Document:

Exhibit 10.01

March 20, 2007

 

Gary R. Johnson

Vice President and General Counsel

Xcel Energy Inc.

414 Nicollet Mall, G.O. 5

Minneapolis, MN  55401

Re:          Retirement from Xcel Energy Inc.

Dear Mr. Johnson:

You have indicated your desire to voluntarily take
early retirement effective March 31, 2007. 
Accordingly, it is hereby mutually agreed that effective March 31, 2007,
you will voluntarily retire from Xcel Energy Inc. (the “Company”) and its
subsidiaries and affiliates.  Termination
of your employment from Xcel Energy Inc. by reason of your retirement will be
according to the terms and conditions stated below:

1.             Retirement
Benefits:

You are eligible to receive retirement benefits under
the Xcel Energy Inc. Pension Plan, Xcel Energy Inc. Non-Qualified Pension Plan
and Xcel Energy Inc. Supplemental Executive Retirement Plan (“SERP”), which
benefits will be paid in accordance with their terms.  A summary of your estimated retirement
benefits has been provided to you but will be finalized as soon as practicable
consistent with the provisions of this Letter Agreement.  In addition, you will receive (i) all
benefits for which you are eligible on your retirement under the Xcel Energy,
Inc. 401(k) Plan and the Deferred Compensation Plan (including the Wealth-Op
Program), (ii) all post-employment/retirement coverage for which you are
eligible and elect under the Company’s group health and life plans, (iii) all
accrued vacation/paid time off to which you are entitled under Company policy
($34,298.08 as of March 16, 2007, subject to adjustment through March 31, 2007)
which will be paid to you as part of your last regular payroll, and (iv)
one-fourth ($56,375) of your annual incentive target award for 2007 ($225,500)
under the Company’s Executive Annual Incentive Award Plan, with such payment to
be made at the time 2007 annual incentive awards are paid to other plan
participants in February 2008.  With
respect to your retirement benefits under the Xcel Energy Inc. Pension Plan,
Xcel Energy Inc. Non-Qualified Pension Plan and SERP, the actuarial assumptions
used for the purposes of determining those amounts shall be no less favorable
to you than the most favorable of those assumptions in effect on the date
hereof.  With respect to your
post-employment/retirement coverage under the Company’s medical plans referred
to in clause (ii), the Company confirms that you have hereby elected and will
have the same coverage under the Company’s medical, dental and vision benefit
plans as the options you currently have so that you will continue your current
medical coverages during retirement with no interruption in coverage and no new
qualifications, limitations or 

waiting periods, except that you will be responsible
to pay the retiree’s rates for such coverages and further provided that you
acknowledge that the Company has the right from time to time to amend such
plans and the coverages provided thereunder generally with respect to
participants, including you.

2.             Long-Term
Incentives:

In 2005 you were awarded
restricted stock units and performance shares. 
According to the terms of the Xcel Energy Inc. 2000 Omnibus Incentive
Plan and applicable agreements, you will continue to participate in the Plan
with respect to these incentives after retirement pursuant to the terms and
conditions set forth in the agreements. 
In 2006 and 2007 you were awarded restricted stock units and performance
shares.  According to the terms of the
Xcel Energy Inc. 2005 Omnibus Incentive Plan and applicable agreements, these
restricted stock units and performance shares are forfeited at the time your
employment terminates.  If the Company
recommends to the Governance, Compensation and Nominating Committee of the
Company’s Board of Directors to modify the terms of the 2006 and/or 2007 grants
to eliminate forfeiture upon retirement, the Company shall recommend that you
be treated as if the modification were in effect the day before you retired.

3.             Executive Life Insurance:

Effective January 1, 2007, the Company terminated the
executive life insurance program and all policies have been or are in the
process of being surrendered.  Pursuant
to a communication you received from M. Connelly, dated January 9, 2007, the
Company agreed to continue payment of premiums on your policy and keep the
policy in force until December 31, 2007 and it hereby further agrees to
continue premiums on your policy and keep the policy in force thereafter until
December 31, 2011, including paying prior to December 31, 2009 all premiums for
the period January 1, 2010 through December 31, 2011.  The foregoing shall be in lieu of any and all
rights you may otherwise have with respect to such policy.

4.             Stock
Options:

In 1998, 1999 and 2000 you received stock options from
the Company or its predecessor, Northern States Power Company.  According to the terms of the governing plan
documents and applicable agreements, you may exercise these options after your
retirement until the stated expiration dates of the respective options.

5.             Release:

As you are voluntarily taking early retirement from
Xcel Energy Inc., you are not eligible for severance pursuant to the terms of
the 2003 Xcel Energy Senior Executive Severance and Change-In-Control Policy,
which is the sole severance policy in which you are a participant.  Although you are not eligible to receive
severance under the Policy, the Company will provide 

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consideration in the amount of $1,070,000 in
connection with the termination of your employment, such amount to be paid in a
cash lump sum payment on October 15, 2007. 
In addition, on October 15, 2007, the Company will pay you a cash amount
equal to the sum of (i) the actuarial equivalent present value of credits under
the Xcel Energy Inc. Pension Plan and Nonqualified Pension Plan, Deferred
Compensation Plan and SERP that would be needed to allow you to reach the “Rule
of 90” by continuing your current employment with the Company through and
retiring at November 1, 2007, and (ii) the actuarial equivalent present value
of the estimated difference in the amount of retiree medical premiums that you
will be required to pay from April 1, 2007 through March 31, 2009 and those
medical premiums you would have paid as an active employee for such
period.  For the purpose of these
computations, the actuarial assumptions used for purposes of determining
actuarial amounts shall be no less favorable to you than the most favorable of
those assumptions in effect on the date hereof. 
As a condition of receiving this award and payments, you will execute
the mutual release agreement, which is attached to this letter.  Any payment will be subject to the terms of
I.R.C. Sec. 409A and applicable regulations.

6.             Section
409A:

You acknowledge that payments for which you are
eligible under certain of the plans referenced herein are subject to I.R.C.
Section 409A and applicable regulations and that, in light of the fact that
final regulations under Section 409A have not been issued, some or all of such
plans may not yet have been amended to comply with Section 409A requirements
and the Company has not made any representations to you with respect to actions
necessary to comply with Section 409A. 
As a result, notwithstanding the terms of any such plans to contrary,
the parties agree that payment of benefits under such plans shall be made in a
manner and at a time that are compliant with Section 409A so that you are not
subject to any excise tax under Section 409A.

