Amendment No. 4 to Valley National Bancorp Benefit Equalization Plan
This amendment updates the Valley National Bancorp Benefit Equalization Plan, effective October 11, 2001. It revises the eligibility criteria in Section 3.1, clarifying that participants who qualify for various types of pension benefits, or who have at least five years of continuous service and are entitled to an immediately distributable pension benefit, are eligible for a SERP Benefit. The amendment specifies how the SERP Benefit is calculated for eligible participants.
Exhibit 10.5
AMENDMENT NO. 4
VALLEY NATIONAL BANCORP BENEFIT EQUALIZATION PLAN
Effective as of October 11, 2001, the Valley National Bancorp Benefit Equalization Plan (the "Plan") is hereby amended as follows:
1. The phrase in Section 3.1 of the Plan which begins with "Each Person who qualifies" and ends with "(a) minus (b) as follows:" is amended to read: "Each Participant who qualifies for a Normal, Early, Disability, or Deferred Pension Plan Benefit, or who has completed at least five Years of Continuous Service under the Pension Plan and is entitled to an immediately distributable benefit from the Pension Plan, shall be entitled to a SERP Benefit equal to (a) minus (b) as follows:"
