Document:

exv10w1

 

Exhibit 10.1

AMENDMENT TO PURCHASE AGREEMENT

     This Amendment to Purchase Agreement, dated as of July 31, 2007, is by and among American
Skiing Company, a Delaware corporation (“ASC”), S-K-I Ltd., a Delaware corporation (“SKI”), Sunday
River Skiway Corporation, a Maine corporation (“SRSC”), Sugarloaf Mountain Corporation, a Maine
corporation (“SMC”), and Boyne USA, Inc., a Michigan corporation (“Buyer”).

WITNESSETH:

     WHEREAS, the parties are the parties to the Purchase Agreement, dated June 4, 2007 (the
“Agreement”); and

     WHEREAS, the parties wish to provide for the deferral of the Closing Date (as defined in the
Agreement) and for certain related additions to the Purchase Price payable to the Sellers and the
acknowledgment of certain matters;

     NOW, THEREFORE, in consideration of the mutual promises of the parties contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

     1. The reference in Section 12.1(c) of the Agreement to “July 31, 2007” is hereby deleted and
replaced with “August 10, 2007,” although it is the parties’ objective that the Closing occur on or
prior to August 3, 2007.

     2. Sections 2.1 and 2.2 of the Agreement are hereby amended to read in their entirety as
follows:

     2.1 Sale and Purchase of Stock.

 

 

     (a) At the Closing, upon the terms and subject to the conditions of this
Agreement, ASC and SKI shall sell to the Buyer, and the Buyer shall purchase from ASC and SKI, the Stock. The aggregate purchase price for the Stock shall be
(i) $76,500,000 (the “Initial Purchase Price”), plus (ii) the Adjustment Amount (the
“Purchase Price”). In addition, at the Closing, Buyer shall reimburse Seller (a)
the amount actually expended prior to the Closing Date by ASC or its Affiliates with
respect to the items described on the 2007-08 Capital Expenditure Plan for the
Resorts pursuant to Section 3.7(b) of the Seller Disclosure Letter, plus (b)
any amounts paid by ASC or its Affiliates subsequent to the Base Balance Sheet Date
and prior to the Closing Date as prepayments under the equipment leases for the
snow-grooming equipment located at the Resorts and listed on Section 2.1 of
the Seller Disclosure Letter.

     (b) The “Adjustment Amount” shall mean the sum of (i) (A) $37,000
multiplied by (B) the number of days from and including July 31, 2007 through and
including the day preceding the Closing Date, plus (ii) the product of 12%
multiplied by the Initial Purchase Price, divided by 360, multiplied by the number
of days from and including July 31, 2007 through and including the day preceding the
Closing Date.

     2.2 Payment at the Closing. At the Closing, the Buyer shall (subject to
Section 10.6 hereof) pay the Purchase Price and the reimbursement contemplated by Section
2.1 hereof by wire transfer of immediately available funds to ASC.

     3. The Buyer agrees and acknowledges that, as of the date hereof, no fact, circumstance, event
or condition known to the Buyer, and no inaccuracy in any of Sellers’ representations and
warranties contained in the Agreement known to Buyer, constitutes a Material Adverse Effect as to
either Resort for purposes of Sections 7.1 and 7.2 of the Agreement and that, subject to the
foregoing, to Buyer’s knowledge, there is no breach by Sellers of any of the terms of the
Agreement; provided, however, that nothing contained herein shall be deemed a waiver of any rights
Buyer may have pre-closing or post-closing under such Sections with respect to (a) the Lease
described in item 2 of Section 9.5(k) of the Sellers’ Disclosure Schedule, (b) the Lien placed on
assets of SRSC, in connection with the litigation between SRSC and the Summit Condominium Owners’
Association, or (c) damage to certain SRSC assets from a storm on July 11, 2007, or an
acknowledgment by Sellers that Buyer may have any such rights; provided, further, that noting
contained herein shall be deemed to modify any party’s rights or obligations under the Agreement
following the Closing.

2

 

     4. Except as expressly amended hereby, the Agreement shall remain in full force and effect in
accordance with its terms.

	 	 	 	 	 
	 	AMERICAN SKIING COMPANY

 	 
	 	By:  	/s/  Foster A. Stewart, Jr.
 	 
	 	 	Name:  	Foster A. Stewart, Jr. 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	S-K-I LTD.

 	 
	 	By:  	/s/  Foster A. Stewart, Jr.
 	 
	 	 	Name:  	Foster A. Stewart, Jr. 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	SUNDAY RIVER SKIWAY CORPORATION

 	 
	 	By:  	/s/  Foster A. Stewart, Jr.
 	 
	 	 	Name:  	Foster A. Stewart, Jr. 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	SUGARLOAF MOUNTAIN CORPORATION

 	 
	 	By:  	/s/  Foster A. Stewart, Jr.
 	 
	 	 	Name:  	Foster A. Stewart, Jr. 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	BOYNE USA, INC.

 	 
	 	By:  	/s/  Roland Andreasson
 	 
	 	 	Name:  	Roland Andreasson 	 
	 	 	Title:  	CFO 	 
	 

3exv10w2

 

Exhibit 10.2

SECOND AMENDMENT TO PURCHASE AGREEMENT

     This Second Amendment to Purchase Agreement, dated as of August 3, 2007, is by and among
American Skiing Company (“ASC”), a Delaware corporation, S-K-I Ltd. (“SKI”), a Delaware
corporation, Sunday River Skiway Corporation (“SRSC”), a Maine corporation, Sugarloaf Mountain
Corporation (“SMC”), a Maine corporation, and Boyne USA, Inc. (“Buyer”), a Michigan corporation.

WITNESSETH:

     WHEREAS, the parties hereto are the parties to the Purchase Agreement, dated as of June 4,
2007, as amended by an Amendment to Purchase Agreement, dated as of July 31, 2007 (collectively,
the “Agreement”); and

     WHEREAS, the parties hereto wish to amend the Agreement to address certain events and
conditions at the Resort operated by SRSC and to make certain adjustments to the Purchase Price;

     NOW, THEREFORE, in consideration of the mutual promises of the parties contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

     1. Section 2.1(a) of the Agreement is hereby amended to delete therefrom “$76,500,000” and to
insert in place thereof “$75,890,000”.

