Document:

EX-10.8

 

EXHIBIT 10.8

THE CHASE MANHATTAN BANK AND PARTICIPATING COMPANIES

EXCESS RETIREMENT PLAN

RESTATED EFFECTIVE JANUARY 1, 1997

PREAMBLE

     This Plan is the successor to, and continuation of, the Supplemental
Retirement Plan of Chemical Banking Corporation and Certain Subsidiaries. The
purpose of this Plan is to provide an alternate means of paying benefits
precluded by operation of law to certain designated executives participating in
the Retirement Plan of The Chase Manhattan Bank and Certain Affiliated Companies
(“Retirement Plan”).

     The Plan is a non-qualified, unfunded deferred compensation
arrangement. It is not subject to Section 401 of the Internal Revenue Code.
Further, it is generally, not subject to Employee Retirement Income Security
Act.

     Except for certain designated individuals who qualify as Grandfathered
Participants under the Retirement Plan, the Supplemental Executive Retirement
Plan of The Chase Manhattan Bank, N.A. (“Chase Plan”) was terminated effective
December 31, 1996. The Supplemental Chase Retirement Accounts under the Chase
Plan became part of an account balance under the Deferred Compensation Program
of The Chase Manhattan Corporation and subject to the terms and conditions of
such Program and are not part of the account balances under this Plan.
Similarly, annuity benefits accrued and frozen as of December 31, 1988 under the
Chase Plan were converted into a lump sum and also became part of an account
balance under such Deferred Compensation Program.

ARTICLE 1

DEFINITIONS

     The following are defined terms wherever they appear in the Plan:

     1.1 “Account” shall have the meaning ascribed thereto under the
Retirement Plan.

     1.2 “Administrator” shall mean the individual holding the title
Director Human Resources of The Chase Manhattan Corporation or the Bank, or
successor title, who shall be responsible for those functions assigned to him
under the Plan.

     1.3 “Bank” shall mean The Chase Manhattan Bank.

     1.4 “Beneficiary” shall have the meaning ascribed thereto under
the Retirement Plan.

     1.5 “Board” shall mean the Board of Directors of the Bank or of
the Corporation; provided that any action taken by a duly authorized committee
of the Board (including any action pursuant to Article VII) within the scope of
authority delegated to it by the Board shall be considered an action of the
Board for purposes of this Plan.

     1.6 “Chase Lump Sum Final Pay Benefit” shall have the meaning
ascribed thereto under Section 4.1 of the Retirement Plan.

     1.7 “Chase Plan” shall mean the Supplemental Executive Retirement
Plan of The Chase Manhattan Bank, N.A.

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     1.8 “Chemical Retirement Plan” means the Retirement Plan of
Chemical Bank and Certain Affiliated Companies as in effect on December 31,
1996.

     1.9 “Code” shall mean the Internal Revenue Code of 1986.

     1.10 “Committee” shall mean the Compensation and Benefits Committee
of the Board.

     1.11 “Compensation Limit” shall mean the dollar limitation imposed
by Section 401(a)(17) of the Code on the amount of Eligible Compensation taken
into account in computing benefits under the Retirement Plan.

     1.12 “Corporation” shall mean The Chase Manhattan Corporation.

     1.13 “Credit Balance” shall have the meaning ascribed thereto under
the Retirement Plan.

     1.14 “Deferred Compensation Program” shall mean the Deferred
Compensation Program of The Chase Manhattan Corporation and Participating
Companies.

     1.15 “Effective Date” shall mean January 1, 1997.

     1.16 “Eligible Compensation” has the meaning ascribed thereto by
the Retirement Plan.

     1.17 “Employee” shall mean an individual who is an employee of an
Employer and a participant accruing benefits under the Retirement Plan. By way
of clarification, individuals who are not classified as employees of an Employer
for purposes of its payroll system, including, without limitation, individuals
employed by temporary help firms or other staffing firms or who are treated as
independent contractors by the Employer (whether or not deemed to be common law
employees or leased employees), are not “Employees.” In addition, in the event
that any individual is re-classified as an employee for any purpose by any
action of any third party or as a result of any lawsuit, action or
administrative proceeding, such individual shall not be deemed an “Employee”
under the Plan.

     1.18 “Employer” shall have the meaning ascribed thereto under the
Retirement Plan; provided that such entity adopts the Plan by act of its board
of directors and which adoption is approved by the Committee or Administrator;
provided, however, that any entity participating in the MHT Plan or the Prior
Plan on December 31, 1992 or the Chase
Plan on December 31, 1996 shall be an Employer under the Plan as of January 1,
1993 or January 1, 1997, respectively.

     1.19 “Executive Retirement Plan” shall mean the Executive
Retirement Plan of The Chase Manhattan Corporation.

     1.20 “Final Average Salary” shall have the meaning ascribed thereto
under the Chemical Retirement Plan.

