Document:

SOUTHINGTON SAVINGS BANK - SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

 

SOUTHINGTON SAVINGS BANK

 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

(Effective December 21, 1998)

 

 

 

 

 

SOUTHINGTON SAVINGS BANK

 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

Table of Contents

 

	

Article
  
	
Page
  

	
 	
  	
  
	
1
	
PURPOSE
	
1

	
 	
  	
  
	
2
	
DEFINITIONS
	
1

	
 	
  	
  
	
3
	
PARTICIPATION
	
3

	
 	
  	
  
	
4
	
TARGET BENEFIT
	
4

	
 	
  	
  
	
5
	
PAYMENT OF TARGET BENEFIT
	
5

	
 	
  	
  
	
6
	
PRE-RETIREMENT DEATH BENEFIT
	
6

	
 	
  	
  
	
7
	
VESTING
	
7

	
 	
  	
  
	
8
	
FUNDING
	
8

	
 	
  	
  
	
9
	
ADMINISTRATION
	
9

	
 	
  	
  
	
10
	
CLAIM PROCEDURE
	
10

	
 	
  	
  
	
11
	
ADOPTION BY EMPLOYER; OBLIGATIONS OF EMPLOYER
	
10

	
 	
  	
  
	
12
	
MISCELLANEOUS
	
10

  

 

 

SOUTHINGTON SAVINGS BANK

 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

ARTICLE 1

PURPOSE

          The purpose of the Southington Savings Bank Supplemental Executive Retirement Plan (the "Plan") is to provide certain designated executives with a supplemental retirement benefit in addition to the sum of (a) their retirement benefits provided under the Southington Savings Bank Defined Benefit Pension Plan ("Pension Plan") and the Southington Savings Bank Supplemental Retirement Plan, and (b) their Social Security benefits. The Plan is not intended or designed to meet the qualification requirements of Section 401 of the Internal Revenue Code. As of the Effective Date, Robert D. Morton is the only person eligible to participate in the Plan.

ARTICLE 2

DEFINITIONS

          When used herein with initial capital letters, each of the following terms shall have the corresponding meaning set forth below unless a different meaning is plainly required by the context in which the term is used:

          Section 2.01.  "Administrator" shall mean the Plan Administrator under the Pension Plan.

          Section 2.02.  "Board" shall mean the Board of Directors of Southington Savings Bank or Bancorp Connecticut, Inc., as applicable.

          Section 2.03.  "Change in Control" shall have the same meaning as provided in the Participant's employment agreement with the Employer.

          Section 2.04.  "Code" shall mean the Internal Revenue Code of 1986, as amended.

          Section 2.05.  "Committee" shall mean the Compensation Committee of the Board, or any subsequent committee of the Board that has primary responsibility for compensation policies. In the absence of such a committee, "Committee" shall mean the Board or any committee of the Board designated by the Board to perform the functions of the Committee under the Plan.

          Section 2.06.  "Compensation" shall have the same meaning as provided in the Pension Plan, except that bonuses and other incentive payments shall be included as Compensation under this Plan, and the dollar maximum set by section 401(a)(17) of the Code, as amended, or any other Code section which replaces, or into which, such Code section is amended, shall not apply to this Plan.

          Section 2.07.  "Disability" shall have the same meaning as provided in the Pension Plan.

          Section 2.08.  "Early Retirement Date" shall have the same meaning as provided in the Pension Plan.

          Section 2.09.  "Effective Date" means December 21, 1998.

          Section 2.10.  "Employer" includes, individually and/or collectively as the context requires, Southington Savings Bank ("Bank"), Bancorp Connecticut, Inc. ("Bancorp"), and all other entities in which the Bank or Bancorp holds, directly or indirectly, more than a 50-percent ownership interest and that have approved and adopted this Plan pursuant to Article 11, whether or not an individual Employer directly compensates the Participant or the Participant appears on the payroll of such Employer.

          Section 2.11.  "Final Average Compensation" shall mean a Participant's highest average twelve-month Compensation earned during any 60 consecutive months (or lesser actual period of receiving Compensation) of employment preceding the calendar month in which the Participant's employment ends. In determining a Participant's 60 consecutive months of highest average annual Compensation, periods during which the Participant was not receiving Compensation shall be disregarded.

          Section 2.12.  "Participant" shall mean an employee of the Employer who is eligible to participate in the Plan pursuant to Article 3.

          Section 2.13.  "Target Benefit" shall mean the benefit described in Article 4.

