Document:

exv10w2

 

Exhibit 10.2

Bonus Deferral Program for Certain Executive Officers

(Adopted August 29, 2003, as amended on September 10, 2003)

     In lieu of payment in cash of amounts due (if any) to Paul J. Klaassen, Thomas B. Newell,
Tiffany L. Tomasso, Christian B.A. Slavin, Larry E. Hulse and John F. Gaul (collectively, the
“Executive Officers”) pursuant to their individual achievement of Bonus Amounts, each Executive
Officer may elect to receive payment of all or a portion of their annual bonus (the “Bonus Amount”)
in the form of restricted stock units relating to the common stock of the Company, pursuant to the
terms of the election made by the Executive Officer with regard to 1) the portion of the Bonus
Amount to be deferred and 2) the vesting period (the “Deferral Election”).

     Each Executive Officer may elect to receive a whole percentage of his or her Bonus Amount
between 10% and 100% (the “Applicable Bonus Amount”) in the form of restricted stock units (the
“Base Units”). At the same time, each Executive Officer shall also elect a vesting period from two
to four years, and, based on the vesting period, will receive additional restricted stock units
subject to the vesting period (“Supplemental Units”, together with the Base Units, “Total
Restricted Stock Units”) in accordance with the following formula:

	 	 	 
	Vesting Period	 	Supplemental Unit Amount
	2 years from date of grant
	 	.2 times the Applicable Bonus Amount
	3 years from date of grant
	 	.3 times the Applicable Bonus Amount
	4 years from date of grant
	 	.4 times the Applicable Bonus Amount

     The Supplemental Units, but not the Base Units, shall be subject to the vesting period
designated by the Executive Officer. Vesting shall be on a “cliff” basis with 100% of the
Supplemental Units vesting on the last day of the vesting period based on the Executive Officer’s
continued service with the Company.

     The Total Restricted Stock Units shall be paid to the Executive Officer on the first day of
the first window period that occurs after the end of the vesting period; provided, that, if the
Executive Officer terminates employment prior to the end of the vesting period, the Executive
Officer shall be paid only the Base Units (the unvested Supplemental Units shall be forfeited).

     All dollar values for determining the number of Total Restricted Stock Units will be
calculated using the closing price of the Company’s common stock on the date the Bonus Amounts are
awarded.

 

 

     Each Executive Officer must make his or her Deferral Election no later than thirty (30) days
following the date hereof, with respect to any remaining amounts earned under their 2003 Annual
Bonus Targets (in the event that an Executive Officer fails to make a Deferral Election within the
specified timeframe or, if earlier, prior to the granting of a Bonus Amount, the Bonus Amount shall
be paid in cash).

     For the calendar year 2004 and for subsequent years until the Compensation Committee
determines otherwise, each Executive Officer may elect to receive payment of future annual bonuses
(if any) in the form of cash and/or restricted stock units (in accordance with any vesting schedule
and restricted stock unit grant formulas as determined by the Compensation Committee and
communicated to the Executive Officer); provided that the Executive Officer has made his or her
election and communicated such election to the Compensation Committee no later than the last date
of the calendar year preceding the year in which the bonus is earned (e.g., by December 31, 2003
for the annual 2004 Bonus Target). In the event that an Executive Officer fails to make a deferral
election within the specified timeframe, all bonus amounts due (if any) shall be paid in cash.exv4w9

 

EXHIBIT 4.9

AMENDMENT NO. 1

TO THE

TRUST AGREEMENT

OF

BANKNORTH CAPITAL TRUST III

          This Amendment No. 1 to the Trust Agreement of Banknorth Capital Trust III (the “Trust”),
dated as of February 28, 2006 (this “Amendment”), is made and entered into by TD Banknorth Inc., a
corporation incorporated in Delaware, as sponsor (the “Sponsor”), The Bank of New York (Delaware),
a Delaware banking corporation, as trustee (the “Delaware Trustee”), The Bank of New York Trust
Company, N.A., a national banking association (as successor to The Bank of New York), as trustee
(the “Property Trustee”), and William J. Ryan, Peter J. Verrill and Carol L. Mitchell, as trustees
(the “Administrative Trustees” and, together with the Delaware Trustee and the Property Trustee,
the “Trustees”).

