Document:

ex99-108.htm

    Exhibit 10.8

     

     

    TIERONE BANK

    AMENDED AND RESTATED EMPLOYEE SEVERANCE PLAN

     

     

    ARTICLE I

    ESTABLISHMENT OF THE PLAN

     

    TierOne Bank (the “Bank” or the “Employer”) hereby amends and restates
its Employee Severance Plan, which was originally adopted in 2002 and previously
amended and restated effective as of July 27, 2006, effective as of December 17,
2008 (as amended and restated, the “Plan”).

     

    This Plan is being amended and restated in order to comply with the
requirements of Section 409A of the Code (as defined below), including the
guidance issued to date by the Internal Revenue Service (the “IRS”) and the
final regulations issued by the IRS in April 2007.

     

    ARTICLE II

    PURPOSE OF THE PLAN

     

    The purpose of this Plan is to provide certain specified benefits to
eligible employees as provided herein whose employment is terminated in
connection with or subsequent to a Change in Control of either the Bank or the
Bank’s parent corporation, TierOne Corporation (the “Company”). The Bank and the
Company are hereinafter collectively referred to as the
“Employers”.

     

    ARTICLE III

    DEFINITIONS

     

    3.01     Annual
Compensation. An Employee’s “Annual Compensation” for purposes of this
Plan shall be deemed to mean the aggregate base salary and cash incentive
compensation earned by or paid to the Employee by the Employers or any
subsidiary thereof during the calendar year immediately preceding the calendar
year in which the Date of Termination occurs; provided, however, for
purposes of this Plan the Employee’s Annual Compensation does not include
deferred compensation earned by the Employee in a prior year but received in the
calendar year immediately preceding the calendar year in which the Date of
Termination occurs.

     

    3.02    
Cause. Termination of an Employee’s employment for “Cause” shall mean
termination because of personal dishonesty, incompetence, willful misconduct,
breach of fiduciary duty involving personal profit, intentional failure to
perform stated duties, willful violation of any law, rule or regulation (other
than traffic violations or similar offenses) or final cease-and-desist order.
For purposes of this paragraph, no act or failure to act on the Employee’s part
shall be considered “willful” unless done, or omitted to be done, by the
Employee not in good faith and without reasonable belief that the Employee’s
action or omission was in the best interests of the Employers.

     

    3.03     Change
in Control. “Change in Control” shall mean a change in the ownership of
the Bank or the Company, a change in the effective control of the Bank or the
Company or a

     

    
      
         

      

      
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    change in
the ownership of a substantial portion of the assets of the Bank or the Company,
in each case as provided under Section 409A of the Code and the regulations
thereunder.

     

    3.04    
Code. “Code” shall mean the Internal Revenue Code of 1986, as amended.

     

    3.05    
Committee. “Committee” means a committee of two or more directors
appointed by the Board of Directors of the Bank pursuant to Article VII
hereof.

     

    3.06     Date of
Termination. “Date of Termination” shall mean (i) if an Employee’s
employment is terminated for Cause, the date on which the Notice of Termination
is given, and (ii) if an Employee’s employment is terminated for any other
reason, the date specified in the Notice of Termination.

     

    3.07    
Disability. Disability” shall mean the Employee (i) is unable to engage
in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, or (ii) is,
by reason of any medically determinable physical or mental impairment which 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 three months under an accident and health plan covering
employees of the Bank.

     

    3.08    
Employee. “Employee” shall mean any person who at the time has been
employed by the Bank for at least 12 continuous months, excluding any Employee
who has an employment or change in control agreement with either of the
Employers.

     

    3.09     Good
Reason. Termination by an Employee of the Employee’s employment for “Good
Reason” shall mean termination by the Employee following a Change in Control
based on the occurrence of any of the following events:

     

    (i) (A) a material diminution in the Employee’s base compensation as in
effect immediately prior to the date of the Change in Control or as the same may
be increased from time to time thereafter, (B) a material diminution in the
Employee’s authority, duties or responsibilities as in effect immediately prior
to the Change in Control, or (C) a material diminution in the authority, duties
or responsibilities of the officer (as in effect immediately prior to the date
of the Change in Control) to whom the Employee is required to report immediately
prior to the Change in Control, 

     

    (ii) any material breach of this Plan by the Employers, or

     

    (iii) any material change in the geographic location at which the
Employee must perform his services immediately prior to the Change in
Control;

     

    provided,
however, that prior to any termination of employment for Good Reason, the
Employee must first provide written notice to the Employers within ninety (90)
days of the initial existence of the condition, describing the existence of such
condition, and the Employers shall thereafter have the right to remedy the
condition within thirty (30) days of the date the Employers received the written
notice from the Employee.  If the Employers remedy the condition within
such thirty

     

    
      
        
        

      

      
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    (30) day cure period, then no Good Reason shall be deemed to
exist with respect to such condition.  If the Employers do not remedy the
condition within such thirty (30) day cure period, then the Employee may deliver
a Notice of Termination for Good Reason at any time within sixty (60) days
following the expiration of such cure period.

     

    3.10    
IRS.  “IRS” shall mean the Internal Revenue Service.

     

    3.11     Notice
of Termination. Following a Change in Control, any purported termination
of an Employee’s employment by the Employers for any reason or by an Employee
for any reason, including without limitation for Good Reason, shall be
communicated by a written “Notice of Termination” to the Employee (if from the
Employers) or to the Employers (if from the Employee). For purposes of this
Plan, a “Notice of Termination” shall mean a dated notice which (i) indicates
the specific termination provision in this Plan relied upon, (ii) sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Employee’s employment under the provision so indicated, (iii)
specifies a Date of Termination, which shall be not less than thirty (30) nor
more than ninety (90) days after such Notice of Termination is given, except in
the case of the Employers’ termination of the Employee’s employment for Cause,
which shall be effective immediately, and (iv) is given in the manner specified
in Article VIII hereof.

     

    3.12    
Retirement. “Retirement” shall mean voluntary termination by the Employee
in accordance with the Employers’ retirement policies, including early
retirement, generally applicable to their salaried Employees. 

