Amendment to The Bank of New York Company, Inc. Excess Contribution Plan

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment, effective November 12, 2002, modifies The Bank of New York Company, Inc. Excess Contribution Plan. It clarifies how participants will receive payments when their benefits under the ESOP begin or are transferred to the company's retirement plan. Specifically, participants will receive a cash payment equal to the difference between the actuarial value of their credited stock units and the benefit they are entitled to under the Excess Benefit Plan. The amendment was authorized by the company's Board of Directors and executed by its officers.

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EX-10.(V) 11 dex10v.htm AMENDMENT TO THE EXCESS CONTRIBUTION PLAN Amendment to the Excess Contribution Plan

Exhibit 10(v)

 

AMENDMENT TO THE BANK OF NEW YORK COMPANY, INC.

EXCESS CONTRIBUTION PLAN

 

WHEREAS, The Bank of New York Company, Inc. Excess Contribution Plan (the “Excess Contribution Plan”) was amended and restated, effective as of July 10, 1990; and

 

WHEREAS, Section 19 of the Excess Contribution Plan provides that the Board of Directors of The Bank of New York Company, Inc. may amend the Excess Contribution Plan at any time; except in certain respects not material hereto; and

 

WHEREAS, the Board of Directors of the Company desires to amend the Excess Contribution Plan;

 

NOW, THEREFORE, the Excess Contribution Plan is hereby amended, effective as of November 12, 2002, by amending the second sentence of Section 4 to read as follows:

 

When a Participant’s benefit payments under the ESOP commence (or when his benefits under the ESOP are transferred to the Retirement Plan of The Bank of New York Company, Inc.), a Participant shall receive payment, in cash, of the excess, if any, of (i) the equivalent actuarial value of the Stock Units credited to the Participant’s Account, expressed as a life annuity, and (ii) the benefit to which the Participant is entitled to receive under Part I of The Bank of New York Company, Inc. Excess Benefit Plan.

 

IN WITNESS WHEREOF, The Bank of New York Company, Inc. has caused this Amendment to be executed by its duly authorized officers this 22th day of January, 2002.

 

/s/    Thomas A. Renyi

        Thomas A. Renyi

 

ATTEST:

 

/s/    Patricia A. Bicket

        Patricia A. Bicket

 

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