Document:

exv10w10

 

Exhibit 10.10

TD BANKNORTH INC.

AMENDED AND RESTATED SUPPLEMENTAL RETIREMENT PLAN

ARTICLE ONE — GENERAL

     The purpose of this TD Banknorth Inc. Supplemental Retirement Plan (this “Plan”) is to attract
and retain certain key employees of TD Banknorth Inc. (the “Company”) and its affiliates (the
Company and its affiliates are collectively referred to as the “Group”) by recognizing the past
service of such key employees and providing supplemental retirement benefits as herein described.
This amended and restated Plan is adopted effective as of May 9, 2006 (the “Effective Date”).

     This Plan amends and restates the Banknorth Group, Inc. Supplemental Retirement Plan that was
effective as of March 27, 2001 (the “2001 Plan”). Banknorth Group, Inc. was the predecessor to TD
Banknorth Inc. The 2001 Plan was previously amended in February 2005 to address the treatment of
certain accelerated compensation and the definition of Earnings.

     This Plan is being amended and restated to comply with the requirements of Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), including the guidance issued to date by
the Internal Revenue Service (the “IRS”) and the proposed regulations issued by the IRS in the fall
of 2005. No benefits payable under this Plan shall be deemed to be grandfathered for purposes of
Section 409A of the Code.

ARTICLE TWO — ADMINISTRATOR

     Subject to Article Nine below, the Plan shall be administered by the Company’s Board of
Directors (the “Board”) or a committee thereof (the Board or such committee is hereinafter referred
to as the “Administrator”). The Administrator shall interpret the Plan, shall prescribe, amend and
rescind rules relating to it from time to time as it deems proper and in the best interests of the
Company, and shall take any other action necessary for the administration of the Plan. Any decision
or interpretation adopted by the Administrator shall be final, conclusive and binding upon all
Participants.

ARTICLE THREE — PARTICIPATION

     3.01 GENERAL. Any individual who as of March 27, 2001 was a Key Employee, as defined below,
shall be a Participant as of March 27, 2001. Any individual who, after March 27, 2001, becomes a
Key Employee shall become a Participant on the date determined by guidelines established by the
Administrator, provided that any individual who becomes a Key Employee after the Effective Date
shall not become a Participant until the January 1st of the calendar year immediately
following the date on which the individual became a Key Employee. For the purposes of this Plan,
the term “Key Employee” means an employee of any member of the Group whose position is designated
at Level 20 or above and with respect to whom application of the formula set forth in Section 4.01
below would yield a positive dollar amount; provided, however, that neither the term Key Employee
nor the term Participant shall include any

 

 

employee of any member of the group who is entitled to supplemental retirement benefits under any
Supplemental Retirement Agreement or other similar agreement between such employee and any member
of the Group.

     3.02 TERMINATION; REEMPLOYMENT. A Participant shall cease to be a Participant upon termination
of employment with the Group or otherwise ceasing to be a participant in the Pension Plan (defined
below). A former Participant who recommences employment as a Key Executive (a “Former Participant”)
may recommence participation in the Plan only with the permission of and in accordance with
guidelines determined by the Administrator. Without limiting the foregoing, in the case of any
Former Participant who has received any payments under the Plan, the Administrator, in its
discretion, may impose such conditions to subsequent participation (which may include adjustments
to the Participant’s supplemental pension benefits (the “SRA”) under this Plan and suspension of
benefits under the Plan during any period of subsequent participation) as the Administrator deems
appropriate or necessary for the proper administration of the Plan; provided that the Administrator
shall first notify the Former Participant of such conditions and offer the Former Participant the
option of accepting the same and again becoming a Participant or declining his or her eligibility
for subsequent participation; and provided further that the Former Participant’s subsequent
participation in the Plan shall not re-commence until the January 1st of the calendar
year immediately following the date on which the Former Participant agrees to again become a
Participant.

ARTICLE FOUR — RETIREMENT BENEFITS

     4.01 GENERAL. (a) Each Participant shall be entitled to a SRA in an amount equal to the
excess, if any, of

     (i) subject to Section 4.01(b) below, the benefit to which such Participant would be entitled
under the Banknorth Group, Inc. Retirement Plan (known before May 10, 2000 as the Peoples Heritage
Financial Group, Inc. Retirement Plan and hereinafter referred to as the “Pension Plan”), stated in
the form of a monthly single life annuity commencing on the Participant’s “Normal Retirement Date”
as defined in Section 4.01(c) below and ending with the monthly payment preceding the Participant’s
death (the “Normal Benefit”), computed without regard to those provisions of the Pension Plan
implementing the restrictions or limitations imposed by the provisions of Section 1.16 of the
Pension Plan following the first paragraph thereof or any other Pension Plan provision implementing
the limitations set forth in Section 401(a)(17) of the Code, and without regard to Section 3.10 of
the Pension Plan or any other Pension Plan provision implementing the limitations set forth in
Section 415 of the Code (the “Hypothetical Unrestricted Benefit”); provided, however, that
notwithstanding the foregoing, for purposes of calculating the Hypothetical Unrestricted Benefit to
which a Participant would be entitled to under the Pension Plan, the following adjustments shall be
made in determining the Earnings of a Participant for any Plan Year: (1) any short-term incentive
bonus for calendar 2004 that a Participant received in December 2004 because of the acceleration of
such payment shall be included in Earnings in 2005 rather than 2004; (2) any long-term incentive
payment that a Participant received in December 2004 because of the acceleration of such payment
shall be included in Earnings in such amounts and at such times as it would have been paid absent
the acceleration; and (3) for those Participants who have an employment or retention agreement with

2

 

the Company as of February 28, 2005, none of the payments made to the Participant pursuant to the
sections of such agreements entitled “Initial Payment and Non-Competition and Retention Amount,”
“Initial Payment and Retention Amount,” “Termination of Employment” and “Certain Supplemental
Payments by the Company” shall be included in Earnings; over

     (ii) the amount of the actual Normal Benefit payable to such Participant commencing on the
Normal Retirement Date under the Pension Plan.

     (b) If a Participant has an employment or retention agreement with the Company which provides
that the Participant shall receive additional age and service credits for purposes of calculating
the Participant’s benefits under this Plan, and if such Participant makes a valid election to
receive his additional benefits in the form of an increased SRA under this Plan in accordance with
Section 4.03(c) below rather than in the form of a lump sum cash payment at the time the
Participant’s “Non-Competition and Retention Amount” or “Retention Amount” is paid, as applicable
and as such terms are defined in the Participant’s employment or retention agreement, then the
computation of the Participant’s Hypothetical Unrestricted Benefit under Section 4.01(a)(i) above
shall reflect the additional age and service credits provided to the Participant under his
employment or retention agreement in accordance with the terms of such agreement.

     (c) For purposes of this Plan, a Participant’s Normal Retirement Date means the first day of
the month coincident with or next following the date on which the Participant attains sixty-five
(65) years of age.

     4.02 CHANGE IN CONTROL. In the event of a “Change in Control” as defined below, the
Hypothetical Unrestricted Benefit shall be calculated under Section 4.01 assuming the Pension Plan
provided a fully vested benefit at all times (i.e., without any reduction in respect of amounts
which might otherwise be forfeited by the Participant under the terms of the Pension Plan). A
“Change in Control” shall mean a change in the ownership of The Toronto-Dominion Bank (“TD Bank”)
or the Company, a change in the effective control of TD Bank or the Company or a change in the
ownership of a substantial portion of the assets of TD Bank or the Company as provided under
Section 409A of the Code, as amended from time to time, and any IRS guidance, including Notice
2005-1, and regulations issued in connection with Section 409A of the Code, except that (i) any
change in the ownership, effective control or ownership of a substantial portion of the assets of
the Company effected by TD Bank and its affiliates shall be excluded, and (ii) any change in the
ownership, effective control or ownership of a substantial portion of the assets of TD Bank shall
be excluded if TD Bank and its affiliates are not a majority shareholder of the Company at the time
of such change.

     4.03 PAYMENT OF BENEFIT. (a) General. Unless otherwise elected as described in this
Section 4.03, the SRA shall be paid in the form of a Normal Benefit commencing on the Participant’s
Normal Retirement Date. Participants may elect to receive the SRA (x) in any of the forms of
benefit available under the Pension Plan (including the different forms of annuities set forth in
Section 4.04 of the Pension Plan), in which case the amount of payments under such alternate form
shall be determined in accordance with the provisions of the Pension Plan controlling the
determination of the amount of payments under such form under the Pension Plan

3

 

or (y) in a lump sum payment following termination of employment in an amount equal to the
Actuarial Equivalent (as defined in the Pension Plan) of the SRA determined in the manner
prescribed for determining Actuarial Equivalents under the Pension Plan. In addition, each
Participant may elect to receive the SRA upon any of the following events other than the
Participant’s Normal Retirement Date: (i) early retirement before age 65, if the Participant is
entitled to any early retirement benefit under the Pension Plan and if such early retirement
constitutes a “Separation from Service” as defined in Section 4.03(e) below, (ii) death or (iii)
termination of employment after the Participant’s Normal Retirement Date, if such termination
constitutes a “Separation from Service” as defined in Section 4.03(e) below, provided that any
payments triggered by a Separation from Service shall be delayed as set forth in Section 4.03(e)
below. Any election of an alternate form or time of benefit shall be made in the manner determined
by the Administrator.

     (b) Initial and Prior Elections. A Participant may make an initial payment election
as to the time and form of payment of his or her SRA within 30 days of the date the Participant
first becomes eligible to participate in the Plan. If an initial payment election is not made by a
Participant within 30 days of the date the Participant first becomes eligible to participate in the
Plan, then the initial payment election shall be deemed to be in the form of a Normal Benefit
commencing on the Participant’s Normal Retirement Date. The initial payment election shall
continue in effect until such time as the Participant makes a subsequent payment election and such
election becomes effective as set forth below. In addition, any payment elections made before
January 1, 2005 shall continue in effect until such time as the Participant makes a subsequent
payment election and such election becomes effective as set forth below.

     (c) Transitional Elections in 2006. On or before December 31, 2006, if a Participant
wishes to change his or her payment election, the Participant may do so by completing a payment
election form approved by the Administrator, provided that any such election (i) must be made at
least six months before the date on which benefit payments are scheduled to commence, (ii) must be
made while the Participant is an active employee of the Company or one of its subsidiaries, (iii)
shall not take effect before the date that is six months after the date the election is made and
accepted by the Administrator, (iv) does not cause a payment that would otherwise be made in 2006
to be delayed to a later year, and (v) does not accelerate into 2006 a payment that is otherwise
scheduled to be made in a later year. Each Participant who has an employment or retention
agreement with the Company which provides that the Participant shall receive additional age and
service credits for purposes of calculating the Participant’s benefits under this Plan may make a
transitional election in 2006 to have such additional benefits paid to the Participant in the form
of an increased SRA under this Plan, provided that the Participant submits a properly completed
payment election form to the Administrator in a timely manner.

     (d) Changes in Payment Elections After 2006. On or after January 1, 2007, if a
Participant wishes to change his or her payment election, a Participant may do so by completing a
payment election form approved by the Administrator, provided that any such election (i) must be
made while the Participant is an active employee of the Company or one of its subsidiaries, (ii)
must be made at least 12 months before the date on which any benefit payments as of a fixed date or
pursuant to a fixed schedule are scheduled to commence, (iii) shall not take effect until at least
12 months after the date the election is made and accepted by the Administrator, and (iv)

4

 

for payments to be made other than upon death, must provide an additional deferral period of at
least five years from the date such payment would otherwise have been made (or in the case of any
life annuity or installment payments treated as a single payment, five years from the date the
first amount was scheduled to be paid), provided that clause (iv) above shall not apply to a change
in the form of a payment from one type of “life annuity” (as defined in the regulations under
Section 409A of the Code) to another type of life annuity if the annuities are actuarially
equivalent applying reasonable actuarial assumptions. For purposes of this Plan and clause (iv)
above, all life annuities or installment payments under this Plan shall be treated as a single
payment.

     (e) Separation from Service. A “Separation from Service” shall mean separation from
service within the meaning of Section 409A of the Code and the regulations issued thereunder. If
the payment event is a Separation from Service, then the SRA shall not be paid, or the payment
shall not commence, until the first day of the month following the lapse of six months from the
date of Separation from Service. If the SRA is being paid in the form of an annuity or
installments over time, then all future payments shall be made in the ordinary course based on the
commencement of the payments as of the first day of the month following the lapse of six months
from the date of Separation from Service.

     4.04 BENEFICIARY. In the event of death of a Participant, SRA payments, if any, to be made
after the date of death (as determined with reference to the benefit election, if any, in effect on
the date of the Participant’s death, “Remaining Payments”) shall be made to his or her Beneficiary,
as defined below, and in such case all references to “Participant” herein shall, where applicable,
apply to the Beneficiary of the deceased Participant. The “Beneficiary” shall be the person, if
any, entitled to receive benefits following the death of a Participant as provided under the
Pension Plan. If no Beneficiary is designated, the designation is ineffective, or the Beneficiary
dies, any then Remaining Payments shall be paid to the estate of the deceased Participant.

     4.05 REFERENCES TO PENSION PLAN. In the event of any amendment, restatement or other
modification of the Pension Plan (including any replacement of the Pension Plan), this Plan shall
be deemed automatically amended to incorporate corresponding modifications to the extent necessary
to correct any references to Sections of the Pension Plan herein and to preserve the intended
meaning and import of such references. Without limiting the foregoing, the Administrator may at any
time and from time to time amend or modify the Plan to the extent it deems necessary to address
modifications or amendments to the Pension Plan.

ARTICLE FIVE — ASSIGNMENT

     No right to payment of any amount under the Plan may be assigned, transferred, pledged or
encumbered, nor shall any such right or other interest in amounts payable under the Plan be subject
to any attachment, garnishment, execution or other legal process.