7.             Resignation
from Positions:

Effective as of March 31, 2007, you hereby resign from
all your positions with the Company, its subsidiaries and affiliates, including
as an employee, officer, director or member of any committee or board thereof
which you currently hold or on which you currently serve.  From and after March 31, 2007, you shall no
longer be an employee, officer or director of the Company or any of its
subsidiaries or affiliates.

These terms and conditions may only be modified in
writing and as confirmed by signature of you and the Chief Executive Officer of
Xcel Energy Inc.

This letter states all of the terms and conditions
regarding termination of your employment from Xcel Energy Inc.   Please indicate your acceptance of these
terms and conditions by countersigning this letter below.

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This letter agreement may
be executed in counterparts and all so executed shall constitute one agreement.

	
  Xcel Energy Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /S/ RICHARD C. KELLY

  	
   

  
	
  By:

  	
   

  	
  Richard C. Kelly

  
	
  Its:

  	
   

  	
  Chairman, President and Chief Executive Officer

  
						

 

I have reviewed the terms and conditions in this
letter and confirm that they completely and accurately the terms and conditions
regarding termination of my employment from Xcel Energy Inc.  I acknowledge that I have had an opportunity
to consult an attorney with respect to this agreement.

	
   

  
	
    /S/ GARY R. JOHNSON

  	
   

  
	
  By:

  	
   

  	
  Gary R. Johnson

  
				

 

 4Exhibit
10.2.1

THE FEDERAL
HOME LOAN BANK OF BOSTON

THRIFT BENEFIT EQUALIZATION PLAN

Federal Home Loan Bank of Boston (the “Bank”) adopted
the Federal Home Loan Bank of Boston Thrift Benefit Equalization Plan (the “Plan”),
as a component of the Federal Home Loan Bank of Boston Benefit Equalization
Plan, effective January 1, 1993.  The
Nonqualified Deferred Compensation Program for the Directors of the Bank is
merged into the Plan effective on the close of business December 31,
2006.  Except as provided below, this
amendment and restatement of the Plan is effective January 1, 2007.  The Plan is intended to comply with Code
Section 409A, as enacted by the American Jobs Creation Act of 2004 and
applicable regulations thereunder.

The Plan is established and maintained by the Bank in
order to provide Eligible Executives and Directors an opportunity to defer
taxation on income and to provide Eligible Executives with the benefits which
would have been provided under the Pentegra Defined Contribution Plan for Financial
Institutions (the “Qualified Plan”) if (a) their benefits under the Qualified
Plan were not limited by certain limitations imposed by the Internal Revenue
Code applicable to the Qualified Plan, and (b) “Base Salary” as defined in the
Qualified Plan took into account amounts paid under the Bank’s incentive
compensation plan(s), as well as elective deferrals hereunder.

The Plan is a governmental plan under Section 4(b) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and
is therefore exempt from coverage under ERISA. 
The Plan is unfunded and maintained primarily for the purpose of
providing deferred compensation to a select group of management or highly
compensated employees, and Bank directors, and is not intended to be qualified
under Section 401(a) of the Internal Revenue Code.

ARTICLE I

DEFINITIONS

Each word used herein not defined below that begins
with a capital letter and is defined in the Qualified Plan shall have the same
definition as the definition given to that word in the Qualified Plan.  Wherever used herein, the following terms
shall have the meanings hereinafter set forth:

1.1           “Account” or “Deferred Compensation Account” means
the separate account established under the Plan for each Participant, as
described in Section 5.1.

1.2           “Administrator” means the Committee or
such person or persons as may be appointed by the Committee to be responsible
for those functions assigned to the Administrator under the Plan.

1.3           “Affiliate” means any entity that is a
member of a “controlled group” of corporations with the Bank under Code Section
414(b) or a trade or business under common control with the Bank under Code
Section 414(c).

1.4           “Bank” means the Federal Home Loan Bank
of Boston.

1.5           “Base Salary” means “Salary” as defined
for purposes of the Qualified Plan.

1.6           “Beneficiary” means the person, persons
or trust designated by a Participant as direct or contingent beneficiary in the
manner prescribed by the Administrator. 
The Beneficiary of a Participant who has not effectively designated a
beneficiary shall be the Participant’s estate.

1.7           “Board of Directors” means the Board of
Directors of the Bank.

1.8           “Code Limitations” means the cap on
compensation taken into account by the Qualified Plan under Code Section
401(a)(17); the limitations on Section 401(k) contributions necessary to meet
the average deferral percentage (“ADP”) test under Code Section 401(k)(3); the
limitations on employee and matching contributions necessary to meet the
average contribution percentage (“ACP”) test under Code Section 401(m); the
dollar limitations on elective deferrals under Code Section 402(g); and the
overall limitation on contributions imposed by Code Section 415(c), as such
provisions may be amended from time to time, and any similar successor
provisions of federal tax law.

1.9           “Committee” means the Personnel
Committee of the Board of Directors, which is authorized to administer the Plan
and to perform the functions described in Article VII.

1.10         “Compensation” means (a) with respect to
an Executive, Base Salary and/or Incentive Compensation, as applicable; and (b)
with respect to a Director, the meeting fees paid by the Bank to the Director.

1.11         “Deferral Period” means the period
described in Section 3.3 of the Plan.

1.12         “Director” means a member of the Board
of Directors of the Bank, other than an Employee.

1.13         “Disability” means that the Participant
(a) is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to
result in death or can be expected to last for a continuous period of not less
than 12 months; (b) is, by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than 3 months under an accident
and health plan covering employees of the Bank; or (c) has been determined to
be totally disabled by the Social Security Administration.

1.14         “Effective Date” means January 1,
2007.  The Plan was initially effective
January 1, 1993 and was last restated effective August 1, 2000.  Any provision of this amendment and restatement
required to be effective on and after January 1, 2005 in order for the
Plan to comply with Code Section 409A shall become effective as of
January 1, 2005 (or such later date up to January 1, 2007 as shall be
permitted under applicable Code Section 409A transition rules).

1.15         “Elective Deferral” means the amount of
Compensation a Participant elects to defer pursuant to Article III of the Plan.

 2
 

1.16         “Eligible Executive” or “Executive” means an employee of the
Bank who is a corporate officer and who has been selected to be a Participant
in the Plan by the Committee.

