Document:

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                                                                    Exhibit 10.5

                                 AMENDMENT NO. 1

                                     TO THE

                              NEUBERGER BERMAN INC.

               EMPLOYEE DEFINED CONTRIBUTION STOCK INCENTIVE PLAN

         This Amendment No. 1 (the "Amendment") to the Neuberger Berman Inc.
Employee Defined Contribution Stock Incentive Plan (the "Plan") is made
effective as of this 18th day of July, 2000.

         Pursuant to resolutions of the Board of Directors (the "Board") of
Neuberger Berman Inc. (the "Company") dated July 18, 2000, the Plan is hereby
amended as follows:

         1. Section 4.1 of the Plan is hereby amended to read as follows:

                  "4.1 ESTABLISHMENT OF ACCOUNTS. There shall be established a
     Stock Account in the name of each Participant and a separate account (the
     "Unallocated Stock Account") to which any forfeitures occurring hereunder
     shall be credited, which forfeitures may be reallocated to Participants as
     set forth in Section 4.2. The Accounts shall also hold any distributions
     with respect to any shares of Stock held therein until such distributions
     are payable pursuant to the Plan."

         2. Section 4.2 of the Plan is hereby amended to read as follows:

                  "4.2 ALLOCATIONS TO PARTICIPANTS' ACCOUNTS. The Committee
     shall in its sole discretion designate the number of shares of Stock
     allocable to the Stock Account of each Participant with respect to the IPO
     Contribution. With respect to each contribution other than the IPO
     Contribution, the Committee shall designate the number of shares of Stock
     (or the amount of cash) allocable to the Stock Account of each Participant
     as determined by the Committee in its sole discretion. Any Stock and
     distributions in respect of Stock in the Unallocated Stock Account shall be
     reallocated from time to time to Plan Participants as determined by the
     Committee in its sole discretion. The Committee shall specify the terms and
     conditions (including timing) under which each such Participant shall vest
     in such allocated and reallocated amounts."

         3. The last paragraph of Section 5.3 is hereby amended to read as
     follows:

     "In the event that Stock in a Participant's Stock Account attributable to
     the IPO Contribution is forfeited by reason of this Section 5.3, such
     forfeited Stock shall be credited to the Unallocated Stock Account and may
     be reallocated to other Participants as set forth in Section 4.2."

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         Except as expressly provided herein, the terms and conditions of the
Plan shall remain unchanged.

                                            NEUBERGER BERMAN INC.

                                            By:  /s/ Jeffrey B. Lane
                                                -----------------------------
                                                Name: Jeffrey B. Lane
                                                Title: President and Chief
                                                       Executive Officer

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                                                                   EXHIBIT 10.15

                              NEUBERGER BERMAN INC.
                            WEALTH ACCUMULATION PLAN

                                    PREAMBLE

         This Neuberger Berman Inc. Wealth Accumulation Plan (the "Plan") is
designed to provide a means through which Neuberger Berman Inc. and its
subsidiaries, as applicable (the "Company"), may attract able persons to enter
into and remain in the employ of the Company and to provide a means whereby
employees of the Company can acquire and maintain ownership of the Company's
common stock, thereby strengthening their commitment to the welfare of the
Company and promoting an identity of interest between Company stockholders and
these employees.

         The Company will pay annual bonuses and monthly commissions to certain
of its employees. Although the amount of such bonuses and commissions will not
be determinable until the amounts are actually earned, the purpose of this Plan
is to enable personnel who may be eligible to receive such bonuses and
commissions in the future to elect to defer receipt thereof and use such amounts
to purchase common stock of the Company on a discounted basis.

         The Plan is intended to be "broadly-based" within the meaning of
Section 312.04(g) and (h) of the NYSE Listed Company

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Wealth Accumulation Plan

Manual and therefore participation by officers of the Company may be limited,

1.   DEFINITIONS

         1.1. "BOARD" means the Board of Directors of the Company.

