Document:

Supplemental Executive Retirement Plan

 Exhibit 10.22 
 SUSQUEHANNA BANCSHARES, INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 (As Amended and Restated 
 Effective January 1,
2009) 

 TABLE OF CONTENTS 
  

					
	 ARTICLE I.     DEFINITIONS
	  	2
			
	 Section 1.01
	  	Accrued Benefit	  	2
			
	 Section 1.02
	  	Actuarial Equivalent	  	2
			
	 Section 1.03
	  	Annuity Starting Date	  	2
			
	 Section 1.04
	  	Beneficiary	  	2
			
	 Section 1.05
	  	Board	  	2
			
	 Section 1.06
	  	Code	  	2
			
	 Section 1.07
	  	Committee	  	2
			
	 Section 1.08
	  	Deferred Retirement Benefit	  	2
			
	 Section 1.09
	  	Early Retirement Date	  	3
			
	 Section 1.10
	  	Effective Date	  	3
			
	 Section 1.11
	  	Employee	  	3
			
	 Section 1.12
	  	Employer	  	3
			
	 Section 1.13
	  	ERISA	  	3
			
	 Section 1.14
	  	Normal Retirement Age	  	3
			
	 Section 1.15
	  	Normal Retirement Date	  	3
			
	 Section 1.16
	  	Participant	  	3
			
	 Section 1.17
	  	Participating Employer	  	3
			
	 Section 1.18
	  	Plan	  	4
			
	 Section 1.19
	  	Plan Year	  	4
			
	 Section 1.20
	  	Qualified Plan	  	4
			
	 Section 1.21
	  	Qualified Plan Accrued Benefit	  	4
			
	 Section 1.22
	  	Sponsor	  	4
			
	 Section 1.23
	  	Year of Service	  	4
		
	 ARTICLE II.     PARTICIPATION
	  	5
			
	 Section 2.01
	  	Participation	  	5
		
	 ARTICLE III.     BENEFITS
	  	6
			
	 Section 3.01
	  	Normal Retirement Benefit	  	6
			
	 Section 3.02
	  	Deferred Retirement Benefit	  	6
			
	 Section 3.03
	  	Early Retirement Benefit	  	6
			
	 Section 3.04
	  	Death Benefit	  	6

  

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	 Section 3.05
	  	 Deferred Vested Benefit
	  	6
			
	 Section 3.06
	  	 Minimum Benefit
	  	7
		
	 ARTICLE IV.     VESTING
	  	8
			
	 Section 4.01
	  	 Vesting Years of Service or Normal Retirement Age
	  	8
			
	 Section 4.02
	  	 Forfeiture
	  	8
		
	 ARTICLE V.     PAYMENT OF BENEFITS
	  	9
			
	 Section 5.01
	  	 Benefit payments for Plan Years beginning before January 1, 2009
	  	9
			
	 Section 5.02
	  	 Benefits commencing on or after January 1, 2009
	  	9
			
	 Section 5.03
	  	 Forms of Payment
	  	10
			
	 Section 5.04
	  	 Death benefits for Plan Years on or after January 1, 2009
	  	11
			
	 Section 5.05
	  	 Small Benefits
	  	11
		
	 ARTICLE VI.     ADMINISTRATION
	  	12
			
	 Section 6.01
	  	 Administration
	  	12
			
	 Section 6.02
	  	 Claims for Benefits
	  	12
			
	 Section 6.03
	  	 Review of Claims
	  	12
		
	 ARTICLE VII.     MISCELLANEOUS
	  	13
			
	 Section 7.01
	  	 No Contract of Employment
	  	13
			
	 Section 7.02
	  	 Funding
	  	13
			
	 Section 7.03
	  	 Liability of Employer
	  	13
			
	 Section 7.04
	  	 Termination of Participation by Participating Employer
	  	13
			
	 Section 7.05
	  	 Notices, Data
	  	14
			
	 Section 7.06
	  	 Choice of Law
	  	14
			
	 Section 7.07
	  	 Binding Effect
	  	14
			
	 Section 7.08
	  	 Non-alienation
	  	14
			
	 Section 7.09
	  	 Incapacity
	  	14
			
	 Section 7.10
	  	 Amendment or Termination
	  	15
			
	 Section 7.11
	  	 Other Plans
	  	15
			
	 Section 7.12
	  	 Integrated Agreement
	  	15
			
	 Section 7.13
	  	 Severability
	  	15
			
	 Section 7.14
	  	 Withholding
	  	15
			
	 Section 7.15
	  	 Construction
	  	16
		
	 APPENDIX A     LIST OF PARTICIPANTS
	  	18

  

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	 APPENDIX B     MINIMUM BENEFIT PARTICIPANTS
	  	19
		
	 2003 SERP PARTICIPANTS
	  	20
		
	 CASH BALANCE MAKE UP SERP 2004 PARTICIPANTS APPROVED SBI BOARD 1/21/04
	  	20

  

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 PREAMBLE 
 Susquehanna Bancshares, Inc. (the “Employer”) wishing to provide retirement benefits to selected executives in excess of the benefits that they are permitted to accrue under the Susquehanna Bancshares, Inc. Cash Balance Plan due
to the limitations of Sections 401(a)(17) and 415 of the Internal Revenue Code of 1986, as amended (the “Code”), and to recognize their service with the Employer, established the Susquehanna Bancshares, Inc. Supplemental Executive
Retirement Plan (“Plan”) effective January 1, 1994. The Plan was amended and restated effective January 1, 1998. The Employer hereby amends the Plan effective January 1, 2009, to comply with the requirements of the American
Jobs Creation Act of 2004 (“AJCA”), which added Section 409A to the Code and the regulations issued pursuant thereto. This Plan is intended to constituted an unfunded plan for the benefit of a select group of management or highly
compensated employees within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 
  

 1 

 ARTICLE I. - DEFINITIONS 
 Section 1.01 Accrued Benefit. 
 The benefit to which a Participant is entitled under Section 5.01,
expressed in the form of a single life annuity beginning at the Participant’s Normal Retirement Date. 
 Section 1.02 Actuarial Equivalent. 

A benefit of equivalent value as determined using the actuarial assumptions set forth in the Qualified Plan. 
 Section 1.03 Annuity Starting Date. 
 For a benefit payable
in the form of an annuity, the first day of the first period for which a benefit is payable, or, for any other form of benefit, the first day on which all events have occurred which entitle the Participant to such benefit. 
 Section 1.04 Beneficiary. 
 The person or persons who are the
Participant’s Beneficiary under the Qualified Plan in the same proportion as determined under the Qualified Plan. 
 Section 1.05 Board. 
 The Board of Directors of the Sponsor, or the Compensation Committee designated by the Board of Directors of the Sponsor to which responsibility for this
Plan has been delegated. 
 Section 1.06 Code. 
 The Internal Revenue Code of 1986, as amended. 
 Section 1.07 Committee. 
 The individual or committee appointed by the Board to administer the Plan. 
 Section 1.08 Deferred Retirement Benefit. 
 The benefit referred to in Section 3.02. 
  

