FIRST AMENDMENT TO THE
EXECUTIVE SUPPLEMENTAL RETIREMENT
INCOME AGREEMENT
FOR XXXXXX XXXXXX
For and in consideration of the premises, the Bank (as defined in the
referenced Agreement) and Xxxxxx 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 Two Hundred and Forty-Two Thousand Nine Hundred
and Seventeen ($242,917) at age 65 if paid entirely from the Accrued
Benefit Account or One Hundred and Forty-Eight Thousand One Hundred
and Seventy-Nine ($148,179) 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 $54,796
1998 63,892
1999 74,121
2000 85,607
2001 123,024
2002 139,356
2003 157,406
2004 177,338
2005 199,329
2006 223,572
2007 250,279
2008 279,679
2009 312,022
2010 215,669
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
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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/ Xxxxxxxxx Xxxxxxx /s/ Xxxxxx X. Xxxxxx
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