         1.2. "BONUS" shall mean the annual discretionary bonus that may be
earned by an Eligible Employee.

         1.3. "BONUS PARTICIPANT" shall mean an Eligible Bonus Employee who
becomes a Participant.

         1.4. "BONUS PAYMENT DATE" for any Fiscal Year shall mean the date that
a Bonus earned with respect to such Fiscal Year is due to be paid.

         1.5. "CAUSE" shall mean (i) a Participant's having been convicted of,
or entered a plea of NOLO CONTENDERE to, a crime that constitutes a felony or a
misdemeanor involving fraud, false statements or misleading omissions, perjury,
embezzlement, bribery, forgery or counterfeiting or other similar crime (or an
equivalent charge in jurisdictions that do not use such designations), (ii) the
willful failure by a Participant (other than due to physical or mental illness)
to perform substantially his duties as an employee of the Company after
reasonable notice to the Participant of such failure, (iii) a Participant's
violation of any securities or commodities laws, any rules or regulations issued
pursuant to such laws, or the rules and regulations of any securities or
commodities exchange or

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association of which the Company or its affiliates is a member, (iv) a
Participant's violation of any Company policy concerning hedging or confidential
or proprietary information, or material violation of any other Company policy as
in effect from time to time, (v) a Participant's engaging in any act or making
any statement which impairs, impugns, denigrates, disparages or negatively
reflects upon the name, reputation or business interests of the Company, (vi) a
Participant's engaging in any conduct that is injurious to the Company, or (vii)
the breach by a Participant of any written covenant or agreement with the
Company not to disclose any information pertaining to the Company or not to
compete or interfere with the Company. The determination of whether any conduct,
action or failure to act on the part of any Participant constitutes "Cause"
shall be made by the Committee in its sole discretion.

         1.6. "CHANGE IN CONTROL" means the occurrence of any of the following
events: (i) the members of the Board at the beginning of any consecutive
twenty-four calendar month period (the "INCUMBENT DIRECTORS") cease, for any
reason other than due to death, to constitute at least a majority of the members
of the Board, provided that any director whose election, or nomination for
election by the Company's stockholders, was approved by a vote of at least a
majority of the members of the Board then still in office who were members of
the Board at the beginning of such twenty-four calendar month period other than
as a result of

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a proxy contest, or any agreement arising out of an actual or threatened proxy
contest, shall be treated as an Incumbent Director, (ii) any "person," including
a "group" (as such terms are used in Sections 13(d) and 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the "Act")), but excluding the
Company, any subsidiary thereof or any employee benefit plan of the Company or
any subsidiary thereof becomes the "beneficial owner" (as defined in Rule 13(d)3
under the Act), directly or indirectly, of securities of the Company
representing 50% or more of the combined voting power of the Company's then
outstanding securities, (iii) the stockholders of the Company shall approve a
definitive agreement (a) for the merger or other business combination of the
Company with or into another corporation, a majority of the directors of which
were not directors of the Company immediately prior to the merger and in which
the stockholders of the Company immediately prior to the effective date of such
merger own a percentage of the voting power in such corporation that is less
than one-half of the percentage of the voting power they owned in the Company
immediately prior to such transaction or (b) for the sale or other disposition
of all or substantially all of the assets of the Company to any other entity;
PROVIDED, in each case, that such transaction shall have been consummated, or
(iv) the purchase of Common Stock pursuant to any tender or exchange offer made
by any "person," including a "group" (as such terms are used

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Wealth Accumulation Plan

in Sections 13(d) and 14(d)(2) of the Act), other than the Company, any
subsidiary thereof, or an employee benefit plan of the Company or any subsidiary
thereof, for 50% or more of the Common Stock of the Company. Notwithstanding the
foregoing, a "Change in Control" shall not be deemed to occur in the event the
Company files for bankruptcy, liquidation or reorganization under the United
States Bankruptcy Code.