5

 

ARTICLE SIX — OTHER PLANS

     Nothing in the Plan shall be construed to alter, abridge, or in any manner affect the rights
and privileges of any Participant to participate in and be covered by any pension, profit-sharing,
group insurance, bonus or any other employee plan or plans which any member of the Group may have
or hereafter have, except as otherwise expressly provided herein or in any such other plans.

ARTICLE SEVEN — FUNDING

     The Company, in its discretion, shall have the right at any time and from time to time to
insure or otherwise provide for the obligations under the Plan (or to refrain from so insuring or
making any such provision) and to determine the extent, nature and method of any such insurance or
provision, including the establishment of one or more trusts, provided that the terms of each trust
comply with Section 409A of the Code. If the Company elects to insure its obligations under the
Plan, in whole or in part, through the medium of insurance or annuities, or both, the Company, or a
designated member of the Group shall be the owner and beneficiary of each such policy or annuity.
At no time shall any Participant be deemed to have any right, title or interest in or to any
specified asset or assets of any such trust or escrow arrangement, including, without limitation,
any insurance, annuity or other contracts or any proceeds therefrom.

ARTICLE EIGHT — NO TRUST CREATED

     Nothing herein shall be deemed to create any trust or fiduciary relationship of any kind
between any member of the Group and any Participant, Beneficiary or estate of any Participant.

ARTICLE NINE — REORGANIZATION

     The Company shall not merge or consolidate into or with another corporation, or reorganize, or
sell substantially all of its assets to another corporation, firm or person unless and until such
succeeding or continuing corporation, firm or person agrees to assume and discharge the obligation
of the Company and the Group under the Plan. Upon the occurrence of any such merger, consolidation,
reorganization or sale, the term “the Company” as used in this Plan shall be deemed to refer to
such successor, assignee or survivor corporation, firm or person.

ARTICLE TEN — CLAIMS PROCEDURE

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

     10.02 INITIAL CLAIM. A Participant or Beneficiary who believes he or she is entitled to any
benefit under the Plan (a “Claimant”) may file a claim with the Administrator. The Administrator
shall review the claim itself or appoint an individual or an entity to review the claim.

6

 

	 	(a)	 	Initial Decision. The Claimant shall be notified within ninety (90)
days after the claim is filed whether the claim is allowed or denied, unless the
Claimant receives written notice from the Administrator or appointee of the
Administrator prior to the end of the ninety (90) day period stating that special
circumstances require an extension of the time for decision, such extension not to
extend beyond the day which is one hundred eighty (180) days after the day the claims
is filed.
	 
	 	(b)	 	Manner and Content of Denial of Initial Claims. If the Administrator
denies a claim, it must provide to the Claimant, in writing or by electronic
communication:

	 	(i)	 	The specific reasons for the denial;
	 
	 	(ii)	 	A reference to the Plan provision upon which the denial is
based;
	 
	 	(iii)	 	A description of any additional information or material that
the Claimant must provide in order to perfect the claim;
	 
	 	(iv)	 	An explanation of why such additional material or information
is necessary;
	 
	 	(v)	 	Notice that the Claimant has a right to request a review of the
claim denial and information on the steps to be taken if the Claimant wishes to
request a review of the claim denial; and
	 
	 	(vi)	 	A statement of the Participant’s right to bring a civil action
under Section 502(a) of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), following a denial on review of the initial denial.

     10.03 REVIEW PROCEDURES.

	 	(a)	 	Request For Review. A request for review of a denied claim must be
made in writing to the Administrator within sixty (60) days after receiving notice of
denial. The decision upon review will be made within sixty (60) days after the
Administrator’s receipt of a request for review, unless special circumstances require
an extension of time for processing, in which case a decision will be rendered not
later than one hundred twenty (120) days after receipt of a request for review. A
notice of such an extension must be provided to the Claimant within the initial sixty
(60) day period and must explain the special circumstances and provide an expected date
of decision.
	 
	 	 	 	The reviewer shall afford the Claimant an opportunity to review and receive, without
charge, all relevant documents, information and records and to submit issues and
comments in writing to the Administrator. The reviewer shall take into account all
comments, documents, records and other information submitted by the

7

 

	 	 	 	Claimant relating to the claim regardless of whether the information was submitted
or considered in the initial benefit determination.

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

	 	(i)	 	its decision;
	 
	 	(ii)	 	the specific reasons for the decision;
	 
	 	(iii)	 	the relevant Plan provisions on which its decision is based;
	 
	 	(iv)	 	a statement that the Claimant is entitled to receive, upon
request and without charge, reasonable access to, and copies of, all documents,
records and other information in the Plan’s files which is relevant to the
Claimant’s claim for benefits;
	 
	 	(v)	 	a statement describing the Claimant’s right to bring an action
for judicial review under Section 502(a) of ERISA; and
	 
	 	(vi)	 	if an internal rule, guideline, protocol or other similar
criterion was relied upon in making the adverse determination on review, a
statement that a copy of the rule, guideline, protocol or other similar
criterion will be provided without charge to the Claimant upon request.

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

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

     10.06 ADMINISTRATOR REVIEW. Notwithstanding anything in this Plan to the contrary, the
Administrator may determine, in its sole and absolute discretion, to review any claim for benefits
submitted by a Claimant under this Plan.

8

 

ARTICLE ELEVEN — AMENDMENT, SUSPENSION, TERMINATION

     11.01 GENERAL. The Board may at any time and from time to time amend, suspend or terminate
the Plan or any Participant’s participation therein; provided, however, that no amendment,
suspension or termination may impair the rights of any Participant (or, in the case of a deceased
Participant, his or her Beneficiary or estate) to receive benefits accrued prior to the effective
date of such amendment, suspension or termination. Notwithstanding anything in the Plan to the
contrary, the Board may amend in good faith any terms of the Plan, including retroactively, in
order to comply with Section 409A of the Code.

     11.02 TERMINATION. Under no circumstances may the Plan permit the acceleration of the time
or form of any payment under the Plan prior to any of the payment events specified herein, except
as provided in this Section 11.02. The Company may, in its discretion, elect to terminate the Plan
in any of the following three circumstances and accelerate the payment of the entire unpaid balance
of each Participant’s accrued benefits in an amount equal to the Actuarial Equivalent (as defined
in the Pension Plan) of such Participant’s accrued benefits as of the date of such payment in
accordance with Section 409A of the Code:

	 	(i)	 	the Plan is terminated within the 30 days preceding or the 12 months following
a Change In Control and (1) all substantially similar arrangements sponsored by the
Sponsor are terminated, and (2) all Participants in the Plan and all participants under
the substantially similar arrangements receive all of their benefits under the
terminated arrangements within 12 months of the date of termination of the
arrangements,
	 
	 	(ii)	 	the Plan is terminated and (1) all arrangements sponsored by the Company that
would be aggregated with the Plan under Section 1.409A-1(c) if a Participant
participated in all of the arrangements are terminated, (2) no payments other than
payments that would be payable under the terms of the arrangements if the termination
had not occurred are made within 12 months of the termination of the arrangements; (3)
all payments are made within 24 months of the termination of the arrangements; and (4)
the Company does not adopt a new arrangement that would be aggregated with the Plan
under Section 1.409A-1(c) if the same Participant participated in both arrangements, at
any time within five years following the date of termination of the Plan, or
	 
	 	(iii)	 	the Plan is terminated within 12 months of a corporate dissolution taxed under
Section 331 of the Code, or with the approval of a bankruptcy court pursuant to 11
U.S.C. §503(b)(1)(A), provided that the amounts deferred by each Participant under the
Plan are included in the Participant’s gross income in the later of (1) the calendar
year in which the Plan termination occurs, or (2) the first calendar year in which the
payment is administratively practicable.

9

 

ARTICLE TWELVE — GOVERNING LAW; SEVERABILITY

     This Plan shall be governed by and construed in accordance with the laws of the State of Maine
without regard to its conflicts of laws principles. Each provision of this Plan is intended to be
severable and the invalidity, illegality or unenforceability of any portion of this Plan shall not
affect the validity, legality and enforceability of the remainder.

ARTICLE THIRTEEN — EMPLOYMENT

     Nothing herein shall be deemed to confer on any Participant any right to continue in
employment with the Company or any other member of the Group, or to interfere with or limit in any
way the right of the Company or any other member of the Group to terminate such employment at any
time. The benefits provided under this Plan are not part of any salary reduction plan or an
arrangement deferring a bonus or a salary increase.

ARTICLE FOURTEEN — WITHHOLDING

     The Company shall be entitled to withhold from payment of benefits hereunder any federal,
state or local withholding or other taxes or charge from time to time required to be withheld. The
Company shall be entitled to rely on the opinion or advice of its counsel in determining its
withholding obligations.

     IN WITNESS WHEREOF, the Company has caused this Plan to be executed as of the Effective Date.

	 	 	 	 	 	 	 
	 	 	 	 	TD BANKNORTH INC.
	 
	 	 	 	 	 	 
	/s/ Jay Milligan

	 	 
	 	By:
	 	/s/ Cynthia H. Hamilton
	 

	 	 	 	 	 	 
	Witness

	 	 	 	Name:
	 	Cynthia H. Hamilton
	 

	 	 	 	Title:
	 	Executive Vice President

10exv10w11

 

Exhibit 10.11

TD Banknorth Inc.

Plan Document 

Amended and Restated

Effective May 9, 2006

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE 1 Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 2 Selection/Enrollment/Eligibility
	 	 	9	 
	2.1 Eligibility
	 	 	9	 
	2.2 Enrollment Requirements
	 	 	10	 
	2.3 Commencement of Participation
	 	 	10	 
	2.4 Termination of Participation and/or Deferrals
	 	 	10	 
	2.5 Limited Participation
	 	 	10	 
	 
	 	 	 	 
	ARTICLE 3 Deferral Commitments/Company Contributions/Crediting/Taxes
	 	 	11	 
	3.1 Minimum Deferral
	 	 	11	 
	3.2 Maximum Deferral
	 	 	11	 
	3.3 Election to Defer/Change in Election
	 	 	12	 
	3.4 Withholding of Annual Deferral Amounts
	 	 	14	 
	3.5 Post-2004 Mandatory Deferrals
	 	 	14	 
	3.6 Annual Company Make-Up Amount
	 	 	15	 
	3.7 Investment of Trust Assets
	 	 	15	 
	3.8 Vesting
	 	 	15	 
	3.9 Crediting/Debiting of Account Balances
	 	 	15	 
	3.10 FICA and Other Taxes
	 	 	20	 
	3.11 Distributions
	 	 	20	 
	 
	 	 	 	 
	ARTICLE 4 Short-Term Payout/Unforeseeable Financial Emergencies
	 	 	20	 
	4.1 Short-Term Payout
	 	 	20	 
	4.2 Other Benefits Take Precedence Over Short-Term Payout
	 	 	21	 
	4.3 Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies
	 	 	21	 
	 
	 	 	 	 
	ARTICLE 5 Retirement Benefit
	 	 	22	 
	5.1 Retirement Benefit
	 	 	22	 
	5.2 Payment of Retirement Benefit
	 	 	22	 
	 
	 	 	 	 
	ARTICLE 6 Survivor Benefit
	 	 	23	 
	6.1 Pre-Retirement Survivor Benefit
	 	 	23	 
	6.2 Payment of Pre-Retirement Survivor Benefit
	 	 	23	 
	6.3 Death Prior to Completion of Retirement Benefit or Termination Benefit
	 	 	24	 

i

 

	 	 	 	 	 
	ARTICLE 7 Termination Benefit
	 	 	24	 
	7.1 Termination Benefit
	 	 	24	 
	7.2 Payment of Termination Benefit
	 	 	24	 
	 
	 	 	 	 
	ARTICLE 8 Beneficiary Designation
	 	 	24	 
	8.1 Beneficiary
	 	 	24	 
	8.2 Beneficiary Designation/Change
	 	 	24	 
	8.3 Acknowledgment
	 	 	25	 
	8.4 No Beneficiary Designation
	 	 	25	 
	8.5 Doubt as to Beneficiary
	 	 	25	 
	8.6 Discharge of Obligations
	 	 	25	 
	 
	 	 	 	 
	ARTICLE 9 Leave of Absence
	 	 	26	 
	9.1 Paid Leave of Absence
	 	 	26	 
	9.2 Unpaid Leave of Absence
	 	 	26	 
	 
	 	 	 	 
	ARTICLE 10 Termination/Amendment/Modification
	 	 	26	 
	10.1 Termination
	 	 	26	 
	10.2 Amendment
	 	 	27	 
	10.3 Effect of Payment
	 	 	27	 
	10.4 Amendment to Ensure Proper Characterization of the Plan
	 	 	27	 
	10.5 Changes in Law Affecting Taxability
	 	 	28	 
	10.6 Prohibited Acceleration/Distribution Timing
	 	 	28	 
	 
	 	 	 	 
	ARTICLE 11 Administration
	 	 	29	 
	11.1 Administration
	 	 	29	 
	11.2 Determinations
	 	 	29	 
	11.3 General
	 	 	29	 
	 
	 	 	 	 
	ARTICLE 12 Other Benefits and Agreements
	 	 	30	 
	12.1 Coordination with Other Benefits
	 	 	30	 
	 
	 	 	 	 
	ARTICLE 13 Claims Procedures
	 	 	30	 
	13.1 Scope of Claims Procedures
	 	 	30	 
	13.2 Initial Claim
	 	 	30	 
	13.3 Review Procedures
	 	 	31	 
	13.4 Calculation of Time Periods
	 	 	32	 
	13.5 Legal Action
	 	 	32	 
	13.6 Administrator Review
	 	 	32	 

ii

 

	 	 	 	 	 
	ARTICLE 14 Trust
	 	 	32	 
	14.1 Establishment of the Trust
	 	 	32	 
	14.2 Interrelationship of the Plan and the Trust
	 	 	32	 
	14.3 Distributions from the Trust
	 	 	33	 
	 
	 	 	 	 
	ARTICLE 15 Miscellaneous
	 	 	33	 
	15.1 Status of Plan
	 	 	33	 
	15.2 Unsecured General Creditor
	 	 	33	 
	15.3 Company’s Liability
	 	 	33	 
	15.4 Nonassignability
	 	 	33	 
	15.5 Not a Contract of Employment
	 	 	34	 
	15.6 Furnishing Information
	 	 	34	 
	15.7 Terms
	 	 	34	 
	15.8 Captions
	 	 	34	 
	15.9 Governing Law
	 	 	34	 
	15.10 Notice
	 	 	34	 
	15.11 Successors
	 	 	35	 
	15.12 Spouse’s Interest
	 	 	35	 
	15.13 Validity
	 	 	35	 
	15.14 Incompetent
	 	 	35	 
	15.15 Court Order
	 	 	35	 
	15.16 Distribution in the Event of Taxation
	 	 	35	 
	15.17 Insurance
	 	 	36	 
	1518 Aggregation of Employers
	 	 	36	 
	 
	 	 	 	 
	Schedule A Measurement Funds
	 	 	37	 

iii

 

TD BANKNORTH INC.

