Document:

exv10w24

 

	10.24	 	Pechiney Supplemental Pension Plan, dated 8 August 2003, as amended and
restated.

Cancels and supersedes the bylaw of 8/08/2003

PECHINEY GROUP

SUPPLEMENTAL PENSION PLAN

BYLAW

Section 1 — Principles

This bylaw set outs the conditions for the application, effective June 1, 2004, of the Pechiney
Group pension plan for beneficiaries who meet all the conditions set forth in Sections 3, 4 and 8
at the time of their retirement.

Section 2 — Participating companies

“Pechiney Group”, hereafter called “the Group”, means the company “Pechiney” and its direct or
indirect French subsidiaries that have subscribed to this bylaw.

“Participating companies” to the plan, at its effective date, are included in the list appended to
this bylaw.

Subsequently, companies requesting to participate in the present plan and which are approved by the
executives of Pechiney shall become “participating companies”.

If a participating company ceases to belong to the Group, the present benefits of retired
participants and the future benefits of non-retired participants shall be governed by the
provisions of Section 9.

Section 3 — Participants

The Participants are executives who had served as members of the Executive Committee until December
16, 2003.

Section 4 — Condition of eligibility

1/ Eligibility for the benefits of the plan set up by this bylaw shall be established only at the
time of retirement of each Participant.

To be eligible, a participant must meet each of the following conditions precedent:

	 	–	 	end his/her professional career within one of the participating companies;
	 
	 	–	 	be at least sixty years of age and be able to claim full commutation of the French
social security old age pension and the AGIRC/T2 and ARRCO pensions;

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	 	–	 	have served at least two years on the Executive Committee;
	 
	 	–	 	have his/her French social security old age pension and all supplemental pension
entitlements commuted;
	 
	 	–	 	not be eligible for any other of the Group’s pension plans, such as the IPC, ACR, MSA
or SAD.

The earliest age of eligibility for the plan is the Participant’s 60th birthday,
provided the Participant can establish that he or she is entitled to claim full commutation of the
French social security, AGIRC/T2 and ARRCO retirement pensions.

However, depending on its organizational needs, Pechiney may, for a limited period, allow total or
partial benefits under this plan as of age 60 for Participants who commute their pension benefits
but are unable to justify the number of quarters necessary for application of the full rate.

In case of departure after the 65th birthday, entitlement shall be considered effective
on the first day of the calendar month immediately following the effective date of departure from
the Group.

Section 5 — Reference pay

The reference pay used for calculating pension entitlements shall be the aggregate of the gross
annual base salaries paid to the Participant by all participating companies of the Group or by
other companies for which he or she acts on behalf of the Group, before any tax or social
deductions, plus any bonus that may have been paid for the relevant years.

The reference pay shall be calculated on the average of the gross annual full-time pay so
determined for the final years prior to the commutation of the retirement benefits, up to a maximum
of five years. In cases of incomplete or part-time reference years, the reference pay shall first
be established on an annual basis at the full rate.

Each nominal, fixed or variable annual or annualized pay used for the calculation of these averages
shall first be adjusted proportionately to the average change in the value of the AGIRC pension
point for each relevant year, in relation to the value of this point at the time of the
Participant’s eligibility.

Section 6 — Pension amount

The pension amount shall be equal to 65% of the reference pay, provided such reference pay is less
than ten times the contribution ceiling of the French general social security old age pension plan.

For any reference pay exceeding this ceiling, the pension amount shall decrease linearly according
to the following formula:

	 	 	 	 	 
	Pension amount (%) = 65 – 1.5

	 	Reference pay
 

Social security ceiling
	 	–10

up to a minimum of 50% from a total pay equal to twenty times the contribution limit of the
above-mentioned general plan.

In any event, the supplement that would possibly be due may not exceed 35% of the said reference
pay as long as the aggregate of the pension benefits remains greater than 50% of the same reference
pay.