     

    ARTICLE IV

    BENEFITS

     

    4.01     Payments and Benefits Upon Termination.

     

    (a)        If an Employee’s employment
is terminated within one year subsequent to a Change in Control by (i) the
Employers for other than Cause, Disability, Retirement or the Employee’s death
or (ii) the Employee for Good Reason, then the Employers shall pay to the
Employee a lump sum cash severance amount equal to one twelfth (1/12th) of the
Employee’s Annual Compensation for each year of service with the Employers,
subject to a minimum of one twelfth (1/12th) of Annual Compensation and a
maximum of 100% of Annual Compensation, plus any accrued but unused vacation
leave. 

     

    (b)        If the payments pursuant to
Section 4.01(a) hereof, either alone or together with other payments and
benefits which the Employee has the right to receive from the Employers, would
constitute a “parachute payment” under Section 280G of the Code, then the
payments payable by the Employers pursuant to Section 4.01(a) hereof shall be
reduced by the minimum amount necessary to result in no portion of the payments
payable by the Employers under Section 4.01(a) being non-deductible to the
Employers pursuant to Section 280G of the Code and subject to the excise tax
imposed under Section 4999 of the Code. The determination of any reduction in
the payments to be made pursuant to Section 4.01(a) shall be based upon the
opinion of independent counsel selected by the Bank and paid by the Bank. Such
counsel shall promptly prepare the foregoing opinion, but in no event later than
thirty (30) days from the Date of 

     

    
      
         

      

      
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    c, and
may use such actuaries as such counsel deems necessary or advisable for the
purpose. 

     

    (c)        Nothing
contained in this Section 4.01 shall result in a reduction of any payments or
benefits to which the Employee may be entitled upon termination of employment
under any circumstances other than as specified in Section 4.01(b) set
forth above, or a reduction in the payments and benefits
specified in Section 4.01(a) below zero.

     

    4.02     Mitigation; Exclusivity of
Benefits.

     

    (a)        An Employee shall not be
required to mitigate the amount of any benefits hereunder by seeking other
employment or otherwise, nor shall the amount of any such benefits be reduced by
any compensation earned by the Employee as a result of employment by another
employer after the Date of Termination or otherwise.

     

    (b)        The specific arrangements
referred to herein are not intended to exclude any other benefits which may be
available to an Employee upon a termination of employment with the Employers
pursuant to employee benefit plans of the Employers or otherwise.

     

    4.03    
Withholding. All payments required to be made by the Employers hereunder
to an Employee shall be subject to the withholding of such amounts, if any,
relating to tax and other payroll deductions as the Employers may reasonably
determine should be withheld pursuant to any applicable law or
regulation.

     

    4.04.   
Source of Payments. It is intended by the parties hereto that all
payments provided in this Plan shall be paid in cash or check from the general
funds of the Bank. Further, the Company guarantees such payment and provision of
all amounts and benefits due hereunder to the Executive and, if such amounts and
benefits due from the Bank are not timely paid or provided by the Bank, such
amounts and benefits shall be paid or provided by the Company. 

     

    4.05.   
No Attachment. Except as required by law, no right to receive payments
under this Plan shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation, or to execution,
attachment, levy, or similar process or assignment by operation of law, and any
attempt, voluntary or involuntary, to effect any such action shall be null,
void, and of no effect.

     

    ARTICLE V

    ASSIGNMENT

     

    The Employers may assign this Plan and their rights and obligations
hereunder in whole, but not in part, to any corporation, bank or other entity
with or into which the Bank or the Company may hereafter merge or consolidate or
to which the Bank or the Company may transfer all or substantially all of its
respective assets, if in any such case said corporation, bank or other entity
shall by operation of law or expressly in writing assume all obligations of the
Employers hereunder as fully as if it had been originally made a party hereto,
but may not otherwise assign this Plan or their rights and obligations
hereunder. An Employee may not assign or transfer any rights or benefits due
hereunder.

     

    
      
        
        

      

      
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    ARTICLE VI

    DURATION AND EFFECTIVE DATE OF PLAN

     

    6.01    
Duration. Except in the event of a Change in Control, this Plan is
subject to change or termination, in whole or in part, at any time without
notice, in the Board’s sole discretion. In the event of a Change in Control,
this Plan may not be terminated or amended to reduce the benefits provided
hereunder for a period of 13 months following the date of the Change in Control.
 In addition, notwithstanding anything in this Plan to the contrary, the
Employers may amend in good faith any terms of this Plan, including
retroactively, in order to comply with Section 409A of the Code.

     

    6.02    
Effective Date. This Plan was originally effective as of October 1, 2002
and was previously amended and restated as of July 27, 2006.  This
amendment and restatement of the Plan is effective as of December 17,
2008.

     

    ARTICLE VII

    ADMINISTRATION

     

    7.01     Duties
of the Committee. This Plan shall be administered and interpreted by the
Committee, as appointed from time to time by the Board of Directors of the Bank
pursuant to Section 7.02. The Committee shall have the authority to adopt, amend
and rescind such rules, regulations and procedures as, in its opinion, may be
advisable in the administration of this Plan, including, without limitation,
rules, regulations and procedures with respect to the operation of this Plan.
The interpretation and construction by the Committee of any provisions of this
Plan or any rule, regulation or procedure adopted by it pursuant thereto shall
be final and binding in the absence of action by the Board of Directors of the
Bank.

     

    7.02    
Appointment and Operation of the Committee. The members of the Committee
shall be appointed by, and will serve at the pleasure of, the Board of Directors
of the Bank. The Board from time to time may remove members from, or add members
to, the Committee, provided the Committee shall continue to consist of two or
more members of the Board. The Committee shall act by vote or written consent of
a majority of its members. Subject to the express provisions and limitations of
this Plan, the Committee may adopt such rules, regulations and procedures as it
deems appropriate for the conduct of its affairs. It may appoint one of its
members to be chairman and any person, whether or not a member, to be its
secretary or agent. The Committee shall report its actions and decisions to the
Board at appropriate times but in no event less than one time per calendar
year.

     

    7.03    
Limitation on Liability. Neither the members of the Board of Directors of
the Bank nor any member of the Committee shall be liable for any action or
determination made in good faith with respect to this Plan or any rule,
regulation or procedure adopted by it pursuant thereto. If a member of the Board
or the Committee is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative, by reason of anything done or not
done by him in such capacity under or with respect to this Plan, the Bank shall,
subject to the requirements of applicable laws and regulations, indemnify such member against all liabilities and
expenses (including attorneys’

     

    
      
         

      

      
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    fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by him in connection with such action, suit or
proceeding if he acted in good faith and in a manner he reasonably believed to
be in the best interests of the Bank and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was
unlawful.