W I T N E S S E T H

          WHEREAS, the Trust is a Delaware statutory trust that was formed under the Delaware Statutory
Trust Act, 12 Del. C. § 3801, et seq. (the “Act”), pursuant to (i)
the Trust Agreement of the Trust, dated as of January 31, 2002 (the “Trust Agreement”), and (ii)
the Certificate of Trust of the Trust as filed with the office of the Secretary of State of the
State of Delaware on January 31, 2002;

          WHEREAS, on March 1, 2005, Banknorth Group, Inc., a Maine corporation, the sponsor under the
Trust Agreement, merged with and into Banknorth Delaware Inc., a Delaware corporation, and Berlin
Merger Co. merged with and into Banknorth Delaware Inc., under the name “TD Banknorth Inc.”, and TD
Banknorth Inc. continues as the sponsor of the Trust; and

          WHEREAS, the Sponsor and the Trustees desire to amend the Trust Agreement as set forth herein.

          NOW, THEREFORE, intending to be legally bound, the Sponsor and the Trustees hereby agree as
follows:

	I.	 	AMENDMENTS.

          The Trust Agreement is hereby amended such that any reference to the Sponsor in the Trust
Agreement shall be deemed instead to refer to TD Banknorth Inc.

	II.	 	MISCELLANEOUS.

          A. Successors and Assigns. This Amendment shall be binding upon, and shall enure to
the benefit of, the Sponsor and the Trustees, and their respective successors and assigns.

          B. Full Force and Effect. Except to the extent modified hereby, the Trust Agreement
shall remain in full force and effect.

1

 

          C. Execution in Counterparts. This Amendment may be executed in counterparts, each of
which shall be deemed an original, but all of which shall constitute one and the same instrument.

          D. Governing Law. This Amendment shall be interpreted in accordance with the laws of
the State of Delaware (without regard to conflict of laws principles), all rights and remedies
being governed by such laws.

          E. Effectiveness of Amendment. This Amendment shall be effective immediately upon
execution by the Sponsor and the Trustees.

          F. Severability of Provisions. Each provision of this Amendment shall be considered
severable and if for any reason any provision or provisions herein are determined to be invalid,
unenforceable or illegal under any existing or future law, such invalidity, unenforceability or
illegality shall not impair the operation of or affect those portions of this Amendment which are
valid, enforceable and legal.

[SIGNATURE PAGE FOLLOWS]

2

 

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly executed as of the day and
year first above written.

	 	 	 	 	 
	 	TD BANKNORTH INC.

as Sponsor

 	 
	 	By:  	/s/ William J. Ryan
 	 
	 	 	Name:  	William J. Ryan 	 
	 	 	Title:  	Chairman, President and

Chief Executive Officer 	 
	 
	 	THE BANK OF NEW YORK (DELAWARE)

as Delaware Trustee

 	 
	 	By:  	/s/ Kristine K. Gullo
 	 
	 	 	Name:  	Kristine K. Gullo 	 
	 	 	Title:  	Vice President 	 
	 
	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.

as Property Trustee

 	 
	 	By:  	/s/ Peter M. Murphy
 	 
	 	 	Name:  	Peter M. Murphy 	 
	 	 	Title:  	Vice President 	 
	 
	 	WILLIAM J. RYAN

as Administrative Trustee

 	 
	 	/s/ William J. Ryan
 	 
	 	 	 
	 	 	 
	 
	 	PETER J. VERRILL

as Administrative Trustee

 	 
	 	/s/ Peter J. Verrill
 	 
	 	 	 
	 	 	 
	 
	 	CAROL L. MITCHELL

as Administrative Trustee

 	 
	 	/s/ Carol L. Mitchell
 	 
	 	 	 
	 	 	 
	 

3exv4w11

 

EXHIBIT 4.11

AMENDMENT NO. 1

TO THE

TRUST AGREEMENT

OF

BANKNORTH CAPITAL TRUST IV

          This Amendment No. 1 to the Trust Agreement of Banknorth Capital Trust IV (the “Trust”), dated
as of February 28, 2006 (this “Amendment”), is made and entered into by TD Banknorth Inc., a
corporation incorporated in Delaware, as sponsor (the “Sponsor”), The Bank of New York (Delaware),
a Delaware banking corporation, as trustee (the “Delaware Trustee”), The Bank of New York Trust
Company, N.A., a national banking association (as successor to The Bank of New York), as trustee
(the “Property Trustee”), and William J. Ryan, Peter J. Verrill and Carol L. Mitchell, as trustees
(the “Administrative Trustees” and, together with the Delaware Trustee and the Property Trustee,
the “Trustees”).

