Document:

Exhibit 10(t)

    Exhibit
      10(t)

    DNB
      FINANCIAL CORPORATION

    DEFERRED
      COMPENSATION PLAN

    

    

    (Effective
      October 1, 2006)

    

    1.  Purpose.

     

    The
      purpose of this DCP is to provide each Eligible Employee with the opportunity
      to
      select the timing of receipt of his or her Compensation. This DCP has been
      adopted by the Board pursuant to the DNB Financial Corporation Incentive Equity
      and Deferred Compensation Plan to partially implement Article IX thereof, and
      shall be considered a part of such Plan and subject to the pertinent terms
      and
      provisions thereof. 

     

    This
      DCP
      shall at all times be maintained by the Company and administered by the
      Committee for the purpose of providing deferred compensation for a select group
      of management and highly compensated employees of the Company and its direct
      and
      indirect subsidiaries. 

     

    2.  Eligibility.

     

    Each
      Eligible Employee shall be eligible to participate in this DCP.

     

    3.  Definitions.

     

    The
      words
      and phrases set forth below shall have the meanings indicated, unless the
      context requires a different meaning. Each capitalized term or phrase used
      in
      this DCP but not defined in this Section 3 shall have the same meaning as the
      definition of such term or phrase set forth in the DNB Financial Corporation
      Incentive Equity and Deferred Compensation Plan.

     

    (a)  “Beneficiary”
      shall mean the person(s) designated to receive the balance of an Eligible
      Employee’s Deferred Account upon the death of the Eligible Employee. A
      Beneficiary may only be a natural person, a trust, or an entity that is
      tax-exempt under Section 501(c)(3) of the Code.

     

    (b)  “Bonus
      Deferral Election” shall mean the written election by an Eligible Employee,
      pursuant to Section 5, below, to defer the receipt of all or a portion of any
      annual or other periodic bonus otherwise payable to the Eligible Employee.
      

     

    (c)  “Company”
      shall mean DNB Financial Corporation.

     

    (d)  “Compensation”
      shall mean an Eligible Employee’s regular salary and annual or other periodic
      bonuses, and Shares payable pursuant to an Award.

     

    (e)  “DCP”
      shall mean the DNB Financial Corporation Deferred Compensation Plan, as set
      forth herein and as may be amended from time to time.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (f)  “Effective
      Date” shall mean October 1, 2006, the effective date of this DCP.

     

    (g)  “Eligible
      Employee” shall mean an employee of the Company or one or more of its direct or
      indirect subsidiaries who has been expressly designated by the Committee as
      eligible to participate in this DCP.

     

    (h)  “Salary
      Deferral Election” shall mean the written election by an Eligible Employee,
      pursuant to Section 4, below, to defer the receipt of up to fifty percent (50%)
      of the regular salary otherwise payable to the Eligible Employee. 

     

    (i)  “Share”
      or “Shares” shall mean one or more shares of Stock, including fractional
      shares.

     

    (j)  “Share
      Deferral Election” shall mean the written election by an Eligible Employee,
      pursuant to Section 6, below, to defer the receipt of Compensation otherwise
      payable to the Eligible Employee pursuant to an Award. 

     

    4.  Salary
      Deferral Election.

     

    (a)  Prior
      to
      the commencement of a calendar year, but not later than the preceding December
      15, an Eligible Employee may make a Salary Deferral Election, pursuant to which
      payment of a specified percentage of his or her regular salary earned during
      such year and thereafter and otherwise payable in cash shall be deferred until
      a
      future date established pursuant to Section 8(b), below. Notwithstanding the
      preceding sentence, however, in the case of any individual who will be an
      Eligible Employee as of the Effective Date, or in the case of an individual
      who
      first becomes an Eligible Employee after the Effective Date, the Eligible
      Employee may make a Salary Deferral Election at any time prior to the Effective
      Date or during the period ending on the 30th
      day
      following the Effective Date, or at any time prior to the date on which he
      or
      she first becomes an Eligible Employee or during the period ending on the
      30th
      day
      following the date he or she first becomes an Eligible Employee, as the case
      may
      be, provided that in no event shall such Salary Deferral Election apply with
      respect to any salary earned by the Eligible Employee prior to the date of
      the
      Salary Deferral Election. 

     

    (b)  An
      Eligible Employee’s Salary Deferral Election must be in writing, and in such
      form as the Committee shall prescribe. No Salary Deferral Election shall be
      effective with respect to any calendar year unless the amount projected to
      be
      deferred for such year is at least five thousand dollars ($5,000). 

     

    (c)  An
      Eligible Employee may modify or revoke his or her Salary Deferral Election
      effective as of the commencement of any calendar year, provided such
      modification or revocation is in writing in such form as the Committee shall
      prescribe, and is delivered to the Company in advance of such year.

     

    (d)  An
      Eligible Employee’s Salary Deferral Election, or subsequent modification or
      revocation thereof, shall remain in effect through subsequent calendar years,
      

     

    
      
         

      

      
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    unless
      and until modified or revoked, or a new Salary Deferral Election is made, in
      accordance with the foregoing provisions of this Section 4. 

     

    5.  Bonus
      Deferral Election.

     

    (a)  Prior
      to
      the commencement of a calendar year, but not later than the preceding December
      15, an Eligible Employee may make a Bonus Deferral Election, pursuant to which
      payment of a specified percentage his or her annual or other periodic bonus
      earned during such year shall be deferred until a future date established
      pursuant to Section 8(b), below. Notwithstanding the preceding sentence, however
      - 

     

    (i) In
      the
      case of any individual who will be an Eligible Employee as of the Effective
      Date, or in the case of an individual who first becomes an Eligible Employee
      after the Effective Date, the Eligible Employee may make a Bonus Deferral
      Election prior to the Effective Date or during the period ending on the
      30th
      day
      following the Effective Date, or prior to the date on which he or she first
      becomes an Eligible Employee or during the period ending on the 30th
      day
      following the date he or she first becomes an Eligible Employee, as the case
      may
      be, provided that in no event shall such Bonus Deferral Election apply with
      respect to any bonus earned by the Eligible Employee prior to the date of the
      Bonus Deferral Election. 

     

    (ii) In
      the
      case of any performance-based compensation, within the meaning of Section 409A
      of the Code, based upon a performance period of at least 12 months, an Eligible
      Employee may make a Bonus Deferral Election with respect to such compensation
      no
      later than the date that is six (6) months before the end of the performance
      period, provided that Eligible Employee performed services continuously from
      a
      date no later than the date upon which the performance criteria are established
      through a date no earlier than the date of the Bonus Deferral Election; and
      provided further that in no event shall a Bonus Deferral Election be effective
      with respect to such compensation if it is made after such compensation has
      become both substantially certain to be paid and readily ascertainable.

     

    (b)  An
      Eligible Employee’s Bonus Deferral Election must be in writing, and in such form
      as the Company shall prescribe. No Bonus Deferral Election shall be effective
      with respect to any calendar year unless the amount projected to be deferred
      is
      at least five thousand dollars ($5,000) or one hundred percent (100%) of the
      Compensation to which the Bonus Deferral Election relates, whichever is less.
      

     

    (c)  An
      Eligible Employee’s Bonus Deferral Election shall apply solely with respect to a
      single calendar year. No portion of an Eligible Employee’s bonus earned during
      any subsequent calendar year shall be deferred pursuant to this DCP or otherwise
      unless a new Bonus Deferral Election is made with respect to such calendar
      year
      pursuant to the foregoing provisions of this Section 5. 

     

    6.  Share
      Deferral Election.

     

    (a)  Prior
      to
      the commencement of a calendar year, but not later than the preceding December
      15,
      an
      Eligible Employee may make a Share Deferral Election, pursuant to which payment
      of a specified percentage or number of Shares subject to any Award granted
      in

     

    
      
         

      

      
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    such
      year
      shall be deferred until a future date established pursuant to Section 8(b),
      below. Notwithstanding the preceding sentence, however - 

     

    (i) In
      the
      case of any individual who will be an Eligible Employee as of the Effective
      Date, or in the case of an individual who first becomes an Eligible Employee
      after the Effective Date, the Eligible Employee may make a Share Deferral
      Election prior to the Effective Date or during the period ending on the
      30th
      day
      following the Effective Date, or prior to the date on which he or she first
      becomes an Eligible Employee or during the period ending on the 30th
      day
      following the date he or she first becomes an Eligible Employee, as the case
      may
      be, provided that in no event shall such Share Deferral Election apply with
      respect to any Award granted prior to the date of the Share Deferral Election.
      