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In case of significant changes in the method of setting the ceiling for the French social security
old age pension, the necessary adjustments shall be made to maintain the relative level of the
pension amount, as determined on the effective date of this plan.

Section 7 — Deductible pensions

The purpose of this plan is to provide a supplemental pension to executives who meet the conditions
set forth in Sections 3 and 4, up to the limits stipulated in Section 6, and taking into account
all other pension entitlements vested both in the service of the Group and from any prior
professional activity.

To this end, the Participant shall provide, failure to do so will result in forfeiture of the
rights, all documents justifying all his/her other pension, retirement and annuity entitlements
vested on the effective date of this plan, for his/her entire professional career.

The amounts taken into account shall include all pension entitlements vested prior to the
Participant’s entry into the Group.

Section 8 — Specific provisions in case of departure of the Participant at the company’s
initiative before the Participant commutes his/her basic pension entitlements (Social Security,
AGIRC/T2 and ARRCO)

1) In case of departure at the company’s initiative (except in case of dismissal for serious
offence or gross negligence), the pension benefits shall also be maintained for participants who
may not be able to claim full commutation of their basic pension entitlements (social security,
AGIRC/T2, ARRCO), under the following conditions:

A/ Departure at or after age 60:

No early retirement factor shall be applied.

B/ Departure between age 55 and age 60:

The following factors shall be applied to the pension amount determined in Section 6:

93% between the 59th and the 60th birthday

86% between the 58th and the 59th birthday

79% between the 57th and the 58th birthday

71% between the 56th and the 57th birthday

64% between the 55th and the 56th birthday

2) In the event of dismissal occurring no later than December 15, 2004, the scale applicable to the
pension amount determined in Section 6 shall be as follows:

A/ Departure at or after age 60:

No early retirement factor shall be applied.

B/ Departure between age 55 and age 60:

The following factors shall be applied to the pension amount determined in Section 6:

100% between the 57th and the 60th birthday

93% between the 56th and the 57th birthday

86% between the 55th and the 56th birthday

The reference pay shall be calculated over five years as if the Participant had continued his/her
career for three more years in the Group, using:

	–	 	the base pay of the penultimate year of service and four times the base pay for the final
year;

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	–	 	a bonus calculated on the basis of bonuses actually paid in respect of the last two years of
service and 70% of the maximum bonus calculated on the basis of the base pay for the final
year of service in respect of the other three years.

3) The amount of the pensions, annuities and retirement benefits contemplated in Section 7 and
taken into account in calculating the deferred benefits payable by the Group shall be established
on the date of commutation of the entitlements vested in respect of the Participant’s professional
activity.

Section 9 — Transfer of a participating company by the Group

Unless provided otherwise in the deed of transfer, when a participating company ceases to be part
of the Group, the pension obligations undertaken by the Group shall be transferred to the
transferred participating company.

However, the Group may stipulate that it may retain some of the obligations, limited strictly to
the prorated number of full calendar years of service for participants in the Group in relation to
the number which they would have had at the age of eligibility for the plan if the participating
company had continued to be part of the Group. In such case, the following terms shall apply:

- Plan beneficiaries who are still in service on the date of transfer may only claim from the Group
the said prorated entitlements vested until the date of transfer, provided they end their careers
within the transferred company. The reference pay shall be calculated according to the provisions
of Section 5, based on the years of service immediately prior to the transfer, and the adjustments
set forth in the last paragraph of the afore-mentioned Section shall be applied over the period
running from the date of transfer to the date of eligibility.

- The amounts of pensions, annuities and retirement benefits described in Section 7 and taken into
account in calculating the deferred benefits payable by the Group shall be established on the date
of commutation of the pension benefits vested from the Participant’s professional activity until
the date on which the transferred company ceased to be part of the Group.

- The supplemental pensions and reversionary annuities that are accruing on the date of the
transfer shall continue to accrue, subject to the conditions set forth in this bylaw.

