Document:

Exhibit 10.10

 

 

WASHINGTON MUTUAL, INC.

 

SUPPLEMENTAL EXECUTIVE RETIREMENT
ACCUMULATION PLAN

 

(Amended and Restated)

 

 

Effective January 1, 2004

 

 

WASHINGTON MUTUAL, INC.

 

SUPPLEMENTAL EXECUTIVE RETIREMENT
ACCUMULATION PLAN

 

Effective January 1, 2004

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
  NATURE OF PLAN

  	
   

  	
  5

  
	
  1.1

  	
  PURPOSE

  	
   

  	
  5

  
	
  1.2

  	
  TOP HAT PLAN

  	
   

  	
  5

  
	
  1.3

  	
  UNFUNDED PLAN

  	
   

  	
  5

  
	
  ARTICLE II

  	
  DEFINITIONS AND CONSTRUCTION

  	
   

  	
  6

  
	
  2.1

  	
  ACCOUNTS

  	
   

  	
  6

  
	
  2.2

  	
  ANNUAL LEADERSHIP BONUS

  	
   

  	
  6

  
	
  2.3

  	
  BENEFICIARY

  	
   

  	
  6

  
	
  2.4

  	
  CODE

  	
   

  	
  6

  
	
  2.5

  	
  COMPANY

  	
   

  	
  6

  
	
  2.6

  	
  COMPENSATION

  	
   

  	
  7

  
	
  2.7

  	
  COMMITTEE

  	
   

  	
  7

  
	
  2.8

  	
  DISABLED OR DISABILITY

  	
   

  	
  7

  
	
  2.9

  	
  ELIGIBLE EMPLOYEE

  	
   

  	
  7

  
	
  2.10

  	
  EMPLOYEE

  	
   

  	
  7

  
	
  2.11

  	
  EMPLOYER

  	
   

  	
  7

  
	
  2.12

  	
  ERISA

  	
   

  	
  7

  
	
  2.13

  	
  FORMER EMPLOYEE PARTICIPANT

  	
   

  	
  7

  
	
  2.14

  	
  HUMAN RESOURCES COMMITTEE

  	
   

  	
  7

  
	
  2.15

  	
  PARTICIPANT

  	
   

  	
  7

  
	
  2.16

  	
  PENSION PLAN

  	
   

  	
  7

  
	
  2.17

  	
  PLAN

  	
   

  	
  7

  
	
  2.18

  	
  PLAN YEAR

  	
   

  	
  8

  
	
  2.19

  	
  RELATED EMPLOYER

  	
   

  	
  8

  
	
  2.20

  	
  YEAR OF EXECUTIVE SERVICE

  	
   

  	
  8

  
	
  ARTICLE III

  	
  BENEFITS

  	
   

  	
  9

  
	
  3.1

  	
  PARTICIPANT’S ACCOUNTS

  	
   

  	
  9

  
	
  3.2

  	
  BENEFITS CREDITED TO ACCOUNTS

  	
   

  	
  9

  
	
  3.3

  	
  INTEREST CREDITED TO ACCOUNTS

  	
   

  	
  9

  
	
  ARTICLE IV

  	
  PAYMENT OF BENEFITS

  	
   

  	
  11

  
					

 

1

 

	
  4.1

  	
  PAYMENT COMMENCEMENT DATE

  	
   

  	
  11

  
	
  4.2

  	
  PAYMENT OPTIONS

  	
   

  	
  11

  
	
  4.3

  	
  DETERMINATION OF
  NONFORFEITABLE BENEFITS

  	
   

  	
  11

  
	
  4.4

  	
  UPON DEATH OF PARTICIPANT

  	
   

  	
  12

  
	
  4.5

  	
  PAYMENT IN THE EVENT OF
  LEGAL DISABILITY

  	
   

  	
  12

  
	
  4.6

  	
  ACCOUNTS CHARGED

  	
   

  	
  12

  
	
  4.7

  	
  UNCLAIMED ACCOUNTS

  	
   

  	
  13

  
	
  ARTICLE V

  	
  PLAN ADMINISTRATION COMMITTEE

  	
   

  	
  14

  
	
  5.1

  	
  APPOINTMENT

  	
   

  	
  14

  
	
  5.2

  	
  TERM

  	
   

  	
  14

  
	
  5.3

  	
  COMPENSATION

  	
   

  	
  14

  
	
  5.4

  	
  POWERS OF PLAN ADMINISTRATION COMMITTEE

  	
   

  	
  14

  
	
  5.5

  	
  ADJUSTMENTS

  	
   

  	
  15

  
	
  5.6

  	
  MANNER OF ACTION

  	
   

  	
  15

  
	
  5.7

  	
  AUTHORIZED REPRESENTATIVE

  	
   

  	
  15

  
	
  5.8

  	
  INTERESTED MEMBER

  	
   

  	
  15

  
	
  5.9

  	
  INDEMNITY

  	
   

  	
  15

  
	
  ARTICLE VI

  	
  PARTICIPANT ADMINISTRATIVE PROVISIONS

  	
   

  	
  16

  
	
  6.1

  	
  BENEFICIARY DESIGNATION

  	
   

  	
  16

  
	
  6.2

  	
  PERSONAL DATA TO PLAN ADMINISTRATION COMMITTEE

  	
   

  	
  16

  
	
  6.3

  	
  ADDRESS FOR NOTIFICATION

  	
   

  	
  16

  
	
  6.4

  	
  PLACE OF PAYMENT AND PROOF OF CONTINUED ELIGIBILITY

  	
   

  	
  16

  
	
  6.5

  	
  ASSIGNMENT OR ALIENATION

  	
   

