FIRST AMENDMENT TO THE
EXECUTIVE SUPPLEMENTAL RETIREMENT
INCOME AGREEMENT
FOR XXXX X. XXXXXX
For and in consideration of the premises, the Bank (as defined in the
referenced Agreement) and Xxxx X. Xxxxxx (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 Fifty-Eight Thousand Three Hundred and
Eighty-Seven ($58,387) at age 65 if paid entirely from the Accrued
Benefit Account or Forty Thousand Two Hundred and Eighty-Seven
($40,287) 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 $14,383
1998 16,771
1999 19,456
2000 22,471
2001 30,989
2002 35,087
2003 39,616
2004 44,616
2005 50,133
2006 56,214
2007 62,912
2008 70,284
2009 78,394
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/ Xxxxx X. Xxxxx, Xx. By: /s/ Xxxxxx X. Xxxxxxx
--------------------------------- --------------------------------
Secretary EVP & CFO
-----------------------------------
(Title)
ATTEST: UNITED NATIONAL BANCORP
/s/ Xxxxx X. Xxxxx, Xx. By: /s/ Xxxxxx X. Xxxxxxx
--------------------------------- --------------------------------
Secretary VP & TREASURER
-----------------------------------
(Title)
WITNESS: EXECUTIVE:
/s/ Xxxx X. Xxxxx /s/ Xxxx X. Xxxxxx
--------------------------------- -----------------------------------
2
