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EXHIBIT 10.101

                               FIRST AMENDMENT TO THE
                   SECURITY PACIFIC NATIONAL BANK TRUST AGREEMENT
                        FOR THE CHARLES SCHWAB PROFIT SHARING
                          AND EMPLOYEE STOCK OWNERSHIP PLAN

   The "Security  Pacific  National Bank Trust  Agreement for the Charles Schwab
Profit  Sharing  and  Employee  Stock  Ownership  Plan,"  which was  amended and
restated in its entirety  effective November 1, 1990, is hereby further amended,
effective January 1, 1992, as follows:

   By DELETING Section 5.05(c) and SUBSTITUTING therefor the following:
   (c)Cash  dividends  received on any Employer  Securities  held as part of the
      Plan  shall be  invested  as soon as  possible  in  additional  shares  of
      Employer  Securities  which shall be  purchased  at such  prices,  in such
      amounts,  in such manner, at such times and through such  broker-dealer as
      the Trustee may determine in its absolute and uncontrolled discretion.

   Executed by the Employer and Trustee on December 20, 1991.

                                            CHARLES SCHWAB & CO., INC.
                                  By:       /s/ Charles R. Schwab
                                  Its:      Chairman and CEO

                                            SECURITY PACIFIC NATIONAL BANK
                                  By:       /s/ Mary Lau
                                  Its:      Assistant Vice PresidentEXHIBIT 10.234

                      Executive Deferred Compensation Plan
                                       of
                             U.S. Trust Corporation

             As Amended and Restated effective as of January 1, 2001

1.       Purpose

The Plan  hereinafter  set forth  represents  a  continuation  of the  Executive
Deferred  Compensation  Plan  maintained by U.S.  Trust  Corporation  before its
merger with the Charles Schwab Corporation pursuant to the Agreement and Plan of
Merger dated as of January 12, 2000.

The purpose of the Plan is to provide: (a) Eligible Officers with an opportunity
to defer payment of certain portions of their  compensation,  at their election,
in accordance  with the provisions  herein set forth;  and (b) for the mandatory
deferral of a portion of the incentive compensation payable to certain employees
of the Corporation and its Affiliated Companies.

The Plan is intended to constitute an unfunded plan maintained primarily for the
purpose of providing deferred  compensation for "a select group of management or
highly compensated  employees" within the meaning of Sections 201(2),  301(a)(3)
and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA").

2.       Definitions

As used herein, the following terms shall have the following meanings:

      "Account" or "Accounts" shall mean the account or accounts established for
      a Participant pursuant to Section 4.

      "Affiliated  Companies" shall mean United States Trust Company of New York
      and each other direct or indirect subsidiary of U.S. Trust Corporation.

      "Award"  shall mean any award made to a  Participant  under the  Executive
      Incentive Plan of U.S.  Trust  Corporation  (EIP) or the Annual  Incentive
      Plan of U.S. Trust Corporation.

      "Beneficiary" shall mean the person or persons designated by a Participant
      in accordance  with Section 8 to receive any amount payable under the Plan
      by reason of his or her death.

      "Board of  Directors"  shall  mean the Board of  Directors  of U.S.  Trust
      Corporation.

      "Change  in  Control"  shall  mean that any of the  following  events  has
      occurred after the Merger Closing Date.

            (i)   A Change in Control  required to be reported  pursuant to Item
                  6(e) of Schedule 14A of  Regulation  14A under the  Securities
                  Exchange Act of 1934, as amended (the "Exchange Act");

            (ii)  A change in the  composition  of the Board of Directors of the
                  Company,  as a result of which  fewer than  two-thirds  of the
                  incumbent  directors  are  directors  who  either (i) had been
                  directors  of the  Company 24 months  prior to such  change or
                  (ii) were elected, or nominated for election,  to the Board of
                  Directors  of the  Company  with the  affirmative  votes of at
                  least a majority of the  directors  who had been  directors of
                  the Company 24 months  prior to such change and who were still
                  in office at the time of the election or nomination;

            (iii) Any "person" (as such term is used in sections 13(d) and 14(d)
                  of the Exchange Act) becomes the beneficial owner, directly or
                  indirectly,  of  securities  of the  Company  representing  20
                  percent or more of the combined  voting power of the Company's
                  then outstanding  securities ordinarily (and apart from rights
                  accruing under special circumstances) having the right to vote
                  at  elections  of  directors   (the  "Base  Capital   Stock");
                  provided,  however, that any change in the relative beneficial
                  ownership of securities of any person  resulting solely from a
                  reduction in the  aggregate  number of  outstanding  shares of
                  Base  Capital  Stock,  and  any  decrease  thereafter  in such
                  person's  ownership of securities,  shall be disregarded until
                  such person  increases in any manner,  directly or indirectly,
                  such person's  beneficial  ownership of any  securities of the
                  Company.