  	
  17

  
	
  6.6

  	
  INFORMATION AVAILABLE

  	
   

  	
  17

  
	
  6.7

  	
  BENEFICIARY’S RIGHT TO INFORMATION

  	
   

  	
  17

  
	
  6.8

  	
  CLAIMS PROCEDURE

  	
   

  	
  17

  
	
  6.9

  	
  APPEAL PROCEDURE FOR DENIAL OF BENEFITS

  	
   

  	
  17

  
	
  6.10

  	
  NO RIGHTS IMPLIED

  	
   

  	
  18

  
	
  6.11

  	
  RIGHT TO OFFSET FOR TAXES, OTHER OBLIGATIONS

  	
   

  	
  18

  
	
  ARTICLE VII

  	
  AMENDMENT AND TERMINATION

  	
   

  	
  20

  
	
  7.1

  	
  AMENDMENT

  	
   

  	
  20

  
	
  7.2

  	
  TERMINATION

  	
   

  	
  20

  
	
  ARTICLE VIII

  	
    MISCELLANEOUS

  	
   

  	
  21

  
	
  8.1

  	
  EXECUTION OF RECEIPTS AND RELEASES

  	
   

  	
  21

  
	
  8.2

  	
  EMPLOYER RECORDS

  	
   

  	
  21

  
	
  8.3

  	
  EVIDENCE

  	
   

  	
  21

  
	
  8.4

  	
  SEVERABILITY

  	
   

  	
  21

  
					

 

 

	
  8.5

  	
  NOTICE

  	
   

  	
  21

  
	
  8.6

  	
  WAIVER OF NOTICE

  	
   

  	
  21

  
	
  8.7

  	
  SUCCESSORS

  	
   

  	
  21

  
	
  8.8

  	
  HEADINGS

  	
   

  	
  22

  
	
  8.9

  	
  GOVERNING LAW

  	
   

  	
  22

  

 

 

WASHINGTON MUTUAL, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT
ACCUMULATION PLAN

 

Effective January 1, 2004

 

PREAMBLE

 

The Supplemental Executive Retirement Accumulation Plan (“SERAP”) was
established effective January 1, 1996 by the Compensation and Stock Option
Committee of the Board of Directors of Washington Mutual, Inc. The purpose of
the SERAP was to provide certain executives with retirement income to
supplement the retirement income provided by the Company’s qualified retirement
plans and the nonqualified plans for executives.

 

On October 19, 2004, the Human Resources Committee approved a new
executive retirement plan (the “Executive Target Replacement Income Plan” or
the “ETRIP”) for executives at levels 1, 2 and 3. As a result, effective
January 1, 2004, executives at levels 1, 2, and 3 are no longer eligible to
receive benefit credits under Section 3.2 of this Plan, but will be eligible
for interest credits under Section 3.3 of the Plan on accrued balances in their
Accounts.

 

The Human Resources Committee also approved changes to the formula used
to determine benefit credits under Section 3.2 for level 4 and 5 employees who
remain eligible for this Plan. The new formula will take into account executive
service with the Company without regard to the Participant’s age.

 

 

ARTICLE I

NATURE OF PLAN

 

1.1          Purpose.
The purpose of this Plan is to provide retirement benefits to certain executive
employees of the Company and its affiliates that supplement the benefits
accrued under the Retirement Plans.

 

1.2          Top
Hat Plan. The Plan is an unfunded plan maintained primarily to provide
deferred compensation benefits for a select group of management or highly
compensated employees (within the meaning of sections 201(2), 301(a)(3), and
401(a)(1) of ERISA), and is intended to be exempt from Parts 2, 3, and 4 of
ERISA.

 

1.3          Unfunded
Plan. This Plan is established as an unfunded plan of deferred
compensation. The compensation that is payable hereunder and interest that
accrues thereon are represented solely by bookkeeping entries on accounts
maintained by the Plan Administration Committee. No funds are held in trust or
otherwise segregated for the sole purpose of paying Plan benefits. All Plan
benefits are payable solely from the general assets of the Company. Participants
and Beneficiaries shall have no legal or equitable rights, interest or claims
in any specific collateral, property or assets of the Company, but shall be
general unsecured creditors of the Company until benefits are paid hereunder. The
Company may from time to time reserve assets in a general account or grantor
trust owned by the Company for the purpose paying liabilities that are accrued
under this Plan.

 

End of Article I

 

 

ARTICLE II

DEFINITIONS AND CONSTRUCTION

 

For the purpose of this Plan, the following definitions shall apply
unless the context requires otherwise. Words used in the masculine gender shall
apply to the feminine, where applicable, and wherever the context of the Plan
dictates, the plural shall be read as the singular and the singular as the
plural. The words “Article” or “Section” in this Plan shall refer to an Article
or Section of this Plan unless specifically stated otherwise. Compounds of the
word “here,” such as “herein” and “hereof” shall be construed to refer to
another provision of this Plan, unless otherwise specified or required by the
context.

 

In determining the time within which an event or action is to take
place for purposes of the Plan, no fraction of a day shall be considered, and
any act, the performance of which would fall on a Saturday, Sunday, holiday
observed by the Company, or other non-business day, may be performed on the next
following business day.

 

2.1          Accounts.
The separate bookkeeping records that are established and maintained by the
Plan Administration Committee to record any amounts credited on behalf of each
Participant under the terms of the Plan. A Participant’s Account shall only
include the amounts actually credited thereto by the Committee.