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 Section 1.09 Early Retirement Date. 
 The first day of any month coincident with or following the Participant’s attainment of age 55 and completion of 15 Years of Service, but before his Normal Retirement Date, provided the Participant separates from
service with the Employer. 
 Section 1.10 Effective Date. 
 This Plan was originally effective January 1, 1994. This amendment and restatement is effective January 1, 2009. 
 Section 1.11 Employee. 
 An individual employed by the Employer in an executive capacity. 
 Section 1.12 Employer. 
 The Sponsor, and (a) any other
corporation that is a member of a controlled group of corporations, as defined in section 414(b) of the Code, that includes the Sponsor, (b) any other trade or business that is a member of a controlled group of trades or business, as defined in
section 414(c) of the Code, that includes the Sponsor, and (c) any other entity that is required to be aggregated with the Sponsor under section 414(m) or 414(o) of the Code. 
 Section 1.13 ERISA. 
 The Employee Retirement Income Security Act of 1974, as amended. 
 Section 1.14 Normal Retirement Age. 
 The date a Participant
reaches age 65 or, if later, the fifth anniversary of his participation in the Qualified Plan. 
 Section 1.15 Normal Retirement Date. 
 The first day of the month coincident with or following the date the Participant reaches Normal Retirement Age. 
 Section 1.16 Participant. 
 An Employee who satisfies the
requirements for participation and becomes a Participant as described in Article II. 
 Section 1.17 Participating Employer. 
 The Sponsor and each other Employer that has adopted the Plan with the approval of the Board. 
  

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 Section 1.18 Plan. 
 The Susquehanna Bancshares, Inc. Supplemental Executive Retirement Plan, as amended from time to time. 
 Section 1.19 Plan Year. 
 The calendar year. The first Plan Year began on the Effective Date. 
 Section 1.20 Qualified Plan. 
 Effective January 1, 1998, “Qualified Plan” means the Susquehanna Bancshares, Inc.
Cash Balance Pension Plan, as amended and restated effective January 1, 1998, as further amended from time to time. From January 1, 1994, through December 31, 1997, “Qualified Plan” meant the Susquehanna Bancshares, Inc.
Retirement Income Plan. 
 Section 1.21 Qualified Plan Accrued Benefit. 
 The Participant’s Accrued Benefit under the Qualified Plan, expressed in terms of a single life annuity beginning at the Participant’s Normal Retirement Date. 
 Section 1.22 Sponsor. 
 Susquehanna Bancshares, Inc., a
Pennsylvania corporation, and any successor. 
 Section 1.23 Year of Service. 
 A Year of Service as defined in the Qualified Plan. 
  

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 ARTICLE II. - PARTICIPATION 
 Section 2.01 Participation. 
 An Employee shall become a Participant in the Plan upon his designation and
approval by the Board. A list of Employees who have been designated as Participants is attached as Appendix A. An Employee shall remain a Participant until the earlier of the date he separates from service or the date the Board determines that he
shall no longer be a Participant. A former Participant shall nevertheless be entitled to receive any benefits in which he is vested as described in Section 3.01 in accordance with Article IV. 
  

 5 

 ARTICLE III. - BENEFITS 
 Section 3.01 Normal Retirement Benefit. 
 A Participant who separates from service at his Normal Retirement
Date after satisfying the requirements for vesting under Section 4.01, shall commence benefits as of such date in the amount of the Actuarial Equivalent of an Accrued Benefit equal to the difference between (a) his Qualified Plan Accrued
Benefit as of his Normal Retirement Date, determined without reference to the limitations contained in sections 401(a)(17) and 415 of the Code, and (b) his Qualified Plan Accrued Benefit at his Normal Retirement Date. 
 Section 3.02 Deferred Retirement Benefit. 
 A Participant who
has satisfied the requirements for vesting under Section 4.01 and continues in employment following his Normal Retirement Date, shall be entitled to the Actuarial Equivalent of a Deferred Retirement Benefit as of his Annuity Starting Date
calculated as of the date of his separation from service. The Deferred Retirement Benefit shall be computed in the same manner as the Normal Retirement Benefit under Section 3.01. 
 Section 3.03 Early Retirement Benefit. 
 A Participant who separates from service at an Early Retirement Date
after satisfying the requirements for vesting under Section 4.01, shall be entitled to the Actuarial Equivalent of an Accrued Benefit payable at his Normal Retirement Date determined in accordance with Section 3.01, as of the date of his
separation from service. 
 Section 3.04 Death Benefit. 
 If a married Participant who is vested in his Accrued Benefit in accordance with the requirements of Section 4.01 dies before his Annuity Starting Date, his spouse shall be entitled to the Actuarial Equivalent of the Participant’s
vested Accrued Benefit under Section 3.01 determined as of the Participant’s date of death. The death benefit payable to a Participant who dies after his Annuity Starting Date shall depend on the form of benefit selected. 
 Section 3.05 Deferred Vested Benefit. 
 A Participant who
separates from service after satisfying the requirements for vesting under Section 4.01 shall be entitled to the Actuarial Equivalent of an Accrued Benefit beginning as of his Normal Retirement Date determined under Section 3.01 as of the
date of his separation from service. 
  

 6 

 Section 3.06 Minimum Benefit. 
 Notwithstanding anything to the contrary in this Article III, a Participant who is designated by the Board in Appendix B shall receive a minimum benefit equal to (1) 75% of the benefit the Participant would have
received under the Susquehanna Bancshares, Inc. Retirement Income Plan as in effect prior to January 1, 1998 based on the Participant’s service and compensation as of his or her Early Retirement Date, Normal Retirement Date or Late
Retirement Date, as applicable, reduced by (2) his Qualified Plan Accrued Benefit. 
  

 7 

 ARTICLE IV. - VESTING 
 Section 4.01 Vesting Years of Service or Normal Retirement Age 
 Except as provided in Section 4.02, a
Participant shall be fully vested in his Accrued Benefit upon the earlier of (a) his attainment of Normal Retirement Age while employed by the Employer, or (b) his completion of five Years of Service. 
 Section 4.02 Forfeiture 
 The Accrued Benefit of a
Participant who separates from service before completing five Years of Service or attaining Normal Retirement Age shall be forfeited. In addition, the Accrued Benefit of a Participant who is unmarried and dies before his Annuity Starting Date shall
be forfeited. 
  

 8 

 ARTICLE V. - PAYMENT OF BENEFITS 
 Section 5.01 Benefit payments for Plan Years beginning before January 1, 2009 
  

	 	(a)	Retirement. 

 Subject to Section 5.05, the Accrued
Benefit of a Participant who commences benefits at an Early Retirement Date, his Normal Retirement Date, or a Deferred Retirement Date shall be paid or shall begin to be paid at the same time and in the same form as payment of the Participant’s
Qualified Plan Accrued Benefit, to the extent administratively practicable. 
  

	 	(b)	Deferred Vested Benefit. 

