Document:

ex10_gv.htm

    
      

    

    
      Exhibit
10.g.v.

       

      AMENDMENT

      TO
LOAN AGREEMENT

      

      THIS
AMENDMENT TO LOAN
AGREEMENT (this “Agreement”) is made
and entered into as of this 14th day
of December, 2009, among SOUTH JERSEY GAS COMPANY, a New Jersey corporation (the
“Borrower”) and
TORONTO DOMINION (NEW YORK) LLC, as lender (“Lender”).

      

      W I T N E S S E T
H:

      

      WHEREAS, the Borrower and the
Lender are parties to that certain Loan Agreement, dated as of December 15,
2008, (as amended, restated, modified and supplemented from time to time, the
“Loan
Agreement”) pursuant to which the Lender extended certain financial
accommodations to the Borrower under the terms and conditions stated therein;
and

      

      WHEREAS, the Borrower has
requested that the Lender amend certain provisions in the Loan Agreement as more
specifically set forth below; and

      

      WHEREAS, the Lender is willing
to consent to the Borrower’s requests upon and subject to the terms and
conditions hereinafter set forth;

      

      NOW, THEREFORE, for and in
consideration of the mutual covenants and agreements contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which is
acknowledged, the parties hereto agree that all capitalized terms used herein
which are not otherwise defined herein shall have the meanings ascribed thereto
in the Loan Agreement, and further agree as follows:

      

      1.        
    Amendments.

      

      (a)           Section 1.1 of the
Loan Agreement, Defined Terms, is
hereby amended by deleting the definition of “Applicable Margin”
set forth therein in its entirety and substituting the following in lieu
thereof:

      

      “’Applicable Margin” –
For any Loan made to Borrower on any date, the rate per annum as set forth
below, determined by reference to the Corporate Credit Ratings:

      

      
        	
                Level

              	
                Corporate
      Credit Rating

              	
                Applicable
      Base Rate Margin

              	
                Applicable
      LIBOR Margin

              
	
                I

              	
                Greater
      than BBB-/Baa3

              	
                0.000%

              	
                1.75%

              
	
                II

              	
                Less
      than or equal to

                BBB-/Baa3
      or no rating

              	
                0.000%

              	
                2.00%

              

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      Any
change in the Applicable Margin will be effective as of the date on which the
applicable Selected Rating Agent, as the case may be, announces the applicable
change in the Corporate Credit Ratings.  Borrower shall notify Lender
in writing promptly after becoming aware of any change in the Corporate Credit
Ratings.

      

      For
purposes of the foregoing, (i) if the Corporate Credit Ratings established or
deemed to have been established by the Selected Rating Agencies shall fall
within different “Levels”, the lower rating will apply; (ii) if only one of the
Selected Rating Agencies maintains Corporate Credit Ratings, then the rating of
such single rating agency will apply; and (iii) if the rating system of Moody’s,
S&P or Fitch shall change, or if Moody’s, S&P or Fitch shall cease to be
in the business of providing Corporate Credit Ratings, Borrower and Lender shall
negotiate in good faith to amend this definition to reflect such changed rating
system or the unavailability of ratings from Moody’s, S&P or Fitch, and,
pending the effectiveness of any such amendment, the Corporate Credit Ratings
shall be determined by reference to the Corporate Credit Ratings most recently
in effect prior to such change or cessation.”

      

      (b)           Section 1.1 of the
Loan Agreement, Defined Terms, is
hereby further amended by deleting the definition of “Revolving Credit Maturity
Date” as set forth therein in its entirety and substituting the following
in lieu thereof:

      

      “’Revolving Credit Maturity
Date” – December 13, 2010.”

