Document:

<PAGE>

                                                                    EXHIBIT 10.9

                          DEATH BENEFIT ONLY AGREEMENT

     THIS DEATH BENEFIT ONLY AGREEMENT (the "Agreement"), made and entered into
as of the ____________ day of ________________, by and among Fulton Financial
Corporation and its wholly owned subsidiary FFC Management, Inc. (hereafter
jointly or severally the "Company") and ____________________ (the "Executive").

     WHEREAS, the Executive is a key employee of the Company and/or its
subsidiaries or affiliates, and the Company wishes to retain the Executive in
its employ and the employ of its subsidiaries and affiliates;

     WHEREAS, as an inducement to continued employment, the Company wishes to
assist the Executive with additional financial protection in the event of the
Executive's death;

     NOW, THEREFORE, the parties agree as follows:

                                    ARTICLE I

                                    BENEFITS

Should the Executive die while this Agreement is in effect, the Company shall
pay the Executive's beneficiary a death benefit in an amount, if any, determined
in accordance with the following provisions:

     (A)  If the Executive is actively employed at the time of his death, the
          benefit payable upon the Executive's death shall be an amount such
          that after the assessment of individual income taxes at all taxation
          levels to which this benefit is subject (assuming the highest marginal
          tax rate at each level of taxation in effect at the time of the
          Executive's death) the amount remaining shall be equal to the product
          of the Benefit Factor and the Executive's base salary. Executive's
          base salary shall be at the annual rate in effect on his date of
          death.

     (B)  On or after the effective date of the Executive's termination of
          employment by reason of Retirement, the benefit payable upon the
          Executive's death shall be equal to $_________.

1

<PAGE>

     (C)  On or after the effective date of the Executive's termination of
          employment by reason of Disability, the benefit payable upon the
          Executive's death shall be equal the amount as calculated in section A
          of Article I. until the Executive reaches age 65, at which time the
          Executive will be considered retired for purposes of this Agreement.
          Executive's base salary shall be at the annual rate in effect at the
          time of the Executive's termination for reason of Disability.

     (D)  Except as otherwise provided in this Article 1(B) or (C), no benefit
          shall be payable under this Agreement on or after the effective date
          of the Executive's termination of employment unless such termination
          has occurred within 12 months of a Change in Control for reasons other
          then Cause. If termination occurs within 12 months of Change in
          Control for reason other then Cause, this Agreement and the benefits
          due hereunder will remain in full force.

     A benefit payable under this Article I shall be paid in a single lump sum
to the Executive's beneficiary as soon as practicable after the Company receives
written notice, in a form and manner acceptable to the Company, of the
Executive's death. In the event the Executive has not designated a beneficiary,
or if the Executive's designated beneficiary shall have predeceased the
Executive, the benefit under this Agreement shall be paid to the Executive's
estate. The beneficiary shall be designated on a form designated by the Company
for such purpose. The Executive may at any time and from time to time while this
Agreement is in effect change his beneficiary by executing and delivering to the
Company a new beneficiary designation form.

                                   ARTICLE II

                              FUNDING RESTRICTIONS

     The Executive, his beneficiary, and any successor in interest to them,
shall be and remain, with respect to the obligations under this Agreement, a
general creditor of the Company in the same manner as any other general creditor
of the Company. The Company, on behalf of itself and each subsidiary and
affiliate, reserves the absolute right, in its sole discretion, through the
purchase of life insurance on the life of the Executive or otherwise, to secure
to the Company a source for the payment of the Company's obligations hereunder
and to determine the extent, nature, and method thereof from time to time,
including the right to discontinue the same at any time. Should the Company
elect to do so, in whole or in part, through the purchase of life insurance or
any other funding medium, only the Company shall have any right or interest in
any such life insurance or other funding medium, and neither the Executive nor
his or her beneficiary shall have any right or interest therein or recourse
thereto.

2

<PAGE>

                                   ARTICLE III

                                TERM OF AGREEMENT

     This Agreement is effective as of the date first written above, and shall
remain in effect for so long as the Executive remains in the employ of the
Company or one of its owned subsidiaries or affiliates. This Agreement shall
continue in effect after the Executive's termination of employment with the
Company only if such termination occurs by reason of the Executive's Disability,
Retirement, or within twelve (12) months of a Change in Control. Unless the
termination following a Change in Control is for Cause.