 Subject to Section 5.05,
the vested Accrued Benefit of a Participant who separates from service before his Early or Normal Retirement Date shall be paid or shall begin to be paid at the same time and in the same form as payment of the Participant’s Qualified Plan
Accrued Benefit, to the extent administratively practicable. 
  

	 	(c)	Death Benefit. 

 Subject to Section 5.05, the vested
Accrued Benefit of a Participant who dies before his Annuity Starting Date shall be distributed to his Beneficiary at the same time, and in the same form, a the Participant’s Qualified Plan Accrued Benefit is distributed. 
 Section 5.02 Benefits commencing on or after January 1, 2009 
 The Accrued Benefit of a vested Participant shall be paid upon a Participant’s: (1) termination of employment, (2) death, or (3) Normal Retirement Date following a Participant’s separation from service, if
separation from service occurs before Normal Retirement Age. 
  

	 	(a)	Advance Form of Payment Election Required. 

 (1)
December 31, 2008 Participants. Those who are Participants on or before December 31, 2008, and on or after January 1, 2009, must make an election as to the form of distribution hereunder in accordance with the payment options
of Section 5.03, no later than December 31, 2008. 
 (2) New Participants. Those who first become eligible to participate in
the Plan on or after January 1, 2009, must make an election as to the form of distribution hereunder in accordance with the payment options of Section 5.03, within 30 days following the last day of the Plan Year in which such Participant
first accrues a benefit under the Plan. 
  

 9 

	 	(b)	Irrevocable Election 

 A Participant’s election under
Section 5.02(a) above is irrevocable, and shall apply to all benefits accrued by such Participant under the Plan. 
 Notwithstanding the
preceding language of this Section 5.02(b), the Participant may submit a subsequent election regarding the form or time of payout, provided however, such election shall only be effective if: (i) the change is not effective until twelve
(12) months after the date the new election is made; (ii) the new election must defer payment for at least five (5) years beyond the date payment was previously elected to begin; and (iii) if the election changes a payment
previously elected to be paid at a specified time or pursuant to a fixed schedule then the subsequent election must be made at least twelve (12) months before payment was scheduled to begin. 
  

	 	(c)	Payment to Specified Employee. 

 If a Participant is a
“specified employee” of the Company as defined under Treas. Reg. 1.409A-1(i), then any payment due under the Plan will not be paid for at least six months following the Participant’s separation from service, as defined under Treas.
Reg. 1.409A-1(h). 
 Section 5.03 Forms of Payment 
 A Participant must elect payment in one of the following forms in accordance with Sections 5.02 and 5.03. 
  

	 	(a)	Single Life Annuity. An annuity for the life of the Participant. 

  

	 	(b)	Joint and Survivor Annuity. An annuity for the life of the Participant with a survivor annuity for the life of his designated Beneficiary after the death of the Participant
in an amount which is equal to either 50%, 75% or 100% of the amount payable during the joint lives of the Participant and the Participant’s Beneficiary. 

  

	 	(c)	Period Certain Annuity. A life annuity with a period certain of either 5, 10, 15 or 20 years. If the Participant dies before expiration of the guaranteed period certain,
payment shall be continued to the Beneficiary. If no Beneficiary is living at the death of the Participant and before the expiration of the guaranteed period certain, the commuted present value of the payments otherwise due shall be paid in a single
lump sum to the Participant’s estate. If the Beneficiary should die while further payments are due, and after having received at least one payment, such further payments shall be made to any person designated by the Participant as an alternate
Beneficiary, or, in the absence of an alternate surviving Beneficiary, the commuted present value of the payments otherwise due shall be paid to the Participant’s estate in a single cash lump sum. 

  

 10 

 Section 5.04 Death benefits for Plan Years on or after January 1, 2009 
 The Accrued Benefit of a vested Participant who dies before his Annuity Starting Date shall be distributed to his Beneficiary in the form of payment
previously elected by the Participant under Sections 5.02 and 5.03 above. 
 Section 5.05 Small Benefits 
 Notwithstanding anything in this Article V to the contrary, if the Actuarial Equivalent lump sum present value of a Participant’s vested Accrued
Benefit is not greater than $5,000 ($1,000 for distributions on or after March 28, 2005) as of the date of his termination of employment, that Actuarial Equivalent amount shall be distributed to him or his Beneficiary, as applicable in the form
of a single lump sum as soon as practicable after his termination of employment. This Section 5.05 shall apply only to Plan Years beginning prior to January 1, 2009. 
  

 11 

 ARTICLE VI. - ADMINISTRATION 
 Section 6.01 Administration. 
 The Plan shall be administered by the Committee. The Committee shall establish
such rules and procedures as it deems appropriate for the administration of the Plan. The Committee shall have the full power, discretion and authority to interpret, construe and administer the terms of the Plan, and all decisions made by the
Committee shall be final and binding. The Committee may employ legal counsel, consultants, actuaries and others as it deems desirable in the administration of the Plan. The Committee shall have such other powers as provided to the plan administrator
under the Qualified Plan. 
 Section 6.02 Claims for Benefits. 
 A Participant or Beneficiary may bring a claim for benefits under this Plan by filing a written application for benefits with the Committee. The Committee shall review such claim and shall decide such claim within a
reasonable time, but not more than 90 days from the date the claim was received, unless special circumstances beyond the control of the Committee require an extension of time to respond, in which case the Committee may delay response for up to an
additional 90 days, provided that prior notice is given to the Participant or Beneficiary. If the claim is denied, the Committee shall provide the Participant with a written notice setting forth the reasons for the denial, references to the
provisions of the Plan upon which the denial was based, a description of any additional information or material necessary for the claimant to perfect his claim, and information as to how the Participant or Beneficiary may submit his claim for
review. 
 Section 6.03 Review of Claims. 
 A
Participant or Beneficiary whose claim has been denied may file an appeal in writing with the Committee within 60 days of his receipt of the denial of his claim (which 60-day period may be extended by the Committee in its discretion). Upon request
and free of charge, a Participant or Beneficiary shall be permitted to review pertinent documents and submit issues and comments in writing. The Committee shall review its determination and make a determination within a reasonable time, but not more
than 60 days after the date that the appeal was filed, unless prior notification is given to the claimant, and in that case not more than 120 days after the appeal was filed. If the claim is denied upon review, the Committee shall provide the
claimant with written notice specifying the reasons for the denial, including the Plan provisions on which the denial was based. If a request for review is not timely filed, the Plan’s initial determination will be final. A claimant who has
exhausted the Plan’s claims and appeals procedures and disagrees with the Plan’s decision (or lack thereof) may file suit in Federal court following an adverse benefit determination on appeal or the lack of a timely response. 