     2. Section 2.1(b) of the Agreement is hereby amended to read in its entirety as follows: “(b)
The “Adjustment Amount” shall mean (i) $37,000 multiplied by (ii) the number of days from
and including July 31, 2007 through and including the day preceding the Closing Date.”

 

 

     3. The Buyer, ASC and SRSC agree and acknowledge that, in light of the provisions of Sections
1 and 2 hereof, (a) solely for the purposes of determining the satisfaction of the conditions set
out in Sections 7.1 and 7.2 of the Agreement, the Buyer shall disregard the damage to certain SRSC
assets from a storm on July 11, 2007 and the costs and other consequences thereof (collectively,
the “Storm”), (b) the Buyer shall have no right to indemnification under Article X of the Agreement
(or credit towards the $1 million amount contained in Section 10.2 of the Agreement) with respect
to or arising out of the Storm, and (c)(i) the Buyer and its affiliates shall be solely entitled to
any insurance proceeds that may be payable to ASC, SRSC or any of their affiliates (the “ASC
Recipients”) with respect to the Storm, (ii) the ASC Recipients hereby assign and convey to Buyer
all rights to receive any such insurance proceeds and agree to take such actions and execute such
documents and agreements as Buyer may reasonably request to address Buyer’s right to receive such
insurance proceeds and (iii) the Buyer and its affiliates shall be solely responsible for
addressing any deductibles or other matters relating to such insurance.

     4. Except as expressly amended hereby, the Agreement shall remain in full force and effect in
accordance with its terms. If the Closing (as defined in the Agreement) does not occur on or prior
to August 7, 2007, this Second Amendment to Purchase Agreement shall be void and of no force or
effect.

	 	 	 	 	 
	 	AMERICAN SKIING COMPANY

 	 
	 	By:  	/s/  Foster A. Stewart, Jr.
 	 
	 	 	Name:  	Foster A. Stewart, Jr. 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	S-K-I LTD.

 	 
	 	By:  	/s/  Foster A. Stewart, Jr.
 	 
	 	 	Name:  	Foster A. Stewart, Jr. 	 
	 	 	Title:  	Senior Vice President 	 

2

 

	 	 	 	 	 

	 	 	 	 	 
	 	SUNDAY RIVER SKIWAY CORPORATION

 	 
	 	By:  	/s/  Foster A. Stewart, Jr.
 	 
	 	 	Name:  	Foster A. Stewart, Jr. 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	SUGARLOAF MOUNTAIN CORPORATION

 	 
	 	By:  	/s/  Foster A. Stewart, Jr.
 	 
	 	 	Name:  	Foster A. Stewart, Jr. 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	BOYNE USA, INC.

 	 
	 	By:  	/s/ Stephen Kircher
 	 
	 	 	Name:  	Stephen Kircher 	 
	 	 	Title:  	President – Boyne Eastern Operations 	 
	 

3Exhibit 10.1 

SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN 

        THIS
AGREEMENT, dated as of this 19th day of July, 2007, by and between Somerset Hills Bank, a
banking corporation organized and existing under the laws of the State of New Jersey, the
Service Recipient, hereinafter called the “Plan Sponsor”, and Stewart McClure, Jr., the
Service Provider, hereinafter called the Participant. 

WITNESSETH 

        WHEREAS,
the Participant has now and for years past faithfully served the Plan Sponsor. It is the
consensus of the Board of Directors that the Participant’s services have been of
exceptional merit and have constituted an invaluable contribution to the general welfare
of the Plan Sponsor bringing it to its present status of operating efficiency, and its
present position in its field of activity; and, 

        WHEREAS,
the experience of the Participant, his knowledge of the affairs of the Plan Sponsor, his
reputation and contacts in the industry are so valuable that assurance of his continued
services is essential for the future growth and profits of the Plan Sponsor and it is in
the best interests of the Plan Sponsor to arrange terms of continued employment for the
Participant so as to reasonably assure his remaining in the Plan Sponsor’s employment
during his lifetime or until the age of retirement; and, 

        WHEREAS, 
it is the desire of the Plan Sponsor and the Participant to enter into this Agreement
under which the Plan Sponsor will agree to make certain payments to Participant upon his
Disability, retirement, termination, or in the event of his premature death while
employed by the Plan Sponsor; and, 

        WHEREAS,
the Plan Sponsor intends that the Plan shall at all times be administered and interpreted
in such a manner as to constitute an unfunded nonqualified deferred compensation plan for
tax purposes and for purposes of Title I of ERISA. This Plan is not intended to qualify
for favorable tax treatment pursuant to IRC Section 401(a) of the Code or any successor
section or statute. This Plan is intended to comply with IRC Section 409A as created
under The American Jobs Creation Act of 2004 (the “Jobs Act of 2004”). It is both
anticipated and expected that the terms and provisions of this Plan may need to be
amended in the future to assure continued compliance. The Plan Sponsor and the
Participant acknowledge that fact and agree to take any and all steps necessary to
operate the plan in “good faith” based on their current understanding of the regulations;  

        NOW
THEREFORE,  in consideration of services performed in the past and to be performed in the
future as well as of the mutual promises and covenants herein contained, it is agreed as
follows: 

ARTICLE ONE

                                                    Definitions 

        DEFINITION
OF TERMS. Certain words and phrases are defined when first used in later Sections of this
plan. Whenever any words are used herein in the 

masculine, they shall be construed
as though they were in the feminine in all cases where they would so apply; and whenever
any words are used herein in the singular or in the plural, they shall be construed as
though they were used in the plural or the singular, as the case may be, in all cases
where they would so apply. In addition, the following words and phrases when used herein,
unless the context clearly requires otherwise, shall have the following respective
meanings: 

        1.01
Affiliate. Any corporation, partnership, joint venture, association, or similar
organization or entity, which is a member of a controlled group of companies which
includes, or which is under common control with, the Plan Sponsor under Section 414 of
the Code. 

        1.02
Beneficiary. The Beneficiary designated by the Participant under Section 5, or, if
the Participant has not designated a Beneficiary under Section 5, the person or persons
entitled to receive distributions of benefits under Section 3. 

        1.03
“Cause” shall mean a “termination for just cause”, as such term is defined in Section
7.1 of the Employment Agreement. 

