Document:

Ex_1021

			

					

						Table of Contents

					

					

						Exhibit 10.21

				

		

			 

		

		
			 
		

		
			OFFICERS’ DEATH BENEFIT PLAN OF NEWMONT
		

		
			As Amended and Restated Effective January 1, 2013
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

		

			Table of Contents

		

Table of Contents
		

		
			 
		

			
					
						 

					
					
						 

					
					
						Page

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE I 

				
	
					
						 

					
					
						 

				
	
					
						DEFINITIONS 

					
					
						1

				
	
					
						 

					
					
						 

				
	
					
						ARTICLE II 

				
	
					
						 

				
	
					
						ELIGIBILITY 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 2.01. 

					
					
						Eligible Classes of Employees and Retirees

					
					
						2

				
	
					
						Section 2.02. 

					
					
						Rehires

					
					
						2

				
	
					
						 

				
	
					
						ARTICLE III 

				
	
					
						 

				
	
					
						BENEFITS 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 3.01. 

					
					
						Death Benefits

					
					
						3

				
	
					
						Section 3.02. 

					
					
						Preretirement Death Benefit

					
					
						3

				
	
					
						Section 3.03. 

					
					
						Postretirement Death Benefit

					
					
						3

				
	
					
						Section 3.04. 

					
					
						Source of Death Benefit—In General

					
					
						4

				
	
					
						Section 3.05. 

					
					
						Offset

					
					
						4

				
	
					
						Section 3.06. 

					
					
						Transfer of Insurance Policy

					
					
						4

				
	
					
						Section 3.07. 

					
					
						Source of Death Benefit Following Change of Control

					
					
						4

				
	
					
						Section 3.08. 

					
					
						Exclusions

					
					
						4

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE IV 

				
	
					
						 

					
					
						 

				
	
					
						TERMINATION OF BENEFITS 

					
					
						5

				
	
					
						 

					
					
						 

				
	
					
						ARTICLE V 

				
	
					
						 

					
					
						 

				
	
					
						CONTINUATION OF HEALTH CARE COVERAGE 

					
					
						5

				
	
					
						 

					
					
						 

				
	
					
						ARTICLE VI 

				
	
					
						PROTECTION OF MEDICAL PRIVACY 

					
					
						5

				
	
					
						 

					
					
						 

				
	
					
						ARTICLE VII 

				
	
					
						 

					
					
						 

				
	
					
						COMMITTEES 

					
					
						5

				
	
					
						 

					
					
						 

				
	
					
						ARTICLE VIII 

				
	
					
						 

					
					
						 

				
	
					
						CLAIMS PROCEDURE 

					
					
						5

				

		 

		

			Officers’ Death Benefit Plan of Newmont
Effective January 1, 2013
i

		

 

		

			Table of Contents

		

	
					
						 

				
	
					
						ARTICLE IX 

				
	
					
						 

				
	
					
						MISCELLANEOUS 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 9.01. 

					
					
						Plan Documentation

					
					
						6

				
	
					
						Section 9.02. 

					
					
						No Funding of Death Benefits

					
					
						6

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE X 

				
	
					
						 

					
					
						 

				
	
					
						AMENDMENT AND TERMINATION 

					
					
						6

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						EXHIBIT A 

					
					
						ORIGINAL GRANDFATHERED GROUP

					
					
						A-1

				
	
					
						EXHIBIT B 

					
					
						RETIRED OFFICERS

					
					
						B-1

				

		
			 
		

		
			 
		

		
			

		 

		

			Officers’ Death Benefit Plan of Newmont
Effective January 1, 2013

		

		

			ii

		

 

		

			Table of Contents

		

OFFICERS’ DEATH BENEFIT PLAN OF NEWMONT
		

		
			INTRODUCTION
		

		
			Newmont USA Limited and certain related entities (“Newmont”) previously established the Officers’ Death Benefit Plan of Newmont originally effective September 23, 1985 for the purpose of providing its eligible Salaried Employees and Retirees with death benefits (the “Plan”).  Newmont, as the Plan Sponsor, hereby amends and restates the provisions of the Plan, which provides death benefits for Salaried Employees and Retirees, as a Component Plan of the Employee Benefits Plan of Newmont (the “Employee Benefits Plan”) effective January 1, 2013.
		

		
			The Plan is a welfare benefit plan under ERISA.
		

		
			This Plan constitutes a Component Plan of the Employee Benefits Plan.  This Plan should be read and interpreted in conjunction with the Employee Benefits Plan with both the Plan and the Employee Benefits Plan comprising the Plan document.  In the event of an inconsistency between this Plan and the Employee Benefits Plan, the terms of this Plan shall control.
		

		
			ARTICLE I
		

		
			DEFINITIONS
		

		
			The definitions set forth in the Employee Benefits Plan shall apply for purposes of this Plan.  In addition, the following definitions shall apply to the Plan.
		

		
			“Beneficiary” means the beneficiary designated by the Salaried Employee or Retiree as follows: (i) for amounts payable under a group insurance plan, the beneficiary so designated under the applicable plan or insurance policy, (ii) for amounts payable under a policy purchased by the Employer pursuant to Section 3.04, the beneficiary so designated by the Employer as directed by the Salaried Employee or Retiree and (iii) for amounts payable from the Employer’s general assets (including any associated trust), the Salaried Employee’s or Retiree’s estate.
		

		
			“Normal Retirement Date” means the date the Salaried Employee attains age 62.
		