     

    (ii) In
      the
      case of any Award that constitutes performance-based compensation, within the
      meaning of Section 409A of the Code, based upon a performance period of at
      least
      12 months, an Eligible Employee may make a Share Deferral Election with respect
      to such compensation no later than the date that is six (6) months before the
      end of the performance period, provided that Eligible Employee performed
      services continuously from a date no later than the date upon which the
      performance criteria are established through a date no earlier than the date
      of
      the Share Deferral Election; and provided further that in no event shall a
      Share
      Deferral Election be effective with respect to any Shares if it is made after
      such Shares have become both substantially certain to be paid and the number
      thereof readily ascertainable. 

     

    (b)  An
      Eligible Employee’s Share Deferral Election must be in writing, and in such form
      as the Company shall prescribe. 

     

    (c)  An
      Eligible Employee’s Share Deferral Election shall apply solely with respect to a
      single calendar year. No Shares payable pursuant to an Award granted to an
      Eligible Employee during any subsequent calendar year shall be deferred pursuant
      to this DCP or otherwise unless a new Share Deferral Election is made with
      respect to such calendar year pursuant to the foregoing provisions of this
      Section 6. 

     

    7.  Allocations
      to Deferred Compensation Account.

     

    (a)  That
      number of Shares having a Fair Market Value equal to one hundred and ten percent
      (110%) of the amount of Compensation otherwise payable in cash which an Eligible
      Employee has deferred pursuant to a Salary Deferral Election or a Bonus Deferral
      Election shall be allocated to the Eligible Employee’s Deferred Compensation
      Account. The determination of the number of Shares to be allocated shall be
      based on the Fair Market Value of the Stock on the last day of the month in
      which such Compensation would have been paid to the Eligible Employee but for
      his or her Salary Deferral Election or Bonus Deferral Election. 

     

    (b)  That
      number of Shares equal to the number of Shares subject to an Award which an
      Eligible Employee has deferred pursuant to a Share Deferral Election shall
      be
      allocated to the Eligible Employee’s Deferred Compensation Account as of the
      last day of the month in which such Shares would otherwise have been paid to
      the
      Eligible Employee, or the last day of the month in which the Eligible Employee
      becomes vested in such Shares, whichever is later. 

     

    
      
         

      

      
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    (c)  The
      amount of a cash dividend paid with respect to the Stock shall be deemed to
      be
      paid with respect to the Shares allocated to an Eligible Employee’s Deferred
      Compensation Account and immediately reinvested in additional Shares in
      accordance with the same procedures and valuation provisions as are applicable
      under the Company’s Dividend Reinvestment Plan from time to time.

     

    (d)  All
      Shares allocated to an Eligible Employee’s Deferred Compensation Account shall
      be fully vested and shall not be forfeitable for any reason. 

     

    8.  Distributions
      from Deferred Compensation Account.

     

    (a)  All
      distributions from an Eligible Employee’s Deferred Compensation Account shall be
      in Shares, except that the Fair Market Value of any fraction of a Share as
      of
      the date of distribution shall be paid in cash. All Shares distributed to an
      Eligible Employee or Beneficiary shall be subject to a restriction whereby
      they
      may not be sold, hypothecated or otherwise transferred for a period of one
      (1)
      year from the date of distribution without the express, written consent of
      the
      Committee. Certificates representing distributed Shares shall bear a legend
      reflecting such restriction. 

     

    (b) Distribution
      of an Eligible Employee’s Deferred Compensation Account shall commence upon the
      earlier of the following: 

     

    (i) the
      date
      as of which he or she separates from service with the Company, within the
      meaning of Section 409A of the Code, or 

     

    (ii) the
      attained age of the Eligible Employee or a specified date, in either case as
      designated by the Eligible Employee in his or her first Salary Deferral
      Election, first Bonus Deferral Election, or first Share Deferral Election,
      whichever was made first, or as revised pursuant to Section 8(d),
      below.

     

    If
      the
      Eligible Employee does not designate an age or date pursuant to clause (ii),
      above, distribution of the Eligible Employee’s Deferred Compensation Account
      shall commence upon the occurrence of the event specified in clause (i). A
      single designation shall apply to the entire balance of the Eligible Employee’s
      Deferred Compensation Account.   

     

    (c) Upon
      the
      occurrence of the distribution event set forth in Section 8(b), above, the
      balance of the Eligible Employee’s Deferred Compensation Account shall be
      distributed in one of the following optional forms of distribution, as he or
      she
      may designate in his or her Salary Deferral Election, his or her first Bonus
      Deferral Election, or his or her first Share Deferral Election, whichever was
      made first:

     

    (i)  A
      single
      lump sum distribution on or about January 15 of the calendar year following
      the
      calendar year in which such distribution event occurs; or 

     

    (ii)  Annual
      installments payable for a number of whole years designated by the Eligible
      Employee in such Salary Deferral Election, Bonus Deferral Election, or Share
      Deferral Election, as the case may be, which number shall not exceed ten (10),
      

     

    
      
         

      

      
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    commencing
      on or about January 15 of the calendar year following the calendar year in
      which
      such distribution event occurs, and each January 15 thereafter during the
      installment period.

     

    However,
      in the case of any specified employee, no distribution shall be made as a result
      of his or her separation from service with the Company, within the meaning
      of
      Section 409A of the Code, before the date which is six months after the date
      of
      such separation from service (or, if earlier, the date of death of the specified
      employee). For purposes of the preceding sentence, a “specified employee” is a
      key employee (as defined in Section 416(i) of the Code without regard to
      paragraph (5) thereof) of the Company or any entity which, along with the
      Company, would be considered a single employer under Section 414(b) or (c)
      of
      the Code. 

     

    In
      the
      absence of a designation by the Eligible Employee pursuant to this Section
      8(c),
      the Eligible Employee shall be deemed to have designated the distribution method
      set forth in clause (i). A single designation shall apply to the entire balance
      of the Eligible Employee’s Deferred Compensation Account. 

     

    If
      distributions are to be made in installments, the amount of each installment
      shall be equal to the balance of the Deferred Compensation Account as of the
      close of the calendar year preceding the date of distribution of the
      installment, divided by the number of installment payments remaining (including
      that installment). 

     

    (d) An
      Eligible Employee may elect to change the timing or method of distribution
      (or
      both) previously designated (or deemed designated) pursuant to Section 8(b)
      or
      8(c), above, by submission of a new designation to the Committee, subject to
      the
      following limitations and any further limitations prescribed by Section 409A
      of
      the Code:

     

    (i) no
      such
      new designation shall take effect until at least 12 months after the date on
      which it is made;

     

    (ii) the
      first
      payment as a result of such new designation shall be made no earlier than five
      (5) years after the date such payment would have been made absent such new
      designation. 

     

    (e) Notwithstanding
      an Eligible Employee’s Salary Deferral Election, Bonus Deferral Election or
      Share Deferral Election, or any provision of this DCP to the contrary, upon
      an
      Eligible Employee’s separation from service with the Company, within the meaning
      of Section 409A of the Code, the Eligible Employee’s entire Deferred
      Compensation Account shall be distributed in a single lump sum on or about
      January 15 of the calendar year following his or her separation from service
      if
      the Fair Market Value of the Deferred Compensation Account as of the close
      of
      such calendar year is not in excess of ten thousand dollars ($10,000).

     

    (f) Distribution
      of all or a portion of an Eligible Employee’s Deferred Compensation Account
      shall be accelerated upon request of the Eligible Employee if the Committee
      determines that the Eligible Employee has experienced an unforeseeable
      emergency, within the meaning of Section 409A of the Code. The amount to be
      distributed shall not exceed the amount necessary to satisfy such unforeseeable
      emergency plus amounts necessary to pay taxes reasonably anticipated as a result
      of such distribution, after taking into account the extent to 

     

    
      
         

      

      
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    which
      such emergency may be relieved through reimbursement or compensation by
      insurance or otherwise or by liquidation of the Eligible Employee’s assets (to
      the extent the liquidation of such assets would not itself cause severe
      financial hardship). 