If, following a reorganization that affects the structure of the Pechiney Group, the beneficiary
continues his/her career in a company which is no longer under the control of Pechiney (as defined
in Section 3 of Council Regulation (EEC) No. 4064-89 on the control of concentrations between
corporations), Pechiney shall still remain joint and several guarantor of the obligations
undertaken on its behalf under this bylaw.

Section 10 — Reversionary pension benefits

Reversionary pension benefits shall be paid to the spouse or to the dependent children of a
deceased retiree, up to the maximum of the supplement necessary to bring all their reversionary
pension benefits to the level stipulated in Section 11.

Reversionary pension benefits shall be paid to the surviving spouse under the following cumulative
conditions:

	 	–	 	the marriage took place at least two years before the effective date of the
pension plan;
	 
	 	–	 	the surviving spouse can claim the reversionary annuity of the AGIRC pension
plan.

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In the event of remarriage, the reversionary allowance shall be cancelled.

In the event of divorce, the reversionary pension benefits shall be paid under the following
conditions:

	 	a)	 	When the Participant, upon his/her death, leaves behind a divorced ex-spouse
who has not remarried, the pension shall revert to the ex-spouse, prorated according
to the duration of the dissolved marriage in relation to the insurance period covered
by the social security old age pension plan, except when the duration of such marriage
was less than two years. The reversionary pension may not, in any event, be greater
than the rate stipulated in Section 11§A.
	 
	 	b)	 	When the Participant, upon his/her death, leaves behind a spouse and one or
more divorced and non-remarried ex-spouses, the entitlements of these ex-spouses,
calculated according to the duration of their marriage in relation to the total
duration of the Participant’s marriages, shall be granted after deducting those of the
spouse.

In both of the above-mentioned cases, the amount of the deductible benefits described in Section 7
for each beneficiary shall be equal to the portion of the reversionary benefits due to them from
external retirement plans (French social security, ARRCO, AGIRC,
etc.).

If there is no surviving spouse, a reversionary pension shall be granted to each dependent child
under the age of 18 or under the age of 26 if the child is a regular student, or without age limit
if the child is disabled, but subject to deduction of the allowance for adults with a disability.

Section 11 — Reversion rate for the pension benefits

	 	 	A) Surviving spouse

Subject to the provisions of Section 9 in the event of remarriage, the reversionary pension
benefits shall be equal to 60% of the benefits vested by the Participant on the same date.

	 	 	B) Full orphans

The amount of the reversionary pension benefit for each full orphan (where both parents are
deceased) shall be equal to 20% of the pension benefits vested by the Participant on the date of
his/her death, but without exceeding 60% of the total benefits.

Section 12 — Death while in service

In cases where the employee dies while in service, no right of reversion shall be granted under
this bylaw.

However, for the Participants covered by the provisions of Section 8-1) A) and B) and 8-2) A) and
B) of this bylaw, reversionary benefits shall be granted once the AGIRC reversionary pension has
been paid. They shall be equal to 60% of the benefits vested by the Participant, for the surviving
spouse, and 20% for each full orphan, without exceeding 60% in total.

Section 13 — Payment of benefits

The benefits that would be due under the plan shall be paid in the form of annuities on a quarterly
basis and in arrears, commencing on the date of eligibility.

The first payment, which shall be prorated on the basis of the actual period elapsed, shall be made
on the last day of the calendar quarter that includes the date of eligibility.

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If entitlements end during a quarter, a prorated payment shall be made on the last day of that
calendar quarter.

Section 14 — Adjustment of benefits

The amount of the supplemental benefits due under the plan shall be determined on the effective
date of retirement. This amount shall then be adjusted on the basis of the change in the AGIRC
pension points for the entire period of service.

Section 15 — Other Provisions

Pechiney may revise the provisions of this bylaw in the event that laws and/or regulations, notably
those governing pension plans, are amended significantly when compared with those in effect on June
1, 2004.

6Exhibit 10(z) 

LNB Bancorp, Inc. 