 

 12 

 ARTICLE VII. - MISCELLANEOUS 
 Section 7.01 No Contract of Employment. 
 This Plan is not intended to constitute a contract of employment,
and each Participating Employer retains the right to discharge or discipline any Employee for any reason. 
 Section 7.02 Funding. 
 This Plan is intended by the Employer and the Participants to constitute an unfunded plan for purposes of the Code and Title I of ERISA. To the extent
that any Participant or Beneficiary acquires a right to any benefits under this Plan, such right shall not be greater than that of an unsecured general creditor of the Employer, and no Participant shall have any right to any specific assets of the
Employer. Nothing contained in this Plan and no action taken pursuant to the provisions of this Plan shall create or be construed to create a trust of any kind between the Employer and any Participant, his or her Beneficiary, or any other person.
Subject to the foregoing restrictions, a Participating Employer may establish a “rabbi trust” to provide a source of payments under the Plan in accordance with Rev. Proc. 92-64, or may purchase an insurance policy or other investment
vehicle. A Participate shall comply with the Participating Employer’s reasonable requests for information necessary to obtain such investment. 
 Section 7.03 Liability of Employer. 
 Subject to its obligation to pay Accrued Benefits pursuant to the terms of this Plan, neither
the Employer nor anyone acting on behalf of the Employer shall be liable for any act performed or the failure to perform any act with regard to this Plan, except in the event that there has been a judicial determination of willful misconduct on the
part of the Employer or such person. 
 Section 7.04 Termination of Participation by Participating Employer. 
 Any Participating Employer other than the Sponsor may withdraw from the Plan at any time with regard to its Employees without affecting any other
Participating Employer by giving 30 days’ prior written notice to the Board. In addition, the Sponsor may, in its absolute discretion, terminate any Participating Employer’s participation in the Plan at any time when, in the Sponsor’s
judgment, such Participating Employer is failing or refusing to discharge its obligations under the Plan. 
  

 13 

 Section 7.05 Notices, Data. 
 Each Participant or Beneficiary shall be responsible for furnishing the Committee with the current and proper address for the mailing of notices, reports and benefit payments. Any notice required or permitted to be
given shall be deemed given if directed to the person to whom addressed at such address and mailed by regular United States mail, first-class and prepaid. If any check mailed to such address is returned as undeliverable to the addressee, mailing of
checks will be suspended until the Participant or Beneficiary furnishes the proper address. The Employer, the Committee, and all other persons associated with the Plan’s operation shall have the right to rely on the veracity and accuracy of any
required written data provided by the Participant or the Beneficiary, including age, health and marital status. 
 Section 7.06 Choice of Law. 
 This Plan shall be governed by the laws of the Commonwealth of Pennsylvania, without regard to its conflict of laws provisions, to the extent such law is
not preempted by federal law. 
 Section 7.07 Binding Effect. 
 The terms of this Plan shall be binding on Plan Participants, their Beneficiaries, and their legal representatives, and on the Employer and its successors, assigns, and legal representatives. 
 Section 7.08 Non-alienation. 
 None of the payments, benefits
or rights of any Participant or Beneficiary shall be subject to the claim of any creditor, and, in particular, to the fullest extent permitted by law, all such payments, benefits and rights shall be free from attachments, garnishment, trustee’s
process or any other legal or equitable process available to any credit of such Participant or Beneficiary. However, the Plan will honor a “qualified domestic relations order” under Section 414(p) of the Code to the extent required by
law. 
 Section 7.09 Incapacity. 
 If the
Committee determines that a Participant or Beneficiary is incompetent by reason of legal minority or physical or mental disability, the Committee shall have the power to cause the payments becoming due to such person to be made to another for the
benefit of the minor or incompetent, without responsibility of the Employer or the Committee to see to the application of such payment. Payments made in accordance with the application of such power shall operate as a complete discharge of all
obligations of the Employer and the Committee to the extent of such payment. 
  

 14 

 Section 7.10 Amendment or Termination. 
 This Plan may be amended, suspended or terminated, in whole or in part, at any time by action of the Board in writing. No amendment, suspension or termination shall deprive any Participant of any portion of his
Accrued Benefit deemed to be vested under the Plan as of the date of the amendment, suspension or termination. 
 Section 7.11 Other Plans. 
 Nothing contained in this Plan shall preclude a Participant, to the extent he is otherwise eligible, from participation in any group insurance, pension,
profit-sharing, savings, or other employee benefit plans or programs which the Employer in its discretion may make available to its employees, but the Employer shall not be required to establish, maintain or continue any such plan or program by
reason of this Plan. Any amounts accrued or payable under this Plan shall not be deemed to be salary or other compensation paid to a Participant for purposes of computing contributions to or benefits under any other employee benefit plan or program,
unless specifically required pursuant to such other plan or program. 
 Section 7.12 Integrated Agreement. 
 This Plan document represents the entire agreement between the Participating Employers and the Participants concerning the Participants’ retirement
benefits, except for the Qualified Plan, the Susquehanna Bancshares, Inc. 401(k) Plan, the Susquehanna Bancshares, Inc. 401(k) Excess/Mirror Plan [check], the Susquehanna Bancshares, Inc. Employee Stock Purchase Plan, and Social Security.

 Section 7.13 Severability. 
 If any provision
of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereof, and this Plan shall be construed and enforced as if such provision had not been included. 
 Section 7.14 Withholding. 
 The Employer may withhold any
federal, state or local taxes from any payment due any Participant as it or the Committee determines pursuant to applicable law. 
  

 15 

 Section 7.15 Construction. 
 The masculine gender includes the feminine, and the singular the plural, and vice versa, unless the context clearly requires otherwise. The headings and captions contained herein are provided for convenience only,
shall not be considered part of the Plan, and shall not be employed in the construction of the Plan. 
  

 16 

 IN WITNESS WHEREOF, Susquehanna Bancshares, Inc. has caused its authorized officers to execute this
document this 10th day of December 2008. 
  

			
	SUSQUEHANNA BANCSHARES, INC.
		
	By:	 	/s/ Edward Balderston, Jr.
	Name:	 	Edward Balderston, Jr.
	Title:	 	EVP & CAO
		
	Attest:	 	/s/ Lisa M. Cavage
	Name:	 	Lisa M. Cavage
	Title:	 	Sr.V.P. & Secretary

  

 17 

 APPENDIX A 
 LIST OF PARTICIPANTS 
  

 18 

 APPENDIX B 
 MINIMUM BENEFIT PARTICIPANTS 
  

 19 

 2003 SERP PARTICIPANTS 
 CASH BALANCE MAKE UP SERP 2004 
 PARTICIPANTS APPROVED SBI BOARD
1/21/04 
  

 20Employee Severence Pay Plan

 Exhibit 10.26 
 SUSQUEHANNA BANCSHARES, INC. 
 KEY EMPLOYEE 
 SEVERANCE PAY PLAN 
 AMENDED AND
RESTATED – January 1, 2009 

