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                                                                    EXHIBIT 10.3

                        DEFERRED COMPENSATION PROGRAM OF
                         THE CHASE MANHATTAN CORPORATION
                           AND PARTICIPATING COMPANIES

PREAMBLE

         The Deferred Compensation Program permits annual deferrals by certain
key officers of all or a portion of their incentive compensation, the Voluntary
Bonus Deferral Plan. The Program permits deferrals of Eligible Salary under the
401(k) Excess Savings Plan when certain plan or legal limits reduce
contributions that would be otherwise made by officers and employees pursuant to
the 401(k) Savings Plan of The Chase Manhattan Bank, a qualified plan and also
permits additional deferrals for commissioned paid employees under a Voluntary
Compensation Deferral Plan. At the determination of the Administrator, the
Program can include other deferral features.

         The Program is a successor to the Deferred Compensation Plan of
Chemical Bank and Participating Companies and the Thrift-Incentive portion of
TRA Supplemental Benefit Plan of The Chase Manhattan Bank, N.A. Additionally,
the Supplemental Executive Retirement Plan of The Chase Manhattan Bank, N.A. was
terminated as of December 31, 1996. The Supplemental Retirement Accounts, as
well as the Pre-1988 frozen annuity which was converted to a lump sum, became
part of a Participant's account hereunder.

         The terms and conditions of this Program govern any amount previously
deferred thereunder. This Program is effective January 1, 1996.

                                    ARTICLE I

DEFINITIONS

         The following are defined terms wherever they appear in the Program.
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         1.1      "Additional Credit" shall mean the amount specified in Section
3.2(c).

         1.2      "Administrator" shall mean the individual holding the title
"Director Human Resources" of the Corporation, who shall be responsible for
those functions assigned to him under the Plan; provided that the term
"Administrator" shall mean the Committee with respect to any discretionary act
hereunder which affects any person subject to Section 16(a) of the Securities
Exchange Act of 1934, as amended.

         1.3      "Bank" shall mean The Chase Manhattan Bank.

         1.4      "Beneficiary" shall mean the persons designated by a
Participant, on a form provided by the Administrator, to receive in the event of
his/her death the value of any undistributed account balance under this Program.
Any designation shall include amounts deferred under the Excess 401(k) Savings
Plan, Voluntary Bonus Deferral Plan and Voluntary Compensation Deferral Plan and
amounts transferred to an account under this Program from the Excess Retirement
Plan of The Chase Manhattan Corporation and such other amounts deferred under
such other plans or arrangements as may be specified by the Administrator.

         1.5      "Benefits Eligible Compensation" shall mean salary,
commissions, draw and production overrides.

         1.6      "Board of Directors" shall mean the Board of Directors of the
Corporation; provided that any action taken by a duly authorized committee of
the Board of Directors (including any action described in Section 5.4) within
the scope of authority delegated to it by the Board shall be considered an
action of the Board of Directors for the purpose of this Plan.

         1.7      "Chemical Plan" shall mean the Deferred Compensation Plan of
Chemical Banking Corporation and Participating Companies as in effect on
December 31, 1996.

         1.8      "Code" shall mean the Internal Revenue Code of 1986, as
amended.
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         1.9      "Committee" shall mean the Compensation and Benefits Committee
of the Board of Directors.

         1.10     "Corporation" shall mean The Chase Manhattan Corporation.

         1.11     "Deferral Percentage" shall mean that the percentage elected
by an Eligible Employee described in Section 2.1(d) on an Election Form with
respect to the 401(k) Excess Savings Plan; provided that no Deferral percentage
can be elected unless the individual has elected a Pre-Tax Contribution rate of
5% under the Qualified Plan; provided further that the Deferral Percentage shall
never exceed 10%.

         1.12     "DSIB" shall mean the hypothetical investment described in
Section 3.3(b).

         1.13     "Election Form" shall mean the method specified by the
Administrator to participate in the Program and to make deferral and
hypothetical investment elections under the Program. Such methods may include,
but not be limited to, interactive voice response, internet, and other
electronic means.

         1.14     "Eligible Employee" shall mean an Employee described in
Section 2.1.

         1.15     "Eligible Salary" shall have the meaning specified in the
Qualified Plan.

         1.16     "Employee" shall mean an individual whose employment
classification is that of a regular full-time employee and who is on a United
States payroll of a Participating Company.

         1.17     "Former Participant" means a Participant whose employment has
terminated and whose the value of whose account under the Program has not been
fully distributed.

         1.18     "401(k) Excess Savings Plan" shall mean that feature of the
Program allowing deferrals of Eligible Salary, on a per pay period basis.
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         1.19     "Legal Limit" shall mean the dollar limitation imposed by
Section 401(a)(17) of the Code on the amount of Eligible Salary taken into
account in computing benefits under the Qualified Plan for a calendar year or
the limits imposed under Section 402(g) and Section 415 of the Code. In
addition, if so specified by the Administrator for any calendar year, "Legal
Limit" shall also mean any reduction in Pre-Tax Contributions or matching
contributions under the Qualified Plan because of the expected application of
Section 401(k)(3) of the Code or Section 401(m)(3) of the Code.

         1.20     "Participant" shall mean each Eligible Employee of a
Participating Company described in Section 2.1 who participates in the Program
in accordance with the terms and conditions applicable to a deferral arrangement
offered under the Program.

         1.21     "Participating Company" shall mean: (a) the Corporation and
(b) each Related Company which has been authorized by the Administrator to
participate in the Program and has agreed to comply with the provisions of the
Program.

         1.22     "Pre-Tax Contributions" shall have the meaning specified in
the Qualified Plan.

         1.23     "Program" shall mean the Deferred Compensation Program of The
Chase Manhattan Corporation and Participating Companies as in effect from time
to time, which Program includes the 401(k) Excess Savings Plan, Voluntary Bonus
Deferral Plan and Voluntary Compensation Deferral Plan and such other deferral
features or plans as the Administrator may specify

         1.24     "Qualified Plan" shall mean the 401(k) Savings Plan of The
Chase Manhattan Bank and Certain Affiliated Companies.

         1.25     "Related Company" shall mean a corporation of which more than
51% of the combined voting power of all classes of stock entitled to vote or
equity interest is owned directly or indirectly by the Corporation or a
partnership, joint venture or other unincorporated
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entity of which more than 51% of the capital, equity or profits interest is
owned directly or indirectly by the Corporation.

         1.26     "SERP Amounts" shall mean the amounts described in Sections
6.2(a)(i) and (ii) plus the investment experience thereon.

