Document:

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                                                                   Exhibit 10.10

                           OSWEGO COUNTY BANCORP, INC.

                              RESTRICTED STOCK PLAN

1.   PURPOSE: EFFECTIVENESS OF THE PLAN.

           (a) The purpose of this Plan is to advance the interests of the
     Company and its stockholders by helping the Company obtain and retain the
     services of employees, officers, and directors, upon whose judgment,
     initiative and efforts the Company is substantially dependent, and to
     provide those persons with further incentives to advance the interests of
     the Company.

           (b) This Plan will become effective on March 16, 2000, upon
     ratification and approval by the stockholders of the Company.

2.   CERTAIN DEFINITIONS.

           Unless the context otherwise requires, the following defined terms
     (together with other capitalized terms defined elsewhere in this Plan) will
     govern the construction of this Plan, and of any agreements entered into
     pursuant to this Plan:

           (a) "1933 Act" means the federal Securities Act of 1933.

           (b) "1934 Act" means the federal Securities Exchange Act of 1934.

           (c) "Bank" means Oswego County Savings Bank.

           (d) "Change in Control" of the Bank or the Company means:

               (1) a reorganization, merger, conversion, consolidation, or sale
     of all or substantially all of the assets of the Bank, the Company or
     Oswego County MHC, or a similar transaction in which the Bank, the Company,
     or Oswego County MHC is not the resulting entity and that is not approved
     by a majority of the Board of Directors of the Company; or

               (2) individuals who constitute the incumbent board of the Bank,
     the Company or Oswego County MHC cease for any reason to constitute a
     majority thereof; provided that any person becoming a director subsequent
     to the date hereof whose election was approved by a vote of at least
     three-fourths of the directors composing the incumbent board or whose
     nomination for election by the Company's stockholders was approved by the
     same nominating committee serving under the incumbent board shall be, for
     purposes of this Section, considered as though he or she were a member of
     the incumbent board;

               (3) an acquisition of "control" of the Bank or the Company as
     defined in the Bank Holding Company Act of 1956, as amended and applicable
     rules and

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     regulations promulgated thereunder as in effect at the time of the Change
     in Control (collectively, the "BHCA"), as determined by the Board of
     Directors of the Bank, the Company or Oswego County MHC; or

               (4) an acquisition of the Bank's stock requiring submission of
     notice under the Change in Bank Control Act; provided, however, that a
     Change in Control shall not be deemed to have occurred under paragraph (1),
     (3) or (4) of this subsection (c) if the transactions constituting a Change
     in Control are approved by a majority of the Board of Directors of the
     Company; or

               (5) (A) an event of a nature that would be required to be
     reported in response to Item 1 of the current report on Form 8-K, as in
     effect on the date hereof, pursuant to Section 13 of 15(d) of the 1934 Act
     or results in a change in control of the Bank, the Company or Oswego County
     MHC within the meaning of the BHCA; or (B) such time as (i) any "person"
     (as the term is used in Section 13(d) and 14(d) of the 1934 Act) other than
     Oswego County MHC is or becomes a "beneficial owner" (as defined in Section
     13(d)(3) of the 1934 Act) directly or indirectly, of securities of the
     Company or the Bank representing 25 or more of the outstanding securities
     ordinarily having the right to vote at the election of directors except for
     any securities of the Company purchased by the Bank's employee stock
     ownership plan and trust shall not be counted in determining whether such
     plan is the beneficial owner of more than 25% of the Bank's securities,
     (ii) a proxy statement soliciting proxies from stockholders of the Company,
     by someone other than the current management of the Company, seeking
     stockholder approval of a plan or reorganization, merger or consolidation
     of the Company or the Bank or similar transaction with one or more
     corporations as a result of which the outstanding shares of the class of
     securities then subject to the plan or transaction are exchanged or
     converted into cash or property or securities not issued by the Bank or the
     Company, or (iii) a tender offer is made for 25% or more of the voting
     securities of the Company and the stockholders owning beneficially or of
     record 25% or more of the outstanding securities of the Company have
     tendered or offered to sell their shares pursuant to such tender offer and
     such tendered shares have been accepted by the tender offeror.

           (e) "Board" means the Board of Directors of the Company.

           (f) "Code" means the Internal Revenue Code of 1986, as amended.
     References in this Plan to Sections of the Code are intended to refer to
     Sections of the Code as enacted at the time of this Plan's adoption by the
     Board and as subsequently amended, or to any substantially similar
     successor provisions of the Code resulting from recodification, renumbering
     or otherwise.