 

2.2          Annual
Leadership Bonus.  The bonus paid under the Annual Leadership
Bonus Plan. For purposes of this Plan, Annual Leadership Bonus shall also
include annual bonuses paid by Washington Mutual Advisors, Inc. and any other
annual bonuses that are approved for inclusion by the committee, in its
discretion.

 

2.3          Beneficiary.
Any person or fiduciary designated by a Participant who is or may become
entitled to a benefit under the Plan following the death of the Participant; provided, that, in the case of a married
Participant, the Participant’s Beneficiary shall be the Participant’s surviving
spouse unless the Participant’s spouse (i) consents in writing to the
designation of another party as Beneficiary of all or a part of the benefit to
which the Participant may become entitled under the Plan, (ii) such election
designates a Beneficiary which may not be changed without spousal consent (or
the consent of the spouse expressly permits designations by the Participant
without any requirement of further spousal consent), (iii) the spouse’s consent
acknowledges the effect of such election, and (iv) such consent is witnessed by
a notary public or a member of the Plan Administration Committee. Such spousal
consent shall not be required if it is established to the satisfaction of the
Plan Administration Committee that such consent cannot be obtained because the
spouse cannot be located (and any other circumstances the Secretary of the Treasury
may prescribe by regulations). Any consent by a spouse hereunder shall be
effective only with respect to that spouse.

 

2.4          Code. The Internal Revenue Code of 1986, as
amended.

 

2.5          Company. Washington Mutual, Inc. or any successor
thereto.

 

 

2.6          Compensation.
A Participant’s compensation, determined according to the definition of “compensation”
under the Pension Plan for the Plan Year, without regard to the limitations of
section 401(a)(17) of the Code contained in the Pension Plan, that is actually
paid or made available to the Participant during such year, less the maximum
amount of compensation that can be considered under section 401(a)(17)(A) of
the Code, as adjusted by section 401(a)(17)(B) of the Code.

 

2.7          Committee. The Plan Administration Committee, as it
is appointed from time to time by the Human Resources Committee pursuant to Article
V.

 

2.8          Disabled
or Disability. A Participant is Disabled when he is determined to be
disabled under the terms of the WaMu Pension Plan.

 

2.9          Eligible
Employee. Effective January 1, 2004, an Employee who is classified as a
level 4 or level 5 employee. An Employee’s status as an Eligible Employee shall
be determined separately for each Plan Year as of the end of the Plan Year. All
other Employees are ineligible, provided that the Human Resources Committee,
may, in its discretion, designate any other Employee as eligible and may
designate any Employee who would otherwise be eligible as ineligible in any
Plan Year.

 

2.10        Employee.
Any employee of an Employer; specifically excluding, however, a person
who is a nonresident alien who receives no earned income that constitutes
income from sources within the United States.

 

2.11        Employer. The Company and any Related Employer
designated by the Human Resources Committee from time to time whether explicit
or implicit.

 

2.12        ERISA. The Employee Retirement Income Security
Act of 1974, as amended.

 

2.13        Former
Employee Participant. Any individual who is a Participant, but who has
terminated employment, and who has not yet received the entire benefit to which
he or she is entitled under the Plan, and any individual who was previously an
Eligible Employee and who has become ineligible for any reason.

 

2.14        Human
Resources Committee. The Human
Resources Committee of the Board of Directors of the Company.

 

2.15        Participant.
An individual who is or has been an Eligible Employee.

 

2.16        Pension
Plan. The WaMu Pension Plan.

 

2.17        Plan.
The Washington Mutual, Inc. Supplemental Executive Retirement Accumulation Plan
as embodied herein and as amended from time to time.

 

 

2.18        Plan
Year. The fiscal year of the Plan, which is the period from January 1
through December 31 of each year.

 

2.19        Related
Employer. Any business entity that is, along with an Employer, (i) a
member of a controlled group of corporations (as defined by section 414(b) of
the Code), (ii) a member of a group of trades or businesses (whether or not
incorporated) that are under common control (as defined by section 414(c) of
the Code), (iii) a member of an affiliated service group (as defined by section
414(m) of the Code), or (iv) any other entity described by Treasury Regulations
promulgated pursuant to section 414(o) of the Code.

 

2.20        Year
of Executive Service. Effective January 1, 2004, Eligible Employees
will be credited with a year of service for each Plan Year in which they are an
Eligible Employee on December 31st of that Plan Year.

 

End of Article II

 

 

ARTICLE III

BENEFITS

 

3.1          Participant’s Accounts.  The Committee shall establish for each
Participant one or more Accounts, as appropriate, to which shall be allocated
the proper benefit accruals hereunder, together with interest credited thereto
and less the distributions therefrom. For each Eligible Employee who was a
Participant on January 1, 2004, his Accounts shall include with the balance in
his Accounts as of December 31, 2003.

 

3.2          Benefits Credited to Accounts.  For Plan Years beginning on or after January
1, 2004, unless the Committee determines otherwise, credits shall be made in
accordance with the following schedule:

 

	
  Years of Executive Service:

  	
   

  	
  Benefit
  Credit 

  (Percentage of Compensation):

  	
   

  
	
  Less than 3

  	
   

  	
  3

  	
  %

  
	
  3

  	
   

  	
  3

  	
  %

  
	
  4

  	
   

  	
  4

  	
  %

  
	
  5

  	
   

  	
  5

  	
  %

  
	
  6

  	
   

  	
  6

  	
  %

  
	
  7

  	
   

  	
  7

  	
  %

  
	
  8

  	
   

  	
  8

  	
  %

  
	
  9

  	
   

  	
  9

  	
  %

  
	
  10

  	
   

  	
  10

  	
  %

  
	
  11

  	
   

  	
  11

  	
  %

  
	
  12

  	
   

  	
  12

  	
  %

  
	
  More than 12

  	
   

  	
  12

  	
  %

  

 

Notwithstanding the preceding, any Participant who was a Participant
prior to January 1, 2004, and who’s Benefit Credit Percentage for the Plan Year
per the above schedule is less than the Benefit Credit rate for the 2003 Plan
Year (“2003 Rate”), shall receive a Benefit Credit based on the 2003 Rate for
that Plan Year.