         1.27     "Supplemental Executive Retirement Plan" shall mean the
Supplemental Executive Retirement Plan of The Chase Manhattan Bank, N.A.

         1.28     "Total and Permanent Disability" or "Totally Disabled" shall
mean a disability that, in the determination of the Administrator, would qualify
an individual for benefits under a long term disability program maintained by
the Corporation or a Related Company.

         1.29     "TRA Supplemental Retirement Plan" shall mean the TRA
Supplemental Retirement Plan of The Chase Manhattan Bank, N.A.

         1.30     "Valuation Date" shall mean the close of business on the last
business day of each calendar month for any period prior to July 1, 1999 and
shall have the meaning set forth in Qualified Plan for periods on or after July
1, 1999.

         1.31     "Voluntary Bonus Deferral Plan" shall mean that feature of the
Program allowing deferral of annual incentive compensation payable in the form
of a bonus.

         1.32     "Voluntary Compensation Deferral Plan" shall mean that feature
of the Program permitting the deferral of Benefits Eligible Compensation on a
per pay period basis for commissioned employees.

                                   ARTICLE II

                                  PARTICIPATION

         2.1      ELIGIBILITY. The Employees who shall be eligible to
participate in the Program are those officers and other key employees of a
Participating Company who:
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                  (a)      under the Voluntary Bonus Deferral Plan:

                           (i)      are participating in a cash incentive plan
                                    permitting deferral of cash bonuses; and

                           (ii)     have a position or salary grade with a
                                    Participating Company that has been
                                    designated by the Administrator as eligible
                                    for participation in the Plan; or

                           (iii)    have been specifically authorized by the
                                    Administrator to participate in the Plan.

                  (b)      under the Voluntary Compensation Deferral Plan:

                           (i)      earned Benefit Eligible Compensation in
                                    excess of the Legal Limit for the period
                                    specified by the Administrator; and

                           (ii)     have a position or salary grade with a
                                    Participating Company that has been
                                    designated by Administrator as eligible for
                                    participation in the Plan.

                  (c)      under the Excess 401(k) Plan for the period of
                           January 1, 1997 through December 31, 1999:

                           (i)      were participating in the Qualified Plan
                                    electing to make Pre-Tax Contributions
                                    during a calendar year; and

                           (ii)     were subject to the Legal Limit; and

                           (iii)    were described in either Section 2.1(a)(ii)
                                    or (iii).

                  (d)      under the 401(k) Excess Savings Plan after December
                           31, 1999, are not permitted by the terms of the
                           Qualified Plan to make Pre-Tax Contributions during a
                           calendar year in excess of a 5 percent deferral rate
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                           and are designated as eligible to participate in the
                           401(k) Excess Savings Plan by the Administrator.
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         2.2      DEFERRAL ELECTIONS.

                  (a)      Voluntary Bonus Deferral Plan. An Eligible Employee
may annually elect to defer incentive compensation and participate in the
Voluntary Bonus Deferral Plan by delivering a properly completed Election Form
to the Administrator and, upon making such irrevocable election to defer
incentive compensation, such Eligible Employee shall be a Participant.

                  (b)      Voluntary Compensation Deferral Plan. An Eligible
Employee may annually elect to defer Benefits Eligible Compensation up to the
maximum percentage specified by the Administrator commencing with the first pay
period in a calendar year by delivering a properly completed Election Form to
the Administrator. Upon making such irrevocable election by delivering the
Election Form, such Eligible Employee shall be a Participant.

                  (c)      401(k) Excess Savings Plan. (i) Effective as of
December 31, 1999, by electing a Deferral Percentage on an Election Form (or
continuing an election of such a percentage), an Eligible Employee thereby
elects to have an amount each per pay period deferred under the 401(k) Excess
Savings Plan.

                           (ii)     An Eligible Employee will automatically
         become a Participant and will have amounts deferred under the 401(k)
         Plan after the applicable Legal Limit is reached under the Qualified
         Plan based on the percentage election made for the Qualified Plan
         unless the Eligible Employee otherwise elects.

                           (iii)    Prior to December 31, 1999, an Eligible
         Employee was required to elect to defer Eligible Salary after the
         applicable Legal Limit was reached for the calendar year under the
         Qualified Plan and participate in the 401(k) Excess Plan, by delivering
         a properly completed Election Form to the Administrator.
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         2.3      TIMING AND EFFECTIVE DATE OF ELECTIONS.

                  (a)      Any deferral election under the Voluntary Bonus
Deferral Plan shall be made at least six months prior to the end of the calendar
year to which the incentive compensation relates. Such election shall be
irrevocable following the end of the election period and shall be effective with
respect to any incentive compensation to be paid in the calendar year following
the date of the election.

                  (b)      Any deferral election under the Voluntary
Compensation Deferral Plan shall be made at least 3 months prior to the
beginning of the calendar year to which the election relates. Such election
shall be irrevocable following the end of the election period and shall be
effective for Benefit Eligible Compensation to be received in the calendar year
following the date of the election.

                  (c)      Any deferral election under the 401(k) Excess Savings
Plan and Deferral Percentage shall be made at the same time of any election
under the Qualified Plan and shall be effective at the same time as would an
election under the Qualified Plan be effective.

                  (d)      Notwithstanding the dates specified in this Section
2.3, the Administrator may prescribe an earlier or later date by which
Participant must elect to defer compensation.

                  (e)      Under no circumstances may a Participant at any time
defer compensation to which the Participant has attained a legally enforceable
right to receive.

         2.4      TERMINATION OF 401(K) EXCESS SAVINGS ELECTION. An election to
defer Eligible Salary under the 401(k) Excess Savings Plan will terminate on the
earlier of (i) termination of employment, (ii) ineligibility to participate in
the Qualified Plan, or (iii) filing of an election by such date as may be
specified by the Administrator to cease deferrals.

         2.5      TERMINATION OF A VOLUNTARY COMPENSATION DEFERRAL PLAN
ELECTIONS. An election to defer Benefits Eligible Compensation under the
Voluntary Compensation
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Deferral Plan will terminate on the earlier of (i) termination of employment,
(ii) the end of the calendar year to which the election relates, or (iii) such
earlier date as the Administrator may specify.

                                   ARTICLE III

                              COMPENSATION DEFERRED

         3.1      ACCOUNT.

                  (a)      With respect to deferrals under this Program, a
bookkeeping account shall be established for each Participant. Under the
Program, amounts deferred by a Participant, along with hypothetical income or
losses on such amounts (including Additional Credits, if any, with respect to
deferrals under the 401(k) Excess Savings Plan), shall be credited or debited to
the account.