                                   ARTICLE IV

                                ERISA PROVISIONS

     To the extent this Agreement is deemed to constitute or comprise a part of
an "employee welfare benefit plan" within the meaning of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), the provisions of this
Article IV shall apply.

     A.   Named Fiduciary and Administrator.

          The named fiduciary and administrator of this Agreement shall be the
          Company. As named fiduciary and administrator, the Company shall be
          responsible for the management. control and administration of the plan
          in accordance with the provisions of this Agreement. The Company may
          delegate to others certain responsibilities hereunder, including the
          employment of advisors and the delegation of ministerial duties to
          qualified individuals.

     B.   Claims Procedure.

          If benefits under this Agreement are not paid to the Executive's
          beneficiary and such claimants feel they are entitled to receive such
          benefits, then a written claim must be made to the administrator named
          above within sixty (60) days from the date payment is refused. The
          administrator shall review the written claim and if the claim is
          denied, in whole or in part, shall provide in writing within 90 days
          of receipt of such claim the specific reasons for such denial,
          reference to the provisions of this Agreement upon which the denial is
          based, and any additional material or information necessary to perfect
          the claim. Such written notice shall further indicate the additional
          steps to be taken by claimants if a further review of the claim denial
          is desired. A claim shall be deemed denied if the administrator fails
          to take any action within the aforesaid ninety (90) day period.

3

<PAGE>

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

               If the claimants continue to dispute the benefit denial based
          upon completed performance of the Agreement or the meaning and effect
          of the terms and conditions thereof, then claimants may submit the
          dispute to a Board of Arbitration for final arbitration. Said Board
          shall consist of one member selected by the claimant, one member
          selected by the Company and the third member selected by the first two
          members. The Board shall operate under any generally recognized set of
          arbitration rules. The parties hereto agree that they and their heirs,
          personal representatives, successors and assigns shall be bound by the
          decision of such Board with respect to any controversy properly
          submitted to it for determination.

               Where a dispute arises as to the Company's discharge of Executive
          "for cause", such dispute shall likewise be submitted to arbitration
          as above described and the parties hereto agree to be bound by the
          decision thereunder.

                                    ARTICLE V

                                  MISCELLANEOUS

     A. Alienability and Assignment Prohibition. Neither the Executive, his
spouse, nor any other beneficiary hereunder shall have any power or right to
transfer assign, anticipate, hypothecate, mortgage, commute, modify, or
otherwise encumber in advance any of the benefits payable hereunder. nor shall
any of said benefits be subject to seizure for the payment of any debts.
judgments, alimony, or separate maintenance owed by the Executive or his
beneficiary, nor be transferable by operation of law in the event of bankruptcy
or insolvency or otherwise. In the event the Executive or any beneficiary
attempts assignment, commutation, hypothecation, transfer, or disposal of the
benefits hereunder, the Company's liabilities hereunder shall forthwith cease
and terminate.

     B. Gender and Headings. Whenever in this Agreement words are used in the
masculine or neuter gender, they shall be read and construed as in the
masculine, feminine, or neuter gender, whenever they should so apply. Headings
and subheadings in this Agreement are inserted for reference and convenience
only and shall not be deemed a part of the Agreement.

4

<PAGE>

     C. Effect on Other Company Benefit Agreements. Nothing contained in this
Agreement shall affect the right of the Executive to participate in or be
covered under any qualified or non-qualified pension, profit sharing, bonus, or
other supplemental compensation or fringe benefit plan or arrangement
constituting a part of the Company's existing or future compensation and
benefits structure. The Executive acknowledges that this Agreement replaces and
supercedes any prior agreement relating to the provision of death benefits to
the Executive, but excluding any supplemental retirement or similar arrangement
which provides the Executive with a death benefit.

     D. Amendment and Termination. This Agreement may be amended or terminated
at any time or times, in whole or in part, by the mutual written consent of the
Executive and the Company. The Company may amend this Agreement unilaterally at
any time or times, so long as no such unilateral amendment has the effect of
revoking or decreasing the amount of the death benefit payable hereunder.

     E. Applicable Law. The validity and interpretation of this Agreement shall
be governed by the laws of the State of Delaware.