2007 Management Incentive Plan 
For Key
Executives 

Section I. PURPOSE 

The LNB Bancorp, Inc. 2007 Management
Incentive Plan for Key Executives is designed to reward Key Executives with
incentive compensation payments for achieving profitability goals and subjective
goals.

Section II. DEFINITIONS

The following terms, as used in this
Plan, shall mean: 

	A.	      	Committee. The Compensation
      Committee of the Board of Directors of LNB Bancorp, Inc., or such other
      committee as such Board may designate.
	 
	B.		Employer
      or Lorain National Bank. LNB
      Bancorp, Inc., its subsidiaries and affiliates.
	 
	C.		Plan
      year. January 1, 2007 through
      December 31, 2007.
	 
	D.		Employee/Key
      Executive. The participants
      selected to participate in this Plan as described in Section III
      below.
	 
	E.		Plan. The LNB Bancorp, Inc. 2007 Management Incentive Plan
      for Key Executives.
	 
	F.		Incentive
      Payment. Cash payment earned by
      Employee on the Incentive Payment Date, as determined in accordance with
      Section IV and the other terms of this Plan.
	 
	G.		Incentive Payment
      Date. The date on which an
      Incentive Payment to Employee is paid, which shall be as soon as
      reasonably practicable after such payment is calculated and authorized by
      the Committee but not later than two and one-half months following the end
      of the Plan year.
	 
	H.		Profitability. Profitability
      is defined as net income after tax of LNB Bancorp, Inc. and its
      consolidated subsidiaries for the Plan year, as determined by the
      Committee. The Committee has the discretion to adjust for any unforeseen
      occurrences which may affect the profitability number.
	 
	I.		Profitability
      Goal. An amount of Profitability
      established as a goal by the Committee in its discretion and solely for
      purposes of this Plan, based on the Employer’s annual budget as determined
      by its Audit and Finance Committee. This goal will be communicated to each
      Key Executive when the Key Executive is selected to participate in this
      Plan.

Section III. ELIGIBILITY

Employees of Lorain National Bank,
other than the CEO, are eligible to participate in this Plan. Based upon CEO
recommendations, the Committee has the authority, in its discretion, to
designate the Employees who will participate in this Plan during the Plan year.

Section IV. AMOUNT OF INCENTIVE
PAYMENT 

Subject to the other terms of this
Plan, the amount of the Incentive Payment earned by an Employee under this Plan
will be determined, based on Employer’s actual Profitability achievement for the
Plan year relative to the percentage of the Profitability Goal, a percentage of
Employee’s base salary, and on other terms as determined, interpreted and
established in the sole discretion of the Committee. 

Section V. OTHER INCENTIVE PAYMENT
TERMS 

A. Payments and Deductions/Withholding Taxes. 

Employer will pay an Employee the
Incentive Payment on the Incentive Payment Date provided the Employee is an
active employee of Employer on that date. The amount of the Incentive Payment,
if any, shall be calculated as provided in Section IV of this Plan. Deductions
may also be made at the discretion of Employer and in accordance with applicable
law for any amounts the employee owes to Employer. 

Employer may withhold from any amounts
payable under or in connection with this Plan all federal, state, local and
other taxes as may be required to be withheld by Employer under applicable law
or governmental regulation or ruling. 

B. Incentive Payment Calculation. 

The Committee will have the sole
authority and discretion to evaluate all aspects of the Employer’s incentive
compensation awards and to determine performance and the total pool money
available to all Employees in the aggregate. Generally, subject in all cases to
terms as determined, interpreted and established in the sole discretion of the
Committee, the total pool of money available to all Employees will be based upon
whether the Employer achieves actual Profitability for the Plan year that falls
within a range of specified minimum, target and maximum percentages of the
Profitability Goal, and will be zero if the Employer does not achieve actual
Profitability for the Plan year that is equal to at least the specified minimum
percentage of the Profitability Goal. The CEO will determine the distribution to
the Key Executives, subject to Committee approval in its sole discretion.