                  (b)      For purposes of hypothetical investments under
Section 3.3, for periods prior to calendar year 2000, incentive compensation
deferred with respect to a calendar year was considered to be invested as of the
first day of the month immediately following the month in which incentive
compensation would otherwise have been payable. For periods after calendar year
2000, incentive compensation deferred with respect to a calendar year shall be
considered to be invested as soon as administrative practical following the date
on which such compensation would otherwise have been payable.

                  (c)      For purposes of hypothetical investments under
Section 3.3, deferred Eligible Salary or Benefit Eligible Compensation shall be
considered to be invested as soon as administrative practical following the date
on which such compensation would otherwise have been payable.

         3.2      AMOUNT OF DEFERRAL.

                  (a)      Voluntary Bonus Deferral Plan. Under the Voluntary
Bonus Deferral Plan, a Participant shall have deferred all or a portion, by
percentage or by dollar amount (as
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specified on an Election Form), of any bonus or other incentive award (other
than any award payable as shares of common stock of the Corporation) subject to
a minimum of $5,000 that would otherwise be payable in the calendar year
following the election. For these purposes, bonus or incentive compensation
means only compensation otherwise payable in cash to a Participant for services
as an Employee of the Participating Company.

                  (b)      Voluntary Compensation Deferral Plan. Under the
Voluntary Compensation Deferral Plan, a Participant shall have deferred for each
pay period an amount equal to the product of the percentage elected on an
Election Form and Benefit Eligible Compensation (otherwise payable such pay
period).

                  (c)      401(k) Excess Savings Plan. For calendar year 2000
and following, a Participant in the 401(k) Excess Savings Plan shall have
deferred from Eligible Salary for each pay period an amount equal to the product
of the Deferral Percentage (as in effect from time to time pursuant to an
Election Form) and Eligible Salary. In addition, a Participant in the 401(k)
Excess Saving Plan shall have deferred from Eligible Salary, in each pay period
following the date that the Pre-Tax Contributions under the Qualified Plan
ceased because of the application of the Legal Limit, an amount equal to the
rate of Pre-Tax Contribution under the Qualified Plan (as in effect) by Eligible
Salary for each pay period remaining in the calendar year, unless the
Participant otherwise elects.

                  (d)      Additional Credit. To the extent that Eligible Salary
is being deferred under the 401(k) Excess Savings Plan because of the
application of the Legal Limit, there shall be credited to an individual's
account an amount equal to the product of Eligible Salary for any pay period
remaining in the calendar year and the lesser of the (i) maximum employer
matching contribution rate under the Qualified Plan or (ii), the rate elected
under the Qualified Plan prior to application of the Legal Limit, unless the
Participant elects subsequently a lower percentage. Notwithstanding the
foregoing or anything hereinto the contrary, no Additional Credits will apply to
the accounts of those Participants whose Eligible Salary in whole or part
consist of commissions, draw or production overrides.
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                  (e)      Not in Excess. The amount credited to a Participant's
account under Section 3.2(b) and (c) along with the amount credited to such
Participant under the Qualified Plan shall not exceed the amount that would have
been contributed for the Participant but for the application of the Legal Limit.

         3.3      HYPOTHETICAL INVESTMENT.

                  (a)      Subject to the provisions of Section 3.4, amounts
credited to an account shall be deemed to be invested, at the Participant's
direction, in one of the investment vehicles offered under the Qualified Plan
(except for the Chase Common Stock Fund under the Qualified Plan) and shall be
credited with the same rates of returns as provided by the Qualified Plan for
such funds. Unless otherwise specified by the Administrator, hypothetical
investment funds shall change as the investment vehicle under the Qualified Plan
change.

                  (b)      In addition the Program provides a Deferred
Supplemental Income Benefit ("DSIB"). A hypothetical investment in the DSIB
requires the Participant to cooperate with the Administrator including the
completion of an insurance application and a physical. The portion of account
deemed invested in such DSIB will earn the rate of return specified by the
Administrator for that year and future years up to the January 1, immediately
prior to the date of distribution of the first installment of the DSIB; provided
that, however, with respect to deferrals during a calendar year under the Excess
410(k) Plan or reallocations of deferred incentive compensation, the amount
designated as invested in DSIB shall receive the rate specified for the next
succeeding calendar year, and such mid-year deferral or reallocation shall
receive the Stable Value Fund Equivalent rate until treated as if invested in
DSIB. The DSIB rate of return shall not be applicable if employment of a
Participant terminates with less than five years of employment. In such
circumstances, that portion of the account shall receive, in lieu of the DSIB
rate, the rate provided by Stable Value Fund Equivalent for each year deemed
invested in DSIB.

                  (c)      Amounts treated as invested in the Corporation's
common stock (including dividend equivalents) shall be treated as if invested in
fixed shares of common stock
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of the Corporation utilizing the New York Stock Exchange closing market price
for such stock on the date of any such deemed investment of compensation or
dividend equivalents.

                  (d)      The Administrator may, in his sole discretion,
provide to classes of Participants and Former Participants, as he shall specify,
additional hypothetical investments. With respect to amounts treated as if
invested in such additional hypothetical investments, the Administrator may
specify (i) restrictions on transfers and re-allocations and (ii) a distribution
schedule different from that specified herein; provided that the Administrator
may change such restrictions and distribution schedule, in his discretion, on 30
days advance notice to Participants and Former Participants.

         3.4      LIMITATIONS ON HYPOTHETICAL INVESTMENTS. Notwithstanding the
provisions of Section 3.3, the Administrator may, in his sole discretion

                  (i)      replace any investment vehicle with a deemed
         investment vehicle having comparable investments and investment
         objectives and risks substantially similar to the vehicle being
         replaced, or

                  (ii)     discontinue such vehicle as an alternative for deemed
         investment hereunder and provide each affected Participant the
         opportunity,

without limiting or otherwise impairing any other right of the Participant under
this Article III regarding changes of investment directions, to redirect the
allocation of the value of such Participant's account that had been deemed
invested in such discontinued investment fund among the remaining deemed
investment vehicles or, in the discretion of the Administrator, into another
deemed investment vehicle established by the Administrator.

         3.5      MANNER OF HYPOTHETICAL INVESTMENT.

                  (a)      As of each Valuation Date, the value of each
Participant's account shall be determined by reference to the value of the
hypothetical investment for the particular fund or funds under the Qualified
Plan in which the portion of the account is deemed invested plus any
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income or loss on that hypothetical investment. The amounts credited to DSIB
shall receive the rate specified at the date of the deemed investment.