     

     

    ARTICLE VIII

    MISCELLANEOUS

     

    8.01    
Notice. For the purposes of this Plan, notices and all other
communications provided for in this Plan shall be in writing and shall be deemed
to have been duly given when delivered or mailed by certified or registered
mail, return receipt requested, postage prepaid, addressed, with respect to the
Bank, Secretary, TierOne Bank, 1235 N Street, Lincoln, Nebraska 68508, and with
respect to an Employee, to the home address thereof set forth in the records of
the Bank at the date of any such notice.

     

    8.02    
Governing Law. The validity, interpretation, construction and performance
of this Plan shall be governed by the laws of the United States where applicable
and otherwise by the substantive laws of the State of Nebraska. 

     

    8.03     Nature of Employment and
Obligations.

     

    (a)        Nothing contained herein
shall be deemed to create other than a terminable at will employment
relationship between the Employers and an Employee, and the Employers may
terminate an Employee’s employment at any time, subject to providing any
payments specified herein in accordance with the terms hereof.

     

    (b)        Nothing contained herein
shall create or require the Employers to create a trust of any kind to fund any
benefits which may be payable hereunder, and to the extent that an Employee
acquires a right to receive benefits from the Employers hereunder, such right
shall be no greater than the right of any unsecured general creditor of the
Employers.

     

    8.04    
Headings. The section headings contained in this Plan are for reference
purposes only and shall not affect in any way the meaning or interpretation of
this Plan.

     

    8.05    
Validity. The invalidity or unenforceability of any provision of this
Plan shall not affect the validity or enforceability of any other provisions of
this Plan, which shall remain in full force and effect. 

     

    8.06    
Regulatory Provisions. Notwithstanding any other provision of this Plan
to the contrary, any payments made to an Employee pursuant to this Plan, or
otherwise, are subject to and conditioned upon their compliance with (a) Section
18(k) of the Federal Deposit Insurance Act (12 U.S.C. §1828(k)) and the
regulations promulgated thereunder, including 12 C.F.R. Part 359, and (b) 12
C.F.R. §563.39.  

     

     

    6ex99-109.htm

    Exhibit
10.9

     

     

    TIERONE CORPORATION
EMPLOYEE
STOCK
OWNERSHIP
PLAN

    AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

    

    

    This Amended and Restated Supplemental
Executive Retirement Plan (“Plan”) of TierOne Corporation (the “Corporation”)
and TierOne Bank (the “Bank”) is adopted effective as of December 17, 2008 (the
“Effective Date”).  The Plan as amended and restated shall in all
respects be subject to the provisions set forth herein. The Plan was originally
established by the Corporation and the Bank effective as of October 1, 2002 and
amended and restated effective as of July 27, 2006 for the purpose of permitting
the officers listed in Appendix A attached hereto who participate in the TierOne
Corporation Employee Stock Ownership Plan (the “ESOP”) to receive allocations
representing shares of common stock of the Corporation pursuant to this Plan in
excess of the number of shares of common stock of the Corporation which are
allocable to their accounts within the ESOP under the limitations imposed by
Sections 401(a)(17) and 415 of the Internal Revenue Code of 1986, as amended,
and any regulations relating thereto (the “Code”).

    

    This Plan is being amended and restated
to comply with the requirements of Section 409A of the Code, including the
guidance issued to date by the Internal Revenue Service (the “IRS”) and the
final regulations issued by the IRS in April 2007.  No benefits
payable under this Plan shall be deemed to be grandfathered for purposes of
Section 409A of the Code.

    

    The Plan shall at all times be
characterized as a “top hat” plan of deferred compensation maintained for a
select group of management or highly compensated employees, as described under
Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income
Security Act of 1974, as amended, and any regulations relating thereto
(“ERISA”).  The Plan has been and shall continue to be operated in
compliance with Section 409A of the Code.  The Plan is an unfunded
plan for tax purposes.  The provisions of the Plan shall be construed
to effectuate such intentions.

    

    Accordingly, the Corporation and the
Bank hereby adopt this amended and restated Plan pursuant to the terms and
provisions set forth below:

    

    

    ARTICLE
I

    

    DEFINITIONS

    

    In addition to those terms defined
above, the following terms shall have the meanings hereinafter set forth
whenever used herein:

    

    1.1. “Board” means the Board of
Directors of the Corporation and the Bank.

    

    1.2. “Change of Control” means a change
in the ownership of the Corporation or the Bank, a change in the effective
control of the Corporation or the Bank or a change in the

    
      
         

      

      
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    ownership
of a substantial portion of the assets of the Corporation or the Bank, in each
case as provided under Section 409A of the Code and the regulations
thereunder.

    

    1.3. “Corporation Common Stock” means
shares of common stock of the Corporation.

    

    1.4. “Disability” means in the case of
any Participant that the Participant: (i) is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months, or (ii) is, by reason of any
medically determinable physical or mental impairment which 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 three months under an accident and health plan covering employees of the
Bank or the Corporation.

    

    1.5. “ESOP Allocation” means the number
of shares allocable to the individual account of a Participant in the ESOP
pursuant to Article IV of the ESOP.

    

    1.6. “Participant” means a salaried
employee of the Corporation and/or the Bank who is a participant in the ESOP,
who is a member of a select group of management or highly compensated employees
within the meaning of Section 201(2) of ERISA and who is selected by the Board
to participate in the Plan in accordance with Article II hereof.

    

    1.7. “Plan Year” means the
12-consecutive-month period ending December 31 of each year, except that the
initial Plan Year commenced on October 1, 2002 and ended on December 31,
2002.

    

    1.8. “Retirement” means the voluntary
termination of the Participant’s employment with the Bank on or after the date
the Participant reaches age 65 in a manner which constitutes a Separation from
Service.

    

    1.9.
“Separation from Service” means a termination of a
Participant’s services (whether as an employee or as an independent contractor)
to the Corporation and the Bank (including companies which are deemed to be part
of a controlled group of corporations with the Corporation and the Bank for
purposes of Treasury Regulation §1.409A-1(h)) for any reason. Whether a
Separation from Service has occurred shall be determined in accordance with the
requirements of Section 409A of the Code based on whether the facts and circumstances indicate
that the Corporation, the Bank and the Participant reasonably anticipated that
no further services would be performed after a certain date or that the level of
bona fide services the Participant would perform after such date (whether as an
employee or as an independent contractor) would permanently decrease to no more
than twenty percent (20%) of the average level of bona fide services performed
(whether as an employee or an independent contractor) over the immediately
preceding thirty-six (36) month period.