		
			“Salary” means the annualized base rate of pay of the Salaried Employee immediately prior to the Salaried Employee’s death, or the annualized base rate of pay of the Salaried Employee immediately prior to the date of the Salaried Employee’s retirement from the Employer, as applicable.  In the case of an eligible Retiree who enters into an arrangement with the Employer approved in writing by the Vice President of Human Resources of Newmont Mining or his delegate providing for reduced compensation in order to provide for a transition upon retirement, the eligible Retiree’s  “Salary”  shall be the annualized base rate of pay immediately prior to entering into such arrangement with the Employer.
		

		 

		

			Officers’ Death Benefit Plan of Newmont
Effective January 1, 2013
Page 1 of 7

		

 

		

			Table of Contents

		

		
			ARTICLE II
		

		
			ELIGIBILITY
		

		
			Section 2.01.  Eligible Classes of Employees and Retirees.   The death benefits provided under this Plan will be paid pursuant to Article III if the Salaried Employee or Retiree satisfies the following requirements of this Section.
		

		
			(a)Current Salaried Employees.  A current Salaried Employee of the Employer is eligible for the Plan if:
		

		
			(i)the Salaried Employee is a corporate officer of Newmont Mining Corporation and is classified as an executive grade; or
		

		
			(ii)the Salaried Employee is designated by the Vice President of Human Resources of Newmont Mining or his delegate as eligible for the Plan.
		

		
			(b)Retired Salaried Employees on and After January 1, 2004.  A retired Salaried Employee of the Employer who retires on or after January 1, 2004 is eligible for the Plan if:
		

		
			(i)the Retiree was an eligible Salaried Employee under 2.01(a) at the time of his retirement;
		

		
			(ii)the Retiree attained age 55 as of the date of his or her retirement;
		

		
			(iii)the Retiree was eligible for a benefit under the Pension Plan of Newmont immediately following his or her retirement; and
		

		
			(iv)the Retiree satisfied the Rule of 75 at the time of retirement.
		

		
			In addition, individuals not otherwise within eligible categories are eligible upon written authorization of the Board or its delegate.
		

		
			Section 2.02.  Rehires.  In the event a Retiree who met the eligibility requirements of Section 2.01 is rehired, the rehired Salaried Employee’s eligibility for benefits during the period he is reemployed with the Company shall be suspended unless such rehired Salaried Employee satisfies the eligibility requirements established for a current Salaried Employee under Section 2.01(a).  Upon the Salaried Employee’s termination, he shall again be eligible for benefits in the Plan to the same extent as existed immediately prior to his date of reemployment, or if greater, the amount he would be eligible to receive as a current Salaried Employee upon his subsequent retirement or death.  This provision shall apply upon each rehire date in the event a Salaried Employee experiences multiple episodes of reemployment with the Company.
		

		 

		

			Officers’ Death Benefit Plan of Newmont
Effective January 1, 2013

		

		

			Page 2 of 7

		

 

		

			Table of Contents

		

		
			ARTICLE III
		

		
			BENEFITS
		

		
			Section 3.01.  Death Benefits.   The Employer shall provide, or cause to be provided, a lump‐sum cash payment and/or insurance proceeds as set forth in this Article, to the Salaried Employee’s  or Retiree’s Beneficiary or Beneficiaries.  Payment shall be made as soon as administratively possible following the date the Administration Committee or its delegate receives notice of the Salaried Employee’s or Retiree’s death.
		

		
			Section 3.02.  Preretirement Death Benefit.  A Participant who is an active eligible Salaried Employee at the time of death shall be entitled to a death benefit equal to three times the Salaried Employee’s Salary on the date of death, with such resulting product rounded upward to the nearest even $1,000.
		

		
			Section 3.03.  Postretirement Death Benefit.
		

		
			(a)Original Grandfathered Group.  If a Participant is a member of the Original Grandfathered Group as set forth on Exhibit A  the death benefit payable upon his death shall be the amount set forth on Exhibit A
		

		
			(b)Eligible Retirees Prior to January 1, 2004.  Attached as Exhibit C is a list of the eligible Retirees as of January 1, 2004 who were not members of the Original Grandfathered Group.  The death benefit payable for such individuals shall be the amount set forth on Exhibit B
		

		
			(c)Eligible Retirees on and After January 1, 2004.  If a Participant is an eligible Retiree on or after January 1, 2004 and has attained age 62, the death benefit payable upon his death shall be an amount equal to the Retiree’s Salary at the time of his retirement, rounded upward to the nearest $1,000.
		

		
			(d)Early Retirement Reduction.  Notwithstanding the foregoing, if the Salaried Employee retires before his Normal Retirement Date (determined as of the date of his retirement), the retired Salaried Employee’s  death benefit shall be reduced in accordance with the following schedule:
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Age at Retirement

					
					
						    

					
					
						Percent of Salary
Provided as Death
Benefit

					
					
						 

				
	
					
						55

					
					
						 

					
					
						30

					
					
						 

				
	
					
						56

					
					
						 

					
					
						40

					
					
						 

				
	
					
						57

					
					
						 

					
					
						50

					
					
						 

				
	
					
						58

					
					
						 

					
					
						60

					
					
						 

				
	
					
						59

					
					
						 

					
					
						70

					
					
						 

				
	
					
						60

					
					
						 

					
					
						80

					
					
						 

				
	
					
						61

					
					
						 

					
					
						90

					
					
						 

				

