FIRST NIAGARA FINANCIAL GROUP
EXECUTIVE SEVERANCE PLAN
Effective as of October 23, 2006
ESTABLISHMENT OF THE PLAN
First Niagara Financial Group, Inc. (“First Niagara”) hereby establishes a self-insured severance plan for
certain of its key executive management personnel. The term “Company” means First Niagara and any
Organization Under Common Control that is covered under the Plan in accordance with Section 5.6. Both the
original effective date and the amended and restated effective date of the Plan is October 23, 2006 (the
“Effective Date”). The Plan Year is the calendar year.
Section 2.1. Eligible Executives . Each Eligible Executive, as hereafter defined, will become a Participant in the
Plan on the later of : (i) the first day on which the individual becomes an Eligible Executive; or (ii) the Effective
Date . The term “Eligible Executive” means any employee of the Company who has been designated by the Chief
Executive Officer of First Niagara as a member of First Niagara’s Strategic Performance Committee excluding any
employee covered under an employment agreement that provides for severance or other similar post-employment
compensation. If any employee becomes a Participant and thereafter is no longer designated as a member of the
Strategic Performance Committee or subsequently becomes covered under an employment agreement that
provides for severance or other similar post-employment compensation, the employee will cease to be a Participant
as of that date.
Section 2.2. Exclusive Benefit. A Participant in this Plan will not be eligible to receive any benefit under the
terms of the First Niagara Financial Group Separation Pay Plan.
BENEFITS AND PAYMENT OF BENEFITS
Section 3.1. In General . Each Participant (i) whose employment is involuntarily terminated by the Company for
reasons other than Cause, as hereafter defined, (ii) who is required to move employment to a location further than
100 miles of the Participant’s cur