         1.7. "CODE" means the Internal Revenue Code of 1986, as amended from
time to time, and the regulations promulgated thereunder.

         1.8. "COMMISSION" shall mean the compensation paid to an Eligible
Employee based on commissions earned, including other direct pay.

         1.9. "COMMISSION ELECTION DATE" for any Commission Year shall mean the
last business day in November of the prior Commission Year; PROVIDED, HOWEVER,
that; the first Commission Election Date shall be September 25, 2000 and shall
apply only with respect to Commissions that have not yet then been earned; and
FURTHER PROVIDED, HOWEVER, that with respect to any Eligible Commission Employee
who first becomes employed on or following December 1 of any Commission Year,
the Commission Election Date shall be the earlier of the date that is 90 days
following the date that such individual first becomes employed or the date
immediately prior to the last business day of the Commission Year, but only with
respect to Commissions that have not yet been

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earned (provided that such individual may not make an election during any
blackout period imposed by the Company with respect to the purchase of Common
Stock).

         1.10. "COMMISSION PARTICIPANT" means an Eligible Commission Employee
who becomes a Participant.

         1.11. "COMMISSION PAYMENT DATE" for any Commission Quarter shall mean
the date that Commissions earned during the last month of such Commission
Quarter are due to be paid.

         1.12. "COMMISSION QUARTER" shall mean any one of the three calendar
month periods commencing on March 1, June 1, September 1 and December 1 of any
Fiscal Year.

         1.13. "COMMISSION YEAR" shall mean the twelve (12) month period
commencing on each December 1 and ending on each November 30.

         1.14. "COMMITTEE" shall mean the Compensation Committee of the Board,
or such other committee as may be appointed by the Board, each member of which
shall be a "non-employee director" within the meaning of Rule 16b-3 (promulgated
under the Securities Exchange Act of 1934, as amended), which shall be the
administrative committee for the Plan; PROVIDED, HOWEVER, that the Neuberger
Berman Administration Committee under the Neuberger Berman Profit Sharing and
Pension Plans shall make hardship distribution decisions pursuant to Section 5.

         1.15. "COMMON STOCK" shall mean the Company's common stock, par value
$0.01 per share.

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         1.16. "COMPENSATION" means a Participant's annual salary, Bonus and
Commission, as applicable.

         1.17. "DISABILITY" shall mean disability as defined in the Company's
long-term disability policy.

         1.18. "ELIGIBLE BONUS EMPLOYEE" shall mean an Eligible Employee who is
primarily compensated on a salary and Bonus basis.

         1.19. "ELIGIBLE COMMISSION EMPLOYEE" shall mean an Eligible Employee
who is primarily compensated on a Commission basis.

         1.20. "ELIGIBLE EMPLOYEE" shall mean any individual employed by the
Company for at least 20 hours per week and any individual employed by the
Company for less than 20 hours per week whose Compensation exceeds $100,000 per
year; PROVIDED, HOWEVER, that the participation of officers and directors of the
Company shall be limited to the extent necessary for the Plan to qualify as a
"broadly-based" plan for purposes of Section 312.04(g) and (h) of the NYSE
Listed Company Manual.

         1.21. "FAIR MARKET VALUE" of the Common Stock for purposes of
calculating the purchase price (i) for any deferred Bonus shall mean the average
closing price of the Common Stock on the New York Stock Exchange over the ten
(10) trading days immediately preceding the respective Bonus Payment Date and
(ii) for any deferred Commission shall mean the average of the high

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and low sale price of the Common Stock on the trading date immediately preceding
the respective Commission Payment Date.

         1.22. "FINANCIAL HARDSHIP" shall mean a "Financial Hardship" as defined
in the Neuberger Berman Profit Sharing and Pension Plans.

         1.23. "FISCAL YEAR" shall mean the fiscal year of the Company.