                  (b)      Amounts for which no investment election has been
made shall be treated as if invested in the Stable Value Fund, until such
election is made.

         3.6      ALLOCATION OF HYPOTHETICAL INVESTMENTS; REALLOCATION OF
HYPOTHETICAL INVESTMENTS.

                  (a)      A Participant may elect the manner at such times, as
the Administrator may specify, in which deferrals of future incentive
compensation, Benefits Eligible Compensation or Eligible Salary, are deemed
allocated to one or more of the hypothetical investments described in Section
3.3.

                  (b)      Except as provided in Section 3.6(a), a Participant
or Former Participant may at any time also reallocate among the hypothetical
investments amounts previously credited to his account on a Valuation Date;
provided that a Participant or Former Participant may not reallocate any amounts
treated as if invested in the Corporation's common stock or DSIB to any other
hypothetical investment vehicle; provided, further, that for periods prior to
July 1, 1999, a request for reallocation must have received before the fifth
business date preceding a Valuation Date for it to be effective for that
Valuation Date.

         3.7      STATEMENT OF ACCOUNT. A statement shall be sent to each
Participant or Former Participant with respect to the amount of his account at
least once a calendar year.

                                   ARTICLE IV

                        PAYMENT OF DEFERRED COMPENSATION

         4.1      PAYMENT OF DEFERRED COMPENSATION.
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                  (a)      Termination of Employment. Upon termination of the
Participant's employment with the Corporation or a Related Company, the value of
the account of such individual shall be distributed to such individual during
the month of January following the date of such termination of employment in
either installments or a lump sum as the Administrator may specify; provided
that if the Participant has made a timely election as solely determined by the
Administrator (but always prior to the calendar year before a payment is due),
the Participant shall receive the value of the account in annual installments or
a lump sum on the date or dates, selected by the Participant subject to the
consent of the Administrator. The maximum installment election cannot exceed 15
annual installments, and the account must be distributed by the date that a
Participant attains age 80. An installment amount shall be based on the balance
of an account divided by the number of installments remaining to be made.

                  (b)      Total and Permanent Disability. Upon a termination of
employment due to a Total and Permanent Disability of a Participant, the
Administrator may, in his or her sole discretion, distribute the account under
the Program distributed pursuant to Section 4.1(a).

                  (c)      In-Service Withdrawal. A Participant at the date of
an election to participate with respect to a deferral of incentive compensation
(or with respect to the Eligible Salary or Benefits Eligible Compensation Plan
on the date specified by the Administrator for deferrals in the next succeeding
year) may elect a specific year during active employment in which to begin
receiving the portion of the Account representing such deferred incentive
compensation; provided that such date is at least two years after the deferred
amount would have been paid if it were not deferred.

                  (d)      Shares of Common Stock and DSIB. The portion of an
account treated as if invested in the Corporation's common stock shall be
distributable solely in shares of the common stock of the Corporation and shall
be distributed as set forth in Section 4.1(a), (b) or (c) above. The portion of
the account treated as if invested in the DSIB shall be paid in 15 equal, annual
installments starting in January of the year following termination of
employment, unless Administrator in his/her sole discretion specifies a later
date. DSIB payments cannot commence prior to termination of employment.
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                  (e)      Shares Available for Issuance. An aggregate of
500,000 shares of authorized but unissued shares of common stock of the
Corporation has been reserved for issuance pursuant to this Program, as subject
to adjustment provided for in Section 5.8.

                  (f)      Valuation. For purposes of distribution, the balance
of an account shall be valued as of the Valuation Date immediately preceding the
date that the balance of such account or the particular installment thereof is
to be distributed.

         4.2      FINANCIAL EMERGENCY PAYMENTS. Notwithstanding any other
provisions of this Plan, if the Administrator determines, after consideration of
an application of a Participant or Former Participant, such individual has a
financial emergency of such a substantial nature and beyond the individual's
control that a contemporaneous payment of incentive compensation previously
deferred under this Plan is warranted, the Administrator may, in his sole and
absolute discretion, direct that all or a portion of the balance of the account
be paid or distributed to the Participant or Former Participant in such manner
and at such time as the Administrator shall specify.

         4.3      PAYMENTS TO A DECEASED PARTICIPANT'S ESTATE. In the event of a
death of a Participant or Former Participant before the value of the account
under the Program has been fully distributed, the value of the account of such
individual and shall be distributed in a lump sum to the individual's
Beneficiary (or his/her estate in the event that no Beneficiary, including a
secondary Beneficiary shall survive the Participant or Former Participant) as
soon as practicable thereafter after receipt of all documentation. Shares of the
common stock of the Corporation shall be distributed with respect to any portion
of the account treated as if invested in the Corporation's common stock.
Notwithstanding the foregoing, any compensation treated as if invested in the
DSIB shall be distributed to the named Beneficiary (i) if prior to the
commencement of DSIB payments, in 15 annual installment in an amount specified
by the Administrator for the calendar year in which the deferral occurred; or
(ii) if after commencement of DSIB payments, annual payments in the same amount
as the Participant received until an aggregate 15 payments have been received by
the Participant and his Beneficiary.
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                                    ARTICLE V

                               GENERAL PROVISIONS

         5.1      PARTICIPANT'S RIGHTS UNSECURED. The right of any Participant
or Former Participant to receive future payments under the provisions of the
Program shall be an unsecured claim against the general assets of (i) the Bank
if the Participating Company employing the Participant at the time that his/her
compensation is deferred was a bank or a bank subsidiary, or (ii) the
Corporation, if the Participating Company employing the Participant at the time
his/her compensation is deferred was not a bank or a bank subsidiary. Deferrals
under the Chemical Plan prior to January 1, 1997 shall be allocated to the Bank
or Corporation depending upon the employer of the Employee on January 1, 1997.
No Participating Company (other than the Corporation or Bank) is liable for
payment of benefits to its Employees under the Plan.

         5.2      ASSIGNABILITY. No right to receive payments hereunder shall be
transferable or assignable by a Participant or Former Participant except by will
or by the laws of descent and distribution or by a court of competent
jurisdiction. Any other attempted assignment or alienation of payments hereunder
shall be void and of no force or effect.