DEFERRED COMPENSATION PLAN

FOR NON-EMPLOYEE DIRECTORS AND KEY EMPLOYEES

Amended and Restated

Effective May 9, 2006

Purpose

     The purpose of this TD Banknorth Inc. Deferred Compensation Plan for Non-Employee Directors
and Key Employees is to provide specified benefits to a select group of management or highly
compensated employees and the members of the boards of directors of TD Banknorth Inc. and those of
its affiliates that are participating employers under this Plan as set forth in Section 1.16. This
Plan shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement
Income Security Act of 1974, as amended. This Plan is intended to comply with the requirements of
Section 409A of the Internal Revenue Code of 1986, as amended, as added by the American Jobs
Creation Act of 2004 and the Treasury regulations or any other authoritative guidance issued
thereunder (“Section 409A”).

     This Plan amends and restates the Banknorth Group, Inc. Deferred Compensation Plan for
Non-Employee Directors and Key Employees that was effective, as amended and restated, as of January
1, 2003 (the “2003 Plan”). Banknorth Group, Inc. was the predecessor to TD Banknorth Inc. The
2003 Plan was previously amended in January 2005 to provide Participants with an opportunity to
terminate their participation and receive a distribution of their Account Balances. As a result of
such amendment, all deferrals under this Plan, including deferrals prior to January 1, 2005, are
subject to Section 409A. The 2003 Plan was also amended in January 2005 to freeze deferrals as of
December 31, 2004 until further notice. This Plan only permits deferrals of compensation to be
paid on or after January 1, 2006, including Short-Term Incentive Payments earned during 2005 that
will be paid in 2006.

     This Plan is being amended and restated as of May 9, 2006 to comply with the proposed
regulations issued by the Internal Revenue Service in the fall of 2005 with respect to Section 409A
of the Code and to permit the deferral of RSU Income as defined herein.

ARTICLE 1

Definitions

     For purposes of this Plan, unless otherwise clearly apparent from the context, the following
phrases or terms shall have the following indicated meanings:

	1.1	 	“Account Balance” shall mean, with respect to a Participant, a credit on the records of the
Company equal to the sum of (i) the Post-2004 Voluntary Deferral

1

 

	 	 	Account balance, (ii) the Post-2004 Company Make-Up Account balance, (iii) the Post-2004
Mandatory Deferral Account balance, and (iv) the Pre-2005 Account Balance. The Account
Balance, and each other specified account balance, shall be a bookkeeping entry only and
shall be utilized solely as a device for the measurement and determination of the amounts
to be paid to a Participant, or his or her designated Beneficiary, pursuant to this Plan.
	 
	1.2	 	“Administrator” shall mean the committee of the Sponsor’s Board which the Sponsor’s Board
shall designate or appoint from time to time as responsible, except as otherwise specified,
for the general administration of the Plan, or the designee of such committee. If the
Sponsor’s Board does not designate or appoint such a committee, the Administrator shall be the
Sponsor’s Board itself, or the designee of the Sponsor’s Board.
	 
	1.3	 	“Affiliate” with respect to the Sponsor shall mean (i) any entity that, directly or
indirectly, is controlled by the Sponsor and (ii) any entity in which the Sponsor has a
significant equity interest, in either case as determined by the Administrator.
	 
	1.4	 	“Annual Base Salary” shall mean the annual cash compensation relating to services performed
during any calendar year, whether or not paid in such calendar year or included on the Federal
Income Tax Form W-2 for such calendar year, excluding Incentive Payments, any other incentives
or bonuses, commissions, overtime, fringe benefits, stock options, restricted stock units,
relocation expenses, non-monetary awards, Non-Key Employee Director Fees and other fees,
automobile and other allowances paid to a Participant for employment services rendered
(whether or not such allowances are included in the Key Employee’s gross income). Annual Base
Salary shall be calculated without regard to any reductions for compensation voluntarily
deferred or contributed by the Participant pursuant to all qualified or non-qualified plans of
the Company (and therefore shall be calculated to include amounts not otherwise included in
the Participant’s gross income under Code Sections 125, 402(e)(3) or 402(h) pursuant to plans
established by the Company).
	 
	1.5	 	“Annual Deferral Amount” shall mean, with respect to any Plan Year beginning prior to January
1, 2005, a Participant’s Pre-2005 Annual Deferral Amount and, with respect to any Plan Year
beginning on or after January 1, 2005, a Participant’s Post-2004 Annual Voluntary Deferral
Amount.
	 
	1.6	 	“Annual Company Make-Up Amount” shall mean, with respect to any Plan Year beginning prior to
January 1, 2005, a Participant’s Pre-2005 Annual Company Make-Up Amount and, with respect to
any Plan Year beginning on or after January 1, 2005, a Participant’s Post-2004 Annual Company
Make-Up Amount.
	 
	1.7	 	“Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated
in accordance with Article 8, that are entitled to receive benefits under this Plan upon the
death of a Participant.

2

 

	1.8	 	“Beneficiary Designation Form” shall mean the form established from time to time by the
Administrator that a Participant completes, signs and returns to the Administrator to
designate one or more Beneficiaries.
	 
	1.9	 	“Board” shall mean the board of directors of the Sponsor.
	 
	1.10	 	“Change In Control” shall mean a change in the ownership of TD Bank or the Company, a change
in the effective control of TD Bank or the Company or a change in the ownership of a
substantial portion of the assets of TD Bank or the Company as provided under Section 409A,
except that (i) any change in the ownership, effective control or ownership of a substantial
portion of the assets of the Company effected by TD Bank and its affiliates shall be excluded,
and (ii) any change in the ownership, effective control or ownership of a substantial portion
of the assets of TD Bank shall be excluded if TD Bank and its affiliates are not a majority
shareholder of the Company at the time of such change.
	 
	1.11	 	“Claimant” shall have the meaning set forth in Section 13.2.
	 
	1.12	 	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.
	 
	1.13	 	“Common Stock Fund A” means a Measurement Fund (as described in Section 3.9(d)) maintained on
the books of the Sponsor reflecting credits to Participants’ Account Balances in Sponsor Stock
Units.
	 
	1.14	 	“Common Stock Fund B” means a Measurement Fund (as described in Section 3.9(d)) maintained on
the books of the Sponsor reflecting credits to Participants’ Account Balances in TD Bank Stock
Units.
	 
	1.15	 	“Common Stock Sub-Account” shall mean the portion (if any) of a Participant’s Account Balance
allocated to Common Stock Fund A and/or Common Stock Fund B.
	 
	1.16	 	“Company” shall mean the Sponsor and any Affiliate of the Sponsor that adopts this Plan with
the approval of the Sponsor’s Board, and any successor to all or substantially all of the
Company’s assets or business.
	 
	1.17	 	“Deduction Limitation” shall mean the following described limitation on a benefit that may
otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise
provided, this limitation shall be applied to all distributions that are “subject to the
Deduction Limitation” under this Plan. If the Administrator determines in good faith that
there is a reasonable likelihood that any compensation paid to a Participant for a taxable
year of the Company would not be deductible by the Company solely by reason of the limitation
under Code Section 162(m), then to the extent deemed necessary by the Administrator to

3

 

	 	 	ensure that the entire amount of any distribution to the Participant pursuant to this Plan
is deductible, the Administrator shall defer all or any portion of a distribution under
this Plan. Any amounts deferred pursuant to this limitation shall continue to be credited
or debited with additional amounts in accordance with Section 3.9 below, even if such
amount is being paid out in installments. The amounts so deferred and amounts credited or
debited thereon shall be distributed to the Participant or his or her Beneficiary (in the
event of the Participant’s death) at the earliest possible date, as determined by the
Administrator in good faith, on which the deductibility of compensation paid or payable to
the Participant for the taxable year of the Company during which the distribution is made
will not be limited by Code Section 162(m). Notwithstanding the foregoing, this Section
1.17 shall apply only to the extent permitted by Section 409A.
	 
	1.18	 	“Effective Date” shall mean the effective date of this amended and restated version of the
Plan, which is May 9 2006.
	 
	1.19	 	“Election Form” shall mean the form or forms established from time to time by the
Administrator that a Participant completes, signs and returns to the Administrator to make an
election under the Plan (which form or forms may take the form of an electronic transmission,
if required or permitted by the Administrator).
	 
	1.20	 	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time
to time.
	 
	1.21	 	“401(k) Plan” shall mean the Company’s tax qualified 401(k) retirement plan, as amended from
time to time.
	 
	1.22	 	“Incentive Payments” shall mean any compensation paid to a Participant under any cash or
stock incentive plans or bonus arrangements of the Company with respect to which the
Administrator in its discretion permits deferrals to be made hereunder, which compensation is
based on the performance by the Participant of services for the Company over a period of at
least twelve (12) months (whether or not paid in such performance period or included on the
Federal Income Tax Form W-2 for such performance period) and which qualifies as
“performance-based compensation” under Section 409A.
	 
	1.23	 	“Key Employee” shall mean an individual who is an employee of the Company and whose position
is designated at Level 22 or above.
	 
	1.24	 	“Long-Term Incentive Payments” or “LTI Payments” shall mean Incentive Payments based on the
performance by the Participant of services for the Company over a period of greater than
twelve (12) months.
	 
	1.25	 	“Non-Employee Director” shall mean any member of the Board who is not also a Key Employee.

4

 

	1.26	 	“Non-Employee Director Fees” shall mean any cash retainer and meeting fees paid to a
Non-Employee Director for each regular or special meeting and for any Administrator meetings
attended.
	 
	1.27	 	“Participant” shall mean any Non-Employee Director and any Key Employee who (i) elects to
participate in the Plan, (ii) signs a Plan Agreement, an Election Form(s) and a Beneficiary
Designation Form, (iii) has his or her signed Plan Agreement, Election Form(s) and Beneficiary
Designation Form accepted by the Administrator, (iv) commences participation in the Plan, and
(v) does not have his or her Plan Agreement terminated, plus those employees who are subject
to Post-2004 Mandatory Deferrals pursuant to Section 3.5. A spouse or former spouse of a
Participant shall not be treated as a Participant in the Plan or have an Account Balance under
the Plan under any circumstance; provided, however, that a Beneficiary of a Participant shall
be permitted to make such elections and/or receive such amounts following the Participant’s
death as are specifically provided under this Plan.
	 
	1.28	 	“Plan” shall mean this TD Banknorth Inc. Deferred Compensation Plan for Non-Employee
Directors and Key Employees, as evidenced by this instrument and by each Plan Agreement, as
they may be further amended from time to time.
	 
	1.29	 	“Plan Agreement” shall mean a written agreement (which may take the form of an electronic
transmission, if required or permitted by the Administrator), as may be amended from time to
time, which is entered into by and between the Company and a Participant. Each Plan Agreement
executed by a Participant and the Company shall provide for the entire benefit to which such
Participant is entitled under the Plan; should there be more than one Plan Agreement, the Plan
Agreement bearing the latest date of acceptance by the Company shall supersede all previous
Plan Agreements in their entirety and shall govern such entitlement. The terms of any Plan
Agreement may be different for any Participant, and any Plan Agreement may provide additional
benefits not set forth in the Plan or limit the benefits otherwise provided under the Plan;
provided, however, that any such additional benefits or benefit limitations must be agreed to
by both the Company and the Participant. In the Plan Agreement, each Participant shall
acknowledge that he or she accepts all of the terms of the Plan including the discretionary
authority of the Administrator as set forth in Article 11.
	 
	1.30	 	“Plan Year” shall mean a period beginning on January 1 of each calendar year and continuing
through December 31 of such calendar year during which this Plan is in effect.
	 
	1.31	 	“Post-2004 Annual Company Make-Up Amount” shall mean, for the Plan Year of reference
beginning on or after January 1, 2005, the amount that is credited on behalf of the
Participant in accordance with Section 3.6.

5

 

	1.32	 	“Post-2004 Annual Mandatory Deferral Amount” shall mean, for the Plan Year of reference
beginning on or after January 1, 2005, that portion of the Participant’s compensation that is
required to be deferred in accordance with Section 3.5.
	 
	1.33	 	“Post-2004 Annual Voluntary Deferral Amount” shall mean, for the Plan Year of reference
beginning on or after January 1, 2005, that portion of a Participant’s Annual Base Salary,
Incentive Payments, RSU Income and/or Non-Employee Director Fees that a Participant elects to
have, and is, deferred in accordance with Article 3. In the event of a Participant’s
Retirement, death or a Termination of Service prior to the end of a Plan Year, such year’s
Post-2004 Annual Voluntary Deferral Amount shall be the actual amount withheld prior to such
event.
	 