          Section 2.14.  "Years of Vesting Service" shall be the Participant's Years of Vesting Service under the Pension Plan.

 

ARTICLE 3

PARTICIPATION

          Each employee of the Employer specifically named and designated by the Board to be eligible to participate in the Plan shall be a Participant in the Plan. As of the Effective Date, Robert D. Morton, is the sole Participant in the Plan.

 

ARTICLE 4

TARGET BENEFIT

          Section 4.01.  The Target Benefit a Participant shall be entitled to receive from the Employer under this Plan shall have a value equal to the excess, if any, of (a) over (b), where:

          (a)     Equals a lifetime benefit in an annual amount equal to sixty (60) percent of the Participant's Final Average Compensation, which benefit shall be reduced, if payment of the Target Benefit shall commence prior to the Participant's attainment of age 65, in accordance with the actuarial factors set forth in the Pension Plan applicable to retirement benefits of employees retiring on an Early Retirement Date, provided that no benefit reduction shall occur if payment is made on account of a Change in Control;

          (b)     equals the sum of (i) the annual benefit payable to the Participant under the Pension Plan, expressed in the normal form of benefit applicable to the Participant pursuant to the terms of the Pension Plan (whether or not such benefit is actually paid in such form) commencing at the same time as benefits hereunder, plus (ii) the annual benefit payable to the Participant under the Southington Savings Bank Supplemental Retirement Plan, as determined under Section 2 of that plan, without any actuarial adjustment in the event benefits are paid in a form other than the applicable normal form of benefit under the Pension Plan, plus (iii) the annual Social Security benefit payable to the Participant by the federal government which commences at the same time as benefits hereunder.

          Section 4.02.  Notwithstanding the foregoing, if a Participant's employment terminates on account of his or her disability for which benefits are payable under the Employer's long-term disability plan, no Target Benefit shall be owing under this Plan to such Participant until such time that benefits to the Participant have ceased under the long-term disability plan.

          Section 4.03.  An eligible spouse, if any, of such Participant shall be entitled to receive a continuation of such benefit only to the extent provided in Articles 5 or 6. No beneficiary under the Plan shall be permitted other than a surviving eligible spouse.

 

ARTICLE 5

PAYMENT OF TARGET BENEFIT

          Section 5.01. A Participant's Target Benefit payments shall commence on the first day of the month following the later of (a) the date the Participant is vested in such Target Benefit pursuant to Article 7 of this Plan, and (b) the latest of the month in which the Participant's employment ends, the last month the Participant is paid liquidated damages provided for under the Participant's employment agreement with the Employer, and the last month in which the Participant receives severance payments from the Bank
payable for any reason, including but not limited to a Change in Control, as required by the Participant's employment agreement with the Employer, unless the Participant and the Administrator agree that such benefit shall commence at a later time. In no event will a Participant or Beneficiary have a right to receive any Target Benefit payment nor shall the Employer have any obligation to make any such payment hereunder until the Participant becomes vested in the Target Benefit in accordance with Article 7 of the Plan. 

          Section 5.02.  The normal form in which a Target Benefit shall be paid is, for a Participant who is unmarried on the date on which benefit payments are to commence as determined above, monthly payments on the first day of each month for the life of the Participant only, and for a Participant who is married at such time, monthly payments on the first day of each month for the life of the Participant and after the Participant's death, monthly payments on the first day of each month to the Participant's surviving spouse for life (or until remarried, if earlier), each in an amount equal to 50 percent of the Participant's monthly payment. To be entitled to a Target Benefit under the Plan, a spouse must be married to the Participant both on the date Target Benefit payments to the Participant commence and on the Participant's date of death (hereinafter referred to as a "Surviving Spouse"). The annual Target Benefit payable to a married Participant, while living, shall be equal to the annual Target Benefit that would be payable to such Participant if unmarried.

          Section 5.03.  Instead of the normal forms of benefit in Section 5.02, a Participant may elect to receive payment of his or her Target Benefit under the Plan in one of the optional forms of benefit available under the Pension Plan; provided, however, that any such optional form of benefit shall be the "Actuarial Equivalent," as such term is defined in the Pension Plan, of the Target Benefit that would be payable to the Participant in normal form if unmarried. A Participant who is married on the date on which Target Benefit payments commence shall not be required to obtain the consent of his or her spouse to have his or her Target Benefit paid in a form of benefit other than the normal form. Notwithstanding the foregoing, the Administrator shall have the discretion to pay Target Benefits on a quarterly or annual basis if, in the Administrator's opinion, the amount of a Participant's or a surviving Spouse's monthly Target Benefit would be insufficient to merit a monthly payment.