     1.21 “Final Salary Benefit” shall have the meaning ascribed thereto
under the Chemical Retirement Plan.

     1.22 “Grandfathered Participant” shall have the meaning ascribed
thereto under the Retirement Plan.

     1.23 “Interest Credit” shall have the meaning ascribed thereto
under the Retirement Plan.

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     1.24 “Lump Sum Final Pay Benefit” shall have the meaning ascribed
thereto under Section 4.1 of the Retirement Plan.

     1.25 “MHT Plan” shall mean the Supplemental Retirement Benefits
Plan of Manufacturers Hanover Trust Company and Certain Affiliated Companies as
in effect immediately prior January 1, 1993.

     1.26 “Participant” shall mean each Employee of an Employer who
participates in the Plan in accordance with the terms and conditions set forth
herein.

     1.27 “Participating Company” shall mean (a) the Bank and (b) each
Employer, which has been authorized by the Administrator to participate in the
Plan and has agreed to comply with the provisions of the Plan.

     1.28 “Period of Service” shall have the meaning ascribed thereto
under the Retirement Plan.

     1.29 “Plan” shall mean the Excess Retirement Plan of The Chase
Manhattan Bank and Certain Participating Companies, as in effect at any time,
which was formerly named the Supplemental Retirement Plan of Chemical Banking
Corporation and Certain Participating Companies.

     1.30 “Prior Plan” shall mean the Executive Cash Plan for Retirement
of Chemical Banking Corporation and Affiliated Companies.

     1.31 “Prior Service Balance” shall have the meaning ascribed
thereto by the Retirement Plan.

     1.32 “Related Company” shall mean a corporation of which more than
51% of the combined voting of all classes of stock entitled to vote or equity
interest is owned directly or indirectly by the Corporation or a partnership,
joint venture, or another incorporated entity of which more than 51% of the
capital equity or profits interest is owned directly or indirectly by the
Corporation.

     1.33 “Retirement Benefits” shall mean the Credit Balance of the
Account of a Participant under the Retirement Plan.

     1.34 “Retirement Plan” shall mean the Retirement Plan of The Chase
Manhattan Bank Affiliated Companies, as in effect January 1, 1997 and as amended
from time to time.

     1.35 “Transition Credit” shall have the meaning ascribed thereto by
the Retirement Plan.

ARTICLE II

PARTICIPATION

     2.1 Eligibility for Credit Balance. Commencing as of January 1,
1997, each Employee whose Eligible Compensation exceeds the Compensation Limit
during any calendar year shall be a Participant as of such date with respect to
the benefits described in Sections 3.1.

     2.2 Previously Accrued Benefits. Effective as of January 1, 1997,
each Employee who had benefits under this Plan of December 31, 1996 shall be a
Participant to the extent described in Section 3.2.

     2.3 Section 415 Limits. Commencing on or after January 1, 1997, if
an Employee’s distribution of Retirement Benefits is subject to the limitations
of Section 415 of the Code, such Employee shall be a Participant as of the date
of such distribution and shall be eligible for the benefits described in Section
3.4.

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ARTICLE III

BENEFITS

     3.1 Pay-Based Credits. (a) Effective as of January 1, 1997, each
Participant described in Section 2.1 whose Eligible Compensation in any calendar
month exceeds the Compensation Limit used by the Retirement Plan for that
calendar month shall have an amount credited to an Account under the Plan equal
to the excess of (i) the Pay-Based Credit that would have been accrued under the
Retirement Plan but for the application of such Compensation Limit for such
calendar month over (ii) the amount actually credited under the Retirement Plan
for such calendar month. Pay-Based Credits hereunder shall be made on the same
basis as provided in the Retirement Plan to an Account. Notwithstanding the
foregoing, the Plan shall not provide benefits on Eligible Compensation based on
draw, commission in excess of draw or production overrides when, during a
calendar year, such Eligible Compensation exceeds 100 percent of the annual
Compensation Limit and, in the case of Chase Mortgage Company, 50 percent shall
be substituted for 100% of such annual Compensation Limit.

     (b) Interest Credits. The Account of a Participant shall be
credited with the Interest Credits that would have been provided under the
Retirement Plan but for the Compensation Limit’s application to the Pay-Based
Credits.

     3.2 Previously Accrued Amount. Any amount credited to an Account
under this Plan prior to December 31, 1996, including the bonus amounts
described in Section 3.4 of this Plan as in effect on December 31, 1996, shall be part of the
Account of a Participant. See Article VI.

