Common use of Compensation Program Amendments Clause in Contracts

Compensation Program Amendments. Each of the Bank’s compensation, bonus, incentive and other benefit plans, arrangements and agreements (including golden parachute, severance and employment agreements) (collectively, “Benefit Plans”) with respect to the Employee is hereby amended to the extent necessary to give effect to provisions (a) and (b), including, but not limited to this Agreement, the Employment Agreement, the Long Term Incentive Plan, the Short Term Incentive Plan, any individual incentive program, and the Excess Pension Plan. In addition, the Bank is required to review its Benefit Plans to ensure that they do not encourage senior executive officers to take unnecessary and excessive risks that threaten the value of the Bank. To the extent any such review requires revisions to any Benefit Plan with respect to the Employee that the Bank does not have the authority to change unilaterally, the Employee and the Bank agree to negotiate such changes promptly and in good faith. This Section 7 is intended to, and will be interpreted, administered and construed to, comply with Section 111 of EESA (and, to the maximum extent consistent with the preceding, to permit operation of the Benefit Plans in accordance with their terms before giving effect to this Section 7 and without violating the provisions of Section 409A of the Code).

Compensation Program Amendments. Each of the Bank’s compensation, bonus, incentive and other benefit plans, arrangements and agreements (including golden parachute, severance and employment agreements) (collectively, “Benefit Plans”) with respect to the Employee is hereby amended to the extent necessary to give effect to provisions (a) and (b), including, but not limited to to, this Agreement, the Employment Change in Control Agreement, the Long Term Incentive Plan, the Short Term Incentive Plan, any individual incentive program, and the Excess Pension PlanPlan and the Deferred Compensation Agreement. In addition, the Bank is required to review its Benefit Plans to ensure that they do not encourage senior executive officers to take unnecessary and excessive risks that threaten the value of the Bank. To the extent any such review requires revisions to any Benefit Plan with respect to the Employee that the Bank does not have the authority to change unilaterally, the Employee and the Bank agree to negotiate such changes promptly and in good faith. This Section 7 9 is intended to, and will be interpreted, administered and construed to, comply with Section 111 of EESA (and, to the maximum extent consistent with the preceding, to permit operation of the Benefit Plans in accordance with their terms before giving effect to this Section 7 9 and without violating the provisions of Section 409A of the Code).

Compensation Program Amendments. Each of the Bank’s compensation, bonus, incentive and other benefit plans, arrangements and agreements (including golden parachute, severance and employment agreements) (collectively, “Benefit Plans”) with respect to the Employee is hereby amended to the extent necessary to give effect to provisions (a) and (b), including, but not limited to this Agreement, the Employment Agreement, the Long Term Incentive Plan, the Short Term Incentive Plan, any individual incentive program, and the Excess Pension PlanPlan and the Deferred Compensation Agreement. In addition, the Bank is required to review its Benefit Plans to ensure that they do not encourage senior executive officers to take unnecessary and excessive risks that threaten the value of the Bank. To the extent any such review requires revisions to any Benefit Plan with respect to the Employee that the Bank does not have the authority to change unilaterally, the Employee and the Bank agree to negotiate such changes promptly and in good faith. This Section 7 is intended to, and will be interpreted, administered and construed to, comply with Section 111 of EESA (and, to the maximum extent consistent with the preceding, to permit operation of the Benefit Plans in accordance with their terms before giving effect to this Section 7 and without violating the provisions of Section 409A of the Code).