         1.24. "GOOD REASON" with respect to any Participant shall mean (i) a
diminution in such Participant's salary or material diminution in such
Participant's level of benefits, (ii) a material diminution in the Participant's
responsibilities or authority or (iv) a requirement by the Company that the
Participant relocate outside of a 50 mile radius of a Participant's place of
employment immediately prior to a Change in Control.

         1.25. "PARTICIPANT" for any Fiscal Year shall mean each Eligible
Employee who has elected to defer payment of a portion of such individual's
Bonus or Commission to be used to purchase Restricted Stock pursuant to Section
3 herein.

         1.26. "PURCHASE DATE" shall mean the date that the Restricted Stock
with respect to any deferred Bonus or Commission is purchased as set forth in
Section 3.2 herein.

         1.27. "RESTRICTED STOCK" means the Common Stock subject to forfeiture
and transfer restrictions until vested as set forth in Section 4 herein.

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         1.28. "RETIREMENT DATE" for any Participant shall mean the date on or
following the date that such Participant reaches age 55 with 15 "years of
service" with the Company, as defined in the Neuberger Berman Profit Sharing and
Pension Plans.

         1.29. "TERMINATING EVENT" shall mean an event described in Section 7
hereof.

2.   VOLUNTARY DEFERRAL

         2.1. On or before September 30 of any Fiscal Year, an Eligible Bonus
Employee may elect to defer the receipt of up to 100% of such Eligible
Employee's Bonus for such Fiscal Year (not to exceed the lesser of (i) 20% of
such individual's Compensation for such Fiscal Year or (ii) $500,000) to be used
to purchase Restricted Stock pursuant to Section 3 herein; provided, however,
that, with respect to an individual who first becomes an Eligible Employee
following September 30 in any Fiscal Year with respect to which such individual
may earn a Bonus, the election date for such Fiscal Year shall be the earlier of
the date which is thirty days after the date such individual becomes an Eligible
Employee or the date immediately prior to the date that such Bonus is earned for
such Fiscal Year.

         2.2. On or before the Commission Election Date for any Commission Year,
an Eligible Commission Employee may elect to defer the receipt of up to 20% (not
to exceed $500,000 per year) of such Eligible Employee's Commission to be earned
during such

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Commission Year to be used to purchase Restricted Stock pursuant to Section 3
herein.

         2.3. Each notice of election made pursuant to subsection 2.1 or 2.2
hereof with respect to Bonus or Commission for any Fiscal Year or Commission
Year, respectively, shall be irrevocable and, with respect to the portion of
such Bonus or Commission which a Participant elects to defer, the Participant
shall have no right to distribution thereof otherwise than as set forth in
Sections 5 and 7 herein on account of a Financial Hardship or a Terminating
Event, respectively; PROVIDED, HOWEVER, that a Commission Participant may elect
to withdraw all Commission amounts deferred with respect to any Commission
Quarter by filing a withdrawal notice with the Committee prior to the Commission
Payment Date with respect to such Commission Quarter. In the event that a
Commission Participant elects to withdraw all deferred amounts during any
Commission Quarter as specified above, all amounts previously deferred for such
Commission Quarter an not yet used to purchase Restricted Stock shall be
returned to such Participant and the Participant shall cease to participate in
the Plan unless and until such Participant makes a new deferral election for a
subsequent Commission Year within the appropriate time period.

         2.4. An election to defer receipt of part of a Participant's Bonus or
Commission for any Fiscal Year or Commission Year, respectively, shall remain in
effect for

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subsequent Fiscal Years and Commission Years unless and until the Participant
elects to change such deferral election by filing a substitute notice of
election with the Company prior to the respective election dates after which
such change is to be effective or, with respect to a Commission Participant,
such Participant withdraws deferred amounts pursuant to Section 2.3 above;
PROVIDED, HOWEVER, that the Committee may, in its sole discretion, determine to
disqualify any individual from participating in the Plan for any Fiscal Year or
Commission Quarter, respectively, in which case any election made by such
individual shall expire.