 ARTICLE I 
 PURPOSE OF PLAN 
 Section 1.01 Purpose of the Plan. The Susquehanna Bancshares, Inc. Key
Employee Severance Pay Plan, as set forth herein, is intended to alleviate financial hardships which may be experienced by senior executives and other key employees of Susquehanna Bancshares, Inc. and the Company’s Affiliates whose employment
is terminated under specified circumstances within one (1) year following a Change of Control of the Company, and to reinforce and encourage the continued attention and dedication of those senior executives and other key employees to their
assigned duties without distraction from a potential Change of Control of the Company. The Plan is not intended to be an “employee pension benefit plan” or a “pension plan” as defined in Section 3(2) of ERISA. Rather, this
Plan is intended to meet the criteria set forth in 29 C.F.R. § 2510.3-2(b) for a “severance pay plan” that is an “employee welfare benefit plan” within the meaning of Section 3(1) of ERISA and severance payments
provided under the Plan are intended to meet the requirements of the “short-term deferral exception” under Treas. Reg. section 1.409A-1(b)(4), the “separation pay exception” under Treas. Reg. section 1.409A-l(b)(9)(iii) and
benefits provided under the Plan are intended to be provided in a manner that either complies with or meets and applicable exception under Section 409A of the Code. In return for the payments and benefits provided to the Participants under the
Plan, each Participant agrees that he or she will not solicit the customers and employees of the Company and its Affiliates under the circumstances described in Article VII of this Plan document. 
 Section 1.02 Restatement of Plan. This amended and restated Plan amends and replaces the earlier Plan dated January, 1999 as well as the
First Amendment dated May 26, 2000, the Second Amendment dated February 22, 2001, the Amended and Restated Plan dated April 20, 2005, the Amended and Restated Plan dated October 18, 2006, and the Amended and Restated Plan dated
December 12, 2007. 
 ARTICLE II 
 DEFINITIONS 
 Section 2.01 “Affiliate” and “Associate” shall have the respective meanings ascribed
to such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act. 
 Section 2.02 “Beneficial Owner” of
any securities shall mean: 
 (i) that such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has the
right to acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding (whether or not in writing) or upon the exercise of conversion rights, exchange rights,
rights, warrants or options, or 

 
warrants or options, or otherwise; provided, however, that a Person shall not be deemed the “Beneficial Owner” of securities tendered
pursuant to a tender or exchange offer made by such Person or any of such Person’s Affiliates or Associates until such tendered securities are accepted for payment, purchase or exchange; 
 (ii) that such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has the right to vote or dispose of or has
“beneficial ownership” of (as determined pursuant to Rule 13d-3 of the General Rules and Regulations under the Exchange Act), including without limitation pursuant to any agreement, arrangement or understanding, whether or not in writing;
provided, however, that a Person shall not be deemed the “Beneficial Owner” of any security under this subsection (ii) as a result of an oral or written agreement, arrangement or understanding to vote such security if
such agreement, arrangement or understanding (A) arises solely from a revocable proxy given in response to a public proxy or consent solicitation made pursuant to, and in accordance with, applicable provisions of the General Rules and
Regulations under the Exchange Act, and (B) is not then reportable by such Person on Schedule 13D under the Exchange Act (or any comparable or successor report); or 
 (iii) where voting securities are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which such Person (or any of such Person’s Affiliates or Associates)
has any agreement, arrangement or understanding (whether or not in writing) for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy as described in the proviso to subsection (ii) above) or disposing of any voting
securities of the Company; 
 provided, however, that nothing in this section shall cause a Person engaged in business as an underwriter of
securities to be the “Beneficial Owner” of any securities acquired through such Person’s participation in good faith in a firm commitment underwriting until the expiration of forty (40) days after the date of such acquisition.

 Section 2.03 “Benefit” or “Benefits” shall mean any or all of the benefits that a Participant is entitled to
receive pursuant to Article V of the Plan. 
 Section 2.04 “Board of Directors” shall mean the Board of Directors of the
Company. 
 Section 2.05 “Change of Control” shall be deemed to have taken place if any of the following occurs: 

(i) any Person is or becomes the Beneficial Owner of securities of the Company (not including in the securities beneficially owned by such Person any
securities acquired directly from the Company or its subsidiaries) representing 25% or more of either the then outstanding shares of stock of the Company or the combined voting power of the Company’s then outstanding Company’s then
outstanding securities; 
  

 2 

 (ii) during any period of 24 consecutive months during the existence of the Plan commencing on or after
the date hereof, the individuals who, at the beginning of such period, constitute the Board of Directors (the “Incumbent Directors”) cease for any reason other than death to constitute at least a majority thereof; provided that a director
who was not a director at the beginning of such 24-month period shall be deemed to have satisfied such 24-month requirement (and be an Incumbent Director) if such director was elected by, or on the recommendation of or with the approval of, at least
two-thirds of the directors who then qualified as Incumbent Directors either actually (because they were directors at the beginning of such 24-month period) or by prior operation of this clause (ii); 
 (iii) the consummation of a merger or consolidation of the Company with any other corporation other than (A) a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent
thereof) at least 60% of the combined voting power of the voting securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the beneficial owner, as defined in clause (a), directly or indirectly, of securities of the Company (not including in the securities beneficially
owned by such Person any securities acquired directly from the Company or its subsidiaries) representing 40% or more of either the then outstanding shares of stock of the Company or the combined voting power of the Company’s then outstanding
securities; or 
 (iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company, or there is
consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at
least 60% of the combined voting power of the voting securities of which are owned by Persons in substantially the same proportion as their ownership of the Company immediately prior to such sale. 
 Upon the occurrence of a Change of Control, no subsequent event or condition shall constitute a Change of Control for purposes of the Plan, with the
result that there can be no more than one Change of Control hereunder. 
 Section 2.06 “Code” shall mean the Internal Revenue
Code of 1986, as amended and the regulations promulgated thereunder. 
  

 3 

 Section 2.07 “Company” shall mean Susquehanna Bancshares, Inc., or any successor thereto.

 Section 2.07 “Compensation” shall mean one hundred ten percent (110%) of the sum of the Participant’s annual base
salary, determined as the greater of (a) the amount in effect on the first day of the calendar quarter immediately preceding a Change of Control or (b) the amount in effect on the first day of the calendar quarter immediately preceding his
or her Termination following a Change of Control. 
 Section 2.08 “Compensation Committee” shall mean the Compensation
Committee of the Board of Directors of the Company, or such other committee as may be designated by the Board of Directors to perform the duties of the Compensation Committee. 
 Section 2.09 “Competitor” means any person (including a Participant), legal entity, business or activity which is in competition with any
services or financial products sold, or any business or activity engaged in, by the Company or any Affiliate within an area of 100 miles of any office or facility of the Company or any Affiliate. 
 Section 2.10 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended and the regulations promulgated by the
Department of Labor thereunder. 
 Section 2.11 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 Section 2.12 “Non-Solicitation Period” shall mean the period following Termination of Employment for any reason that
corresponds to the Benefit that the Participant is eligible to receive following Termination after a Change of Control. For a Benefit of one-half times his or her Compensation, the Non-Solicitation Period shall be six (6) months. For a Benefit
of one times his or her Compensation, the Non-Solicitation Period shall be twelve (12) months. For a Benefit of one and one-half times his or her Compensation, the Non-Solicitation Period shall be eighteen (18) months. For a Benefit of two
times his or her Compensation, the Non-Solicitation Period shall be twenty-four (24) months. 
 Section 2.13 A “Notice of
Termination” shall mean a written notice which, 
 (a) if the Termination of Employment is initiated by the Company as provided in
Section 2.20(i): 
 (i) indicates the specific termination provision in this Plan relied upon, 
  

