Document:

Prepared by R.R. Donnelley Financial -- Amd. to Agreement to Elected Directors 4/17/1996

  
 June 26, 2002  
  
 Exhibit 10.6 
  
 First
Reserve Fund VI, Limited Partnership (“Fund VI”) 
 First Reserve Fund VII, Limited Partnership (“Fund VII”)

 First Reserve Fund VIII, L.P. (“Fund VIII”) 
 c/o First Reserve Corporation 
 1801 California Street, Suite 4110 
 Denver, CO 80202 
  

	 	Re:
	 
	Amendment to Agreement to Elect Directors dated as of April 17, 1996 (the “Agreement”) 
 

  
 Dear Tom: 
  
 This letter will amend the above-referenced Agreement to include Fund VII and Fund VIII as “First Reserve Investors” as defined in the Agreement. All other terms of the Agreement shall remain unchanged and in full
force and effect except that Section 2.7 shall be amended and restated as set forth below: 
  
 Section 2.7. Term. This Agreement shall terminate and no longer be binding on the parties hereto at such time as the First Reserve Investors beneficially own (as such term is defined in Rule 13d-3 under the Securities Exchange Act of
1934) less than 10% of the Common Stock. 
  
 To acknowledge your agreement to this amendment, please sign below on
behalf of Fund VI, Fund VII and Fund VIII. 
  
 
	 Sincerely
 
	 
	 TRANSMONTAIGNE INC.
 
	 
	 /s/    HAROLD R. LOGAN,
JR.        
 

	 Executive Vice President, Chief Financial Officer and Treasurer
 

 

  
 First Reserve Fund VI, Limited Partnership (“Fund VI”)

 First Reserve Fund VII, Limited Partnership (“Fund VII”) 
 First Reserve Fund VIII, L.P. (“Fund VIII”) 
 June 26, 2002 
 Page 2 
  
 Acknowledged this 26th day of June, 2002 
  
 
	 FIRST RESERVE FUND VI, LIMITED
PARTNERSHIP
 
	 By:
 	  	 First Reserve Corporation, its General Partner
 
	 
	  	  	 By:
 	  	 /s/  THOMAS R. DENISON
 
Managing Director
 
	 
	 FIRST RESERVE FUND VII, LIMITED
PARTNERSHIP
 
	 By:
 	  	 First Reserve GP VII, L.P., its General Partner
 
	  	  	 By:
 	  	 First Reserve Corporation, its General Partner
 
	 
	  	  	 By:
 	  	 THOMAS R. DENISON
 
Managing Director
 
	 
	 FIRST RESERVE FUND VIII, L.P.
 
	 By:
 	  	 First Reserve GP VIII, L.P., its General Partner
 
	  	  	 By:
 	  	 First Reserve Corporation, its General Partner
 
	 
	  	  	 By:
 	  	 THOMAS R. DENISON
 
Managing Director<PAGE>
                                                                    EXHIBIT 10.2

                                                            AMENDED AND RESTATED
                                                             AS OF JUNE 14, 2002

                              THE BISYS GROUP, INC.

                           DEFERRED COMPENSATION PLAN

         THIS PLAN (the "Plan"), effective as of the 1st day of September 1997
(the "Effective Date"), and amended and restated as of June 14, 2002, is
established by The BISYS Group, Inc., a Delaware corporation (hereinafter
referred to as the "Employer" or the "Company"),

         WHEREAS, the Employer recognizes the valuable services performed for it
by the employees participating in this Plan (herein the "Participants" or the
"Employees");

         WHEREAS, the Participants of this Plan are members of a select group of
management or highly compensated employees of the Company or its subsidiaries;

         WHEREAS, Employer desires to establish the Plan to allow each
Participant to defer a portion of his or her Compensation and to provide the
retirement, death and other benefits as provided herein;

         WHEREAS, each Participant desires to receive such benefits and to defer
a portion of his or her Compensation;

         WHEREAS, the Employer intends to establish a trust (herein the "Rabbi
Trust") to assist it in meeting its obligations hereunder; and

         WHEREAS, the Employer desires to provide the terms and conditions upon
which the Employer shall pay such benefits to the Participants;

         NOW, THEREFORE, in consideration of these premises, the Employer hereby
declares:

                                      - 1 -
<PAGE>
         1.       Establishment and Purposes.

                  a. Establishment. Employer hereby establishes the Plan as of
the Effective Date.

                  b. Name. The Plan shall be known as "The BISYS Group, Inc.
Deferred Compensation Plan".

                  c. Purpose. The purpose of the Plan is to allow the
Participants to defer a portion of their Compensation in accordance with an
Election to Defer executed as part of the Participation Agreement so that such
amounts may be paid to the Participants (or their beneficiaries) upon
retirement, death or otherwise as specified herein.