     3.3 Final Average Salary Benefit. If the amount of a Chase Lump
Sum Final Pay Benefit or Lump Sum Final Pay Benefit under the Retirement Plan
was reduced because of the application of the annual Compensation Limit, then
there shall be credited to the Account of a Participant herein the excess of (i)
the Chase Lump Sum Final Pay Benefit or Lump Sum Final Pay Benefit, as
applicable, that would have been credited under the Retirement Plan but for the
application of the annual Compensation Limit over (ii) the Chase Lump Sum Final
Pay Benefit or the Lump Sum Final Pay Benefit actually credited under the
Retirement Plan, provided that such amount shall be reduced if at a future date,
all or any part of such amount may be credited to a Participant’s Account under
the Retirement Plan.

     3.4 Excess Benefits. Upon any distribution of Retirement Benefits
or payment of any benefit accrued in the form of a life annuity based on a
Participant’s life expectancy from the Retirement Plan, each Employee whose
Retirement Benefits or such life annuity benefit is reduced in the calendar year
when such benefit commences by application of the limitations of Section 415 of
the Code shall receive an amount equal to the excess of the (i) Retirement
Benefits or life annuity payable under the Retirement Plan without application
of Section 415 of the Code over (ii) amount actually payable under the
Retirement Plan; provided that once the a benefit is in pay status hereunder as
a result of the application of Section 415 of the Code, no adjustment shall be
made for changes in Section 415 of the Code; provided further that nothing in
this Section or Plan shall require any amounts to be paid under this Plan,
should an administrative or judicial determination require the payment of
Retirement Benefits or life annuity benefits under the Retirement Plan in excess
of those initially distributed as a lump sum or as a life annuity under the
Retirement Plan to a Participant.

     3.5 Grandfathered Participants. If a Participant elects to receive
his/her accrued benefit under Section 4.6 of the Retirement Plan because such
individual is a Grandfathered Participant, then any amount due under this Plan
shall be forfeited, except for the amount specified in Section 3.4, so long as it is

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not duplicative of any amount required under another plan or program maintained by the Employee.

     3.6 Aggregate. The total value of the benefits to be received
under the Plan when combined with the Retirement Benefits shall never exceed the
value of the Retirement Benefits that would have been payable under the
Retirement Plan but for the application of Section 415 of the Code and the
Compensation Limit; provided that the foregoing shall not apply to amounts
credited to an Account because of the inclusion of bonuses as part of Eligible
Compensation hereunder;

ARTICLE IV

VESTING

     4.1 Account. The benefits described in Section 3.1 and Section 3.2
shall vest upon the date that the benefits under the Retirement Plan vest;
provided that the amount of such benefit shall be determined only upon the date
that the individual receives a distribution of his/her from the Retirement Plan.
Benefits hereunder shall be forfeited upon a termination employment with an
Employer or Affiliated Company if such Participant is not then vested in his/her
Retirement Benefits. Benefits hereunder shall not be subject to being restored
upon re-employment.

     4.2 Vesting 415 Benefit. The benefit described in Section 3.4
shall be deemed to accrue and vest only upon the dates or date of the
distribution of benefits under the Retirement Plan.

ARTICLE V

TRANSFERS TO DEFERRED COMPENSATION, WITHHOLDING, LIABILITY FOR PAYMENTS

     5.1 Form of Distribution. (a) If a Participant with a vested
benefit under this Plan elects to receive such individual’s Retirement Benefits
(or in the case, where the benefit in the form of an annuity under the
Retirement, then the vested benefit hereunder shall be distributed as of the
date of such annuity commenced and shall be distributed in the form of the
annuity selected under the Retirement Plan. Notwithstanding the foregoing, if
the monthly amount of the annuity hereunder is less than a minimum amount
specified from time to time by the Administrator, the vested benefit hereunder
shall be distributed as a lump sum or shall be subject to the transfer provision
described below, as the Administrator shall determine. Unless the Administrator
otherwise designates, the actuarial factors used under the Retirement Plan in
calculating the amount the monthly annuity payable to an individual shall be
used for the annuity payable hereunder.

     (b) If a Participant with a vested benefit under this Plan elects
to receive such individual’s Retirement Benefit as a lump sum, including a
transfer to an Individual Retirement Account or to another qualified plan, then
any vested benefit hereunder in the form of an Account or otherwise payable as a
lump sum shall be treated as of the first day of the month following that
transfer (or such other date as the Administrator may designate) as an account
balance subject to the terms and conditions of the Deferred Compensation
Program. Accordingly, such amount shall be subject to the distribution election
made by the Participant with respect to such individual’s deferred compensation
account under such Program and to the beneficiary designation under the Program;
provided that if the Participant does not have an account under the Deferred
Compensation Program and amount hereunder is less than $5000, then such amount

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shall be distributed to the Participant in a lump sum within a reasonable period
of time following the date of the distribution of his or her Retirement
Benefits. Pending exercise by the Participant of investment discretion under the
Deferred Compensation Program, the balance of such account shall receive the rate of interest
provided by the Stable Value Fund.