The Committee retains the right and
authority (in addition to any other rights or remedies of Employer) not to pay
all or any part of an Incentive Payment to any Employee based on operational
wrongdoing or misconduct of the Employee, as determined by the Committee in its
sole discretion. The Employer must document all such exceptions to this Plan,
including but not limited to, forfeiture of payments. 

2

D. Special Circumstances. 

1. Conflicts with Law. If any provision
of this Plan violates local, state or federal law, the applicable law shall
control. 

2. Voluntary or Involuntary Termination.
If Employee’s employment is voluntarily or involuntarily terminated before the
Incentive Payment Date, Employee is not entitled to receive and will forfeit the
Incentive Payment. Employee must be employed on the Incentive Payment Date to be
entitled to the Incentive Payment. 

3. Transfer. If an Employee transfers to
another position within Employer that does not participate under this Plan
before the Incentive Payment Date, the Employee is not entitled to receive and
will forfeit the Incentive Payment. A payment of a pro-rated amount of the
Incentive Payment may be awarded in the Committee’s sole discretion.

4. Leave of Absence. Incentive Payments
will be pro-rated based on months of active employment as determined by the
Committee in its sole discretion. An Employee on a leave of absence must be
employed on the Incentive Payment Date to receive an Incentive Payment.

5. Death. In the event of the Employee’s
death before the Incentive Payment Date, the Employee’s estate is not entitled
to receive and will forfeit the Incentive Payment. A payment of a pro-rated or
full amount of the Incentive Payment may be awarded in the Committee’s sole
discretion.

Section VI. NON-SOLICITATION AND
CONFIDENTIALITY 

A. Non-Solicitation. 

In consideration of Employee’s
participation in this Plan, Employee agrees that during the term of Employee’s
employment and for one year after Employee’s voluntary termination of employment
or termination of employment for cause, Employee will not, directly or
indirectly: (1) influence or advise any other person to employ or solicit for
employment anyone who is employed by Employer on the date of Employee’s
separation; (2) influence or advise any person who is or shall be in the service
of Employer to leave the service of Employer; (3) use any of the information or
business secrets used by Employer, except in accordance with Employer’s policies
in the regular course of Employee’s duties for Employer; (4) disclose the
proprietary methods of conducting the business of Employer, except in accordance
with Employer’s policies in the regular course of Employee’s duties for
Employer; (5) make any statement or take any actions that may interfere with
Employer’s customers, except in accordance with Employer’s policies in the
regular course of Employee’s duties for Employer; or (6) attempt to divert any
of the business of Employer or any business which Employer has a reasonable
expectation of obtaining by soliciting, contacting, or communicating with any
customers and/or potential customers which have been derived from leads or lists
developed and delivered to Employee by Employer. 

B. Confidentiality. 

In consideration of Employee’s
participation in this Plan, Employee agrees that during and following
termination of employment with Employer, Employee will hold in strictest
confidence and will not disclose to anyone, except in accordance with Employer’s
policies in the regular course of Employee’s duties for Employer, any
information concerning: 

3

1. The business or affairs of, or
nonpublic information concerning, a current, past or prospective customer of
Lorain National Bank.
2. The development of
any product, device, method or invention of Lorain National
Bank.
3. Any information concerning Lorain
National Bank or its operations not readily available to the public, unless
expressly authorized by the President or any Vice President of Lorain National
Bank. 

Employee further agrees that all rights,
title and interest to any product, device, invention, or enhancement to a
product or service, developed during his or her employment with Employer and
using Employer resources or know-how, shall belong exclusively to Lorain
National Bank. Employee agrees to execute any documents necessary to reflect
Lorain National Bank’s exclusive ownership in such items. 

Upon termination of employment with
Employer, Employee will deliver to Lorain National Bank all documents, notes,
materials and all copies thereof, relating to the operations or the business of
Lorain National Bank and its customers. 

