
 The Purpose of The New Haven Savings Bank Deferred Compensation Plan (the “Plan”) is to provide a method by which a Participant may defer the
payment of up to thirty percent (30%) of Regular Salary. 
  

	2.	 	ELECTION TO DEFER 

  
 A Participant may elect on or before December 31 of any year to defer receipt of up to thirty percent (30%) of Regular Salary payable to the Participant
during the calendar year following such election and succeeding calendar years until the Participant ceases to be an employee. Elected amounts may be in any percentage or dollar amount, not to exceed thirty percent (30%) of Regular Salary at the
time of election. 
  
 Any person who becomes eligible to
participate during any calendar year and who was not eligible on the preceding December 31 may elect to defer receipt of up to thirty percent (30%) of Regular Salary for the remainder of such calendar year and for succeeding calendar years. Any such
elections shall be made by written notice delivered to the Director of Human Resources. 
  

	3.	 	PARTICIPANT ACCOUNTS 

  
 The Deferred Salary shall be credited to each Participant’s Deferred Compensation Account. On the first day of each quarter, interest, shall be
credited to each such Account calculated for each month of the preceding quarter on the basis of the balance in such Account on the first day of each month of the preceding quarter (including interest) at the rate of interest payable on the first
day of each month on 30 Month Certificates of Deposit provided to customers of the Bank. 
  

	4.	 	PAYMENT FROM PARTICIPANT’S ACCOUNTS 

  
 The Participant’s Account Balance (including Aggregate deferrals and interest credited thereon) shall be paid in equal annual installments over a
period (not exceeding ten years) to be elected by the Bank Chief Executive Officer, provided, however, that the Bank, in its discretion may commute the value of the Participant’s Account Balance and pay the Balance in a lump sum. Except as
provided in Paragraph 5 below, payments shall commence to be made, or in the case of a lump sum shall be made in its entirety, as soon as administratively feasible following the Participant’s termination of service. Subsequent annual
installments, if any, will be paid promptly at the beginning of each succeeding 

 
calendar year until the entire amount credited to the Participant’s Account shall have been paid. 
  

	5.	 	PAYMENT IN EVENT OF DEATH 

  
 If a Participant should die before all deferred amounts credited to the Participant’s account have been distributed, the balance of any deferred
regular salary and interest then in the Participant’s remaining Account Balance shall be paid promptly to the Participant’s designated beneficiary. 
  

If such Participant did not designate a beneficiary or in the event that the beneficiary designated by such Participant shall have predeceased the
Participant, the balance in the Account shall be paid promptly to the Participant’s estate. 
  

	6.	 	REVOCATION OF ELECTION 

  
 A Participant may revoke an election to defer receipt of Regular Salary by written notice delivered to the Director of Human Resources at least thirty
(30) days prior to the commencement of any pay period. Such revocation shall become effective as of the commencement of the first pay period occurring at least thirty days following such revocation and shall remain in effect through the end of the
calendar year in which such revocation occurs and in subsequent calendar years until the participant files a new election to defer with respect to a new calendar year. Amounts credited to the Account of a Participant prior to the effective date of
revocation shall not be affected thereby and shall be paid only in accordance with Paragraph 4 and Paragraph 5 above, as applicable. 
  

	7.	 	NONASSIGNABILITY 

  
 During the participant’s lifetime, the right to any deferred Account Balance shall not be transferable or assignable. The Participant shall have no
power to commute, encumber, sell or otherwise dispose of the rights provided by this Plan. 
  

	8.	 	INTERPRETATION AND AMENDMENT 

  
 The Plan shall be administered by The New Haven Savings Bank. The decision of the Human Resources Committee with respect to any questions arising as to
the interpretation of this Plan, including the severability of any and all of the provisions thereof, shall be final, conclusive and binding. The Board of Directors reserves the right to modify this Plan from time to time or to terminate the Plan
entirely, provided however, that no modification of this Plan shall operate to annul an election already in effect for the current calendar year or any preceding calendar year. 