		
			 
		

		 

		

			Officers’ Death Benefit Plan of Newmont
Effective January 1, 2013

		

		

			Page 3 of 7

		

 

		

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			Section 3.04.  Source of Death Benefit—In General.   The Employer may, in its sole discretion, acquire individual life insurance policies on the lives of one or more of the eligible Salaried Employees or Retirees.  If the Employer does not obtain such insurance, such eligible Salaried Employees or Retirees shall be entitled to receive the benefits described herein.  Such payment shall be made by the Employer and through any Employer‐sponsored group life plan.  If  insurance exists on the life of a Salaried Employee or Retiree, the death benefit payable upon his death shall be the amount specified in Section 3.02 or 3.03 above, and if the insurance is not sufficient to provide such amount, when added to the amount of any Employer‐funded life insurance benefit, the Employer shall pay the difference directly to the estate of the Salaried Employee or Retiree. 
		

		
			If the Employer elects to acquire insurance on the life of an eligible Salaried Employee or Retiree but the eligible Salaried Employee or Retiree declines to participate in the necessary arrangements to obtain such insurance, the eligible Salaried Employee or Retiree will not be entitled to receive any death benefit under this Plan.
		

		
			Section 3.05.  Offset.  The total Death Benefit otherwise payable by the Employer under this Plan shall be offset by any basic life insurance benefit for the Salaried Employee or Retiree to the extent the benefit is funded or the premium is paid by the Employer.  Such amount shall include, but may not be limited to, amounts attributable to Employer‐paid premiums under the Group Life and Accidental Death & Dismemberment Plan of Newmont or a replacement plan.   The  death benefit shall not be offset by the amount of any voluntary benefits payable under an Employer‐sponsored group life plan (e.g., benefits paid for by the Salaried Employee).
		

		
			Section 3.06.  Transfer of Insurance Policy.  The Employer may transfer the insurance on the life of a Salaried Employee or Retiree to the Salaried Employee or Retiree at or following his retirement from the Employer.  Effective immediately upon such transfer of the policy to the Salaried Employee or Retiree, the Salaried Employee’s or Retiree’s  death benefit shall be equal to the amount of insurance proceeds payable under the insurance to the Beneficiary designated by the Salaried Employee or Retiree.   Neither the Plan nor the Employer shall have any further liability or obligation with respect to the payment of the benefit and the Salaried Employee’s or Retiree’s Beneficiary shall look solely to such insurance policy for the payment of the death benefit established by this Plan.
		

		
			Section 3.07.  Source of Death Benefit Following Change of Control.   In the event of a Change of Control,  the Employer shall transfer to the trustee of the Plan or other trust within a reasonable time following the date of the Change of Control the ownership of any insurance policies held pursuant to this Plan which are owned by the Employer on the date of the Change of Control.  If there are one or more Salaried Employees  or Retirees in the Plan at the time of a Change of Control who are not covered by a life insurance contract owned by the Employer providing for the payment of amounts payable under the Plan upon the death of such Salaried Employee or Retiree, the Employer shall transfer to such trustee, within a reasonable time following the date of the Change of Control, an amount actuarially determined to be necessary to provide such benefits under the Plan.
		

		
			Section 3.08.  Exclusions.  Notwithstanding anything to the contrary contained herein, and unless otherwise required by applicable law, no benefits shall be paid for the following:
		

		 

		

			Officers’ Death Benefit Plan of Newmont
Effective January 1, 2013

		

		

			Page 4 of 7

		

 

		

			Table of Contents

		

			
	
			
				 (a)
			

			
	
			
			Death caused by attempted suicide or an intentional, self‐inflected Injury.

			
	
			
				 (b)
			

			
	
			
			Death that results from the unlawful use of drugs or alcohol.

			
	
			
				 (c)
			

			
	
			
			Death that results from committing a criminal act.

		
			ARTICLE IV
		

		
			TERMINATION OF BENEFITS
		

		
			Benefits under the Plan will terminate in accordance with the provisions of Article IV of the Employee Benefits Plan.
		

		
			ARTICLE V
		

		
			CONTINUATION OF HEALTH CARE COVERAGE
		

		
			The continuation of coverage rules do not apply to the Plan.  No continuation of coverage is permitted under Article V of the Employee Benefits Plan.
		

		
			ARTICLE VI
		

		
			PROTECTION OF MEDICAL PRIVACY
		

		
			The Plan is not subject to HIPAA and the provisions of Article VI of the Employee Benefits Plan do not apply to the Plan.
		

		
			ARTICLE VII
		

		
			COMMITTEES
		

		
			The Plan shall be administered in accordance with and by the Committees described in Article VII of the Employee Benefits Plan.
		

		
			ARTICLE VIII
		

		
			CLAIMS PROCEDURE
		

		
			The applicable claims procedures described in Article VIII of the Employee Benefits Plan apply to the Plan.  The Plan is subject to the “nonmedical claims” provisions of Article VIII of the Employee Benefits Plan.
		

		
			With respect to claims for any portion of a death benefit payable pursuant to insurance contracts, such claims shall be processed according to the terms of the applicable insurance policy or contract and must be submitted by the claimant in accordance with the terms of the applicable insurance policy or contract.
		