1.17         “Hardship” means an unforeseeable
emergency that is caused by an event beyond the control of the Participant that
would result in severe financial hardship to the Participant resulting from
(a) a sudden and unexpected illness or accident of the Participant or the
spouse or a dependent of the Participant (as defined in Code Section 152(a)),
(b) a loss of the Participant’s property due to casualty (including the
need to rebuild a home following damage to a home not otherwise covered by
insurance, for example, not as a result of a natural disaster), or
(c) such other extraordinary and unforeseeable circumstances arising as a
result of events beyond the control of the Participant, all as determined in
the sole discretion of the Administrator. 
In addition, the need to pay for medical expenses, including
non-refundable deductibles, as well as for the costs of prescription drug
medication, or the need to pay for the funeral expenses of a spouse or a
dependent may also constitute a Hardship event. 
The Administrator shall determine whether the circumstances presented by
the Participant constitute an unanticipated emergency.  Such circumstances and the Administrator’s
determination will depend on the facts of each case, but, in any case, payment
may not be made to the extent that such hardship is or may be relieved as
described in Sections 6.1.1 through 6.1.4 below.

1.18         “Incentive Compensation” means bonuses
under the Bank’s Executive Incentive Plan and, if applicable, any long-term
incentive compensation payable to a Participant under the Bank’s incentive
compensation plan(s).

1.19         “Matching Contribution” means the
amounts credited to a Participant’s Account under Article IV of the Plan with
respect to Elective Deferrals.

1.20         “Participant” means (a) an Executive or
former Executive who elects to participate in the Plan in accordance with the
terms and conditions of the Plan or who has an Account in the Plan that has not
been fully distributed; and (b) any Director who elects to participate in the
Plan or who has an Account in the Plan that has not been fully distributed.

1.21         “Plan” means The Federal Home Loan Bank
of Boston Thrift Benefit Equalization Plan, as set forth herein or as it may be
amended or restated from time to time.

1.22         “Plan Year” means the calendar year.

1.23         “Qualified Plan” means the Pentegra
Defined Contribution Plan for Financial Institutions, as from time to time
amended.

1.24         “Required Withholdings” means the
federal, state or local employment taxes, including applicable FICA and FUTA
taxes required to be withheld under Sections 3101 and 3501, respectively, of
the Code from any (a) Elective Deferrals, (b) elective deferrals on behalf of
the Participant to the Qualified Plan, (c) contributions by the Participant to
any welfare benefit plan maintained by the Bank, and/or (d) any other
compensation not paid to the Participant in cash, and all federal, state or
local income taxes attributable thereto required to be withheld from income,
and any additional federal, state or local income or employment taxes
attributable to such withholdings.  The
Administrator shall determine Required Withholdings in its discretion.

 3
 

1.25         “Scheduled Distribution” means a
distribution from a Participant’s Scheduled Distribution Sub-Account in accordance
with Section 6.3.

1.26         “Scheduled Distribution Sub-Accounts” or
“Sub-Accounts” means the
separate bookkeeping accounts established by the Administrator under
Section 5.1 to record the portion(s) of a Participant’s Account subject to
separate Scheduled Distribution elections.

1.27         “Termination of Service” means, with
respect to an Executive, the severing of employment with the Bank and any
Affiliate, voluntarily or involuntarily, for any reason.  A Participant will not be deemed to have
incurred a Termination of Service while he or she is on military leave, sick
leave, or other bona fide leave
of absence (such as temporary employment by the government) if the period of
such leave does not exceed six months or such longer period as the Participant’s
right to reemployment with the Bank is provided either by statute or by
contract.  If the period of leave exceeds
six months and the Participant’s right to reemployment is not provided either
by statute or by contract, the Termination of Service will be deemed to occur
on the first date immediately following such six-month period.  With respect to a Director, the term “Termination
of Service” means that the Director has ceased to be a member of the Board of
Directors of the Bank, and is not an employee of the Bank or any
Affiliate.  Whether an individual has
incurred a Termination of Service shall be determined in accordance with the
provisions of Section 409A.

1.28         “Valuation Date” means the close of
business of each business day, or such other valuation date or dates
established by the Administrator.

ARTICLE II

PARTICIPATION

2.1           Eligibility.  Each Executive may become a Participant upon
the effective date of his or her designation as an Executive eligible for
participation in the Plan by the Board of Directors or the Committee. Each
Director may become a Participant upon his or her becoming a member of the
Board of Directors of the Bank.

2.2           Participation in the Plan.  An Eligible Executive or Director may elect
to participate in the Plan for any Plan Year by delivering to the Administrator
a properly executed election at the time and in the form provided by the
Administrator, pursuant to which the Eligible Executive or Director elects to
defer receipt of a specified portion of the Compensation that would otherwise
be payable to such Executive for the Plan Year, as described in Article III
hereof.

2.3           Cessation of Participation.  An Executive shall cease to be a Participant
in the Plan if (a) he or she incurs a Termination of Service for any reason,
(b) he or she remains in the service of a Bank but ceases to be an Eligible
Executive as described in Section 1.16 due to a change in employment
status, except to the extent that the Committee determines otherwise, or (c)
the Plan is terminated or otherwise amended so that the Executive ceases to be
eligible for participation; provided, however, that such individual shall
continue to be a Participant solely with respect to his or her vested Account
balance until such Account balance is distributed from 

 4
 

the Plan.  Such cessation of
participation shall be effective upon the date of the change in status
described in clause (a) or (b) above, or upon the effective date of an
amendment or termination of the Plan described in clause (c) above.  A Director shall cease to be a Participant in
the Plan if he or she ceases to be a member of the Board of Directors for any
reason; provided, however, that such individual shall continue to be a
Participant solely with respect to his or her vested Account balance until such
Account balance is distributed from the Plan.

ARTICLE
III

DEFERRAL OF COMPENSATION

3.1           Election to Defer.  A Participant may elect to defer receipt of a
portion of his or her Compensation for a Plan Year by delivering a properly
executed election to the Administrator within the time specified in
Section 3.2.  The Participant’s
election shall be in a written form acceptable to the Administrator and shall
specify:

3.1.1.       the whole percentage
of Salary, other than Incentive Compensation, for the Plan Year to be deferred
to the Plan, which percentage may not exceed 100%; provided, however, that the
Elective Deferral percentage shall be reduced to the extent necessary to
provide for any Required Withholdings;

3.1.2.       the whole percentage
of Incentive Compensation for the Plan Year to be deferred to the Plan, which
percentage may not exceed 100%, reduced to the extent necessary to provide for
any Required Withholdings;

3.1.3.       if applicable, the
investment fund or funds in which the Participant’s Elective Deferrals, and
Matching Contributions attributable to such Elective Deferrals, will be deemed
to be invested pursuant to Section 5.2;

3.1.4.       if applicable, the
specific Scheduled Distribution Sub-Account or Sub-Accounts into which all or a
portion of such Elective Deferrals and Matching Contributions will be directed,
as described in Section 6.3; and

3.1.5.       to the extent
permitted by the Administrator under Section 6.4.1, the payment commencement
date and method of distribution to apply to benefits distributable upon the
Participant’s Termination of Service.