 

3.3          Interest Credited to Accounts.  Each Participant’s Account and each Former
Employee Participant’s Accounts shall be credited with interest on the balance
in his or her Account.

 

(1)           Interest Rate. The rate of interest shall
be equal to the rate that would have been paid by the Company at the beginning
of the Plan Year had it issued unsecured junior debt with a maturity date of
ten years. If the Company did not make such a debt offering at or near the
beginning of the Plan Year for which the interest rate is being determined, the
Plan Administration Committee shall, in its discretion, determine this rate by
reference to the following: (i) the rates paid on similar debt offerings of
comparably rated financial institutions, and (ii) an estimate of the probable
interest rate on such a debt offering from at least one nationally-recognized 

 

 

investment banking firm. The Committee may, in its discretion,
determine the rate for the following Plan Year at any time during the Plan Year.
The interest rate so determined will be set forth in writing and kept with the
Plan records. The Human Resources Committee may, in its discretion, determine
that interest credits shall cease with respect to any Participant’s Accounts.

 

(2)           Timing. Interest will be credited on a
regular basis (at least annually) and prior to the crediting of benefits
described in Section 3.2 to the Accounts of all Participants.

 

End of Article III

 

 

ARTICLE IV

PAYMENT OF BENEFITS

 

4.1.         Payment Commencement Date. A Participant shall receive payment of the nonforfeitable balance of his
Accounts commencing as soon as administratively possible after termination of
employment with the Company and all Related Employers. Notwithstanding the
preceding, if the Participant is a Key Employee as set forth in Section 409A of
the Code, payments shall commence no earlier than 6 months after termination of
employment.

 

4.2.         Payment Options.  In general, a Participant shall receive
payment of the nonforfeitable balance in his Accounts in the form of a single
lump sum payment as soon as administratively feasible after the Payment
Commencement Date. However, if the Participant meets the requirements set forth
in subparagraph (a) below, he may elect another form of payment pursuant to
subparagraph (b) below. In the absence of any election, payment will be made in
the form of a lump sum.

 

(a)           To
be eligible to make an election to receive payment in a form set forth in
4.2(b), a Participant must meet each of the following requirements:

 

(i)            The
balance in his account on the Payment Commencement Date must exceed $100,000;
and

 

(ii)           The
election must be made at least twelve (12) months prior to the Payment
Commencement Date.

 

(b)           A
Participant who meets the requirements of Section 4.2(a) may elect to receive
payment of his nonforfeitable balance in a series of installments over a period
of up to ten (10) years. If a Participant makes an election pursuant to Section
4.2, such elections shall be null and void if the balance of his Accounts does
not exceed $100,000 at the time of termination.

 

4.3.         Determination of Nonforfeitable Benefits.
The nonforfeitable benefit for any Participant shall be determined as follows:

 

(a)           If
the Participant terminates employment as a result of death or Disability, his
Accounts shall be fully nonforfeitable;

 

(b)           If
the Participant engages in dishonesty, his Account shall be fully forfeited,
regardless of his Years of Executive Service. For this purpose, dishonesty
means that the Participant has engaged in an act of fraud, embezzlement, theft
or any other crime of moral turpitude or has otherwise been dishonest in his
relationship with the Employer (without necessity of formal criminal
proceedings being initiated) and the Participant’s employment terminated by
either discharge or resignation, all as determined by the Committee.

 

 

(c)           The
following vesting schedule shall apply if a Participant has not engaged in an
act of dishonesty, as described in paragraph (b):

 

 

	
  Years of 

  Executive Service

  	
   

  	
  Percent 

  Vested

  	
   

  
	
  Fewer than 2

  	
   

  	
  0

  	
  %

  
	
  2

  	
   

  	
  25

  	
  %

  
	
  3

  	
   

  	
  50

  	
  %

  
	
  4

  	
   

  	
  75

  	
  %

  
	
  5 or more

  	
   

  	
  100

  	
  %

  

 

(d)           Notwithstanding
the preceding, any Participant whose nonforfeitable percentage under this
section is less than his nonforfeitable percentage under the terms of the Plan
for the 2003 Plan Year, shall have his nonforfeitable benefit determined at the
higher of the two percentages.

 

4.4.         Upon
Death of Participant. Upon the death of a Participant, his entire
balance will be paid to his Beneficiary, as determined under Section 6, in a
lump sum as soon as administratively feasible, provided that the balance in his
Accounts immediately after his death is less than $100,000. If his balance
immediately after his death is $100,000 or more, the balance will be paid in
three annual installments.

 

4.5.         Payment in the Event of Legal Disability.
Payments to any Participant, Former Employee Participant, or Beneficiary shall
be made to the recipient entitled in form satisfactory to the Plan
Administration Committee, except when the recipient entitled thereto shall be
under a legal disability, or, in the judgment of the Committee, shall otherwise
be unable to apply such payment in furtherance of such recipient’s own interest
and advantage. The Committee may, in such event, direct all or any portion of
such payments to be made in any one or more of the following ways:

 

(a)           to such person directly;

 

(b)           to the guardian or estate of such person;

 

(c)           to
a relative or friend of such person, to be expended for such person’s benefit;
or

 

(d)           to
a custodian for such person under any Uniform Gifts to Minors Act.