     5.2 Withholding. Any payment under this Plan shall be reduced by
any amount required to be withheld under applicable Federal, state and local
income tax laws.

     5.3 Participant’s Rights Unsecured. The right of any Participant
or former Participant to receive further payments under the provisions of the
Plan shall be unsecured claim against general funds of (i) the Bank, if the
Employer employing the participant at the time his/her Eligible Compensation is
subject to this Plan, was a bank or a bank subsidiary or (ii) the Corporation,
if the employer employing the Participant at the time his/her Eligible
Compensation is subject to this Plan, was not a bank or a bank subsidiary. No
assets of shall be required to be segregated or earmarked to represent any
liability for supplemental benefits hereunder, but the Corporation and Bank
shall have the right to establish vehicles to assist them and the other
Employers in meeting their obligations hereunder. The rights of any person to
receive benefits under the Plan shall be only those of a general unsecured
creditor; and such status shall not be enhanced by reason of the establishment
of any funding vehicles.

     5.4 Beneficiary. Upon the death of a Participant who has vested
benefits under this Plan which death occurs prior either to his/her receipt of
benefits hereunder or the transfer to benefits to the Deferred Compensation
Program, the Beneficiary of such Participant shall receive a benefit equal to
the difference between that amount under the Retirement Plan that such
Beneficiary would have received but for Section 415 limitation and that amount
actually received under the Retirement Plan; and the Account of the Participant.

ARTICLE VI

PRIOR PLAN AND MHT PLAN

     6.1 Prior Plan. (a) Any individual who was a Participant in the
Prior Plan and whose benefit has not been distributed as of January 1, 1993,
shall have an Account under the Plan. To the extent provided under Prior Plan,
Interest Credits and/or Transition Credits shall be added to the Account, as if such account were
an Account under the Retirement Plan.

     (b) An individual shall vest in the balance of such Account under
the Prior Plan as provided in Section 4.1. Benefits are forfeited upon a
termination of employment with an Employer or a Related Company if the
individual has not satisfied such criteria. Such benefits are not restored upon
re-employment.

     (c) Notwithstanding Section 5.1(a) or (b), if the employment of a
Participant who was employed by Chemical Banking Corporation or a Related
Company terminated on or before December 31, 1996, then any vested benefit under
this Plan shall be distributed under the terms and conditions of this Plan as in
effect on such termination date except that the terms of Section 3.4 as set
forth in this Plan document shall be applicable to any amounts payable
thereunder.

     6.2 MHT Plan. (a) Individuals receiving benefits from the MHT Plan
shall continue to receive such benefits under the Plan.

     (b) Individuals who terminated employment on or before January 1,
1993, having satisfied the age and service criteria for a benefit under the MHT
Plan and whose benefit under the Retirement Plan is limited by Section 415 of

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the Code and/or the Compensation Limit shall receive a benefit hereunder as
provided for in the MHT Plan; provided that such benefits shall not be paid in
the form of a lump sum.

ARTICLE VII

AMENDMENT AND TERMINATION

     7.1 Amendment. The Board or the Administrator may amend the Plan
in any respect and at any time; provided, however, that no amendment shall have
the effect of reducing (i) any benefit then being paid to any Participant or to
any other person pursuant to Articles III or VI, or (ii) the vested amount of
any benefit under Sections 3.1, 3.2 and 3.3 theretofore accrued on behalf of any
Participant.

     7.2 Termination. The Board may terminate the Plan at any time. In
the event of termination, the Plan shall continue in force with respect to any
Participant, or other person entitled to receive a benefit under Sections 3.1,
3.2 and 3.3 to the extent accrued and vested under the Plan prior to its
termination, and shall be binding upon any successor to substantially all the
assets of the Corporation or any other Employer. Notwithstanding the foregoing,
the Board may determine that it is in the best interests of the Employers or the
Participants to terminate the Plan in its entirety and distribute to each
Participant (or other person entitled to receive payments hereunder) the benefit
of such Participant thereunder.

ARTICLE VIII

GENERAL PROVISIONS

     8.1 Assignability. No right to receive payments hereunder shall be
transferable or assignable by a Participant except by will or by the laws of
descent and distribution or by a court of competent jurisdiction. Any other
attempted assignment or alienation of payments hereunder shall be void and of no
force or effect.

     8.2 Administration. Except as otherwise provided herein, the Plan
shall be administered by the Administrator, who shall have the authority to
adopt rules and regulations for carrying out the provisions of the Plan, and who
shall conclusively interpret, construe and implement the provisions of the Plan,
including eligibility to participate, the entitlement to benefits and the amount
of such benefits.

     8.3 Legal Opinions. The Administrator may consult with legal
counsel, who may be counsel for the Bank or other counsel, with respect to his
obligations or duties hereunder, or with respect to any action proceeding or any
question of law, and shall not be liable with respect to any action taken, or
omitted, by him in good faith pursuant to the advice of such counsel.