     F. Definitions. The following definitions shall apply for purposes of this
Agreement:

          "Benefit Factor" shall mean 2 (two).

          "Cause" shall mean termination of the Executive's employment because
          of the Executive's personal dishonesty, willful misconduct, breach of
          fiduciary duty involving personal profit, intentional failure to
          perform stated duties, or a willful violation of any law, rule or
          regulation (other than traffic violations or similar offenses).

          "Change in Control" shall mean an event occurring:

          (i)  at such time as any "person" (as the term is used in Sections
               13(d) and 14(d) of the Securities Exchange Act of 1934, as
               amended ("Exchange Act") is or becomes the "beneficial owner" (as
               defined in Rule 13d-3 under the Exchange Act), directly or
               indirectly, of voting securities of the Company representing 25%
               or more of the outstanding voting securities of Fulton Financial
               Corporation (the "Company") or the right to acquire such
               securities, except for any voting securities purchased by any
               employee benefit plan of the Company or its subsidiaries;

5

<PAGE>

          (ii) at such time as individuals who constitute the Board of Directors
               of the Company on the date hereof (the "Incumbent Board") cease
               for any reason to constitute at least a majority thereof,
               provided that any person becoming a director subsequent to the
               date hereof whose election was approved by a vote of at least
               three-quarters of the directors constituting the Incumbent Board
               (or members who were nominated by the Incumbent Board), or whose
               nomination for election by the Company's stockholders was
               approved by a nominating committee solely composed of members
               which are Incumbent Board members (or members nominated by the
               Incumbent Board), shall be, for purposes of this clause (b),
               considered as though he or she were a member of the Incumbent
               Board;

          (iii) at such time as a reorganization, merger, consolidation, or
               similar transaction occurs or is effectuated as a result of which
               60% of shares of the common stock of the resulting entity are
               owned by persons who were not stockholders of the Company
               immediately prior to the consummation of the transaction;

          (iv) at such time as substantially all of the assets of the Company
               are sold or otherwise transferred to another Company or other
               entity that is not controlled by the Company.

          "Disability" shall mean any mental or physical condition, with respect
          to which an individual qualifies for and receives benefits under a
          long-term disability plan of the Company, or in the absence of such a
          long-term disability plan or coverage under such a plan, "Disability"
          shall mean a physical or mental condition which, in the sole
          discretion of the Company, is reasonably expected to be of indefinite
          duration and to substantially prevent the individual from fulfilling
          his duties or responsibilities to the Company.

          "Retirement" shall mean the Executive's termination of employment
          (other than for Cause) at or after attaining age 65 unless Executive
          has voluntarily chosen to retire prior to obtaining the age 65 under
          policies established and recognized by the Company pertaining to early
          retirement. If such election has been made "Retirement" shall mean the
          date upon which Executive takes early retirement

     IN WITNESS WHEREOF, the Executive and the Company, by their signatures
below, hereby acknowledge their agreement to the terms and provisions contained
herein, all effective as of the date first written above.

FFC Management, Inc.

BY:
    ---------------------------------   ----------------------------------------
    (Officer Name & Title)              (Executive)

6exv10w9

 

Exhibit
10.9

Sovereign Bancorp, Inc.

Non-Employee Directors Services Compensation Plan

(as amended By Amendments #1, #2, #3, #4, and #5)

     1. PURPOSE

     The Sovereign Bancorp, Inc. Non-Employee Directors Services Compensation Plan (the “Plan”) was
adopted by Sovereign Bancorp, Inc. (“Sovereign” or the “Corporation”) and is designed to enhance
Sovereign’s ability to attract and retain competent and experienced non-employee directors by
providing retirement-type benefits for non-employee directors of Sovereign who retire after the
Effective Date.

     2. DEFINITIONS

     Except as otherwise specified or as the context may otherwise require, the following terms
have the meanings indicated below for all purposes of this Plan:

     BOARD means the Board of Directors of Sovereign.

     COMMITTEE means the Compensation Committee of the Board.

     DIRECTOR means a member of the Board of Sovereign on or after the Effective Date who is not an
employee of Sovereign on his or her date of death or retirement as a Director.

