Description of Supplemental Long Term Disability Plan for Senior Executives
This document describes a supplemental long term disability plan offered by the Bank to its senior executives, including Messrs. Stepanian and Gifford. Under the Bank's standard group policy, employees may receive disability benefits equal to 60% of their base salary, but only up to certain dollar limits. The supplemental plan ensures that senior executives receive the full 60% of their base salary as a disability benefit, covering any shortfall caused by the policy's limits.
Exhibit 10(gg)
Description
of
Supplemental Long Term Disability Plan
Under the Bank’s Group Long Term Disability Insurance Policy (the “Policy”), employees may be entitled to disability benefits of 60% of base salary, subject to certain Policy dollar limits. The Bank has made available to its senior executives, including Messrs. Stepanian and Gifford, a supplemental long term disability plan which provides a disability benefit equal to the benefit not covered under the Policy because of Policy dollar limits, thus enabling the senior executives to receive a long term disability benefit of 60% of base salary.