 4 

 (ii) briefly summarizes the facts and circumstances deemed to provide a basis for termination of the
Participant’s employment under the provision so indicated, and 
 (iii) if the Termination Date is other than the date of receipt of such
notice, specifies the Termination Date (which date shall not be more than fifteen (15) days after the giving of such notice). 
 (b) if
the Termination of Employment is initiated by the Participant as provided in Section 2.20(ii), 
 (i) is provided within thirty
(30) days after the event giving rise to the Termination of Employment for Good Reason occurs, 
 (ii) indicates the specific termination
provision in this Plan relied upon, 
 (iii) briefly summarizes the facts and circumstances deemed to provide a basis for the Termination of
Employment for Good Reason under the provision so indicated, and 
 (iv) specifies the Terminate Date, subject to the Company’s right to
cure the facts and circumstances giving rise to the Participant’s right to resign for Good Reason as described below. 
 A Notice of
Termination provided under this Section 2.13(b) shall become effective on the fifteenth (15th) day following the expiration of the thirty (30) days period following the date of the Notice of Termination only if the circumstances
giving rise to the Termination of Employment for Good Reason (if susceptible to correction) are not corrected by the Company within thirty (30) days following the date of such Notice of Termination. If the Company does not correct the ground(s)
for resignation for Good Reason during the thirty (30) day period following the date of the Participant’s Notice of Termination, the Participant’s Termination of Employment for Good Reason shall become effective on the fifteenth
(15th) day following the expiration of the thirty (30) day cure period. 
 Section 2.14 “Participant” shall mean any
senior executive or other key employee of the Company or any Affiliate of the Company who is approved as eligible to participate in the Plan. 
 Section 2.15 “Person” shall mean any individual, firm, corporation, partnership or other entity. 
  

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 Section 2.16 “Plan” shall mean the Susquehanna Bancshares, Inc. Key Employee Severance Pay
Plan, as set forth herein, and as the same may from time to time be amended. 
 Section 2.17 “Subsidiary” shall have the
meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act. 
 Section 2.18
“Termination Date” shall mean the date of receipt of the Notice of Termination described in Article IV hereof or any later date specified therein, as the case may be. 
 Section 2.19 “Termination of Employment” shall mean the involuntary termination of the Participant’s actual employment relationship
with the Company. 
 Section 2.20 “Termination following a Change of Control” shall mean a Termination of Employment within
one (1) year after a Change of Control either: 
 (i) initiated by the Company for any reason other than (a) the Participant’s
continuous illness, injury or incapacity for a period of twelve (12) consecutive months or (b) for “cause,” which shall mean misappropriation of funds, habitual insobriety, substance abuse, conviction of a crime involving moral
turpitude, or gross negligence in the performance of duties, which gross negligence has had a material adverse effect on the business, operations, assets, properties or financial condition of the Company and its Subsidiaries taken as a whole; or

 (ii) initiated by the Participant upon one or more of the following occurrences, each of which shall constitute “Good Reason”:

  

	 	(A)	any change resulting in a material diminution by the Company of the authority, duties or responsibilities of the Participant; 

  

	 	(B)	any removal by the Company of the Participant from the employment grade, compensation level or officer positions which the Participant holds as of the Change of Control except in
connection with promotions to higher office; provided that such removal results in a material diminution of the Participant’s authority, duties or responsibilities; 

  

	 	(C)	a material change in the geographic location of the Participant’s principal business location that results in the requirement that the Participant undertake business travel (or
commuting in excess of fifty (50) miles each way) to an extent substantially greater than is reasonable and customary for the position the Participant holds. 

  

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 ARTICLE III  
 PARTICIPANTS 
 The Compensation Committee shall from time to time nominate employees of the Company
or any Affiliate to be Participants in the Plan. Nominated employees shall be presented to the Board of Directors for approval. The Board of Directors shall have the authority in its sole discretion from time to time to appoint and remove employees
as Participants in the Plan and to determine the amount of the immediate cash benefit. 
 ARTICLE IV 
 NOTICE OF TERMINATION 
 Any Termination
following a Change of Control shall be communicated by a Notice of Termination to the other party given in accordance with Section 10.05 hereof. 
 ARTICLE V 
 BENEFIT 
 Section 5.01 Amount of Immediate Cash Benefit. Upon a Participant’s Termination following a Change of Control, the Company shall pay the Participant an amount equal to (i) one-half times his or
her Compensation, (ii) one times his or her Compensation, (iii) one and one-half times his or her Compensation, or (iv) two times his or her Compensation, in a lump sum within fifteen (15) days after the Termination Date, subject
to the Participant’s execution and non-revocation of the release described in Section 6.06. The determination of whether a Participant shall be entitled to receive one-half, one, one and one-half, or two times his or her Compensation shall
be in the sole discretion of the Board of Directors acting on the recommendation of the Compensation Committee in accordance with Article III of this Plan. 
 Section 5.02 Additional Benefits. For a period of one (1) year beginning on the Participant’s Termination Date and ending on the one (1) year anniversary of the Participant’s
Termination Date, the Participant shall be entitled to participate in the employee benefits listed below, in the form and manner set forth below: 
 (i) continued coverage under the applicable health plan of the Company pursuant to Code section 4980B for the Participant, his spouse and eligible dependents, which coverage will run concurrent with the coverage provided under section 4980B
of Code, subject to the requirement that the Participant remit the employee portion of premium cost associated with the foregoing coverage; 
  

 7 

 (ii) continued coverage under the applicable life insurance and accidental death and dismemberment
policy(ies) provided by the Company, as well as, the optional accidental death and dismemberment po!icy(ies) purchased by the Participant, if any, which insured the Participant during the term of his employment, subject to the requirement that the
Participant remit the employee portion of premium cost associated with the foregoing coverage, if any. The Participant should consult with the Company concerning any life insurance policies and the Participant’s ability to transfer such policy
to the Participant following the end off the one (1) year following the Participant’s Termination Date; 
 (iii) continued coverage
under the applicable optional short-term disability insurance policy(ies) of the Company purchased by the Participant, if any, subject to the requirement that the Participant remit the employee portion of premium cost associated with the foregoing
coverage; and 
 (iv) if the Participant participates in a tax-qualified defined benefit plan maintained by the Company or one of its
Affiliates immediately before the Participant’s Termination Date, the Participant shall continue to accrue an additional benefit under the applicable tax-qualified defined benefit plan by taking into account the compensation paid to the
Participant under Section 5.01 as compensation for purposes of the applicable plan and increasing the Participant’s years of benefit service under the applicable plan by the number of years in the Non-Solicitation Period, subject in all
events to the terms of the tax-qualified defined benefit plan. 
 Section 5.03. Other Payments. The Benefits due under this
Article V shall be in addition to and not in lieu of any payments or benefits due to the Participant under any other plan, policy or program of the Company, except that if a Participant receives Benefits under this Plan following a Change of
Control, the Participant shall not be entitled to receive additional payments as a result of the same Change of Control under the Company’s severance pay plan for employees. 
 Section 5.04. Payment Delay Under Section 409A. Notwithstanding anything provision of this Plan to the contrary, if, at the time of the
Participant’s Termination of Employment, the Company has securities which are publicly traded on an established securities market and the Participant is a “specified employee” (as such term is defined in section 409A of the Code) and
it is necessary to postpone the commencement of any payments or benefits otherwise payable under the Plan as a result of the Participant’s Termination of Employment to prevent any accelerated or additional tax under section 409A of the Code,
then the Company will postpone the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Participant) that are not otherwise paid within the
“short-term deferral exception” and the “separation pay exception” under Treas. Reg. sections 1.409A-1(b)(4) and 1.409A-1(b)(9)(iii), until the first payroll date that occurs after the date that is six (6) months following
the Participant’s “separation of service” (within the 