           (g) "Committee" means a Compensation Committee of two or more
     Non-Employee Directors, appointed by the Board, to administer and interpret
     this Plan.

           (h) "Company" means Oswego County Bancorp, Inc., a Delaware
     corporation with its principal place of business at 44 East Bridge Street,
     Oswego, New York 13126.

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           (i) "Non-Employee Director" shall the meaning provided in Rule
     16b-3(b)(3)(i) under the 1934 Act.

           (j) "Eligible Participants" means persons who, at a particular time,
     are employees, officers or directors of the Company or any of its
     Subsidiaries.

           (k) "Holder" means an Eligible Participant to whom any Restricted
     Stock is issue hereunder, and any transferee thereof pursuant to a Transfer
     authorized under this Plan.

           (l) "Plan" means this Restricted Stock Plan of the Company.

           (m) "Restricted Stock" means Stock issued or issuable by the Company
     pursuant to this Plan.

           (n) "Restricted Stock Grant Agreement" means an agreement between the
     Company and an Eligible Participant to evidence the terms and conditions of
     the issuance of Restricted Stock under this Plan.

           (o) "Stock" means shares of the Company's common stock, par value
     $.01 per share.

           (p) "Subsidiary" has the same meaning as "Subsidiary Corporation" as
     defined in Section 424(f) of the Code.

           (q) "Termination Event" means, with respect to any Holder of
     Restricted Stock, any event that results in such Holder no longer being an
     Eligible Participant hereunder for any reason whatsoever, except for
     death., disability, Change in Control, or, in the case of an officer or
     employee, normal retirement.

           (r) "Transfer," with respect to Restricted Stock, includes, without
     limitation, a voluntary or involuntary sale, assignment, transfer,
     conveyance, pledge, hypothecation, encumbrance, disposal, loan, gift,
     attachment or levy of such Restricted Stock, including without limitation
     an assignment for the benefit of creditors of the Holder, a transfer by
     operation of law, such as a transfer by will or under the laws of descent
     and distribution, an execution of judgment against the Restricted Stock or
     the acquisition of record or beneficial ownership thereof by a lender or
     creditor, a transfer pursuant to a qualified domestic relations order, or
     to any decree of divorce, dissolution or separate maintenance, any property
     settlement, any separation agreement or any other agreement with a spouse
     (except for estate planning purposes) under which a part or all of the
     shares of Restricted Stock are transferred or awarded to the spouse of the
     Holder or are required to be sold; or a transfer resulting from the filing
     by the Holder of a petition for relief, or the filing of an involuntary
     petition against such Holder, under the bankruptcy laws of the United
     States or of any other nation.

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                                                                   Exhibit 10.10

3.   ELIGIBILITY.

           The Company may issue Restricted Stock under this Plan only to
     persons who are Eligible Participants as of the time of such issuance.
     Subject to the provisions of Section 5 of this Plan, there is no limitation
     on the amount of Restricted Stock that may be issued to an Eligible
     Participant.

4.   ADMINISTRATION.

           (a) Committee. The Committee, if appointed by the Board, will
     administer this Plan. If the Board, in its discretion, does not appoint
     such a Committee, the Board itself will administer this Plan and take such
     other actions as the Committee is authorized to take hereunder.

           (b) Authority and Discretion of Committee. The Committee will have
     full and final authority in its discretion, at any time and from time to
     time, subject only to the express terms, conditions and other provisions of
     the Company's Certificate of Incorporation, By-laws and this Plan:

               (i)   to select and approve the persons to whom Restricted Stock
           will be issued under this plan from among the Eligible Participants,
           ineluding the number of shares of Restricted Stock so issued to each
           such person;

               (ii)  to determine the Purchase Price of Restricted Stock issued
           under this Plan, the period or periods of time during which the
           Company will have the right to repurchase such Restricted Stock and
           the terms and conditions of such repurchase, and other matters to be
           determined by the Committee in connection with specific issuances of
           Restricted Stock and Restricted Stock Grant Agreements as provided in
           this Plan; and

               (iii) to interpret this Plan, to prescribe, amend and rescind
           rules and regulations relating to this Plan, and to make all other
           determinations necessary or advisable for the operation and
           administration of this Plan.

