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 changes the eligibility criteria for participants to receive a Supplemental Executive Retirement Plan (SERP) benefit. Now, participants who qualify for various types of pension benefits or have at least five years of continuous service and are entitled to an immediate pension benefit will be eligible for a SERP benefit. The amendment clarifies how the benefit is calculated and who is eligible under the plan.
Exhibit(10)E
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:”