     

    (g) In
      the
      event of an Eligible Employee’s death prior to the distribution in full of his
      or her Deferred Compensation Account, the Beneficiary shall receive the balance
      of the Eligible Employee’s Deferred Compensation Account in a single lump sum as
      soon as practicable following the Eligible Employee’s death. 

     

    (h) Any
      amount distributed to an Eligible Employee or Beneficiary under this DCP shall
      be subject to all applicable tax withholdings mandated by law. To the extent
      necessary, the number of Shares otherwise distributable at any time shall be
      reduced by that number of Shares having a Fair Market Value equal to the amount
      of tax required to be withheld in connection with such distribution.

     

    9.  Designation
      of Beneficiary.

     

    (a)  Each
      Eligible Employee shall file with the Company a written designation, in the
      form
      prescribed by the Company, of one or more persons as Beneficiary to receive
      the
      balance of the Eligible Employee’s Deferred Compensation Account upon his or her
      death. The Eligible Employee may, from time to time, revoke or change his or
      her
      Beneficiary designation by filing a new designation with the Company. The last
      such designation received by the Company shall be controlling; provided,
      however, that no designation, change or revocation thereof, shall be effective
      unless received by the Company prior to the Eligible Employee’s
      death.

     

    (b)  If
      no
      such Beneficiary designation is in effect at the time of the Eligible Employee’s
      death, or if no designated Beneficiary survives the Eligible Employee, the
      payment of the amount, if any, payable under this DCP upon his or her death
      shall be made to the Eligible Employee’s estate.

    

    10.  Claims
      Procedures.

     

    (a) An
      Eligible Employee or, in the event of the Eligible Employee’s death, his or her
      Beneficiary, may file a written claim for payment hereunder with the Committee.
      In the event of a denial of any payment due to or requested by the Eligible
      Employee or Beneficiary (the “claimant”), the Committee will give the claimant
      written notification containing specific reasons for the denial. The written
      notification will contain specific reference to the pertinent provisions of
      this
      DCP on which the denial of the claim is based. In addition, it will contain
      a
      description of any other material or information necessary for the claimant
      to
      perfect a claim, and an explanation of why such material or information is
      necessary. The notification will provide further appropriate information as
      to
      the steps to be taken if the claimant wishes to submit the claim for review
      and
      the time limits applicable thereto, and a statement of the claimant’s right to
      bring a civil action under Section 502(a) of the Employee Retirement Income
      Security Act of 1974, as amended, if applicable. This written notification
      will
      be given to a claimant within ninety (90) days after receipt of the claim by
      the
      Committee unless special circumstances require an extension of time for
      processing the claim, in which case the Committee shall provide written

     

    
      
         

      

      
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    notice
      of
      the extension to the claimant and the reasons therefore, and the date by which
      the Company expects to make its determination with respect to the claim. In
      no
      event shall such extension exceed 90 days.

     

    (b) In
      the
      event of a denial of a claim for benefits, the claimant or a duly authorized
      representative will be permitted to submit issues and comments in writing to
      the
      Committee and to submit documents, records and other information relating to
      the
      claim for benefits. The claimant or a duly authorized representative shall
      also
      be provided, upon request and free of charge, reasonable access to, and copies
      of, all documents, records, and other information relevant to the claimant’s
      claim for benefits. In addition, the claimant or a duly authorized
      representative may make a written request for a full and fair review of the
      claim and its denial by the Committee that takes into account all comments,
      documents, records and other information submitted by the claimant, without
      regard to whether such information was submitted or considered in the initial
      benefits determination; provided, however, that such written request is received
      by the Commitee (or its delegate) within sixty (60) days after receipt by the
      claimant of written notification of the denial. The sixty (60) day requirement
      may be waived by the Committee in appropriate cases.

     

    (c) A
      decision on review of a claim for benefits will be rendered by the Commitee
      within sixty (60) days after the receipt of the request. Under special
      circumstances, an extension (up to an additional 60 days) can be granted for
      processing the decision. Notice of this extension must be provided in writing
      to
      the claimant prior to the expiration of the initial sixty-day period. In no
      event will the decision be rendered more than one hundred twenty (120) days
      after the initial request for review. Any decision by the Commitee will be
      furnished to the claimant in writing and will set forth the specific reasons
      for
      the decision and the specific provisions on which the decision is based. The
      claimant or a duly authorized representative shall also be provided, upon
      request and free of charge, reasonable access to, and copies of, all documents,
      records, and other information relevant to the claimant’s claim for benefits.

     

    11.  Amendment
      or Termination.

     

    The
      Board
      reserves the right at any time to amend this DCP in whole or in part,
      retroactively or prospectively, for any reason and without the consent of any
      Eligible Employee or Beneficiary, provided that no amendment may adversely
      affect the rights of an Eligible Employee or a Beneficiary with respect to
      amounts credited to the Eligible Employee’s Deferred Compensation Account prior
      to such amendment or alter the timing of distribution of any Eligible Employee’s
      Deferred Compensation Account. The Board reserves the right at any time to
      terminate this DCP. Upon termination of this DCP, (a) all Elections with respect
      to the deferral of future Compensation shall terminate as of the date specified
      by the Board, but not before the earliest time permitted under Section 409A
      of
      the Code; and (b) the Deferred Compensation Account of each Eligible Employee
      shall be distributed at such time or times as it would have been distributed
      in
      the absence of termination, unless the Board, in its discretion, elects to
      distribute the Deferred Compensation Accounts of all Eligible Employees in
      some
      other manner but in no event prior to the earliest time permitted under Section
      409A of the Code. 

    

    
      
         

      

      
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    12.  Miscellaneous.

     

    (a)  Nothing
      contained in this DCP shall give the Eligible Employee the right to be retained
      in the employ or other service of the Company. 

     

    (b)  If
      the
      Company shall find that any person to whom any amount is payable under this
      DCP
      is unable to care for his affairs because of illness or accident, or is a minor,
      the Company may direct that any amount to which such person is entitled be
      paid
      to his or her spouse, a child, a relative, an institution maintaining or having
      custody of such person, or any other person deemed by the Company to be a proper
      recipient on behalf of such person otherwise entitled to payment. Any such
      payment shall be a complete discharge of the liability of the DCP and the
      Company therefor.

     

    (c)  Except
      insofar as may otherwise be required by law, no amount payable at any time
      under
      this DCP shall be subject in any manner to alienation by anticipation, sale,
      transfer, assignment, bankruptcy, pledge, attachment, charge, encumbrance or
      garnishment by creditors of the Eligible Employee or his or her Beneficiary,
      nor
      be subject in any manner to the debts or liabilities of any person, and any
      attempt to so alienate or subject any such amount, whether presently or
      thereafter payable, shall be void.

     

    (d)  It
      is the
      intention of the Company that this DCP shall be unfunded for Federal income
      tax
      purposes and for purposes of the Employee Retirement Income Security Act of
      1974, as amended. Accordingly, this DCP constitutes a mere promise by the
      Company to make payments hereunder in the future, and each Eligible Employee
      or,
      if applicable, his or her Beneficiary, shall have the status of a general
      unsecured creditor of the Company with respect to this DCP. Except as provided
      by the terms of any trust established pursuant to Section 9.4 of the DNB
      Financial Corporation Incentive Equity and Deferred Compensation Plan, neither
      an Eligible Employee nor his or her Beneficiary shall have any right, title,
      or
      interest in or to any assets which the Company may hold to aid it in meeting
      its
      obligations hereunder. Such assets, whether held in trust or otherwise, shall
      be
      unrestricted corporate assets. 

     

     9Exhibit 10(u)

    Exhibit
      10(u)

    TRUST
      AGREEMENT

    

    THIS
      TRUST AGREEMENT, effective as of October 1, 2006, is made by and between DNB
      FINANCIAL CORPORATION ("Company") and DNB FIRST, NATIONAL ASSOCIATION
      ("Trustee").