         2.       Definitions.

                  Except as otherwise provided herein, the following terms shall
have the definitions hereinafter indicated wherever used in this Plan with
initial capital letters:

                  a. Beneficiary: Any person, entity, or any combination thereof
designated in a Beneficiary Designation form, executed as part of the
Participation Agreement by a Participant, to receive benefits under this Plan in
the event of the Participant's death, or in the absence of any such designation,
the Participant's estate.

                  b. Beneficiary Designation. The provisions of the
Participation Agreement providing for the designation by the Participant of his
or her Beneficiary or Beneficiaries, as amended from time to time by the
Participant.

                  c. Code: The Internal Revenue Code of 1986, as amended.

                  d. Compensation: All wages, salaries, and incentive
compensation amounts payable pursuant to the Company's annual incentive
compensation plan, and excluding any and all other compensation to be paid to a
Participant for services rendered to the Employer, including without limitation
any commissions, any income earned as a result of the exercise of stock options
or any disqualifying disposition of shares acquired pursuant to the

                                     - 2 -
<PAGE>
exercise of options and any income resulting from the forgiveness of loans or
interest thereon or the reimbursement of relocation expenses.

                  e. Deferred Compensation Account: The term "Deferred
Compensation Account" shall have the meaning set forth in Section 4 of this
Plan.

                  f. Disability: A Participant shall be considered "disabled" if
he or she is considered disabled for a period of 180 consecutive days during a
period of 365 consecutive days under the Employer's long-term disability plan
maintained for employees generally, provided that if there is no such plan at
the time, the Participant shall be considered "disabled" if he or she is unable
to substantially perform his or her regular duties at his or her regular
business location because of a physical or mental injury or illness for a period
of 180 consecutive days during a period of 365 consecutive days. The Employer
may rely on the determination made by the Company's long-term disability insurer
(whether or not the Employee is enrolled in such plan) or by a physician
selected by the Employer in determining whether a "Disability" exists.

                  g. Earnings: The amount credited to each Participant's
Deferred Compensation Account as Earnings as provided in Section 4 hereof.

                  h. Election to Defer: The provisions of the Participation
Agreement, as amended from time to time, providing for the Participant to elect
to defer a portion of his or her Compensation.

                  i. Employee: An employee of the Employer or any of its
wholly-owned subsidiaries.

                  j. ERISA. The Employee Retirement Income Security Act of 1974,
as amended.

                                     - 3 -
<PAGE>
                  k. Investment Designation. The provisions of the Participation
Agreement providing for the Investment Designation by the Participant as
described in Section 4 of this Plan.

                  l. Participant: A Participant shall be an Employee selected by
the Employer to participate in this Plan that elects to participate in this Plan
by executing and delivering to the Employer a Participation Agreement that
results in deferred Compensation and Earnings attributable to the Participant's
Deferred Compensation Account. An Employee shall be deemed to be a Participant
on the date of such initial deferral.

                  m. Participation Agreement. The agreement in substantially the
form of Exhibit 1 attached hereto (or as amended or replaced by the Employer
from time to time), including provisions for the Employee's Election to Defer,
the Employee's Beneficiary Designation, and the Employee's Investment
Designation.

                  n. Plan Year. The Plan Year for this Plan shall be the
12-month period designated by the Company from time to time, provided that the
initial Plan Year shall be the period from September 1, 1997 through December
31, 1997. The second and each subsequent Plan Year shall be the Company's fiscal
year (i.e., July 1 of each year through June 30 of the following year)
commencing with fiscal year 1998 (i.e., July 1, 1997 through June 30, 1998).

                  o. Senior Participant. A Participant designated by the Company
as a "Senior Participant" hereunder (the Company may make or change such
designation at any time, in any manner it deems appropriate from time to time).

                  p. Standard Participant. Any Participant who is not designated
as a Senior Participant hereunder at such time.

                  q. Year of Service. Commencing from the date of employment,
each 12-month period in which the Employee worked at least 1,000 hours for the
Employer or for any other entity which

                                     - 4 -
<PAGE>
merged with the Company or was otherwise acquired by the Company if the Employee
was employed on a full-time basis by such other entity at the time of such
merger or acquisition by the Company.