	9.	 	OBLIGATIONS OF THE BANK 

  
 The Bank shall not fund nor secure payment of the deferred salary provided by the Plan in any way. All payments to be made pursuant to the Plan shall be
made by the Bank from its general corporate assets. Neither a Participant nor any spouse or beneficiary of a Participant shall have any right or claim against any specified assets of the Bank. The Participant and any such spouse or beneficiary shall
have only contractual rights against the Bank for amounts credited to the Participant’s Account pursuant to the Plan. 
  
 THE NEW HAVEN SAVINGS BANK DEFERRED COMPENSATION PLAN IS ADOPTED TO BE EFFECTIVE ON (DATE OF BOARD ADOPTION). 
  
 APPROVED BY VOTE OF THE BOARD OF DIRECTORS ON THIS 26TH DAY OF OCTOBER, 1993. 
  

	 	 	 	 	 David R. Rice

					
	 	 	 	 	 	 	 BY:
	 	 /s/ David R. Rice

	 	 	 	 	 	 	 TITLE:
	 	 Vice President & Secretary

  
 [SEAL] 

 DEFINITIONS 
  

	1.01	 	Account Balance: Account balance means the deferred Regular Salary credited to a Participant under this Plan, together with interest credited thereon. 

  

	1.02	 	Beneficiary: Beneficiary means the person(s) or estate entitled to receive benefits under this Plan after the death of the participant. 

  

	1.03	 	Bank: Bank means The New Haven Savings Bank. 

  

	1.04	 	Deferral Amount: An amount not to exceed 30% of Regular Salary. 

  

	1.05	 	Participant: Participant means Management or highly compensated employee designated as a Participant by the Chief Executive Officer of the Bank; who is also a Participant in the
Bank’s Supplemental Executive Retirement Plan. 

  

	1.06	 	Plan: Plan means The New Haven Savings Bank Deferred Compensation Plan either in its present form or as amended from time to time. 

  

	1.07	 	Regular Salary: Regular Salary means the regular annual salary of a participant for personal services rendered to the Bank for the calendar year, excluding bonuses, overtime,
special bonuses or extra pay. 

 EXHIBIT 10.2 
  
 FIRST AMENDMENT 
  
 TO THE 
  
 NEW HAVEN SAVINGS BANK 
  
 DEFERRED COMPENSATION PLAN 
  
 WHEREAS, pursuant to Section 8 of the New Haven Savings Bank Deferred Compensation Plan (the “Plan”), the Board of Directors (the “Board”) of the New Haven Savings Bank (the “Bank”) reserved the authority to
amend the Plan; and 
  
 WHEREAS, the Bank has established the New
Haven Savings Bank Executive Incentive Plan (the “Executive Incentive Plan”) in order to provide additional compensation for certain executives who influence the profitability of the Bank; and 
  
 WHEREAS, the Bank wishes to modify certain provisions of the Deferred
Compensation Plan in order to permit a Participant who receives an incentive award under the Executive Incentive Plan (“Incentive Award”) to defer payment of up to 100% of such Incentive Award until termination of service; and 

 
 WHEREAS, the Board has determined that it is necessary to amend the Plan
in order to effect this modification. 
  
 NOW THEREFORE, the Plan
is hereby amended as follows: 
  
 1. Section 1 of the Plan is amended in its
entirety to read as follows: 
  

	 	1.	 	Purpose of the Plan 

  
 The purpose of The New Haven Savings Bank Deferred Compensation Plan (the “Plan”) is to provide a method by which a Participant may elect to
defer the payment of (i) up to thirty percent (30%) of Regular Salary and (ii) up to one hundred percent (100%) of any Incentive Award. 
  