    

    1.10. “Stock Unit” means a bookkeeping
unit used for the purpose of crediting amounts to the account of a Participant,
with each such Stock Unit being equivalent to one share of Corporation Common
Stock.

    
      
        
           

           

        

         

      

      
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    1.11. “Supplemental ESOP Allocation”
shall mean the number of Stock Units allocated to a Participant's account
pursuant to Section 3.1 of the Plan.

    

    1.12. Words in the masculine gender
shall include the feminine and the singular shall include the plural, and vice
versa, unless qualified by the context. Any headings used herein are included
for ease of reference only, and are not to be construed so as to alter the terms
hereof.

    

    

    ARTICLE
II

    

    ELIGIBILITY

    

    A salaried employee of the Corporation
and/or the Bank who is eligible to receive the benefit of an ESOP Allocation,
the total amount of which is reduced by reason of the limitation on compensation
or annual additions for the purpose of calculating allocations pursuant to
Sections 401(a)(17) and 415 of the Code, shall be eligible to be selected by the
Board of Directors of the Corporation and the Bank to participate in the
Plan.

    

    

    ARTICLE
III

    

    SUPPLEMENTAL
CONTRIBUTIONS

    

    3.1. Supplemental
ESOP Allocation.

    

    A Participant in the Plan shall have a
Supplemental ESOP Allocation of Stock Units credited to his Deferral Account (as
defined below) each year effective as of the last day of the Plan Year. The
number of Stock Units allocable to a Participant with respect to a given Plan
Year shall be calculated as set forth below:

    

     (a) The Corporation Common Stock
which would have been allocated to the Participant for the Plan Year, as
determined by Article IV of the ESOP but without giving effect to the
limitations imposed by Sections 401(a)(17) and 415 of the Code for the Plan
Year;

    

    LESS

    

     (b)  The Corporation
Common Stock actually allocated to the account of the Participant in the ESOP
for the Plan Year.

    

    Supplemental
ESOP Allocations made for the benefit of a Participant for any Plan Year shall
be credited to an account maintained under the Plan in the name of each
Participant (the “Deferral Account”).

    

    
      
        
           

           

        

         

      

      
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    ARTICLE
IV

    

    INVESTMENT
OF SUPPLEMENTAL ESOP ALLOCATIONS

    

    A Participant may submit at any time to
the Corporation a completed investment direction form, as such form may be
amended from time to time (the “Investment Direction Form”), which shall direct
the investment of the Supplemental ESOP Allocations made to a Participant’s
Deferral Account, except as set forth below.  The Corporation shall,
as soon as reasonably possible, implement the investments as directed by the
Participant.  “As soon as reasonably possible” shall mean at least (2)
business days following the day on which the Investment Direction Form is
received by the Corporation and may, under the then current circumstances,
constitute an additional period of time.  Notwithstanding the
foregoing, amounts deemed to be credited in Corporation Common Stock under this
Plan to a Participant’s Deferral Account (i) may not be diversified, (ii) must
remain at all times credited with units that represent Corporation Common Stock;
and (iii) must be distributed solely in the form of Corporation Common Stock;
provided, however, that in the event of any change in the outstanding shares of
Corporation Common Stock by reason of any stock dividend or split,
recapitalization, merger, consolidation, spin-off, reorganization, combination
or exchange of shares or other similar corporate change, then the account of
each Participant shall be adjusted by the Bank in a reasonable manner to reflect
the change, and any such adjustment by the Bank shall be conclusive and binding
for all purposes of the Plan.

    

    A Participant may elect one or more
investment choices set forth on the Investment Direction Form for the purpose of
crediting or debiting additional amounts to his Deferral Account.  The
Corporation may, in its sole discretion, discontinue, substitute or add an
investment choice.  If a Participant does not submit an Investment
Direction Form to the Corporation, the Participant shall be deemed to have
invested his Deferral Account (excluding the Stock Units in such account) in a
money market, fixed income or similar type of investment as periodically
specified by the Bank.  Each Participant, as a condition to his
participation hereunder, agrees to indemnify and hold harmless the Corporation,
and its agents and representatives, from any losses or damages of any kind
relating to (i) the investments made available hereunder and (ii) any
discrepancy between the credits and debits to a Participant’s Deferral Account
based on the performance of the investments and what the credits and debits
otherwise might be in the case of an actual investment in the
investments.

    

    The performance of each investment
(either positive or negative) will be determined by the Corporation, in its sole
discretion, based on the performance of the investments themselves.  A
Participant’s Deferral Account shall be credited or debited on a daily basis
based on the performance of the investment(s) selected by the Participant, or as
otherwise determined by the Corporation in its sole discretion, as though the
Participant’s Deferral Account was (i) invested in the investment(s) selected by
the Participant, (ii) in the percentages elected by the Participant as of such
date, and (iii) at the closing price on such date.

    

    Notwithstanding any other provision of
this Plan that may be interpreted to the contrary, the investments are to be
used for measurement purposes only, and a Participant’s election of any such
investment(s), the allocation to his Deferral Account thereto, the calculation
of additional

    
      
        
           

           

        

         

      

      
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    amounts
and the crediting or debiting of such amounts to a Participant’s Deferral
Account shall not be considered, construed or deemed to be in any manner an
actual investment of his Deferral Account in any such
investment(s).  Without limiting the foregoing, a Participant’s
Deferral Account shall at all times be a bookkeeping entry only and shall not
represent any actual investment made on his behalf by the Corporation or the
Plan’s trust, if any, and the Participant shall at all times remain an unsecured
general creditor of the Corporation.

    

    

    ARTICLE
V

    

    VESTING;
DISTRIBUTIONS

    

    5.1. Vesting.  The
vested  portion of a  Participant's  account shall
be a percentage of the total amount credited to the account determined on the
basis of the Participant's number of “Years of Service” (as defined in Section
1.55 (or any successor thereto) of the ESOP) according to the following
schedule:

    

    Years of
Service                                                                Vested
Percentage

    

       Less than
5                                                                             0%

       5 or
more                                                                           
  100%

    

    In determining Years of Service for
purposes of vesting under the Plan, Years of Service with the Bank prior to
January 1, 2002 shall be included.