         2.5. Notwithstanding anything herein to the contrary, during the
shorter of (i) the three-year period commencing on the date the Plan is adopted
by the Company, or (ii) the term of the Plan, at least a majority of the shares
of Common Stock purchased under the Plan shall be purchased by employees who are
not officers or directors of the Company. For this purpose, the term "officer"
shall mean a person who is an officer of the Company for purposes of Section
312.04(h) of the NYSE Listed Company Manual. The Committee shall ensure that the
participation requirements set forth in this Section 2.5 are complied with by
limiting the amount of Common Stock purchased by officers and directors. To that
end, the Committee shall have the authority to limit participation in the Plan
by officers and directors, cut back on the number of shares purchased by all
officers and

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directors or any one officer or director or take such other action to the extent
that it deems appropriate, in its sole discretion, to comply with Sections
312.04(g) and (h) of the NYSE Listed Company Manual and any successor provisions
or interpretations thereof.

3.   PURCHASE OF RESTRICTED STOCK

         3.1. Any portion of a Bonus or Commission that is voluntarily deferred
pursuant to Section 2 herein, unless earlier forfeited, distributed on account
of a Terminating Event or a Financial Hardship or withdrawn shall be used to
purchase whole shares of Restricted Stock. Any amount of deferred Bonus or
Commission remaining after the purchase of whole shares shall be retained and
used to purchase Restricted Stock with respect to the next Fiscal Year or
Commission Year, respectively.

         3.2. As soon as practicable following the respective Bonus Payment Date
or Commission Payment Date for a Participant (each a "Purchase Date"), the
amount of such Bonus or Commission deferred pursuant to Section 2 herein for
such Fiscal Year or Commission Quarter shall be used to purchase from the
Company a number of shares of Restricted Stock. The number of shares of
Restricted Stock purchased for any Participant shall be equal to the amount of
Bonus or Commission deferred for such period divided by 75% of the respective
Fair Market Value of one share of Common Stock on the respective Bonus Payment
Date or Commission Payment Date, as applicable. Immediately prior to

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each Purchase Date, the Committee shall review and formally approve or
disapprove of the purchases of Restricted Stock with respect to each Participant
who is also an officer or director of the Company. The purpose of such Committee
approval is (i) to comply with Rule 16b-3(d)(1) of the Exchange Act, as amended
and (ii) Section 312.04(g) and (h) of the NYSE Listed Company Manual. To the
degree that any purchase on behalf of a Participant is not approved, the amounts
deferred by such Participant not used to purchase Restricted Stock shall be
returned to the Participant.

         3.3. On each Purchase Date, the Company shall cause the number of
shares of Restricted Stock purchased for each Participant to be recorded on the
Company's books until such time as the stock is forfeited or the restrictions
thereupon lapse. The Company shall hold the shares of Restricted Stock until
such shares are forfeited or become fully vested. The Company shall notify each
Participant as soon as practicable following each Purchase Date of the number of
shares of Restricted Stock purchased with respect to each such Participant's
deferred amounts.

4.   TERMS AND CONDITIONS OF RESTRICTED STOCK

         4.1. Shares of Restricted Stock shall not be transferable and shall be
subject to the forfeiture provisions set forth below until such shares become
vested. Unless earlier forfeited, as set forth below, each share of Restricted
Stock shall vest and the transfer restrictions and forfeiture

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provisions shall lapse on the date that is the third anniversary of its
respective Bonus Payment Date or Commission Payment Date. Notwithstanding the
vesting provisions set forth above, the shares of Restricted Stock held for any
Participant shall fully vest and the transfer restrictions and forfeiture
provisions shall lapse upon (i) the death of such Participant, (ii) the
Disability of a Participant (iii) the Retirement Date of a Participant (provided
such Participant enters into a noncompetition agreement in a form acceptable to
the Company), (iv) a declaration by the Board of Directors of the Company that
the Company has undergone a change in control (regardless of whether a Change in
Control has actually occurred) or (v) during the one year period following a
Change in Control, either the termination of such Participant's employment by
the Company without Cause or by the Participant for Good Reason. As soon as is
practicable following the vesting of any of a Participant's shares of Restricted
Stock, the Company shall cause the stock representing the vested shares of
Restricted Stock to be deposited into a brokerage account maintained for such
Participant.