 

4.6.         Accounts Charged. The
Committee shall charge all distributions made to a Participant or to such
Participant’s Beneficiary from and against the Accounts of the Participant when
made.

 

 

4.7.         Unclaimed Accounts. Neither
the Employer nor the Committee shall be obliged to search for or ascertain the
whereabouts of any Participant or Beneficiary. The Committee, by certified or
registered mail addressed to his last known address of record with the
Committee or Employer, shall notify any Participant or Beneficiary that he is
entitled to a distribution under this Plan, and the notice shall state the
provisions of this Section. If Payment Commencement Date has arrived, and the
Participant or the Beneficiary fails to claim his benefits or make his
whereabouts known in writing to the Committee by the date that is immediately
prior to three years (adjusted according to the abandonment period of the
escheat laws of the applicable state) after the date of notification, the Participant’s
Accounts shall be forfeited.

 

End of Article IV

 

 

ARTICLE V

PLAN ADMINISTRATION COMMITTEE

 

5.1.         Appointment.
The Plan Administration Committee has been appointed by the Company to
administer the Plan and serves in such capacity at the pleasure of the board of
directors of the Company. The board of directors of the Company may remove the
Plan Administration Committee or appoint a successor committee at any time. If
the Plan Administration Committee ceases to exist or is removed without the
appointment of a replacement committee, the Company shall function as the Plan
Administration Committee.

 

5.2.         Term. Each member of the Committee shall serve
until his or her successor is appointed and assumes membership. Any member of
the Committee may be removed, with or without cause, and the board of directors
of the Company shall have the power to fill any vacancy that may occur. A
member may resign upon written notice to the board of directors of the Company
or the Plan Administration Committee.

 

5.3.         Compensation.
The members of the Committee shall serve without compensation for services as
such, but the Company shall pay all expenses of the members of the Committee.

 

5.4.         Powers
of Plan Administration Committee.  The Committee shall have full and absolute discretion
in the exercise of its powers hereunder. All exercises of power by the
Committee hereunder shall be final, conclusive and binding on all interested
parties, unless found by a court of competent jurisdiction, in a final judgment
that is no longer subject to review or appeal, to be arbitrary and capricious. In
addition to the power otherwise enumerated herein, the Committee shall have the
following specific authority:

 

(a)           to direct the
administration of the Plan in accordance with the provisions herein set forth;

 

(b)           to adopt rules of
procedure and regulations necessary for the administration of the Plan that are
not inconsistent with the terms of the Plan;

 

(c)           to interpret and
construe the provisions of the Plan and determine all questions with respect to
rights of Employees, Participants, and Beneficiaries under the Plan, including
but not limited to rights of eligibility of an Employee to participate in the
Plan, the value of a Participant’s Accounts, and the nonforfeitable percentage
of each Participant’s Accounts;

 

(d)           to interpret and
enforce the terms of the Plan and the rules and regulations it adopts;

 

(e)           to review and render
decisions with respect to a claim for, (or denial of a claim for) a benefit
under the Plan;

 

 

(f)            to furnish the
Employer with information that the Employer may require for tax or other
purposes;

 

(g)           to engage the service
of counsel (who may, if appropriate, be counsel for the Employer) and agents
whom the Committee may deem advisable to assist it with the performance of its
duties;

 

(h)           to receive from the
Employer and from employees such information as shall be necessary for the
proper administration of the Plan;

 

(i)            to maintain, or cause
to be maintained, separate Accounts in the name of each Participant; and

 

(j)            to select a secretary,
who need not be a member of the Committee.

 

5.5.         Adjustments.
Any misstatement or other mistake of fact may be corrected by the
Committee when it becomes known, in the manner the Committee deems equitable
and practicable.

 

5.6.         Manner
of Action.  The decision of a
majority of the members of the Plan Administration Committee shall control. In
case of a vacancy on the Committee, the remaining members may exercise any and
all of the powers, authorities, duties, and discretion conferred upon the
Committee. The Committee may, but need not, call or hold formal meetings. Any
decision may be made or action may be taken by the Committee pursuant to
written approval of a majority of the then members. The Committee shall
maintain adequate records of its decisions.

 

5.7.         Authorized
Representative.  The Committee
may authorize any one of its members, or its secretary, to sign on its behalf
any notices, directions, applications, certificates, consents, approvals,
waivers, letters, or other documents requested pursuant hereto or necessary or
desirable for the Committee to administer the Plan as provided herein, or to do
any act necessary to carry out the Committee’s duties and obligations set forth
herein.

 

5.8.         Interested
Member.  No member of the Committee
may decide or determine any matter concerning the distribution, nature, or
method of settlement of his or her own benefits under the Plan unless there is
only one person acting alone as the Committee.

 

5.9.         Indemnity.  The Company shall indemnify and save harmless
the Committee, and its members, and each of them, from and against any and all
loss, damage, action, fee, cost, claim, liability, proceeding, or expense
(including reasonable attorneys fees) to which the Committee, or its members,
may be subjected arising out of, resulting in whole or in part from, or
otherwise related to any act, conduct, or inaction (except willful or reckless
misconduct), in their official capacities in the administration of the Plan.