 2. Section 2 of the Plan is amended by designating the first two paragraphs as subsection (a) and by adding a new subsection (b) to read as follows: 
  

	 	(b)	 	 A Participant may elect on or before December 31 of any year to defer receipt of up to one hundred percent (100%) of any Incentive Award that may be determined and
become payable to the Participant during the calendar year following such election. Elected amounts deferred may be in any percentage, not to exceed one hundred percent (100%) of such Incentive Award. Notwithstanding the foregoing, however, with
respect to the first plan year of the Executive Incentive Plan, ending March 31, 1999, a Participant may elect to defer receipt of his Incentive Award (determined after the close of such first plan year) at any time on or before 

	 	 
March 15, 1999. Except with respect to the first plan year, elections to defer Incentive Awards shall be irrevocable as of the last day of the calendar year
preceding the calendar year in which such Award is determined and becomes payable. Elections for the first plan year shall become irrevocable as of March 15, 1999. 

  
 3. Section 3 of the Plan is amended by deleting the words “Deferred Salary” in the first line thereof and by substituting the
words “Deferral Amounts” therefor. 
  
 4. Section 4 of the Plan is
amended by adding a new paragraph at the end thereof to read as follows: 
  
 Notwithstanding the preceding paragraph, any Incentive Award deferred hereunder, plus any interest credited thereon, shall, at the discretion of the Compensation Committee of the Board of Directors (the
“Committee”) be forfeited, and the Bank will have no payment obligation to a Participant with respect to such amounts, if any of the following circumstances exist: 
  

	 	1.	 	The Participant is discharged from employment with the Bank or any subsidiary thereof for Good Cause. Good Cause shall mean (a) a Participant’s conviction of any criminal
violation involving dishonesty, fraud or breach of trust; (b) a Participant’s willful engagement in any misconduct in the performance of his duties that materially injures the Bank; (c) a Participant’s performance of any act which, if
known to the customers or clients of the Bank, would materially and adversely impact on the business of the Bank; or (d) a Participant’s willful and substantial nonperformance of assigned duties, provided that such nonperformance continues more
than 10 days after the Bank has given written notice of such nonperformance and of its intention to terminate a Participant’s employment because of such nonperformance; 

  

	 	2.	 	The Participant engages in competition with the Bank or any subsidiary thereof or interferes with the business relationships of the Bank or any subsidiary thereof during his
employment or following his termination of employment with the Bank or any subsidiary thereof; or 

  

	 	3.	 	The Participant discloses any unauthorized type of confidential information of the Bank or any subsidiary thereof to any third party by any means. 

  
 The Committee shall have the sole discretion with respect to the application
of this forfeiture provision and such exercise of discretion shall be conclusive and binding upon all Participants and all other persons. 
  
 5. Section 5 of the Plan is amended by deleting the words “deferred regular salary” in the third line of the first paragraph thereof and by substituting the
words “Deferral Amounts” therefor. 
  

 2 

 6. Section 9 of the Plan is amended by deleting the words “deferred salary” in the first line thereof and by
substituting the words “Deferral Amounts” therefor. 
  
 7. Section 1.01
of the Definitions section of the Plan is amended in its entirety to read as follows: 
  

	 	1.01	 	Account Balance: Account Balance means the total amount of the deferred Regular Salary and deferred Incentive Awards credited to a Participant under this Plan, together with
interest credited thereon. 

  
 8. Section 1.04 of the Definitions
section of the Plan is amended in its entirety to read as follows: 
  

	 	1.04	 	Deferral Amount: Deferral Amount means the amount, not to exceed in any calendar year (i) 30% of Regular Salary and (ii) 100% of any Incentive Award, that a Participant elects to
defer under this Plan. 

  
 9. A new Section 1.08 is added to the
Definitions section of the Plan to read as follows: 
  

	 	1.08	 	Executive Incentive Plan: Executive Incentive Plan means the New Haven Savings Bank Executive Incentive Plan, together with any and all amendments or supplements thereto.