         3.       Contributions.

                  a. Participant Elective Deferrals. As a condition to
participating in this Plan, a Participant shall execute and file with the
Employer a Participation Agreement, designating the portion of his or her annual
Compensation (or the portion of a specific part or parts of his or her
Compensation) which shall be deferred hereunder for a particular Plan Year;
provided however that the deferral shall not exceed a maximum amount or
percentage established by the Company from time to time. The minimum amount that
may be deferred by any Participant for the initial Plan Year hereunder shall be
Nineteen Thousand Dollars ($19,000.00), and shall be Ten Thousand Dollars
($10,000.00) each Plan Year thereafter. For each Plan Year, as permitted by the
Company, the Participant may execute an Election to Defer by the execution of a
written document in the form and manner designated by the Employer. A
Participant must be an Employee at the time the intended deferred Compensation
would otherwise be paid in order to defer such Compensation pursuant to this
Plan.

                  b. Participant Deferrals Designated for Investment in Common
Stock of the Company. Deferred Compensation Account balances in shares of Common
Stock of the Company as of August 15, 2002 and all Participant Investment
Designations in, and any reallocations into, shares of Common Stock of the
Company thereafter shall be an irrevocable designation or reallocation and once
made may not be changed or modified. A Participant will receive shares of Common
Stock of the Company upon distribution of any such designated/reallocated
Deferred Compensation Account balance.

                  c. Employer Matching Contributions for Senior Participant
Initial Investment Designations in Shares of Common

                                     - 5 -
<PAGE>
Stock of the Company. In the event that a Senior Participant makes an initial
Investment Designation in shares of Common Stock of the Company, the Company
shall make a matching contribution (herein "Employer Matching Contribution")
equal to a percentage of the amount so designated and in effect as of the date
of such Investment Designation; provided that the Company may change or
eliminate such percentage Employer Matching Contribution for subsequent periods
from time to time; and further provided that the amount (or value) of the
matching contribution shall not exceed a maximum dollar amount, if any, as
determined by the Company from time to time. A Senior Participant shall vest in
the Employer Matching Contribution on the second year anniversary of such
designated deferral; provided that he or she is a Senior Participant and
Employee as of such vesting date. If a Senior Participant does not vest in such
Employer Matching Contribution (for example, if the Senior Participant's
employment with the Company terminates, or the Senior Participant ceases to be a
Senior Participant, during such 2-year period), the Employer Matching
Contribution (and any Earnings thereon) shall be forfeited and will not be
credited to the Senior Participant's vested Deferred Compensation Account
balance (the Senior Participant's elective deferrals and any Earnings thereon
will not be affected). No Employer Matching Contribution shall be made where a
Senior Participant irrevocably reallocates a portion of his or her Deferred
Compensation Account (as defined in Section 4.a. below) to a designated
investment in shares of Common Stock of the Company. No Employer Matching
Contribution shall be made hereunder with respect to Investment Designations in
shares of Common Stock of the Company made by a Standard Participant.

         4.       Deferred Compensation Account.

                  a. Any Compensation deferred by a Participant hereunder shall
be credited to a bookkeeping account ("Deferred

                                     - 6 -
<PAGE>
Compensation Account"), maintained by the Employer for the Participant as
calculated by the Employer on a quarterly basis (or more frequently at the
election of the Employer). The balance in each Participant's Deferred
Compensation Account shall be equal to the Participant's elective deferrals, any
Employer Matching Contributions pursuant to Section 3.c. hereof, subject to the
vesting requirements, plus any Earnings thereon.