 

ARTICLE 6

PRE-RETIREMENT DEATH BENEFIT

          Section 6.01.  If a Participant in the Plan with respect to the Target Benefit should die after having become vested with respect to a Target Benefit but prior to the commencement of Target Benefit payments, in accordance with Article 5, and if such Participant's spouse is entitled to a death benefit under the Pension Plan, said spouse shall be entitled to receive from the Employer a death benefit in the form of monthly payments commencing on the first day of the month following the date of death and lasting for the spouse's life (or until remarried, if earlier). The amount of such death benefit shall be determined solely with respect to the Participant's Target Benefit (without reduction for any payments made to the Participant on account of disability), and shall be equal to the Target Benefit that would have been payable in the normal form under Section 5.02 to such spouse as a Surviving Spouse if the Participant had retired on the day prior to his or her death.

          Section 6.02.  No death benefit with respect to a Target Benefit other than that set forth above shall be payable under this Plan if a Participant dies prior to the commencement of benefit payments hereunder.

 

ARTICLE 7

VESTING

          Section 7.01.  Except to the extent Section 7.02 otherwise provides, a Participant shall be vested and shall have a nonforfeitable right with respect to the Target Benefit upon the earliest to occur of the following:

          (a)     The Participant's death while an employee of the Employer;

          (b)     The Participant's disability while an employee of the Employer;

          (c)     The Participant's satisfying the definition of Early Retirement Date under the Pension Plan;

          (d)     A Change in Control after a Participant has completed five (5) Years of Vesting Service.

          Section 7.02.  Notwithstanding Section 7.01 above, if a Participant shall be terminated for cause, as defined in the Participant's employment agreement with the Employer, or otherwise performs acts of willful misconduct or gross negligence in a matter of material importance to the Employer, payments of the Target Benefit that thereafter would have been payable to the Participant or such Participant's spouse may, at the sole discretion of the Committee, be forfeited, and the Employer shall have no further obligation under this Plan to the Participant or such Participant's spouse. 

 

ARTICLE 8

FUNDING

          Benefits payable under this Plan shall be "unfunded," as that term is used in Sections 201(2), 301(a)(3), 401(a)(1) and 4021(b)(6) of the Employee Retirement Income Security Act of 1974, as amended, with respect to unfunded plans maintained primarily for the purpose of providing deferred compensation to a select group of management of highly compensated employees, and the Administrator shall administer this Plan in a manner that will ensure that benefits are unfunded and that Participants will not be considered to have received a taxable economic benefit prior to the time at which benefits are actually payable hereunder. Accordingly, the Employer shall not be required to segregate or earmark any of its assets for the benefit of Participants or their spouses or other beneficiaries, and each such person shall have only a contractual right against the Employer for benefits hereunder. The rights and interests of a Participant under this Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge or encumbrance by a Participant or any person claiming under or through a Participant, nor shall they be subject to the debts, contracts, liabilities or torts of a Participant or anyone else prior to payment.

          The Employer may, but need not, set aside or invest funds, or establish a trust of any type, to meet its liability to a Participant under this Plan. Title to and beneficial ownership of any assets, whether cash, investments, or otherwise, which the Employer may designate to pay the benefits described hereunder, shall at all times remain in the Employer, or with a trustee, and a Participant shall have no property interest whatsoever in any specific assets of the Employer or trustee. Nothing contained in this Plan and no action taken pursuant to the provisions of this Plan shall create or be construed to create a fiduciary relationship between the Employer and a Participant. To the extent a Participant has a right to receive a payment or payments under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Employer.

 

ARTICLE 9

ADMINISTRATION

          The Plan shall be operated under the direction of the Committee and administered by the Administrator. The calculation of all benefits payable under the Plan shall be performed at the direction of the Administrator, subject to the review of the Committee in its discretion, and such calculations and the Committee's decisions in all other matters involving the interpretation or application of the Plan shall be final and binding on all persons.

 

ARTICLE 10

CLAIM PROCEDURE

          All claims for benefits under this Plan shall be determined under the claims procedure in effect under the Pension Plan on the date that such claims are submitted, except that the Administrator shall make initial determinations with respect to claims hereunder and the Committee shall decide appeals of such determinations.