		 

		

			Officers’ Death Benefit Plan of Newmont
Effective January 1, 2013

		

		

			Page 5 of 7

		

 

		

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			ARTICLE IX
		

		
			MISCELLANEOUS
		

		
			Section 9.01.  Plan Documentation.  The Plan, including its exhibits, and the Employee Benefits Plan shall be read together and, in all cases, shall constitute the “plan document” for purposes of ERISA and other applicable laws.  In all cases, the Plan and the Employee Benefits Plan shall be read together and treated as a single plan.  In the event the provisions of this Plan are inconsistent with the Employee Benefits Plan, the provisions of this Plan shall control.
		

		
			Section 9.02.  No Funding of Death Benefits.   Any portion of the death benefit payable by the Employer under this Plan, other than from a trust, shall be made by the Employer from its general funds and no Salaried Employee or Retiree shall have any right with respect to any specific assets of the Employer and shall be a general creditor of the Employer with respect to any amounts payable hereunder.  Any portion of the death benefit payable through or under insurance policies shall be payable in accordance with the terms and conditions of the individual life insurance policy and the Salaried Employee or Retiree shall have no interest in such life insurance policy unless and until the Employer transfers the life insurance policy to the Salaried Employee or Retiree on or following the Salaried Employee’s retirement.
		

		
			ARTICLE X
		

		
			AMENDMENT AND TERMINATION
		

		
			The Plan may be amended or terminated in accordance with Article X of the Employee Benefits Plan.
		

		
			
		

		
			

		 

		

			Officers’ Death Benefit Plan of Newmont
Effective January 1, 2013

		

		

			Page 6 of 7

		

 

		

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The Plan Sponsor, by its duly authorized officer, has executed the Plan on the date written below.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Dated:

					
					
						 May 2, 2013

					
					
						 

					
					
						NEWMONT USA LIMITED, Plan Sponsor

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By

					
					
						/s/ Stephen P. Gottesfeld

				
	
					
						 

					
					
						 

					
					
						Name

					
					
						Stephen Paul Gottesfeld

				
	
					
						 

					
					
						 

					
					
						Title

					
					
						Vice President

				

		
			 
		

		
			 
		

		
			

		 

		

			Officers’ Death Benefit Plan of Newmont
Effective January 1, 2013

		

		

			Page 7 of 7

		

 

		

			Table of Contents

		

EXHIBIT A
		

		
			ORIGINAL GRANDFATHERED GROUP
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Participant

					
					
						    

					
					
						Total Death Benefit

				
	
					
						Boyce, Robert

					
					
						 

					
					
						$

					
308,000 
				
	
					
						Crescenzo, Peter

					
					
						 

					
					
						 

					
385,000 
				
	
					
						Fontaine, Edward 

					
					
						 

					
					
						 

					
77,000 
				
	
					
						Harris, Leonard

					
					
						 

					
					
						 

					
385,000 
				
	
					
						Leather, Richard

					
					
						 

					
					
						 

					
308,000 
				
	
					
						Parker, Gordon

					
					
						 

					
					
						 

					
277,000 
				
	
					
						Parry, John

					
					
						 

					
					
						 

					
154,000 
				
	
					
						Phillip, Thomas

					
					
						 

					
					
						 

					
347,000 
				
	
					
						Ridinger, David

					
					
						 

					
					
						 

					
385,000 
				
	
					
						Schmitt, Timothy

					
					
						 

					
					
						 

					
385,000 
				
	
					
						Van Benschoten, Harry

					
					
						 

					
					
						 

					
385,000 
				
	
					
						Yannopoulos, John

					
					
						 

					
					
						 

					
385,000 
				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Officers’ Death Benefit Plan of Newmont
Effective January 1, 2013
Page A‐1 of 1

		

 

		

			Table of Contents

		

EXHIBIT B
		

		
			RETIRED OFFICERS
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Name

					
					
						  

					
					
						  

					
					
						Total Death Benefit

					
					
						  

					
					
						  

					
					
						Comments

				
	
					
						Burt, W

					
					
						 

					
					
						 

					
					
						$

					
180,000 
					
					
						 

					
					
						 

					
					
						 

				
	
					
						Cambre, Ronald

					
					
						 

					
					
						 

					
					
						 

					
800,000 
					
					
						 

					
					
						 

					
					
						 

				
	
					
						Davenport, John

					
					
						 

					
					
						 

					
					
						 

					
119,000 
					
					
						 

					
					
						 

					
					
						 

				
	
					
						Hamer, Eric

					
					
						 

					
					
						 

					
					
						 

					
234,000 
					
					
						 

					
					
						 

					
					
						 

				
	
					
						Krol, Len

					
					
						 

					
					
						 

					
					
						 

					
					
						See comments

					
					
						 

					
					
						 

					
					
						SPR 3/31/01‐receives 1x pay after 3/31/04

				
	
					
						Kurlander, Larry

					
					
						 

					
					
						 

					
					
						 

					
					
						See comments

					
					
						 

					
					
						 

					
					
						Terminated 1/31/02‐receives 1 x pay after 1/31/05

				
	
					
						McCall, Donald

					
					
						 

					
					
						 

					
					
						 

					
147,000 
					
					
						 

					
					
						 

					
					
						 

				
	
					
						Morris, Jack

					
					
						 

					
					
						 

					
					
						 

					
					
						See comments

					
					
						 

					
					
						 

					
					
						SRP 3/31/01‐receives 1 x pay after 3/31/04

				
	
					
						Mullin, Jim

					
					
						 

					
					
						 

					
					
						 

					
					
						See comments

					
					
						 

					
					
						 

					
					