                  b. Earnings shall be an amount equal to the amount credited as
if the Participant's Deferred Compensation Account had been invested in
accordance with the Participant's Investment Designations, as such designated
investments may be modified or reallocated from time to time. Earnings shall
accrue on the unpaid balance of a Deferred Compensation Account as provided
herein.

                  c. The Employer shall designate the available Investment
Designations and may amend such available selections from time to time. A
Participant may reallocate his or her Deferred Compensation Account balance
and/or redesignate future deferrals among the available Investment Designations
no more often than once in each three (3) month period as permitted by the
Company from time to time; provided that any Deferred Compensation Account
balance or future deferrals designated as of August 15, 2002 or at any time
thereafter for investment in shares of Common Stock of the Company (whether
designated for such investment at the time of the initial Investment Designation
or pursuant to a subsequent reallocation from an alternative Investment
Designation) shall be deemed to be an irrevocable Investment Designation in such
shares. In addition to any other Investment Designations permitted hereunder,
the Company in its sole discretion may make available to a Senior Participant
age 55 or older the option to participate in a split-dollar arrangement with the
Company, and any amounts thereunder shall be held under such split-dollar
arrangement and shall not be held under this

                                     - 7 -
<PAGE>
Deferred Compensation Plan. The terms of such split-dollar arrangement shall be
consistent with the terms of "The BISYS Group Inc., Split Dollar Plan"
implemented in 1997, provided that (i) the Participant may designate an
irrevocable life insurance trust ("ILIT") or other person or entity as the owner
of the subject life insurance policy and in such case the Participant (the
insured under the policy) shall never have any "incidents of ownership" in the
policy as such term is described in Treas. Reg. Section 20.2042-1(c), or any
similar successor provision; (ii) the arrangement shall be consistent with the
calculations set forth in a Schedule mutually agreed by the Participant and the
Company; (iii) the split-dollar arrangement shall terminate only upon the mutual
agreement of the Company and the Participant, except that either the owner of
the policy or the Company may terminate the split-dollar arrangement at the end
of the period shown in such applicable Schedule; (iv) the Company shall only be
obligated to pay scheduled premiums with respect to the Policy (or Policies) on
the Participant's life for five (5) years thereunder; and (v) upon the death of
the Participant, after the payment to the Company of an amount equal to the
total premiums paid by the Company on the Policy (or Policies), the balance of
the death benefit shall be paid to the Participant's designated beneficiary
pursuant to the applicable Policy (or Policies).

                  d. The Employer, in its sole and absolute discretion, may (or
may not) acquire any investment product or any other instrument or otherwise
invest any amount to provide the funds from which it can satisfy its
obligation(s) to make benefit payments under this Plan. Any investment product
or other item so acquired for the convenience of the Employer shall be the sole
and exclusive property of the Employer (or a trust established by the Employer),
with the Employer (or a trust established by the Employer) named as sole owner
and sole beneficiary thereof. To the extent that a Participant or his or her
Beneficiary acquires

                                     - 8 -
<PAGE>
a right to receive distribution payments from the Employer under the provisions
hereof, such right shall be no greater than the right of any unsecured general
creditor of the Employer.

                  e. The Company shall contribute amounts to the Rabbi Trust
from time to time approximately equal to the elective deferrals by the
Participant, all vested Employer Matching Contributions, and all Earnings
thereon.

         5.       Amount and Timing of Benefit Payments.

                  a. Term of Years. A Participant shall be eligible to receive
distribution payments pursuant to Section 5.e. hereof upon termination of his or
her employment provided that as of such termination date the Participant has (i)
completed five Years of Service from the date of initially becoming a
Participant in the Plan, and (ii) reached the age of 50 or completed 10 Years of
Service (the "Term of Years Criteria"). A Participant that satisfies the Term of
Years Criteria while an Employee, shall also be eligible to receive a one-time
lump-sum distribution of all or part of his or her Deferred Compensation Account
balance while an Employee (an "in-service" distribution) and still remain
eligible to continue as a Participant in the Plan. Such Term of Years Criteria
eligible Participant shall request a distribution in writing to the Company
designated Plan administrator on the form available from such administrator for
such purpose. Where the Participant requests a one-time lump sum distribution of
all of his or her Deferred Compensation Account, the Company may pay the
Participant an amount equal to the cash balance of that portion of the
Participant's Deferred Compensation Account designated for investment in other
than shares of Common Stock of the Company and the share balance of that portion
of the Participant's Deferred Compensation Account designated for investment in
shares of Common Stock of the Company, such balances determined in each case as
of the end of the quarter immediately following such election. Upon such