     8.4 Liability. Any decision made or action taken by the Board,
Committee or the Administrator arising out of, or in connection with, the
construction, administration, interpretation and effect of the Plan shall be
within their absolute discretion, and will be conclusive and binding on all
parties. Neither the Administrator nor a member of the Board or of the Committee
shall be liable for any act or action hereunder, whether of omission or
commission, by any other member or employee or by any agent to whom duties in
connection with the administration of the Plan have been delegated or, except in
circumstances involving bad faith, for anything done or omitted to be done in
connection with this Plan.

     8.5 Corporate Reorganization. In the event that a corporation or
unincorporated entity ceases to meet the definition of an Employer such
corporation or entity shall cease to be an Employer under the plan and its

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employees shall cease to be Participants under the Plan, and the Plan shall be
treated as though a separate plan for the benefit of its employees who were
Participants in the plan to govern the accrued benefits of each such Participant
(or any person entitled to benefits in respect of such a Participant).

     8.6 Construction. The masculine gender, where appearing in this
Plan, shall be deemed to also include the feminine gender. The singular shall
also include the plural, where appropriate.

     8.7 Governing Law. The Plan shall be construed and administered in
accordance with the laws of the State of New York.

     8.8 Not an Employment Contract. Nothing herein shall be construed
to confer upon any person any legal right to continued employment with the Bank
or any Related Company.

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Page 8<PAGE>

                                                                   EXHIBIT 10.13

                          EXECUTIVE RETIREMENT PLAN OF
            THE CHASE MANHATTAN CORPORATION AND CERTAIN SUBSIDIARIES

PURPOSE.

            This Plan is a pension plan designed to provide supplemental
retirement benefits to a select group of management or highly compensated
employees. This Plan shall be unfunded and shall not be subject to Parts 2, 3 or
4 of Title 1 of the Employee Retirement Income Security Act of 1974 ("ERISA"),
as amended from time to time.

ARTICLE I.  DEFINITIONS.

            The following are defined terms wherever they appear in the Plan:

            "Accrual Amount" shall mean the amount which has been specified in
writing, from time to time, by the Administrator to the Participant pursuant to
which his/her benefit will be based at termination of employment with an
Employer; provided that the Accrual Amount at the time specified by the
Administrator shall not exceed the amount specified by the Committee for the
salary grade level of the Participant; provided, that if an individual becomes
eligible to participate after age 58 and declines to satisfy certain conditions
with the consent of the Administrator, the Administrator may take into
consideration in specifying the Accrual Amount that such conditions have not
been satisfied.
<PAGE>
            "Accrued Benefit" shall mean the amount calculated pursuant to
Section 3.1(a) as of any determination date, as if the Participant had
terminated employment on such date. It shall not include actuarial factors,
payment dates, form of payment and other optional benefits hereunder.

            "Administrator" shall mean the individual holding the title Director
Human Resources of the Corporation or the Bank, or any successor title.

            "Bank" shall mean The Chase Manhattan Bank (formerly Chemical Bank),
or any successor thereto, whether by merger, consolidation, purchase of
substantially all its assets, or otherwise.

            "Board" shall mean the Board of Directors of the Corporation;
provided that any action taken by a duly authorized committee of the Board
(including any action pursuant to Article 6.1) within the scope of the authority
designated to it by the Board, shall be considered an action of the Board for
purposes of this Plan.

            "Cause" shall mean either (i) any violation of the Code of Conduct
of the Corporation, including, but not limited to, an act or acts of personal
dishonesty resulting or intended to result in the personal enrichment of the
Participant to the detriment of his/her Employer and gross negligence or willful
misconduct in the performance of the Participant's duties, or (ii) the issuance
of an order by a United States or State bank regulatory authority, removing the
Participant from office pursuant to a disciplinary proceeding based on the
actions of the Participant.

            "Corporation" shall mean The Chase Manhattan Corporation (formerly
Chemical Banking Corporation) or any successor thereto, whether by merger,
consolidation, purchase of substantially all its assets, or otherwise.

            "Disability Plan" shall mean the Long-Term Disability Plan of The
Chase Manhattan Bank and Certain Affiliated Companies.

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<PAGE>
            "Disabled" or "Disability" shall mean a condition resulting in the
receipt of benefits by a Participant under the Long-Term Disability Plan.

            "Early Retirement" shall mean a termination of employment of an
Employee with an Employer or any Subsidiary on or after attaining age 55 and
with a Period of Service of at least 10 years.

            "Effective Date" shall mean April 1, 1995.

            "Employee" shall mean an individual who is a salaried employee of an
Employer.

            "Employer" shall mean the Corporation or any Subsidiary which is
designated by the Administrator as an Employer.