      

      (c)           Section
2.7 of the Loan Agreement, Fees and Charges, is
hereby amended by deleting subsection (b) thereof in its entirety and by
substituting in lieu thereof the following:

      

      “b.           Borrower
hereby agrees to pay to Lender a facility fee (the “Facility Fee”) equal to the
average daily amount of the Unused Revolving Credit Commitment during the
preceding calendar quarter (or such shorter period ending on the Revolving
Credit Maturity Date) multiplied by a rate
per annum equal to one quarter of one percent (0.250%), payable quarterly in
arrears on January 1, April 1, July 1 and October 1, and on the Revolving Credit
Maturity Date.  The Facility Fee due to Lender shall cease to accrue
on the Revolving Credit Maturity Date.  The Facility Fee payable on
January 1, 2010 shall be calculated for the period (1) from (and including)
October 1, 2009 through (but not including) December 14, 2009 at a rate per
annum equal to one eighth of one percent (0.125%) and (2) from (and including
December 14, 2009, through and including December 31, 2009 at a rate per annum
equal to one quarter of one percent (0.250%).”

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      (d)           Section II of the
Loan Agreement, The
Loans, is hereby further amended by inserting the following new Section
2.15 immediately following the end of Section 2.14 thereof:

      

      “Section 2.15. Incremental
Facility. So long as no Default or Event of Default has occurred and
is continuing, the Borrower may at any time during the term of this Agreement
request that the Maximum Revolving Credit Amount be increased by an amount not
to exceed $10,000,000.  Lender may, but shall not be obligated to, in
its sole discretion (including, without limitation, obtaining internal credit
approval) agree to all or any portion of the requested increase.  In
the event that the Lender agrees to an increase to the Maximum Revolving Credit
Amount, the Borrower shall execute such amendments and additional documents
(including opinions of counsel) as may reasonably be requested by the Lender to
give effect to such increase.”

      

      (e)           Section 6.15 of the
Loan Agreement, Replacement
Financing, is hereby amended by deleting such Section in its
entirety  and by substituting the following in lieu
thereof:

      

      “6.15.           [Reserved].”

      

      2.           
 Strict
Compliance.  Except for the amendments set forth in Section 1
above, the text of the Loan Agreement shall remain unchanged and in full force
and effect.  The amendments agreed to herein shall not constitute a
modification of the Loan Agreement or a course of dealing with the Lender at
variance with the Loan Agreement such as to require further notice by the Lender
to require strict compliance with the terms of the Loan Agreement in the
future.

      

      3.          
  Representations and
Warranties.  The Borrower hereby represents and warrants to and
in favor of the Lender as follows:

      

      (a)           Each
representation and warranty set forth in Article V of the Loan Agreement is
hereby restated and affirmed as true and correct in all material respects as of
the date hereof, except to the extent waived hereby or previously fulfilled in
accordance with the terms of the Loan Agreement and to the extent relating
specifically to the Closing Date or otherwise inapplicable;

      

      (b)           There
does not exist any Default or Event of Default or any event with the passage of
time would become a Default or Event of Default, in each case, both before and
after giving effect to this Agreement;

      

      (c)           The
Borrower has the corporate power and authority (i) to enter into this Agreement
and (ii) to do all acts and things as are required or contemplated hereunder to
be done, observed and performed by it;

      

      (d)           As
of the date of this Agreement, the Borrower and each of its Subsidiaries will be
Solvent;

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      (e)           This
Agreement has been duly authorized, validly executed and delivered by one or
more authorized officers of the Borrower, and each of this Agreement and the
Loan Agreement as amended hereby constitutes the legal, valid and binding
obligations of the Borrower, enforceable against the Borrower in accordance with
its terms, except as may be limited by applicable bankruptcy, insolvency,
reorganization, moratoriam or other similar laws of general application relating
to or affecting the rights and remedies of creditors and by general principles
of equity; and

      

      (f)        
   The execution and delivery of this Agreement and performance
by the Borrower under the Loan Agreement, as amended hereby, does not and will
not require the consent or approval of any regulatory authority or governmental
authority or agency having jurisdiction over the Borrower which has not already
been obtained, nor be in contravention of or in conflict with the certificate of
incorporation of the Borrower, or any provision of any statute, judgment, order,
indenture, instrument, agreement, or undertaking, to which the Borrower is party
or by which the Borrower’s assets or properties are bound.