    

    WHEREAS,
      the Company has adopted the nonqualified deferred compensation Plans listed
      in
      Appendix A (individually, a “Plan” and collectively, the "Plans");

    

    WHEREAS,
      the Company has incurred or expects to incur liability under the terms of the
      Plans with respect to the individuals participating in the Plans and their
      beneficiaries (individually a "Participant" and collectively the
      "Participants");

    

    WHEREAS,
      the Company wishes to establish a trust (the "Trust") and to contribute to
      the
      Trust the assets that shall be held therein, subject to the claims of the
      Company's creditors in the event of the Company's Insolvency, as defined in
      Section 4, until paid to Participants in such manner and at such times as
      specified in the Plans and this Trust Agreement;

    

    WHEREAS,
      it is the intention of the parties that this Trust shall constitute an unfunded
      arrangement and shall not affect the status of any Plan subject to the Employee
      Retirement Income Security Act of 1974, as amended, ("ERISA") as an unfunded
      plan maintained for the purpose of providing deferred compensation for a select
      group of management or highly compensated employees, or benefits under any
      excess benefit plan as that term is defined in Section 3(36) of ERISA to certain
      employees in excess of the limitations on contributions and benefits imposed
      by
      Section 415 of the Internal Revenue Code of 1986, as amended (the “Code”);
      and;

    

    WHEREAS,
      it is the intention of the Company to make contributions to the Trust to provide
      a source of funds to meet its liabilities under the Plans.

    

    NOW
      THEREFORE, the parties do hereby establish the Trust and agree that the Trust
      shall be comprised, held and disposed of as follows:

    

    Section
      1. Establishment of Trust.

    

    (a)
      The
      Company hereby establishes the Trust with the Trustee, consisting of such sums
      of money and other property acceptable to the Trustee as from time to time
      shall
      be paid and delivered to and accepted by the Trustee from the Company (the
      "Trust Fund"). The Trustee shall have no duty to determine or collect
      contributions under the Plans and shall have no responsibility for any property
      until it is received and accepted by the Trustee. The Company shall have the
      sole duty and responsibility for the determination of the accuracy or
      sufficiency of the contributions to be made under the Plans. All such money
      and
      other property paid or delivered to and accepted by the Trustee shall become
      the
      principal of the Trust to be held, administered and disposed of by the Trustee
      as provided in this Trust Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)
      The
      Trust hereby established shall be irrevocable; notwithstanding the fact that
      the
      Trust is irrevocable, the Company may terminate the Plans (or any of them)
      at
      any time.

    

    (c)
      The
      Trust is intended to be a grantor trust, of which the Company is the grantor,
      within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle
      A of
      the Code, as amended, and shall be construed accordingly. The Company represents
      and warrants to the Trustee that: (i) no Plan for which benefits are or may
      become payable under this Trust is or shall be subject to Part 4 of Title I
      of
      ERISA; and (ii) any Plan subject to ERISA covers, and will cover, only (x)
      a
      select group of management or highly compensated employees as contemplated
      by
      Section 401(a) of ERISA and interpretations, opinions, and rulings of the
      Department of Labor thereunder or (y) Participants in an excess benefit plan
      as
      defined in Section 3(36) of ERISA.

    

    (d)
      The
      principal of the Trust and any earnings thereon shall be held separate and
      apart
      from other funds of the Company and shall be used exclusively for the purposes
      of paying Participants under the Plans, expenses of the Trust and, in the event
      of Insolvency, obligations of the Company to its general creditors as herein
      set
      forth. The Participants and their beneficiaries shall have no preferred claim
      on, nor any beneficial ownership interest in, any assets of the Trust. Any
      rights created under the Plans and this Trust Agreement shall be unsecured
      contractual rights of the Participants and their beneficiaries against the
      Company. Any assets held by the Trust will be subject to the claims of the
      Company's general creditors under federal and state law in the event of
      Insolvency, as defined in Section 4(a) herein.

    

    (e)
      In
      addition to the contributions necessary to meet the Trust Funding Requirement
      (as defined in Section 2), the Company, in its sole discretion, may at any
      time,
      or from time to time, make additional deposits of cash or other property in
      trust with the Trustee to augment the principal to be held, administered and
      disposed of by the Trustee as provided in this Trust Agreement. Neither the
      Trustee nor any Participant or beneficiary shall have any right to compel such
      additional deposits.

    

    Section
      2. Trust Funding Requirement

    

    From
      time
      to time but in no event less frequently than monthly, the Company shall
      contribute to the Trust (in cash, shares of Company common stock or other stock
      for which Company common stock has been exchanged in accordance with the
      applicable Plans (“Stock”) or other property as provided or permitted by the
      respective applicable Plans) the amounts the Company is obligated to credit
      to
      each Participant’s account under a Plan (herein, a “Deferred Compensation
      Account”), except that no amounts shall be contributed during any period to the
      extent necessary to avoid the application of Section 409A(b)(3) of the Code
      (as
      amended by the Pension Protection Act of 2006). The Deferred Compensation
      Account of each Participant shall be separate and segregated from the Deferred
      Compensation Accounts of other Participants, but the Trustee shall nevertheless
      be authorized to commingle cash or hold shares of Stock in a single name or
      in
      one or more aggregate certificates or in book entry, or in one or more accounts
      under the Company’s dividend reinvestment plan, for purposes of achieving
      economies or efficiencies in investments or administration or complying with
      the
      provisions of this Trust Agreement, so long as the Trustee maintains records
      identifying the interests of each Participant 

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    therein.
      The
      Trustee may commingle the cash allocable to individual Accounts that would
      not
      otherwise be sufficiently large to purchase whole shares of Stock, for purposes
      of investing it in Stock, but only to the extent that the Trustee maintains
      records showing the fractional shares thereof allocable to each
      Account.

    

    Section
      3. Payments to Plan Participants and Their Beneficiaries.

    

    (a)
      The
      Company shall deliver to the Trustee a schedule (the "Payment Schedule") that
      indicates the amounts payable in respect of each Participant and that provides
      a
      formula or other instructions acceptable to the Trustee for determining the
      amounts so payable, the form in which such amount is to be paid (as provided
      for
      or available under the applicable Plan), and the time of commencement for
      payment of such amounts. The Company shall be responsible for notifying the
      Trustee of any change in the information on the Payment Schedule. Except as
      otherwise provided herein, the Trustee shall make payments to the Participants
      (including beneficiaries) in accordance with such Payment Schedule.

    

    (b)
      It is
      the intent of the Company and the Trustee that the Company shall be responsible
      for determining and effecting all federal, state and local tax aspects of the
      Plans and the Trust Fund, including without limitation income taxes payable
      on
      the Trust Fund's income, if any, any required withholding of income or other
      payroll taxes in connection with the payment of benefits from the Trust Fund
      pursuant to the Plans, and all reporting required in connection with any such
      taxes. To the extent that the Company is required by applicable law to pay
      or
      withhold such taxes or to file such reports, such obligation shall be a
      responsibility allocated to the Company, as the case may be, hereunder. To
      the
      extent the Trustee is required by applicable law to pay or withhold such taxes
      or to file such reports, the Company shall inform the Trustee of such
      obligation, shall direct the Trustee with respect to the performance of such
      obligations and shall provide the Trustee with all information required by
      the
      Trustee to meet such obligations. Notwithstanding the foregoing, the Company
      may
      elect to pay any applicable taxes directly. In the event the Company pays taxes
      directly, such amounts may be reimbursed from Trust assets by the Trustee,
      provided that the Company certifies the amount of taxes paid directly and
      instructs the Trustee to remit a reimbursement of such taxes to the
      Company.

    

    (c)
      The
      entitlement of a Participant (including any beneficiaries) to benefits under
      a
      Plan shall be determined by the Company or such party as it shall designate
      under the applicable Plan, and any claim for such benefits shall be considered
      and reviewed under the procedures set out in the Plan. The Company shall notify
      the Trustee of such determination and shall direct commencement of payments
      of
      such benefits.