 

ARTICLE 11

ADOPTION BY EMPLOYER; OBLIGATIONS OF EMPLOYER

          Benefits under this Plan shall, in the first instance, be paid and satisfied by the Bank. If the Bank shall be dissolved or for any other reason shall fail to pay and satisfy such benefits, then Bancorp shall pay the benefits under the Plan. If Bancorp shall be dissolved or for any other reason shall fail to pay and satisfy such benefits, then each other adopting Employer shall be jointly and severally liable for paying all of the benefits under the Plan.

 

ARTICLE 12

MISCELLANEOUS

          Section 12.01.  Amendment or Termination. The Board may amend or discontinue the Plan at any time; provided, however, that no amendment or discontinuation shall diminish the Employer's obligation to provide any benefits accrued to the date of such amendment or discontinuation. For purposes of the foregoing "benefits accrued" shall mean the value of a Participant's benefit under the Plan, as of the date of amendment or discontinuation of the Plan, with respect to the Target Benefit, based upon the Participant's Final Average Compensation, Years of Credited Service, pension plan benefit and projected Social Security benefits as of such date. A Participant with an accrued but unvested benefit under the Plan as of the date of amendment or discontinuation of the Plan shall become vested with respect to such benefit upon such Participant's satisfaction of the requirements of Article 4, as the case may be.

          Section 12.02.  Pension Plan Benefit Adjustments. Any amendment to a Participant's benefit under the Pension Plan after the payment of benefits commences under this Plan shall not affect the amount of the benefits under this Plan. Furthermore, the provision of any additional benefits under the Pension Plan shall in no way result in any adjustment with respect to the benefits under this Plan.

          Section 12.03.  No Right to Continued Employment.

          (a)     Adoption of the Plan, the provisions of the Plan, and any action of the Board or Committee with respect to the Plan, shall not be held or construed to confer upon any Participant any right to continuation of employment by the Employer.

          (b)     The Employer reserves the right to terminate or otherwise discipline any Participant, or otherwise deal with any Participant, to the same extent as though the Plan had not been adopted.

          Section 12.04.  Taxes.

          (a)     The Bank or any other entity making a payment under the Plan shall have the right to deduct from all amounts distributed any taxes required by law to be withheld.

          (b)     A Participant should consult his or her own tax advisors concerning the personal tax consequences of being eligible for the Plan, and the tax treatment of distributions received under the Plan.

          Section 12.05.  Headings.  Headings are included in the Plan for convenience only and are not substantive provisions of the Plan.

          Section 12.06.  Applicable Law.  The interpretation of the provisions and the administration of the Plan shall be governed by the laws of the state of Connecticut.

 

Dated this 26th day of March, 1999, at Southington, Connecticut.

 

	
 
	
SOUTHINGTON SAVINGS BANK

	 	
  
	 	
 

	
Witness:
	
   By /s/ Walter J. Hushak                

	 	
 

	
 /s/ Judy Smith              
	
      Its Chairman                      

	
 Judy Smith
	
 

	 	
  
	 	
 

	
 
	
BANCORP CONNECTICUT, INC.

	 	
  
	 	
 

	
Witness:
	
   By /s/ Walter J. Hushak                

	 	
 

	
 /s/ Judy Smith              
	
      Its Chairman                      

	
 Judy Smith
	
 

 

 

2002-First Amendment to the

Southington Savings Bank

Supplemental Executive Retirement Plan

 

          The
Boards of Directors of Southington Savings Bank and Bancorp Connecticut, Inc.
hereby amend the Southington Savings Bank Supplemental Executive Retirement Plan
("Plan"), effective as of such Plan's original effective date of
December 21, 1998, as follows:

          1.          Article
6, Pre-Retirement Death Benefit, of the Plan is deleted in
its entirety and replaced with a new Article 6, as follows:

 