     BOARD SERVICE means service as a Director of Sovereign both before and after the Effective
Date; provided, however, that Board Service shall not include any period during which the Director
was an employee of Sovereign or any subsidiary thereof. The service of a Director will include
service on the board of Sovereign Bank, or an affiliate or service on the board of any merged or
acquired holding company, bank or other affiliate; provided, however, that concurrent service with
more than one such company shall be counted only once.

     RETAINER means the annual calendar year retainer(s) paid to a Director as compensation for
services as a Director of Sovereign and, if applicable, Sovereign Bank, excluding the amount of any
incentive compensation or other award that may have been paid to any Director during the course of
any year. For purposes of the preceding sentence (i) any such retainers received from any company
acquired by Sovereign or Sovereign Bank, through merger, consolidation, acquisition of
substantially all of its assets or similar transaction, shall be taken into account and (ii) to the
extent any such retainer was paid in stock or other property, it shall be valued at the time of
transfer in the same manner as was used for federal income tax information reporting purposes or,
if such valuation was not made, the value of such stock or other property shall be the value of the
same as is fixed by the Board of Sovereign in good faith. Nothing in this definition shall be
construed as providing for the payment of a Plan benefit to any person who is not, at the relevant
time, a Director of Sovereign. In the case of a Director’s termination of Board Service during a
calendar year, the Board may, in its discretion, annualize the Retainer being paid at the time of
termination for purposes of administering the Plan.

     EFFECTIVE DATE means July 15, 1999.

1

 

     3. ELIGIBILITY

     Any Director who (i) has completed ten or more years of Board Service, (ii) has attained the
age of 65, (iii) has not been removed as a Director by the Board for cause and (iv) retires from
(or otherwise voluntarily terminates) such Board Service on or after the Effective Date shall be
eligible for a retirement benefit as provided herein. The lawful surviving spouse (if any) of any
Director, who (v) has completed ten or more years of Board Service, (vi) has not been removed as a
Director by the Board for cause and (vii) has not terminated as a Director, as of the date of his
or her death, shall be eligible for a spousal benefit. Notwithstanding the foregoing, no Director
appointed or elected after October 1, 2005 shall be eligible to participate in or receive a benefit
under the Plan.

     4. DIRECTOR’S RETIREMENT BENEFIT

     The retirement benefit payable to a Director hereunder shall be an amount equal to three times
the highest Retainer in effect at any time during the Director’s period of Board Service. Benefits
will be payable in a lump sum or in annual installments, at the discretion of the Board. A benefit
shall be paid or commence at such time as the Board shall specify at the relevant time, but in no
event shall such benefit be paid or commence (i) earlier than the first day of the month concurrent
with or immediately following the Director’s termination of Board Service prior to age 70 or (ii)
later than the Director’s 70th birthday. No installment payout shall extend beyond
three years, nor shall any installment payment bear interest. Upon the death of a former Director
receiving a retirement benefit, any unpaid benefit shall be made, or continue to be made, to the
former Director’s lawful surviving spouse; provided, however, that no benefit payment shall
thereafter be made or continue to be made if there is no surviving spouse; and provided further,
that if such surviving spouse shall die prior to receipt of the entire remaining Plan benefit
payable, the then unpaid balance shall be paid, in a lump sum, to the deceased surviving spouse’s
estate as soon as administratively feasible. Notwithstanding anything in this Section 4 or the
Plan to the contrary, the retirement benefit payable to a Director hereunder who has, as of October
1, 2005, completed ten or more years of Board Service and has attained the age of 65, shall be an
amount equal to three times the highest Retainer in effect at any time during such Director’s
period of Board Service. A Director who has not, as of October 1, 2005, completed ten or more
years of Board Service and has not yet attained the age of 65, but is otherwise a participant in
the Plan may receive a retirement benefit equal to an amount determined by multiplying the amount
equal to three times the highest Retainer in effect at any time during such Director’s period of
Board Service through September 30, 2005, by the number of full years of Board Service of such
Director through September 30, 2005 divided by ten. In order to be eligible to receive the
retirement benefit determined pursuant to this formula, such Director must complete ten or more
years of Board Service and attain the age of 65 provided, however, that such Director has not been
removed as a Director by the Board for cause prior to the time such retirement benefit, if any,
becomes payable.