           (c) Restricted Stock Grant Agreements. Restricted Stock will be
     issued hereunder only upon the execution and delivery of a Restricted Stock
     Grant Agreement by the Holder and a duly authorized officer of the Company.
     Restricted Stock will not be deemed issued merely upon the authorization of
     such issuance by the Company.

5.   SHARES RESERVED FOR RESTRICTED STOCK.

           (a) Restricted Stock Pool. The aggregate number of shares of
     Restricted Stock that may be issued pursuant to this Plan will not exceed
     11,985 (the "Restricted Stock Pool"). In the event that any Restricted
     Stock is forfeited, the shares of Common Stock forfeited to the Company
     shall not again be made available for grant under the Plan.

           (b) Adjustments Upon Changes in Stock. In the event of any change in
     the outstanding Stock of the Company as a result of a stock split, reverse
     stock split, stock

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     dividend, recapitalization, combination or reclassification, appropriate
     proportionate adjustments will be made in: (i) the aggregate number of
     shares of Restricted Stock in the Restricted Stock Pool that may be issued
     pursuant to this Plan; (ii) the exercise price of any rights of repurchase
     or of first refusal under this Plan; and (iii) other rights and matters
     determined on a per share basis under this Plan or any Restricted Stock
     Grant Agreement hereunder. Any such adjustments will be made only by the
     Board, and when so made will be effective, conclusive and binding for all
     purposes with respect to this Plan. If there is any other change in the
     number or kind of the outstanding shares of Stock of the Company, or of any
     other security into which that Stock has been changed or for which it has
     been exchanged, and if the Board, in its sole discretion, determines that
     this change requires any adjustment in the restrictions of Transfer, rights
     of repurchase, or rights of first refusal in Restricted Stock then subject
     to this Plan, such an adjustment will be made in accordance with the
     determination of the Board. No such adjustments will be required by reason
     of the issuance or sale by the Company for cash or other consideration of
     additional shares of its Stock or securities convertible into or
     exchangeable for shares of its stock.

6.   TERMS OF RESTRICTED STOCK GRANT AGREEMENTS.

           Each issuance of Restricted Stock pursuant to this Plan will be
     evidenced by a Restricted Stock Grant Agreement between the Company and the
     Eligible Participant to whom such Restricted Stock is to be issued, in form
     and substance satisfactory to the Committee in its sole discretion,
     consistent with this Plan. Without limiting the foregoing, each Restricted
     Stock Grant Agreement (unless otherwise stated therein) will be deemed to
     include the following terms and conditions:

           (a) No Agreement to Employ. Nothing contained in this Plan, any
     Restricted Stock Grant Agreement or in any other agreement executed in
     connection with the issuance of Restricted Stock under this Plan will
     confer upon any Holder any right with respect to the continuation of his or
     her status as an employee of, consultant or independent contractor to, or
     director of the Company or any Subsidiary.

           (b) Vesting Periods; Forfeiture to Company.

               (i) Vesting. Except as otherwise provided herein, each Restricted
           Stock Grant Agreement may specify the period or periods of time
           within which the Restricted Stock issued thereunder shall be
           forfeited to the Company or its assignee (the "Vesting Period"), as
           set forth in this Section 6(b). Such Vesting Periods will be fixed by
           the Committee in its discretion, and may be accelerated or shortened
           by the Committee in its discretion.

                   Unless the Restricted Stock Purchase Agreement executed by a
           Holder expressly otherwise provides and except as set forth in this
           Plan, as of the date issued, all of the shares of Restricted Stock
           issued pursuant to the agreement (the "Total Award Shares") will be
           deemed "Unvested" and will become "Vested" according to the following
           schedule:

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                    (1) No Portion of the Total Award Shares will be deemed
               "Vested" prior to the first anniversary of the date on which the
               Restricted Stock was issued to the Holder (the "Issue Date");

                    (2) The Restricted Stock will become "Vested" on a
               cumulative basis as to twenty percent (20%) of the Total Award
               Shares on each of the first, second, third, fourth and fifth
               anniversaries of the Issue Date, so that the Total Award Shares
               will have become fully "Vested," subject to the Holder's
               remaining an Eligible Participant, on the fifth anniversary of
               such Issue Date.

               (ii)  Vesting Upon Certain Events. Upon termination of a Holder's
           employment (or service) due to death, disability, Change in Control
           or, in the case of an officer or employee, normal retirement, all
           Restricted Stock of the Holder, whether or not "Vested" at that time,
           shall become "Vested."