                                     - 9 -
<PAGE>
payment, the Deferred Compensation Account shall be reduced to zero, subject to
any additional elective deferrals made by such Participant. The Company may make
such requested distribution payment, and may make a one-time partial
distribution payment at the Participant's written request pursuant hereto,
subject in the case of a partial distribution payment to there being a
sufficient available balance in such Account as of the end of the quarter in
which such election is made, within six months following receipt of such
request. For purposes of determining the ongoing Deferred Compensation Account
balance in the event of a partial lump-sum distribution, such partial lump-sum
distribution shall be deemed to be withdrawn from the Participant's Deferred
Compensation Account as of the end of the quarter in which such request is made,
regardless of the timing of the actual distribution payment, and Earnings shall
accrue only on the balance of the Deferred Compensation Account after giving
effect to such deemed withdrawal as of such quarter end date.

                   b. Death or Disability. A Participant shall be eligible to
receive distribution payments pursuant to Section 5.e. following the
Participant's Disability. In the event of a Participant's death, the Company
shall pay the Beneficiary an amount equal to the cash balance of that portion of
the Participant's Deferred Compensation Account designated for investment in
other than shares of Common Stock of the Company and the share balance of that
portion of the Participant's Deferred Compensation Account designated for
investment in shares of Common Stock of the Company, such balances determined in
each case as of the end of the quarter in which the Participant's death
occurred. No Earnings shall accrue on such Account after such quarter end
Account balance determination date. Such payment shall be made within six months
of the Company's receipt

                                     - 10 -
<PAGE>
of a death certificate evidencing the Participant's date of death.

                  c. Termination Following a Change of Control. A Participant
shall be eligible to receive distribution payments pursuant to Section 5.e.
hereof in the event the Participant's employment with the Company terminates for
whatever reason other than termination for cause within one year following a
Change of Control (as hereinafter defined); provided that as of the date of such
termination the Participant has completed five Years of Service from the date of
initially becoming a Participant in the Plan. For purposes hereof, "Change of
Control" shall mean either (i) approval by the stockholders of the Company of a
merger, consolidation, or acquisition in which the stockholders of the Company
immediately before the consummation of the transaction do not own at least 51%
of the voting shares of the surviving successor, acquiring, or assuming
corporation in such transaction, (ii) the liquidation or dissolution of the
Company, (iii) the sale of all or substantially all of the assets of the
Company, or (iv) the acquisition by any person (including a group, within the
meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934) of
beneficial ownership of 51% or more of the Company's outstanding voting
securities. In addition, for purposes hereof, "cause" shall mean (i) any act of
willful dishonesty by the Participant; (ii) the Participant's material failure
to perform the duties ordinarily performed by a person holding the Participant's
position; (iii) activities by the Participant that are materially harmful to the
reputation of the Company and/or conviction of a felony.

                  d. Other Termination. In the event that a Participant is not
otherwise eligible pursuant to any of the foregoing Sections 5.a., 5.b., or 5.c.
to receive distribution payments pursuant to Section 5.e. at the time of such
Participant's termination of employment, the Company shall pay

                                     - 11 -
<PAGE>
the Participant an amount equal to the cash balance of that portion of the
Participant's Deferred Compensation Account designated for investment in other
than shares of Common Stock of the Company and the share balance of that portion
of the Participant's Deferred Compensation Account designated for investment in
shares of Common Stock of the Company, such balances determined in each case as
of the end of the quarter in which the Participant's employment termination
occurs. No Earnings shall accrue on such Account after such quarter end date
Account balance determination date. The Company shall make such distribution
payment within six months of the date of termination of employment and
thereafter the Company shall have no further obligation to such Participant.

                  e. Distribution Payments. Where a Participant is eligible to
receive distribution payments as of the date of termination of the Participant's
employment with the Company pursuant to this Section 5.e., the Participant shall
make an irrevocable request in writing within six months following such
employment termination date designating the requested payment schedule for such
distribution payments. The Participant shall request a one-time full or partial
lump-sum distribution payment and/or annual installment distribution payments in
accordance herewith. A distribution request form for such purpose will be
provided to the Participant upon written request to the Company's designated
Plan administrator.

