FIRST AMENDMENT TO THE
EXECUTIVE SUPPLEMENTAL RETIREMENT
INCOME AGREEMENT
FOR XXXXXX XXXX
For and in consideration of the premises, the Bank (as defined in the
referenced Agreement) and Xxxxxx Xxxx (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 Forty-One Thousand Eight Hundred and
Eighty-Four ($41,884) at age 65 if paid entirely from the Accrued
Benefit Account or Twenty-Six Thousand Eight Hundred and Six ($26,806)
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 $4,482
1998 5,227
1999 6,063
2000 7,003
2001 9,762
2002 11,054
2003 12,483
2004 14,060
2005 15,799
2006 17,717
2007 19,830
2008 22,155
2009 24,713
2010 27,525
2011 30,614
2012 34,006
2013 37,729
2014 41,812
2015 46,288
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/ Xxxxxxx X. Xxxxxxxx /s/ Xxxxxx X. Xxxx
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