        1.04
“Change of Control” shall be deemed to occur when any one person, or more than one
person acting as a group as determined under Internal Revenue Code regulation section
1.409A-3(i)(v)(5)(B) (i) acquires ownership of stock of the Parent that constitutes more
than 50 percent of the total fair market value or total voting power of the Parent, (ii)
the date said person or group acquires ownership of stock of the Parent possessing 30
percent or more of the total voting power of the stock of the Parent; (iii) the date a
majority of members of the Parent’s Board of Directors is replaced during any twelve (12)
-month period by directors whose appointment or election is not endorsed by a majority of
the members of the Parent’s board of directors before the date of the appointment or
election; (iv) upon the change in the ownership of a substantial portion of the Parent,
which, for this purpose, shall be deemed to occur on the date that any one person, or
more than one person acting as a group, acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition by such person or persons)
assets from the corporation that have a total gross fair market value equal to or more
than 40 percent of the total gross fair market value of all of the assets of the Parent
immediately before such acquisition or acquisitions or (v) the Parent engages in any
merger, consolidation or similar transaction as a result of which the holders of a
majority of the voting power of the outstanding stock of the Parent do not continue to
hold a majority of the voting power of the outstanding stock of the resulting entity from
the transaction. 

        1.05
“Code” The term “Code” as used in this instrument shall refer to the Internal Revenue
Code of 1986, as amended from time to time and the term “Section” as used herein shall be
deemed to refer to a particular section of the Code. If, at the time in question, a
particular provision of the Code has been renumbered, or the Code has been superseded by
subsequent federal tax law, the reference shall be deemed to be the renumbered provisions
or the corresponding provision of the subsequent law unless to do so would clearly be
contrary to the expressed intention in this instrument. 

        1.06
“Disability” shall mean if the Participant is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or

mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not
less than 12 months, or the Participant receiving income replacement benefits for a
period of not less than three months under an accident and health plan covering employees
of the Plan Sponsor. A Participant will also be deemed disabled if determined to be
totally disabled by the Social Security Administration or in accordance with a disability
insurance program, provided that the definition of Disability applied under such
disability insurance program complies with the requirements of Treasury regulation
1.409A-3(g)(4). 

        1.07
    “Effective Date” shall mean July 19th, 2007. 

        1.08
    “Employment Agreement” means that certain Employment Agreement by and between the
Plan Sponsor and the Participant dated as of March 8, 2001, as subsequently amended. 

        1.09
“Plan Administrator” shall be the Board of Directors or their designee. A Participant
in the Plan should not serve as a singular Plan Administrator. If a Participant is part
of a group of participants designated as a committee or Plan Administrator, then the
Participant may not participate in any activity or decision relating solely to his or her
individual benefits under the Plan; matters solely affecting the applicable Participant
will be resolved by the remaining Plan Administrator members or by the Board. 

        1.10
“Plan Year” means a twelve 12 month period, commencing on January 1st and ending on
December 31st of each year. The initial Plan Year shall commence on the effective date of
this Agreement and end December 31, 2007. 

        1.11
“Retirement Date” shall mean the date the Participant attains sixty-five 65 years of
age and terminates employment with the Plan Sponsor. The Board of Directors and the
Participant may, by mutual written consent and in compliance with Section 409A of the
Code, elect to postpone the Retirement Age. 

        1.12
“Spouse” shall mean the person to whom the Participant is legally married as of the
date of any event that triggers benefit payments under this Agreement. 

        1.13 “Specified Employee” shall mean a key employee (as defined by
Internal Revenue Code Section 416(i) without regard to paragraph (5) thereof),
and as further defined in Treasury regulation 1.409A-(1)(i),) of a Plan Sponsor
the stock of which is publicly traded on an established securities market or
otherwise within the meaning of Section 409A(2)(B)(i). Notwithstanding other
provisions of this Plan to the contrary, distributions by the Plan Sponsor to
Specified Employees (if any) may not be made before the date which is six (6)
months after the date of Separation from Service (or, if earlier, the date of
death of the specified employee) within the meaning of Treasury regulation
1.409A-(3)(g)(2). If payments to a Specified Employee are to be made in
installments each installment payment to which a Specified Employee is entitled
upon a Separation from Service will be delayed by six (6) months. A Participant
meeting the definition of Specified Employee on December 31 or during a 12 month
period ending December 31 will be treated as a Specified Employee for the 12
month period commencing the following April 1.

        1.14
“Termination of Employment” means the Participant’s ceasing to be actively employed
by the Plan Sponsor for any reason, voluntary or involuntary, other than by reason of an
approved leave of absence. Whether a termination of employment has occurred is determined
based on whether the facts and circumstances indicate that the Plan Sponsor and the
Participant reasonably anticipated that no further services would be performed after a
certain date or that the level of bona fide services the Participant would perform after
such date (whether as an employee or as an independent contractor) would permanently
decrease to no more than twenty percent (20%) of the average level of bona fide services
performed (whether as an employee or an independent contractor) over the immediately
preceding thirty-six (36) month period (or the full period of services to the Plan
Sponsor if the Participant has been providing services to the Plan Sponsor less than
thirty-six (36) months). 

        1.15
“Year of Plan Participation” shall mean, each twelve (12) month period during which
the Participant is employed on a full-time basis by the Plan Sponsor, with a minimum of
1,000 hours of service, inclusive of any approved leaves of absence, beginning on the
Participant’s date of entry into this Plan. 

        1.16
“Year of Service” shall mean each twelve (12) month period during which the
Participant is employed on a full-time basis by the Plan Sponsor, with a minimum of 1,000
hours of service, inclusive of any approved leaves of absence, beginning on the
Participant’s date of hire. 

        1.17
“Parent” shall mean Somerset Hills Bancorp or any entity becoming its successor
through any transaction which does not constitute a Change of Control. 

ARTICLE TWO

                                                    Employment 

        2.01
Employment. The terms of the Participant’s employment with the Plan Sponsor will
continue to be governed by the Employment Agreement. The supplemental retirement benefits
provided by this Agreement are granted by the Plan Sponsor as a fringe benefit and are
not part of any salary reduction plan or an arrangement deferring a bonus or a salary
increase. The Participant has no option to take any current payment or bonus in lieu of
these salary continuation benefits. 