      

      4.          
  Conditions
Precedent to Effectiveness of this Agreement.  This Agreement,
shall be effective as of the date hereof subject to:

      

      (a)           all
of the representations and warranties of the Borrower under Section 3 hereof
which are made as of the date hereof, being true and correct in all material
respects;

      

      (b)           receipt
by the Lender of a duly executed signature page to this Agreement from the
Borrower;

      

      (c)           receipt
by the Lender of an amendment fee in the amount of $40,000, and

      

      (d)           receipt
of any other documents or instruments that the Lender may reasonably request,
certified or executed by an authorized officer of the Borrower if so
requested.

      

      5.        
    Condition
Subsequent.  On or prior to [December 31, 2009], the Borrower
shall cause Cozen O’Connor, counsel to the Borrower, to deliver to the Lender a
duly executed legal opinion with respect to this Agreement and the transactions
contemplated hereby in substantially the form of the legal opinion delivered to
the Lender on the Closing Date.  The Borrower acknowledges and agrees
that failure to comply with the terms of this Section 5 shall be an Event of
Default under the Loan Agreement without any cure or notice
periods.

      

      6.        
    Fees and
Expenses.  The Borrower agrees to promptly pay all reasonable
fees and expenses of the Lender in connection with the preparation, execution
and delivery of this Agreement, including without limitation the reasonable fees
and expenses of Jones Day, counsel to the Lender.

      

      7.         
   Counterparts.  This
Agreement may be executed in multiple counterparts, each of which shall be
deemed to be an original and all of which when taken together shall constitute
one and the same agreement.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      8.        
    Law of
Contract.  This Agreement shall be construed and enforced in
accordance with the internal laws (and not the law of conflicts) of the State of
New York for contracts made and to be performed within the State of New
York.

      

      9.         
   Loan
Document.  This Agreement shall constitute a Loan
Document.

      

      10.           Amendment to Loan
Documents.  All of the Loan Documents are hereby amended to the
extent necessary to give full force and effect to the amendments contained in
this Agreement.

      

      11.           Severability.  Any
provision of this Agreement which is prohibited or unenforceable shall be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof in that jurisdiction or affecting
the validity or enforceability of such provision in any other
jurisdiction.

      

      12.           Execution by Electronic
Means.  Delivery by any party hereto of an executed counterpart
of this Agreement by facsimile or electronic transmission shall be as valid and
effective as such party’s original executed counterpart.

      

       

      [Remainder
of page intentionally left blank]

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above
written.

       

       

      
        	
                BORROWER:

              	
                SOUTH
      JERSEY GAS COMPANY

              
	 	 
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:

              	 
      

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      
        	 
      	
                LENDER:

              
	 
      	 
      	 
      	 
      
	 
      	
                TORONTO
      DOMINION (NEW YORK) LLC

              
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	
                Title:ex10_7.htm

    
      

    

    Exhibit
10.7

    

    January
2010

    

    

    

    

    NBT
BANCORP INC. AND SUBSIDIARIES

     

     

    2010
EXECUTIVE INCENTIVE COMPENSATION PLAN

    

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    NBT
BANCORP INC. AND SUBSIDIARIES

    2010
EXECUTIVE INCENTIVE COMPENSATION PLAN

    

    Table
of Contents

    

    
      	 
      	 
      	
              Page

            
	 
      	 
      	 
      
	
              Appendix
      A

            	 
      	
              3

            
	
              Introduction

            	 
      	
              3

            
	
              Plan
      Highlights

            	 
      	
              4

            
	
              Incentive
      Plan

            	 
      	 
      
	
              Section
      I - Definitions

            	 
      	
              5-6

            
	
              Section
      II - Participation

            	 
      	
              6

            
	
              Section
      III - Activating the Plan

            	 
      	
              6-7

            
	
              Section
      IV - Calculation of Awards

            	 
      	
              7

            
	
              Section
      V - President's Special Recommendations

            	 
      	
              8

            
	
              Section
      VI - Distribution of Awards

            	 
      	
              8

            
	
              Section
      VII - Plan Administration

            	 
      	
              8

            
	
              Section
      VIII - Amendment, Modification, Suspension or Termination

            	 
      	
              9

            
	
              Section
      IX - Exclusivity

            	 
      	 
      
	
              Section
      IX - Effective Date

            	 
      	
              9

            
	
              Section
      X - Employer Relations with Participants

            	 
      	
              9

            
	
              Section
      XI - Governing Law

            	 
      	
              9

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    NBT
BANCORP INC. AND SUBSIDIARIES

    

    

    Introduction

    

    

    It is
important to examine the benefits that accrue to the organization through the
operation of the Executive Incentive Compensation Plan (EICP).  The
Plan impacts directly on the success of the organization and its purpose can be
summarized as follows:

    

    

    *    Provides
Motivation:  The opportunity for incentive awards provides
Executives with the impetus to "stretch" for challenging, yet attainable,
goals.