	1.34	 	“Post-2004 Company Make-Up Account” shall mean (i) the sum of all of a Participant’s
Post-2004 Annual Company Make-Up Amounts, plus (ii) amounts credited or debited in accordance
with all the applicable crediting provisions of this Plan that relate to the Participant’s
Post-2004 Company Make-Up Account, less (iii) all distributions made to the Participant or his
or her Beneficiary pursuant to this Plan that relate to the Participant’s Post-2004 Company
Make-Up Account.
	 
	1.35	 	“Post-2004 Mandatory Deferral Account” shall mean (i) the sum of all of a Participant’s
Post-2004 Annual Mandatory Deferral Amounts, plus (ii) amounts credited or debited in
accordance with all the applicable crediting provisions of this Plan that relate to the
Participant’s Post-2004 Mandatory Deferral Account, less (iii) all distributions made to the
Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant’s
Post-2004 Mandatory Deferral Account.
	 
	1.36	 	“Post-2004 Voluntary Deferral Account” shall mean (i) the sum of all of a Participant’s
Post-2004 Annual Voluntary Deferral Amounts, plus (ii) amounts credited or debited in
accordance with all the applicable crediting provisions of this Plan that relate to the
Participant’s Post-2004 Voluntary Deferral Account, less (iii) all distributions made to the
Participant or his or her Beneficiary pursuant to this Plan that relate to his or her
Post-2004 Voluntary Deferral Account.
	 
	1.37	 	“Pre-Retirement Survivor Benefit” shall mean the benefit set forth in Article 6.
	 
	1.38	 	“Pre-2005 Account Balance” shall mean, with respect to a Participant, a credit on the records
of the Company equal to the sum of (i) the Pre-2005 Deferral Account balance and (ii) the
Pre-2005 Company Make-Up Account balance. The Pre-2005 Account Balance, and each other
specified account balance, shall be a bookkeeping entry only and shall be utilized solely as a
device for the measurement and determination of the amounts to be paid to a Participant, or
his or her designated Beneficiary, pursuant to this Plan. Prior to the January 1, 2005
amendment and restatement to the Plan, a Participant’s Pre-2005 Account Balance was known as
the Participant’s “Account Balance”.

6

 

	1.39	 	“Pre-2005 Annual Company Make-Up Amount” shall mean, for the Plan Year of reference beginning
prior to January 1, 2005, the amount that was credited on behalf of the Participant in
accordance with Section 3.6. Prior to the January 1, 2005 amendment and restatement to the
Plan, a Participant’s Pre-2005 Annual Company Make-Up Amount was known as the Participant’s
“Annual Company Matching Amount”.
	 
	1.40	 	“Pre-2005 Annual Deferral Amount” shall mean, for the Plan Year of reference beginning prior
to January 1, 2005, that portion of a Participant’s Annual Base Salary, Incentive Payments
and/or Non-Employee Director Fees that a Participant elected to have, and was, deferred in
accordance with Article 3. In the event of a Participant’s Retirement, death or a Termination
of Service prior to the end of a pre-2005 Plan Year, such year’s Pre-2005 Annual Deferral
Amount shall be the actual amount withheld prior to such event. Prior to the January 1, 2005
amendment and restatement to the Plan, a Participant’s Pre-2005 Annual Deferral Amount was
known as the Participant’s “Annual Deferral Amount”.
	 
	1.41	 	“Pre-2005 Company Make-Up Account” shall mean (i) the sum of all of a Participant’s Pre-2005
Annual Company Make-Up Amounts, plus (ii) amounts credited or debited in accordance with all
the applicable crediting provisions of this Plan that relate to the Participant’s Pre-2005
Company Make-Up Account, less (iii) all distributions made to the Participant or his or her
Beneficiary pursuant to this Plan that relate to the Participant’s Pre-2005 Company Make-Up
Account. Prior to the January 1, 2005 amendment and restatement to the Plan, a Participant’s
Pre-2005 Company Make-Up Account was known as the Participant’s “Company Matching Account”.
	 
	1.42	 	“Pre-2005 Deferral Account” shall mean (i) the sum of all of a Participant’s Pre-2005 Annual
Deferral Amounts, plus (ii) amounts credited or debited in accordance with all the applicable
crediting provisions of this Plan that relate to the Participant’s Pre-2005 Deferral Account,
less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to
this Plan that relate to his or her Pre-2005 Deferral Account. Prior to the January 1, 2005
amendment and restatement to the Plan, a Participant’s Pre-2005 Deferral Account was known as
the Participant’s “Deferral Account”.
	 
	1.43	 	“Retirement”, “Retire(s)” or “Retired” shall mean Separation from Service with the Company
for any reason other than a leave of absence or death on or after the attainment of age
fifty-five (55) and achievement of five (5) Years of Service.
	 
	1.44	 	“Retirement Benefit” shall mean the benefit set forth in Article 5.
	 
	1.45	 	“RSU Income” shall mean the income attributable to the restricted stock units granted to a
Participant pursuant to the 2005 Performance Based Restricted Share Unit Plan of TD Banknorth
Inc.

7

 

	1.46	 	“Section 409A” shall mean Code Section 409A and the Treasury regulations or other
authoritative guidance issued thereunder. Whenever the terms “subject to Section 409A” or “to
the extent permitted by Section 409A” (or any such similar reference so as to indicate that a
Plan provision is subject to Section 409A) are used, such terms shall be interpreted to mean
that the applicable Plan provision shall be effective only if and to the extent such provision
would not trigger penalty taxes or interest under Section 409A.
	 
	1.47	 	“Separation from Service” shall mean separation from service within the meaning of Section
409A.
	 
	1.48	 	“Short-Term Incentive Payments” or “STI Payments” shall mean Incentive Payments based on the
performance by the Participant of services for the Company over a period of twelve (12)
months.
	 
	1.49	 	“Short-Term Payout” shall mean the payout set forth in Article 4.
	 
	1.50	 	“Sponsor” shall mean TD Banknorth Inc., and any successor to all or substantially all of the
Sponsor’s assets or business.
	 
	1.51	 	“Sponsor Common Stock” means the common stock of the Sponsor, $0.01 par value or, in the
event that the outstanding shares of common stock are later changed into or exchanged for a
different class of stock or securities of the Sponsor or another corporation, that other stock
or security.
	 
	1.52	 	“Sponsor Stock Unit” means an artificial unit of value, the amount of one unit of which
varies with the value of one share of Sponsor Common Stock.
	 
	1.53	 	“TD Bank” means The Toronto-Dominion Bank, and any successor to all or substantially all of
TD Bank’s assets or business.
	 
	1.54	 	“TD Bank Common Stock” means the common stock of TD Bank without par value or, in the event
that the outstanding shares of common stock are later changed into or exchanged for a
different class of stock or securities of TD Bank or another corporation, that other stock or
security.
	 
	1.55	 	“TD Bank Stock Unit” means an artificial unit of value, the amount of one unit of which
varies with the value of one share of TD Bank Common Stock.
	 
	1.56	 	“Termination Benefit” shall mean the benefit set forth in Article 7.
	 
	1.57	 	“Termination of Service” shall mean Separation from Service with the Company, voluntarily or
involuntarily, for any reason other than Retirement, death or an authorized leave of absence.

8

 

	1.58	 	“Trust” shall mean the trust established pursuant to this Plan, as amended from time to time.
The assets of the Trust shall be the property of the Company.
	 
	1.59	 	“Unforeseeable Financial Emergency” shall mean a severe financial hardship to the Participant
resulting from (i) an illness or accident of the Participant, the Participant’s spouse or a
dependent of the Participant, (ii) a loss of the Participant’s property due to casualty, or
(iii) such other similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant, all as determined in the sole discretion of the
Administrator.
	 
	1.60	 	“Yearly Installment Method” shall be a yearly installment payment over the number of years
selected by the Participant in accordance with this Plan, calculated as follows: The Account
Balance of the Participant (or the appropriate portion thereof) shall be calculated as of the
close of business on the date of reference (or, if the date of reference is not a business
day, on the immediately following business day), and shall be paid as soon as practicable
thereafter. The date of reference with respect to the first (1st) yearly installment payment
shall be as provided in Section 5.2 and the date of reference with respect to subsequent
yearly installment payments shall be the anniversary of the first (1st) yearly installment
payment. The yearly installment shall be calculated by multiplying this balance by a
fraction, the numerator of which is one (1), and the denominator of which is the remaining
number of yearly payments due the Participant. By way of example, if the Participant elects a
ten (10) year Yearly Installment Method, the first payment shall be one-tenth (1/10) of the
Account Balance, calculated as described in this definition. The following year, the payment
shall be one-ninth (1/9) of the Account Balance, calculated as described in this definition.
	 
	1.61	 	“Years of Service” shall mean the total number of continuous full years in which a
Participant has been employed by the Company or (with respect to a Non-Employee Director) has
served as a member of the Board of the Company. For purposes of this definition, a year of
employment or service shall be a three hundred sixty-five (365) day period (or three hundred
sixty-six (366) day period in the case of a leap year) that, for the first year of employment
or service, commences on the Key Employee’s date of hiring or the Non-Employee Director’s
appointment as a member of the Board of the Company, as applicable, and that, for any
subsequent year, commences on the annual anniversary of that date. Any partial year of
employment or service shall not be counted.

ARTICLE 2

Selection/Enrollment/Eligibility

	2.1	 	Eligibility. Participation in the Plan shall be limited to Non-Employee Directors
and Key Employees whom the Administrator designates, in its sole discretion, for
participation. It is intended that Key Employees shall meet the requirement of ERISA that
they be members of a select group of management or highly

9

 

	 	 	compensated employees of the Company. A new Non-Employee
Director or Key Employee shall not be considered eligible to participate until he or she
has received notice of such eligibility.

	2.2	 	Enrollment Requirements. Except as provided in Section 3.5, as a condition to
participation, each selected Non-Employee Director and Key Employee shall complete, execute
and return to the Administrator a Plan Agreement, an Election Form(s) and a Beneficiary
Designation Form, all within fifteen (15) days after he or she is notified or becomes eligible
to participate in the Plan. In addition, the Administrator shall establish from time to time
such other enrollment requirements as it determines in its sole discretion are necessary or
appropriate.

	2.3	 	Commencement of Participation. Provided a selected Non-Employee Director or Key
Employee has met all enrollment requirements set forth in this Plan and required by the
Administrator, including returning all required documents to the Administrator within the
specified time period, that individual shall commence participation in the Plan on the first
day of the Plan Year that commences after the month in which he or she completes all
enrollment requirements (or as soon as practicable thereafter as the Administrator may
determine). Except as provided in Section 3.5, or as otherwise provided by the Administrator,
if a selected Non-Employee Director or Key Employee fails to meet all such requirements within
the period required, in accordance with Section 2.2, that individual shall not be eligible to
participate in the Plan until the first day of the following Plan Year, again subject to
timely delivery to and acceptance by the Administrator of the required documents.

	2.4	 	Termination of Participation and/or Deferrals. If the Administrator determines in
good faith that a Participant no longer qualifies as a member of a select group of management
or highly compensated employees of the Company, the Administrator shall have the right, in its
sole discretion and subject to Section 409A, to (i) terminate any deferral election the
Participant has made for the remainder of the Plan Year in which the Participant’s membership
status changes, (ii) prevent the Participant from making future deferral elections and/or
(iii) immediately distribute the Participant’s then vested Account Balance as a Termination
Benefit and terminate the Participant’s participation in the Plan.

	2.5	 	Limited Participation. Any individual who does not meet the definition of
Non-Employee Director set forth in Section 1.25, or of Key Employee set forth in Section 1.23,
but who, until January 1, 2003, had participated in the Plan, shall continue to participate in
the Plan solely with respect to his or her Account Balance as of January 1, 2003. However,
such individual shall not be entitled to make any deferrals, or to have any Annual Company
Make-Up Amounts credited to the Plan on his or her behalf,
on or after January 1, 2003, and, subject to Section 409A, shall be subject to
distribution as provided in clause (iii) of Section 2.4, above, if the Administrator so
determines at any time.

10

 

ARTICLE 3

Deferral Commitments/Company Contributions/Crediting/Taxes

	3.1	 	Minimum Deferral. For each Plan Year, a Participant may elect to defer, as his or
her Annual Deferred Amount, Annual Base Salary, Short-Term Incentive Payments, Long-Term
Incentive Payments, RSU Income and/or Non-Employee Director Fees (as applicable) in the
minimum amount of five percent (5%) of each such item of compensation; provided, however,
that, for Plan Years beginning prior to January 1, 2005, the five percent (5%) minimum amount
applied to the Participant’s Incentive Payments in the aggregate for the Plan Year.
	 
	 	 	Notwithstanding the foregoing, the Administrator may, in its sole discretion, establish for
any Plan Year different minimum amount(s) for any item(s) of compensation prior to the
commencement of the Plan Year. If an election is made with respect to any such item of
compensation for less than the stated minimum amount, or if no election is made, the amount
deferred with respect to any such item of compensation shall be zero (0).

	3.2	 	Maximum Deferral. For each Plan Year, a Participant may elect to defer, as his or
her Annual Deferral Amount, Annual Base Salary, Short-Term Incentive Payments, Long-Term
Incentive Payments, RSU Income and/or Non-Employee Director Fees (as applicable), up to the
following maximum percentages for each deferral type elected:

	 	 	 	 	 
	Deferral Type	 	Maximum Amount
	Annual Base Salary
	 	 	70	%
	STI Payments
	 	 	100	%
	LTI Payments
	 	 	100	%
	RSU Income
	 	 	100	%
	Non-Employee Director Fees
	 	 	100	%

Notwithstanding the foregoing, the Administrator may, in its sole discretion,
establish for any Plan Year prior to the commencement of the Plan Year maximum
percentages which differ from those set forth above.

11

 

	3.3	 	Election to Defer/Change in Election.

	 	(a)	 	Timing of Election.