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

      "Committee"  shall mean the Committee,  as constituted  from time to time,
      appointed by the senior management of the Company to administer the Plan.

      "Company"   shall  mean  The  Charles  Schwab   Corporation,   a  Delaware
      Corporation.

      "Corporation" shall mean U.S. Trust Corporation, a wholly owned subsidiary
      of the Company.

      "Eligible  Compensation"  shall mean, with respect to any Eligible Officer
      for any Plan Year  beginning on or after January 1, 2001,  (i) the portion
      of any Award that becomes  payable in cash to the Eligible  Officer during
      such year as reduced by any amount that is  contributed to the 401(k) Plan
      on the Eligible  Officer's  behalf with respect to such Award  pursuant to
      the Eligible  Officer's  election under the  applicable  provisions of the
      401(k) Plan; (ii) the portion of any Mandatory Deferred  Contribution that
      becomes vested and payable in cash to a Participant  during such year; and
      (iii) the portion of any  commissions  (including any "trail"  commissions
      and any  commission  "overrides")  that is payable in cash to the Eligible
      Officer  during such year (but, in the case of any amount  payable  during
      such year with respect to commissions  that were earned prior to the start
      of such  year,  only to the  extent of such of those  commissions  as were
      earned  after  the date on which  the  Eligible  Officer  filed his or her
      deferral  election for such year under Section 3), exclusive of the amount
      of any such commissions  that are included in the Eligible  Officer's base
      compensation  for  any  Plan  Year  pursuant  to  the  Eligible  Officer's
      election,  and the  portion  of any bonus or  incentive  payments  that is
      payable  in  cash  to the  Eligible  Officer  pursuant  to any  employment
      agreement  between the Eligible  Officer and the Corporation or any of its
      Affiliated Companies, to the extent earned during such year, regardless of
      the year in which such bonus or incentive payments are payable.

      "Eligible Officer" shall mean any officer of the Corporation or any of its
      Affiliated Companies at or above the rank of Vice President:

      (a)   whose  wages  (excluding  the  amount  of any Stock  Option  Cashout
            Payment)  subject to  FICA-HI  exceeded  $170,000  for the Plan Year
            immediately  preceding  the Plan Year in which such officer  makes a
            deferral election under Section 3; or

      (b)   whose  base  salary as of  October 1 of the Plan Year in which  such
            officer makes a deferral  election  under Section 3 when  aggregated
            with AIP/EIP  target bonus amount for such year,  regardless  of the
            year in which such bonus amount is payable, exceeds $300,000; or

      (c)   who has been credited with a Mandatory Deferred Contribution.

      For any Plan Year  beginning  on or after  January 1, 2001,  the  $170,000
      referred  to in the  preceding  sentence  shall be  adjusted to the extent
      necessary  for  such  amount  to equal  the of the  limitation  on  annual
      compensation in effect for such year under section 401(a)(17) of the Code.

      "401(k) Plan" shall mean the U.S. Trust Corporation 401(k) Plan.

      "401(k)  Plan Year"  shall  mean the "Plan  Year" as defined in the 401(k)
      Plan.

      "Mandatory  Deferred  Contribution"  shall mean the amount credited by the
      Corporation or an Affiliated Company to a Participant's Account.

      "Merger Closing Date" shall mean May 31, 2000.

      "Participant" shall mean any (i) Eligible Officer who has made an election
      under Section 3 hereof (or under Section 3 of the Prior Plan) to defer any
      portion of his or her Eligible Compensation for any Plan Year, (ii) person
      who has made an election  under the Prior Plan to defer any portion of his
      or her 1995 Cashout  Payments (as defined in Section 4 of the Prior Plan),
      (iii)  person  whose  Account  or  Accounts  have  been  credited  with  a
      Supplemental ESOP Contribution amount for any 401(k) Plan Year pursuant to
      Section 5 of the Prior Plan, or (iv) any person whose  Mandatory  Deferred
      Contribution   Account  has  been  credited  with  a  Mandatory   Deferred
      Contribution pursuant to Section 5 hereof.

      "Plan" shall mean the Executive  Deferred  Compensation Plan of U.S. Trust
      Corporation, as set forth herein and as amended from time to time.