                  Where the Participant properly requests a one-time full
lump-sum distribution payment of his or her Deferred Compensation Account or
fails to make the required request within the six-month period following
termination of the Participant's employment, the Company shall pay a full
lump-sum distribution payment to the Participant within six months from the date
such request is made and received by the Company or, where no request is made,
from the end of such six-month period. The lump-sum

                                     - 12 -
<PAGE>
distribution payment shall be equal to the cash balance of that portion of the
Participant's Deferred Compensation Account designated for investment in other
than shares of Common Stock of the Company and the share balance of that portion
of the Participant's Deferred Compensation Account designated for investment in
shares of Common Stock of the Company, such balances determined in each case as
of the end of the quarter in which such election is made and received by the
Company or, where no election is made, in which the six month request period
expires. No Earnings shall accrue on such Account after such quarter end Account
balance determination date. Where the Participant properly requests, within the
six-month period following termination of the Participant's employment, to
receive a partial one-time lump sum distribution payment, the Company shall make
such requested distribution payment, subject in the case of a partial
distribution payment to there being a sufficient available Account balance as of
the end of the quarter in which such request is made, within six months
following receipt of such request. For purposes of determining the ongoing
Deferred Compensation Account balance in the event of a partial lump-sum
distribution, such partial lump-sum distribution shall be deemed to be withdrawn
from the Account as of the end of the quarter in which such request is made and
received by the Company, regardless of the timing of the actual distribution
payment and Earnings shall accrue only on the balance of the Deferred
Compensation Account after giving effect to such deemed withdrawal as of such
quarter end Account balance determination date.

                  The Participant also may make an irrevocable request to
receive annual installment distribution payments of his or her Deferred
Compensation Account balance, after giving effect where applicable to any
partial one-time lump-sum distribution payment pursuant to the foregoing
provisions, including any Earnings

                                     - 13 -
<PAGE>
thereon, over a consecutive 3, 5, 10 or 15-year period; provided that such
installments would result in an annual distribution amount of not less than
$30,000, based on the value of the Participant's Deferred Compensation Account
as of the end of the quarter in which such request is made and received by the
Company, reduced by the amount such Participant elects to receive in a lump-sum
distribution payment, if any, without giving effect to the potential Earnings
(appreciation or depreciation) on such Account balance in future periods. The
Company shall pay such requested annual installment payments in the first
quarter of each designated calendar year; provided that in the case of the
initial annual distribution such request is made not later than the November 30
immediately preceding the initial requested installment distribution, otherwise,
such initial annual installment shall be paid by the Company within six months
of such request. A Participant may request that his or her annual installment
distribution payments commence in a future calendar year provided that such
annual installment distribution payments commence not later than the calendar
year in which such Participant would reach the age of 65. Where the Participant
dies prior to the commencement or completion of such annual installment
payments, the Participant's remaining Deferred Compensation Account balance
shall be paid to the Beneficiary in accordance with Section 5.b. hereof.
Notwithstanding any other provision herein and regardless of the request of any
Participant or Beneficiary, the Company may at any time following termination of
the Participant's employment with the Company pay the balance of the
Participant's Deferred Compensation Account in a lump sum, and thereafter the
Company shall have no further obligation hereunder with respect to such
Participant.

                  f. Unforeseeable Events. In addition, a payment or payments
may be made to the Participant from such Participant's Deferred Compensation
Account prior to the Participant's

                                     - 14 -
<PAGE>
Disability, death or termination of employment in the event of an unanticipated
emergency that is caused by an event beyond the control of the Participant and
that would result in severe financial hardship to the Participant if an early
distribution was not made; provided that such distributions shall not exceed the
vested portion of the Participant's Deferred Compensation Account. Any early
distribution approved by the Company for such an unforeseeable emergency shall
be limited to the amount necessary to meet the emergency, provided that any such
payment shall reduce the amount of the Participant's Deferred Compensation
Account on the date of such payment. The Participant shall be under no
obligation to repay amounts distributed because of an unforeseeable emergency.