An Executive who elects not to participate in the Plan at the time he
or she first becomes eligible to do so may elect to become a Participant in any
subsequent Plan Year by filing an election to defer Compensation as described
above within the time provided in Section 3.2, provided that he or she is
then eligible to participate in the Plan.

3.2           Date for Filing Election.

3.2.1.       Except as provided
below, an election to defer Compensation to be earned in a Plan Year shall be
filed by the Participant with the Administrator as of a date established by the
Administrator which is no later than December 31 of the Plan Year preceding the
year in which such Compensation is earned.

 5
 

3.2.2.       In the case of an
individual first employed as an Executive or becoming a Director, or first
becoming eligible for this Plan (and any similar account-based deferred
compensation plan of the Bank) during a Plan Year, an election to defer
Compensation earned subsequent to the initial date of employment or eligibility
may be filed by such Executive or Director with the Administrator within thirty
(30) days of such initial date of service or eligibility.

3.2.3.       An election to defer
Incentive Compensation meeting the requirements for “performance-based” compensation
under Proposed Treasury Regulation Section 1.409A-1(e) (or any successor
regulation issued under Code Section 409A) shall be filed with the
Administrator as of a date established by the Administrator which is at least
six months prior to the end of the performance period in which such Incentive
Compensation is earned.

3.3           Deferral Period.  The Deferral Period for a Participant’s
Compensation earned during any Plan Year shall begin on the first day of such
Plan Year, provided that the Participant has filed an election to defer
Compensation prior thereto, as described in Section 3.2.1.  Notwithstanding the foregoing, in the case of
an individual who is first employed as an Executive or first becomes a Director,
or who first becomes eligible for participation during a Plan Year, the
Deferral Period shall begin as of the first day of the payroll period (or, in
the case of a Director, the first day of the month) beginning after the filing
of a timely election by the Participant in such Plan Year, as described in
Section 3.2.2.  In each case, such
Deferral Period shall end on the last day of the Plan Year.  The Deferral Period for Incentive
Compensation meeting the requirements for “performance-based” compensation
under Proposed Treasury Regulation Section 1.409A-1(e) (or any successor
regulation issued under Code Section 409A) Plan shall be the performance period
(which shall not be shorter than a Plan Year) to which such Incentive
Compensation relates.

3.4           Revocation or Change of Deferral Election.

3.4.1.       A Participant may not
voluntarily revoke or amend an election to defer Compensation under Section
3.1.1 after commencement of the Deferral Period.  Such election shall automatically expire at
the conclusion of the applicable Deferral Period, unless renewed within the
time provided in Section 3.2.

3.4.2.       A Participant may not
revoke or amend an election to defer Incentive Compensation meeting the
requirements for “performance-based” compensation under Proposed Treasury
Regulation Section 1.409A-1(e) (or any successor regulation issued under Code
Section 409A) after the date which is six months prior to the end of the
performance period in which such Incentive Compensation is earned.

3.4.3.       Notwithstanding the
above, if a Participant incurs a Hardship, the Participant’s Elective Deferrals
under this Plan may, upon the request of the Participant and with the consent
of the Administrator, be permanently suspended for a period of six (6) months
(the “suspension period”).  At the end of
the suspension period, the Participant’s Elective Deferrals shall automatically
resume, provided that the Participant

 6
 

has timely
filed a deferral election under Sections 3.1 and 3.2 with respect to the
Deferral Period in effect when the suspension period ends.

3.5           Vesting of Elective Deferrals.  A Participant shall be 100% vested in the
balance of his or her Deferred Compensation Account attributable to Elective
Deferrals at all times.

ARTICLE
IV

BANK MATCHING CONTRIBUTIONS

4.1           Matching Contributions for Eligible Executive
Participants.

4.1.1.       Except as provided in
Section 4.1.3 below, for each Elective Deferral credited to a Participant’s
Deferred Compensation Account under Section 3.1.1, such Participant’s Account
shall also be credited with a Matching Contribution under this Plan equal to
(a) the matching contribution, if any, that would have been credited under the
terms of the Qualified Plan with respect to such amount if contributed to the
Qualified Plan, determined without regard to the Code Limitations, minus (b)
the maximum matching contribution available to the Participant under the terms
of the Qualified Plan with respect to the period to which such Elective
Deferral relates, with regard to the Code Limitations and assuming that the
Participant has made the largest elective deferral to the Qualified Plan for
such period (and preceding periods during the Deferral Period) for which a
matching contribution is available under the Qualified Plan; provided, however,
that no Matching Contribution shall be made under Sections 4.1.1 and 4.1.2 with
respect to Elective Deferrals under Section 3.1.1 exceeding 3% of Base
Salary.  To the extent that a Participant
has not met applicable service requirements for participation in matching
contributions under the terms of the Qualified Plan, clause (a) of the
preceding sentence shall be applied as though the Participant is eligible for
matching contributions under the Qualified Plan; and no reduction under clause
(b) of the preceding sentence shall apply until the Participant is actually
eligible for such matching contributions.

4.1.2.       If, for any Plan Year
beginning on or after the Effective Date, a Participant (a) has contributed to
the Qualified Plan the maximum amount of elective deferrals permitted under the
terms of the Qualified Plan (including “catch-up” contributions, if available
to the Participant and eligible for matching contributions); but (b) was
credited with an amount of matching contributions under the Qualified Plan
which is less than the amount set forth in Section 4.1.1(b) above, then the
Participant shall be credited with an additional Matching Contribution under
this Plan equal to the amount set forth in Section 4.1.1(b) above for such Plan
Year minus the amount of matching contributions actually credited to the
Participant under the Qualified Plan for such Plan Year.  Notwithstanding the foregoing, a Participant
shall be eligible for a Matching Contribution under this Section 4.1.2 only if
he or she is an Employee on the last day of the applicable Plan Year.