      "Plan Year" shall mean each calendar year.

      "Prior Plan" shall mean the Executive  Deferred  Compensation Plan of U.S.
      Trust Corporation, as in effect prior to the Merger Closing Date.

      "Retirement" shall mean a Participant's termination of employment with the
      Corporation  and its Affiliated  Companies for any reason other than death
      if, as of the date of the Participant's termination of employment, (i) the
      Participant  has attained age 65, or (ii) the Participant has attained age
      sixty (60) and is credited  with at least ten (10) "Years of Service"  (as
      defined in the Retirement Plan), or (iii) the sum of Participant's age and
      the  number of his or her  "Years of  Service",  as  defined in the 401(k)
      Plan, is at least equal to 80. In addition, in the case of any Participant
      who  becomes  entitled to receive  benefit  payments  under the  long-term
      disability  plan  maintained by the  Corporation  or any of its Affiliated
      Companies and who continues to receive payments under such plan throughout
      the entire period ending on the date on which  Participant first meets the
      age, or the age of service,  requirements set forth in clause (i), (ii) or
      (iii) above, such Participant shall be treated,  for purposes of the Plan,
      as having  terminated  employment  with the Corporation and its Affiliated
      Companies  as a  result  of  Retirement,  on the  first  day of the  month
      following the date on which the Participant first meets such requirements.
      In  applying   clause  (ii)  and  (iii)  above  for  this   purpose,   the
      Participant's  "Years of  Service"  shall  include  the number of calendar
      years (or part thereof) during which the Participant has received benefits
      payments under such long-term disability plan.

      "Statutory  Limitations" shall mean, with respect to any 401(k) Plan Year,
      the limitations imposed under sections 401(a)(17) and 415 of the Code with
      respect to the amount of  compensation  that may be taken into  account in
      calculating  contributions  on behalf  of any  Member,  and the  amount of
      contributions  that may be  allocated  to a  Member's  account,  under the
      401(k) Plan for such year.

      "Stock  Option  Cashout  Payment"  shall  mean the  payment  made upon the
      consummation  of the merger of U.S.  Trust  Corporation  with the  Charles
      Schwab  Corporation to an Eligible  Officer with respect to shares subject
      to any unexercised stock options granted to the Eligible Officer under the
      1995 Stock Option Plan of U.S. Trust Corporation.

      "Vesting  Date"  shall  mean with  respect  to any  amount  credited  to a
      Participant's  Mandatory  Deferred  Contribution  Account,  the date as of
      which  such  amount  becomes  vested  under  the  terms  of the  Executive
      Incentive  Plan of  U.S.  Trust  Corporation,  the  applicable  commission
      arrangement or the applicable employment contract as the case may be.

3.       Deferral of Eligible Compensation

With  respect  to each Plan Year  beginning  on or after  January  1,  2001,  an
Eligible  Officer  may  elect to have  payment  of any part or all of his or her
Eligible  Compensation  for such  year  deferred,  and to have  payment  of such
portion made under the terms of this Plan.  Any such  election  shall be made in
accordance with the following rules:

      (a)   A  deferral  election  shall  be  made  in  writing  in  the  manner
            prescribed by the Committee for such purpose.

      (b)   In the deferral election, the Eligible Officer (i) shall specify, by
            amount or  percentage  (which must be an even  multiple of 5%),  the
            portion of his or her Eligible  Compensation  the  Eligible  Officer
            wishes to defer (the amounts so deferred are hereinafter referred to
            as the Eligible Officer's "Deferred Amount").

      (c)   An  Eligible  Officer's  election  to defer  payment  of any  amount
            credited to his or her Mandatory  Contribution  Account must be made
            at least  one year  prior to the  Vesting  Date of such  amount.  An
            Eligible Officer's election to defer any other Eligible Compensation
            for any Plan Year  beginning on or after  January 1, 2001,  shall be
            filed with the  Committee no later than December 15 of the preceding
            Plan Year,  or by such other date as the  Committee may determine in
            its discretion.

      (d)   Any deferral  election  made by an Eligible  Officer with respect to
            his  or  her  Eligible   Compensation  for  a  Plan  Year  shall  be
            irrevocable.