B. Related Provisions 

1. Prior
Agreements. This Section VI does not
supercede any prior agreements or understandings between Employer and Employee
to the extent that such prior agreement or understanding is more favorable with
respect to Employer. 

2. Equitable Relief. Employee
acknowledges and agrees that the covenants contained in this Section VI are of a
special nature and that any breach, violation or evasion by Employee of the
terms of Section VI will result in immediate and irreparable injury and harm to
Employer, for which there is no adequate remedy at law, and will cause damage to
Employer in amounts difficult to ascertain. Accordingly, Employer shall be
entitled to the remedy of injunction, as well as to all other legal or equitable
remedies to which Employer may be entitled (including, without limitation, the
right to seek monetary damages), for any breach, violation or evasion by
Employee of the terms of Section VI. 

Section VII. GENERAL PROVISIONS

1. Administration. The Plan shall be
administered by the Committee. The Committee has the sole and exclusive
authority, subject to any limitations specifically set forth in this Plan, to:
adopt, amend, alter and repeal this Plan at any time as it deems advisable in
its sole discretion from time to time; construe, interpret, administer and
implement the terms and provisions of this Plan; and otherwise supervise the
administration of this Plan. Notwithstanding the foregoing, all decisions made
by the Committee pursuant to the provisions of this Plan are final and binding
on all persons, including Employee, but may be made by their terms subject to
ratification or approval by the Board of Directors of LNB Bancorp, Inc. or
another committee of the Board of Directors. 

2. No
Implied Rights to Employment. Neither this
Plan nor any Incentive Payment hereunder shall be construed as giving any
individual any right to continued employment or any particular level of salary
or benefits with Employer. This Plan does not constitute a contract of
employment, and Employer expressly reserves the right at any time to terminate
any Employee free from liability or any claim. 

4

3. Other
Compensation Plans. Nothing contained in this
Plan prevents Employer from adopting or modifying other or additional
compensation arrangements, and such arrangements may be either generally
applicable or applicable only in specific cases. 

4. Successors; Amendments. All
obligations of Employer with respect to Incentive Payments under this Plan are
binding on any successor to Employer, whether as a result of a direct or
indirect purchase, merger, consolidation or otherwise of all or substantially
all of the business and/or assets of Employer.
Employee may not assign any rights or obligations
under this Plan without the written consent of Employer. Subject to the
Committee’s rights under Section VII.1. above, none of the terms of Section VI
may be modified, waived or discharged unless such waiver, modification or
discharge is agreed to in writing, and is signed by Employee and by an
authorized officer of Employer. 

5. Validity. The invalidity or
unenforceability of any provision or provisions of this Plan shall not affect
the validity or enforceability of any other provision of this Plan, which shall
remain in full force and effect. In the event that any provision of Section VI
is found by a court of competent jurisdiction to be invalid or unenforceable as
against public policy, such court shall exercise its discretion in reforming
such provision to the end that Employee shall be subject to such restrictions
and obligations as are reasonable under the circumstances and enforceable by
Employer. 

6. Governing Law; Interpretation. This
Plan shall be construed in accordance with and governed by the laws of the State
of Ohio, without giving effect to the conflict of law principles of such State.
This Plan is not intended to be governed by the Employee Retirement Income
Security Act and shall be so construed and administered. The headings contained
herein are for reference purposes only and shall not in any way affect the
meaning or interpretation of this Plan. 

7. Entire
Agreement. This Plan embodies the entire
agreement and understanding between Employer and Employee with respect to the
subject matter hereof, and supercedes all prior agreements and understandings
relating hereto, except as expressly stated herein.

Employee and Employer have agreed to the
terms of this Plan as of the latest date set forth below. 

	“Employee”  	  	  	  
	Approved:  	  	    	Date:  	                    
	  	[Fill in Name of
      Employee]  	  
	 		
	“Employer”  	  	  	  
	Approved:  	  	  	Date:  	 
	  	By: Daniel E. Klimas, President &
      CEO  		  

5

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