    

    (d)
      The
      Company may make payment of benefits directly to the Participants as they become
      due under the terms of the Plans. The Company shall notify the Trustee of its
      decision to make payment of benefits directly prior to the time such amounts
      are
      payable. If requested by the Company, the Trustee shall reimburse the Company
      for any benefits under a Plan and Trust which are paid by the Company or
      otherwise satisfied. In addition, if the principal of the Trust, together with
      any earnings thereon, are not sufficient to make payment of benefits in
      accordance with the terms of the Plans, the Company shall immediately make
      up
      the balance of each such 

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    payment
      as it falls due. The Trustee shall notify the Company when principal and
      earnings are not sufficient.

    

    Section
      4. Trustee Responsibility regarding Payments to Trust Beneficiary When Company
      Is or Is Alleged to Be Insolvent.

    

    (a)
      The
      Trustee shall cease payment of benefits to the Participants and their
      beneficiaries if the Company is Insolvent. The Company shall be considered
      "Insolvent" for purposes of this Trust Agreement if (i) the Company is unable
      to
      pay its debts as they become due, or (ii) the Company is subject to a pending
      proceeding as a debtor under the United States Bankruptcy Code. A determination
      of Insolvency under the terms of this Trust Agreement does not constitute an
      admission of insolvency by the Company for any other purpose.

    

    (b)
      At
      all times during the continuance of this Trust, as provided in Section 1(d)
      hereof, the principal and income of the Trust shall be subject to claims of
      general creditors of the Company under federal and state law as set forth
      below.

    

    (1)
      The
      Board of Directors and the Chief Executive Officer of the Company shall have
      the
      duty to inform the Trustee in writing of the Company's Insolvency. If a person
      claiming to be a creditor of the Company alleges in writing to the Trustee
      that
      the Company has become Insolvent, the Trustee shall determine whether the
      Company is Insolvent and, pending such determination, the Trustee shall
      discontinue payment of benefits to Participants and their beneficiaries. In
      all
      cases, the Trustee shall be entitled to conclusively rely upon the written
      certification of the Board of Directors or the Chief Executive Officer of the
      Company when determining whether the Company is Insolvent.

    

    (2)
      Unless the Trustee has received notice from the Company or a person claiming
      to
      be a creditor alleging that the Company is Insolvent, the Trustee shall have
      no
      duty to inquire whether the Company is Insolvent. The Trustee may in all events
      rely on such evidence concerning the Company's solvency as may be furnished
      to
      the Trustee and that provides the Trustee with a reasonable basis for making
      a
      determination concerning the Company's solvency.

    

    (3)
      If at
      any time the Trustee has determined that the Company is Insolvent, the Trustee
      shall discontinue payments to the Participants or their beneficiaries and shall
      hold the assets of the Trust for the benefit of the Company's general creditors
      except that the Trustee's fees and expenses may continue to be paid pursuant
      to
      Section 11 subject to any applicable bankruptcy rules. Nothing in this Trust
      Agreement shall in any way diminish any rights of the Participants or their
      beneficiaries to pursue their rights as general creditors of the Company with
      respect to benefits due under the Plans or otherwise.

    

    (4)
      The
      Trustee shall resume the payment of benefits to the Participants or their
      beneficiaries in accordance with Section 3 of this Trust Agreement only after
      the Trustee has determined that the Company is not Insolvent (or is no longer
      Insolvent).

    

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    (c)
      Provided that there are sufficient assets if the Trustee discontinues the
      payment of benefits from the Trust pursuant to Section 4(b) hereof and
      subsequently resumes such payments, the first payment following such
      discontinuance shall include the aggregate amount of all payments due to the
      Participants or their beneficiaries under the terms of the Plans (as certified
      to the Trustee by the Company) for the period of such discontinuance less the
      aggregate amount of any payments made to the Participants or their beneficiaries
      by the Company in lieu of the payments provided for hereunder during any such
      period of discontinuance.

    

    Section
      5. Payments to Company.

    

    Except
      as
      otherwise specifically provided in this Trust Agreement, the Company shall
      have
      no right or power to direct the Trustee to return to the Company or to divert
      to
      others any of the Trust assets before all payment of benefits has been made
      to
      the Participants and their beneficiaries pursuant to the terms of the Plans
      (as
      certified to the Trustee by the Company). Notwithstanding the above, the Company
      may direct the Trustee to transfer to the Company Trust Fund assets in an amount
      necessary to avoid triggering taxable income to a Participant or beneficiary
      if
      such Participant or beneficiary would be required to recognize income tax on
      such funds if they remain in the Trust. The Trustee shall be entitled to rely
      solely on the Company's representation that the amount directed to be returned
      to the Company could become taxable to a Participant or beneficiary and shall
      have no duty to review the Company's determination of the amount.

    

    Section
      6. Investment and Administrative Authority.

    

    (a)
      Prior
      to a “Change of Control” (as defined in Section 12 of this Agreement) the
      Company shall establish and maintain written investment guidelines (the
      "Investment Guidelines"), which may be revised by the Company from time to
      time
      consistent with the provisions of the applicable Plans, for the investment
      of
      the assets in the Trust Fund. The Trust Fund shall at all times be managed
      in
      accordance with the Investment Guidelines then in effect. The Company may
      appoint and remove one or more investment managers from time to time to manage
      specified portions of the Trust Fund. To the extent that assets of the Trust
      Fund are not so managed by an investment manager appointed by the Company,
      the
      Company shall manage all such assets. The Company and each investment manager
      shall designate in writing the persons who are authorized to represent such
      party in dealing with the Trustee. Except as provided in subsection (b) below,
      the Trustee shall have no investment duties for the Trust Fund. The Trustee
      shall have no duty to inquire whether investment directions received from the
      Company or an investment manager are in accordance with the terms of any Plan
      or
      the Investment Guidelines, or to review the assets purchased, retained or
      sold.

    

    (b)
      After
      a Change of Control, the Trustee shall have and exercise sole investment
      discretion with respect to all of the Trust Fund in accordance with the
      Investment Guidelines in effect immediately prior to a Change of Control, a
      copy
      of which shall be provided prior to a Change of Control to the Trustee by the
      Company. The Trustee's sole responsibility with regard to investment discretion
      shall be to exercise such discretion in accordance with the Investment
      Guidelines. Thereafter, the Investment Guidelines may be changed from time
      to
      time by mutual agreement of the Trustee and the Company. The Trustee may, in
      its
      sole discretion, appoint, 

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    retain
      or
      terminate an investment manager (including any affiliate of the Trustee) to
      manage all or a portion of the Trust Fund in accordance with the current
      Investment Guidelines.

    

    (c)
      In
      addition to those powers conferred by law, the Trustee shall have the following
      powers:

    

    (1)
      The
      Trustee may invest and reinvest the principal and income of the Trust and keep
      it invested, without distinction between principal and income, as provided
      in
      the Investment Guidelines.

    

    (2)
      The
      Trustee may collect and receive any and all money and other property due the
      Trust and give full discharge therefor.

    

    (3)
      The
      Trustee may settle, compromise or submit to arbitration any claims, debt or
      damages due or owing to or from the Trust; the Trustee may also commence or
      defend suits or legal proceedings to protect any interest of the Trust, and
      may
      represent the Trust in all suits or legal proceedings in any court or before
      any
      other body or tribunal.

    

    (4)
      The
      Trustee may take all action necessary to pay for authorized transactions,
      including the temporary advancement of cash or securities to settle security
      purchases and/or foreign exchange or contracts for foreign exchange and any
      property at any time held in the Trust Fund shall be security therefore to
      the
      extent of such advancement until it is repaid.

    

    (5)
      The
      Trustee may appoint custodians, subcustodians or subtrustees, domestic or
      foreign (including affiliates of the Trustee), as to part or all of the Trust.
      The Trustee shall not be responsible or liable for any losses or damages
      suffered by the Company arising as a result of the insolvency of any custodian,
      subcustodian or subtrustee, except to the extent the Trustee was negligent
      in
      its selection or continued retention of such custodian, subcustodian or
      subtrustee. In no event shall Trustee be liable for the acts or omissions of
      any
      custodian, subcustodian or subtrustee appointed pursuant to the direction of
      the
      Company or an investment manager.