            "Initial Plan Participation Date" shall mean the date specified by
the Administrator in the notice referred to in Section 2.1, which shall not be
earlier than the date that the individual satisfies the criteria established by
the Board for participation, and in no event earlier than January 1, 1992.

            "Normal Retirement" shall mean termination of employment of an
Employee with an Employer or any Subsidiary on or after attaining age 60 with a
Period of Service of at least 10 years.

            "Participant" shall mean each Employee of the Employer who is
eligible to participate under Section 2.1 and elects to participate as provided
for in Section 2.2.

            "Period of Service" shall have the meaning ascribed thereto by the
Retirement Plan of The Chase Manhattan Bank and Certain Affiliated Companies, or
its successor plan; provided that a Period of Service shall exclude service
prior to the date of acquisition with respect to an

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<PAGE>
entity acquired by an Employer after January 1, 1995, unless the Administrator
specifies to the contrary.

            "Plan" shall mean this Executive Retirement Plan of The Chase
Manhattan Corporation and Certain Subsidiaries.

            "Retirement Plan" shall mean the Retirement Plan of The Chase
Manhattan Bank and Certain Affiliated Companies, or its successor plan.

            "Subsidiary" shall mean an entity in which an Employer owns
directly, or indirectly, fifty percent or more of the outstanding voting common
stock or, if not a corporation, fifty percent or more of the voting power of
such entity.

            "Surviving Spouse" shall have the meaning ascribed to the individual
entitled to the Final Salary Benefit of a Participant under the Retirement Plan
upon the death of a Participant.

ARTICLE II.  PARTICIPATION.

            2.1 Eligibility. The Administrator shall notify, in writing, each
key Employee who is eligible to participate in the Plan and shall specify in
such writing the Initial Plan Participation Date and Level of Participation of
each such Employee; provided that each such key Employee shall have satisfied
the criteria established by the Board for participation in this Plan, or shall
be listed on Schedule I hereto.

            2.2 Participation. Each Employee shall elect within sixty days after
the date of notification by the Administrator of his/her eligibility to
participate in the Plan by completing such forms as the Administrator shall
require, including but not limited to, an agreement to participate in other
programs as the Administrator may specify and by providing, from time to time,
such information as may be specified by the Administrator. If any individual
does not elect to participate in the Plan when first eligible, the
Administrator, in his/her sole discretion, may

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<PAGE>
extend on another date or dates the opportunity to participate hereunder to such
individual on such terms and conditions as the Administrator may specify in
writing.

            2.3 (a) Discontinued Participation by Election of Employer.
Notwithstanding the continued employment of a Participant with an Employer, the
Administrator may in the exercise of his/her sole discretion, terminate the
participation of any Participant by written notice to the Participant. No
additional benefits shall be accrued under Section 3.1(a) from the date active
participation ceases hereunder, as specified by the Administrator. Such Accrued
Benefit shall be subject to vesting under Section 4.1 and to the provisions of
Section 3.1(c) or (d), if applicable, upon termination of employment with an
Employer or Subsidiary.

            (b) Discontinued Participation by Election of Participant. A
Participant may voluntarily discontinue participation in the Plan at any time by
giving 30 days' advance written notice to the Administrator. No additional
benefits shall be accrued under Section 3.1(a) from the date active
participation ceases hereunder, as specified by the Administrator. Such Accrued
Benefit shall be forfeited unless the Participant is vested pursuant to Section
4.1 as of the date of receipt of the notice by the Administrator. In addition,
unless such Participant, as of the date of receipt of the notice by the
Administrator, has satisfied the criteria for Retirement or Early Retirement, as
the case may be, such Accrued Benefit (if vested) shall be treated in accordance
with Section 3.1(e).

ARTICLE III.  BENEFITS.

            3.1 (a) Annuity Benefits. Subject to Sections 3.1(b)-(f), each
Participant who is vested pursuant to Section 4.1, shall receive an annual
annuity, payable in 12 equal monthly installments, for life commencing at age
65, equal to the product of (i) his/her Period of Service from the Initial Plan
Participation Date to the date of termination of employment with an Employer (or
the date participation is discontinued, as specified pursuant to Section 2.3, if
applicable) multiplied by (ii) his/her Accrual Amount as specified by the
Administrator.

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<PAGE>
            (b) Change in Participant Level . Notwithstanding Section 3.1(a), if
a Participant, within a 60 day period following written notice from the
Administrator that such Participant is eligible to participate at an increased
Accrual Amount, does not satisfy various criteria as specified by the
Administrator for participation at such increased Accrual Amount, the annuity
benefit described in Section 3.1(a) shall be based on the Accrual Amount for
which such criteria were satisfied.

            (c) Normal Retirement. Upon Normal Retirement, a Participant shall
receive the annual annuity benefit as calculated under Section 3.1(a) without
actuarial reduction.