ARTICLE THREE

   Benefits 

        3.01
Retirement Benefit. If the Participant shall continue in the employment of the Plan
Sponsor until he attains his Retirement Date, the Plan Sponsor agrees that upon such
retirement it will pay to the Participant a retirement benefit of Forty-Eight Thousand
dollars ($48,000.00) per year for Fifteen (15) years. Retirement benefits will be paid in
One-Hundred Eighty (180) equal monthly installments of Four-Thousand dollars ($4,000.00)
each and shall commence on or about the first day of the second month following the
Participant’s Retirement Date subject to the conditions and limitations hereinafter set
forth. 

        3.02
Election by the Participant to Defer Time or Form of Distribution. The Participant and
the Plan Sponsor agree that the Participant may alter the time or 

form of distribution of benefits to
be distributed under the Agreement, provided that (1) the election to alter does not take
effect until at least Twelve (12) months after the date of the election, (2) in the case
of an election related to a distribution for a specified time (Retirement Date), the
first payment payable under the election to alter must be deferred for a period of at
least Five (5) years from the date it would otherwise have been payable, and (3) any
election to alter receipt of a distribution at a specified time must be made at least
Twelve (12) months prior to the date the first scheduled payment would otherwise have
been due.  

        3.03
Death Prior to Retirement. In the event the Participant should die while actively
employed by the Plan Sponsor at any time after the date of this Agreement but prior to
his Retirement Date, the Plan Sponsor will pay the sum of Forty-Eight Thousand dollars
($48,000.00) per year for Fifteen (15) years. Survivor benefits will be paid in
One-Hundred Eighty (180) equal monthly installments of Four-Thousand dollars ($4,000.00)
each and shall commence on or about the first day of the third month following the
Participant’s date of death. Payments shall be made to such individual or individuals as
the Participant may have designated in writing, filed with and been approved by the Plan
Sponsor. In the absence of any effective designation of beneficiary and such amount
becoming due and payable upon the death of the Participant shall be payable to his duly
qualified executor or administrator. 

        3.04
Death After Retirement Date. The Plan Sponsor agrees that if the Participant shall
retire under Section 3.01 above, but shall die before receiving One-Hundred Eighty (180)
monthly installments as provided for, it will continue to make such equal monthly
installments to such individual or individuals as the Participant may have designated in
writing, filed with and been approved by the Plan Sponsor for the balance of the 180
month period. In the absence of any effective designation of beneficiary any such amounts
becoming due and payable upon the death of the Participant shall be payable to his duly
qualified executor or administrator. 

        3.05
Voluntary Termination Prior to Plan Retirement Date. If the Participant voluntarily
terminates his employment at any time prior to his Plan Retirement Date, then the
Participant shall not be entitled to any benefits under the terms of this Agreement. 

        3.06
Termination for Cause Prior To Plan Retirement Date. If the Plan Sponsor terminates
the Participant’s employment for “Cause”, then the Participant shall not be entitled to
any benefits under the terms of this Agreement. 

        3.07
Termination Without Cause Prior to Plan Retirement Date. The Plan Sponsor reserves
the right to terminate the employment of the Participant at any time prior to retirement
without cause. In the event that the employment of the Participant shall be terminated by
the Plan Sponsor without cause, but including Disability, then this Agreement shall
terminate upon the date of such termination of employment and the Plan Sponsor shall pay
to the Participant as severance compensation his or her Vested Retirement Benefit. The
Vested Retirement Benefit is the Retirement Benefit defined in Article 3.01 multiplied by
the Vested Percentage in the following table: 

	Completed Years of Participation
      

    	Vested Percentage
      

    
	Less than 1	20.00
	1 but less than 2	40.00
	2 but less than 3	60.00
	3 but less than 4	80.00
	4 or more	100.00

This Vested Retirement Benefit shall
be paid to the Participant in One-Hundred Eighty (180) equal monthly installments and
shall commence on or about the first day of the third month following the Participant’s
date of termination. If the termination is due to Disability, the Participant shall in
all cases be 100% vested. In the event that a terminated Participant dies prior to
receipt of all payments due and payable under this Article, then remaining payments shall
be made to such individual or individuals as the Participant may have designated in
writing, filed with and been approved by the Plan Sponsor. In the absence of any
effective designation of beneficiary and such amount becoming due and payable upon the
death of the Participant shall be payable to his duly qualified executor or administrator. 

        3.08
Benefits When An Participant’s Services Are Terminated Following A Change In Control. If
the termination of a Participant’s service occurs within forty-two (42) months following
a Change In Control, then (i) the Participant will be 100% vested in all benefits
hereunder, with payment commencing as of the Retirement Date and (ii) the Plan Sponsor or
its successor in interest shall purchase a single premium annuity for the benefit of
Participant in such an amount as will provide for payment of the benefits Participant is
entitled to under Sections 3.01, 3.03 or 3.04 hereof. 

ARTICLE FOUR 

  General
Limitations 

        4.01
Suicide or Misstatement. No benefits shall be payable if the Participant commits
suicide within two (2) years after the date of this Agreement, or if the Participant has
made any material misstatement of fact on any application for life insurance purchased by
the Plan Sponsor. 

        4.02
Noncompete. The Participant agrees that, as a condition for his entitlement to
payments by the Plan Sponsor under this Agreement, the Participant will comply with the
provisions of Article II of the Employment Agreement. If at any time, the Participant
violates the provisions of Article II of the employment Agreement, the Plan Sponsor’s
obligation to make any future payments to the Participant or the Participant’s
Beneficiary pursuant to this Agreement shall terminate immediately upon the occurrence of
such violation. 

        4.03
Acceleration of Payments. Acceleration of payments is permitted only upon certain
limited events. Except as provided for below the Plan may not permit the acceleration of
the time or schedule of any payment under the Plan. A prohibited acceleration is not
deemed to occur if the Participant waives or accelerates the satisfaction of a condition
constituting a substantial risk of forfeiture applicable to such a deferral of
Compensation, provided that the requirements of Section 409A of the Code are otherwise
satisfied with respect to such deferral of Compensation. Otherwise, the permitted
acceleration event must be due to certain specific causes including the following: 

	  	        (a)
Domestic Relations Order. The Plan may permit direct          payment of a
Participant’s Benefits to an individual other than a          Participant as necessary to
fulfill a domestic relations order, as          defined in Section 414(p)(1)(B) of the
Code. 