						Retired 12/31/01‐receives 1 x pay as retiree

				
	
					
						Paverd, Aubrey

					
					
						 

					
					
						 

					
					
						 

					
129,000 
					
					
						 

					
					
						 

					
					
						 

				
	
					
						Rendu, Jean‐Michael

					
					
						 

					
					
						 

					
					
						 

					
					
						See comments

					
					
						 

					
					
						 

					
					
						SRP 3/31/01‐receives 1 x pay after 3/31/04

				
	
					
						Thompson, Jack

					
					
						 

					
					
						 

					
					
						 

					
275,000 
					
					
						 

					
					
						 

					
					
						 

				
	
					
						Van Riper, Thomas

					
					
						 

					
					
						 

					
					
						 

					
130,000 
					
					
						 

					
					
						 

					
					
						 

				
	
					
						Conte, Steven

					
					
						 

					
					
						 

					
					
						$

					
211,300 
					
					
						 

					
					
						 

					
					
						Terminated 5/31/01‐after 5/31/04 coverage ceases

				
	
					
						Hansen, Joy

					
					
						 

					
					
						 

					
					
						 

					
221,490 
					
					
						 

					
					
						 

					
					
						Terminated 5/31/01‐after 5/31/04 coverage ceases

				

		
			 
		

		 

		

			Officers’ Death Benefit Plan of Newmont
Effective January 1, 2013
Page B‐1 of 1Exhibit 10.a

 

TRUSTCO BANK

EXECUTIVE OFFICER INCENTIVE PLAN

(Amended and Restated as of February 16, 2016)

 

TRUSTCO BANK

EXECUTIVE OFFICER INCENTIVE PLAN

(Amended and Restated as of February 16, 2016)

TABLE OF CONTENTS

	 	
Page No.

	 	 
	
ARTICLE I, DEFINITIONS

	
1

	 	 
	
ARTICLE II, PERFORMANCE GOALS AND PARTICIPATION

	
3

	 	 
	
ARTICLE III, INCENTIVE AWARDS

	
5

	 	 
	
ARTICLE IV, MANDATORY DEFERRAL

	
5

	 	 
	
ARTICLE V, CLAIMS

	
7

	 	 
	
ARTICLE VI, AMENDMENT AND TERMINATION

	
9

	 	 
	
ARTICLE VII, ADMINISTRATION

	
9

	 	 
	
ARTICLE VIII, MISCELLANEOUS

	
9

 

i

TRUSTCO BANK

EXECUTIVE OFFICER INCENTIVE PLAN

(Amended and Restated as of February 16, 2016)

ARTICLE I

 

DEFINITIONS

Section 1.1.   “Bank” means Trustco Bank.

Section 1.2.   “Base Salary” means the annual salary payable to a Participant, including deferrals under Code Section 125 and exclusive of any bonuses, incentive awards, plan contributions or any other fringe benefit payable during the Plan Year.

Section 1.3.  “Beneficiary” means the person or persons designated by a Participant in writing to receive any benefits under the Plan upon the Participant's death.  If a Participant fails to designate a Beneficiary, if no such Beneficiary is living upon the death of such Participant, or if such designation is legally ineffective, then “Beneficiary” shall mean the Participant's revocable living trust, and if none the Participant's testamentary trust, and if none the Participant's estate.

Section 1.4.   “Board of Directors” means the Board of Directors of TrustCo Bank Corp NY.

Section 1.5.   “Code” means the Internal Revenue Code of 1986, as amended.

Section 1.6.   “Committee” means the Compensation Committee of the Board of Directors, each member of which shall qualify as an “outside director” within the meaning of Treasury Regulation §1.162-27(e)(3).

Section 1.7.   “Disability” means a mental or physical condition which (i) in the opinion of a physician mutually agreed upon by the Board of Directors and the Participant, will prevent the Participant from carrying out the material job responsibilities or duties to which the Participant was assigned at the time the disability was incurred, and (ii) is expected to last for an indefinite duration or a duration of more than six months.

Section 1.8.   “Incentive Award” means the awards made pursuant to Section 3.1 herein.

Section 1.9.   “Participant” means any executive officer of the Bank or an affiliate who is approved by the Committee for participation in the Plan as provided in Article II.

 

1

Section 1.10. “Performance Goals” means the criteria and objectives established by the Committee prior to, or no later than ninety (90) days following, the commencement of the applicable Performance Year, which must be satisfied or met for the applicable Performance Year, as the case may be, as a condition to the Participant’s receipt of an Incentive Award.  The criteria and objectives may be based on one or more of the following weighted or unweighted performance measures for the Bank and/or an affiliate determined in the sole discretion of the Committee: return on average equity, return on average assets, efficiency ratio, ratio of non-performing assets to total assets, basic earnings per share, basic cash earnings per share, diluted earnings per share, diluted cash earnings per share, net income, core income, cash earnings, net interest income, non-interest income, general and administrative expense to average assets ratio, cash general and administrative expense to average assets ratio, cash efficiency ratio, cash return on average assets, return on average shareholders' equity, cash return on average shareholders' equity, return on average tangible shareholders' equity, cash return on average tangible shareholders' equity, core earnings, operating income, operating efficiency ratio, net interest rate spread, growth in fees and service charges income, loan production volume, growth in loan originations and loan origination fees, non-performing loans, loan charge offs (or net charge offs), allowance for loan losses, cash flow, regulatory capital ratios, deposit levels, tangible assets, improvement in or attainment of working capital levels, maintenance of asset quality, strategic business objectives (consisting of one or more objectives based upon meeting specified cost targets, business expansion goals, and goals relating to acquisitions or divestitures), goals relating to capital raising and capital management, and pre-tax pre-provision core operating earnings.  Such Performance Goals may be absolute, based solely on the performance of the Bank or an affiliate, or relative, based on the Bank’s or an affiliate’s performance relative to one or more peer companies, and may be relative to performance in one or more prior years to as determined by the Committee.  When calculating the Performance Goals, including calculation of income applicable to the Performance Goals, the Committee shall exclude infrequent, unusual or one-time nonrecurring items.