    

    Notwithstanding the above vesting
schedule, a Participant shall be 100% vested in his account upon (1) attainment
of “Early or Normal Retirement Age” (as defined in Sections 1.13 and 1.36 (or
any successor thereto) of the ESOP); (2) Disability; (3) termination or partial
termination of this Plan; or (4) a Change of Control.

    

    
      	
              5.2  

            	
              Distribution of
      Account Balances.

            

    

    

    (a)           General.  The vested
portion of amounts credited to a Participant's account may not be distributed
prior to (1) the Participant’s Disability or death, (2) the first day of the
month following the lapse of six months after the Participant’s Separation from
Service for reasons other than Disability or death, (3) the specific
post-Retirement date set forth in the Participant’s payment election form, or
(4) a Change of Control.  The vested portion of amounts credited to a
Participant’s account shall be distributed to a Participant at the time and in
the manner indicated on the Participant’s payment election form (a copy of which
is attached as Appendix B).  The form of benefit payment may be in a
single lump sum payment or in annual installment payments for up to ten years,
as specified on a Participant’s payment election form.  If the
benefits are to be paid in annual installments, the first annual installment
shall be paid on or as soon as practicable following the payment event selected
by the Participant (subject to the six-month delay required above if the payment
event is a Separation from Service for any reason other than Disability or
death), and all subsequent annual payments shall be paid on the annual
anniversary date of the first payment.

    
      
        
           

           

        

         

      

      
        5

        
          

        

      

      
         

      

    

    

    (b)           Amount of
Each Annual Installment.  The dollar amount
of each annual installment paid to a Participant or his or her Beneficiaries
shall be determined by multiplying the value of the Participant’s Deferral
Account as of the close of business on the day preceding such payment by a
fraction.  The numerator of the fraction shall in all cases be one,
and the denominator of the fraction shall be the number of annual installments
remaining to be paid to the Participant or his or her Beneficiaries, including
the annual installment for which the calculation is being made. For example, if
a Participant elected to receive 10 annual installments, the amount of the first
annual installment shall be 1/10th of the
Participant’s Deferral Account, the second annual installment shall be 1/9th of the
then remaining Deferral Account, and so on.

    

    (c)           Prior
Elections.  Any payment
elections made by a Participant before January 1, 2005 shall continue in effect
until such time as the Participant makes a subsequent payment election pursuant
to Section 5.2(d) below and such payment election becomes effective as set forth
below.  If no payment election was previously made, then the current
payment election shall be deemed to be a lump sum payment as of the first day of
the month following the lapse of six months after a Separation from Service,
except as set forth in the last sentence of Section 5.2(f) below.

    

    (d)           Transitional
Elections Prior to 2009.  On or before
December 31, 2008, if a Participant wishes to change his payment election, the
Participant may do so by completing a payment election form approved by the
Bank, provided that any such election (1) must be made at least 12 months before
the date on which benefit payments due to a Separation from Service or upon a
fixed date are scheduled to commence, (2) must be made before the Participant
has a Separation from Service, (3) shall not take effect before the date that is
12 months after the date the election is made and accepted by the Bank, (4)
does not cause a payment that would otherwise be made in the year of election to
be delayed to a later year, and (5) does not accelerate into the year in which
the election is made a payment that is otherwise scheduled to be made in a later
year.

    

    (e)           Changes
in Payment Elections after 2008.  On or after
January 1, 2009, if a Participant wishes to change his payment election, the
Participant may do so by completing a payment election form approved by the
Bank, provided that any such election (1) must be made at least 12 months before
the date on which benefit payments due to a Separation from Service or upon a
fixed date are scheduled to commence, (2) must be made before the Participant
has a Separation from Service, (3) shall not take effect before the date that is
12 months after the date the election is made and accepted by the Bank, and
(4) for payments to be made other than upon death or Disability, must provide an
additional deferral period of at least five years from the date such payment
would otherwise have been made (or in the case of any installment payments
treated as a single payment, five years from the date the first amount was
scheduled to be paid).  For purposes of this Plan and clause (4)
above, all installment payments under this Plan shall be treated as a single
payment.

    

    (f)           Payments
Following the Participant’s Death.  If a Participant
should die before distribution of the entire vested portion of his account
pursuant to the Plan has been made to him, any remaining vested amounts shall be
distributed to his beneficiary in the method

    
      
        
           

           

        

         

      

      
        6

        
          

        

      

      
         

      

    

    designated
by the Participant in writing delivered to the Bank prior to his
death.  If a Participant has not designated a beneficiary, or if no
designated beneficiary is living on the date of distribution, such vested
amounts shall be distributed to those persons entitled to receive distributions
of the Participant's account under the ESOP.  If a Participant has not
designated a method of distribution, then the vested portion of his account
shall be paid in a lump sum as soon as practicable following the date of his
death.

    

    

    ARTICLE
VI

    

    ADMINISTRATION
OF THE PLAN

    

    6.1. Administration
by the Corporation and the Bank. The Corporation and the Bank shall be
responsible for the general operation and administration of the Plan and for
carrying out the provisions thereof.

    

    6.2. General
Powers of Administration. All provisions set forth in the ESOP with
respect to the administrative powers and duties of the Corporation and the Bank
and expenses of administration shall also be applicable with respect to the
Plan.

    

    

    ARTICLE
VII

    

    CLAIMS
PROCEDURES

    

    7.1           Scope of
Claims Procedures.  This Article is
based on final regulations issued by the Department of Labor and published in
the Federal Register on November 21, 2000 and codified at 29 C.F.R. Section
2560.503-1.  If any provision of this Article conflicts with the
requirements of those regulations, the requirements of those regulations will
prevail.

    

    7.2           Initial
Claim.  The Participant
or any beneficiary who believes he or she is entitled to any benefit under the
Plan (a “Claimant”) may file a claim with the Bank.  The Bank shall
review the claim itself or appoint an individual or an entity to review the
claim.

