FIRST AMENDMENT TO THE
EXECUTIVE SUPPLEMENTAL RETIREMENT
INCOME AGREEMENT
FOR XXXXX X. XXXXX
For and in consideration of the premises, the Bank (as defined in the
referenced Agreement) and Xxxxx X. Xxxxx (the "Executive") agree as follows:
Paragraph 1 of Exhibit A to the Agreement is modified as follows:
1. Interest Factor - for purposes of:
a. the Accrued Benefit Account - shall be seven percent (7%) per
annum, compounded monthly.
Paragraph 3 of Exhibit A to the Agreement is modified as follows:
3. Supplemental Retirement Income Benefit means an actuarially determined
annual amount equal to Sixty-Eight Thousand Five Hundred and
Seventy-Four ($68,574) at age 65 if paid entirely from the Accrued
Benefit Account or Thirty-Four Thousand Nine Hundred and Seventy-Three
($34,973) at age 65 if paid from the Retirement Income Trust Fund.
Paragraph 4 of Exhibit A to the Agreement is deleted and the following is
substituted in its stead in order to correctly set forth the Schedule of Annual
Gross Contribution/Phantom Contributions:
Plan Year Amount
--------- ------
1997 $28,087
1998 32,749
1999 37,992
2000 43,880
2001 53,404
2002 60,380
2003 68,085
2004 76,588
2005 85,965
2006 96,297
2007 74,421
IN WITNESS WHEREOF, the Bank, the Holding Company and the Executive have
caused this Amendment to be executed on this, the 10th day of January, 2001.
ATTEST: UNITED NATIONAL BANK:
/s/ Xxxxxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxxx
---------------------------- --------------------------------
Chairman EVP & CFO
-----------------------------------
(Title)
ATTEST: UNITED NATIONAL BANCORP
/s/ Xxxxxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxxx
---------------------------- --------------------------------
Chairman VP & TREASURER
-----------------------------------
(Title)
WITNESS: EXECUTIVE:
/s/ Xxxxxxxxx Xxxxxxx /s/ Xxxxx X. Xxxxx, Xx.
---------------------------- -----------------------------------
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