               (iii) Forfeiture Upon Termination. Upon the occurrence of any
           Termination Event with respect to any Holder of Restricted Stock, any
           Unvested shares of Restricted Stock owned by such Holder at the time
           of such Termination Event shall be forfeited to the Company.

           (c) Restrictions on Transfer of Restricted Stock.

               (i)   General Rule on Permissible Transfer of Restricted Stock.
           Restricted Stock may be Transferred only in (1) accordance with the
           limitations on the Transfer of Restricted Stock imposed by applicable
           state or federal securities laws, (2) as set forth below, and (3)
           subject to certain undertakings of the transferee (Section
           6(c)(iii)). All Transfers of Restricted Stock not meeting the
           conditions set forth in this Section 6(c) are expressly prohibited.

               (ii)  Effect of Prohibited Transfer. Any prohibited Transfer of
           Restricted Stock is void and of no effect. Should such a Transfer
           purport to occur, the Company may refuse to carry out the Transfer on
           its books, attempt to set aside the Transfer, enforce any undertaking
           or right under this Section 6(c), or exercise any other legal or
           equitable remedy.

               (iii) Required Undertaking. Any Transfer that would otherwise be
           permitted under the terms of this Plan is prohibited unless the
           transferee executes such documents as the Company may reasonably
           require to ensure that the Company's rights under a Restricted Stock
           Grant Agreement and this Plan are adequately protected with respect
           to the Restricted Stock so Transferred. Such documents may include,
           without limitation, an agreement by the transferee to be bound by all
           of the terms of this Plan, and of the applicable Restricted Stock
           Grant Agreement, as if the transferee were the original Holder of
           such Restricted Stock.

               (iv)  Escrow. To facilitate the enforcement of the restrictions
           on Transfer set forth in this Plan, the Committee may, at its
           discretion, require the

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           Holder of shares of Restricted Stock to deliver the certificate(s)
           for such shares with a stock power executed in blank by Holder and
           Holder's spouse (if required for transfer), to the Secretary of the
           Company or his or her designee, to hold said certificate(s) and stock
           power(s) in escrow and to take all such actions and to effectuate all
           such Transfers and/or releases as are in accordance with the terms of
           this Plan. The certificates may be held in escrow so long as the
           shares of Restricted Stock whose ownership they evidence is subject
           to forfeiture under this Plan or under a Restricted Stock Grant
           Agreement. Each Holder acknowledges that the Secretary of the Company
           (or his or her designee) is so appointed as the escrow holder with
           the foregoing authorities as a material inducement to the issuance of
           shares of Restricted Stock under this Plan, that the appointment is
           coupled with an interest, and that it accordingly will be
           irrevocable. The escrow holder will not be liable to any party to a
           Restricted Stock Grant Agreement (or to any other party) for any
           actions or omissions unless the escrow holder is grossly negligent
           relative thereto. The escrow holder may rely upon any letter, notice
           or other document executed by any signature purported to be genuine.

           (d) Additional Restrictions on Transfer. By accepting Restricted
     Stock under this Plan, the Holder will be deemed to represent, warrant and
     agree as follows:

               (i)   Securities Act of 1933. The Holder understands that the
           shares of Restricted Stock have not been registered under the 1933
           Act, and that such shares are not freely tradable and must be held
           indefinitely unless such shares are either registered under the 1933
           Act or an exemption from such registration is available.

               (ii)  Other Applicable Laws. The Holder further understands that
           each Transfer of the Restricted Stock requires full compliance with
           the provisions of applicable laws.

               (iii) Investment Intent. Unless a registration statement under
           the 1933 Act is in effect with respect to the sale and issuance of
           the Restricted Stock to the Holder: (1) the Holder is purchasing the
           Restricted Stock for his or her own account and not with a view to
           distribution within the meaning of the 1933 Act, other than as may be
           effected in compliance with the 1933 Act and the rules and
           regulations promulgated thereunder; (2) no one else will have any
           beneficial interest in the Restricted Stock; and (3) Holder has no
           present intention of disposing of the Restricted Stock at any
           particular time.

           (e) Compliance with Law. Notwithstanding any other provision of this
     Plan, Restricted Stock may be issued pursuant to this Plan only after there
     has been compliance with all applicable federal and state securities laws,
     and such issuance will be subject to this overriding condition. The Company
     will not be required to register or qualify Restricted Stock with the
     Securities and Exchange Commission or any State agency, except that the
     Company will register with, or as required by local law, file for and
     secure an exemption from such registration requirements from, the
     applicable securities

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     administrator and other officials of each jurisdiction in which an Eligible
     Participant would be issued Restricted Stock hereunder prior to such
     issuance.