 

End of Article V

 

 

ARTICLE VI

PARTICIPANT ADMINISTRATIVE PROVISIONS

 

6.1          Beneficiary
Designation.  Each Participant
may from time to time designate a Beneficiary to whom his Accounts shall be
paid in the event of his death. The Committee shall prescribe the form for the
designation of Beneficiary and, upon the Participant’s filing the form with the
Committee, it shall revoke all designations filed prior to that date by the
same Participant. A Participant may designate multiple and/or contingent
Beneficiaries. If a Participant fails to name a Beneficiary, or if the
Beneficiary named by a Participant predeceases him or is otherwise ineligible
to be a Beneficiary, the Committee may direct that payment of a Participant’s
Accounts be made to the person or persons in the following priority:  (i) the Participant’s spouse at the time of
death; (ii) if no surviving spouse, then to the Participant’s surviving
children (including adopted children) in equal shares; (iii) if the Participant
has no surviving children, then to the Participant’s surviving parents in equal
shares; (iv) if the Participant has no surviving parents then to the
Participant’s estate or such other individual or entity designated by the
Committee, in its sole discretion, if no estate exists or it is otherwise
impractical to make payment to the estate.

 

The Committee,
in its sole discretion, shall determine to whom the payment shall be made under
this Section.

 

6.2          Personal
Data to Plan Administration Committee. 
Each Participant and Beneficiary must furnish to the Committee such evidence,
data, or information as the Committee considers necessary or desirable for the
purpose of administering the Plan. The provisions of this Plan are effective
for the benefit of each Participant upon the condition precedent that each
Participant will promptly furnish full, true, and complete evidence, data, and
information when requested by the Committee.

 

6.3          Address
for Notification.  Each
Participant and each Beneficiary of a deceased Participant shall file with the
Committee, in writing, such person’s mailing address, and each subsequent
change of such mailing address. Any payment or distribution hereunder, and any
communication addressed to a Participant or his Beneficiary, at the last
address filed with the Committee, or if no address have been filed, then the
last address indicated on the records of the Employer shall be deemed to have
been delivered to the Participant or his Beneficiary on the date that such
distribution or communication is deposited in the United States Mail, postage
prepaid.

 

6.4          Place
of Payment and Proof of Continued Eligibility.  Any payment or distribution hereunder, and
any communication addressed to a Participant or Beneficiary, at the last
address filed with the Plan Administration Committee, or if no address has been
filed, then the last address indicated on the records of the Employer shall be
deemed to have been delivered to the Participant or Beneficiary on the date
that such distribution or communication is deposited in the United States Mail,
postage prepaid. If the Committee, for any reason, is in doubt as to whether
benefit payments are being received by the person entitled thereto, it shall,
by registered mail addressed to the person concerned, at the last 

 

 

address of record, notify such person that all unmailed and future
retirement income payments shall be henceforth withheld until such person
provides the Committee with evidence of continued life and the proper mailing
address for future payments.

 

6.5          Assignment
or Alienation.  Except as may be
specified under a “qualified domestic relations order,” as defined in section
514(b)(7) of ERISA, no benefit payable under the Plan shall be subject in any
manner to alienation, sale, transfer, assignment, pledge, encumbrance, charge,
garnishment, execution, or levy of any kind, either voluntary or involuntary
prior to actually being received by the person entitled to the benefit under
the terms of the Plan. The Company shall not in any manner be liable for, or
subject to, the debts, contracts, liabilities, engagements, or torts of any
person entitled to benefits hereunder.

 

6.6          Information
Available.  Any Participant or
Beneficiary may examine copies of this Plan or any other instrument under which
the Plan was established or is operated. The Plan Administration committee will
maintain such documents in its office, or in such other place or places as the
Committee may designate from time to time for examination during reasonable
business hours. Upon the written request of a Participant or Beneficiary, the
Plan Administration Committee shall furnish him or her with a copy of such
documents. The Plan Administration Committee may make a reasonable charge to
the requesting person for the copy so furnished.

 

6.7          Beneficiary’s
Right to Information.  A
beneficiary’s right to (and the Committees’ duty to provide to the Beneficiary)
information or data concerning the Plan shall not arise until the Beneficiary
first becomes entitled to receive a benefit under the Plan.

 

6.8          Claims
Procedure.  Prior to or upon
becoming entitled to receive a benefit hereunder, a Participant or Beneficiary
shall file a claim for such benefit with the Committee at the time and in the
manner prescribed thereby. However, the Committee may direct payment of a
Participant’s or Beneficiary’s benefits hereunder without requiring the filing
of a claim therefore, if the Committee has knowledge of such Participant’s or
Beneficiary’s whereabouts.

 

6.9          Appeal
Procedure for Denial of Benefits. 
The Committee shall provide adequate notice in writing as prescribed
pursuant to paragraph (b) below to any Participant or to any Beneficiary (“Claimant”)
whose claim for benefits under the Plan has been denied.

 

(a)           Such notice must be
sent within 90 days of the date the claim is received by the Committee unless
special circumstances require an extension of time for processing the claim. Such
extension shall not exceed 90 days and no extension shall be allowed unless,
within the initial 90 day period, the claimant is sent an extension notice
indicating the special circumstances requiring the extension and specifying a
date by which the Committee expects to render its decision.

 

(b)           The Committee’s notice
of denial to the Claimant shall set forth the following:

 

 

(1)           the specific reason or
reasons for the denial;

 

(2)           specific references to
pertinent Plan provisions on which the Committee based its denial;

 

(3)           a description of any
additional material and information needed for the Claimant to perfect his or
her claim and an explanation of why the material or information is needed;

 

(4)           a statement that the
Claimant may request a review upon written application to the Committee, review
pertinent Plan documents, and submit issues and comments in writing;

 

(5)           a statement that any
appeal of the Committee’s adverse determination must be made in writing to the
Committee within 60 days after receipt of the Committee’s notice of denial of
benefits, and that failure to appeal the action to the Committee in writing
within the 60-day period will render the Committee’s determination final, binding,
and conclusive; and

 

(6)           the address of the Plan
Administration Committee to which the Claimant may forward his or her appeal.