         5.3      ADMINISTRATION. Except as otherwise provided herein, the Plan
shall be administered by the Administrator who shall have the authority to adopt
rules and regulations for carrying out the provisions of the Plan, who shall
interpret, construe and implement the provisions of the Plan, and whose
determinations shall be conclusive and binding. In carrying out his
responsibilities hereunder, the Administrator may appoint such delegates as
he/she deems appropriate. Notwithstanding anything herein to the contrary, the
Administrator shall have the absolute right to delay any payments for a
reasonable period following the calendar year of termination of employment.

         5.4      AMENDMENT. The Plan may at any time or from time to time be
amended, modified or terminated by the Board of Directors or the Administrator;
provided that no amendment, modification, or termination shall, without the
consent of the Participant, reduce the value of Participant's account at that
time; provided further that as to persons subject to
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Section 16(a) of the Securities Exchange Act of 1934, as amended, no provision
hereunder which relates to the Chase Common Stock Fund may be amended at less
than six months intervals, and such amendment shall be subject to stockholder
approval if required by SEC Rule 16b-3.

         5.5      LEGAL OPINIONS. The Administrator may consult with legal
counsel, who may be counsel for the Corporation or other counsel, with respect
to his obligations or duties hereunder, or with respect to any action,
proceeding or any question at law, and shall not be liable with respect to any
action taken, or omitted, by him in good faith pursuant to the advice of such
counsel.

         5.6      LIABILITY. Any decision made or action taken by the Board of
Directors, the Committee, the Administrator or the Corporation, arising out of,
or in connection with, the construction, administration, interpretation and
effect of the Program shall be within their absolute discretion, and will be
conclusive and binding on all parties. Neither the Administrator nor a member of
the Board of Directors of the Corporation or the Committee of the Corporation
shall be liable for any act or action hereunder, whether of omission or
commission, by any other member or employee or by any agent to whom duties in
connection with the administration of the Plan have been delegated or, except in
circumstances involving bad faith, for anything done or omitted to be done in
connection with this Plan.

         5.7      CORPORATE REORGANIZATION. In the event that as of any date a
corporation or unincorporated entity ceases to meet the definition of Related
Company, such corporation or entity shall cease to be a Participating Employer
and its employees shall cease to be Participants under the Plan as of the
Valuation Date coincident with or immediately following such date, and this Plan
shall be treated as though a separate plan for the benefit of its employees who
were Participants in the Plan to govern the balances in an account under the
Program as of such Valuation Date.

         5.8      ADJUSTMENTS. The maximum aggregate number of shares of common
stock of the Corporation to be issued under this Plan shall be proportionately
adjusted for any
<PAGE>   19
                                       19

increase or decrease in the number of issued shares of common stock of the
Corporation resulting from a subdivision or consolidation of such shares of
common stock or other similar capital adjustment, or the payment of a stock
dividend (but only if such stock dividend is 5% or more), or other increases or
decreases in such shares of common stock effected without receipt of
consideration by the Corporation.

         5.9      COMPLIANCE. This Program will be administered to comply with
the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934,
as amended.

         5.10     ASSUMED LIABILITY. Effective January 1, 1996, this Program
governs the account liability for payments in lieu of Thrift-Incentive Plan
Contributions liability under the TRA Supplemental Benefit Plan of The Chase
Manhattan Bank, N.A. prior to merger with Chemical Bank. All right and benefits
for such liability are governed by this Program.

         5.11     CONSTRUCTION. The masculine gender, where appearing in this
Program, shall be deemed to also include the feminine gender. The singular shall
also include the plural, where appropriate.

                                   ARTICLE VI

                   OBLIGATIONS UNDER TRA SUPPLEMENTAL PLAN AND
                  UNDER SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

         6.1      TRA SUPPLEMENTAL PLAN. The balances of participants in Section
II of the TRA Supplemental Retirement Plan became part of the account balances
under this Program as of January 1, 1997. Such balances are subject to the terms
and conditions of this Program, including, but not limited to the hypothetical
investments described in Section 3.3.

         6.2      SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN. (a) Each Employee who
had a benefit as of December 31, 1996 under the Supplemental Executive
Retirement Plan shall have an account under this Program consisting of:
<PAGE>   20
                                       20

                  (i)      the amount of his/her Supplemental Chase Retirement
                  Account including any amounts credited for the bonus payable
                  in 1996; and

                  (ii)     if such individual had accrued an annuity frozen as
                  of December 31, 1988, under the Supplemental Executive
                  Retirement Plan, an amount derived by converting the accrued
                  life annuity frozen as of December 31, 1988 utilizing the
                  factors set forth in Section 4.1 of the Retirement Plan.

         (b)      Unless an employee otherwise elects by February 27, 1997, the
                  amount derived from the SERP shall be treated as if invested
                  in DSIB; provided that if the Employee elects another form of
                  benefit of the hypothetical investment, Employee by virtue of
                  such election acknowledges that such hypothetical investment
                  may provide rates of return lower than that provided by the
                  Supplemental Executive Retirement Plan.

         (c)      Employees shall vest in the balance of their account subject
                  to SERP only if they have a Period of Service recognized for
                  Pay Credit purposes under the Retirement Plan of at least 10
                  years.<PAGE>   1
                                                                   EXHIBIT 10.14

              THE CHASE MANHATTAN BANK AND PARTICIPATING COMPANIES
                             EXCESS RETIREMENT PLAN
                       RESTATED EFFECTIVE JANUARY 1, 1997

PREAMBLE

         This Plan is the successor to, and continuation of, the Supplemental
Retirement Plan of Chemical Banking Corporation and Certain Subsidiaries. The
purpose of this Plan is to provide an alternate means of paying benefits
precluded by operation of law to certain designated executives participating in
the Retirement Plan of The Chase Manhattan Bank and Certain Affiliated Companies
("Retirement Plan").

         The Plan is a non-qualified, unfunded deferred compensation
arrangement. It is not subject to Section 401 of the Internal Revenue Code.
Further, it is generally, not subject to Employee Retirement Income Security
Act.

         Except for certain designated individuals who qualify as Grandfathered
Participants under the Retirement Plan, the Supplemental Executive Retirement
Plan of The Chase Manhattan Bank, N.A. ("Chase Plan") was terminated effective
December 31, 1996. The Supplemental Chase Retirement Accounts under the Chase
Plan became part of an account balance under the Deferred Compensation Program
of The Chase Manhattan Corporation and subject to the terms and conditions of
such Program and are not part of the account balances under this Plan.
Similarly, annuity benefits accrued and frozen as of December 31, 1988 under the
Chase Plan were converted into a lump sum and also became part of an account
balance under such Deferred Compensation Program.
<PAGE>   2
                                    ARTICLE 1
                                   DEFINITIONS

         The following are defined terms wherever they appear in the Plan:

         1.1      "Account" shall have the meaning ascribed thereto under the
Retirement Plan.