    

    (6)
      The
      Trustee may hold property in nominee name, in bearer form, or in book entry
      form, in a clearinghouse corporation or in a depository (including an affiliate
      of the Trustee), so long as the Trustee's records clearly indicate that the
      assets held are a part of the Trust. The Trustee shall not be responsible for
      any losses resulting from the deposit or maintenance of securities or other
      property (in accordance with market practice, custom, or regulation) with any
      recognized foreign or domestic clearing facility, book-entry system, centralized
      custodial depository, or similar organization.

    

    (7)
      The
      Trustee may generally do all acts, whether or not expressly authorized, which
      the Trustee may deem necessary or desirable for the protection of the
      Trust.

    

    (d)
      Notwithstanding any other provision of this Agreement, to the extent that a
      Plan
      or applicable Investment Guidelines permit or require investment of Trust assets
      in Stock, the Trustee shall be authorized to accept, hold and purchase Stock,
      reinvest income in Stock, and otherwise administer Stock for the benefit of
      Participants, without any obligation to diversify 

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    investments
      or investment risk for the benefit of any Participant, and without regard to
      any
“prudent investor” or similar laws or rules, and notwithstanding that the
      Trustee may be affiliated with the Company or otherwise personally interested
      in
      the Company, the Stock or any transactions in Stock; and the Trustee shall
      have
      no obligation to refrain from self-dealing in connection with any Stock or
      any
      interests in Stock administered by the Trustee. Without limiting the foregoing,
      the Trustee shall not be obligated, even when requested by a Participant, to
      sell or otherwise dispose of any Stock prior to distribution of the Stock to
      the
      Participant in accordance with the provisions of the applicable Plan, the
      Participant’s applicable elections, and this Trust Agreement. The Company, and
      by agreeing to defer compensation subject to this Trust Agreement each
      Participant, for themselves and their respective successors and heirs, hereby
      severally release, hold harmless and indemnify the Trustee, all successors
      to
      the Trustee in such capacity, and each of their agents and the respective
      successors, personal representatives and heirs of each of the foregoing, from
      and against all liability (including without limitation due to claims of
      negligence), loss, cost, damages (including without limitation consequential
      damages, lost profits, loss of expectation and punitive or exemplary damages
      of
      all kinds) and expense (including without limitation attorneys fees and costs
      of
      litigation) which the Company or any Participant or Participant’s personal
      representatives, heirs or beneficiaries may now or hereafter suffer or incur
      by
      virtue of the Trustee’s acting or omitting to act based on the authority granted
      to the Trustee in this subsection. The provisions of this subsection shall
      survive the termination of this Trust Agreement.

    

    (e)
      Neither the Company nor the Trustee shall have discretion to vote any shares
      of
      Stock except pursuant to instructions received from Participants. The Trustee
      shall be authorized, in its discretion, to take either of the following actions
      in connection with shareholders meetings or other circumstances where a
      Participant’s vote, approval or other action is requested: (i) to forward to
      each Participant the materials received by the Trustee for the Participant
      with
      respect to the vote, approval or other action, along with a notification to
      the
      Participant to deliver the proxy card or other voting, approval or other
      materials directly to the Company or elsewhere as the Company shall direct;
      or
      (ii) to forward to each Participant copies of the materials received with
      respect to the vote, approval or other action, along with a notification to
      the
      Participant that the Trustee will vote or withhold votes, or provide or withhold
      other approvals or actions, with respect to shares of Stock held in the
      Participant’s deferred compensation account, only according to instructions
      received from the Participant. In the case described in clause (ii) of this
      subsection: (A) the Trustee shall have no authority to take any action with
      respect to a vote, approval or other action requested of any Stock held in
      a
      Participant’s deferred compensation account in the absence of instructions from
      the Participant; and (B) the Trustee shall only be authorized to vote or give
      approval or take other actions with respect to fractional interests in any
      Stock
      held in a Participant’s deferred compensation account to the extent that the
      Participant would have such authority if such Stock were held directly by such
      Participant. The Company agrees, to the extent requested by the Trustee, to:
      (I)
      provide to the Trustee such numbers of copies of materials being distributed
      to
      shareholders as the Trustee may request in order to fulfill the Trustee’s
      obligations to Participants under this Trust Agreement with respect thereto;
      and
      (II) deliver such materials directly to Participants, along with any
      notification or other materials required by the Trustee, to addresses to be
      provided by the Trustee.

    

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    Section
      7. Settlement and Income; Market Practice Settlements.

    

    (a)
      In
      accordance with the Trustee's standard operating procedure, the Trustee shall
      credit the Trust Fund with income, which shall include interest, dividends
      and
      return of capital, and maturity proceeds on securities on contractual payment
      date net of any taxes or upon actual receipt. To the extent the Trustee credits
      income on contractual payment date, the Trustee may reverse such accounting
      entries to the contractual payment date if the Trustee reasonably believes
      that
      such amount will not be received.

    

    (b)
      In
      accordance with the Trustee's standard operating procedure, the Trustee will
      attend to the settlement of securities transactions on the basis of either
      contractual settlement date accounting or actual settlement date accounting.
      To
      the extent the Trustee settles certain securities transactions on the basis
      of
      contractual settlement date accounting, the Trustee may reverse any entry
      relating to such contractual settlement if the Trustee reasonably believes
      that
      such amount will not be received.

    

    (c)
      Settlements of transactions may be effected in trading and processing practices
      customary in the jurisdiction or market where the transaction occurs. The
      Company acknowledges that this may, in certain circumstances, require the
      delivery of cash or securities (or other property) without the concurrent
      receipt of securities (or other property) or cash. In such circumstances, the
      Trustee shall have no responsibility for nonreceipt of payment (or late payment)
      or nondelivery of securities or other property (or late delivery) by the
      counterparty.

    

    Section
      8. Disposition of Income.

    

    During
      the term of this Trust, all income received by the Trust with respect to each
      Deferred Compensation Account, net of expenses and taxes, shall be accumulated
      and reinvested in and for the benefit of such Deferred Compensation
      Account
      according to
      the
      procedures and valuation provisions as are applicable under the Company’s
      dividend reinvestment plan from time to time. In order to comply with this
      requirement, the Trustee is authorized to deposit Stock held by it in one or
      more accounts under the Company’s dividend reinvestment plan. The Trustee shall
      have no liability to anyone whatsoever for any failure of the Company, any
      administrator or any other agent of the Company to adhere to the provisions
      of
      the Company’s dividend reinvestment plan.

    

    Section
      9. Accounting by Trustee.

    

    The
      Trustee shall keep accurate and detailed records of all investments, receipts,
      disbursements, and all other transactions required to be made, including such
      specific records as shall be agreed upon in writing between the Company and
      the
      Trustee. Within sixty (60) days following the close of each calendar year and
      within ninety (90) days after the removal or resignation of the Trustee, the
      Trustee shall deliver to the Company a written account of its administration
      of
      the Trust during such year or during the period from the close of the last
      preceding year to the date of such removal or resignation, setting forth all
      investments, receipts, disbursements and other transactions effected by it,
      including a description of all securities and investments purchased and sold
      with the cost or net proceeds of such purchases or sales (accrued interest
      paid
      or receivable being shown separately), and showing all cash, securities and
      other property held in 

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    the
      Trust
      at the end of such year or as of the date of such removal or resignation, as
      the
      case may be. If, within 120 days after the Trustee mails to the Company a
      statement with respect to the Trust, the Company has not given the Trustee
      written notice of any exception or objection thereto, the statement shall be
      deemed to have been approved, and in such case, the Trustee shall not be liable
      for any matters in such statements. The Company or its agent shall have the
      right at its own expense and with prior written notice to the Trustee to inspect
      the Trustee's books and records directly relating to the Trust Fund during
      normal business hours.

    

    Section
      10. Responsibility of Trustee.

    

    (a)
      The
      Trustee shall act with the care, skill, prudence and diligence under the
      circumstances then prevailing that a prudent person acting in like capacity
      and
      familiar with such matters would use in the conduct of an enterprise of a like
      character and with like aims, provided, however, that the Trustee shall incur
      no
      liability to any person for any action taken pursuant to a direction, request
      or
      approval given by the Company which is contemplated by, and in conformity with,
      the terms of the Plans (as certified to the Trustee by the Company) or this
      Trust and is given in writing by the Company. In the event of a dispute between
      the Company and a third party, the Trustee may apply to a court of competent
      jurisdiction to resolve the dispute.