  

 8 

 
Participant’s “separation of service” (within the meaning of such term under section 409A of the Code) with the Company. If any payments are
postponed due to such requirements, such postponed amounts will be paid in a lump sum to the Participant on the first payroll date that occurs after the date that is six (6) months following the Participant’s “separation of
service” with the Company. If the Participant dies during the postponement period prior to the payment of postponed amount, the amounts withheld on account of section 409A of the Code shall be paid to the personal representative of the
Participant’s estate within sixty (60) days after the date of the Participant’s death. A “specified employee” shall mean an employee who, at any time during the twelve (12) month period ending on the identification
date, is a “specified employee” under section 409A of the Code, as determined by the Compensation Committee or its designee. The determination of specified employees, including the number and identity of persons considered specified
employees and the identification date, shall be made by the Compensation Committee or its designee in accordance with the provisions of sections 416(i) and 409A of the Code. 
 ARTICLE VI 
 ENFORCEMENT AND REMEDIES 
 Section 6.01 Interest. In the event that the Company shall fail or refuse to make payment of any amounts or provide any other Benefits due
the Participant under Article V hereof within the respective time periods provided therein, for any reason other than on account of the six (6) month delay provided in Section 5.04, the Company shall pay to the Participant, in addition to
the payment of any other sums provided in this Plan, interest, compounded daily, on any amount remaining unpaid (including the amount of any other Benefit due but unpaid) from the date payment is required under Article V, as appropriate, until paid
to the Participant, at the rate from time to time announced by Chase Manhattan Company as its “prime rate” plus two percent (2%), each change in such rate to take effect on the effective date of the change in such prime rate. 

Section 6.02 Expenses. It is the intent of the Company that the Participant not be required to incur any expenses associated with the
successful enforcement of his rights under this Plan by arbitration, litigation or other legal action because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Participant hereunder.
Accordingly, the Company shall pay the Participant on demand the amount necessary to reimburse the Participant in full for all expenses (including reasonable attorneys’ fees and legal expenses) incurred by the Participant in successfully
enforcing any of the obligations of the Company under this Plan. 
 Section 6.03 No Mitigation. The Participant shall not be
required to mitigate any Benefit provided for in this Plan by seeking other employment or otherwise, nor shall any Benefit provided for herein be reduced by any compensation earned or benefit received through other employment or otherwise.

  

 9 

 Section 6.04 No Set-Off. The Company’s obligation to make the payments provided for in
this Plan and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Participant
or others. 
 Section 6.05 Taxes. Any payment required under this Plan shall be subject to all requirements of the law with
regard to the withholding of taxes, filing, making of reports and the like, and the Company shall use its best efforts to satisfy promptly all such requirements. 
 Section 6.06 Acknowledgment; Release. Prior to receiving any lump sum payments to which the Participant is entitled under this Plan, the Participant will be required to sign an acknowledgment of receipt
and release of claims in a form acceptable to the Company. 
 ARTICLE VII 
 NON-SOLICITATION BY PARTICIPANT 
 Section 7.01 Non-Solicitation of
Customers and Prospects. While a Participant is employed by the Company or an Affiliate; and, during the applicable Non-Solicitation Period following Termination of Employment for any reason; the Participant will not solicit any person who was a
customer of the Company or any Affiliate during the period of the Participant’s employment with the Company or an Affiliate to become a customer of a Competitor, or solicit on behalf of a Competitor potential customers who are or were
identified through leads developed during the course of the Participant’s employment with the Company or any Affiliate, or otherwise divert or attempt to divert to a Competitor any existing business of the Company or any Affiliate. 

Section 7.02 Non-Solicitation of Employees. While a Participant is employed by the Company or an Affiliate; and, during the applicable
Non-Solicitation Period following Termination of Employment for any reason; the Participant will not, directly for him or herself or any third party, solicit, induce, recruit or cause another person in the employment of the Company or any Affiliate
to terminate his or her employment for the purposes of joining, associating, or becoming employed with any business or activity which is in competition with any services or financial products sold, or any business or activity engaged in, by Company
or any Affiliate. 
 Section 7.03 Enforcement. The Participant understands that in the event of a violation of any provision of
this Article, the Company or any Affiliate shall have the right to seek injunctive relief, in addition to any other existing rights provided in the Plan or by operation of law, without the requirement of posting bond. The remedies provided in this
section shall be in addition to any legal or equitable remedies existing at law or provided for in any other agreement between the Participant, the Company or any Affiliate, and shall not be construed as a limitation upon, or as 

  

 10 

 
limitation upon, or as an alternative or in lieu of, any such remedies. If any provisions of this section shall be determined by a court of competent
jurisdiction to be unenforceable in part by reason of it being too great a period of time or covering too great a geographical area, it shall be in full force and effect as to that period of time or geographical area determined to be reasonable by
the court. 
 ARTICLE VIII  
 AMENDMENT AND TERMINATION 
 Section 8.01 Amendment, Suspension and Termination. The Company, acting through the
Board of Directors, retains the right, at any time and from time to time prior to a Change of Control, to amend, suspend or terminate the Plan in whole or in part, for any reason, and without either the consent of or the prior notification to any
Participant. No such amendment, suspension or termination shall be permitted upon or after a Change of Control. No such amendment shall give the Company the right to recover any amount paid to a Participant prior to the date of such amendment or to
cause the cessation and discontinuance of Benefits to any person or persons under the Plan already receiving Benefits. 
 ARTICLE IX  

 CLAIMS PROCEDURES 
 Section 9.01 Application for Benefits. Each Participant believing himself/herself eligible for Benefits under this Plan may apply for such Benefits by filing with the Board of Directors a written request for Benefits, which
request may comprise a Notice of Termination delivered by the Participant. 
 Section 9.02 Appeals of Denied Claims for Benefits.
In the event that any claim for Benefits is denied in whole or in part, the Participant (or beneficiary, if applicable) whose claim has been so denied shall be notified of such denial in writing by the Board of Directors. The notice advising of the
denial shall specify the reason or reasons for denial, make specific reference to pertinent Plan provisions, describe any additional material or information necessary for the claimant to perfect the claim (explaining why such material or information
is needed), and shall advise the Participant of the procedure for the appeal of such denial, including a statement of the Participant’s right to bring a civil action under section 502(a) of ERISA following an adverse benefit determination on
appeal. All appeals shall be made by the following procedure: 
 (a) The Participant whose claim has been denied shall file with the Board of
Directors a notice of desire to appeal the denial. Such notice shall be filed within sixty (60) days of notification by the Board of Directors of claim denial, shall be made in writing, and shall set forth all of the facts upon which the appeal
is based. 
  