    

    (a) Initial
Decision.  The Claimant
shall be notified within ninety (90) days after the claim is filed whether the
claim is allowed or denied, unless the Claimant receives written notice from the
Bank or appointee of the Bank prior to the end of the ninety (90) day period
stating that special circumstances require an extension of the time for
decision, with such extension not to extend beyond the day which is one hundred
eighty (180) days after the day the claim is filed.

    

    (b) Manner
and Content of Denial of Initial Claims.  If the Bank denies a
claim, it must provide to the Claimant, in writing or by electronic
communication:

    

    
      	
               (i)

            	
              The
      specific reasons for the
denial;

            

    

    
      
        
           

           

        

         

      

      
        7

        
          

        

      

      
         

      

    

            
(ii)  A reference to the provision of the Plan upon which the denial is
based;

    

    
      	
              (iii)  

            	
              A
      description of any additional information or material that the Claimant
      must provide in order to perfect the
claim;

            

    

    

    
      	
              (iv)  

            	
              An
      explanation of why such additional material or information is
      necessary;

            

    

    

    
      	
              (v)  

            	
              Notice
      that the Claimant has a right to request a review of the claim denial and
      information on the steps to be taken if the Claimant wishes to request a
      review of the claim denial; and

            

    

    

    
      	
              (vii)  

            	
              A
      statement of the Participant’s right to bring a civil action under Section
      502(a) of ERISA following a denial on review of the initial
      denial.

            

    

    

    7.3           Review
Procedures.

    

    (a) Request
For Review.  A request for
review of a denied claim must be made in writing to the Bank within sixty (60)
days after receiving notice of denial.  The decision upon review will
be made within sixty (60) days after the Bank’s receipt of a request for review,
unless special circumstances require an extension of time for processing, in
which case a decision will be rendered not later than one hundred twenty (120)
days after receipt of a request for review.  A notice of such an
extension must be provided to the Claimant within the initial sixty (60) day
period and must explain the special circumstances and provide an expected date
of decision.

    

    The reviewer shall afford the Claimant
an opportunity to review and receive, without charge, all relevant documents,
information and records and to submit issues and comments in writing to the
Bank.  The reviewer shall take into account all comments, documents,
records and other information submitted by the Claimant relating to the claim
regardless of whether the information was submitted or considered in the initial
benefit determination.

    

    (b) Manner
and Content of Notice of Decision on Review.  Upon completion
of its review of an adverse claim determination, the Bank will give the
Claimant, in writing or by electronic notification, a notice
containing:

    

    
      	
              (i)  

            	
              its
      decision;

            

    

    

    
      	
              (ii)  

            	
              the
      specific reasons for the decision;

            

    

    

    
      	
              (iii)  

            	
              the
      relevant provisions of the Plan on which its decision is
      based;

            

    

    

    
      	
              (iv)  

            	
              a
      statement that the Claimant is entitled to receive, upon request and
      without charge, reasonable access to, and copies of, all documents,
      records

            

    

    
      
        
           

           

        

         

      

      
        8

        
          

        

      

      
         

      

    

    
      	
               

            	
              and
      other information in the Bank’s files which are relevant to the Claimant’s
      claim for benefits;

            

    

    

    
      	
              (v)  

            	
              a
      statement describing the Claimant’s right to bring an action for judicial
      review under Section 502(a) of ERISA;
and

            

    

    

    
      	
              (vi)  

            	
              if
      an internal rule, guideline, protocol or other similar criterion was
      relied upon in making the adverse determination on review, a statement
      that a copy of the rule, guideline, protocol or other similar criterion
      will be provided without charge to the Claimant upon
    request.

            

    

    

    7.4           Calculation
of Time Periods.  For purposes of the time periods specified in
this Article, the period of time during which a benefit determination is
required to be made begins at the time a claim is filed in accordance with the
procedures herein without regard to whether all the information necessary to
make a decision accompanies the claim.  If a period of time is
extended due to a Claimant’s failure to submit all information necessary, the
period for making the determination shall be tolled from the date the
notification is sent to the Claimant until the date the Claimant
responds.

    

    7.5           Legal
Action.  If the Bank fails
to follow the claims procedures required by this Article, a Claimant shall be
deemed to have exhausted the administrative remedies available under the Plan
and shall be entitled to pursue any available remedy under Section 502(a) of
ERISA on the basis that the Plan has failed to provide a reasonable claims
procedure that would yield a decision on the merits of the claim.  A
Claimant’s compliance with the foregoing provisions of this Article is a
mandatory requisite to a Claimant’s right to commence any legal action with
respect to any claims for benefits under the Plan.

    

    7.6           Review by
the Bank.  Notwithstanding
anything in this Plan to the contrary, the Bank may determine, in its sole and
absolute discretion, to review any claim for benefits submitted by a Claimant
under this Agreement.

    

    

    ARTICLE
VIII

    

    AMENDMENT
OR TERMINATION

    

    8.1.           Amendment
or Termination. The Corporation and the Bank intend the Plan to be
permanent but reserve the right to amend or terminate the Plan when, in the sole
opinion of the Corporation and the Bank, such amendment or termination is
advisable. Any such amendment or termination shall be made pursuant to a
resolution of the Board.  In addition, in the event that the Bank
determines, after a review of Section 409A of the Code and all applicable
Internal Revenue Service guidance, that the Plan or payment election form needs
to be further amended to comply with Section 409A of the Code, the Bank may
amend the Plan or the payment election form to make any changes required for it
to comply with Section 409A of the Code.

    
      
        
           

           

        

         

      

      
        9

        
          

        

      

      
         

      

    

    8.2.           Effect of
Amendment or Termination.

    

    (a)           General.   No
amendment or termination of the Plan shall directly or indirectly reduce the
vested portion of any account held hereunder as of the effective date of such
amendment or termination.  A termination of the Plan will not be a
distributable event, except in the three circumstances set forth in Section
8.2(b) below.  No additional credits with respect to Supplemental ESOP
Allocations shall be made to the account of a Participant and no additional
Years of Service (within the meaning of Section 5.1) shall be credited after
termination of the Plan, but the Corporation or Bank shall continue to credit
gains and losses pursuant to Article IV until the vested balance of the
Participant’s account has been fully distributed to the Participant or his
beneficiary.