     5. SPOUSAL BENEFIT

     The benefit payable to the lawful surviving spouse (if any) of a Director who has not yet
retired or who has not yet commenced receiving a Plan benefit as of his or her death shall be an
amount determined in accordance with the provisions of Section 4. A spousal benefit shall

2

 

be paid in a lump sum or installments as provided in Section 4, and shall be paid or commence to be paid on
the first day of the month immediately following receipt by Sovereign of proof of death; provided,
however, that no benefit payment shall be made under this section if there is no surviving spouse;
and provided further, that if such surviving spouse shall die prior to receipt of the entire Plan
benefit payable, the then unpaid balance shall be paid, in a lump sum, to the deceased surviving
spouse’s estate as soon as administratively feasible.

     6. DISABILITY

     Notwithstanding Sections 3 and 4, any Director who (i) has completed five or more years of
Board Service, (ii) has not been removed as a Director by the Board for cause and (iii) terminates
Board Service by reason of becoming disabled is eligible for a retirement benefit under the Plan.
The retirement benefit payable under this section shall be paid in accordance with the provisions
of Section 4, except that (iv) the date of reference for determining the amount payable shall be
the date his or her Board Service terminates by reason of disability and (v) payment of the Plan
benefit shall be made or commence on the first day of the month immediately following the
termination of Board Service. In the event of the death of a former Director prior to receipt of
his or her entire benefit, the provisions of Section 4 shall govern the rights of any person to
receipt of the unpaid portion thereof. For purposes of this Plan, the term “disability” or
“disabled” shall mean an incapacity, due to physical or mental illness or injury, to fulfill the
normal duties of a Director of Sovereign for a period reasonably anticipated to be at least one
year.

     7. CHANGE IN CONTROL

     Change in Control means the first to occur of any of the following events:

          (a) any “Person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act),
except for any of the Corporation’s employee benefit plans, or any entity holding the Corporation’s
voting securities for, or pursuant to, the terms of any such plan (or any trust forming a part
thereof) (the “Benefit Plan(s)”), is or becomes the beneficial owner, directly or indirectly, of
the Corporation’s securities representing 19.9% or more of the combined voting power of the
Corporation’s then outstanding securities, other than: (i) pursuant to a transaction excepted in
Clauses (c) or (d); or (ii) pursuant to a Buyer Acquisition Transaction (as defined in the
Investment Agreement (the “Investment Agreement”), between the Corporation and Banco Santander
Central Hispano, S.A., dated as of October 24, 2005, as it may be thereafter amended) effectuated
in accordance with the terms of the Investment Agreement other than a Buyer Acquisition Transaction
contemplated in Sections 8.06 through 8.08 and 8.10 of the Investment Agreement;

          (b) there occurs a contested proxy solicitation of the Corporation’s shareholders that results
in the contesting party obtaining the ability to vote securities
representing 19.9% or more of the combined voting power of the Corporation’s then outstanding
securities;

          (c) a binding written agreement is executed (and, if legally required, approved by the
Corporation’s shareholders) providing for a sale, exchange, transfer, or other

3

 

disposition of all
or substantially all of the assets of the Corporation or of Sovereign Bank to another entity,
except to an entity controlled directly or indirectly by the Corporation;

          (d) the shareholders of the Corporation approve a merger, consolidation, or other
reorganization of the Corporation, unless:

               (i) under the terms of the agreement approved by the Corporation’s shareholders
providing for such merger, consolidation, or reorganization, the shareholders of the
Corporation immediately before such merger, consolidation, or reorganization, will own,
directly or indirectly immediately following such merger, consolidation, or reorganization,
at least 51% of the combined voting power of the outstanding voting securities of the
Corporation resulting from such merger, consolidation, or reorganization (the “Surviving
Corporation”) in substantially the same proportion as their ownership of the voting
securities immediately before such merger, consolidation, or reorganization;

               (ii) under the terms of the agreement approved by the Corporation’s shareholders
providing for such merger, consolidation, or reorganization, the individuals who were
members of the Board immediately prior to the execution of such agreement will constitute at
least 51% of the members of the board of directors of the Surviving Corporation after such
merger, consolidation, or reorganization; and

               (iii) based on the terms of the agreement approved by the Corporation’s shareholders
providing for such merger, consolidation, or reorganization, no Person (other than (A) the
Corporation or any subsidiary of the Corporation, (B) any Benefit Plan, (C) the Surviving
Corporation or any subsidiary of the Surviving Corporation, or (D) any Person who,
immediately prior to such merger, consolidation, or reorganization had beneficial ownership
of 19.9% or more of the then outstanding voting securities) will have beneficial ownership
of 19.9% or more of the combined voting power of the Surviving Corporation’s then
outstanding voting securities;