    

    (b)
      The
      Trustee is not a party to and has no duties or responsibilities under any Plan
      other than those that may be expressly contained in this Trust Agreement. In
      any
      case in which a provision of this Trust Agreement conflicts with any provision
      in any Plan or Plans, this Trust Agreement shall control.

    

    (c)
      The
      Trustee shall not be responsible for the title, validity or genuineness of
      any
      property or evidence of title thereto received by it or delivered by it pursuant
      to this Trust Agreement and shall be held harmless in acting upon any notice,
      request, direction, instruction, consent, certification or other instrument
      believed by it to be genuine and delivered by the proper party or
      parties.

    

    (d)
      The
      Company agrees to indemnify and hold harmless the Trustee, its parent,
      subsidiaries and affiliates, and each of their respective officers, directors,
      employees and agents from and against all liability, loss and expense, including
      reasonable attorneys' fees and expenses incurred by the Trustee or any of the
      foregoing indemnitees arising out of or in connection with this Trust Agreement,
      except as a result of the Trustee's own negligence, willful misconduct, bad
      faith or breach of this Agreement or of its fiduciary duties. The Trustee shall
      be fully indemnified by the Company for any action taken in accordance with,
      or
      any failure to act in the absence of, the Company's or an investment manager's
      directions. If the Trustee undertakes or defends any litigation arising in
      connection with this Trust, the Company agrees to indemnify the Trustee against
      the Trustee's costs, expenses and liabilities (including, without limitation,
      attorneys' fees and expenses) relating thereto and to be primarily liable for
      such payments except where the Trustee is determined to be liable due to its
      negligence, willful misconduct, bad faith, or breach of this Trust Agreement
      or
      of its fiduciary duties. If the Company does not pay such costs, expenses and
      liabilities in a reasonably timely manner, the Trustee may obtain payment from
      the Trust. This Section 10(d) shall survive the termination of this Trust
      Agreement. The 

     

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    provisions
      of this subsection shall supplement and shall not restrict the application
      of
      any other provisions of this Trust Agreement providing for indemnification,
      hold-harmless or release of the Trustee, and in the event of a conflict in
      application of this subsection and any other such provision, the provision
      most
      protective to the Trustee shall control.

    

    (e)
      The
      Trustee may consult with legal counsel (who may also be counsel for the Company
      generally) with respect to any of its duties or obligations hereunder and as
      a
      part of its reimbursable expenses under this Agreement, pay counsel's reasonable
      compensation and expenses. The Trustee shall be entitled to rely on and may
      act
      upon advice of counsel on all matters, and shall be without liability for any
      action reasonably taken or omitted pursuant to such advice.

    

    (f)
      The
      Trustee may hire agents, accountants, actuaries, investment advisors, financial
      consultants or other professionals, including affiliates, to assist it in
      performing any of its duties or obligations hereunder.

    

    (g)
      The
      Trustee shall have without exclusion, all powers conferred on Trustees by
      applicable law, unless expressly provided otherwise herein, provided, however,
      that if an insurance policy is held as an asset of the Trust, the Trustee shall
      have no power to name a beneficiary of the policy other than the Trust, to
      assign the policy (as distinct from conversion of the policy to a different
      form) other than to a successor Trustee, or to loan to any person the proceeds
      of any borrowing against such policy.

    

    (h)
      Notwithstanding any powers granted to the Trustee pursuant to this Trust
      Agreement or to applicable law, the Trustee shall not have any power that could
      give this Trust the objective of carrying on a business and dividing the gains
      therefrom, within the meaning of Section 301.7701-2 of the Procedure and
      Administrative Regulations promulgated pursuant to the Code.

    

    (i)
      Notwithstanding anything in this Trust Agreement to the contrary contained
      herein, the Trustee shall not be responsible or liable for any losses to the
      Trust resulting from any event beyond the reasonable control of the Trustee,
      its
      agents or custodians, including but not limited to nationalization, strikes,
      expropriation, devaluation, seizure, or similar action by any governmental
      authority, de facto or de jure; or enactment, promulgation, imposition or
      enforcement by any such governmental authority of currency restrictions,
      exchange controls, levies or other charges affecting the Trust's property;
      or
      the breakdown, failure or malfunction of any utilities or telecommunications
      systems; or any order or regulation of any banking or securities industry
      including changes in market rules and market conditions affecting the execution
      or settlement of transactions; or acts of war, terrorism, insurrection or
      revolution; or acts of God; or any other similar event; or any action or
      omission taken by the Trustee consistent with the provisions of this Trust
      Agreement. 

    

    (j)
      The
      Trustee shall not be liable for any act or omission of any other person, except
      to the extent that such person is an agent of the Trustee (not appointed
      pursuant to the direction of the Company or an investment manager) or under
      the
      control of the Trustee, in carrying out any responsibility imposed upon such
      person and under no circumstances shall the Trustee be liable for any indirect,
      consequential, or special damages with respect to its role as
      Trustee.

    

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    (k)
      The
      Trustee shall not be obligated to monitor, or to advise or give any notices
      to
      any Participant with respect to, the Stock, the Company or the market value,
      trading prices or other events affecting the Stock or the Company.

    

    (l)
      The
      provisions of this Section shall survive the termination of this Trust
      Agreement.

    

    Section
      11. Compensation and Expenses of Trustee.

    

    The
      Company shall pay all Trustee's fees and expenses necessary for the Trustee
      to
      fulfill its duties hereunder as mutually agreed between the parties. If not
      so
      paid within sixty (60) days after an invoice is sent to the Company, the fees
      and expenses shall be paid from the Trust. The Company acknowledges that as
      part
      of the Trustee's compensation, the Trustee may earn interest on balances
      including disbursement balances and balances arising from purchase and sale
      transactions. If the Trustee advances cash or securities to the Trust for any
      purpose, or in the event that the Trustee shall incur or be assessed taxes,
      interest, charges, expenses, assessments, or other liabilities in connection
      with the performance of this Trust Agreement, except such as may arise from
      its
      own negligent failure to act or willful misconduct, any property at any time
      held in the Trust Fund shall be, to the extent of the advance, security therefor
      and the Trustee shall be entitled to collect from the Trust sufficient cash
      for
      reimbursement, and if such cash is insufficient, dispose of the assets of the
      Trust Fund to the extent necessary to obtain reimbursement. To the extent the
      Trustee advances funds to the Trust for disbursements or to effect the
      settlement of purchase transactions, the Trustee shall be entitled to collect
      from the Trust either (i) with respect to domestic assets, an amount equal
      to
      what would have been earned on the sums advanced (an amount approximating the
      "federal funds" interest rate) or (ii) with respect to non-domestic assets,
      the
      rate applicable to the appropriate foreign market.

    

    Section
      12. Change of Control

    

    (a)
      For
      purposes of this Agreement, a "Change of Control" shall mean any one or more
      of
      the following with respect to the Company:

    

    (1)
      a
      change in control of a nature that would be required to be reported in response
      to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities
      Exchange Act of 1934 (the "Exchange Act") (or any successor provision) as it
      may
      be amended from time to time;

    

    (2)
      any
      "persons" (as such term is used in Sections 13(d) and 14(d) of the Exchange
      Act
      in effect on the date first written above), other than Company, its primary
      wholly owned subsidiary bank (“Bank’) or any "person" who on the date hereof is
      a director of officer of Company or Bank, is or becomes the "beneficial owner"
      (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
      of
      securities of Company representing 25% or more of the combined voting power
      of
      Company's then outstanding securities; or

    

    (3)
      during any period of two (2) consecutive years, individuals who at the beginning
      of such period constitute the Board of Directors of Company or Bank cease for
      any 

     

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    reason
      to
      constitute at least a majority thereof, unless the election of each director
      who
      was not a director at the beginning of such period has been approved in advance
      by directors representing at least two-thirds of the directors then in office
      who were directors at the beginning of the period.