4.1.3.        For each Incentive
Compensation Elective Deferral credited to a Participant’s Deferred
Compensation Account under Section 3.1.2, such Participant’s Account shall also
be credited with a Matching Contribution under this Plan equal to the matching
contribution, if any, that would be credited under the Qualified Plan with 

 7
 

respect to
such amount if contributed to the Qualified Plan, determined without regard to
the Code Limitations and on the basis that such Incentive Compensation is
Salary under the Qualified Plan in the year payable; provided, however, that no
Matching Contribution shall be made hereunder with respect to Elective
Deferrals under Section 3.1.2 exceeding 3% of Incentive Compensation.

4.1.4.       No Matching
Contribution shall be made with respect to a participating Director.

4.2           Vesting of Matching Deferrals.  A Participant shall be 100% vested in the
balance of his or her Deferred Compensation Account attributable to Matching
Deferrals at all times.

ARTICLE V

INVESTMENT OF DEFERRED COMPENSATION

5.1           Deferred Compensation Account.  The Administrator shall establish a Deferred
Compensation Account on the books of the Plan for each Participant, reflecting
Elective Deferrals and Matching Contributions made for the Participant’s
benefit, together with any adjustments for income, gain or loss attributable
thereto under Section 5.2, and any payments, distributions, transfers or
forfeitures therefrom.  The opening
balance of the Participant’s Deferred Compensation Account as of
January 1, 2007 shall equal the balance of such Account as of the close of
the preceding business day.

5.2           Time for Crediting Contributions.  Elective Deferrals to the Plan with respect
to any pay period, and Matching Contributions attributable to such Elective
Deferrals, shall normally be credited to the Participant’s Account within five
(5) business days of the date that corresponding contributions attributable to
Compensation earned in such pay period are credited under the Qualified Plan or
would otherwise be paid to the Participant; provided, however, that no
adjustment of earnings or losses shall be made with respect to Elective
Deferrals or Matching Contributions under Section 5.3 prior to the earlier of
(a) the 15th business day of the calendar month following
the calendar month in which the Elective Deferral would otherwise have been
paid to the Participant but for the Participant’s deferral election, or (b) the
date such amounts are actually credited to the Participant’s Account on the
books of the Plan; provided, however, that clause (a) shall not apply to any
Matching Contribution made under Section 4.1.2 or as a result of Code
Limitation testing (such as ADP testing) normally conducted on an annual
basis.  The Administrator shall establish
on the books of the Plan one or more Sub-Accounts in each Participant’s
Deferred Compensation Account to reflect such Participant’s Scheduled
Distribution elections and such additional accounts or sub-accounts as he deems
necessary or advisable.

5.3           Hypothetical Investment of Accounts.  The Deferred Compensation Account of a
Participant, including each Sub-Account thereof, shall be adjusted as of each
Valuation Date to reflect the income, gain or loss that would accrue to such
Account, if assets in the Account were invested as described in this Section 5.2.  Each Participant shall direct the
hypothetical investment of the Elective Deferrals and Matching Contributions
credited to the Plan on his or 

 8
 

her behalf among such investment funds as are from time to time made
available by the Committee.  A Participant
may, as of any Valuation Date, change the investment allocation of future
Elective Deferrals or Matching Contributions, and may elect to transfer all or
a portion of the balance of his or her Account hypothetically invested in one
investment fund to any other investment fund or funds then available under the
Plan, by directing the Administrator in such form and at such time as the
Administrator shall require.

The hypothetical investment fund options available under the Plan shall
be those designated by the Committee from time to time in its discretion.  The Administrator may promulgate uniform and
nondiscriminatory rules and procedures governing investment elections under the
Plan, including rules governing how credits or debits to an Account or Sub-Account
shall be allocated among investment funds in the absence of a valid election.

5.4           Statement of Account.  A statement shall be sent to each Participant
as to the balance of his or her Deferred Compensation Account at least once
each Plan Year.  Electronic distribution
(including a reminder that such statement is available electronically) will
satisfy this requirement.

ARTICLE
VI

PAYMENT OF DEFERRED COMPENSATION

6.1           Hardship Distributions.  A Participant may request that all or a
portion of his or her vested Account balance be distributed at any time by
submitting a written request to the Administrator, provided that the
Participant has incurred a Hardship, and the distribution is necessary to
alleviate such Hardship.  In determining
whether the Hardship distribution request should be approved, the Administrator
shall be entitled to rely on the Participant’s representation that the Hardship
cannot be alleviated:

6.1.1.       through reimbursement
or compensation by insurance or otherwise;

6.1.2.       by the Participant
taking any withdrawals then available to him or her under the terms of the
Qualified Plan;

6.1.3.       by reasonable
liquidation of the Participant’s assets, including amounts available for
withdrawal from the Qualified Plan, to the extent such liquidation would not
itself cause a severe financial hardship; or

6.1.4.       by cessation of his
or her elective deferrals under Section 3.4.3 of this Plan or a similar
deferred compensation plan to the extent available.

6.2           Administration of Hardship Distributions.  The Administrator shall deem a distribution
to be necessary to alleviate a Hardship if the distribution does not exceed the
amounts necessary to satisfy the Participant’s Hardship, plus amounts necessary
to pay taxes reasonably anticipated as a result of the distribution.  The Account balance that is not distributed
pursuant to the Hardship request shall remain in the Plan.  Distributions to alleviate a Hardship will be
made as soon as administratively feasible after the Administrator has reviewed
and approved the request.  An amount to
be distributed for Hardship shall be debited from the 

 9
 

Participant’s Deferred Compensation Account not held in a Scheduled
Distribution Sub-Account, or (if such amount is not sufficient) from the
Sub-Account(s) having the latest scheduled distribution date.

6.3           Scheduled Distribution.  A Participant may elect to receive a
Scheduled Distribution with respect to an Elective Deferral at the time he or
she files the applicable deferral election under Section 3.1.  A Participant may elect in accordance with
Section 3.1.4 to direct all or a portion of his or her Elective Deferrals
for the Plan Year into one or more Sub-Account(s), provided that any such
Sub-Account has a scheduled distribution date which is not earlier than twelve
(12) months after the end of the Deferral Period to which the Elective Deferral
relates.  The Administrator may establish
uniform and nondiscriminatory rules and procedures governing Scheduled
Distribution Sub-Accounts, including establishing limitations on the number of
Sub-Accounts available to Participants for any Deferral Period or in the
aggregate, and the minimum length of deferral to be provided under any
newly-established Sub-Account, as the Administrator deems appropriate.

Except to the extent the Participant elects otherwise in accordance
with Section 6.7, any “Post-Secondary Education Subaccounts” of the
Participant as in effect under the terms of the Plan immediately prior to the
Effective Date of this amendment and restatement shall be redesignated as
Scheduled Distribution Sub-Accounts hereunder, having the same scheduled
distribution date(s) and method of distribution.