  
 10. A new Section 1.09 is added to the Definitions section of
the Plan to read as follows: 
  

	 	1.09	 	Incentive Award: Incentive Award means an incentive award made or payable under the Executive Incentive Plan to a Participant hereunder. Such Incentive Award (and any interest
thereon credited under this Plan) shall be subject to all of the terms of the Executive Incentive Plan, including the forfeiture provisions of Section X thereof, which are incorporated herein by this reference. 

  
 The foregoing amendment shall be effective as of February
23, 1999. 
  

	 THE NEW HAVEN SAVINGS BANK

	
	 Signed:

		
	 By:
	 	         David R. Rice

	 Title:
	 	         Vice President & Secretary

  

 3New Haven Savings Bank Supplemental Executive Retirement Plan

 EXHIBIT 10.3 
  
 NEW HAVEN SAVINGS BANK 
  
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
 EFFECTIVE APRIL 1, 1988 

 PREAMBLE 
  

The principal objective of this non-qualified Supplemental Executive Retirement Plan is to ensure the payment of a competitive level of retirement income in order to
attract, retain and motivate selected executives. The plan is designed to provide a benefit which, when added to other retirement income of the executive, will meet the objective described above. Eligibility for participation in the plan shall be
limited to executives selected by the Compensation Committee of the Board of Directors. This plan will become effective on April 1, 1988, and will be effective as to each participant on the date he or she is designated as such hereunder. 

 

 1 

 SECTION I 
  

Definitions 
  
 1.1 “Affiliate” means any corporation, partnership or other organization which, during any period of employment of a Participant, was at least 50%
controlled by the Bank or an affiliate of the Bank. 
  
 1.2 “Basic
Plan” means the New Haven Savings Bank Employees’ Retirement Plan. 
  
 1.3 “Basic Plan Benefit” means the amount of benefit payable from the Basic Plan to a Participant in the form of a straight life annuity when benefits commence under the Basic Plan. 
  
 1.4 “Committee” means the Compensation Committee of the Board of Directors
of the Bank, which has been given authority by the Board of Directors to administer this Plan. 
  
 1.5 “Bank” means the New Haven Savings Bank. 
  
 1.6 “Earnings” means total compensation, including bonuses and Section 401(k) salary reduction amounts, averaged over the 36 highest paid consecutive months of employment with the Bank or Affiliate.

  
 1.7 “Other Retirement Income” means retirement income from
defined benefit or defined contribution plans, excluding employee contributions to the Plans, payable to a Participant from previous employers. 
  

 2 

 1.8 “Participant” means an employee of the Bank or Affiliate designated as a Participant by the
Committee. An employee shall become a Participant in the Plan as of the date he or she is individually selected by, and specifically named in the resolutions of, the Committee for inclusion in the Plan. 
  
 1.9 “Plan” means the Bank’s Supplemental Executive Retirement Plan.

  
 1.10 “Retirement” means the termination of a
Participant’s employment with the Bank on one of the retirement dates specified in Section 2.1. 
  
 1.11 “Service” means a Participant’s vesting years of service as defined in the Basic Plan. 
  
 1.12 “Surviving Spouse” means the spouse of a Participant who is eligible to receive a surviving spouse benefit under the Basic Plan. 
  
 1.13 The masculine gender, where appearing in the Plan will be deemed to include the
feminine gender, and the singular may include the plural, unless the context clearly indicates the contrary. 
  

 3 

 SECTION II 
  

Eligibility For Benefits 
  
 2.1 Each Participant is eligible to retire and receive a benefit under this Plan beginning on one of the following dates: 
  
 (a) “Normal Retirement Date”, which is the first day of the month
following the month in which the Participant reaches age 65. 
  
 (b) “Early Retirement Date”, which is the first day of any month following the month in which the Participant reaches age 55 and has 10 years of Service provided approval for early retirement by the Committee is obtained.