	  	        (b)
Conflicts of Interest. The Plan may permit such          acceleration of
the time or schedule of payment under the Plan as may          be necessary to comply
with a certificate of divesture. 

	  	        (c)
De Minimis and Specified Amounts. The Plan may permit the
         acceleration of the time or schedule of payment to a Participant,
         provided that (i) the payment accompanies the termination of the
         entirety of the Participant’s interest in the Plan; (ii) the payment is
         made on or before the later of (A) December 31 of the Calendar Year in
         which occurs the Participant’s Separation from Service from the Plan
         Sponsor or (B) the date is 2 1/2 months after the Participant’s
         Separation from Service from the Plan Sponsor; and (iii) the payment is
         not greater than $10,000. 

        4.04
Excise Tax: If all or any portion of the amounts payable to the Participant under the
terms of this Plan, either alone or together with other payments which the Participant
has the right to receive from the Plan Sponsor or any of its Affiliates, constitute
“excess parachute payments” within the meaning of Section 280G of the Internal Revenue
Code 1986, as amended (the “Code”), that are subject to the excise tax imposed by Section
4999 of the code (or any successor sections), the Plan Sponsor or success entity shall
increase the amounts payable hereunder to the extent necessary to place the Participant
in the same after-tax position as he would have been in had no such excise tax been
imposed on the payments hereunder. The determination of the amount of any such excise
taxes shall initially be made by the independent account firm employed by the Plan
Sponsor immediately prior to the Change in Control. 

        If
at a later date it is determined (pursuant to final regulations or published rulings of
the Internal Revenue Service, assessment by the Internal Revenue Service or otherwise)
that the amount of excise taxes payable by the Participant is greater than the amount
initially so determined, then the Plan Sponsor or successor entity shall pay the
Participant an amount equal to the sum of (i) such additional excise taxes, plus (ii) any
interest, fines and penalties with respect to such additional excise taxes, plus (iii)
the amount necessary to reimburse the Participant for any income, excise or other taxes
payable by the Participant with respect to the amounts specified in (i) and (ii) above
and the reimbursement provided in this clause (iii). 

ARTICLE FIVE
                                      

  Termination, Amendment or Modification 

        5.01
Termination. Although the Plan Sponsor anticipates that it will continue the Plan for
an indefinite period of time, there is no guarantee that the Plan Sponsor will continue
the Plan or will not terminate the Plan at any time in the future. Accordingly, the Plan
Sponsor reserves the right to discontinue its sponsorship of the Plan and/or to terminate
the Plan at any time with respect to any or all of its Eligible Employees, by action of
its Board or other similar governing body subject to following restrictions imposed by
IRC Section 409A. 

        (a)
Distributions will be permitted if the Plan is terminated within 12 months of a corporate
dissolution taxed under IRC Section 331, or with the approval of a bankruptcy court
pursuant to 11 U.S.C. Section 503(b)(1)(A), provided that the amounts deferred under the
Plan are included in the Participant’s gross income in the latest of: 

	  	
(1)
The Calendar Year in which the Plan termination occurs;
	 	                   (2) The
Calendar Year in which the amount is no longer subject                   to a substantial
risk of forfeiture; or                   
	 	(3) The first Calendar Year in which the payment
is administratively practicable. 

        (b)
Distributions will be permitted if the Plan Sponsor has discretion under the Plan to
terminate the Plan within 30 days preceding or the 12 months following a Change in
Control event (as defined in IRC Section 1.409A-2(g)(4)(i)), then the plan will be
treated as terminated only if all substantially similar arrangements sponsored by the
Plan Sponsor are terminated so that all participants in all similar arrangements are
required to receive all amounts of compensation deferred under the terminated
arrangements within twelve (12) months of the date of termination of the arrangements. 

        (c)
     The Plan Sponsor may also terminate the Plan and make
                  distributions provided that:  

          (1)
All plans sponsored by the                   Plan Sponsor would be aggregated with any
terminated arrangements      if the same Participant participated in all of the
                  arrangements terminated;  

          (2)
No payments other than payments                   that would be payable under the terms
of the Plan if the termination       had not occurred are made within twelve (12) months
of the                   plan termination;  

          (3)
All payments are made within twenty-four                   (24) months of the Plan
termination; and  

          (4)
The Plan Sponsor                   does not adopt a new plan that would be aggregated
with any                   terminated plan if the same Participant participated in both
arrangements, at any time within five years following the date of termination of the Plan. 

        5.02
Amendment. The Plan Sponsor may, at any time, amend or modify this Plan in whole or
in part by the action of its Plan Administrator; provided, however, that, except to the
extent necessary to bring the Plan into compliance with Section 409A(a)(2),(3), or (4),
no amendment or modification shall be effective to decrease the value or vested
percentage of a Participant’s benefit. The amendment or modification of this Plan shall
not affect any Participant or Beneficiary who has become entitled to the payment of
benefits under this Plan as of the date of the amendment or modification. 

ARTICLE SIX 

  Beneficiary
Designations 

        6.01
Beneficiary Designations. The Participant shall designate a beneficiary by filing a
written designation with the Plan Sponsor. The Participant may revoke or modify the
designation at any time by filing a new designation. However, designations will only be
effective if signed by the Participant and accepted by the Plan Sponsor during the
Participant’s lifetime. The Participant’s beneficiary designation shall be deemed
automatically revoked if the beneficiary predeceases the Participant, or if the
Participant names a spouse as beneficiary and the marriage is subsequently dissolved. If
the Participant dies without a valid beneficiary designation, all payments shall be made
to the Participant’s duly qualified executor or administrator. 

        6.02
Facility Payment. If a benefit is payable to a minor, to a person declared
incompetent, or to a person incapable of handling the disposition of his property, the
Plan Sponsor may pay such benefit to the guardian, legal representative or person having
the care or custody of such minor, incompetent person or incapable person. The Plan
Sponsor may require proof of incompetence, minority or guardianship as it may deem
appropriate prior to distribution of the benefit. Such distribution shall completely
discharge the Plan Sponsor from all liability with respect to such benefit. 