    

    (b)           Termination.  Under no
circumstances may the Plan permit the acceleration of the time or form of any
payment under the Plan prior to the payment events specified herein, except as
provided in this Section 8.2(b).  The Corporation or the Bank may, in
their discretion, elect to terminate the Plan in any of the following three
circumstances and accelerate the payment of the entire unpaid balance of the
Participant’s vested benefits as of the date of such payment in accordance with
Section 409A of the Code, provided that in each case the action taken complies
with the applicable requirements set forth in Treasury Regulation §1.409A-3(j)(4)(ix):

    

    
      	
              (i)  

            	
              the
      Plan is irrevocably terminated within
      the 30 days preceding a Change of Control and (1) all arrangements
      sponsored by the Bank and/or the Corporation and any successors immediately following the
      Change of Control that would be aggregated with the Plan under Treasury
      Regulation §1.409A-1(c)(2) are terminated with respect to each participant
      that experienced the Change of Control event, and (2) all Participants in the Plan and all participants under the other aggregated arrangements receive all
      of their benefits under the terminated arrangements within 12 months of
      the date that all necessary action to
      irrevocably terminate the Plan and the other aggregated
      arrangements is
  taken;

            

    

    

    
      	
              (ii)  

            	
              the
      Plan is irrevocably terminated at a time that is not proximate to a downturn in
      the financial health of the Bank and/or the Corporation and (1) all
      arrangements sponsored by the Bank and/or the Corporation that would be
      aggregated with the Plan under Treasury Regulation §1.409A-1(c) if a
      Participant participated in such
      arrangements are terminated, (2) no payments are made within 12 months of the date the
      Bank and/or the Corporation take all
      necessary action to irrevocably terminate the arrangements, other
      than payments that would be payable under the terms of the arrangements if
      the termination had not occurred; (3) all payments are made within 24
      months of the date the Bank and/or
      the Corporation takes all necessary action
      to irrevocably terminate the arrangements; and (4) the Bank and/or
      the Corporation does not adopt a new arrangement that would be aggregated
      with the Plan under Treasury Regulation §1.409A-1(c) if a Participant
      participated in both

            

    

    
      
        
           

           

        

         

      

      
        10

        
          

        

      

      
         

      

    

    
      	
                

            	
              arrangements,
      at any time within three years
      following the date the Bank and/or
      the Corporation takes all necessary action
      to irrevocably terminate the Plan; or

            

    

    

    
      	
              (iii)  

            	
              the
      Plan is terminated within 12 months of a corporate dissolution taxed under
      Section 331 of the Code, or with the approval of a bankruptcy court
      pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred by
      each Participant under the Plan are included in the Participant’s gross
      income in the later of (1) the calendar year in which the termination of
      the Plan occurs, or (2) the first calendar year in which the payment is
      administratively practicable.

            

    

    

    

    ARTICLE
IX

    

    GENERAL
PROVISIONS

    

    9.1.           Participant's
Rights Unsecured. To fund their obligations under the Plan, the
Corporation and the Bank may elect to form a trust, or to utilize a pre-existing
trust, to purchase and hold the alternative forms of assets which are permitted
under the ESOP, including shares of Corporation Common Stock, subject to
compliance with all applicable securities laws. If the Corporation and the Bank
elect to use a trust to fund their obligations under the Plan, a Participant
shall have no right to demand the transfer to him of stock or other assets from
the Corporation and the Bank, or from such a trust formed or utilized by the
Corporation and the Bank. Any assets held in a trust, including shares of
Corporation Common Stock, may be distributed to a Participant in payment of part
or all of the Corporation's and the Bank's obligations under the Plan. The right
of a Participant or his designated beneficiary to receive a distribution
hereunder shall be an unsecured claim against the general assets of the
Corporation and the Bank, and neither the Participant nor a designated
beneficiary shall have any rights in or against any specific assets of the
Corporation and the Bank.

    

    9.2.           General
Conditions. Nothing in this Plan shall operate or be construed in any way
to modify, amend or affect the terms and provisions of the ESOP.

    

    9.3.           No
Guarantee of Benefits. Nothing contained in the Plan shall constitute a
guarantee by the Corporation and the Bank or any other person or entity that the
assets of the Corporation and the Bank will be sufficient to pay any benefit
hereunder.

    

    9.4.           No
Enlargement of Employee Rights. No Participant shall have any right to
receive a distribution of contributions made under the Plan except in accordance
with the terms of the Plan. Establishment of the Plan shall not be construed to
give any Participant the right to be retained in the service of the Corporation
and the Bank.

    

    9.5.           Spendthrift
Provision. No interest of any person or entity in, or right to receive a
distribution under, the Plan shall be subject in any manner to sale, transfer,
assignment, pledge, attachment, garnishment, or other alienation or encumbrance
of any kind; nor may such interest

    
      
        
           

           

        

         

      

      
        11

        
          

        

      

      
         

      

    

    or right
to receive a distribution be taken, either voluntarily or involuntarily for the
satisfaction of the debts of, or other obligations or claims against, such
person or entity, including claims for alimony, support, separate maintenance
and claims in bankruptcy proceedings.

    

    9.6.           Applicable
Law. The Plan shall be construed and administered under the laws of the
State of Nebraska to the extent such laws are not superseded by federal
law.

    

    9.7.           Incapacity
of Recipient. If any person entitled to a distribution under the Plan is
deemed by the Corporation and the Bank to be incapable of personally receiving
and giving a valid receipt for such payment, then, unless and until claim
therefor shall have been made by a duly appointed guardian or other legal
representative of such person, the Corporation and the Bank may provide for such
payment or any part thereof to be made to any other person or institution then
contributing toward or providing for the care and maintenance of such person.
Any such payment shall be a payment for the account of such person and a
complete discharge of any liability of the Corporation and the Bank and the Plan
therefor.

    

    9.8.           Corporate
Successors. The Plan shall not be automatically terminated by a transfer
or sale of assets of the Corporation and the Bank or by the merger or
consolidation of the Corporation and the Bank into or with any other corporation
or other entity, but the Plan shall be continued after such sale, merger or
consolidation only if and to the extent that the transferee, purchaser or
successor entity agrees to continue the Plan. In the event that the Plan is not
continued by the transferee, purchaser or successor entity (including a
continuation by means of a merger into a successor plan), then the Plan shall
terminate subject to the provisions of Section 8.2(a). Any termination of the
ESOP shall not in and of itself result in a termination of this
Plan.