 11 

 (b) The Board of Directors shall, within thirty (30) days of receipt of the Participant’s
notice of appeal, establish a hearing date on which the Participant may make an oral presentation to the Board of Directors in support of his/her appeal. The Participant shall be given not less than ten (10) days notice of the date set for the
hearing. 
 (c) The Board of Directors shall consider the merits of the claimant’s written and oral presentations, the merits of any
facts or evidence in support of the denial of benefits, and such other facts and circumstances as the Board of Directors shall deem relevant. If the claimant elects not to make an oral presentation, such election shall not be deemed adverse to
his/her interest, and the Board of Directors shall proceed as set forth below as though an oral presentation of the contents of the claimant’s written presentation had been made. 
 (d) The Board of Directors shall render a determination upon the appealed claim, within sixty (60) days of the hearing date, which determination
shall be accompanied by a written statement setting forth the specific reasons for the decision, written in a manner calculated to be understood by the Participant, specific references to the pertinent Plan provisions on which the decision is based,
reference to the Participant’s right to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim for benefits and statement regarding the
Participant’s right to bring a civil action under section 502(a) of ERISA. 
 ARTICLE X  
 MISCELLANEOUS 
 Section 10.01
Nonalienation of Benefits. None of the payments, Benefits or rights of any Participant shall be subject to any claim of any creditor, and, in particular, to the fullest extent permitted by law, all such payments, Benefits and rights shall be
free from attachment, garnishment, trustee’s process, or any other legal or equitable process available to any creditor of such Participant. No Participant shall have the right to alienate, anticipate, commute, pledge, encumber or assign any of
the Benefits or payments which he/she may expect to receive, contingently or otherwise, under this Plan. 
 Section 10.02 No Contract
of Employment. Neither the establishment of the Plan, nor any modification thereof, nor the payment of any Benefits shall be construed as giving any Participant, or any person whosoever, the right to be retained in the service of the Company,
and all Participants shall remain subject to discharge to the same extent as if the Plan had never been adopted. 
 Section 10.03
Severability of Provisions. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such
provisions had not been included. 
  

 12 

 Section 10.04 Successors, Heirs, Assigns, and Personal Representatives. This Plan shall be
binding upon the heirs, executors, administrators, successors and assigns of the parties, including each Participant, present and future. The Company shall require any successor or successors (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, or a division thereof, to acknowledge expressly that this Plan is binding upon and enforceable against the Company in accordance with the terms
hereof, and to become jointly and severally obligated with the Company to perform this Plan in the same manner and to the same extent that the Company would be required to perform if no such succession or successions had taken place. 
 Section 10.05 Notice. Any Notice of Termination delivered pursuant to Article IV shall be delivered, if by the Company, to the Participant at
his or her last known address, and if by the Participant, to the Corporate Secretary of the Company at the Company’s corporate headquarters, personally, by registered or certified mail, return receipt requested, or by overnight express courier
service. Any such notice shall be deemed delivered and effective when received in the case of personal delivery, five (5) days after deposit, postage prepaid, with the U.S. Postal Service in the case of registered or certified mail, or on the
next business day in the case of overnight express courier service. 
 Section 10.06 Headings and Captions. The headings and
captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan. 
 Section 10.07 Gender and Number. Except where otherwise clearly indicated by context, the masculine and the neuter shall include the feminine and the neuter, the singular shall include the plural, and
vice-versa. 
 Section 10.08 Unfunded Plan. The Plan shall not be funded. The Company may, but shall not be required to, set
aside or earmark an amount necessary to provide the Benefits specified herein (including the establishment of trusts). In any event, no Participant shall have any right to, or interest in, any assets of the Company which may be applied by the
Company to the payment of Benefits. 
 Section 10.09 Payments to Incompetent Persons, Etc. Any benefit payable to or for the
benefit of a minor, an incompetent person or other person incapable of receipting therefor shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and
such payment shall fully discharge the Company, the Board of Directors and all other parties with respect thereto. 
 Section 10.10
Lost Payees. A Benefit shall be deemed forfeited if the Board of Directors is unable to locate a Participant to whom a Benefit is due. Such Benefit shall be reinstated if application is made by the Participant for the forfeited Benefit while
this Plan is in operation and within three years from the date of the Participant’s Termination Date. 
  

 13 

 Section 10.11 Controlling Law. This Plan shall be construed and enforced according to the
laws of the Commonwealth of Pennsylvania to the extent not preempted by Federal law. 
 Section 10.12 Code Section 409A.

 (a) The Plan shall be interpreted to avoid any penalty sanctions under Code section 409A. If any payment or benefit cannot be provided or
made at the time specified herein without incurring sanctions under Code section 409A, then such benefit or payment shall be provided in full at the earliest time thereafter when such sanctions shall not be imposed. To the extent that any provision
of the Plan would cause a conflict with the requirements of section 409A of the Code, or would cause the administration of the Plan to fail to satisfy the requirements of section 409A, such provision shall be deemed null and void to the extent
permitted by applicable law. For purposes of section 409A of the Code, all payments to be made upon a Termination of Employment may only be made upon the Participant’s “separation from service” (within the meaning of such term under
section 409A of the Code), each payment made under the Plan shall be treated as a separate payment, and the right to a series of installment payments under the Plan shall be treated as a right to a series of separate payments. In no event shall the
Participant, directly or indirectly, designate the calendar year of payment, except as permitted under section 409A of the Code. 
 (b) All
reimbursements and in kind benefits provided under the Plan shall be made or provided in accordance with the requirements of Code section 409A, including, where applicable, the requirement that (i) any reimbursement shall be for expenses
incurred during the Participant’s lifetime (or during a shorter period of time specified in the Plan), (ii) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses
eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense shall be made on or before the last day of the calendar year following the year in which the expense is
incurred, and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit. 
 [SIGNATURE PAGE FOLLOWS] 
  

 14 

 IN WITNESS WHEREOF, the Company has caused the Plan to be executed by its duly authorized officers and
its corporate seal to be affixed hereto as of the 15 day of October, 2008. 
  

									
		 		 	SUSQUEHANNA BANCSHARES, INC.
	Attest:	 		 	
				
	

	 		 	By:	 	

	Secretary	 		 		 	Chairman & CEO

  

 15

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