ARTICLE SEVEN 

  Funding 

        7.01
Funding. Except as otherwise provided under Section 3.08 hereof, the Plan Sponsor
reserves the absolute right at its sole and exclusive discretion either to fund the
obligations of the Plan Sponsor undertaken by this Agreement or to refrain from funding
the same, and to determine the extent, nature, and method of such funding. Should the
Plan Sponsor select to fund this Agreement, in whole or in part, through the medium of
life insurance or annuities, or both, the Plan Sponsor shall be the owner and beneficiary
of the policy. The Plan Sponsor reserves the absolute right, in its sole discretion, to
terminate such life insurance or annuities, as well as any other funding program, at any
time, either in whole or in part. At no time shall the Participant be deemed to have any
right, title, or interest in or to any specified asset or assets of the Plan Sponsor,
including, but not by way of restriction, any insurance or annuity contract or contracts
or the proceeds therefrom. Any such policy shall not in any way be considered to be
security of the performance of the obligations of this Agreement. It shall be, and
remain, a general, unpledged, unrestricted asset of the Plan Sponsor. If the Plan Sponsor
purchases a life insurance or annuity policy on the life of the Participant or the
Participant’s spouse, he agrees to sign any papers that may be required for that purpose
and to undergo any medical examination or tests which may be necessary. 

        7.02 This
Section shall not be construed as giving the Participant or his beneficiary any greater
rights than those of any other unsecured Creditor of the Plan Sponsor. 

ARTICLE EIGHT
                                           

  Claims and Review Procedures 

	 	         8.01  	  	 Claims
Procedure:  

	  	        (a)
Claim. A person who believes that he or she is being denied          a
benefit to which he or she is entitled under the Plan (hereinafter          referred to
as a “Claimant”) may file a written request for such          benefit with the Plan
Administrator, setting forth his or her claim.          The request must be addressed to
the Plan Administrator at the Plan          Sponsor’s then principal place of business.
The claims procedure of          this Article 10.1 shall be applied in accordance with
Section 503 of          ERISA and Department of Labor Regulation Section 2560.503-1. 

	  	        (b)
Claim Decision. Upon receipt of a claim, the Plan          Administrator
shall advise the Claimant that a reply will be          forthcoming within 90 days after
the receipt of the benefits claim by          the Plan Administrator and that the Plan
Administrator shall, in fact,          deliver such reply within such period. The Plan
Administrator may,          however, extend the reply period for an additional 90 days,
unless the          Plan Administrator determines that special circumstances require an
         extension of time for making a determination with respect to the
         benefits claim. If the Plan Administrator determines that an extension
         of time for making a determination with respect to the benefits claim
         is required, the Plan Administrator shall provide the Claimant with
         written notice of such extension prior to the end of the initial 90 day
         period. The extension notice shall indicate the special circumstances
         requiring the extension of time and the date by which the Plan
         Administrator expects to render the benefit determination. If the claim
         is denied in whole or in part, the Plan Administrator shall adopt a
         written opinion, using language calculated to be understood by the
         Claimant, setting forth: 

	 	                  (i)  	  	The
specific reasons for such denial; 

	 	                  (ii)  	  	Specific
reference to pertinent provisions of this Plan                       on which such denial
is based; 

	 	                  (iii)  	  	A
description of any additional material or information                       necessary for
the Claimant to perfect his or her claim and                       an explanation why
such material or such information is                       necessary; and 

	 	                  (iv)  	  	A
description of the Plan’s appeal procedures and the                       time limits
applicable to such procedures, including a                       statement of the
Claimant’s right to bring a civil action                       under Section 502(a) of
ERISA following a denial of the                       appeal of the denial of the
benefits claim. 

	 	 
	  	       
(c) Request for Review. Within 60 days after receipt by the
         Claimant of the written opinion described above, the Claimant may
         request in writing that the Review Plan Administrator (as defined
         below) review the Plan Administrator’s determination. Such request must
         be addressed to the Plan Administrator at the Plan Sponsor’s then
         principal place of business. The Claimant shall be afforded the
         opportunity to submit written comments, documents, records, and other
         information relating to the benefits claim, and 

                

	  	
the
Claimant shall be          provided, upon request and free of charge, reasonable access
to all          documents, records and other information relevant to the Claimant’s
         benefits claim. A document, record or other information shall be
         considered “relevant” to the benefits claim as provided in Department
         of Labor Regulation Section 2560-503-1(m)(8). The review on appeal by
         the Board of the Plan Sponsor shall take into account all comments,
         documents, records and other information submitted by the Claimant,
         without regard to whether such information was submitted or considered
         in the Plan Administrator’s initial determination with respect to the
         benefits claim. If the Claimant does not request a review of the
         determination within such 60-day period, he or she shall be barred and
         estopped from challenging the determination. 

	  	        (d)
Review of Decision. The Review Plan Administrator shall          advise the
Claimant in writing of the Review Plan Administrator’s          determination of the
appear within 60 days of the Review Plan          Administrator’s receipt of Claimant’s
written request for review,          unless special circumstances (such as a hearing)
would make the          rendering of a determination within the 60 day period infeasible,
but          in no event shall the Review Plan Administrator render a determination
         regarding the denial of a claim for benefits later than 120 days after
         its receipt of a request for review. If an extension of time for review
         is required because of special circumstances, written notice of the
         extension shall be furnished to the Claimant prior to the date the
         extension period commences. If the Claimant’s appeal of the denial of
         the Claimant’s benefits claim is denied in whole or in part, the Review
         Plan Administrator shall adopt a written opinion, using language
         calculated to be understood by the Claimant, setting forth: 

	 	                  (i)  	  	The
specific reasons for such denial of the appeal; 

	 	                  (ii)  	  	Specific reference
to pertinent provisions of this Plan on                       which such denial of the
appeal is based; 

	 	                  (iii)  	  	A
statement that the Claimant is entitled to receive,                         upon request
and free of charge, reasonable access to,                         and copies of, all
documents, records and other                         information relevant to the
Claimant’s benefits claim                         (and a document, record or other
information shall be                         considered “relevant” to the benefits claims
as provided                         in Department of Labor Regulation Section
                        2560.503-1(m)(8); and 

	 	                  (iv)  	  	A
statement describing the Claimant’s right to bring an                         action
under ERISA Section 502(a). 

	  	        (e)
Review Plan Administrator. The Plan Administrator may from          time to
time appoint a review panel that may consist of two or more          individuals who may,
but need not, be employees of the Plan Sponsor          (the “Review Plan
Administrator”). If no such Review Plan Administrator          is named, the Board of the
Plan Sponsor shall be deemed the Review Plan          Administrator for purposes of this
Article. The Review Plan          Administrator shall be the named fiduciary that has the
authority to          act with respect to any appeal from a denial of benefits or a
         determination of benefit rights. 