                  4.2. Upon a Participant's voluntary resignation from
employment with the Company or the termination of a Participant's employment
with the Company by the Company for Cause, all unvested shares of Restricted
Stock held for such Participant and any deferred Bonus or Commission amount held
by the Company for

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such Participant pending purchase of Restricted Stock shall be immediately
forfeited to the Company and the Participant shall have no further rights
thereto. Upon the termination of a Participant's employment with the Company by
the Company without Cause, all unvested shares of Restricted Stock held by such
Participant shall be immediately forfeited to the Company and the Participant
shall have no further rights thereto and the Company shall distribute to such
Participant a number of unrestricted shares of Common Stock equal to (i) the
amount of Bonus or Commission previously deferred for each Commission Quarter
and Fiscal Year, as applicable, with respect to such forfeited shares of
Restricted Stock (ii) divided by the Fair Market Value of the Common Stock on
the respective previous Bonus Payment Dates and Commission Payment Dates, as
applicable. The intent of the immediately preceding sentence is to put such
Participant in the same economic position as if the deferred Bonus or Commission
amounts attributable to the forfeited Restricted Stock were used to purchase
shares of Common Stock on the respective prior Bonus Payment Dates or Commission
Payment Dates at the then current Fair Market Value without the application of
any discount.

         4.3. All shares of Restricted Stock or Common Stock held by the Company
or in a Participant's brokerage account, as applicable, on behalf of a
Participant shall be voted by such Participant. Dividends accruing on such
shares shall be paid to

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such participant in the normal course as if such Participant held the shares.

5.   FINANCIAL HARDSHIP

         5.1. Notwithstanding anything herein to the contrary, a Participant may
apply to the Neuberger Berman Administrative Committee under the Neuberger
Berman Profit Sharing and Pension Plans for a distribution with respect to such
Participant's deferred Bonus or Commission amounts held by the Company pending
the purchase of Restricted Stock, on account of a Financial Hardship. Within a
reasonable time of such application, the Neuberger Berman Administrative
Committee shall make a determination as to the extent to which such Participant
has satisfied the Financial Hardship criteria. Upon the approval of such
Financial Hardship application by the Neuberger Berman Administrative Committee,
the Company shall distribute to such Participant within 5 business days
following such approval only the amount necessary to satisfy such Financial
Hardship; provided, however, that in no event may such amount exceed the balance
of the deferred amounts held for such Participant. Distributions made on account
of a Financial Hardship shall reduce the amounts credited to a Participant's
deferral account.

6.   ESTABLISHMENT OF ACCOUNTS

         6.1. The Company shall establish, for bookkeeping purposes only, a
separate deferral account for each Participant. A Participant's deferred Bonus
and or deferred Commissions shall

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each be credited to the appropriate deferral account on the applicable payment
dates for such Bonuses and Commissions.

7.   TERMINATION

         7.1. Cash amounts credited to all Participant's deferral accounts
established by the Company pending purchase of shares of Restricted Stock will
be distributed to the respective Participants immediately upon the date of the
occurrence of a Terminating Event, as described in subsection 7.2 hereof.
Amounts credited to any particular Participant's deferral account will be
distributed to the respective Participant as soon as practicable after a
Terminating Event, as described in Section 7.3 hereof.

         7.2. The following events shall constitute Terminating Events with
respect to all deferral accounts:

              (a) the date of final determination by any court of competent
jurisdiction or the U.S. Department of Labor that the Plan is subject to Parts 2
through 4 of Subtitle B of Title I of the Employee Retirement Income Security
Act of 1974, as amended; or

              (b) the dissolution or liquidation of the Company.