	 	(i)	 	Annual Base Salary or Non-Employee Director Fee
Deferrals. Except as provided below, a Participant shall make an Annual
Base Salary or Non-Employee Director Fee deferral election with respect to a
coming twelve (12) month Plan Year commencing on or after January 1, 2006.
Such election must be made during such period as shall be established by the
Administrator which ends no later than the last day of the Plan Year preceding
the Plan Year in which the services giving rise to the Annual Base Salary
and/or Non-Employee Director Fee to be deferred are to be performed.
	 
	 	(ii)	 	Incentive Payment Deferrals. Except as provided
below, a Participant shall make an Incentive Payment deferral election with
respect to a performance period of at least twelve (12) months. Such election
must be made during such period as shall be established by the Administrator
which ends no later than six (6) months prior to the last day of the period
over which the services giving rise to the Incentive Payments are performed.
	 
	 	(iii)	 	RSU Income Deferrals. Except as provided below, a
Participant may elect to defer RSU Income during such period as may be
established by the Administrator which ends no later than December 31, 2006,
provided that any such election (A) must be made while the Participant is an
active employee of the Company or one of its subsidiaries, (B) shall not take
effect before the date that is 12 months after the date the election is made
and accepted by the Administrator, and (C) does not accelerate the payment of
the RSU Income.
	 
	 	(iv)	 	Special Rule for Pre-2005 Elections. Notwithstanding
the preceding, with respect to any Annual Base Salary, Incentive Payment,
and/or Non-Employee Director Fee deferral election (or modification or
revocation of such election) made for a Plan Year beginning prior to January
1, 2005, which election (or modification or revocation) would, in accordance
with Section 409A, necessarily have been made on or before March 15, 2005,
such election (or modification or revocation) shall be valid if it satisfied
the deferral election (or modification or revocation) timing requirements of
the Plan in effect at the time of the deferral election (or modification or
revocation).
	 
	 	(v)	 	Additional Section 409A Provisions. Notwithstanding
the preceding, the Administrator shall, in its discretion, be permitted to

12

 

	 	 	 	cause to be paid to the Participant Annual Base Salary, Short-Term Incentive
Payments, Long Term Incentive Payments, RSU Income and/or Non-Employee
Director Fees (as applicable) rather than being deferred under the Plan if,
under Section 409A, an earlier election was required in order to properly
defer tax with respect to such amount(s). In addition, the Administrator, in
its discretion, shall be permitted to allow a Participant to revoke or modify
an Annual Base Salary, Short-Term Incentive Payments, Long Term Incentive
Payments, RSU Income and/or Non-Employee Director Fees (as applicable)
deferral election he or she has made if Section 409A provides an opportunity
to later modify a deferral election with respect to such amount(s); provided,
however, that no such revocation or modification will be effective or
available if and to the extent Section 409A provides that such revocation or
modification, or the availability thereof, prevents the proper deferral of tax
with respect to such amount(s).

	 	(b)	 	Manner of Election. For any Plan Year (or portion thereof), a
deferral election for that Plan Year (or portion thereof), and such other elections as
the Administrator deems necessary or desirable under the Plan, shall be made by timely
delivering to the Administrator, in accordance with its rules and procedures, by the
deadline(s) set forth above, an Election Form, along with such other elections as the
Administrator deems necessary or desirable under the Plan. For these elections to be
valid, the Election Form(s) must be completed and signed by the Participant, timely
delivered to the Administrator (in accordance with Section 2.2 above) and accepted by
the Administrator. If no such Election Form(s) is timely delivered for a Plan Year
(or portion thereof), the Annual Deferral Amount shall be zero (0) for that Plan Year
(or portion thereof).
	 
	 	(c)	 	Change in Election. Except as provided in (a)(v) above and except as
set forth below, a Participant may not elect to change his or her deferral or payment
election that is in effect for a Plan Year.

	 	(i)	 	Transitional Elections in 2006. On or before
December 31, 2006, if a Participant wishes to change his or her payment
election, the Participant may do so by completing a payment election form
approved by the Administrator, provided that any such election (A) must be
made at least 12 months before the date on which benefit payments are
scheduled to commence, (B) must be made while the Participant is an active
employee of the Company or one of its subsidiaries, (C) shall not take effect
before the date that is 12 months after the date the election is made and
accepted by the Administrator, (D) does not cause a payment that would
otherwise
be made in 2006 to be delayed to a later year, and (E) does not

13

 

	 	 	 	accelerate into 2006 a payment that is otherwise scheduled to be made in a later
year.
	 
	 	(ii)	 	Changes in Payment Elections After 2006. On or after
January 1, 2007, if a Participant wishes to change his or her payment
election, a Participant may do so by completing a payment election form
approved by the Administrator, provided that any such election (A) must be
made while the Participant is an active employee of the Company or one of its
subsidiaries, (B) must be made at least 12 months before the date on which any
benefit payments as of a fixed date or pursuant to a fixed schedule are
scheduled to commence, (C) shall not take effect until at least 12 months
after the date the election is made and accepted by the Administrator, and (D)
for payments to be made other than upon death, must provide an additional
deferral period of at least five years from the date such payment would
otherwise have been made (or in the case of any life annuity or installment
payments treated as a single payment, five years from the date the first
amount was scheduled to be paid). For purposes of this Plan and clause (D)
above, all installment payments under this Plan shall be treated as a single
payment.

	3.4	 	Withholding of Annual Deferral Amounts. For each Plan Year, the Annual Base Salary
portion of the Annual Deferral Amount shall be withheld from each regularly scheduled Annual
Base Salary payroll in the percentage elected by the Participant, as adjusted from time to
time for increases and decreases in Annual Base Salary. The Incentive Payments portion of the
Annual Deferral Amount shall be withheld at the time the Incentive Payments are or otherwise
would be paid to the Participant, whether or not this occurs during the Plan Year itself. The
RSU Income portion of the Annual Deferral Amount shall be withheld at the time the RSU Income
is or otherwise would be paid to the Participant. The Non-Employee Director Fees portion of
the Annual Deferral Amount shall be withheld at the time the Non-Employee Director Fees are or
otherwise would be paid to the Participant, whether or not this occurs during the Plan Year
itself.

	3.5	 	Post-2004 Mandatory Deferrals. Notwithstanding anything herein to the contrary, but
subject to Section 409A, if the Administrator determines, in its sole and absolute discretion
with the guidance of counsel, that the Company’s ability to deduct any portion of a
Participant’s compensation relating to services performed for the Company is limited by Code
Section 162(m), such portion shall automatically be withheld from the Participant’s
compensation at such time it would otherwise have been paid to the Participant and shall be
deferred under the Plan as a Post-2004 Annual Mandatory Deferral Amount for the Plan Year of
the withholding.

14

 

	3.6	 	Annual Company Make-Up Amount. A Participant’s Annual Company Make-Up Amount for the
Plan Year of reference shall be equal to the amount of the Company matching contribution that
would be made to the 401(k) Plan if the 401(k) Plan were permitted to include in its
definition of “compensation” for Company matching contribution purposes the Participant’s
Annual Deferral Amount, reduced by the amount of any Company matching contributions that are
made to the 401(k) Plan on the Participant’s behalf for the plan year of the 401(k) Plan that
corresponds to the Plan Year. This section shall not result in any Annual Company Make-Up
Amount hereunder that would exceed, when combined with the Company matching contribution
amounts contributed to the 401(k) Plan for the Plan Year, the total Company matching
contribution that would be made on behalf of a participant in the 401(k) Plan who earns
compensation in excess of the dollar limit on recognizable compensation under Code Section
401(a)(17). A Participant who is not eligible for the Plan Year (or for any portion thereof)
to receive an allocation of Company matching contributions under the 401(k) Plan shall not be
eligible for the Plan Year (or for any such portion) for the allocation of an Annual Company
Make-Up Amount hereunder.
	 
	 	 	Unless otherwise specified by the Administrator, the Annual Company Make-Up Amount, if any,
shall be credited as soon as practicable after the last day of the Plan Year.
	 
	3.7	 	Investment of Trust Assets. The trustee of the Trust shall be authorized, upon
written instructions received from the Administrator or investment manager appointed by the
Administrator, to invest and reinvest the assets of the Trust in accordance with the
applicable Trust agreement, including the reinvestment of the proceeds in one or more
investment vehicles designated by the Administrator.

	3.8	 	Vesting.

	 	(a)	 	A Participant shall at all times be one hundred percent (100%) vested in his
or her Pre-2005 Deferral Account, Post-2004 Voluntary Deferral Account and Post-2004
Mandatory Deferral Account.
	 
	 	(b)	 	A Participant shall become vested in his or her Pre-2005 Company Make-Up
Account and Post-2004 Company Make-Up Account as and to the same extent that the
Participant becomes vested in Company matching contributions under the 401(k) Plan, or
(if earlier) as of the date of a Change in Control.

	3.9	 	Crediting/Debiting of Account Balances. In accordance with, and subject to, the rules
and procedures that are established from time to time by the Administrator, in its sole
discretion, amounts shall be credited or debited to a Participant’s Account Balance in
accordance with the following rules:

15

 

	 	(a)	 	Sub-Accounts. To the extent permitted by the Administrator, separate
sub-accounts shall be established and maintained with respect to each Participant’s
Account Balance (together, the “Sub-Accounts”), if and as applicable, one attributable
to the portion of the Participant’s Account Balance which represents the Participant’s
Pre-2005 Account Balance, another attributable to the portion of the Participant’s
Account Balance which represents Annual Base Salary deferrals on or after January 1,
2005, another attributable to the portion of the Participant’s Account Balance which
represents STI Payment deferrals on or after January 1, 2005, another attributable to
the portion of the Participant’s Account Balance which represents LTI Payment
deferrals on or after January 1, 2005, another attributable to the portion of the
Participant’s Account Balance which represents RSU Income, another attributable to the
portion of the Participant’s Account Balance which represents Post-2004 Annual Company
Make-Up Amounts, another attributable to the portion of the Participant’s Account
Balance which represents Post-2004 Annual Mandatory Deferral Amounts, and another
attributable to the portion of the Participant’s Account Balance which represents
Non-Employee Director Fee deferrals on or after January 1, 2005.
	 
	 	(b)	 	Election of Measurement Funds. A Participant, in connection with his
or her initial deferral election in accordance with Section 3.3 above, shall elect, on
the Election Form(s), one or more Measurement Fund(s) (as described in Section 3.9(d)
below) to be used to determine the additional amounts to be credited or debited to
each of his or her Sub-Accounts for the first business day of the Plan Year,
continuing thereafter unless changed in accordance with the next sentence. Commencing
with the first business day of the Plan Year, and continuing thereafter for the
remainder of the Plan Year (unless the Participant ceases during the Plan Year to
participate in the Plan), the Participant may (but is not required to) elect daily, by
submitting an Election Form(s) to the Administrator that is accepted by the
Administrator (which submission may take the form of an electronic transmission, if
required or permitted by the Administrator), to add or delete one or more Measurement
Fund(s) to be used to determine the additional amounts to be credited or debited to
each of his or her Sub-Accounts, or to change the portion of each of his or her
Sub-Accounts allocated to each previously or newly elected Measurement Fund(s). If an
election is made in accordance with the previous sentence, it shall apply to the next
business day and continue thereafter for the remainder of the Plan Year (unless the
Participant ceases during the Plan Year to participate in the Plan), unless changed in
accordance with the previous sentence. Notwithstanding the above, no amount allocated
to the Common Stock
Fund A or Common Stock Fund B may thereafter be reallocated to any other
Measurement Fund.

16

 

	 	(c)	 	Proportionate Allocation. In making any election described in
Section 3.9(b) above, the Participant shall specify on the Election Form(s), in whole
percentage points, the percentage of each of his or her Sub-Account(s) to be allocated
to a Measurement Fund (as if the Participant was making an investment in that
Measurement Fund with that portion of his or her Account Balance).
	 
	 	(d)	 	Measurement Funds. The Participant may elect one or more of the
Measurement Funds set forth on Schedule A (the “Measurement Funds”) for the purpose of
crediting or debiting additional amounts to his or her Account Balance. The
Administrator may, in its sole discretion, discontinue, substitute or add a
Measurement Fund(s). Each such action will take effect as of the first business day
that follows by thirty (30) days the day on which the Administrator gives Participants
advance written (which shall include e-mail) notice of such change. If the
Administrator receives an initial or revised Measurement Fund(s) election which it
deems to be incomplete, unclear or improper, the Participant’s Measurement Fund(s)
election then in effect shall remain in effect (or, in the case of a deficiency in an
initial Measurement Fund(s) election, the Participant shall be deemed to have filed no
deemed investment direction). If the Administrator possesses (or is deemed to possess
as provided in the previous sentence) at any time directions as to Measurement Fund(s)
of less than all of the Participant’s Account Balance, the Participant shall be deemed
to have directed that the undesignated portion of the Account Balance be deemed to be
invested in a money market, fixed income or similar Measurement Fund made available
under the Plan as determined by the Administrator in its discretion. Each Participant
hereunder, as a condition to his or her participation hereunder, agrees to indemnify
and hold harmless the Administrator and the Company, and their agents and
representatives, from any losses or damages of any kind relating to (i) the
Measurement Funds made available hereunder and (ii) any discrepancy between the
credits and debits to the Participant’s Account Balance based on the performance of
the Measurement Funds and what the credits and debits otherwise might be in the case
of an actual investment in the Measurement Funds.
	 