            (d) Early Retirement. Upon Early Retirement, a Participant shall
receive the annual annuity benefit as calculated under Section 3.1(a) reduced by
0.5% for each month prior to age 60 that such benefit commences.

            (e) Vested Terminated Benefits. Upon a termination of employment
with an Employer or a Subsidiary after a Period of Service of at least 10 years
but before attaining age 55, a Participant shall receive the annual annuity
benefit as calculated under Section 3.1(a) commencing at age 65; provided that
if the benefit commences prior to age 65, it shall be reduced by .625% for each
month prior to age 65 that such benefit commences. (See Section 5.1(b) for
payment date.)

            (f) Disability. If a Participant becomes Disabled and receives for
an 18 month period disability benefits from the Disability Plan, the Accrual
Amount per one year Period of Service, as specified by written notice from
Administrator, shall be reduced by 50% for each one year Period of Service
commencing as of the first day of the month following the expiration of such 18
month period until the first to occur:

               (i)  the date of a Participant's return to active employment with
                    an Employer, or

               (ii) the date of termination of employment, or

                                       6
<PAGE>
               (iii) the date disability benefits cease under the Disability
                     Plan.

ARTICLE IV. VESTING DATE.

            4.1 Vesting. A Participant shall vest in his/her annuity benefit
described in Section 3.1 after a Period of Service of at least 10 years. If
employment terminates with an Employer or Subsidiary at any time prior to the
satisfaction of such Period of Service, all benefits described in Article III of
the Plan shall be forfeited and shall not be restored upon rehire or
recommencement of participation.

            4.2 Forfeiture of Benefits. Notwithstanding Section 4.1 to the
contrary, Accrued Benefits (whether or not in pay status) shall be terminated
and forfeited in the following circumstances:

               (i)  a termination of employment for Cause;

               (ii) within 2 years of a termination of employment, the
                    solicitation of the customers, or clients of the Employer or
                    any affiliate of the Employer by the Participant in order to
                    compete with his/her Employer or any affiliate of the
                    Employer;

               (iii) within 2 years of termination of employment, the hiring of,
                    or the attempt to hire, the Employees of the Employer or any
                    affiliate of the Employer;

               (iv) at any time after a termination of employment, a release to
                    any party unrelated to an Employer of secret or confidential
                    information obtained by the Participant in the course of
                    his/her employment, except as the case may be required by
                    law; or

                                       7
<PAGE>
               (v)  at any time, an attempt to assign, encumber or hypothecate
                    benefits as provided in Section 7.1.

ARTICLE V.  PAYMENT.

            5.1(a) Annuity Payments on Retirement. If employment terminates as a
result of Normal Retirement or Early Retirement, benefits shall commence on the
first day of the month following such Normal or Early Retirement in the form
specified in Section 3.1(a) and subject to the reduction specified in Section
3.1(d), if applicable. The Administrator may, in his/her sole discretion,
specify a form of annuity other than a single life annuity. The Administrator
shall specify such actuarial factors as he/she deems reasonable or appropriate
in converting the single life annuity under Section 3.1(a) into such other
annuity form.

            (b) Other Annuity Payment. Except as otherwise provided in Section
5.1(a) above, payment of the annuity benefit under the Plan shall be made at the
same time, in the same form of payment as of the Participant's Final Salary
Benefit under the Retirement Plan. The Administrator may, however, in his/her
and absolute discretion, provide for a different form of payments. The
Administrator shall specify such actuarial factors as he/she deems reasonable or
appropriate in converting the single life annuity under Section 3.1(a) into such
other annuity form.

            5.2 Survivor Benefit After Termination of Employment. In the event
that a Participant with a vested annuity benefit dies after his/her employment
has terminated but before the annuity commences, the Surviving Spouse of such
individual shall receive an amount equal to that provided to a surviving spouse
under a 50% joint and survivor annuity commencing on the first day of the month
following (i) the date of death if death occurs after age 55 or (ii) the date
that such Participant would have attained age 55 if death occurs before age 55.
The amount of such spousal annuity shall be based upon the assumption that the
Participant had received the benefit specified in Section 3.1(a) on the later of
the day preceding his date of death or age 55, in the form of a 50% joint and
survivor benefit, and immediately died. The Administrator may,

                                       8
<PAGE>
specify such actuarial factors as he/she deems reasonable or appropriate in
converting the single life annuity under Section 3.1(a) into a 50% joint and
survivor annuity benefit.

            5.3 Small Benefits. If any annuity payment hereunder is $200.00 or
less per month, the Administrator shall, within a reasonable period of time
following the date that the first such payment is due, convert such amount into
a lump sum utilizing such actuarial factors as he/she deems appropriate or
reasonable and shall pay out the lump sum value as soon as practicable
thereafter. Payment of such lump sum shall relieve and discharge the Plan of all
liability to make further payments.