         7.3. The following events shall constitute Terminating Events with
respect to any particular deferral account maintained in the name of a
Participant:

              (a) the death or Disability of the Participant;

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              (b) the termination of the Participant's employment by the Company
without Cause;

              (c) following a Change in Control, the termination of a
Participant's employment by the Participant for Good Reason; or

              (d) presentation by any Participant to the Company of satisfactory
evidence of a change in the applicable tax law or the interpretation thereof, or
a final determination by the Internal Revenue Service or any other applicable
taxing authority which, in the opinion of the Company, would cause such
Participant to be currently subject to income tax or subject to income tax in
any prior year with respect to his or her deferral account.

8.   NO TITLE TO DEFERRED AMOUNTS

         8.1. No Participant shall have any property interest whatsoever in any
deferred Bonus or Commission. Nothing contained herein and no action taken
pursuant to the provisions of this Plan shall create or be construed to create a
trust of any kind, or a fiduciary relationship between any Participant and the
Company. Any amounts which may be deferred as described herein shall continue
for all purposes until the purchase of Restricted Stock to be a part of the
general assets of the Company and subject to the claims of its general
creditors, and no person other than the Company shall have, by virtue of the
provisions of this Plan, any interest in such amounts.

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Wealth Accumulation Plan

9.   PROHIBITION OF TRANSFER AND ASSIGNMENT

         9.1. The right of a Participant or any other person to the payment of
any Bonus or Commission deferred under this Plan shall not be assigned,
transferred, pledged or encumbered except by will or by the laws of descent and
distribution, and any attempted assignment or transfer shall be null and void.

10.  AUTHORITY TO CONSTRUE PLAN

         10.1. The Committee shall have full power and authority to interpret,
construe and administer the Plan, and the Committee's interpretations and
construction thereof, and actions thereunder, shall be binding and conclusive on
all persons for all purposes. Neither the Company nor any officer or employee
thereof shall be liable to any person for any action taken or omitted in
connection with the interpretation and administration of this Plan unless
attributable to its or his own willful misconduct or lack of good faith.

11.  GENERAL PROVISIONS

         11.1. This Plan shall be binding upon and inure to the benefit of the
Company, its successors and assigns and any Participant, his heirs, executors,
administrators and legal representatives.

         11.2. This Plan is entered into with the intention that compensation
deferred pursuant to its terms will not be treated as income to any Participant
under the Internal Revenue Code of 1986, as amended, until and to the extent
that such Participant

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actually receives payment of any deferred amounts or the Restricted Stock with
respect thereto vests; PROVIDED, HOWEVER, that nothing herein shall create any
right on the part of a Participant to have any amount of Bonus or Commission
deferred unless and until a deferral election pursuant to subsections 2.2 and
2.3 herein is approved by the Company.

         11.3. This Plan does not create an employment relationship between the
Company and any Participant, and does not create in any Participant any right or
obligation to continue to provide services to the Company for any length of
time, and does not create in or on the part of any Participant or the Company
any rights except those set forth herein.

         11.4. The Company may terminate or amend this Plan in whole or in part
at any time by action of its Board of Directors.

         11.5. Illegality of any provision hereunder shall not affect
enforceability of any other provision hereunder.

         11.6. This Plan shall be construed in accordance with and governed by
the laws of the State of New York without reference to the conflict of laws
provisions thereof.

         11.7. Any controversy, claim or dispute relating to the amount due any
Participant hereunder, or the terms of the payment thereof, shall be finally
resolved by arbitration in New York City in accordance with the rules of the
American Arbitration Association then in effect relating to commercial
arbitration.

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         IN WITNESS WHEREOF, this Plan has been adopted as of the ___ day of
July, 2000.

                                      NEUBERGER BERMAN INC.

                                      By:  /s/ Jeffrey B. Lane
                                         -----------------------------
                                         Name: Jeffrey B. Lane
                                         Title: President and Chief
                                                Executive Officer

                                      -21-

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