         1.2      "Administrator" shall mean the individual holding the title
Director Human Resources of The Chase Manhattan Corporation or the Bank, or
successor title, who shall be responsible for those functions assigned to him
under the Plan.

         1.3      "Bank" shall mean The Chase Manhattan Bank.

         1.4      "Beneficiary" shall have the meaning ascribed thereto under
the Retirement Plan.

         1.5      "Board" shall mean the Board of Directors of the Bank or of
the Corporation; provided that any action taken by a duly authorized committee
of the Board (including any action pursuant to Article VII) within the scope of
authority delegated to it by the Board shall be considered an action of the
Board for purposes of this Plan.

         1.6      "Chase Lump Sum Final Pay Benefit" shall have the meaning
ascribed thereto under Section 4.1 of the Retirement Plan.

         1.7      "Chase Plan" shall mean the Supplemental Executive Retirement
Plan of The Chase Manhattan Bank, N.A.

         1.8      "Chemical Retirement Plan" means the Retirement Plan of
Chemical Bank and Certain Affiliated Companies as in effect on December 31,
1996.

         1.9      "Code" shall mean the Internal Revenue Code of 1986.

         1.10     "Committee" shall mean the Compensation and Benefits Committee
of the Board.

                                       1
<PAGE>   3
         1.11     "Compensation Limit" shall mean the dollar limitation imposed
by Section 401(a)(17) of the Code on the amount of Eligible Compensation taken
into account in computing benefits under the Retirement Plan.

         1.12     "Corporation" shall mean The Chase Manhattan Corporation.

         1.13     "Credit Balance" shall have the meaning ascribed thereto under
the Retirement Plan.

         1.14     "Deferred Compensation Program" shall mean the Deferred
Compensation Program of The Chase Manhattan Corporation and Participating
Companies.

         1.15     "Effective Date" shall mean January 1, 1997.

         1.16     "Eligible Compensation" has the meaning ascribed thereto by
the Retirement Plan.

         1.17     "Employee" shall mean an individual who is an employee of an
Employer and a participant accruing benefits under the Retirement Plan. By way
of clarification, individuals who are not classified as employees of an Employer
for purposes of its payroll system, including, without limitation, individuals
employed by temporary help firms or other staffing firms or who are treated as
independent contractors by the Employer (whether or not deemed to be common law
employees or leased employees), are not "Employees." In addition, in the event
that any individual is re-classified as an employee for any purpose by any
action of any third party or as a result of any lawsuit, action or
administrative proceeding, such individual shall not be deemed an "Employee"
under the Plan.

         1.18     "Employer" shall have the meaning ascribed thereto under the
Retirement Plan; provided that such entity adopts the Plan by act of its board
of directors and which adoption is approved by the Committee or Administrator;
provided, however, that any entity participating in the MHT Plan or the Prior
Plan on December 31, 1992 or the Chase

                                       2
<PAGE>   4
Plan on December 31, 1996 shall be an Employer under the Plan as of January 1,
1993 or January 1, 1997, respectively.

         1.19     "Executive Retirement Plan" shall mean the Executive
Retirement Plan of The Chase Manhattan Corporation.

         1.20     "Final Average Salary" shall have the meaning ascribed thereto
under the Chemical Retirement Plan.

         1.21     "Final Salary Benefit" shall have the meaning ascribed thereto
under the Chemical Retirement Plan.

         1.22     "Grandfathered Participant" shall have the meaning ascribed
thereto under the Retirement Plan.

         1.23     "Interest Credit" shall have the meaning ascribed thereto
under the Retirement Plan.

         1.24     "Lump Sum Final Pay Benefit" shall have the meaning ascribed
thereto under Section 4.1 of the Retirement Plan.

         1.25     "MHT Plan" shall mean the Supplemental Retirement Benefits
Plan of Manufacturers Hanover Trust Company and Certain Affiliated Companies as
in effect immediately prior January 1, 1993.

         1.26     "Participant" shall mean each Employee of an Employer who
participates in the Plan in accordance with the terms and conditions set forth
herein.

         1.27     "Participating Company" shall mean (a) the Bank and (b) each
Employer, which has been authorized by the Administrator to participate in the
Plan and has agreed to comply with the provisions of the Plan.

         1.28     "Period of Service" shall have the meaning ascribed thereto
under the Retirement Plan.

                                       3
<PAGE>   5
         1.29     "Plan" shall mean the Excess Retirement Plan of The Chase
Manhattan Bank and Certain Participating Companies, as in effect at any time,
which was formerly named the Supplemental Retirement Plan of Chemical Banking
Corporation and Certain Pariticipating Companies.

         1.30     "Prior Plan" shall mean the Executive Cash Plan for Retirement
of Chemical Banking Corporation and Affiliated Companies.

         1.31     "Prior Service Balance" shall have the meaning ascribed
thereto by the Retirement Plan.

         1.32     "Related Company" shall mean a corporation of which more than
51% of the combined voting of all classes of stock entitled to vote or equity
interest is owned directly or indirectly by the Corporation or a partnership,
joint venture, or another incorporated entity of which more than 51% of the
capital equity or profits interest is owned directly or indirectly by the
Corporation.

         1.33     "Retirement Benefits" shall mean the Credit Balance of the
Account of a Participant under the Retirement Plan.

         1.34     "Retirement Plan" shall mean the Retirement Plan of The Chase
Manhattan Bank Affiliated Companies, as in effect January 1, 1997 and as amended
from time to time.

         1.35     "Transition Credit" shall have the meaning ascribed thereto by
the Retirement Plan.

                                   ARTICLE II
                                  PARTICIPATION

         2.1      Eligibility for Credit Balance. Commencing as of January 1,
1997, each Employee whose Eligible Compensation exceeds the Compensation Limit
during any calendar year shall be a Participant as of such date with respect to
the benefits described in Sections 3.1.

                                       4
<PAGE>   6
         2.2      Previously Accrued Benefits. Effective as of January 1, 1997,
each Employee who had benefits under this Plan of December 31, 1996 shall be a
Participant to the extent described in Section 3.2.

         2.3      Section 415 Limits. Commencing on or after January 1, 1997, if
an Employee's distribution of Retirement Benefits is subject to the limitations
of Section 415 of the Code, such Employee shall be a Participant as of the date
of such distribution and shall be eligible for the benefits described in Section
3.4.