            5.4 Responsibility for Payment. Payment of annuity benefits under
the Plan shall be made by the Employer who last employed the Participant. In the
case benefits are payable with respect to a Participant whose service included
employment with more than one Employer, the Administrator, in his sole
discretion , shall determine any amounts to be reimbursed by the prior Employer
to the Employer paying benefits hereunder.

            5.5 Withholding. The Employer shall withhold any amount required to
be withheld under applicable Federal, state and local laws, and any such payment
shall be reduced by the amount so withheld.

            5.6 Participant's Rights Unsecured. All annuity payments under the
Plan shall be made from the general funds of the Employer. No assets of the
Employer shall be required to be segregated or earmarked to represent any
liability for the annuity benefits under Section 3.1, but the Employer shall
have the right to establish vehicles to assist it in meeting its obligations
hereunder. The rights of any person to receive benefits under the Plan shall be
only those of a general unsecured creditor; and such status shall not be
enhanced by reason of the establishment of any vehicles to assist the Employer
in meeting its obligations hereunder.

ARTICLE VI  AMENDMENT AND TERMINATION.

                                       9
<PAGE>
            6.1 Amendment. The Board may amend the Plan in any respect and at
any time; provided, however, that no amendment shall have the effect of reducing
(i) any benefit then being paid to any Participant or to any other person
pursuant to Articles III, or (ii) the Accrued Benefit under Section 3.1(a),
theretofore accrued on behalf of any Participant.

            6.2 Termination. The Board may terminate the Plan at any time. In
the event of termination, the Plan shall continue in force with respect to any
Participant, or other person entitled to an Accrued Benefit under Article III to
the extent accrued under the Plan prior to its termination, and shall be binding
upon any successor to substantially all the assets of the Corporation or any
other Employer. Notwithstanding the foregoing, the Board may determine that it
is in the best interests of the Corporation, the Employers or the Participants
to terminate the Plan in its entirety and distribute to each Participant (or
each person entitled to receive payments hereunder) the value of his/her
benefits hereunder, utilizing such actuarial factors, as the Administrator in
his/her sole discretion shall deem reasonable.

ARTICLE VII.  GENERAL PROVISIONS.

            7.1 Assignability. No right to receive payments hereunder shall be
transferable or assignable by a Participant, other than by will or by the laws
of descent and distribution or by a court of competent jurisdiction. Any other
attempted assignment or alienation of payments hereunder shall be void and of no
force or effect and shall result in forfeiture of benefits.

            7.2 Administration. Except as otherwise provided herein, the Plan
shall be administered by the Administrator, who shall have the authority to
adopt rules and regulations for carrying out the provisions of the Plan, and who
shall interpret, construe and implement the provisions of the Plan, including
eligibility to participate, Initial Plan Participation Date, Accrual Amount, the
entitlement to benefits, the amount of benefits and actuarial factors.

                                       10
<PAGE>
            7.3 Legal Opinions. The Administrator may consult with legal
counsel, who may be counsel for the Bank or other counsel, with respect to his
obligations or duties hereunder, or with respect to any action proceeding or any
question of law, and shall not be liable with respect to any action taken, or
omitted, by him in good faith pursuant to the advice of such counsel.

            7.4 Liability. Any decision made or action taken by the Board, the
board of directors (or governing body) of an Employer, Committee, the
Administrator or any employee of the Corporation or of any Employer, arising out
of, or in connection with, the construction, administration, interpretation and
effect of the Plan, shall be within absolute discretion of such person, and will
be conclusive and binding on all parties. Neither the Administrator nor a member
of the Board or the board of directors (or governing body) of an Employer or the
Committee and no Employee shall be liable for any act or action hereunder,
whether of omission or commission, by any other member or employee or by any
agent to whom duties in connection with the administration of the Plan have been
delegated or for anything done or omitted to be done in connection with this
Plan, except in circumstances involving bad faith.

            7.5 Corporate Reorganization. In the event that a corporation or
unincorporated entity ceases to meet the definition of an Employer, such
corporation or entity shall cease to be an Employer under the Plan and its
employees shall cease to be Participants under the Plan. Benefits shall be
frozen as specified in Article II.

            7.6 Construction. The masculine gender, where appearing in this
Plan, shall be deemed to also include the feminine gender. The singular shall
also include the plural, where appropriate.

            7.7 Claims and Appeals. The Administrator shall establish a claims
and appeals procedure that satisfies the requirements of Part 5 of Title I of
ERISA.

            7.8 Governing Law. The Plan shall be construed and administered in
accordance with the laws of the State of New York.

                                       11
<PAGE>
            7.9 Not an Employment Contract. Nothing herein shall be construed to
confer upon any person any legal right to continued employment with the
Corporation or any Subsidiary.

                                       12

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