Amendment Number Two to the New York Stock Exchange, Inc. Supplemental Executive Savings Plan
This amendment, executed by the New York Stock Exchange, Inc. (NYSE), updates the Supplemental Executive Savings Plan effective June 1, 1999. It revises the rules for how executive participants can elect to receive their supplemental benefits, including options for lump sum or installment payments, timing of distributions, and procedures for changing elections. The amendment also clarifies how benefits are paid to beneficiaries if a participant dies before full payment. The changes are authorized by the NYSE Board and signed by the Senior Vice President of Human Resources.
Exhibit 10.30
AMENDMENT NUMBER TWO
TO THE
NEW YORK STOCK EXCHANGE, INC.
SUPPLEMENTAL EXECUTIVE SAVINGS PLAN
WHEREAS, New York Stock Exchange, Inc. (“NYSE”) maintains the New York Stock Exchange, Inc. Supplemental Executive Savings Plan, amended and restated effective as of August 1, 1997 (the “Plan”);
WHEREAS, NYSE may amend the Plan by action of its board of directors (the “Board”) or a person designated by the Board; and
WHEREAS, the undersigned has been duly authorized by the Board to amend the Plan; and
WHEREAS, the undersigned deems it advisable to amend the Plan.
NOW, THEREFORE, pursuant to Section 16 of the Plan, the Plan is hereby amended as follows:
1. Effective June 1, 1999, Section 5 of the Plan is amended in its entirety to read as follows:“5. Payment of Supplemental Benefits.
(a) Upon a Participant’s initial election to become an active Participant hereunder, he may make elections to receive his Supplemental Benefits from each or all of Plan A, Plan B or Plan C in the standard lump sum distribution form or in approximately equal annual installments over a period as elected by the Participant but not in excess of twenty (20) years, to commence as soon as administratively feasible following (i) his Termination of Employment (other than by reason of death) or (ii) the January 1 next following his Termination of Employment, as elected by the Participant at the time of such initial election. Notwithstanding the foregoing, the form and timing of payment of Supplemental Benefits from Plan A and Plan B must be identical. The(b) Notwithstanding Section 5(a), a Participant may make an election or change his existing election, on a form prescribed by and filed with the Committee, at any time at least one (1) year prior to his Termination of Employment, to receive his Supplemental Benefits in a lump sum or in approximately equal annual installments, over a period as elected by the Participant but not in excess of twenty (20) years, and commencing as soon as administratively feasible following (i) his Termination of Employment (other than by reason of death) or (ii) the January 1 next following his Termination of Employment, as the Participant elects. A Participant may change his election regarding the timing and form of the payment of his Supplemental Benefits or revoke any previous election, by filing the prescribed form(s) with the Committee, at least one (1) year prior to the Participant’s Termination of Employment. Notwithstanding the foregoing, each Employee who is (i) a Participant on June 1, 1999 or (ii) elects to become an Active Participant in the Plan after June 1, 1999, shall be entitled to make an election regarding the timing and form of payment of his Supplemental Benefits, provided that such election is made and filed with the Committee prior to the end of the thirty (30) day period commencing on the later of June 1, 1999 or the date the Employee first becomes a Participant.
(c) If a Participant dies prior to receiving his total Supplemental Benefits, the unpaid portion of such Supplemental Benefits shall be paid to the Participant’s Beneficiary in a single lump sum, as soon as administratively feasible following the Participant’s death, provided, however, subject to Section 5(d) below, that the Participant shall have the right, in a writing filed with the Committee, to make elections, prior to his Termination of Employment, to have his Supplemental Benefits payable or remaining payable at his death to be paid to his Beneficiary (i) in approximately equal annual installments, over a period as elected by the Participant but not in excess of the lesser of twenty (20) years or the remaining installments if the Participant is already receiving installments, and (ii) to commence as soon as administratively feasible following (i) his death or (ii) the January
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(d) Notwithstanding any provision of the Plan to be contrary, any distribution from the Plan to a trust or estate which is the Beneficiary of a Participant shall be made in a lump sum regardless of the Participant’s election.”
IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed this 28th day of __________ May, 1999.
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| NEW YORK STOCK EXCHANGE, INC. | ||
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| By | /s/ Frank Z. Ashen | |
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| Title: | SVP Human Resources | |
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