      (e)   Notwithstanding  any  other  provision  herein  to the  contrary,  a
            deferral election otherwise  permitted to be made hereunder shall be
            subject to the following requirements:

            (i)   No amount may be deferred  pursuant  to an Eligible  Officer's
                  election unless such amount equals or exceeds $1,000;

            (ii)  No portion of an Eligible Officer's Eligible  Compensation may
                  be deferred  hereunder  to the extent that any tax is required
                  to be  withheld  from  such  portion  pursuant  to  applicable
                  federal, state or local law;

            (iii) No portion of an Eligible Officer's Eligible  Compensation may
                  be deferred hereunder to the extent that such portion has been
                  earned  prior  to the  date on which  the  Eligible  Officer's
                  election  to  defer  such  portion  has  been  filed  with the
                  Committee; and

            (iv)  No amount may be deferred  pursuant  to an Eligible  Officer's
                  election  hereunder  for a period of 12 months  (or such other
                  period  required by IRS  regulations)  following  the Eligible
                  Officer's  receipt of a hardship  withdrawal  under the 401(k)
                  Plan.

4.       Accounts

There  shall be  maintained  on the books and  records of the  Corporation,  for
bookkeeping  purposes only,  separate Accounts for each Participant,  to reflect
the  Participant's  interest under the Plan,  including all amounts  credited to
each  Participant  under the Prior Plan.  Such Accounts shall be established and
maintained in accordance with the following provisions:

      (a)   A Mandatory Deferred  Contribution  Account shall be established and
            maintained  for each  Participant  who is credited  with a Mandatory
            Deferred Contribution to the Plan on or after January 1, 2001.

      (b)   A  Vested   Mandatory   Deferred   Contribution   Account  shall  be
            established  and  maintained for each  Participant  who elects under
            Section 3 to have  payment  deferred  with respect to any portion of
            his or her Mandatory Deferred Contribution Account.

      (c)   A Participant's  Accounts shall be credited with the Deferral Amount
            that the  Participant  has  specified in his or her  election  under
            Section  3(b).  Such amount  shall be credited to the  Participant's
            Account as of the first business day of the calendar month following
            the month in which the  amount in  question  would have been paid to
            the  Participant  had the Participant not elected under Section 3 to
            have   payment  of  such  amount   deferred   under  this  Plan.   A
            Participant's  Account shall be adjusted to reflect all Earnings (as
            defined in paragraph (a) of Section 6) or interest to be credited to
            such  Accounts  pursuant to Section 6, all transfers to or from such
            Accounts  pursuant to Section 6(d)(ii) or (e), and all payments made
            with  respect to the  Participant's  Account  balances  pursuant  to
            Section 7.

      (d)   Other than amounts  credited to a Participant's  Mandatory  Deferred
            Contribution  Account  under  Section  4(c),  which  shall  vest  in
            accordance  with the  applicable  Vesting  Date and Awards  deferred
            under  this  Plan a  Participant's  interest  in  each of his or her
            Accounts shall be fully vested and nonforfeitable at all times.

5.       Mandatory Deferred Contributions

      (a)   There  shall be  credited  to the  Mandatory  Deferred  Contribution
            Account  an amount  equal to the  amount of the  Mandatory  Deferred
            Contribution awarded to the Participant.

      (b)   As of the Vesting Date of any Mandatory Deferred  Contributions with
            respect to which a deferral  election has been made under Section 3,
            the Participant's  Vested Mandatory  Deferred  Contribution  Account
            shall  be  credited  with  an  amount  equal  to the  amount  of the
            Mandatory Deferred  Contribution that the Participant has elected to
            defer.

6.       Crediting of Earnings

Until  payment with respect to a  Participant's  Accounts has been made in full,
the  Participant's  Accounts  shall be  credited  with  Earnings  or interest in
accordance with the following provisions:

      (a)   As of the last day of each calendar month,  each part of the balance
            of a  Participant's  Account  for which a separate  Earnings  Credit
            Option  (as  hereinafter  defined)  is in  effect  pursuant  to  the
            Participant's  election  hereunder  shall be credited with an amount
            determined  by   multiplying   such  part  of  the  balance  of  the
            Participant's   Account  by  a  percentage   corresponding   to  the
            Applicable  Rate of Return (as  hereinafter  defined) for such month
            under such Earnings Credit Option. The amount so credited (which may
            be positive or negative  depending on whether the Applicable Rate of
            Return for the month is positive or  negative) is referred to herein
            as "Earnings".