ARTICLE 6

PRE-RETIREMENT DEATH BENEFIT

            Section
  6.01.  If a Participant in the Plan with respect to the Target
  Benefit should die after having become vested with respect to a Target Benefit
  but prior to the commencement of Target Benefit payments, in accordance with
  Article 5, and if such Participant's spouse is entitled to a death benefit
  under the Pension Plan, said spouse shall be entitled to receive from the
  Employer a death benefit under the Plan in the form of monthly payments
  commencing on the first day of the month following the date of death and
  lasting for the spouse's life (or until remarried, if earlier). The death
  benefit shall be based on the Participant's Target Benefit (without reduction
  for any payments made to the Participant on account of disability), but with a
  reduction for the actuarial equivalent (as described below) of the amount of
  any life insurance proceeds payable to the Participant's spouse as beneficiary
  of a life insurance policy upon the Participant's death, said policy owned by
  the Trust Company of Connecticut ("Trustee"), or such successor
  trustee, pursuant to the terms of a split-dollar agreement between the Trustee
  and the Participant, dated August 5, 1996 ("Split-Dollar Agreement")
  and a Rabbi Trust dated July 31, 1996. The death benefit payable under the
  Plan shall equal the amount of the Target Benefit that would have been payable
  in the normal form under Section 5.02 of the Plan to such spouse as a
  Surviving Spouse if the Participant had retired on the day prior to his or her
  death, reduced by an amount, which amount shall equal the actuarial
  equivalent of the lump sum amount of the life insurance proceeds payable to
  the Surviving Spouse under the Split-Dollar Agreement, where such actuarial
  equivalent shall be the life annuity payable to the Surviving Spouse using an
  interest rate of 7% and the 1983 GAM mortality table for males or females, as
  applicable.

  

            Section
  6.02.  No death benefit with respect to a Target Benefit other
  than that set forth above in Section 6.01 shall be payable under this Plan if
  a Participant dies prior to the commencement of benefit payments hereunder.

          2.          Except
as amended above, the terms of the Plan currently in effect shall continue to
apply unchanged.

     Dated this 20 day of February, 2002.

 

  	
        BANCORP CONNECTICUT, INC.
	
         
	
        SOUTHINGTON SAVINGS BANK

	
        By /s/ Phillip J. Mucha                  

        
        Its CFO & Treasurer/Secretary     
	
         
	
        By /s/ Phillip J. Mucha                   

        Its SVP & Treasurer                      

 

 

2002-Second Amendment to the

Southington Savings Bank

Supplemental Executive Retirement Plan

 

          The
Boards of Directors of Southington Savings Bank and Bancorp Connecticut, Inc.
hereby amend the Southington Savings Bank Supplemental Executive Retirement
Plan, effective as of December 28, 2001, as follows:

          1.          Section
4.01 of the Plan is deleted in its entirety and replaced with a new Section
4.01, as follows:

  

            Section 4.01.  The
  Target Benefit a Participant shall be entitled to receive from the Employer
  under this Plan shall have a value equal to the excess, if any, of (a) over
  (b), where:

  
    

              (a)     Equals
    a lifetime benefit in an annual amount equal to sixty six and two-thirds
    percent (66 and 2/3 %) of the Participant's Final Average Compensation,
    which benefit shall be reduced, if payment of the Target Benefit shall
    commence prior to the Participant's attainment of age 65, in accordance with
    the actuarial factors set forth in the Pension Plan applicable to retirement
    benefits of employees retiring on an Early Retirement Date, provided that no
    benefit reduction shall occur if payment is made on account of a Change in
    Control;

    

              (b)     equals
    the sum of (i) the annual benefit payable to the Participant under the
    Pension Plan, expressed in the normal form of benefit applicable to the
    Participant pursuant to the terms of the Pension Plan (whether or not such
    benefit is actually paid in such form) commencing at the same time as
    benefits hereunder, plus (ii) the annual benefit payable to the Participant
    under the Southington Savings Bank Supplemental Retirement Plan, as
    determined under Section 2 of that plan, without any actuarial adjustment in
    the event benefits are paid in a form other than the applicable normal form
    of benefit under the Pension Plan, plus (iii) the annual benefit payable to
    the Participant from the pension plan or plans sponsored by his prior
    employer or employers, expressed in the normal form of benefit pursuant to
    the terms of such plan or plans, commencing at the same time as benefits
    hereunder, plus (iv) the annual benefit payable to the Participant,
    expressed as a life annuity, which is the actuarial equivalent of the value
    of the Participant's employer matching account in the Southington Savings
    Bank 401(k) Plan, plus (v) fifty percent (50%) of the annual social security
    benefit payable to the Participant by the federal government which commences
    at the same time as benefits hereunder.

  

2.          Except as amended
above, the terms of the Plan currently in effect shall continue to apply
unchanged.

          Dated this 20 day of
February, 2002.

  	
        BANCORP CONNECTICUT, INC.
	