    

    (b)
      The
      Company shall have the duty to inform the Trustee in writing upon the occurrence
      of a Change of Control. The Trustee shall be entitled to conclusively rely
      upon
      such written certification of the Company and shall have no responsibility
      or
      liability for determining whether a Change of Control has occurred.

    

    Section
      13. Resignation and Removal of Trustee.

    

    (a)
      The
      Trustee may resign at any time by written notice to the Company, which shall
      be
      effective sixty (60) days after receipt of such notice unless the Company and
      the Trustee agree otherwise.

    

    (b)
      The
      Trustee may be removed by the Company on sixty (60) days notice or upon shorter
      notice accepted by the Trustee, except that after a Change of Control as defined
      herein, the Trustee may not be removed by the Company for one year.

    

    (c)
      Upon
      resignation or removal of the Trustee and appointment of a successor Trustee,
      all assets shall subsequently be transferred to the successor Trustee. The
      transfer shall be completed within ninety (90) days after receipt of the notice
      of resignation, removal or transfer, unless the Company extends the time
      limit.

    

    (d)
      If
      the Trustee resigns or is removed, a successor shall be appointed in accordance
      with Section 14 hereof by the effective date of resignation or removal under
      paragraphs (a) or (b) of this Section. If no such appointment has been made,
      the
      Trustee may apply to a court of competent jurisdiction for appointment of a
      successor or for instructions. The Trustee shall continue to fulfill its duties
      hereunder and shall receive compensation pursuant to Section 11 until the
      successor's appointment is effective. All expenses of the Trustee in connection
      with the proceeding shall be allowed as administrative expenses of the
      Trust.

    

    (e)
      If
      the Trustee resigns within one year of a Change of Control, as defined herein,
      the Trustee shall select a successor Trustee in accordance with the provisions
      of Section 14(c) hereof prior to the effective date of the Trustee's
      resignation.

    

    Section
      14. Appointment of Successor.

    

    (a)
      If
      the Trustee resigns or is removed in accordance with Section 13 (a) or (b)
      hereof, the Company shall appoint any third party, such as a bank trust
      department or other party that may be granted corporate trustee powers under
      state law, as a successor to replace the Trustee upon such resignation or
      removal. The appointment shall be effective when accepted in writing by the
      new
      Trustee, who shall have all of the rights and powers of the former Trustee,
      including ownership rights in the Trust assets. The former Trustee shall execute
      any instrument necessary or reasonably requested by the Company or the successor
      Trustee to evidence the transfer.

    

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    (b)
      The
      successor Trustee need not examine the records and acts of any prior Trustee
      and
      shall not be responsible for and the Company shall indemnify and defend the
      successor Trustee from any claim or liability resulting from any action or
      inaction of any prior Trustee or from any other past event, or any condition
      existing at the time it becomes successor Trustee.

    

    (c)
      If
      the Trustee resigns pursuant to the provisions of Section 13(e) hereof and
      selects a successor Trustee, the Trustee may appoint any third party such as
      a
      bank trust department or other party that may be granted corporate trustee
      powers under state law. The appointment of a successor Trustee shall be
      effective when accepted in writing by the new Trustee. The new Trustee shall
      have all the rights and powers of the former Trustee, including ownership rights
      in Trust assets. The former Trustee shall execute any instrument necessary
      or
      reasonably requested by the successor Trustee to evidence the
      transfer.

    

    Section
      15. Amendment or Termination.

    

    (a)
      Subject to Section 15(c), this Trust Agreement may be amended by a written
      instrument which is executed by the Trustee and Company and which recites that
      it is an amendment to this Trust Agreement. Notwithstanding the foregoing,
      no
      such amendment shall conflict with the terms of any Plan (as certified to the
      Trustee by the Company) or shall make the Trust revocable.

    

    (b)
      The
      Trust shall not terminate until the date on which the Participants and their
      beneficiaries are no longer entitled to benefits pursuant to the terms of any
      Plan (as certified to the Trustee by the Company). Upon termination of the
      Trust
      any assets remaining in the Trust shall be returned to the Company.

    

    (c)
      Notwithstanding any other provision in this Trust Agreement, this Trust
      Agreement may not be amended within one year after the occurrence of a Change
      of
      Control, unless the Trustee determines, in its discretion, that such amendment
      is necessary for the administration of the trust and does not conflict with
      or
      alter the provisions of any Plan.

    

    Section
      16. Miscellaneous.

    

    (a)
      Neither the Company nor the Trustee may assign this Trust Agreement without
      the
      prior written consent of the other, except that the Trustee may assign its
      rights and delegate its duties hereunder to any corporation or entity which
      directly or indirectly is controlled by, or is under common control with, the
      Trustee. This Trust Agreement shall be binding upon, and inure to the benefit
      of, the Company and the Trustee and their respective successors and permitted
      assigns. Any entity which shall by merger, consolidation, purchase, or
      otherwise, succeed to substantially all the trust business of the Trustee shall,
      upon such succession and without any appointment or other action by the Company,
      be and become successor trustee hereunder, upon notification to the
      Company

    

    (b)
      Any
      provision of this Trust Agreement prohibited by law shall be ineffective to
      the
      extent of any such prohibition, without invalidating the remaining provisions
      hereof.

    

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    (c)
      Benefits payable to Participants and their beneficiaries under this Trust
      Agreement may not be anticipated, assigned (either at law or in equity),
      alienated, pledged, encumbered or subjected to attachment, garnishment, levy,
      execution or other legal or equitable process

    

    (d)
      Notwithstanding anything to the contrary contained elsewhere in this Trust
      Agreement, any reference to a Plan or Plan provisions which require knowledge
      or
      interpretation of the Plan shall impose a duty upon the Company to communicate
      such knowledge or interpretation to the Trustee. The Trustee shall have no
      obligation to know or interpret any portion of any Plan and shall in no way
      be
      liable for any proper action taken contrary to any Plan.

    

    (e)
      This
      Trust Agreement shall be governed by and construed in accordance with the
      internal laws of the Commonwealth of Pennsylvania (without reference to rules
      of
      conflicts of law or choice of law) and applicable federal law. The parties
      hereby expressly waive, to the full extent permitted by applicable law, any
      right to trial by jury with respect to any judicial proceeding arising from
      or
      related to this Trust Agreement.

    

    Section
      17. Reliance of Representations.

    

    (a)
      The
      Company and the Trustee each acknowledge that the other will be relying, and
      shall be entitled to rely, on the representations, undertakings and
      acknowledgments of the other as set forth in this Trust Agreement. The Company
      and the Trustee each agree to notify the other promptly if any of its
      representations, undertakings, or acknowledgments set forth in this Trust
      Agreement ceases to be true.

    

    (b)
      The
      Company and the Trustee hereby each represent and warrant to the other that
      it
      has full authority to enter into this Agreement upon the terms and conditions
      hereof and that the individual executing this Trust Agreement on their behalf
      has the requisite authority to bind the Company and the Trustee to
      this.

    

    IN
      WITNESS WHEREOF, the parties have duly executed this Trust Agreement as of
      the
      date first set forth above.

    

    
      	
              DNB
                FINANCIAL CORPORATION

               

              By:
                ____________________________

              Name:
                ______________________

              Title:
                _______________________

            	
              DNB
                FIRST, NATIONAL ASSOCIATION, as Trustee

               

              By:
                ____________________________

              Name:
                ______________________

              Title:
                _______________________

            

    

    

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

    APPENDIX
      A

    to

    RABBI
      TRUST AGREEMENT 

    between
      

    DNB
      FINANCIAL CORPORATION 

    and
      

    DNB
      FIRST, NATIONAL ASSOCIATION

    

    Name(s)
      of Plans:

    

    
      	
              1.
                

            	
              DNB
                Financial Corporation Incentive Equity and Deferred Compensation
                Plan
                adopted effective November 24,
                2004.

            

    

    

    
      	
              2.
                

            	
              Deferred
                Compensation Plan for Directors of DNB Financial Corporation adopted
                effective October 1, 2006.

            

    

    

    
      	
              3.
                

            	
              DNB
                Financial Corporation Deferred Compensation Plan adopted effective
                October
                1, 2006.

            

    

    

    
      -15-

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