                                   ARTICLE III
                                    BENEFITS

         3.1      Pay-Based Credits. (a) Effective as of January 1, 1997, each
Participant described in Section 2.1 whose Eligible Compensation in any calendar
month exceeds the Compensation Limit used by the Retirement Plan for that
calendar month shall have an amount credited to an Account under the Plan equal
to the excess of (i) the Pay-Based Credit that would have been accrued under the
Retirement Plan but for the application of such Compensation Limit for such
calendar month over (ii) the amount actually credited under the Retirement Plan
for such calendar month. Pay-Based Credits hereunder shall be made on the same
basis as provided in the Retirement Plan to an Account. Notwithstanding the
foregoing, the Plan shall not provide benefits on Eligible Compensation based on
draw, commission in excess of draw or production overrides when, during a
calendar year, such Eligible Compensation exceeds 100 percent of the annual
Compensation Limit and, in the case of Chase Mortgage Company, 50 percent shall
be substituted for 100% of such annual Compensation Limit.

         (b)      Interest Credits. The Account of a Participant shall be
credited with the Interest Credits that would have been provided under the
Retirement Plan but for the Compensation Limit's application to the Pay-Based
Credits.

         3.2      Previously Accrued Amount. Any amount credited to an Account
under this Plan prior to December 31, 1996, including the bonus amounts
described in Section

                                       5
<PAGE>   7
3.4 of this Plan as in effect on December 31, 1996, shall be part of the Account
of a Participant. See Article VI.

         3.3      Final Average Salary Benefit. If the amount of a Chase Lump
Sum Final Pay Benefit or Lump Sum Final Pay Benefit under the Retirement Plan
was reduced because of the application of the annual Compensation Limit, then
there shall be credited to the Account of a Participant herein the excess of (i)
the Chase Lump Sum Final Pay Benefit or Lump Sum Final Pay Benefit, as
applicable, that would have been credited under the Retirement Plan but for the
application of the annual Compensation Limit over (ii) the Chase Lump Sum Final
Pay Benefit or the Lump Sum Final Pay Benefit actually credited under the
Retirement Plan, provided that such amount shall be reduced if at a future date,
all or any part of such amount may be credited to a Participant's Account under
the Retirement Plan.

         3.4      Excess Benefits. Upon any distribution of Retirement Benefits
or payment of any benefit accrued in the form of a life annuity based on a
Participant's life expectancy from the Retirement Plan, each Employee whose
Retirement Benefits or such life annuity benefit is reduced in the calendar year
when such benefit commences by application of the limitations of Section 415 of
the Code shall receive an amount equal to the excess of the (i) Retirement
Benefits or life annuity payable under the Retirement Plan without application
of Section 415 of the Code over (ii) amount actually payable under the
Retirement Plan; provided that once the a benefit is in pay status hereunder as
a result of the application of Section 415 of the Code, no adjustment shall be
made for changes in Section 415 of the Code; provided further that nothing in
this Section or Plan shall require any amounts to be paid under this Plan,
should an administrative or judicial determination require the payment of
Retirement Benefits or life annuity benefits under the Retirement Plan in excess
of those initially distributed as a lump sum or as a life annuity under the
Retirement Plan to a Participant.

         3.5      Grandfathered Participants. If a Participant elects to receive
his/her accrued benefit under Section 4.6 of the Retirement Plan because such
individual is a Grandfathered Participant, then any amount due under this Plan
shall be forfeited, except

                                       6
<PAGE>   8
for the amount specified in Section 3.4, so long as it is not duplicative of any
amount required under another plan or program maintained by the Employee.

         3.6      Aggregate. The total value of the benefits to be received
under the Plan when combined with the Retirement Benefits shall never exceed the
value of the Retirement Benefits that would have been payable under the
Retirement Plan but for the application of Section 415 of the Code and the
Compensation Limit; provided that the foregoing shall not apply to amounts
credited to an Account because of the inclusion of bonuses as part of Eligible
Compensation hereunder;

                                   ARTICLE IV
                                     VESTING

         4.1      Account. The benefits described in Section 3.1 and Section 3.2
shall vest upon the date that the benefits under the Retirement Plan vest;
provided that the amount of such benefit shall be determined only upon the date
that the individual receives a distribution of his/her from the Retirement Plan.
Benefits hereunder shall be forfeited upon a termination employment with an
Employer or Affiliated Company if such Participant is not then vested in his/her
Retirement Benefits. Benefits hereunder shall not be subject to being restored
upon re-employment.

         4.2      Vesting 415 Benefit. The benefit described in Section 3.4
shall be deemed to accrue and vest only upon the dates or date of the
distribution of benefits under the Retirement Plan.

                                       7
<PAGE>   9
                                    ARTICLE V
     TRANSFERS TO DEFERRED COMPENSATION, WITHHOLDING, LIABILITY FOR PAYMENTS

          5.1      Form of Distribution. (a) If a Participant with a vested
benefit under this Plan elects to receive such individual's Retirement Benefits
(or in the case, where the benefit in the form of an annuity under the
Retirement, then the vested benefit hereunder shall be distributed as of the
date of such annuity commenced and shall be distributed in the form of the
annuity selected under the Retirement Plan. Notwithstanding the foregoing, if
the monthly amount of the annuity hereunder is less than a minimum amount
specified from time to time by the Administrator, the vested benefit hereunder
shall be distributed as a lump sum or shall be subject to the transfer provision
described below, as the Administrator shall determine. Unless the Administrator
otherwise designates, the actuarial factors used under the Retirement Plan in
calculating the amount the monthly annuity payable to an individual shall be
used for the annuity payable hereunder.

         (b)      If a Participant with a vested benefit under this Plan elects
to receive such individual's Retirement Benefit as a lump sum, including a
transfer to an Individual Retirement Account or to another qualified plan, then
any vested benefit hereunder in the form of an Account or otherwise payable as a
lump sum shall be treated as of the first day of the month following that
transfer (or such other date as the Administrator may designate) as an account
balance subject to the terms and conditions of the Deferred Compensation
Program. Accordingly, such amount shall be subject to the distribution election
made by the Participant with respect to such individual's deferred compensation
account under such Program and to the beneficiary designation under the Program;
provided that if the Participant does not have an account under the Deferred
Compensation Program and amount hereunder is less than $5000, then such amount
shall be distributed to the Participant in a lump sum within a reasonable period
of time following the date of the distribution of his or her Retirement
Benefits. Pending exercise by the Participant of investment discretion under the
Deferred Compensation Program,

                                       8
<PAGE>   10
the balance of such account shall receive the rate of interest provided by the
Stable Value Fund.