To the extent permitted by the Administrator, such election may
designate whether the elected Scheduled Distribution date shall continue to
apply notwithstanding the Participant’s intervening retirement, death,
Disability or Termination of Service. 
Except as otherwise elected by a Participant under the preceding
sentence, an election of a Scheduled Distribution shall automatically terminate
upon the Participant’s retirement, death, Disability or Termination of Service,
at which time the provisions of Sections 6.4, 6.5 and 6.6 shall govern
distribution of the Participant’s Account.

A Participant may, with the consent of the Administrator and to the
extent permitted under Code Section 409A and regulations thereunder, elect to
(a) revoke a Scheduled Distribution (provided that the Participant’s Scheduled
Distribution election would otherwise automatically terminate upon the
Participant’s Termination of Service for any reason), in which case the balance
of the applicable Sub-Account will be restored to the Participant’s Deferred
Compensation Account, or (b) extend to a later date the date on which a
Scheduled Distribution will occur, in which case the applicable Sub-Account
will be redesignated or merged with another existing Sub-Account having the
same designated distribution date.  A
Participant may make an election under the preceding sentence by filing a new
election prior to his or her Termination of Service at such time and in such
form as the Administrator shall designate. 
Any election to revoke or extend the date of a Scheduled Distribution
shall not take effect until at least twelve months after the date on which it
is made and must provide for a deferred distribution date not earlier than five
years after the date such Scheduled Distribution was otherwise scheduled to be
made and not later than the date set forth in Section 6.6.  A Scheduled Distribution may be made in a
single lump sum payment or in installments over two to ten years (as described
in Section 6.5.1 or 6.5.2, respectively).

 10

6.4           Retirement, Death or Other Separation from Service.

6.4.1.       Initial Distribution
Election.  A Participant
who has incurred a Termination of Service, whether by reason of retirement,
voluntary or involuntary termination, death or Disability (each a “Distribution
Event”), shall receive distribution of his or her Account (other than a
Scheduled Distribution Sub-Account subject to a later distribution date with
respect to such Distribution Event under Section 6.3) in a single lump sum
payment as soon as practicable following such Termination of Service.  Notwithstanding the foregoing, the
Administrator may permit a Participant to elect a later payment commencement
date permitted under Section 6.6, or an alternate method of distribution
permitted under Section 6.5, by filing a written request with the Administrator
at the time the Participant files an initial deferral election under Section
3.2.  To the extent permitted under rules
established by the Administrator, such an election may separately specify
different times or available methods of payment for different Distribution
Events.

6.4.2.       Changes in Distribution
Election.  The
Administrator may permit a Participant to defer the commencement of his or her
distribution to a date permitted under Section 6.6, or select an alternative
method of distribution permitted under Section 6.5, after the initial deferral
election by filing a written request with the Administrator.  Such a change election shall not take effect
until at least twelve months after the date on which it is made and shall be
effective only if (a) the election is filed with the Administrator before the
Participant’s Termination of Service; (b) the election does not accelerate the
timing or payment schedule of any distribution; (c) the payment commencement
date in the change election is not less than five years after the date the
distribution would otherwise have commenced for the Distribution Event without
regard to such election; and (d) the Administrator approves such election.  Except as otherwise provided in Section 6.7,
a Participant’s distribution election shall become irrevocable upon the
Participant’s Termination of Service.

6.4.3.       Death.  If a Participant dies before distribution of
his or her Account has commenced, the Participant’s benefit under the Plan
shall be paid to his or her Beneficiary in a single lump sum payment as soon as
practicable following the Participant’s death.

6.4.4.       Distribution Event.  Whether a Participant has incurred a
Distribution Event shall be determined by the Administrator in a manner
consistent with the requirements of Section 409A and regulations thereunder.

6.5           Method of Payment.

6.5.1.       Lump Sum Payment.  Distribution of a Participant’s Account
pursuant to Section 6.1, 6.3 or 6.4, may be made in a cash lump sum.

6.5.2.       Installment Distribution.  A Participant requesting distribution of an
Account pursuant to Section 6.4 may, with the approval of the Administrator,
receive 

 11
 

distribution in periodic payments in lieu of
a lump sum.  Periodic payments shall be
paid on a semi-annual basis, in January and July of each year, over a period
that does not exceed twenty (20) installments (ten (10) years).  Each installment payment shall be determined
by dividing the Participant’s then-current Account balance by the number of
semi-annual payments remaining to be paid. The Administrator may establish
uniform and nondiscriminatory rules and procedures governing the payment of
installment distributions, including the maximum period over which installment
distributions shall be made and the minimum amount which must be distributed
each Plan Year, as the Administrator deems appropriate.

6.5.3.       Death of Participant or
Beneficiary During Installment Distribution Period.  If a Participant who has elected installment
payments under Section 6.5.2 dies after payments have commenced but before all
amounts held in the Account have been distributed, the remaining Account
balance shall be paid to the Beneficiary or Beneficiaries designated by the
Participant over the then remaining installment period, or if the Participant
has so elected, in a single lump sum payment as soon as practicable following
the Participant’s death.  If the
designated Beneficiary dies after the Participant but before all amounts held
in the Account have been distributed, the then remaining balance in the
Participant’s Account shall be distributed in a lump sum payment to the
Beneficiary’s estate as provided in Section 6.5.1 (except to the extent
that the Participant has designated one or more contingent Beneficiaries).

6.5.4.       Limit on Distribution
Method.  Notwithstanding
the foregoing, to the extent permitted under Section 409A, if the Participant’s
aggregate Deferred Compensation Account does not exceed $10,000 at the time of
his or her Termination of Employment, distribution shall be made to the
Participant (or his or her Beneficiary in the case of the Participant’s death)
in a single lump-sum payment.

6.6           Payment Commencement Date.   A Participant may not elect a distribution
date later than (a) April 1 of the calendar year after the year in which the
Participant attains age 701⁄2, or (b) five years after the Participant’s
Termination of Service, if later.

6.7           Transition Rule Election.  Pursuant to Internal Revenue Service Notice
2005-1, Q&A-19(c), as extended by Notice of Proposed Rulemaking
REG-158080-04, a Participant may, prior to December 31, 2006 or such later
date as shall be permitted by the Administrator in accordance with Code Section
409A, modify or make new elections regarding distribution of his or her Account(s)
under Sections 6.3, 6.4 and 6.5, at such time and in such form as the
Administrator shall designate; provided, however, that no such distribution
election may affect payments that the Participant would otherwise receive in
2006 or cause payments to be made in 2006.