 

(c)           If the Claimant should
appeal to the Committee, the Claimant or a duly authorized representative, may
submit, in writing, whatever issues and comments the Claimant deems pertinent. The
Committee shall re-examine all facts related to the appeal and make a final
determination as to whether the denial of benefits is justified under the
circumstances. The Committee shall advise the Claimant in writing of its
decision on the appeal, the specific reasons for the decision, and the specific
Plan provisions on which the decision is based. The notice of the decision
shall be given within 60 days of the Claimant’s written request for review,
unless special circumstances (such as a hearing) would make the rendering of a
decision within the 60 day period infeasible, but in no event shall the
Committee render a decision regarding the denial of a claim for benefits later
than 120 days after its receipt of a request for review. If an extension of
time for review is required because of special circumstances, written notice of
the extension shall be furnished to the claimant prior to the date the
extension period commences.

 

6.10        No
Rights Implied.  Nothing
contained in this Plan, or in any modification or amendment to the Plan, shall
give any Employee, Participant, or any Beneficiary any right to continue
employment, or any other legal or equitable right against an Employer, or
Employee of the Employer, or against their agents, except as expressly provided
by the Plan.

 

6.11        Right To Offset For Taxes, Other Obligations. Any payment or other distribution
of benefits under the Plan may be reduced by any amount required to be withheld

 

 

by the Company under any applicable law, rule, regulation, order or
other requirement, now or hereafter in effect, of any governmental authority. In
addition, if a Participant becomes entitled to a distribution under the Plan,
and if at such time such Participant has outstanding any debt, obligation or
other liability representing an amount owning to the Company, then the Company
may offset such amount owning it against the amount of benefits otherwise
distributable to the extent permitted by applicable law.

 

End of Article VI

 

 

ARTICLE VII

AMENDMENT AND TERMINATION

 

7.1          Amendment.  The Company shall have the right at any time,
without prior notice and without cause, to amend or terminate the Plan by
action of its board of directors or by action of the Committee. All amendments
shall be in writing. Each amendment shall state the date to which it is either
retroactively or prospectively effective.

 

7.2          Termination.
Upon termination of the Plan, the Company shall pay all benefits credited to
Participants pursuant to Article IV.

 

End of Article VII

 

 

ARTICLE VIII

MISCELLANEOUS

 

8.1          Execution
of Receipts and Releases.  Any
payment to any Participant, or to such Participant’s legal representative or
beneficiary, in accordance with the provisions of the Plan, shall to the extent
thereof be in full satisfaction of all claims hereunder against the Plan. The
Plan Administration Committee may require such Participant, legal
representative, or Beneficiary, as a condition precedent to such payment, to
execute a receipt and release therefore in the form determined by the Committee.
Any payment made pursuant to the power herein conferred upon the Plan
Administration Committee shall operate as a complete discharge of all
obligations of the Employer, the Plan Administration Committee and the Committee,
to the extent of the distributions so made. Neither the Employer, nor the
Committee, is obliged to ensure the proper application or expenditure of any
payment so made.

 

8.2          Employer
Records.  Each Employer shall,
upon request or as may be specifically required hereunder, furnish or cause to
be furnished, all of the information or documentation which is necessary or
required by the Plan Administration Committee to perform its duties and
functions under the Plan. Records of an Employer as to an Employee’s or
Participant’s period of employment, termination of employment and the reason
therefore, leaves of absent, reemployment, and Compensation will be conclusive
on all persons, unless determined by the Plan Administration Committee to be
incorrect.

 

8.3          Evidence.  Evidence required of anyone under the Plan
may be by certificate, affidavit, document, or other information which the
person acting on it considers pertinent and reliable, and signed, made or
presented by the proper party or parties. Any action required of an Employer
may be by resolution of its board of directors or by any person authorized to
act on behalf of the Employer.

 

8.4          Severability.  In the event any provision of the Plan shall
be held to be illegal or invalid for any reason, the illegality or invalidity
shall not affect the remaining provisions of the Plan, but shall be fully
severable and the Plan shall be construed and enforced as if the illegal or
invalid provision had never been included herein.

 

8.5          Notice.  Any notice required to be given herein by an
Employer or the Plan Administration Committee, shall be deemed delivered, when
(a) personally delivered, or (b) placed in the United States mails, in an
envelope addressed to the last address of record the person to whom the notice
is given.

 

8.6          Waiver
of Notice.  Any person entitled
to notice under the Plan may waive the notice.

 

8.7          Successors.  The Plan shall be binding upon all persons
entitled to benefits under the Plan, their respective heirs and legal representatives,
upon each Employer, its successors and assigns, and upon the Plan
Administration Committee, and its successors.

 

 

8.8          Headings.  The titles and headings of Articles and
Sections are included for convenience of reference only and are not to be
considered in construction of the provisions hereof.

 

8.9          Governing
Law.  All questions arising with
respect to the provisions of this Agreement shall be determined by application
of the internal laws of the State of Washington except to the extent Washington
law is preempted by federal law.

 

End of Article VII

 

 

IN WITNESS
WHEREOF, the undersigned officer of Washington Mutual, Inc. has executed this
instrument as of May     , 2005.

 

	
   

  	
  WASHINGTON MUTUAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
          /s/ Daryl D. David

  	
   

  
	
   

  	
  Its:  Executive Vice President – Human Resources

  

 

 

WASHINGTON MUTUAL, INC.