         
	
        SOUTHINGTON SAVINGS BANK

	
        By /s/ Phillip J. Mucha                  

        
        Its CFO & Treasurer/Secretary     
	
         
	
        By /s/ Phillip J. Mucha                   

        Its SVP & TreasurerBANCORP CONNECTICUT, INC. - FORM 10-K - SPLIT-DOLLAR AGREEMENT

 

SPLIT-DOLLAR AGREEMENT

 

THIS AGREEMENT, made as of the 5th day of August, 1996, by and between TRUST COMPANY OF CONNECTICUT with offices at Hartford, Connecticut (hereinafter referred to as the "Trustee"), and ROBERT D. MORTON of Southington Savings Bank (hereinafter referred to as the "Employee");

WITNESSETH THAT:

WHEREAS, the Trustee is holding in trust, pursuant to a Rabbi Trust established by Southington Savings Bank, dated July 31, 1996, one or more life insurance policies on the life of the Employee as listed in Schedule A attached hereto (hereinafter referred to as the "Policy"), which were either contributed into the Rabbi Trust by Southington Savings Bank or purchased directly from the life insurance company by the Trustee; and

NOW THEREFORE, the Trustee agrees to make the Policy subject to this Agreement as follows:

	
1.
	
The parties hereto agree that the Policy shall be subject to the terms and conditions of this Agreement. The Trustee shall be the sole and absolute owner of the Policy and may exercise all ownership rights granted to the owner thereof by the terms of the Policy, except as may be otherwise provided herein.

	
 	
  
	
2.
	
Dividends, if any, declared on the Policy shall be applied to purchase paid-up additional insurance on the life of the Employee. The parties hereto agree that the dividend election provisions, if any, of the Policy shall conform to the provisions hereof.

	
 	
  
	
3.
	
The premium for the Policy becoming due after the date of this Agreement will be paid by the Trustee during the Employee's employment by the Southington Savings Bank and will be allocated between the Employee and the Trust. The Employee's share of the premium (term insurance allocation) shall be paid by the Trustee as agent for the Employee and shall be charged to the Employee as additional cash compensation.

	
 	
  
	
4.
	
The Policy shall be an asset of the Trust. The Employee has no rights under the Policy other than to name one or more beneficiaries for his share of the death benefit and the manner in which such share of the death benefit shall be paid.

	
 	
  
	
5.
	
a.          Upon the death of the Employee, the Trustee shall promptly take all action necessary to facilitate the payment of the death benefits provided under the Policy.

	
 	
  
	
 
	
b.          The Trustee shall have the unqualified right to receive a portion of the death benefit equal to the greater of (i) the cash surrender value of the policy or (ii) the total amount of premiums paid by the Trustee. The balance of the death benefit under the Policy shall be paid directly by the insurer to the beneficiary or beneficiaries and in the manner designated by the Employee.

	
 	
  
	
6.
	
This Agreement shall terminate upon the occurrence of the earliest of the following events: (i) the Employee's death and the payment of proceeds pursuant to Section 5 of this Agreement, or (ii) the termination of employment of the employee for any reason other than death.

	
 	
  
	
7.
	
This Agreement may not be amended, altered or modified except by a written instrument signed by both of the parties hereto and may not be otherwise terminated except as provided herein.

	
 	
  
	
8.
	
This Agreement shall be binding upon and inure to the benefit of the Trustee and its successors and assignees and the Employee and his successors, assignees, heirs, executors, administrators and beneficiaries.

	
 	
  
	
9.
	
Except as may be preempted by ERISA, this Agreement, and the rights of the parties hereunder, shall be governed by and construed in accordance with the laws of the state of Connecticut.

IN WITNESS WHEREOF, the Trustee has caused this Agreement to be executed by its officer thereunto duly authorized and the Employee has hereunto set his hand all as of the day and year first above written.

 

	
 
	
TRUSTEE

	
 
	
 

	
 
	
TRUST COMPANY OF CONNECTICUT

	
 
	
 

	
 
	
 

	
 
	
By:  /s/ Laura W. Peterson                       

	
 
	
 

	
 
	
 

	
 
	
Title:  Assistant Vice President                  

	
 
	
 

	
 
	
 

	
 
	
EMPLOYEE

	
 
	
 

	
 
	
 

	
 
	
/s/ Robert D. Morton                                

	
 
	
Robert D. Morton

 

 

SCHEDULE A

 

  
	
Insurance Carrier
	
Policy No.
	
Face Amount

	
 
	
 
	
 

	
 
	
 
	
 

	
Security Life of Denver
	
1546481
	
$294,702

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