	 	(e)	 	Crediting or Debiting Method. The performance of each elected
Measurement Fund (either positive or negative) will be determined by the
Administrator, in its sole discretion, based on the performance of the Measurement
Funds themselves. A Participant’s Account Balance shall be credited or debited on a
daily basis based on the performance of each Measurement Fund selected by the
Participant, or as otherwise determined by the Administrator in its sole discretion,
as though (i) a Participant’s
Account Balance were invested in the Measurement Fund(s) selected by the
Participant, in the percentages elected by the Participant as of such date, at the
closing price on such date; (ii) the portion of the Annual

17

 

	 	 	 	Deferral Amount that was
actually deferred was invested in the Measurement Fund(s) selected by the
Participant, in the percentages elected by the Participant, no later than the close
of business on the third (3rd) business day after the day on which such amounts are
actually deferred from the Participant’s Annual Base Salary, Incentive Payments,
RSU Income or Non-Employee Director Fees through reductions in his or her amounts
otherwise payable, at the closing price on such date; and (iii) any distribution
made to a Participant that decreases such Participant’s Account Balance ceased
being invested in the Measurement Fund(s), in the percentages applicable to such
calendar month, no earlier than three (3) business days prior to the distribution,
at the closing price on such date.
	 
	 	(f)	 	Common Stock Funds. A Participant’s Account Balance attributable to
Common Stock Fund A and/or Common Stock Fund B shall be credited with any amounts
allocated thereto as follows: on any date on which any Annual Deferral Amounts,
Annual Company Make-Up Amounts or Post-2004 Annual Mandatory Deferral Amounts are
credited hereunder (an “Allocation Date”), the Participant’s Common Stock Sub-Account
shall be credited with a number of Sponsor Stock Units or TD Bank Stock Units (as
applicable) equal to (i) the amount allocated to the Common Stock Sub-Account divided
by (ii) the “Price per Share” (as defined below) on the Allocation Date. Fractional
Sponsor Stock Units or TD Bank Stock Units (as applicable) shall be rounded to the
nearest 1/10th (one-tenth) of a Sponsor Stock Unit or TD Bank Stock Unit (as
applicable). On any given day, the value of the Common Stock Sub-Account shall equal
the number of Sponsor Stock Units, if any, then credited to the Common Stock
Sub-Account multiplied by the applicable Price per Share on such date, plus the number
of TD Bank Stock Units, if any, then credited to the Common Stock Sub-Account
multiplied by the applicable Price per Share on such date. Sponsor Stock Units do not
constitute shares of Sponsor Common Stock, interests in Sponsor Common Stock or any
other security of the Company. TD Bank Stock Units do not constitute shares of TD
Bank Common Stock, interests in TD Bank Common Stock or any other security of TD Bank
or the Company. Sponsor Stock Units and TD Bank Stock Units merely reflect an
unfunded promise to pay deferred compensation in the future. For purposes of this
Section 3.9(f), the “Price per Share” shall equal the closing sale price per share at
which shares of the Sponsor Common Stock or TD Bank Common Stock (as applicable) are
sold on the New York Stock Exchange (“NYSE”) on such date or, if no Sponsor Common
Stock or TD Bank Common Stock (as applicable) was traded on the NYSE on such date, the
closing sale price at which the Sponsor Common Stock or TD Bank Common Stock (as
applicable) is sold on the next preceding date the Sponsor Common Stock or TD Bank
Common Stock (as applicable) was so traded.
	 
	 	 	 	A Participant’s Common Stock Sub-Account shall be credited with additional Sponsor
Stock Units on every date the Sponsor issues a dividend with respect

18

 

	 	 	 	to its Sponsor
Common Stock, and with additional TD Bank Stock Units on every date TD Bank issues
a dividend with respect to its TD Bank Common Stock. The number of Sponsor Stock
Units or TD Bank Stock Units (as applicable) so credited will equal (i) the product
of (A) the dividend per share of Sponsor Common Stock or TD Bank Common Stock (as
applicable) times (B) the number of Sponsor Stock Units or TD Bank Common Stock
Units (as applicable) in the Participant’s Common Stock Sub-Account immediately
before the dividend is issued, divided by (ii) the applicable Price per Share on
the dividend date. In the event of any recapitalization, stock split, stock
dividend, exchange of shares, merger, reorganization, change in corporate structure
or change in shares of the Sponsor (or TD Bank) or similar event, the Administrator
may make appropriate adjustments to the number of Sponsor Stock Units (or TD Bank
Stock Units, as applicable) credited to each Participant’s Common Stock
Sub-Account.
	 
	 	 	 	Payments allocable to the Participant’s Common Stock Sub-Account will be paid in
cash. If a Participant’s Common Stock Sub-Account is to be paid in installments,
each installment shall be in an amount equal to (A) the total number of Sponsor
Stock Units (or TD Bank Stock Units, as applicable) in such Common Stock
Sub-Account on the applicable installment payment date, multiplied by (B) a
fraction, the numerator of which is one (1) and the denominator of which is the
remaining number of installments to be paid to the Participant, with the product of
(A) and (B) to then be multiplied by (C) the Price per Share of the Sponsor Common
Stock (or the TD Bank Common Stock as applicable) on the applicable installment
payment date.
	 
	 	(g)	 	No Actual Investment. Notwithstanding any other provision of this
Plan that may be interpreted to the contrary, the Measurement Funds are to be used for
measurement purposes only, and a Participant’s election of any such Measurement Fund,
the allocation to his or her Account Balance thereto, the calculation of additional
amounts and the crediting or debiting of such amounts to a Participant’s Account
Balance shall not be considered or construed in any manner as an actual investment of
his or her Account Balance in any such Measurement Fund. In the event that the
Company or the trustee (as that term is defined in the Trust), in its own discretion,
decides to invest funds in any or all of the Measurement Funds, no Participant shall
have any rights in or to such investments themselves. Without limiting the foregoing,
a Participant’s Account Balance shall at all times be a bookkeeping entry only and
shall not represent any investment made on his or her behalf by the Company or the
Trust; the Participant shall at all times remain an unsecured general creditor of the
Company.
	 
	 	(h)	 	Beneficiary Elections. Each reference in this Section 3.9 to a
Participant shall be deemed to include, where applicable, a reference to a
Beneficiary.

19

 

	3.10	 	FICA and Other Taxes.

	 	(a)	 	Annual Deferral Amounts and Post-2004 Annual Mandatory Deferral
Amounts. For each Plan Year in which an Annual Deferral Amount and/or a Post-2004
Annual Mandatory Deferral Amount is being withheld from a Participant, the Company
shall withhold from that portion of the Participant’s Annual Base Salary, Incentive
Payments, RSU Income and/or other compensation that is not being deferred, in a manner
determined by the Company, the Participant’s share of any FICA and other employment
taxes on such Annual Deferral Amount and/or Post-2004 Annual Mandatory Deferral
Amount. If necessary, the Administrator may reduce the Annual Deferral Amount in order
to comply with this Section 3.10.
	 
	 	(b)	 	Annual Company Make-Up Amounts. When a Participant becomes vested in
a portion of his or her Company Make-Up Account, the Company shall have the discretion
to withhold from the Participant’s Annual Base Salary, Incentive Payments and/or RSU
Income that is not deferred, in a manner determined by the Company, the Participant’s
share of any FICA and other employment taxes. If necessary, the Administrator may
reduce the vested portion of the Participant’s Annual Company Make-Up Amounts in order
to comply with this Section 3.10.

	3.11	 	Distributions. Notwithstanding anything herein to the contrary, (i) any payments
made to a Participant under this Plan shall be in cash form, and (ii) the Company, or the
trustee of the Trust, shall withhold from any payments made to a Participant under this Plan
all Federal, state and local income, employment and other taxes required to be withheld by the
Company, or the trustee of the Trust, in connection with such payments, in amounts and in a
manner to be determined in the sole discretion of the Company and the trustee of the Trust.

ARTICLE 4

Short-Term Payout/Unforeseeable Financial Emergencies

	4.1	 	Short-Term Payout. In connection with each election to defer an Annual Deferral
Amount for a Plan Year, a Participant may irrevocably elect to receive a future “Short-Term
Payout” from the Plan. Except as otherwise required by the Administrator, with respect to any
Short-Term Payout election relating to a Post-2004 Annual Voluntary Deferral Amount, such
election may be made separately with respect to the Annual Base Salary, Short-Term Incentive
Payment, Long-Term Incentive Payment, RSU Income and/or Non-Employee Director Fee deferral
portions of the Post-2004 Annual Voluntary Deferral Amount for the Plan Year. Subject to the
Deduction Limitation and to Section 3.11, the Short-Term Payout in respect of an Annual
Deferral Amount for a Plan Year shall be a lump sum payment in an amount that is equal to
that year’s Annual Base Salary, Short-Term Incentive Payment, Long-Term Incentive Payment,
RSU Income and/or Non-Employee Director Fee deferrals (plus, in respect of any Short-Term
Payout

20

 

	 	 	election relating to a Pre-2005 Annual Deferral Amount for a Plan Year, any vested
Pre-2005 Annual Company Make-Up Amount for the Plan Year), and amounts credited or debited
thereto in the manner provided in Section 3.9 above, determined at the time that the
Short-Term Payout becomes payable (rather than the date of a Termination of Service).
Subject to the terms and conditions of this Plan, each Short-Term Payout elected shall be
paid out during the month of March of the Plan Year designated by the Participant that is
at least three (3) Plan Years after the Plan Year in which the Annual Deferral Amount is
actually deferred, as specifically elected by the Participant. By way of example, if a
three (3) year Short-Term Payout is elected by a Participant for Annual Base Salary
deferrals that are deferred in the Plan Year commencing January 1, 2006, the three (3) year
Short-Term Payout would become payable during March of 2010. Notwithstanding the preceding
sentences or any other provision of this Plan that may be construed to the contrary,
effective as of January 1, 2005, a Participant who is an active Key Employee or
Non-Employee Director may, with respect to each Short-Term Payout, on a form determined by
the Administrator, make one (1) or more additional deferral elections (a “Subsequent
Election”) to defer payment of all or any portion (as elected by the Participant in
accordance with procedures established by the Administrator) of such Short-Term Payout to a
Plan Year subsequent to the Plan Year originally (or subsequently) elected; provided,
however, any such Subsequent Election will be null and void unless accepted by the
Administrator no later than one (1) year prior to the first day of the Plan Year in which,
but for the Subsequent Election, such Short-Term Payout would be paid, and, for Subsequent
Elections made on or after January 1, 2007, such Subsequent Election provides for a
deferral of at least five (5) Plan Years following the Plan Year in which the Short-Term
Payout, but for the Subsequent Election, would be paid.
	 
	 	 	If a Short-Term Payout election is made with respect to any Pre-2005 Annual Company Make-Up
Amount that, as of the time of payment, is as yet unvested, such unvested amounts shall not
be subject to such Short-Term Payout election, but instead shall be paid out, if vested (or
forfeited, if unvested), as of the earliest of the Participant’s Retirement, death or
Termination of Service.
	 
	4.2	 	Other Benefits Take Precedence Over Short-Term Payout. Should an event occur that
triggers a benefit under Article 5, 6 or 7, any amounts that are subject to a Short-Term
Payout election under Section 4.1 shall not be paid in accordance with Section 4.1 but shall
be paid in accordance with the other applicable Article.

	4.3	 	Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies. If a
Participant experiences an Unforeseeable Financial Emergency, the Participant may petition the
Administrator to (i) cease any deferrals required to be made by a Participant and/or (ii)
receive a partial or full payout from the Plan. The payout shall not exceed the lesser of the
Participant’s vested Account Balance, calculated as if such Participant were receiving a
Termination Benefit, or the amount reasonably needed to satisfy the Unforeseeable Financial
Emergency plus

21

 

amounts necessary to pay taxes reasonably anticipated as a result of the
payouts, after taking into account the extent to which the Unforeseeable Financial Emergency
is or may be relieved through reimbursement or compensation by insurance or otherwise or by
liquidation of the Participant’s assets (to the extent the liquidation of assets would not
itself cause severe financial hardship). A suspension or payout under this Section 4.3 shall
be permitted solely to the extent permitted under Code Section 409A. If, subject to the sole
discretion of the Administrator, the petition for a cessation of deferrals and/or payout is
approved, cessation shall take effect upon the date of approval and any payout shall be made
within sixty (60) days of the date of approval. Any later deferral elections will be subject
to the provisions governing initial deferral elections in Section 3.3 of the Plan. The
payment of any amount under this Section 4.3 shall not be subject to the Deduction Limitation.

ARTICLE 5

Retirement Benefit

	5.1	 	Retirement Benefit. A Participant who Retires shall receive, as a Retirement
Benefit, his or her entire vested Account Balance.

	5.2	 	Payment of Retirement Benefit. Except as provided below, a Participant, at the time
he or she makes an election to defer an Annual Deferral Amount under the Plan for a Plan Year
(or, with respect to his or her Pre-2005 Deferral Account, at the time he or she commences
participation in the Plan), shall elect on an Election Form to receive the portion of his or
her Account Balance attributable to Annual Deferral Amounts (and, if applicable, any Pre-2005
Company Make-Up Amounts) in a lump sum or pursuant to a Yearly Installment Method of five (5)
or ten (10) years; provided, however, that payment of the Participant’s entire vested Account
Balance shall be made in the form of a lump sum payment if the Participant’s vested Account
Balance at the time of his or her Retirement is less than twenty-five thousand dollars
($25,000). Except as otherwise required by the Administrator, such election may be made
separately with respect to (i) the Participant’s Pre-2005 Account Balance, and/or (ii) for any
Post-2004 Annual Deferral Amounts, each Plan Year’s Annual Base Salary, Short-Term Incentive
Payments, Long-Term Incentive Payments, RSU Income and/or Non-Employee Director Fees that have
been deferred. If a Participant does not make any election with respect to the payment of the
Retirement Benefit, then such benefit shall be payable in a lump sum.

Notwithstanding the above or anything herein that may suggest otherwise, the portion (if
any) of the Participant’s Account Balance attributable to Post-2004 Annual Company Make-Up
Amounts, if any, and Post-2004 Annual Mandatory Deferral Amounts, if any, shall be received
by the Participant solely as a lump sum payment.