    

    

    *    Provides
Retention:  By enhancing the organization's competitive
compensation posture.

    

    

    *    Provides Management Team
Building:  By making the incentive award dependent on the
attainment of organization goals, a "team orientation" is fostered among the
participant group.

    

    

    *    Provides Individual
Motivation:  By encouraging the participant to make significant
personal contribution to the corporate effort.

    

    

    *     Provides Competitive
Compensation Strategy:  The implementation of incentive
arrangements is competitive with current practice in the banking
industry.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Highlights
of the 2010 Executive Incentive Compensation Plan (EICP) are listed
below:

    

    

    
      	
              1.

            	
              The
      Plan is competitive compared with similar sized banking organizations and
      the banking industry in general.

            

    

    

    
      	
              2.

            	
              The
      Compensation Committee of the Board of Directors controls all aspects of
      the Plan.

            

    

    

    
      	
              3.

            	
              All
      active Executives are eligible for
  participation.

            

    

    

    
      	
              4.

            	
              The
      financial criteria necessary for Plan operation consist of achieving
      certain levels of Earnings Per Share (EPS) for the Company and its
      Subsidiaries as applicable.   The
      Committee may provide in any such Award that any evaluation of performance
      may include or exclude any of the following events that occur during a
      Performance Period: (a) the effect of changes in tax laws, accounting
      principles, or other laws or provisions affecting reported results; (b)
      any reorganization and restructuring programs; and (c) acquisitions or
      divestitures and related expenses. To the extent such inclusions or
      exclusions affect Awards to Covered Employees; they shall be prescribed in
      a form that meets the requirements of Code Section 162(m) for
      deductibility.

            

    

    

    
      	
              5.

            	
              Incentive
      distributions will be made on or before March 15 of the year following the
      Plan Year and will be based on the matrix in Appendix
  A.

            

    

    

    
      	
              6.

            	
              Incentive
      awards will be based on attainment of corporate goals.  Total
      incentive awards may contain Corporate, Subsidiary, Divisional and
      Individual components.  The Corporate, Subsidiary and Divisional
      components are awarded by virtue of performance related to pre-established
      goals and the Individual component is awarded by virtue of individual
      performance related to individual goals.  No bonus will be paid
      unless the Corporation achieves the threshold EPS goal set forth in
      Appendix A.

            

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    NBT
BANCORP INC. AND SUBSIDIARIES

    

          The
Board of Directors has established this 2010 Executive Incentive Compensation
Plan.  The 2010 Executive Incentive Compensation Plan is implemented
pursuant to the provisions of the 2008 Omnibus Incentive Plan for purposes of
paying performance-based compensation within the meaning of Section 162(m) of
the Code.  The purpose of the Plan is to meet and exceed financial
goals and to promote a superior level of performance relative to the competition
in our market areas.  Through payment of incentive compensation beyond
base salaries, the Plan provides reward for meeting and exceeding financial
goals.

    

    SECTION
I – DEFINITIONS

    

          Various
terms used in the Plan are defined as follows:

    

    Award:  An award
granted under this Plan.

    

    Base Salary: The base salary
at the end of the Plan Year, excluding any bonuses, contributions to Executive
benefit programs, or other compensation not designated as salary.

    

    Board of
Directors:  The Board of Directors of NBT Bancorp
Inc.

    

    CEO:  The CEO of NBT Bancorp
Inc.

    

    Code:  The Internal
Revenue Code of 1986, as now in effect or as hereafter amended.

