EX-10 10 ex10-t.txt EXHIBIT 10(T) FIRST AMENDMENT TO THE EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT FOR RALPH L. STRAW For and in consideration of the premises, the Bank (as defined in the referenced Agreement) and Ralph L. Straw (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/ Thomas C. Gregor By: /s/ Donald W. Malwitz ---------------------------- -------------------------------- Chairman EVP & CFO ----------------------------------- (Title) ATTEST: UNITED NATIONAL BANCORP /s/ Thomas C. Gregor By: /s/ Donald W. Malwitz ---------------------------- -------------------------------- Chairman VP & TREASURER ----------------------------------- (Title) WITNESS: EXECUTIVE: /s/ Elizabeth Edwards /s/ Ralph L. Straw, Jr. ---------------------------- ----------------------------------- 2