W I T N E S S E T H

          WHEREAS, the Trust is a Delaware statutory trust that was formed under the Delaware Statutory
Trust Act, 12 Del. C. § 3801, et seq. (the “Act”), pursuant to (i)
the Trust Agreement of the Trust, dated as of January 31, 2002 (the “Trust Agreement”), and (ii)
the Certificate of Trust of the Trust as filed with the office of the Secretary of State of the
State of Delaware on January 31, 2002;

          WHEREAS, on March 1, 2005, Banknorth Group, Inc., a Maine corporation, the sponsor under the
Trust Agreement, merged with and into Banknorth Delaware Inc., a Delaware corporation, and Berlin
Merger Co. merged with and into Banknorth Delaware Inc., under the name “TD Banknorth Inc.”, and TD
Banknorth Inc. continues as the sponsor of the Trust; and

          WHEREAS, the Sponsor and the Trustees desire to amend the Trust Agreement as set forth herein.

          NOW, THEREFORE, intending to be legally bound, the Sponsor and the Trustees hereby agree as
follows:

	I.	 	AMENDMENTS.

          The Trust Agreement is hereby amended such that any reference to the Sponsor in the Trust
Agreement shall be deemed instead to refer to TD Banknorth Inc.

	II.	 	MISCELLANEOUS.

          A. Successors and Assigns. This Amendment shall be binding upon, and shall enure to
the benefit of, the Sponsor and the Trustees, and their respective successors and assigns.

          B. Full Force and Effect. Except to the extent modified hereby, the Trust Agreement
shall remain in full force and effect.

1

 

          C. Execution in Counterparts. This Amendment may be executed in counterparts, each of
which shall be deemed an original, but all of which shall constitute one and the same instrument.

          D. Governing Law. This Amendment shall be interpreted in accordance with the laws of
the State of Delaware (without regard to conflict of laws principles), all rights and remedies
being governed by such laws.

          E. Effectiveness of Amendment. This Amendment shall be effective immediately upon
execution by the Sponsor and the Trustees.

          F. Severability of Provisions. Each provision of this Amendment shall be considered
severable and if for any reason any provision or provisions herein are determined to be invalid,
unenforceable or illegal under any existing or future law, such invalidity, unenforceability or
illegality shall not impair the operation of or affect those portions of this Amendment which are
valid, enforceable and legal.

[SIGNATURE PAGE FOLLOWS]

2

 

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly executed as of the day and
year first above written.

	 	 	 	 	 
	 	TD BANKNORTH INC.

as Sponsor

 	 
	 	By:  	/s/ William J. Ryan
 	 
	 	 	Name:  	William J. Ryan 	 
	 	 	Title:  	Chairman, President and

Chief Executive Officer 	 
	 
	 	THE BANK OF NEW YORK (DELAWARE)

as Delaware Trustee

 	 
	 	By:  	/s/ Kristine K. Gullo
 	 
	 	 	Name:  	Kristine K. Gullo 	 
	 	 	Title:  	Vice President 	 
	 
	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.

as Property Trustee

 	 
	 	By:  	/s/ Peter M. Murphy
 	 
	 	 	Name:  	Peter M. Murphy 	 
	 	 	Title:  	Vice President 	 
	 
	 	WILLIAM J. RYAN

as Administrative Trustee

 	 
	 	/s/ William J. Ryan
 	 
	 	 	 
	 	 	 
	 
	 	PETER J. VERRILL

as Administrative Trustee

 	 
	 	/s/ Peter J. Verrill
 	 
	 	 	 
	 	 	 
	 
	 	CAROL L. MITCHELL

as Administrative Trustee

 	 
	 	/s/ Carol L. Mitchell
 	 
	 	 	 
	 	 	 
	 

3

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