    

    Corporate, Subsidiary and Divisional
Goals:  Those pre-established objectives and goals of NBT
Bancorp Inc. or its Subsidiaries and Divisions which are required to activate
distribution of awards under the Plan.

    

    Covered Employee:  A
Participant who is a Covered Employee within the meaning of Section 162(m)(3) of
the Code.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Individual
Goals:    Refers to the performance standards
established by the plan participant and agreed to by the
supervisor.  The participant shall stray from using standards tied to
day to day responsibilities and shall strive to achieve such goals that shall be
considered value-added and, where possible, support the strategic objectives of
the Company.

    

    Compensation
Committee:  The Compensation and Benefits Committee of the NBT
Bancorp Inc. Board of Directors.

    

    Plan
Participant:  An eligible Executive as recommended by the CEO
and approved by the Compensation Committee for participation for the Plan
Year.

    

    Plan Year:  The 2010
calendar year.

    

    SECTION
II - ELIGIBILITY TO PARTICIPATE

    

          To
be eligible for an award under the Plan, a Plan participant must be an Executive
in full-time service at the start and close of the calendar year and at the time
of the award unless mutually agreed upon prior to the Executive leaving the
company.  Newly hired employees may be recommended by the CEO and
approved by the Compensation Committee as eligible for an award as determined by
their date of hire or any relevant employment agreement.  A Plan
participant must be in the same or equivalent position, at year-end as they were
when named a participant or have been promoted during the course of the year, to
be eligible for an award.  If a Plan participant voluntarily leaves
the company prior to the payment of the award, he/she is not eligible to receive
an award unless mutually agreed upon prior to the Executive leaving the
company.  However, if the active full-time service of a participant in
the Plan is terminated by death, disability, retirement, or if the participant
is on an approved leave of absence, an award may be recommended for such a
participant based on the proportion of the Plan Year that he/she was in active
service.

    

    SECTION
III - ACTIVATING THE PLAN

    

          If
and to the extent that the Committee determines that a bonus to be granted under
the Plan to a Plan participant who is designated by the Compensation Committee
as likely to be a Covered Employee should qualify as “performance-based
compensation” for purposes of Code Section 162(m), the bonus as to that Plan
participants shall be determined consistently with the terms of the NBT Bancorp
Inc. 2008 Omnibus Incentive Plan.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

          The
operation of the Plan is predicated on attaining and exceeding management
performance goals.  The goals will consist of the attainment of
certain Earnings Per Share (EPS) levels as applicable.  Non-recurring
events,  as previously detailed, may be excluded from the financial
results at the discretion of the CEO and upon approval of the Compensation
Committee; subject to the terms of the NBT Bancorp Inc. 2008 Omnibus Incentive
Plan as applied to any Covered Employee whose bonus is intended to qualify for
purposes of Code Section 162(m).

    

          EPS
goals shall be established not later than 90 days after the beginning of any
performance period applicable to the bonus, or at such other date as may be
required or permitted for “performance-based compensation” under Code Section
162(m).  In addition, the maximum value of a bonus awarded under the
Plan to a single Covered Employee may not exceed $2,000,000 per Plan
Year.

    

          Prior
to payment of any bonus amount under the Plan to a Covered Employee whose bonus
is intended to qualify for purposes of Code Section 162(m), the Compensation
Committee shall certify in writing that the EPS goal(s) and all other material
terms stated herein have been attained.  For this purpose, the
approved minutes of a Compensation Committee meeting in which a certification is
made shall be treated as a written certification.

    

          The
Corporation must achieve a threshold EPS goal set forth in Appendix A to trigger
an award pursuant to the terms of this Plan.  The bonus awards can
range from 0 to 200% of the target award for Plan participants.