                  g. Payment Only from Employer Assets. Any payment of benefits
to a Participant or his or her Beneficiary hereunder shall be made from assets
which are, for all purposes, a part of the general assets of the Employer; no
person shall have or acquire any interest in such assets by virtue of the
provisions of this Plan. To the extent that a Participant or his or her
Beneficiary acquires a right to receive payments from the Employer under the
provisions hereof, such right shall be no greater than the right of any
unsecured general creditor of the Employer.

                  h. Beneficiaries. A Participant may designate his or her
Beneficiary or Beneficiaries to receive the amounts as provided herein after his
or her death in accordance with the Beneficiary Designation provisions of the
Participation Agreement. In the absence of such Designation, the Employer shall
pay any such amount to the Participant's estate.

         5. Determination of Benefits, Claims Procedure and Administration.

                                     - 15 -
<PAGE>
                  a. Determinations. A Committee designated by the Employer (or
other designee of the Employer, or the Employer itself, as the Employer
determines from time to time (referred to in this Section 6 as the "Employer"))
shall make all determinations as to rights to benefits under this Plan. Subject
to and in compliance with the specific procedures contained in the applicable
regulations promulgated under ERISA: (i) any decision by the Employer denying a
claim for any benefits under this Plan by a Participant or any other claimant
shall be stated in writing by the Employer and delivered or mailed to the
claimant; (ii) each such notice shall set forth the specific reasons for the
denial, written to the best of the Employer's ability in a manner that may be
understood without legal or actuarial counsel; and (iii) the Employer shall
afford a reasonable opportunity to the claimant whose claim for benefits has
been denied for a review of the decision denying such claim.

                  b. Interpretation. Subject to the foregoing: (i) the Employer
shall have full power and authority to interpret, construe and administer this
Plan; and (ii) the interpretation and construction of this Plan by the Employer,
and any action taken hereunder, shall be binding and conclusive upon all parties
in interest, provided, however, that nothing herein shall prevent any
Participant or Beneficiary from enforcing his or her rights as a general
unsecured creditor hereunder.

                  c. Reports. The Employer shall provide the Participant with a
statement reflecting the amount of the Participant's Deferred Compensation
Account at least annually.

                  d. No Liability. No employee, agent, officer, trustee, member,
volunteer or director of the Employer shall, in any event, be liable to any
person for any action taken or omitted to be taken in connection with the
interpretation, construction or administration of this Plan, so long as such
action or omission to act was made in good faith.

                                     - 16 -
<PAGE>
         7. Non-Assignability of Benefits. Neither any Participant nor any
Beneficiary under this Plan shall have any power or right to transfer, assign,
anticipate, hypothecate or otherwise encumber any part or all of the amounts
payable hereunder. Such amounts shall not be subject to seizure by any creditor
of a Participant or any Beneficiary hereunder, by a proceeding at law or in
equity, nor transferable by operation of law in the event of the bankruptcy or
insolvency of any Participant or any Beneficiary hereunder. Any such attempted
assignment or transfer shall be null and void and shall terminate the
Participant's participation in this Plan, and the Employer then may pay the
benefits hereunder as if the Participant had terminated employment.

         8. Amendment. This Plan may not be amended, altered or modified, except
by a written instrument signed by the Employer and the Participants effected
thereby or their respective successors; provided that the Employer may amend,
alter, modify or terminate this Plan on a prospective basis at any time without
the need to obtain the signature of the Participants, provided (i) that no such
amendment, alteration, modification or termination shall adversely affect a
Participant's entitlement to benefits attributable to amounts credited to his or
her Deferred Compensation Account prior to such amendment, alteration,
modification or termination of this Plan, and (ii) that until all amounts are
distributed, the Employer must continue to offer Investment Designations that
are at least reasonably comparable to the options available prior to such
amendment, alteration, modification or termination.

         9. Impact on Other Benefits. Except as otherwise required by the Code
or any other applicable law, this Plan and the benefits provided herein are in
addition to all other benefits which may be provided by the Employer to the
Participants from time to time, and shall not reduce, replace or otherwise cause

                                     - 17 -
<PAGE>
any reduction, in any manner, with regard to any of such other benefits.