         5.2      Withholding. Any payment under this Plan shall be reduced by
any amount required to be withheld under applicable Federal, state and local
income tax laws.

         5.3      Participant's Rights Unsecured. The right of any Participant
or former Participant to receive further payments under the provisions of the
Plan shall be unsecured claim against general funds of (i) the Bank, if the
Employer employing the participant at the time his/her Eligible Compensation is
subject to this Plan, was a bank or a bank subsidiary or (ii) the Corporation,
if the employer employing the Participant at the time his/her Eligible
Compensation is subject to this Plan, was not a bank or a bank subsidiary. No
assets of shall be required to be segregated or earmarked to represent any
liability for supplemental benefits hereunder, but the Corporation and Bank
shall have the right to establish vehicles to assist them and the other
Employers in meeting their obligations hereunder. The rights of any person to
receive benefits under the Plan shall be only those of a general unsecured
creditor; and such status shall not be enhanced by reason of the establishment
of any funding vehicles.

         5.4      Beneficiary. Upon the death of a Participant who has vested
benefits under this Plan which death occurs prior either to his/her receipt of
benefits hereunder or the transfer to benefits to the Deferred Compensation
Program, the Beneficiary of such Participant shall receive a benefit equal to
the difference between that amount under the Retirement Plan that such
Beneficiary would have received but for Section 415 limitation and that amount
actually received under the Retirement Plan; and the Account of the Participant.

                                   ARTICLE VI
                             PRIOR PLAN AND MHT PLAN

         6.1      Prior Plan. (a) Any individual who was a Participant in the
Prior Plan and whose benefit has not been distributed as of January 1, 1993,
shall have an Account under the Plan. To the extent provided under Prior Plan,
Interest Credits and/or Transition

                                       9
<PAGE>   11
Credits shall be added to the Account, as if such account were an Account under
the Retirement Plan.

         (b)      An individual shall vest in the balance of such Account under
the Prior Plan as provided in Section 4.1. Benefits are forfeited upon a
termination of employment with an Employer or a Related Company if the
individual has not satisfied such criteria. Such benefits are not restored upon
re-employment.

         (c)      Notwithstanding Section 5.1(a) or (b), if the employment of a
Participant who was employed by Chemical Banking Corporation or a Related
Company terminated on or before December 31, 1996, then any vested benefit under
this Plan shall be distributed under the terms and conditions of this Plan as in
effect on such termination date except that the terms of Section 3.4 as set
forth in this Plan document shall be applicable to any amounts payable
thereunder.

         6.2      MHT Plan. (a) Individuals receiving benefits from the MHT Plan
shall continue to receive such benefits under the Plan.

         (b)      Individuals who terminated employment on or before January 1,
1993, having satisfied the age and service criteria for a benefit under the MHT
Plan and whose benefit under the Retirement Plan is limited by Section 415 of
the Code and/or the Compensation Limit shall receive a benefit hereunder as
provided for in the MHT Plan; provided that such benefits shall not be paid in
the form of a lump sum.

                                       10
<PAGE>   12
                                   ARTICLE VII
                            AMENDMENT AND TERMINATION

         7.1      Amendment. The Board or the Administrator may amend the Plan
in any respect and at any time; provided, however, that no amendment shall have
the effect of reducing (i) any benefit then being paid to any Participant or to
any other person pursuant to Articles III or VI, or (ii) the vested amount of
any benefit under Sections 3.1, 3.2 and 3.3 theretofore accrued on behalf of any
Participant.

         7.2      Termination. The Board may terminate the Plan at any time. In
the event of termination, the Plan shall continue in force with respect to any
Participant, or other person entitled to receive a benefit under Sections 3.1,
3.2 and 3.3 to the extent accrued and vested under the Plan prior to its
termination, and shall be binding upon any successor to substantially all the
assets of the Corporation or any other Employer. Notwithstanding the foregoing,
the Board may determine that it is in the best interests of the Employers or the
Participants to terminate the Plan in its entirety and distribute to each
Participant (or other person entitled to receive payments hereunder) the benefit
of such Participant thereunder.

                                  ARTICLE VIII
                               GENERAL PROVISIONS

         8.1      Assignability. No right to receive payments hereunder shall be
transferable or assignable by a Participant except by will or by the laws of
descent and distribution or by a court of competent jurisdiction. Any other
attempted assignment or alienation of payments hereunder shall be void and of no
force or effect.

         8.2      Administration. Except as otherwise provided herein, the Plan
shall be administered by the Administrator, who shall have the authority to
adopt rules and regulations for carrying out the provisions of the Plan, and who
shall conclusively interpret, construe and implement the provisions of the Plan,
including eligibility to participate, the entitlement to benefits and the amount
of such benefits.

                                       11
<PAGE>   13
         8.3      Legal Opinions. The Administrator may consult with legal
counsel, who may be counsel for the Bank or other counsel, with respect to his
obligations or duties hereunder, or with respect to any action proceeding or any
question of law, and shall not be liable with respect to any action taken, or
omitted, by him in good faith pursuant to the advice of such counsel.

         8.4      Liability. Any decision made or action taken by the Board,
Committee or the Administrator arising out of, or in connection with, the
construction, administration, interpretation and effect of the Plan shall be
within their absolute discretion, and will be conclusive and binding on all
parties. Neither the Administrator nor a member of the Board or of the Committee
shall be liable for any act or action hereunder, whether of omission or
commission, by any other member or employee or by any agent to whom duties in
connection with the administration of the Plan have been delegated or, except in
circumstances involving bad faith, for anything done or omitted to be done in
connection with this Plan.

         8.5      Corporate Reorganization. In the event that a corporation or
unincorporated entity ceases to meet the definition of an Employer such
corporation or entity shall cease to be an Employer under the plan and its
employees shall cease to be Participants under the Plan, and the Plan shall be
treated as though a separate plan for the benefit of its employees who were
Participants in the plan to govern the accrued benefits of each such Participant
(or any person entitled to benefits in respect of such a Participant).

         8.6      Construction. The masculine gender, where appearing in this
Plan, shall be deemed to also include the feminine gender. The singular shall
also include the plural, where appropriate.

         8.7      Governing Law. The Plan shall be construed and administered in
accordance with the laws of the State of New York.

                                       12
<PAGE>   14
         8.8      Not an Employment Contract. Nothing herein shall be construed
to confer upon any person any legal right to continued employment with the Bank
or any Related Company.

                                       13

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