6.8           Acceleration of Payment Date.  Notwithstanding the foregoing, the
distribution of benefits hereunder may be accelerated, with the consent of the
Administrator, under the following circumstances:

 12
 

6.8.1.       Compliance with Domestic
Relations Order.  To
permit payment to an individual other than the Participant as necessary to
comply with the provisions of a domestic relations order (as defined in Code
Section 414(p)(1)(B));

6.8.2.       Conflicts of Interest.  To permit payment as necessary to comply with
the provisions of a certificate of divestiture (as defined in Code Section
1043(b)(2));

6.8.3.       Payment of Employment Taxes.  To permit payment of federal employment taxes
under Code Sections 3101, 3121(a) or 3121(v)(2), or to comply with any federal
tax withholding provisions or corresponding withholding provisions of
applicable state, local, or foreign tax laws as a result of the payment of
federal employment taxes, and to pay the additional income tax at source on
wages attributable to the pyramiding Code Section 3401 wages and taxes; or

6.8.4.       Tax Event.  Upon a good faith, reasonable determination
by the Administrator, upon advice of counsel, that the Plan fails to meet the
requirements of Code Section 409A and regulations thereunder.  Such payment may not exceed the amount
required to be included in income as a result of the failure to comply with the
requirements of Code Section 409A.

6.9           Delay of Payments.  A payment otherwise required to be made under
the terms of the Plan may be delayed solely to the extent necessary under the
following circumstances, provided that payment is made as soon as possible
after the reason for delay no longer applies:

6.9.1.       Administrative or
Financial Cause. 
The Administrator reasonably determines that it is administratively
impracticable to make payment by the time set forth above or that making such
payment will jeopardize the solvency of the Bank;

6.9.2.       Delay in Calculation.  Calculation of the amount of the payment is
not administratively practicable due to events beyond the control of the Bank;
or

6.9.3.       Payments Subject to the
Deduction Limitation. 
The Bank reasonably anticipates that such payment would otherwise
violate Code Section 162(m).

ARTICLE VII

ADMINISTRATION OF THE PLAN

7.1           Administration by the Bank.  The Committee shall be responsible for the
general operation and administration of the Plan and for carrying out the
provisions thereof.  The Committee may
appoint such person or persons as it deems appropriate to perform all or any of
the functions of the Administrator under the terms of the Plan.  To the extent that no such person or persons
are appointed, the Committee shall serve as Administrator.

7.2           General Powers of Administration.  The Committee shall have authority and
discretion to control and manage the operation and administration of the Plan,
including all rights and powers necessary or convenient to the carrying out of
its functions hereunder, whether or not 

 13
 

such rights
and powers are specifically enumerated herein. 
The Committee may, in its discretion, delegate authority with regard to
the administration of the Plan to any individual, officer or committee in
accordance with Section 7.2.7 below. 
Notwithstanding any other provision of the Plan, if an action or
direction of any person to whom authority hereunder has been delegated
conflicts with an action or direction of the Committee, then the authority of
the Committee shall supersede that of the delegate with respect to such action
or direction.

Without limiting the generality of the foregoing, and
in addition to the other powers set forth in this Section 7.2, the Committee or
its delegate shall have the following express authorities:

7.2.1.       To construe and interpret the provisions
of the Plan; to decide all questions arising thereunder, including, without
limitation, questions of eligibility for participation, eligibility for
benefits, the validity of any election or designation made under the Plan, and
the amount, manner and time of payment of any benefits hereunder; and to make
factual determinations necessary or appropriate for such decisions or
determination;

7.2.2.       To prescribe procedures to be followed by
Participants, Beneficiaries or alternate payees in filing applications for
benefits and any other elections, designations and forms required or permitted
under the Plan;

7.2.3.       To prepare and distribute information
explaining the Plan;

7.2.4.       To receive from the Bank and from
Participants, Beneficiaries and alternate payees such information as shall be
necessary for the proper administration of the Plan;

7.2.5.       To furnish the Bank or the Board of
Directors, upon request, such reports with respect to the administration of the
Plan as are reasonable and appropriate;

7.2.6.       To appoint or employ advisors, including
legal and actuarial counsel (who may also be counsel to the Bank) to render
advice with regard to any responsibility of the Committee under the Plan or to
assist in the administration of the Plan;

7.2.7.       To designate in writing other persons to
carry out a specified part or parts of its responsibilities hereunder
(including this power to designate other persons to carry out a part of such
designated responsibility). Any such person may be removed by the Committee at
any time with or without cause;

7.2.8.       To rule on claims, and to determine the
validity of domestic relations orders and comply with such orders; and

7.2.9.       All rules, actions, interpretations and
decisions of the Committee are conclusive and binding on all persons, and shall
be given the maximum possible deference allowed by law.

 14
 

7.3           Rules of the Administrator.  The Administrator may adopt such rules as it
deems necessary, desirable or appropriate. When making a determination or
calculation, the Administrator shall be entitled to rely upon information
furnished by a Participant or Beneficiary, the Bank, the legal counsel of the
Bank, or such other person as it deems appropriate, and shall further be
entitled to rely conclusively upon all tables, valuations, certificates,
opinions and reports furnished by any actuary, accountant, controller, counsel
or other person employed or engaged by the Bank with respect to the Plan.

7.4           Claims Procedure.  Any person who believes that he or she is
then entitled to receive a benefit under the Plan may file a claim in writing
with the Administrator.  Except to the
extent the Committee adopts an alternate procedure for the review of claims,
the procedures in this Section 7.4 shall apply. 
The Administrator shall, within ninety (90) days of the receipt of a
claim, either allow or deny the claim in writing.  A denial of a claim shall be written in a
manner calculated to be understood by the claimant and shall include: (a) the
specific reason or reasons for the denial; (b) specific references to pertinent
Plan provisions on which the denial is based; (c) a description of any
additional material or information necessary for the claimant to perfect the
claim and an explanation of why such material or information is necessary; and
(d) an explanation of the Plan’s claim review procedure.  A claimant whose claim is denied (or his or
her duly authorized representative) may, within sixty (60) days after receipt
of denial of the claim: (1) submit a written request for review to the
Committee; (2) review pertinent documents; and (3) submit issues and comments
in writing.  The Administrator shall
notify the claimant of the decision of the Committee on review within sixty
(60) days of receipt of a request.  No
legal action may be commenced by a Participant or Beneficiary with respect to a
benefit under this Plan without first exhausting the Plan’s administrative
claims procedures, and any legal action with respect to a claim that has been
finally denied must be commenced no later than one year after the date of the
Plan’s final denial of such claim upon appeal.

