EX-10 12 ex10-v.txt EXHIBIT 10(V) SECOND AMENDMENT TO THE EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT FOR WARREN GERLEIT For and in consideration of the premises, the Bank (as defined in the referenced Agreement) and Warren Gerleit (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 Eight-Five Thousand Seven Hundred and Ninety-Five ($85,795) at age 65 if paid entirely from the Accrued Benefit Account or Fifty-Four Thousand Nine Hundred and Nine ($54,909) 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 $11,867 1998 16,684 1999 19,371 2000 22,390 2001 30,270 2002 34,279 2003 38,709 2004 43,601 2005 48,998 2006 54,947 2007 61,500 2008 68,714 2009 76,649 2010 85,372 2011 94,956 2012 96,392
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/ Ralph L. Straw, Jr. By: /s/ Donald W. Malwitz ------------------------------------- --------------------------------- Secretary EVP & CFO --------------------------------- (Title) ATTEST: UNITED NATIONAL BANCORP /s/ Ralph L. Straw, Jr. By: /s/ Donald W. Malwitz ------------------------------------- --------------------------------- Secretary VP & TREASURER --------------------------------- (Title) WITNESS: EXECUTIVE: /s/ Barbara Amato /s/ Warren R. Gerleit ------------------------------------- ------------------------------------ 2