      (b)   For purposes of this Section 6, the term  "Earnings  Credit  Option"
            shall mean, as of any date of reference,  any one of the  following:
            the S&P 500 Index, the Lehman Bros. Government/Corporate Bond Index,
            and the IBC's Money Fund Report First Tier Average.  Notwithstanding
            the  foregoing,   the  Committee  may  at  any  time,  in  its  sole
            discretion,  determine  (i)  that  any  option  referred  to in  the
            preceding  paragraph shall cease to constitute an Earnings Crediting
            Option for  purposes  of the Plan,  or (ii) that any other  index or
            hypothetical  investment  fund or  referenced  rate of return  shall
            constitute an Earnings  Crediting  Option for purposes of this Plan.
            Participants  shall  be  notified  in  writing,  at least 45 days in
            advance, of any change in the Plan's Earnings Crediting Options.

      (c)   The "Applicable  Rate of Return" for any month shall mean (i) in the
            case of the S&P 500 Index,  the  percentage,  as  determined  by the
            Committee,  by  which  (A) the  value  of such  Index as of the last
            business day of such month, as adjusted to reflect all income earned
            for such month on the securities included in such Index, exceeds, or
            is less than,  (B) the value of such  Index as of the last  business
            day of the immediately  preceding month,  determined  without taking
            such adjustment  into account;  (ii) in the case of the Lehman Bros.
            Government/Corporate  Bond Index,  the percentage,  as determined by
            the  Committee,  by which  the  value  of such  Index as of the last
            business day of such month,  exceeds,  or is less than, the value of
            such Index as of the last business day of the immediately  preceding
            month;  (iii) in the case of the IBC's Money Fund Report  First Tier
            Average,  the rate of return  corresponding  to the 7-day compounded
            yield for such  Average,  for the period ending on, or most recently
            prior to,  the last day of such  month;  and (iv) in the case of any
            other Earnings  Crediting Option,  the rate of return applicable for
            such month, as determined by the Committee in its sole discretion.

      (d)   A  Participant  may make  elections  with  respect  to the  Earnings
            Crediting  Options  that are to apply on and after  January  1, 2001
            with respect to his or her Account in accordance  with the following
            rules:

            (i)   A Participant may elect to have any part or all of the balance
                  of any such Account  credited with Earnings under any Earnings
                  Crediting  Option  available under the Plan at the time of his
                  or her election.

            (ii)  In  the  case  of  a  Participant  for  whom  an  Account  was
                  maintained  on December 31, 2000,  pursuant to the Prior Plan,
                  the  Earnings  Crediting  Option in  effect,  such date  shall
                  continue to apply until changed by the Paricipant  pursuant to
                  Section  6(d)(iii).   Each  Eligible  Officer  who  becomes  a
                  Participant on or at any time after January 1, 2001 shall make
                  an initial election as to the Earnings  Crediting Options that
                  are to apply with  respect to his or her Account in the manner
                  prescribed by the Committee. In such election, the Participant
                  shall specify,  by percentages (which must be an even multiple
                  of 5%),  the  respective  parts of the balance of such Account
                  that  are to be  credited  with  Earnings  under  each  of the
                  Earnings Crediting Options designated by the Participant. If a
                  Participant  has  failed to make a timely  election  as to the
                  Earnings  Crediting  Options  that are to apply to any Account
                  prior to the date as of which an amount is first  credited  to
                  such Account, the Participant shall be deemed to have selected
                  the IBC's Money Fund Report First Tier Average as the Earnings
                  Crediting  Option  to  apply  to the  entire  balance  of such
                  Account.

            (iii) The  Earnings  Crediting  Options  selected (or deemed to have
                  been  selected)  by a  Participant  with respect to an Account
                  shall  remain in effect for that  Account  (and shall apply to
                  all additional  amounts  allocated to such Account pursuant to
                  any elections made by the  Participant  hereunder with respect
                  to any subsequent  Plan Years) until the  Participant  changes
                  his or her election as to the Earnings  Crediting  Options for
                  that Account in accordance with clause (iv) below.

            (iv)  A Participant may change the Earnings  Crediting  Options that
                  are to apply with  respect to the  balance of an  Account,  or
                  with  respect to any  Deferred  Amounts to be credited to such
                  Account  for  any  Plan  Year  pursuant  to the  Participant's
                  election,  by making a new election  hereunder with respect to
                  the balance of that Account,  or with respect to such Deferred
                  Amounts  in  the  manner  prescribed  by  the  Committee.  The
                  Participant shall specify,  in the same manner as described in
                  clause (ii) above, the respective parts of the balance of such
                  Account, or portions of such Deferred Amounts,  that are to be
                  credited  with Earnings  under each of the Earnings  Crediting
                  Options  designated by the Participant.  Any new election made
                  by a Participant  hereunder with respect to the balance of any
                  Account  shall  become  effective  as of the  first day of the
                  calendar  month  following  the date on which such election is
                  made,  provided  that it is at least 2 business  days prior to
                  such  first  day.  Any  new  election  made  by a  Participant
                  hereunder  with respect to Deferred  Amounts to be credited to
                  such  Account for any Plan Year shall be  effective  as of the
                  date such amounts are credited to such Account  under  Section
                  4. The Earnings  Crediting Options selected by the Participant
                  in such new  election  shall  remain in effect with respect to
                  the Participant's  Account until the Participant again changes
                  his or her election with respect to that Account in accordance
                  with this clause (iv).