Section 1.11. “Performance Year” means the Plan Year with respect to which the Performance Goals are to be achieved.

 

2

Section 1.12. “Plan” means the Trustco Bank Executive Officer Incentive Plan, as amended and restated as of February 16, 2016 and includes the Plan as it may be amended from time to time.

Section 1.13. “Plan Year” means the 12-month period beginning on any January 1 and ending on the following December 31.

Section 1.14. “Retirement” means termination on or after the earliest retirement date specified in the Retirement Plan of Trustco Bank.

ARTICLE II

 

PERFORMANCE GOALS AND PARTICIPATION

Section 2.1.   Prior to each Performance Year, or no later than ninety (90) days following the commencement of a Performance Year, the Committee may establish in writing one or more Performance Goals and the weighting thereof, if any, and the Incentive Award amounts or percentages relative to the level of achievement of the Performance Goals, as appropriate, for the Performance Year.

Section 2.2.   Prior to each Performance Year, or no later than ninety (90) days following the commencement of a Performance Year, (i) the Chief Executive Officer of the Bank may present to the Committee a list of the executive officer positions and/or individuals recommended for participation in the Plan for the applicable Performance Year and (ii) the Committee may act upon these recommendations and may select one or more executive officer positions and/or individuals to participate in the Plan for such Performance Year, which selection may include executive officers other than or in addition to the recommendations of the Chief Executive Officer.  As soon as practicable following the setting of the Performance Goals and selection of Participants for a Performance Year, the Bank and/or an affiliate, as appropriate, shall notify the Participants of their participation in the Plan for such Performance Year and the Performance Goals applicable to the Performance Year.

 

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Section 2.3.   Subject to the provisions of Sections 2.4, 2.5, and 2.6 herein, individuals assigned to a position designated for participation in the Plan during the course of a Performance Year may be eligible for receipt of Incentive Awards even if they are in such positions only part of the Performance Year.  The Incentive Award payable to any such Participant will be prorated based upon portion of the Base Salary actually paid to such Participant during the number of days of service in the participating position during the Performance Year, if the amount of the Incentive Award is based on a percentage of Base Salary, or the number of days of service in the participating position during the Performance Year, if the amount of the Incentive Award is a fixed amount, as appropriate,  and subject to the actual level of achievement of the Performance Goals for such Performance Year.

Section 2.4.  A Participant who terminates employment due to Disability or Retirement prior to the end of the Performance Year  will be entitled to an Incentive Award for the Performance Year prorated based upon the portion of the Base Salary actually paid to such Participant during the Performance Year, if the amount of the Incentive Award is based on a percentage of Base Salary, or the number of days employed during the Performance Year, if the amount of the Incentive Award is a fixed amount, as appropriate, subject to the actual level of achievement of the Performance Goals for such Performance Year in which he terminates, as calculated under Section 3.1 herein, and any Incentive Award payable shall be paid when payments for that Performance Year are made under Section 3.3.

Section 2.5.   A Participant who dies prior to the end of the Performance Year will be entitled to an Incentive Award for the full Performance Year, subject to the actual level of achievement of the Performance Goals for such Performance Year, as calculated under Section 3.1 herein, and any Incentive Award payable shall be paid when payments for that Performance Year are made under Section 3.3.

Section 2.6.   A Participant who terminates employment prior to the end of a Performance Year for reasons other than death, Disability or Retirement, will cease to be a Participant in the Plan as of the date of termination of employment and will forfeit all rights to Incentive Awards accrued during the Performance Year in which the termination of employment occurs.

 

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ARTICLE III

INCENTIVE AWARDS

Section 3.1.   A Participant selected for participation for a Performance Year will be entitled to an Incentive Award for such Performance Year to the extent the Performance Goals have been satisfied or met, as the case may be, for such Performance Year.  The Incentive Award may be an amount equal to the Participant’s Base Salary multiplied by a percentage, or a fixed amount, as determined by the Committee under Section 2.1 herein, based on the extent to which the Performance Goals have been satisfied or met, as the case may be, for that Performance Year, adjusted for weighting, if any, of the applicable Performance Goals, and subject to any maximum bonus limit set forth in Performance Goals established for the applicable Performance Year.

Section 3.2.  The Incentive Awards for a Performance Year will be determined and certified by the Committee in writing following the conclusion of the Performance Year after taking into account the level of achievement of the Performance Goals for that Performance Year and the performance of one or more of the Bank’s or an affiliate’s peer companies for that Performance Year, if such Performance Goals are relative to peer performance.

Section 3.3.    Unless deferred pursuant to Article IV below, Incentive Awards will be paid in cash to Participants in the year immediately following the Performance Year as soon as practicable following the determination of the Incentive Awards by the Committee, but no later than March 15th of the year following the Performance Year for which the award is payable.