  
 (c) “Postponed Retirement Date”, which is the first
day of the month following the Participant’s Normal Retirement Date in which the Participant terminates employment with the Bank. 
  

 4 

 SECTION III 
  
 Amount and Form of Retirement Benefit 
  
 Amount of Benefit 
  
 3.1 The annual retirement benefit payable at a Normal Retirement Date under the Plan will equal 55% of Earnings for Participants with 15 years of Service reduced
2% for each year Service is less than 15 years, less any Basic Plan Benefit, and less any Other Retirement Income. 
  
 3.2 The annual benefit payable at an Early Retirement Date will equal 55% of Earnings for Participants with 15 years of Service reduced 2% for each year Service is
less than 15 years reduced by 3% for each year payments begin before 65, less any Basic Plan Benefit, and less any other retirement income. 
  
 3.3 The annual benefit payable at a Postponed Retirement Date, will be equal to the benefit determined in accordance with Section 3.1 based on Earnings and Service
as of the Participant’s Postponed Retirement Date. 
  
 Form of Benefit

  
 3.4 The benefits determined under this Plan will be payable in the
same form with respect to benefits payable under the Basic Plan. 
  

 5 

 SECTION IV 
  

Payment of Retirement Benefits 
  
 4.1 Benefits payable in accordance with Section III will commence on the Participant’s date of Retirement or, in the case of Early Retirement, on the first
day of any month following the Participant’s Early Retirement Date but not later than his Normal Retirement Date, as the Participant elects under the Basic Plan. 
  
 4.2 No benefits are payable under this Plan if a Participant terminates employment for any reason, including death, prior to age 55
and the attainment of 10 years of Service. 
  
 4.3 Benefits shall be
forfeited to the extent that a Participant is engaged in activity including but not limited to fraud, dishonesty, competition or other activities resulting in detriment to the Bank, as determined by the Bank in its sole discretion; whether before or
after the Participant’s retirement. 
  

 6 

 SECTION V 
  

Death Benefits Payable 
  
 5.1 If a Participant should die after attaining age 55 and 10 years of service and before Retirement, the Surviving Spouse will receive a benefit equal to 50% of
the amount of the Participant’s retirement benefit determined in accordance with Section III, actuarially adjusted in the same manner as is applicable under the Basic Plan, as if the Participant had retired and commenced receiving a benefit on
the first of the month following the date of his death. 
  
 5.2 A Surviving
Spouse’s benefits will be payable monthly, and will commence on the first day of the month following the month in which the Participant dies. The last payment will be on the first day of the month in which the Surviving Spouse dies or
remarries, whichever event occurs first. 
  

 7 

 SECTION VI 
  

Disability 
  
 6.1 In the event the Committee determines that a Participant has become totally disabled after attaining age 55 and 10 years of service, but prior to the Normal
Retirement Date, no benefits are immediately payable from the Plan. Benefits will reflect Earnings during the twelve months before the disability began and Service credited during the disability as though the Participant was working for the Bank,
and will become payable on the Participant’s Normal Retirement Date. 
  

 8 

 SECTION VII 
  
 Miscellaneous 
  
 7.1 The Committee may, in its sole discretion, terminate, suspend or amend this Plan at any time or from time to time, in whole or in part. However, no amendment
or suspension of the Plan will affect a retired Participant’s right or the right of a Surviving Spouse to receive a benefit accrued in accordance with this P1an. 
  
 7.2 Nothing contained herein will confer upon any Participant the right to be retained in the service of the Bank, nor will it
interfere with the right of the Bank to discharge or otherwise deal with Participants without regard to the existence of this Plan. 
  
 7.3 This Plan is unfunded, and the Bank will make Plan benefit payments solely on a current disbursement basis. 
  
 7.4 To the maximum extent permitted by law, no benefit under this Plan shall be
assignable or subject in any manner to alienation, sale, transfer, claims of creditors, pledge, attachment or encumbrances of any kind. 
  