         10. Notices. Any notice, request, consent or demand required or
permitted to be given under the provisions of this Plan by the Employer or any
Participant or Beneficiary shall be in writing, and shall be signed by the
person or entity giving or making the same. Such notice, request, consent or
demand may be mailed, by United States certified mail, postage prepaid or sent
via a national overnight courier service addressed to the principal office of
the Employer, or if to a Participant or Beneficiary to such individual or
entity's last known address as shown on the records of the Employer. Such
notice, request, consent or demand may also be sent by fax provided that such
sender confirms receipt of such fax. The date of such notice, request, consent
or demand shall be the date such event was initiated by mailing, couriering or
faxing.

         11. Tax Withholding. The Employer shall have the right to deduct from
all payments made under this Plan any federal, state or local taxes required by
law to be withheld with respect to such payments.

         12. Governing Law. This Plan shall be governed by and construed in
accordance with the internal laws of the State of New York without giving effect
to any conflict of law principles.

         IN WITNESS WHEREOF, the Employer has executed and adopted this Amended
and Restated Plan as of June 14, 2002

                                                  THE BISYS GROUP, INC.

                                                  By:    \s\ Lynn J. Mangum
                                                  Name:  Lynn J. Mangum
                                                  Title: Chief Executive Officer

                                     - 18 -
<PAGE>
                                    EXHIBIT 1
                             PARTICIPATION AGREEMENT

Name of Employee:___________________________

Employee's Address:_________________________

Employee's Social Security Number:________________________

Employee's Date of Birth:_________________________________

I.  ELECTION TO DEFER

         The Participant hereby elects to defer the following amount or
percentage of his or her Compensation (or part thereof) pursuant to THE BISYS
GROUP, INC. Deferred Compensation Plan for the ___________ Plan Year:

Type (or types) of Compensation to which this deferral election applies:
____________________________________________

$_________ for such year, OR

__________% for such year.

II.  BENEFICIARY DESIGNATION

     The Participant hereby designates the following individual(s) or
entity(ies) as his or her beneficiary(ies) pursuant to THE BISYS GROUP, INC.
Deferred Compensation Plan (Insert Name, Social Security Number, Relationship,
Date of Birth and Address of Individuals and fully identify any Trust by the
Name of the Trust, Date of Execution of the Trust, the Trustee' L/F Name, the
trust's address, and the trust's Employer Identification Number):

Primary Beneficiary(ies)
______________________________________________________

______________________________________________________

Contingent Beneficiary(ies)
______________________________________________________

______________________________________________________

The Participant hereby reserves the right to change this Beneficiary
Designation, and any such change shall be effective when executed in writing by
the Participant and delivered to the

                                     - 19 -
<PAGE>
Company, all in the manner as designated by the Company from time to time.

III.  INVESTMENT DESIGNATION FOR CURRENT DEFERRAL ELECTION

         The Participant hereby designates the following investment or
investments as provided in Section 4 of THE BISYS GROUP, INC. Deferred
Compensation Plan:

<TABLE>
<CAPTION>
                                                            % to be Invested in
Name of Investment                                            This Investment
------------------                                            ---------------
<S>                                                         <C>
---------------------------                                   ----------------
---------------------------                                   ----------------
---------------------------                                   ----------------
---------------------------                                   ----------------
---------------------------                                   ----------------
---------------------------                                   ----------------
---------------------------                                   ----------------
</TABLE>

The Participant hereby reserves the right to change such investment designation
from time to time as permitted by the Plan, and any such change shall become
effective when executed in writing by the Participant and delivered to the
Company, all in the manner as designated by the Company from time to time.

         In the event that the Company desires to acquire any product or other
item (including but not limited to a life insurance policy on the Participant's
life) in connection with this Plan, the Participant hereby agrees to reasonably
cooperate to the extent necessary in such process.

         IN WITNESS WHEREOF, the Employer and the Participant have executed this
Participation Agreement on the dates designated below.

Date:___________________                    ________________________
                                            Signature of Participant

                                            THE BISYS GROUP, INC.

Date:___________________            By:     ________________________
                                            Name: __________________
                                            Title: _________________

                                     - 20 -

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