        8.02
Arbitration of Claims. All claims or controversies arising out of or in connection
with this Plan shall, subject to the initial review provided for in the foregoing
provisions of this Article be resolved through arbitration as provided in this Article.
Except as otherwise provided or by mutual agreement of the parties, any arbitration shall
be administered under and by the Judicial Arbitration & Mediation Services, Inc.
(“JAMS”), in accordance with the JAMS procedure then in effect. The arbitration shall be
held in the JAMS office nearest to where the Claimant is or was last employed by the Plan
Sponsor or at a mutually agreeable location. The prevailing party in the arbitration
shall have the right to recover its reasonable attorney’s fees, disbursements and costs
of the arbitration (including enforcement of the arbitration decision), subject to any
contrary determination by the arbitrator. 

ARTICLE NINE 

  Administration 

        9.01
Plan Administrator Duties. The Plan Administrator shall be responsible for the
management, operation and administration of the Plan. The Plan Administrator shall act at
meetings by affirmative vote of a majority its members. Any action permitted to be taken
at a meeting may be taken without a meeting if, prior to such action, a unanimous written
consent to the action is signed by all members and such written consent if filed with the
minutes of the proceedings of the Plan Administrator. A member shall not vote or act upon
any matter which relates solely to himself or herself as a Participant. The Chair or any
other member or members of the Plan Administrator designated by the Chair may execute any
certificate or other written direction on behalf of the Plan Administrator. When making a
determination or calculation, the Plan Administrator shall be entitled to rely on
information furnished by a Participant or the Plan Sponsor. No provision of this Plan
shall be construed as imposing on the Plan Administrator any fiduciary duty under ERISA
or other law, or any duty similar to any fiduciary duty under ERISA or other law. 

        9.02
Plan Administrator Authority. The Plan Administrator shall enforce this Plan in
accordance with its terms, shall be charged with the general administration of this Plan,
and shall have all powers necessary to accomplish it purposes, including, but not by way
of limitation, the following: 

	 	1.  	  	To
construe and interpret the terms and provisions of this                   Plan; 

	 	2.  	  	To
compute and certify the amount and kind of benefits payable                   to
Participants and their Beneficiaries; to determine the time                   and manner
in which such benefits are paid; and to determine                   the amount of any
withholding taxes to be deducted; 

	 	3.  	  	To
maintain all records that may be necessary for the                   administration of
this Plan; 

	 	4.  	  	To
provide for the disclosure of all information and the                   filing or
provision of all reports and statements to                   Participants, Beneficiaries
or governmental agencies as shall                   be required by law; 

	 	5.  	  	To
make and publish such rules for the regulation of this Plan                   and
procedures for the administration of this Plan as are not                   inconsistent
with the terms hereof; 

	 	 	  	 

	 	6.  	  	To
administer this Plan’s claims procedures; 
	 	 	 	 
	 	7. 	 	To
approve election forms and procedures for use under this                   Plan; and 

	 	8.  	  	To
appoint a plan recordkeeper or any other agent, and to                   delegate to them
such powers and duties in connection with the                   administration of this
Plan as the Plan Administrator may from                   time to time prescribe. 

        9.03
Binding Effect of Decision. The decision or action of the Plan Administrator with
respect to any question arising out of or in connection with the administration,
interpretation and application of this Plan and the rules and regulations promulgated
hereunder shall be final and conclusive and binding upon all persons having any interest
in this Plan, subject to decisions made or taken following a Change of Control, to de
novo review by an arbitrator acting pursuant to Section 10.2. 

        9.04
Compensation, Expenses and Indemnity. The members shall serve without compensation
for their services hereunder. The Plan Administrator is authorized at the expense of the
Plan Sponsor to employ such legal counsel and/or Plan recordkeeper as it may deem
advisable to assist in the performance of its duties hereunder. Expense and fees in
connection with the administration of this Plan shall be paid by the Plan Sponsor. 

        9.05
Plan Sponsor Information. To enable the Plan Administrator to perform its functions,
the Plan Sponsor shall supply full and timely information to the Plan Administrator, on
all matters relating to the Compensation of its Participants, the date and circumstances
of the Disability, death, or Separation from Service of its Employees or Directors who
are Participants’, and such other pertinent information as the Plan Administrator may
reasonably require. 

        9.06
Periodic Statements. Under procedures established by the Plan Administrator, a
Participant shall be provided a statement of account on an annual basis (or more
frequently as the Plan Administrator shall determine) with respect to such Participant’s
Accounts and vested percentages thereof as of the last day of the preceding calendar
quarter. 

ARTICLE TEN

                                                   Miscellaneous

        10.01
Alienability. Neither the Participant, his widow, nor any other beneficiary under
this Agreement shall have any power or right to transfer, assign, anticipate,
hypothecate, mortgage, commute, modify, or otherwise encumber in advance any of the
benefits payable under this Agreement, in addition no such benefit shall be subject to
seizure for the payment of any debts, judgments, alimony or separate maintenance, owed by
the Participant or his beneficiary or any of them, or be transferable by operation of law
in the event of bankruptcy, insolvency, or otherwise. In the event the Participant or any
beneficiary attempts assignment, commutation, hypothecation, transfer, or disposal of the
benefit hereunder the Plan Sponsor’s liabilities shall forthwith cease and terminate. 

        10.02
Participation in Other Plans. Nothing contained in this Agreement shall be construed
to alter, abridge, or in any manner affect the rights and privileges of the Participant
to participate in and be covered by any Pension, Profit-Sharing, Group Insurance, Bonus
or similar employee plans which the Plan Sponsor may now or hereafter have. 

        10.03
Reorganization. The Plan Sponsor shall not merge or consolidate into or with another
Plan Sponsor, or reorganize, or sell substantially all of its assets to another Plan
Sponsor, firm, or person unless and until such succeeding or continuing Plan Sponsor,
firm, or person agrees to assume and discharge the obligations of the Plan Sponsor under
this Agreement. Upon the occurrence of such event, the term “Plan Sponsor” as used in
this Agreement shall be deemed to refer to such successor or survivor Plan Sponsor. 

