EX-10 3 exh10_1serp.txt NEW ENGLAND BUSINESS SERVICE, INC. EXH 10 NEW ENGLAND BUSINESS SERVICE, INC. First Amendment to the New England Business Service, Inc. Supplemental Executive Retirement Plan This First Amendment to the New England Business Service, Inc. Supplemental Executive Retirement Plan (the "Plan") is hereby adopted by New England Business Service, Inc. (the "Company") pursuant to Article XII of the Plan, effective October 26, 2001. The Company hereby amends the Plan as follows: 1. The following new paragraph (d) is added at the end of Section 5.1 ("Vesting Percentage"): 5.1 Vesting Percentage * * * (d) This Plan is terminated or is amended to materially reduce the rate or amount of future benefit accruals available to the Participant under Article VI or any successor provision of the Plan; provided that in case of such an amendment, only the Participant's Accrued Benefit as of the effective date of such amendment shall become fully vested, and the Participant's Vesting Percentage in any subsequent benefit accruals shall not be affected. 2. The first sentence of Section 13.2 is deleted and replaced with the following: 13.2 Benefits After Plan Termination. Each Participant shall have the right to receive payment of his Vested Benefits upon a complete termination of the Plan, subject to any deferral elections which the Participant may make pursuant to the terms of the Plan. * * * Except as amended hereby, the Plan is hereby reaffirmed in all respects. Signed as a sealed Massachusetts instrument effective as of the date stated above. NEW ENGLAND BUSINESS SERVICE, INC. By: /a/ Robert J. Murray Title: Chairman and CEO