    

    SECTION
IV - CALCULATION OF AWARDS

    

          The
Compensation Committee designates the incentive formula as shown in Appendix
A.  The Compensation Committee will make final decisions with respect
to all incentive awards and will have final approval over all incentive
awards.  If the threshold EPS goal is met but below the baseline
budget threshold established by the Company, the CEO may provide the
Compensation Committee with a qualitative analysis of the Company’s earnings and
its performance which the Compensation Committee shall consider in its exercise
of discretion under the plan.  Prior to payment of any bonus amount
under the Plan to a Covered Employee whose bonus is intended to qualify for
purposes of Code Section 162(m), the Compensation Committee shall certify in
writing that the EPS goal(s) and all other material terms stated herein have
been attained.  For this purpose, the approved minutes of a
Compensation Committee meeting in which a certification is made shall be treated
as a written certification. The individual participant data regarding maximum
award and formulas used in calculation has been customized and appears as
Appendix A.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    SECTION
V - SPECIAL RECOMMENDATIONS

    

          As
long as the threshold EPS goal is met, the CEO has the authority to recommend to
the Compensation Committee the amounts to be awarded to individual participants
in the incentive Plan.  The CEO may recommend a change outside the
formula to a bonus award (increase or decrease) to an individual participant by
a specified percentage based on assessment of special individual performance
outside the individual goals or based on special circumstances that may have
occurred during the plan year; provided, however that as to a Covered Employee
whose bonus is intended to qualify for purposes of Code Section 162(m), only the
Compensation Committee has the authority to make a change outside the formula to
a bonus award and it may exercise its discretion only to reduce the bonus
award.

    

    SECTION
VI - DISTRIBUTION OF AWARDS

    

          Distribution
of the EICP will be made during the first quarter of the year following the
plan.  Distribution of the award must be approved by the Compensation
Committee.

    

          In
the event of death, any approved award earned under the provisions of this plan
will become payable to the designated beneficiary of the participant as recorded
under the Company’s group life insurance program; or in the absence of a valid
designation, to the participant's estate.

    

    SECTION
VII - PLAN ADMINISTRATION

    

          The
Compensation Committee shall, with respect to the Plan have full power and
authority to construe, interpret, manage, control and administer this Plan. The
Committee shall decide upon cases in conformity with the objectives of the Plan
under such rules as the Board of Directors may establish.

    

          Any
decision made or action taken by NBT Bancorp Inc., the Board of Directors, or
the Compensation Committee arising out of, or in connection with, the
administration, interpretation, and effect of the Plan shall be at their
absolute discretion and will be conclusive and binding on all
parties.  No member of the Board of Directors, Compensation Committee,
or employee shall be liable for any act or action hereunder, whether of omission
or commission, by a Plan participant or employee or by any agent to whom duties
in connection with the administration of the Plan have been delegated in
accordance with the provision of the Plan.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    SECTION
VIII - AMENDMENT, MODIFICATION, SUSPENSION OR TERMINATION

    

          NBT
Bancorp Inc. reserves the right, by and through its Board of Directors to amend,
modify, suspend, reinstate or terminate all or part of the Plan at any
time.  The Compensation Committee will give prompt written notice to
each participant of any amendment, suspension or termination or any material
modification of the Plan.  In the event of a merger or acquisition,
the Plan and related financial formulas may be reviewed and adjusted to take
into account the effect of such activities.

    

    SECTION
IX – NONEXCLUSIVITY

    

          NBT
Bancorp Inc. reserves the right, by and through its Board of Directors and
Compensation Committee to award bonus and other forms of incentive compensation
outside the terms of this Plan.

    

    SECTION
X - EFFECTIVE DATE OF THE PLAN

    

          The
effective date of the Plan shall be January 1, 2010.

    

    SECTION
XI - EMPLOYER RELATION WITH PARTICIPANTS

    

          Neither
establishment nor the maintenance of the Plan shall be construed as conferring
any legal rights upon any participant or any person for a continuation of
employment, nor shall it interfere with the right of an employer to discharge
any participant or otherwise deal with him/her without regard to the existence
of the Plan.

    

    SECTION
XII - GOVERNING LAW

    

          Except
to the extent pre-empted under federal law, the provisions of the Plan shall be
construed, administered and enforced in accordance with the domestic internal
law of the State of New York.  In the event of relevant changes in the
Internal Revenue Code, related rulings and regulations, changes imposed by other
regulatory agencies affecting the continued appropriateness of the Plan and
awards made thereunder, the Board may, at its sole discretion, accelerate or
change the manner of payments of any unpaid awards or amend the provisions of
the Plan.

     

     

    9

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