      (e)   If payment with respect to any Account  maintained for a Participant
            is to be made in form of annual  installments  pursuant to Section 7
            with  respect to such  Account,  such Account  shall  continue to be
            credited with Earnings or interest in accordance with the provisions
            of this Section 6 until all payments required to have been made with
            respect to such Account have been made.  For this purpose,  any such
            payments  shall be  deemed  to have  been  made  pro  rata  from the
            respective  portions of the balance of such Account that are subject
            to separate Earnings Crediting Options.

7.       Payment of Account Balances

Payment  with  respect  to a  Participant's  Account  balances  shall be made in
accordance with the following provisions:

      (a)   Except  for  the  nonvested  portion  of a  Participant's  Mandatory
            Deferred  Contribution  Account,  a Participant's  Account  balances
            shall become  payable  upon the  earliest to occur of the  following
            events  (hereinafter  referred  to as  "Payment  Events"):  (i)  the
            Participant's  death, (ii) the Participant's  Retirement,  (iii) the
            Participant's termination of employment with the Corporation and its
            Affiliated  Companies or the Company for any reason other than death
            or Retirement, and (iv) the occurrence of a Change in Control

      (b)   Amounts credited to a Participant's  Mandatory Deferred Contribution
            Account  shall become  payable in the form of a single lump sum cash
            payment as soon as practicable following the Vesting Date applicable
            to such amounts unless a Participant  elects at least one year prior
            to such Vesting  Date to defer  payment with respect to such amounts
            pursuant to Section 3.

      (c)   Unless at the time a Participant's  Account becomes payable there is
            in effect for the  Participant an election under (d) below,  payment
            with respect to such  Account  shall be made in the form of a single
            lump cash payment. Such payment shall be made to the Participant or,
            if the Participant's Account becomes payable by reason of his or her
            death, to the  Participant's  Beneficiary.  Payment shall be made on
            the last  business day of March of the Plan Year  following the year
            in which the  Participant's  termination of employment  occurs.  The
            amount so payable shall be equal to the balance of the Participant's
            Account determined as of the last day of February.

      (d)   A Participant  may elect to have payment with respect to the balance
            of his or her  Account,  or with respect to any  percentage  of such
            balance  (which must be an even multiple of 10%) as the  Participant
            specifies in such election, made to the Participant, or in the event
            of the Participant's  death, to his or her Beneficiary,  in the form
            of a series  of 5, 10,  or 15 annual  installments,  payable  in the
            manner  described  in Section  7(d),  if the  Participant's  Account
            becomes payable as a result of the Participant's Retirement, or as a
            result of the Participant's  death while he or she is still employed
            with the  Corporation or any of its  Affiliated  Companies but after
            the   Participant   has  met  the  age,  or  the  age  and  service,
            requirements for eligibility for Retirement stated in the definition
            of such term  contained in Section 2. An election under this Section
            7(c) shall be made in  writing,  on a form that is  provided  by the
            Committee for such purpose and that is filed by the Participant with
            the  Committee  at  least  one year  prior to the date on which  the
            Participant's termination of employment occurs. Any election so made
            may be revoked,  and a new election may be made hereunder after such
            revocation. Any such revocation or new election shall be made in the
            same  manner,  and by the same  date,  as  described  in the  second
            preceding  sentence.  No election or  revocation of an election made
            hereunder  shall be given  effect  unless it is made within the time
            prescribed herein.

      (e)   If a  Participant's  Account becomes payable in the form of a series
            of 5, 10 or 15 annual  installments  pursuant  to the  Participant's
            election  under  Section  7(d),  such  payments  shall  be  made  in
            accordance with the following provisions:

            (i)   the first such  installment  payment shall be made on the last
                  business day of March of the Plan Year  following  the year in
                  which the Participant's  termination of employment occurs, and
                  the remaining  installment  payments shall be made on the last
                  business day of March of each succeeding Plan Year.