22

 

Unless an election is changed by the Participant as provided below, such Retirement Benefit
shall be paid (or shall commence, in the case of installment payments) during either the
March or September of the Plan Year following the date of the Participant’s Retirement,
subject to compliance with Section 409A with respect to the payment of Post-2004 Annual
Mandatory Deferral Amounts.

The preceding notwithstanding, (i) any Participant who incurs a Separation from Service
with the Company during January through June of any Plan Year shall not be entitled to
receive any portion of his or her Account Balance under this section until March of the
following Plan Year, and (ii) any Participant who incurs a Separation from Service with the
Company during July through December of any Plan Year shall not be entitled to receive any
portion of his or her Account Balance under this section until September of the following
Plan Year, unless an election is changed by the Participant as provided below.

The Participant may change his or her election to an allowable alternative payout period by
submitting a new Election Form to the Administrator, provided that any such Election Form
is submitted at least one (1) year prior to the Participant’s Retirement and complies with
the requirements of Section 3.3(c) above. The Election Form most recently accepted by the
Administrator shall govern the payout of the Retirement Benefit with respect to the portion
of the Participant’s Account Balance to which it pertains.

Notwithstanding anything above or elsewhere in the Plan to the contrary, no change
submitted on an Election Form shall be accepted by the Company if the change accelerates
the time over which distributions shall be made to the Participant (except as otherwise
permitted under Section 409A and Section 3.3(c)(i) above) and the Company shall deny any
change made to an election if the Administrator determines that the change violates the
requirement under Section 409A that the first payment with respect to which such election
is made be deferred for a period of not less than five (5) years from the date such payment
would otherwise have been made.

ARTICLE 6

Survivor Benefit

	6.1	 	Pre-Retirement Survivor Benefit. The Participant’s Beneficiary shall receive a
Pre-Retirement Survivor
Benefit equal to the Participant’s entire vested Account Balance if the Participant dies
while a Key Employee or Non-Employee Director.

	6.2	 	Payment of Pre-Retirement Survivor Benefit. The Pre-Retirement Survivor Benefit
shall be paid in a lump sum as soon as practicable following the date on which the
Administrator has been provided with proof that is satisfactory to the Administrator of the
Participant’s death. Any payment made hereunder shall not be subject to the Deduction
Limitation.

23

 

	6.3	 	Death Prior to Completion of Retirement Benefit or Termination Benefit. If a
Participant dies after Retirement or Termination of Service but before the Retirement Benefit
or Termination Benefit is paid in full, the Participant’s unpaid Retirement Benefit or
Termination Benefit payments shall continue and shall be paid to the Participant’s Beneficiary
over the remaining number of years and in the same amounts as that benefit would have been
paid to the Participant had the Participant survived. Any payment made hereunder shall not be
subject to the Deduction Limitation.

ARTICLE 7

Termination Benefit

	7.1	 	Termination Benefit. A Participant shall receive a Termination Benefit, which shall
be equal to the Participant’s vested Account Balance if the Participant experiences a
Termination of Service prior to his or her Retirement or death.

	7.2	 	Payment of Termination Benefit. The Termination Benefit shall be paid in a lump sum
during either the March or September of the Plan Year that commences after the date of the
Participant’s Termination of Service, subject to compliance with Section 409A with respect to
the payment of Post-2004 Annual Mandatory Deferral Amounts. The preceding notwithstanding,
(i) any Participant who incurs a Separation from Service with the Company during January
through June of any Plan Year shall not be entitled to receive any portion of his or her
vested Account Balance under this section until March of the following Plan Year, and (ii) any
Participant who incurs a Separation from Service with the Company during July through December
of any Plan Year shall not be entitled to receive any portion of his or her vested Account
Balance under this section until September of the following Plan Year.

ARTICLE 8

Beneficiary Designation

	8.1	 	Beneficiary. Each Participant shall have the right, at any time, to designate his or
her Beneficiary(ies) (both primary as well as
contingent) to receive any benefits payable under the Plan upon the death of a Participant.
The Beneficiary designated under this Plan may be the same as or different from the
Beneficiary designation under any other plan of the Company in which the Participant
participates.

	8.2	 	Beneficiary Designation/Change. A Participant shall designate his or her Beneficiary
by completing and signing the Beneficiary Designation Form, and returning it to the
Administrator or its designated agent. A Participant shall have the right to change a
Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary
Designation Form and the Administrator’s rules and procedures, as in effect from time to time.
Upon the acceptance by the Administrator of a new Beneficiary Designation Form, all
Beneficiary

24

 

	 	 	designations previously filed shall be canceled. The Administrator shall be
entitled to rely on the last Beneficiary Designation Form filed by the Participant and
delivered to the Administrator prior to his or her death.
	 
	8.3	 	Acknowledgment. No designation or change in designation of a Beneficiary shall be
effective until received and acknowledged in writing by the Administrator or its designated
agent.

	8.4	 	No Beneficiary Designation. If a Participant fails to designate a Beneficiary as
provided in Sections 8.1, 8.2 and 8.3 above or, if all designated Beneficiaries predecease the
Participant or die prior to complete distribution of the Participant’s benefits, then the
Participant’s designated Beneficiary shall be deemed to be his or her surviving spouse, or, if
the Participant has no surviving spouse, the benefits remaining under the Plan to be paid to a
Beneficiary shall be payable to the executor or personal representative of the Participant’s
estate.

	8.5	 	Doubt as to Beneficiary. If the Administrator has any doubt as to the proper
Beneficiary to receive payments pursuant to this Plan, the Administrator shall have the right,
exercisable in its sole discretion, to cause the Company to withhold such payments until this
matter is resolved to the Administrator’s satisfaction.

	8.6	 	Discharge of Obligations. The payment of benefits under the Plan to a person
believed in good faith by the Administrator to be a valid Beneficiary shall fully and
completely discharge the Company and the Administrator from all further obligations under this
Plan with respect to the Participant, and that Participant’s Plan Agreement shall terminate
upon such full payment of benefits. Neither the Administrator nor the Company shall be
obliged to search for any Participant or Beneficiary beyond the sending of a registered letter
to such last known address. If the Administrator notifies any Participant or Beneficiary that
he or she is entitled to an amount under the Plan and the Participant or Beneficiary fails to
claim such amount or make his or her
location known to the Administrator within three (3) years thereafter, then, except as
otherwise required by law, if the location of one or more of the next of kin of the
Participant is known to the Administrator, the Administrator may direct distribution of
such amount to any one or more or all of such next of kin, and in such proportions as the
Administrator determines. If the location of none of the foregoing persons can be
determined, the Administrator shall have the right to direct that the amount payable shall
be deemed to be a forfeiture and paid to the Company, except that the dollar amount of the
forfeiture, unadjusted for deemed gains or losses in the interim, shall be paid by the
Company if a claim for the benefit subsequently is made by the Participant or the
Beneficiary to whom it was payable. If a benefit payable to an unlocated Participant or
Beneficiary is subject to escheat pursuant to applicable state law, neither the
Administrator nor the Company shall be liable to any person for any payment made in
accordance with such law.

25

 

ARTICLE 9

Leave of Absence

	9.1	 	Paid Leave of Absence. If a Participant is authorized by the Company for any reason
to take a paid leave of absence from his or her service to the Company, the Participant shall
continue to be considered employed by the Company, and the Annual Deferral Amount shall
continue to be withheld during such paid leave of absence in accordance with Section 3.4.

	9.2	 	Unpaid Leave of Absence. If a Participant is authorized by the Company for any
reason to take an unpaid leave of absence from his or her service to the Company, the
Participant shall continue to be considered employed by the Company, and the Participant shall
be excused from making deferrals until the earlier of the date the leave of absence expires or
the Participant returns to a paid service status. Upon such expiration or return, deferrals
shall resume for the remaining portion of the Plan Year in which the expiration or return
occurs, based on the deferral election, if any, made for that Plan Year. If no election was
made for that Plan Year, no deferral shall be withheld.

ARTICLE 10

Termination/Amendment/Modification

	10.1	 	Termination. Although the Sponsor anticipates that it will continue the Plan for an
indefinite period of time, there is no guarantee that the Sponsor will continue the Plan or
will not terminate the Plan at any time in the future. Accordingly, the 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 the Participants, by action of the Board. A complete or partial
termination of the Plan shall not be a distributable event except as set
forth below, and each Participant will be paid his or her Account Balance in accordance
with each Participant’s then current payment elections. The termination of the Plan shall
not adversely affect any Participant or Beneficiary who has become entitled to the payment
of any benefits under the Plan as of the date of termination. The Sponsor may, in its
discretion, elect to terminate the Plan in any of the following three circumstances and
accelerate the payment of the entire vested Account Balance of each Participant in
accordance with Section 409A of the Code:

	 	(i)	 	the Plan is terminated within the 30 days preceding or the 12 months
following a Change In Control and (1) all substantially similar arrangements sponsored
by the Sponsor are terminated, and (2) all Participants in the Plan and all
participants under the substantially similar arrangements receive all of their
benefits under the terminated arrangements within 12 months of the date of termination
of the arrangements,

26

 

	 	(ii)	 	the Plan is terminated and (1) all arrangements sponsored by the Sponsor that
would be aggregated with the Plan under Section 1.409A-1(c) if a Participant
participated in all of the arrangements are terminated, (2) no payments other than
payments that would be payable under the terms of the arrangements if the termination
had not occurred are made within 12 months of the termination of the arrangements; (3)
all payments are made within 24 months of the termination of the arrangements; and (4)
the Sponsor does not adopt a new arrangement that would be aggregated with the Plan
under Section 1.409A-1(c) if the same Participant participated in both arrangements,
at any time within five years following the date of termination of the Plan, or
	 
	 	(iii)	 	the Plan is terminated within 12 months of a corporate dissolution taxed
under Section 331 of the Code, or with the approval of a bankruptcy court pursuant to
11 U.S.C. §503(b)(1)(A), provided that the amounts deferred by each Participant under
the Plan are included in the Participant’s gross income in the later of (1) the
calendar year in which the Plan termination occurs, or (2) the first calendar year in
which the payment is administratively practicable.

	10.2	 	Amendment. The Sponsor may, at any time, amend or modify the Plan in whole or in
part by the action of the Administrator; provided, however, that no amendment or modification
shall be effective to decrease or restrict the value of a Participant’s vested Account Balance
in existence at the time the amendment or modification is made, calculated as if the
Participant had experienced a Termination of Service as of the effective date of the amendment
or modification or, if the amendment or modification occurs after the date upon which the
Participant was eligible to Retire, the Participant had Retired as of the effective date of
the amendment or
modification. The amendment or modification of the Plan shall not affect any Participant
or Beneficiary who has become entitled to the payment of benefits under the Plan as of the
date of the amendment or modification. Notwithstanding anything in the Plan to the
contrary, the Sponsor may amend in good faith any terms of the Plan, including
retroactively, in order to comply with Section 409A.

	10.3	 	Effect of Payment. The full payment of the applicable benefit under Articles 4, 5, 6
or 7 of the Plan shall completely discharge all obligations to a Participant and his or her
designated Beneficiaries under this Plan and the Participant’s Plan Agreement shall terminate.

	10.4	 	Amendment to Ensure Proper Characterization of the Plan. Notwithstanding the
previous sections of this Article 10, the Plan may be amended at any time, retroactively if
required, or if found necessary, in the opinion of the Administrator, in order to ensure that
the Plan is characterized as a non-tax-qualified “top hat” plan of deferred compensation
maintained for a select group of management or highly compensated employees, as described
under ERISA Sections 201(2),

27

 

301(a)(3) and 401(a)(1), to conform the Plan to the provisions of
Section 409A and to ensure that amounts under the Plan are not considered to be taxed to a
Participant under the Federal income tax laws prior to the Participant’s receipt of the
amounts or to conform the Plan and the Trust to the provisions and requirements of any
applicable law (including ERISA and the Code).

	10.5	 	Changes in Law Affecting Taxability.

	 	(a)	 	Operation. This section shall become operative upon the enactment of
any change in applicable statutory law or the promulgation by the Internal Revenue
Service of a final regulation or other pronouncement having the force of law, which
statutory law, as changed, or final regulation or pronouncement, as promulgated, would
cause any Participant to include in his or her federal gross income amounts accrued by
the Participant under the Plan on a date (an “Early Taxation Event”) prior to the date
on which such amounts are made available to him or her hereunder; provided, however,
that no portion of this Section 10.5 shall become operative to the extent that portion
would result in a violation of Section 409A (e.g., by causing an impermissible
distribution under Section 409A).
	 
	 	(b)	 	Affected Right or Feature Nullified. Notwithstanding any other
section of this Plan to the contrary (but subject to subsection (c), below), as of an
Early Taxation Event, the feature or features of this Plan that would cause the Early
Taxation Event shall be null and void, to the extent, and only to the extent, required
to prevent the Participant from being required to include in his or her federal gross
income amounts accrued by the
Participant under the Plan prior to the date on which such amounts are made
available to him or her hereunder. If only a portion of a Participant’s Account
Balance is impacted by the change in the law, then only such portion shall be
subject to this section, with the remainder of the Account Balance not so affected
being subject to such rights and features as if the law were not changed. If the
law only impacts Participants who have a certain status with respect to the
Company, then only such Participants shall be subject to this section.
	 
	 	(c)	 	Tax Distribution. If an Early Taxation Event is earlier than the
date on which the statute, regulation or pronouncement giving rise to the Early
Taxation Event is enacted or promulgated, as applicable (i.e., if the change in the
law is retroactive), there shall be distributed to each Participant, as soon as
practicable following such date of enactment or promulgation, the amounts that became
taxable on the Early Taxation Event.