ARTICLE
VIII

GENERAL PROVISIONS

8.1           Participant’s Rights Unsecured.  The right of any Participant to receive
future payments under the provisions of the Plan shall be an unsecured claim
against the general assets of the Bank. 
The Bank shall be under no obligation to establish any separate fund,
purchase any annuity contract, or in any other way make any special provision
or specifically earmark any funds for the payment of amounts called for under
the Plan.  If the Bank chooses to
establish such a fund, or purchase such an annuity contract or make any other
agreement to provide for such payments, that fund, contract or arrangement
shall remain part of the Bank’s general assets and no person claiming payments
under the Plan shall have any right, title or interest in or to any such fund,
contract or arrangement.

8.2           Non-assignability.  None of the benefits, payments, proceeds or
claims of any Participant or Beneficiary shall be subject to any claim of any
creditor of any Participant or Beneficiary and, in particular, the same shall
not be subject to attachment or garnishment or other legal process by any
creditor of such Participant or Beneficiary, nor shall any Participant or
Beneficiary have any right to alienate, anticipate, commute, pledge, encumber
or assign any of the benefits or payments or proceeds which he or she may
expect to receive, contingently or 

 15
 

otherwise,
under the Plan. Notwithstanding the foregoing, the Bank shall comply with the
terms of a domestic relations order applicable to a Participant’s interest in
the Plan, provided that such order does not require the payment of benefits in
a manner or amount, or at a time, inconsistent with the terms of the Plan.  The Bank shall have no liability to any
Participant or Beneficiary to the extent that his or her benefit is reduced in
accordance with the terms of a domestic relations order that the Bank applies
in good faith.

8.3           Taxes. 
The Administrator shall withhold all federal, state or local taxes that
it reasonably believes are required to be withheld from any payments under the
Plan.

8.4           Limitation of Participant’s Rights.  Nothing contained in the Plan shall confer
upon any person a right to be employed or to continue in the employ of the
Bank, or interfere in any way with the right of the Bank to terminate the
employment of a Participant at any time, with or without cause.

8.5           Receipt and Release.  Any payment to any Participant or Beneficiary
in accordance with the provisions of the Plan shall, to the extent thereof, be
in full satisfaction of all claims against the Bank or the Plan, and the
Administrator may require such Participant or Beneficiary, as a condition
precedent to such payment, to execute a receipt and release to such
effect.  If any Participant or
Beneficiary is determined by the Administrator to be incompetent by reason of
physical or mental disability (including minority) to give a valid receipt and
release, the Administrator may cause the payment or payments becoming due to
such person to be made to another person for his or her benefit without
responsibility on the part of the Administrator or the Bank to follow the
application of such funds.

8.6           Governing Law.  The Plan shall be construed, administered,
and governed in all respects under and by the laws of the Commonwealth of
Massachusetts.  If any provision shall be
held by a court of competent jurisdiction to be invalid or unenforceable, the
remaining provisions hereof shall continue to be fully effective.

8.7           Designation of Beneficiary.  A Participant may designate a Beneficiary by
so notifying the Administrator in writing, in a form acceptable to the
Administrator, at any time before the Participant’s death.  A Participant may revoke any Beneficiary
designation or designate a new Beneficiary at any time without the consent of a
beneficiary or any other person.  If no
Beneficiary is designated or no designated Beneficiary survives the
Participant, payment shall be made in a single lump sum to the Participant’s
estate.

8.8           Successorship.  The Plan shall be binding upon and inure to
the benefit of the Bank and its successors and assigns, and the Participants,
and the successors, assigns, designees and estates of the Participants.  The Plan shall also be binding upon and inure
to the benefit of any successor bank or organization succeeding to
substantially all of the assets and business of the Bank, but nothing in the
Plan shall preclude the Bank from merging or consolidating into or with, or
transferring all or substantially all of its assets to, another bank which
assumes the Plan and all obligations of the Bank hereunder.  The Bank agrees that it will make appropriate
provision for the preservation of Participants’ rights under the Plan in any
agreement or plan which it may enter into to effect any such merger,
consolidation, reorganization or transfer of 

 16
 

assets.  In such a merger, consolidation,
reorganization, or transfer of assets and assumption of Plan obligations of the
Bank, the term Bank shall refer to such other bank and the Plan shall continue
in full force and effect.

8.9           Indemnification.  No Committee member shall be personally
liable by reason of any instrument executed by him or on his behalf, or action
taken by him, in his capacity as a Committee member nor for any mistake of
judgment made in good faith.  The Bank
shall indemnify and hold harmless the Plan and each Committee member and each
employee, officer or director of the Bank or the Plan, to whom any duty, power,
function or action in respect of the Plan may be delegated or assigned, or from
whom any information is requested for Plan purposes, against any cost or
expense (including fees of legal counsel) and liability (including any sum paid
in settlement of a claim or legal action with the approval of the Bank) arising
out of anything done or omitted to be done in connection with the Plan, unless
arising out of such person’s fraud or bad faith.

8.10         Headings and Subheadings.  Headings and subheading in this Plan are
inserted for convenience only and are not to be considered in the construction
of the provisions hereof.

8.11         Amendment and Termination.  The Plan may at any time or from time to time
be amended, modified, or terminated by the Board of Directors.  No amendment, modification, or termination
shall, without the consent of a Participant, adversely affect the Participant’s
Deferred Compensation Account at that time. 
Upon termination of the Plan, the Board of Directors may elect to (a)
pay benefits hereunder as they become due as if the Plan had not terminated or
(b) to extent permitted by Code Section 409A and regulations thereunder, direct
that all payments remaining to be made under the Plan be made in a single lump
sum to Participants (or their Beneficiaries).

8.12         Effective Date.  The effective date of this Plan shall be
January 1, 2007.

IN WITNESS WHEREOF, and pursuant
to adoption of this Plan Document by the Board of Directors of the Bank has
caused this Plan Document to be executed this 12th day of October, 2006 by:

	
  /s/ Ellen McLaughlin

  	
   

  	
  /s/ Janelle K. Authur

  
	
  Ellen McLaughlin

  	
   

  	
  Janelle K. Author

  
	
  Senior Vice
  President / General Counsel

  	
   

  	
  Senior Vice President / Executive Director of Human Resources

  

 

 17

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