            (ii)  the  amount  of  each  such   installment   payment  shall  be
                  determined  by dividing  (A) the balance of the  Participant's
                  Account  determined  as of  the  last  day of  the  Plan  Year
                  preceding the year in which such payment is to be made, by (B)
                  the number of installment  payments  remaining to be made. The
                  last such installment  payment shall include earnings credited
                  to the Account for the month preceding the month in which such
                  payment is made.

            (ii)  if the Participant should die before receiving all installment
                  payments  required  to be  made  with  respect  to  his or her
                  Account,  any installment payments remaining to be made at the
                  date  of  the  Participant's   death  shall  be  made  to  the
                  Participant's Beneficiary in the same form, at the same times,
                  and in the same amounts, as such payments would have been made
                  to the  Participant (A) if he or she had not died, and (B), in
                  the  case of  installment  payments  required  to be made to a
                  Beneficiary due to the death of a Participant occurring before
                  the  Participant  had  received  any  such  payments,  if  the
                  Participant's   employment  had  terminated  as  a  result  of
                  Retirement on the date of his or death.

      (f)   Notwithstanding  any  previous  provision  in this  Section 7 to the
            contrary,  payments with respect to a Participant's Account shall be
            subject to the following  special rules: upon occurrence of a Change
            in Control the balance of each  Participant's  Account  shall become
            immediately  due and  payable.  Payment with respect to such balance
            shall be made to the Participant or, if the Participant has died, to
            his or her  Beneficiary,  in the  form of a  single  lump  sum  cash
            payment.  Payment  shall be made as soon as  practicable  after  the
            occurrence of such Change in Control. The amount so payable shall be
            equal to the balance of the Participant's  Account  determined as of
            the last day of the month  preceding  the month in which  payment is
            made.

      (g)   Notwithstanding  any  other  provision  in  this  Section  7 to  the
            contrary,   payment   with  respect  to  any  part  or  all  of  the
            Participant's Account balances may be made to the Participant of, if
            applicable, the Participant's Beneficiary,  on any date earlier than
            the date on which such payment is to be made  pursuant to such other
            provisions of this Section 7 if (i) the  Participant,  or his or her
            Beneficiary,  requests such early payment and (ii) the Committee, in
            its sole discretion, determines that such early payment is necessary
            to  help  the  Participant,  or  his  or her  Beneficiary,  meet  an
            "unforeseeable    emergency"   within   the   meaning   of   Section
            1.457-2(h)(4) of the federal income tax regulations. The amount that
            may be so paid may not  exceed  the  amount  necessary  to meet such
            emergency.

      There shall be deducted from the amount of any payment otherwise  required
      to be made under the Plan all Federal,  state and local taxes  required by
      law to be withheld with respect to such payment.

8.       Designation and Change of Beneficiary

Each Participant  shall file with the Committee a written  designation of one or
more  persons as the  Beneficiary  who shall be  entitled  to receive any amount
payable under the Plan by reason of his or her death.  A  Participant  may, from
time to time,  revoke or change his or her Beneficiary  designation  without the
consent of any previously  designated  Beneficiary  by filing a new  designation
with the Committee. The last such designation received by the Committee shall be
controlling;  provided,  however,  that no designation,  or change or revocation
thereof,  shall be  effective  unless  received  by the  Committee  prior to the
Participant's  death and in no event shall it be effective as of a date prior to
such receipt.  If at the date of a Participant's  death, there is no designation
of a Beneficiary  in effect for the  Participant  pursuant to the  provisions of
this Section 8, or if no Beneficiary designated by the Participant in accordance
with the provisions hereof survives to receive any amount payable under the Plan
by reason of the Participant's  death, the Participant's estate shall be treated
as the Participant's Beneficiary for purposes of the Plan.

9.       Payments to Persons Other Than Participants

If the Committee  shall find that any  Participant  or  Beneficiary  to whom any
amount  is  payable  under  the Plan is  unable  to care for his or her  affairs
because of illness,  accident or legal  incapacity,  then,  if the  Committee so
directs,  such amount may be paid to such Participant's or Beneficiary's spouse,
child or other  relative,  an institution  maintaining or having custody of such
person, or any person deemed by the Committee to be a proper recipient on behalf
of such  Participant,  unless a prior  claim  therefore  has been made by a duly
appointed legal representative of the Participant or Beneficiary.

Any  payment  made under this  Section 9 shall be a  complete  discharge  of the
liability of the Corporation with respect to such payment.