    

    9.9.           Unclaimed
Benefit. Each Participant shall keep the Corporation and the Bank
informed of his current address and the current address of his designated
beneficiary. The Corporation and the Bank shall not be obligated to search for
the whereabouts of any person. If the location of a Participant is not made
known to the Corporation and the Bank within three (3) years after the date on
which payment of the Participant's account may first be made, payment may be
made as though the Participant had died at the end of the three-year period. If,
within one additional year after such three-year period has elapsed, or, within
three years after the actual death of a Participant, the Corporation and the
Bank is unable to locate any designated beneficiary of the Participant, then the
Corporation and the Bank shall have no further obligation to pay any benefit
hereunder to such Participant or designated beneficiary and such benefit shall
be irrevocably forfeited.

    

    9.10.  
     Limitations
on Liability. Notwithstanding any of the preceding provisions of the
Plan, neither the Corporation and the Bank nor any individual acting as employee
or agent of the Corporation and the Bank shall be liable to any Participant,
former Participant or other person for any claim, loss, liability or expense
incurred in connection with the Plan.

    
      
        
           

           

        

         

      

      
        12

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, TierOne
Corporation and TierOne Bank have caused the Plan to be duly executed on this
17th day of December 2008.

    

                    
TierOne Corporation

    

    Attest:

    

    /s/ Judith A.
Klinkman                                                                         
By:_/s/ Gilbert G.
Lundstrom

    Judith A.
Klinkman                                                                                Gilbert
G. Lundstrom

    Assistant
Secretary                                                                                Chairman
and Chief Executive Officer

    

    

                    
TierOne Bank

    

    Attest:

    

    /s/ Judith A.
Klinkman                                                                         
By:_/s/ Gilbert G.
Lundstrom

    Judith A.
Klinkman                                                                                Gilbert
G. Lundstrom

    Assistant
Secretary                                                                                Chairman
and Chief Executive Officer

    

    
      
        
           

           

        

         

      

      
        13

        
          

        

      

      
         

      

    

    APPENDIX
A

    

    

    The Corporation and the Bank have
designated the following persons as Participants in its Amended and Restated
Supplemental Executive Retirement Plan with respect to its ESOP:

    

    

    

    1.   Gilbert
G. Lundstrom, Chairman and Chief Executive Officer, effective October 1,
2002.

    

    2.   James
A. Laphen, President and Chief Operating Officer, effective October 1,
2002.

    
      
        
           

        

         

      

      
        A-1

        
          

        

      

      
         

      

    

    APPENDIX
B

    

    

    2008 PAYMENT ELECTION
FORM

    

    TierOne
CORPORATION EMPLOYEE STOCK
OWNERSHIP PLAN

    AMENDED
AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

    

    

    _____________________________

    Date

    

    I acknowledge receipt of a copy of the
TierOne Corporation (the “Corporation”) Amended and Restated Supplemental
Executive Retirement Plan (the “Plan”) with respect to the Corporation’s ESOP
and understand that the Plan and this Payment Election Form constitute a binding
agreement between myself, the Corporation and the Bank.  I further
acknowledge that I have no rights to any amounts deferred pursuant to the Plan
until the time of distribution pursuant to the provisions of Section 5.2 of the
Plan.

    

    This Payment Election Form sets forth
below my election as to the timing of payment of the vested portion of my
account balances under the Plan. All payments under the Plan will be subject to
the terms and conditions of the Plan which are incorporated herein by
reference.

    

    I acknowledge that my election will
apply to all amounts deferred on my behalf under the Plan and can only be
changed in a manner which complies with the Plan and Section 409A of the
Internal Revenue Code.

    

    My period of deferral, with respect to
amounts deferred under the Plan, shall expire upon the earliest event or date
specified below (check as many as you wish to have applied to you):

    

    
      
        	
                o       
         1.

              	
                Upon
      my Separation from Service, excluding termination due to death or
      Disability, I elect to receive settlement of my account by (check
      one):

              

      

    

    

    
      	
               
      

            	
              ____

            	
              Lump
      sum distribution on the first day of the month following the lapse of six
      months after the occurrence of such event;
or

            

    

    

    
      	
               
      

            	
              ____

            	
              Commencement
      of ____ annual installment payments on the first day of the month
      following the lapse of six months after the occurrence of such event (up
      to 10 annual installment payments
permitted).

            

    

     

    and/or

    

    
      
        	
                o          
      2. 

              	
                Upon
      my death or Disability, I elect to receive settlement of my account by
      (check one):

              

      

    

    

    
      	
               
      

            	
              ____

            	
              Lump
      sum distribution as soon as administratively feasible after the occurrence
      of such event; or

            

    

    
      
        
           

        

         

      

      
        B-1

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              ____

            	
              Commencement
      of ____ annual installment payments as soon as administratively feasible
      after the occurrence of such event (up to 10 annual installment payments
      permitted).

            

    

     

    and/or

    

    
      
        	
                o        
        3.

              	
                Upon
      the occurrence of a Change of Control, I elect to receive settlement of my
      account by (check one):

              

      

    

    

    
      	
               
      

            	
              ____

            	
              Lump
      sum distribution as soon as administratively feasible after the occurrence
      of such event; or

            

    

    

    
      	
               
      

            	
              ____

            	
              Commencement
      of ____ annual installment payments as soon as administratively feasible
      after the occurrence of such event (up to 10 annual installment payments
      permitted).

            

    

     

    and/or

     

    
      
        	
                o          
      4.

              	
                On
      ________ ___, 20__ (NOTE:  needs to be a date after you retire,
      and if you wish to have this option apply, you should not check box No. 1
      above), I elect to receive my account by (check
  one):

              

      

    

    

    
      	
               
      

            	
              _____

            	
              Lump
      sum settlement; or

            

    

    

    
      	
               
      

            	
              _____

            	
              Commencement
      of ____ annual installment payments (up to 10 annual installment payments
      permitted).

            

    

    

    I understand that any balance remaining
in my account, as of the date of the last distribution to be made to me pursuant
to my elections above, will be added to and distributed in said last
distribution.

    

    PARTICIPANT

    

    

    
      	
               
      

            	
              Signature:

            	
              _____________________________

            

    

    

    

    Printed
Name:_____________________________

    

    The Bank
hereby acknowledges the receipt of this

    Payment
Election Form.

    

    
      	
              Name:

            	
              __________________________________

            

    

    

    Date
Received:_____________________________

     

     

    B-2

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