	10.6	 	Prohibited Acceleration/Distribution Timing. This Section shall take precedence over
any other provision of the Plan or this Article 10 to the contrary. No provision of this Plan
shall be followed if following the provision would result in an acceleration of the time or
schedule of any payment from the Plan that would

28

 

trigger either the tax or interest penalties
under Section 409A or an Early Taxation Event. In addition, if the timing of any distribution
election would result in any tax or other penalty (other than ordinarily payable Federal,
state or local income or payroll taxes), which tax or penalty can be avoided by payment of the
distribution at a later time, then the distribution shall be made (or commence, as the case
may be) on (or as soon as practicable after) the first date on which such distributions can be
made (or commence) without such tax or penalty.

ARTICLE 11

Administration

	11.1	 	Administration. Except as otherwise provided herein, the Plan shall be administered
by the Administrator. The Administrator shall be the named fiduciary for purposes of the
claims procedure pursuant to Article 13 only and shall, except as the Administrator may
otherwise determine, have authority to act to the full extent of its absolute discretion to:

	 	(a)	 	Interpret the Plan;
	 
	 	(b)	 	Resolve and determine all disputes or questions arising under the Plan,
including the power to determine the rights of Participants and Beneficiaries, and
their respective benefits, and to remedy any ambiguities, inconsistencies or omissions
in the Plan;
	 
	 	(c)	 	Create and revise rules and procedures for the administration of the Plan and
prescribe such forms as may be required for Participants to make elections under, and
otherwise participate in, the Plan; and
	 
	 	(d)	 	Take any other actions and make any other determinations as it may deem
necessary and proper for the administration of the Plan.

Any expenses incurred in the administration of the Plan shall be paid by the Sponsor or the
Company.

	11.2	 	Determinations. Except as the Administrator may otherwise determine (and subject to
the claims procedure set forth in Article 13), all decisions and determinations by the
Administrator shall be final and binding upon all Participants and Beneficiaries.

	11.3	 	General. No member of the Administrator shall participate in any matter involving
any questions relating solely to his own participation or benefits under this Plan. The
Administrator shall be entitled to rely conclusively upon, and shall be fully protected in any
action or omission taken by it in good faith reliance upon, the advice or opinion of any
persons, firms or agents retained by it, including but not limited to accountants, actuaries,
counsel and other specialists. Nothing in this Plan shall preclude the Sponsor or any Company
from

29

 

indemnifying the Administrator and the members of the Administrator for all actions under
this Plan, or from purchasing liability insurance to protect such persons with respect to the
Plan.

ARTICLE 12

Other Benefits and Agreements

	12.1	 	Coordination with Other Benefits. The benefits provided for a Participant or a
Participant’s Beneficiary under the Plan are in addition to any other benefits available to
such Participant under any other plan or program of the Company. The Plan shall supplement
and shall not supersede, modify or amend any other such plan or program except as may
otherwise be expressly provided.

ARTICLE 13

Claims Procedures

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

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

	 	(a)	 	Initial Decision. The Claimant shall be notified within ninety (90)
days after the claim is filed whether the claim is allowed or denied, unless the
Claimant receives written notice from the Administrator or appointee of the
Administrator prior to the end of the ninety (90) day period stating that special
circumstances require an extension of the time for decision, such extension not to
extend beyond the day which is one hundred eighty (180) days after the day the claim
is filed.
	 
	 	(b)	 	Manner and Content of Denial of Initial Claims. If the Administrator
denies a claim, it must provide to the Claimant, in writing or by electronic
communication:

	 	(i)	 	The specific reasons for the denial;
	 
	 	(ii)	 	A reference to the Plan provision or insurance contract
provision upon which the denial is based;
	 
	 	(iii)	 	A description of any additional information or material that
the Claimant must provide in order to perfect the claim;

30

 

	 	(iv)	 	An explanation of why such additional material or information
is necessary;
	 
	 	(v)	 	Notice that the Claimant has a right to request a review of
the claim denial and information on the steps to be taken if the Claimant
wishes to request a review of the claim denial; and
	 
	 	(vi)	 	A statement of the Participant’s right to bring a civil
action under ERISA Section 502(a) following a denial on review of the initial
denial.

	13.3	 	Review Procedures.

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

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

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

	 	(i)	 	its decision;
	 
	 	(ii)	 	the specific reasons for the decision;
	 
	 	(iii)	 	the relevant Plan provisions or insurance contract
provisions on which its decision is based;
	 
	 	(iv)	 	a statement that the Claimant is entitled to receive, upon
request and without charge, reasonable access to, and copies of, all

31

 

	 	 	 	documents, records and other information in the Plan’s files which is relevant
to the Claimant’s claim for benefits;
	 
	 	(v)	 	a statement describing the Claimant’s right to bring an
action for judicial review under ERISA Section 502(a); and
	 
	 	(vi)	 	if an internal rule, guideline, protocol or other similar
criterion was relied upon in making the adverse determination on review, a
statement that a copy of the rule, guideline, protocol or other similar
criterion will be provided without charge to the Claimant upon request.

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

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

	13.6	 	Administrator Review. Anything in this Plan to the contrary notwithstanding, the
Administrator may determine, in its sole and absolute discretion, to review any claim for
benefits submitted by a Claimant under this Plan.

ARTICLE 14

Trust

	14.1	 	Establishment of the Trust. The Company may establish the Trust, in which event the
Company intends, but is not required, to transfer over to the Trust at least annually such
assets as the Company determines, in its sole discretion, are necessary to provide for its
respective future liabilities created with respect to the Annual Deferral Amounts, Annual
Company Make-Up Amounts and Post-2004 Annual Mandatory Deferral Amounts for the Participants,
provided that the terms of the Trust comply with Section 409A.

	14.2	 	Interrelationship of the Plan and the Trust. The provisions of the Plan and the Plan
Agreement shall govern the rights of a Participant to receive distributions

32

 

pursuant to the
Plan. The provisions of the Trust shall govern the rights of the Company, Participants and
the creditors of the Company to the assets transferred to the Trust. The Company shall at all
times remain liable to carry out its obligations under the Plan.

	14.3	 	Distributions from the Trust. The Company’s obligations under the Plan may be
satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such
distribution shall reduce the Company’s obligations under this Plan.

ARTICLE 15

Miscellaneous

	15.1	 	Status of Plan. The Plan is intended to be a plan that is not qualified within the
meaning of Code Section 401(a) and that “is unfunded and is maintained by an employer
primarily for the purpose of
providing deferred compensation for a select group of management or highly compensated
employees” within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1). The Plan
shall be administered and interpreted to the extent possible in a manner consistent with
that intent.

	15.2	 	Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors
and assigns shall have no legal or equitable rights, interests or claims in any property or
assets of the Company. For purposes of the payment of benefits under this Plan, any and all
of the Company’s assets shall be, and remain, the general, unpledged unrestricted assets of
the Company. The Company’s obligation under the Plan shall be merely that of an unfunded and
unsecured promise to pay money in the future.

	15.3	 	Company’s Liability. The Company’s liability for the payment of benefits shall be
defined only by the Plan and the Plan Agreement, as entered into between the Company and a
Participant. The Company shall have no obligation to a Participant under the Plan except as
expressly provided in the Plan and his or her Plan Agreement.

	15.4	 	Nonassignability. Neither a Participant nor any other person shall have any right to
commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer,
hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable
hereunder, or any part thereof, which are, and all rights to which are expressly declared to
be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual
payment, be subject to seizure, attachment, garnishment or sequestration for the payment of
any debts, judgments, alimony or separate maintenance owed by a Participant or any other
person, be transferable by operation of law in the event of a Participant’s or any other
person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property
settlement or otherwise.

33

 

	15.5	 	Not a Contract of Employment. The terms and conditions of this Plan shall not be
deemed to constitute a contract of employment between the Company and the Participant.
Subject to any employment agreement to which the Company and the Participant may be parties,
such employment is hereby acknowledged to be an “at will” employment relationship that can be
terminated at any time for any reason, or no reason, with or without cause, and with or
without notice, unless expressly provided in a written employment agreement. Nothing in this
Plan shall be deemed to give a Participant the right to be retained in the service of the
Company or to interfere with the right of the Company to discipline or discharge the
Participant at any time.

	15.6	 	Furnishing Information. A Participant or his or her Beneficiary shall cooperate with
the Administrator by furnishing any and all information requested by the Administrator and
take such other actions as may be requested in order to facilitate the administration of the
Plan and the payments of benefits hereunder, including but not limited to taking such physical
examinations as the Administrator may deem necessary.

	15.7	 	Terms. 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.

	15.8	 	Captions. The captions of the articles, sections and paragraphs of this Plan are for
convenience only and shall not control or affect the meaning or construction of any of its
provisions.

	15.9	 	Governing Law. Subject to ERISA, the provisions of this Plan shall be construed and
interpreted according to the internal laws of Maine without regard to its conflicts of laws
principles.

	15.10	 	Notice. Any notice or filing required or permitted to be given to the Administrator
under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or
certified mail, to the address below:

Compensation Manager

TD Banknorth Inc.

One Portland Square

P.O. Box 9540

M/S ME058-42

Portland, Maine 04112-9540

Such notice shall be deemed given as of the date of hand delivery or, if delivery is made
by mail, as of the date shown on the postmark on the receipt for registration or
certification.

34

 

Any notice or filing required or permitted to be given to a Participant under this Plan
shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known
address of the Participant.

	15.11	 	Successors. The provisions of this Plan shall bind and inure to the benefit of the
Company and its successors and assigns and the Participant and the Participant’s designated
Beneficiaries.

	15.12	 	Spouse’s Interest. The interest in the benefits hereunder of a spouse of a
Participant who has predeceased the Participant 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.

	15.13	 	Validity. In case any provision of this Plan shall be illegal or invalid for any
reason, said illegality or invalidity shall not affect the remaining parts hereof, but this
Plan shall be construed and enforced as if such illegal or invalid provision had never been
inserted herein.

	15.14	 	Incompetent. If the Administrator determines in its discretion that a benefit under
this Plan is to be paid to a minor, a person declared incompetent or to a person incapable of
handling the disposition of that person’s property, the Administrator may direct payment of
such benefit to the guardian, legal representative or person having the care and custody of
such minor, incompetent or incapable person. The Administrator may require proof of minority,
incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of
the benefit. Any payment of a benefit shall be a payment for the account of the Participant
and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of
any liability under the Plan for such payment amount.

	15.15	 	Court Order. The Administrator is authorized to make any payments directed by court
order in any action in which the Plan or the Administrator has been named as a party. In
addition, if a court determines that a spouse or former spouse of a Participant has an
interest in the Participant’s benefits under the Plan in connection with a property settlement
or otherwise, the Administrator, in its sole discretion, shall have the right, notwithstanding
any election made by a Participant, to immediately distribute the spouse’s or former spouse’s
interest in the Participant’s benefits under the Plan to that spouse or former spouse in
accordance with Section 409A.

	15.16	 	Distribution in the Event of Taxation.

	 	(a)	 	In General. Subject to Section 409A, if, for any reason, all or any
portion of a Participant’s benefits under this Plan becomes taxable to the Participant
prior to receipt, the Participant may petition the Administrator,

35

 

for a distribution
of that portion of his or her benefit that has become taxable. Upon the grant of such
a petition, which grant shall not be unreasonably withheld, the Company shall
distribute to the Participant immediately available funds in an amount equal to the
taxable portion of his or her benefit (which amount shall not exceed a Participant’s
unpaid vested Account Balance under the Plan). If the petition is granted, the tax
liability distribution shall be made within ninety (90) days of the date
when the Participant’s petition is granted. Such a distribution shall affect and
reduce the Participant’s benefits to be paid under this Plan.

	 	(b)	 	Trust. If the Trust terminates in accordance with the provisions of
the Trust and benefits are distributed from the Trust to a Participant in accordance
with such provisions, the Participant’s benefits under this Plan shall be reduced to
the extent of such distributions.

	15.17	 	Insurance. The Company, on its own behalf or on behalf of the trustee of the Trust,
and, in its sole discretion, may apply for and procure insurance on the life of the
Participant, in such amounts and in such forms as the Company may choose. The Company or the
trustee of the Trust, as the case may be, shall be the sole owner and beneficiary of any such
insurance. The Participant shall have no interest whatsoever in any such policy or policies,
and at the request of the Company shall submit to medical examinations and supply such
information and execute such documents as may be required by the insurance company or
companies to whom the Company has applied for insurance.

	15.18	 	Aggregation of Employers. To the extent required under Section 409A, if the Company
is a member of a controlled group of corporations or a group of trades or business under
common control (as described in Code §414(b) or (c)), all members of the group shall be
treated as a single Company for purposes of whether there has occurred a Separation from
Service and for any other purposes under the Plan as Section 409A shall require.

     IN WITNESS WHEREOF, the Sponsor has signed this amended and restated Plan document as of May
9, 2006.

	 	 	 	 	 	 	 
	 	 	TD BANKNORTH INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Cynthia H. Hamilton	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	Executive Vice President	 	 
	 

	 	 	 	 	 	 

36

 

Schedule A

Measurement Funds

Pursuant to Section 3.9(b), the Participant may elect one or more of the following Measurement
Funds:

	 	 	 
	Fund Class	 	Measurement Fund
	Money Market

	 	Federated Prime Obligations Fund
	Short Term Govt. Bonds

	 	Federated U.S. Govt. 2-5 Years Fund
	Intermediate Bonds

	 	PIMCO Total Return Fund
	Large Cap Balanced

	 	Fidelity Puritan Fund
	Large Cap Balanced

	 	Janus Balanced Fund
	Large Cap Blend

	 	Banknorth Large Cap Core Fund
	Large Cap Blend

	 	Federated Max-Cap Fund
	Small Cap Blend

	 	Dreyfus Small Cap Stock Index Fund
	International Value Stocks

	 	Tweedy Browne Global Value Fund
	Common
Stock Fund A 

(Individual Equity)

	 	Stock Units (Deemed invested in TD
Banknorth Inc. Common Stock)
	Common
Stock Fund B 

(Individual Equity)

	 	Stock Units (Deemed invested in The Toronto-Dominion Bank Common Stock)

37

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]