10.      Rights of Participants

A  Participant's  rights  and  interests  under the Plan shall be subject to the
following provisions:

      (a)   A Participant shall have the status of a general unsecured  creditor
            of the  Corporation  with respect to his or her right to receive any
            payment under the Plan. The Plan shall  constitute a mere promise by
            the  Corporation  to make  payments  in the  future of the  benefits
            provided for herein. It is intended that the arrangements  reflected
            in this Plan be treated as unfunded for tax purposes, as well as for
            purposes of Title I of ERISA.

      (b)   The  Corporation  may, but shall not be required to, purchase a life
            insurance  policy or  policies,  to assist it in funding  any of its
            payment  obligations  under the Plan. If any policy is so purchased,
            it  shall,  at  all  times,  remain  subject  to the  claims  of the
            Corporation's  creditors.  No Participant or Beneficiary  shall have
            any interest in, or rights with respect to, such policy.

      (c)   A  Participant's  rights to  payments  under  the Plan  shall not be
            subject in any manner to anticipation,  alienation,  sale, transfer,
            assignment,  pledge,  encumbrance,  attachment,  or  garnishment  by
            creditors of the Participant or his or her Beneficiary.

      (d)   Neither the Plan nor any action taken  hereunder  shall be construed
            as giving any Participant any right to be retained in the employment
            of the Company, the Corporation or any of its Affiliated Companies.

11.      Administration of the Plan

The Plan shall be  administered  by the Committee.  A majority of the members of
the  Committee  shall  constitute a quorum.  The Committee may act at a meeting,
including a telephone  meeting,  by action of a majority of the members present,
or  without  a  meeting  by  unanimous  written  consent.  In  addition  to  the
responsibilities and powers assigned to the Committee elsewhere in the Plan, The
Committee shall have the  discretionary  authority and power, in its discretion,
to establish from time to time guidelines or regulations for the  administration
of the  Plan,  interpret  the  Plan,  and  make  all  determinations  considered
necessary or advisable  for the  administration  of the Plan.  The Committee may
delegate  any  ministerial  or  nondiscretionary   function  pertaining  to  the
administration  of the Plan to any one or more officers of the Corporation.  All
decisions,  actions or  interpretations of the Committee under the Plan shall be
final, conclusive and binding upon all parties.

No member of the Committee shall be personally  liable by reason of any contract
or other  instrument  executed  by such member or on his or her behalf in his or
her capacity as a member of the  Committee  nor for any mistake of judgment made
in good faith, and the Corporation shall indemnify and hold harmless each member
of the  Committee  and  each  employee,  officer,  director  or  trustee  of the
Corporation  or any of its  Affiliated  Companies  to whom  any  duty  or  power
relating to the  administration  or interpretation of the Plan may be delegated,
against any cost or expense (including counsel fees) or liability (including any
sum paid in  settlement  of a claim with the approval of the Board of Directors)
arising out of any act or omission to act in  connection  with the Plan,  unless
arising out of such person's own fraud or bad faith.

12.      Amendment or Termination

The Board of Directors  may, with  prospective  or  retroactive  effect,  amend,
suspend or  terminate  the Plan or any  portion  thereof at any time;  provided,
however,  that no amendment  of the Plan shall  deprive any  Participant  of any
rights to receive  payment of any  amounts due him or her under the terms of the
Plan as in effect prior to such amendment without his or her written consent.

Any amendment that the Board of Directors would be permitted to make pursuant to
the preceding  paragraph may also be made by the Committee where  appropriate to
facilitate the  administration  of the Plan or to comply with  applicable law or
any applicable rules and regulations of governing  authorities provided that the
cost  of the  Plan  to the  Corporation  is not  materially  increased  by  such
amendment.

Notwithstanding any other provision in this Plan to the contrary,  the Committee
may terminate any  Participant's  participation  in the Plan, and direct that an
immediate  payment be made with  respect to the  balances  of the  Participant's
Accounts,  if the  Committee,  in its  sole  discretion,  determines  that  such
termination of participation  and payment are necessary in order to preserve the
Plan's  status  as a plan  of  deferred  compensation  for "a  select  group  of
management or highly compensated employees" within the meaning of the applicable
provisions of ERISA.

13.      Successor Corporation

      The  obligations of the  Corporation  under the Plan shall be binding upon
any successor corporation or organization succeeding to substantially all of the
assets and business of the Corporation.

14.      Governing Law

The provisions of the Plan shall be governed by and construed in accordance with
the laws of the State of New York.

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