ARTICLE IV

MANDATORY DEFERRAL

Section 4.1.   Except as provided in Section 4.2 below, the Committee may, in its sole discretion, require that payment of all or a portion of any Incentive Award be deferred to one or more dates in one or more years following the Performance Year and that payment of such deferred amounts be contingent on continued employment of the Participant and the achievement of one or more Performance Goals during the deferral period.  The Committee may approve payment of such deferred Incentive Awards at a percentage above, equal to or below one-hundred percent (100%) of the amount deferred depending on the level of achievement of the Performance Goals that payment of the deferred Incentive Awards is contingent on.  Any such deferral, including the deferral term, Performance Goals, level of achievement and payment percentage shall be made by the Committee no later than the date Participants are selected for the Performance Year or as otherwise permitted pursuant to Treasury Regulation 1.409A-2.

 

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Section 4.2.   To the extent that a Participant terminates employment on account of death, Disability or Retirement during a Performance Year, the amount of Incentive Award earned by such Participant shall be calculated and paid to such Participant as provided in Sections 2.4 and 2.5 above and such amounts shall not be subject to any mandatory deferral.

Section 4.3   To the extent that a Participant earns an Incentive Award, calculated as provided in Section 3.2 above, that is subject to deferral, as provided in Section 4.1 above, but terminates employment on account of Disability or Retirement during the deferral period, such deferred Incentive Award will be prorated based on the number of days employed during the deferral period, subject to achievement of the Performance Goals and applicable payment percentage set for the deferral period, and paid to such Participant on the deferral payment date set by the Committee pursuant to Section 4.1 above.

Section 4.4   To the extent that a Participant earns an Incentive Award, calculated as provided in Section 3.2 above, that is subject to deferral, as provided in Section 4.1 above, but terminates employment on account of death during the deferral period, such deferred Incentive Award will not be prorated but will be subject to achievement of the Performance Goals and applicable payment percentage set for the deferral period, and paid to such Participant on the deferral payment date set by the Committee pursuant to Section 4.1 above.

Section 4.5    A Participant who terminates employment during a deferral period for reasons other than death, Disability or Retirement, will cease to be a Participant in the Plan as of the date of termination of employment and will forfeit all rights to any deferred Incentive Award.

 

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Section 4.6   An individual who became a Participant because he was assigned to a position designated for participation in the Plan, who earned an Incentive Award calculated pursuant to Sections 3.1 and 3.2 above or prorated as provided in Section 2.3 above, as applicable, which Incentive Award is subject to mandatory deferral determined by the Committee as provided in Section 4.1 above, and who ceases to serve in the position designated for participation but remains employed by the Bank or an affiliate through the deferred Incentive Award payment date, will be eligible for payment of the deferred Incentive Award on the deferred payment date set by the Committee determined as follows.  To the extent that such Participant ceases to serve in the designated position prior to the end of the Performance Year and prior to the beginning of the deferral period, such Incentive Award, prorated as provided in Section 2.3 above, will be deferred and paid on the deferred payment date set by the Committee, as provided in Section 4.1 above, but the amount of the deferred Incentive Award to be paid out will be equal to one-hundred percent (100%) of the deferred amount, and will be payable without regard to the achievement of any Performance Goals set for the deferral period.  To the extent that such Participant ceases to serve in the designated position during the deferral period, such deferred Incentive Award will be prorated based on the number of days of service in the participating position during the deferral period, subject to achievement of the Performance Goals and applicable payment percentage set for the deferral period, and paid to such Participant the number of days of service in the participating position during the deferral period.

ARTICLE V

CLAIMS

Section 5.1.   The following information is intended to comply with the requirements of ERISA and provides the procedures a Participant (and any other person claiming benefits under the Plan) may follow if he or she disagrees with any decision about participation or payments of any Incentive Award under the Plan.  The Plan shall be administered by the Committee, who shall be deemed the Plan Administrator for purposes of ERISA, and any determination by the Committee under the Plan shall be final and binding and is not subject to review.

 

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Section 5.2.   Individuals who believe they are entitled to benefits under the Plan and do not receive the benefits they believe they are entitled to, or who have questions about the amounts they receive, must file a written claim with the Committee, setting forth the questions and/or reasons they believe they are entitled to benefits under the Plan.

Section 5.3.   If the Committee denies an individual’s claim for benefits under the Plan, the Committee will send the individual written notice of such denial within ninety (90) days (in special cases, more than 90 days may be needed and he or she will be notified if this is the case) explaining:

(1)            the specific reason or reasons for the denial;

(2)            the specific provisions on which the denial is based;

(3)            any additional material or information necessary for the Participant to perfect the claim and an explanation of why such material or information is necessary; and

(4)            an explanation of the Plan’s claim review procedure.

Section 5.4.   If a claim is denied or the individual disagrees with the amount of any payment, he or she may file a written request for review within sixty (60) days after receipt of such denial.  This request should be filed with the Committee.  The written request should ask for a review and include the reasons why the individual believes the claim was improperly denied, as well as any other appropriate data, questions or comments.  In addition, an individual is entitled to:

(1)            review documents pertinent to his or her claim at such reasonable time and location as shall be mutually agreeable to the individual and the Committee; and

(2)            submit issues and comments in writing to the Committee relating to his or its review of the claim.