        10.04
Benefits and Burdens. This Agreement shall be binding upon and inure to the benefit
of the Participant and his personal representatives, to the Plan Sponsor, and any
successor organization which shall succeed to substantially all of either the Plan
Sponsor’s assets or its business without regard to the form of such succession. 

        10.05
Notice. Any notice, consent or demand required or permitted to be given under the
provisions of this Plan shall be in writing and shall be signed by the party giving or
making the same. If such notice, consent or demand is mailed, it shall be sent by United
States certified mail, postage prepaid, addressed to the addressee’s last known address
as shown on the records of the Plan Sponsor. The date of such mailing shall be deemed the
date of notice consent or demand. Any person may change the address to which notice is to
be sent by giving notice of the change of address in the manner aforesaid. 

        10.06
Not a Contract of Employment. This Agreement shall not be deemed to constitute a
contract of employment between the parties hereto, nor shall any provision hereof
restrict the right of the Plan Sponsor to discharge the Participant, or restrict the
right of the Participant to terminate his employment. 

        10.07
Tax Withholding. The Plan Sponsor shall withhold any taxes that are required to be
withheld from the benefits provided under this Agreement. 

        10.08
Entire Agreement. This Agreement constitutes the entire agreement between the Plan
Sponsor and the Participant as to the subject matter hereof. No rights are granted to the
Participant by virtue of this Agreement other than those specifically set forth herein. 

        10.09
Designated Fiduciary. For purposes of the Employee Retirement Income Security Act of
1974, if applicable, the Plan Sponsor shall be named fiduciary and Plan Administrator
under the Agreement. The named fiduciary may delegate to others certain aspects of the
management and operation responsibilities of the plan, including the employment of
advisors and the delegation of ministerial duties to qualified individuals. 

        10.10
Applicable Law. The Agreement and all rights hereunder shall be governed by the laws
of the State of New Jersey, except to the extent preempted by the laws of the United
States of America. 

        10.11
Compliance Clause. In the event any provision of this Agreement or the application
thereof, is or becomes inconsistent with Code Section 409A and any regulations
promulgated thereunder, such provision shall be void or unenforceable. The other
provisions of this Agreement shall remain in full force and effect. 

        IN
WITNESS WHEREOF, the Plan Sponsor and the Participant has executed this Agreement as of
the day and year first written above.  

	
      WITNESS:
                                                                         

        _______________________________________ 

        

        _______________________________________
                                                              

    	  	 	  	
       Somerset Hills
Bank 

      By:
___________________________________ 

      Title: __________________________________
         ______________________________________

      Stewart McClure, Jr
                                                                

      Participant

               

    

Somerset Hills Bank
                                       Supplemental Executive Retirement Plan
                                           Beneficiary Designation Form 

        In
accordance with the rights granted to me in the “Supplemental Executive Retirement Plan”,
I do hereby designate as Beneficiary thereunder to receive payments thereunder in the
event of my death: 

	  	
Primary
Beneficiary:___________________________
      
    
	 	Relationship: ___________________________
      

	  	
1st
Contingent Beneficiary: ___________________________
      
	 	                                                     Relationship: ___________________________
      

        I
further reserve the privilege of changing the Beneficiary herein named at any time or
times without the consent of any such beneficiary. 

	  	
This
designation is made upon the following terms and conditions: 

	1.  	  	The
word “Beneficiary” as used herein shall include the plural,          Beneficiaries,
wherever the Agreement permits. 

	2.  	  	For
purposes of this Beneficiary Designation, no person shall be deemed          to have
survived the Participant if that person dies within thirty (30)          days of the
Participant’s death. 

	3.  	  	Beneficiary
shall mean the Primary Beneficiary if such Primary          Beneficiary survives the
Participant by at least thirty (30) days, and          shall mean the 1st Contingent
Beneficiary if the Primary Beneficiary          does not survive the Participant by at
least thirty (30) days. 

	4.  	  	If
the Primary Beneficiary shall be deceased on any annual payment date          provided in
said Agreement, any and all remaining annual payments shall          be payable to the
1st Contingent Beneficiary unless the executors or 

	  	
administrators
of said deceased Beneficiary are named as Primary          Beneficiary hereinabove. 

	5.  	  	If
more than one Beneficiary is named within the same class (i.e.,          Primary or 1st
Contingent), then annual payments shall be made equally          to such Beneficiaries
unless otherwise provided hereinabove. If any          such Beneficiary dies while
receiving annual payments under said          Agreement, any and all remaining payments
shall continue to be made to          the surviving Beneficiaries of such class and to
the legal heirs of the          deceased Beneficiary, which legal heirs shall receive the
amount which          was being received by said deceased Beneficiary. If all of the
         Beneficiaries of a class shall die, any and all remaining payments
         shall be made to the next class of Beneficiaries, as provided under
         Paragraph 4 above. 

	6.  	  	If
none of the Beneficiaries named hereinabove are living on any said          annual
payment date, any and all remaining payments shall be made to          the Participant’s
executors or administrators, or upon their written          request, to any person or
persons so designated by them. 

	7.  	  	If
any such annual payments shall be payable to any trust, the Plan          Sponsor shall
not be liable to see to the application by the Trustee of          any payment hereunder
at any time, and may rely upon the sole signature          of the Trustee to any receipt,
release or waiver, or to any transfer or          other instrument to whomsoever made
purporting to affect this          nomination or any right hereunder. 

	8.  	  	A
Participant’s Beneficiary designation shall be deemed automatically          revoked if
the Participant names a spouse as Beneficiary and the          marriage is later
dissolved or the spouse dies. Without limiting the          generality of the foregoing,
the interest in the benefits hereunder of          a spouse of a Participant who has
predeceased the Participant or whose          marriage with the Participant has been
dissolved shall automatically          pass to the Participant and shall not be
transferable by such spouse in          any manner, including but not limited to such
spouse’s will, nor shall          such interest pass under the laws of intestate
succession. 

        This
designation cancels and supersedes any Designation of Beneficiary heretofore made by me
with respect to said Agreement and the right to receive payments thereunder. 

Dated: __________________
   Participant:___________________________________________ 

Received this ___ day of
____________, 20__                                                     By:_______________________________
                                                                              

                                                                                                            
                        FOR THE
PLAN SPONSOR

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