 7.5 The Committee may adopt rules and regulations to assist it in the administration of the Plan. 
  

 9 

 7.6 This Plan is established under and-will be construed according to the laws of the State of Connecticut. 
  

 10 

 FIRST AMENDMENT 
 TO THE 
 NEW HAVEN SAVINGS BANK 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 (effective as of April 1, 1988)

  
 WHEREAS, the New Haven Savings Bank (the “Bank”)
wishes to modify certain provisions of the New Haven Savings Bank Supplemental Executive Retirement Plan (“SERP”) in order to clarify the exact method by which benefits under the SERP are to be calculated; and 
  
 WHEREAS, it is necessary to amend the SERP in order to effect these
clarifications. 
  
 NOW THEREFORE, with respect to Participants
retiring on and after September l, 1992, Section 3.4 of the SERP is hereby amended in its entirety to read as follows: 
  
 Calculation and Form of Benefit 
  
 3.4 The benefits under this Plan shall be calculated in the form of a single life annuity, and then shall be converted into, and paid in,
the same form as the Participant’s accrued benefit under the Basic Plan. In converting the benefits under this Plan from the single life annuity form of payment to an actuarially equivalent form, the same actuarial adjustments shall be used as
are used under the Basic Plan. 
  
 Dated: 4/27/93

  

	 THE NEW HAVEN SAVINGS BANK

		
	 By
	 	 /s/    [ILLEGIBLE]

	 	 	 Its [ILLEGIBLE]

 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
 Amendment No. 1 
  
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
 SECTION I 
  
 Definitions 
  

	1.6	 	“Earnings means total compensation, including bonuses and Section 401(k) salary reduction amounts, averaged over the 36 highest paid consecutive months of employment with the
Bank or Affiliate. 

  
 PROPOSED: 
  
 “Earnings means total compensation, including bonuses, Salary reduction
amounts, and all salary deferred under the NHSB Executive Deferred Compensation Plan, averaged over the 36 highest paid consecutive months of employment with the Bank or Affiliate. 
  
 THE NEW HAVEN SAVINGS BANK SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN HAS BEEN AMENDED AND RESTATED TO BE EFFECTIVE ON THIS 26th DAY OF October, 1993. 
  
 Voted, Approved and Adopted by the Board on this 26th Day of October, 1993. 
  

	 SIGNED:

	
	 BY: David R. Rice

	
	 TITLE: Vice President and Secretary

 [SEAL] 

 THIRD AMENDMENT 
  
 TO THE 
  
 NEW HAVEN SAVINGS BANK 
  
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
 WHEREAS, pursuant to Section 7.1 of the New Haven Savings Bank Supplemental Executive Retirement Plan (the “SERP”), the Compensation Committee
of the Board of Directors of the New Haven Savings Bank (the “Bank”) reserved the authority to amend the SERP at any time; and 
  
 WHEREAS, the Bank wishes to modify the SERP in order to include in the definition of earnings all amounts, including both salary and incentive awards,
deferred under the New Haven Savings Bank Deferred Compensation Plan; and 
  
 WHEREAS, the Compensation Committee has determined that it is necessary to amend the SERP in order to effect this modification. 
  

NOW THEREFORE, Section 1.6 of the SERP is hereby amended in its entirety to read as follows: 
  
 1.6 “Earnings” means the total compensation paid to a
Participant for services rendered to the Bank or an Affiliate, including bonuses, salary reduction amounts and all salary and incentive awards deferred under the New Haven Savings Bank Deferred Compensation Plan, averaged over the 36 consecutive
highest-paid months of such Participant’s employment with the Bank or an Affiliate. 
  
 The foregoing amendment shall be effective as of February 23, 1999. 
  

	THE NEW HAVEN SAVINGS BANK
	
	 Signed:       /s/ David R. Rice

	
	 By:              David R.
Rice

	
	 Title:           Vice President &
Secretary

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