           (f) Stock Certificates. Certificates representing the Restricted
     Stock issued pursuant to this Plan will bear all legends required by law
     and necessary to effectuate this Plan's provisions. The Company may place a
     "stop transfer" order against shares of the Restricted Stock until all
     restrictions and conditions set forth in this Plan and in the legends
     referred to in this Section 6(f) have been complied with.

           (g) Market Standoff. To the extent requested by the Company and any
     underwriter of securities of the Company in connection with a firm
     commitment underwriting, no Holder of any shares of Restricted Stock will
     sell or otherwise transfer any such shares not included in such
     underwriting, or not previously registered pursuant to a registration
     statement filed under the 1933 Act, during the one hundred twenty (120) day
     period following the effective date of the registration statement filed
     with the Securities and Exchange Commission in connection with such
     offering.

           (h) Notices. Any notice to be given to the Company under the terms of
     a Restricted Stock Grant Agreement will be addressed to the Company at its
     principal executive office, Attn: Corporate Secretary, or at such other
     address as the Company may designate in writing. Any notice to be given to
     a Holder will be addressed to the Holder at the address provided to the
     Company by the Holder. Any such notice will be deemed to have been duly
     given if and when enclosed in a properly sealed envelope, addressed as
     aforesaid, registered and deposited, postage and registry fee prepaid, in a
     post office or branch post office regularly maintained by the United States
     Postal Service.

           (i) Other Provisions. The Restricted Stock Grant Agreement may
     contain such other terms, provisions and conditions, including such special
     forfeiture conditions, rights of repurchase, rights of first refusal and
     other restrictions on Transfer of Restricted Stock issued hereunder, not
     inconsistent with this Plan, as may be determined by the Committee in its
     sole discretion.

7.   PERIOD IN WHICH GRANTS CAN BE MADE.

           Restricted Stock may be granted under this Plan at any time on or
     before March 16, 2010.

8.   AMENDMENT AND DISCONTINUANCE.

           The Board may amend, suspend or discontinue this Plan at any time or
     from time to time; provided that (a) no such action of the Board shall
     alter or impair any rights previously granted to Holders under the Plan
     without the consent of such affected Holders (or their successors or
     assignees), and (b) the Plan may not be amended without approval of the
     Company's stockholders if the amendment would materially increase the
     benefits accruing to participants under the Plan, increase the number of
     shares of Restricted Stock that may be issued under the Plan, or materially
     modify the requirements as to eligibility for participation in the Plan.

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9.   PLAN COMPLIANCE WITH RULE 16b-3.

           With respect to persons subject to the liability and reporting
     requirements of Section 16 of the 1934 Act, transactions under this Plan
     are intended to comply with all applicable conditions of Rule 16b-3 or its
     successors under the 1934 Act.

10.  COPIES OF PLAN.

           A copy of this Plan will be delivered to each Holder at or before the
     time he or she executes a Restricted Stock Grant Agreement.<PAGE>

                               Bank One, Michigan
                               3245 Elizabeth Lake Road      Phone: 248-738-6125
                               Waterford, Michigan 48328     Fax: 248-738-6117

                               SHARON FAUGHT
                               VICE PRESIDENT

[BANK ONE LOGO]

                                        734-975-9115

May 31, 2002

Art Smith
Power Efficiency Corporation
4220 Varsity Dr.
Suite E
Ann Arbor, Mi. 48108

Re: 7153428944-Expired Credit Facility

Dear Mr. Smith;

Pursuant to your request, please be advised that Bank One will forbear from
taking any collection activity concerning the above referenced expired loan
until June 17, 2002.

By this letter, the Bank is not waiving any of the existing defaults. Upon the
occurrence of a further default, or an action that threatens the Bank's
collateral, the Bank reserves the right, in its sole discretion to immediately
demand payment of all amounts owed and take those actions it deems appropriate
to protect its interests. Nothing in our discussions or anything contained in
this letter shall be deemed to constitute a waiver of or shall waive, any of the
defaults existing as of the dates hereof, or any of the Bank's remedies provided
in its agreements with the Borrower.

Sincerely,

/s/ Sharon A. Faught
--------------------
Sharon A. Faught
Vice President

SAF

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