Supplemental Executive Retirement
Accumulation Plan

 

Amendment No. 1

 

THIS AMENDMENT to
the Washington Mutual, Inc. Supplemental Executive Retirement Accumulation Plan
(“Plan”) is made by Washington Mutual, Inc. (“Company”).

 

WHEREAS, the Company
maintains the Plan for the benefit of its eligible employees; and

 

WHEREAS, effective
October 1, 2005, Providian Financial Corporation (“Providian”) will merge with
and into the Company, and Providian National Bank (“PNB”) will merge with and
into Washington Mutual Bank, FA (“WMB”); and

 

WHEREAS, employees
of Providian who become employees of the Company and employees of PNB who
become employees of WMB on October 1, 2005 as a result of the company mergers
will not be moved to the Company payroll system until April 1, 2006; and

 

WHEREAS, until April 1, 2006, the former Providian and PNB employees
will continue to participate in any supplemental nonqualified retirement plans
that were sponsored by Providian and PNB prior to the company mergers; and

 

WHEREAS, the Company
would like to amend the Plan to delay the Plan entry date for the former
employees of Providian and PNB to April 1, 2006, and to provide prior service
credit for purposes of determining benefit credits under the Plan.

 

NOW, THEREFORE,
effective September 30, 2005, the Plan is hereby amended as follows:

 

1.             Section 2.9 of the
Plan, Eligible Employees, is amended by adding the following sentence to the
end of that section:

 

Notwithstanding the foregoing, Eligible Employees who on September 30,
2005 were employed by Providian Financial Corporation, Providian National Bank
or any affiliates or subsidiaries thereof and who on October 1, 2005 became
employed by the Employer may first enter the Plan on April 1, 2006.

 

2.             Section
2.20 of the Plan, Year of Executive Service, is amended by adding the following
sentence to the end of the section:

 

(31)         Employees
who on September 30, 2005 were employed by Providian Financial Corporation,
Providian National Bank or any affiliate or subsidiary thereof and who on
October 1, 2005 became employed by the Employer shall, after April 1, 

 

 

2006, be credited with Service for service with Providian Financial
Corporation, Providian Nation Bank or their affiliates or subsidiaries, but
only to the extent that such service occurred after December 31, 2003.

 

This amendment is adopted and executed this 30th day of
September, 2005.

 

 

	
   

  	
  WASHINGTON MUTUAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daryl D. David

  	
   

  
	
   

  	
   

  	
  Daryl D. David

  
	
   

  	
   

  	
  Executive V.P. – Human ResourcesExhibit 10.11

 

WASHINGTON MUTUAL, INC.

Deferred Compensation Plan

 

Amendment No. 1

 

THIS AMENDMENT to
the Washington Mutual, Inc. Deferred Compensation Plan  (“Plan”) is made by Washington Mutual, Inc. (“Company”).

 

WHEREAS, the Company
maintains the Plan for the benefit of its eligible employees; and

 

WHEREAS, effective
October 1, 2005, Providian Financial Corporation (“Providian”) will merge with
and into the Company, and Providian National Bank (“PNB”) will merge with and
into Washington Mutual Bank, FA (“WMB”); and

 

WHEREAS, employees
of Providian who become employees of the Company and employees of PNB who
become employees of WMB on October 1, 2005 as a result of the company mergers
will not be moved to the Company payroll system until April 1, 2006; and

 

WHEREAS, until April 1, 2006, the former Providian and PNB employees
will continue to participate in any nonqualified plans that were sponsored by
Providian and PNB prior to the company mergers; and

 

WHEREAS, the Company
would like to amend the Plan to delay the Plan entry date for the former
employees of Providian and PNB to April 1, 2006, and to provide prior service
credit for purposes of determining eligibility to participate in the matching
contribution portion of the Plan.

 

NOW, THEREFORE,
effective September 30, 2005, the Plan is hereby amended as follows:

 

Section 2.1 of the Plan, Eligible Employees, is amended by adding the
following subsection (d) to the end of Section 2.1:

 

(d)           Notwithstanding Sections
2.1(b) and (c) above, Eligible Employees who on September 30, 2005 were
employed by Providian Financial Corporation, Providian National Bank or any affiliates
or subsidiaries thereof and who on October 1, 2005 became employed by the
Employer may first enter the Plan on April 1, 2006.

 

 

This amendment is adopted and executed this 30th day of September,
2005.

 

 

	
   

  	
  WASHINGTON MUTUAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daryl D. David

  	
   

  
	
   

  	
   

  	
  Daryl D. David

  
	
   

  	
   

  	
  Executive V.P. – Human Resources

  

 

 

WASHINGTON MUTUAL, INC.

 

RESOLUTION OF THE HUMAN RESOURCES COMMITTEE

REGARDING AN AMENDMENT TO THE DEFERRED
COMPENSATION PLAN

 

WHEREAS, the Company
previously established the Washington Mutual, Inc. Deferred Compensation Plan
(the “Plan”) to provide benefits to certain executives, directors and senior
officers; and

 

WHEREAS, the
Committee has the authority to amend the Plan from time to time; and

 

WHEREAS, the Committee deems it advisable to amend the Plan to
eliminate the provision that automatically changes the earnings crediting
method to the “Interest Method” for participants who terminate their employment
and maintain an account balance in the Plan;

 

NOW, THEREFORE, IT IS HEREBY RESOLVED that the Plan is amended as follows:

 

Section 4.3(d) is hereby deleted in its entirety.

 

FURTHER RESOLVED that
the Company’s Executive Vice President of Human Resources is authorized to take
any actions necessary to carry out the intent of this resolution.

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