          (e) a plan of liquidation or dissolution of the Corporation, other than pursuant to bankruptcy
or insolvency laws, is adopted;

          (f) during any period of two consecutive years, individuals, who at the beginning of such
period, constituted the Board cease for any reason to constitute at least a majority of the Board
unless the election, or the nomination for election by the Corporation’s shareholders, of each new
director was approved by a vote of at least two-thirds of the directors then still in office who
were directors at the beginning of the period; or

          (g) the occurrence of a Triggering Event within the meaning of the Second Amended and Restated
Rights Agreement, between the Corporation and Mellon Investor
Services LLC, as rights agent, dated as of January 19, 2005, as amended on October 24, 2005,
and as it may be further amended from time to time.

     Notwithstanding Clause (a), a Change in Control shall not be deemed to have occurred if a
Person becomes the beneficial owner, directly or indirectly, of the Corporation’s securities
representing 19.9% or more of the combined voting power of the Corporation’s then

4

 

outstanding securities solely as a result of an acquisition by the Corporation of its voting securities which,
by reducing the number of shares outstanding, increases the proportionate number of shares
beneficially owned by such Person to 19.9% or more of the combined voting power of the
Corporation’s then outstanding securities; provided, however, that if a Person becomes a beneficial
owner of 19.9% or more of the combined voting power of the Corporation’s then outstanding
securities by reason of share purchases by the Corporation and shall, after such share purchases by
the Corporation, become the beneficial owner, directly or indirectly, of any additional voting
securities of the Corporation (other than as a result of a stock split, stock dividend or similar
transaction), then a Change in Control of the Corporation shall be deemed to have occurred with
respect to such Person under Clause (a). In no event shall a Change in Control of the Corporation
be deemed to occur under Clause (a) with respect to Benefit Plans.

     Upon the occurrence of a Change in Control of Sovereign, and notwithstanding any other
provision of the Plan, a Director who was elected or appointed prior to October 1, 2005, and who
has completed five or more years of Board Service shall immediately become entitled to receive the
benefit amount determined under Section 4.

     8. PROVISION OF BENEFITS

     All benefits payable hereunder shall be provided from the general assets of Sovereign. No
Director or spouse shall acquire any interest in any specific assets of Sovereign by reason of this
Plan.

     9. AMENDMENT AND TERMINATION

     Sovereign reserves the right to terminate this Plan or amend this Plan in any respect at any
time, and any such amendment may be retroactive; provided, however, that no such termination or
amendment may reduce the benefits of any Director who has previously retired hereunder or any
spouse receiving benefits hereunder. Effective as of October 1, 2005, the Plan has been frozen,
subject to the provisions of Sections 3 and 4 as amended. Subject to the provisions of this
Section 9, the Plan will be deemed to be terminated effective as of the date that all retirement
benefits payable hereunder have been distributed in accordance with the terms of the Plan.

     10. ADMINISTRATION

     This Plan shall be administered by the Compensation Committee of the Board of Directors of
Sovereign. Such Committee’s final decision, in making any determination or construction under this
Plan and in exercising any discretionary power, shall in all instances be final and binding on all
persons having or claiming any rights under this Plan.

     11. MISCELLANEOUS

     The adoption and maintenance of this Plan shall not constitute a contract between Sovereign
and any Director. Nothing herein contained shall be deemed to give any Director the right to be
retained as a Director, nor shall it interfere with the Director’s right to terminate his or her
directorship at any time. No benefit payable hereunder shall be subject to alienation or
assignment, except as otherwise provided by law.

5

 

     12. CODE SECTION 409A

     Notwithstanding anything in the Plan to the contrary, effective January 1, 2005, all
distributions under the Plan shall be made in a lump sum as soon as administratively practicable
following the Director’s termination of Board Service. Further, effective January 1, 2005, the
Plan shall in all respects be administered in accordance with Section 409A of the Internal Revenue
Code of 1986, as amended, and the guidance promulgated thereunder.

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00118-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00118-of-00352.parquet"}]]