Section 5.5.   The Committee shall render a final decision within sixty (60) days of receipt of such request for review, unless special circumstances require an extension of time for processing, in which case a decision will be rendered as soon as possible.  The Committee shall deliver or cause to be delivered to such individual a written notice of the decision on the appeal, indicating the specific reasons for the decision as well as specific references to the Plan provisions on which the decision is based.

 

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ARTICLE VI

AMENDMENT AND TERMINATION

Section 6.1.  The Board of Directors may amend or terminate the Plan at any time; provided, however, that no such amendment or termination may alter or impair any Participant's rights previously granted under the Plan as of the date of such amendment or termination without his consent; provided, however, notwithstanding anything to the contrary herein, an amendment adopted for the purpose of complying with Section 409A of the Code may be made without the consent of Participants.

ARTICLE VII

ADMINISTRATION

Section 7.1.   The Plan shall be administered by the Committee, in accordance with its terms, for the exclusive benefit of Participants.

Section 7.2.   The Committee shall have authority to interpret the Plan, to adopt and revise rules and regulations relating to the Plan, to determine the conditions subject to which any Incentive Awards may be made or payable, and to make any other determinations which it believes necessary or advisable for the administration of the Plan.  Determinations by the Committee shall be made by a majority vote.  All determinations of the Committee must be made in the good faith exercise of the duties of the Committee members under the Plan and must have a sound, rational basis, which such determinations, and the basis therefor, must be recorded in writing and maintained by the Committee.  All determinations and interpretations of the Committee shall be final, binding, and conclusive as to all persons.

ARTICLE VIII

MISCELLANEOUS

Section 8.1.   Nothing contained in the Plan and no action taken pursuant to the provisions of the Plan shall give the Participant the right to be retained in the employ of the Bank or interfere with the right of the Bank to discharge the Participant at any time.

Section 8.2.   No benefit payable at any time under the Plan shall be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment or encumbrance of any kind except by will, by the laws of descent and distribution or by Beneficiary designation herein.

 

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Section 8.3.  All rights hereunder shall be governed by and construed according to the laws of the State of New York, except to the extent such laws are preempted by the laws of the United States of America.  In the event any provision of the Plan is held invalid, void or unenforceable, the same shall not affect, in any respect whatsoever, the validity of any other provision of the Plan.

Section 8.4.   Nothing contained in the Plan and no action taken pursuant to the provisions of the Plan shall create or be construed to create a trust of any kind or a fiduciary relationship between the Bank and the Participant or any other person.  To the extent that any person acquires the right to receive payment from the Bank under the Plan, such right shall be no greater than the right of any unsecured general creditor of the Bank.

Section 8.5.   The terms of the Plan shall be binding upon and inure to the benefit of the Bank, its successors and assigns, and the Participant and his heirs and legal representatives.

Section 8.6.   Any payment to be made from the Plan to a Participant following his death shall be paid to such Participant’s Beneficiary.

Section 8.7.   All payments and benefits hereunder are intended to comply with or be exempt from the provisions of Code Section 409A and the regulations promulgated thereunder (“Section 409A”), such that a Participant will not be subject to any additional tax, interest or penalty under Section 409A.  To the extent that there are any ambiguities in this document, they shall be interpreted and administered consistent with such intent.  Notwithstanding the immediately prior sentence, (i) if any term or provision of this Plan intended to cause a payment or benefit hereunder to be compliant with Section 409A is found to cause such payment or benefit to be noncompliant therewith or (ii) if any term or provision of this Plan intended to cause a payment or benefit hereunder to be exempt from Section 409A is found to cause such payment or benefit to be subject thereto, in each case, in any jurisdiction, such provision shall be struck as void ab initio, and a compliant or exempt term or provision, as applicable, shall be deemed substituted for such noncompliant or nonexempt provision, as applicable, that preserves, to the maximum lawful extent, the intent of the Plan, and any court or arbitrator so holding shall have authority and shall be instructed to substitute such compliant or exempt provision; provided, however, that if any such noncompliance or nonexemption, as applicable, is due to a deficiency of one or more terms or provisions, such appropriate terms or provisions shall be deemed to be added to cure such noncompliance or nonexemption, as applicable, that preserves, to the maximum lawful extent, the intent of the Plan, and any such court or arbitrator shall have authority and shall be instructed to supplement the Plan with such compliant or exempt terms or provisions, as applicable.  If, due to any payment schedule subject hereto with respect to any amount payable pursuant hereto, the payment of or entitlement to such amount would cause a Participant to incur any additional tax or interest under Section 409A, the Committee may, after consulting with such Participant, reform such applicable payment schedule, with respect to such Participant only, to the extent necessary to comply with Section 409A, but only if, after consultation, such payment schedule can be reformed to so comply; provided, however, that any such reformation shall preserve, to the maximum extent practicable, the economic benefit to such Participant of the applicable amount without violating the provisions of Section 409A.  Nothing herein, and no act taken or not taken by the Committee in consultation with a Participant is intended to guarantee compliance with Section 409A.

 

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Section 8.8.   With respect to payments of nonqualified deferred compensation (within the meaning of Section 409A) payable upon a termination of employment, each reference to a termination of a Participant’s employment will be deemed to refer to the Participant’s “separation from service” as defined in Treas. Reg. § 1.409A-1(h).

Section 8.9      Notwithstanding anything herein to the contrary, any payment of nonqualified deferred compensation (within the meaning of Section 409A) to a Participant who is a “specified employee” as defined in Section 409A upon such Participant’s separation from service will be delayed until the first day of the seventh month following such Participant’s separation from service.

 

 

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