Common use of Supplemental Retirement Plan Clause in Contracts

Supplemental Retirement Plan. Vesting: 100% vesting upon completion of ten (10) years service Formula: 15% of final average compensation. Early Retirement Benefits available at Age 55 with ten (10) years service, actuarially reduced by years and months early EXECUTIVE EXCESS RETIREMENT PLAN If designated as a participant by the Board of Directors. Purpose of the plan is to reimburse participants for benefits not payable under the Pension Plan and ESOP because of limitations in the Internal Revenue Code and the Pension Plan. Benefits paid upon attainment of age 75 or upon retirement, if earlier. Benefit is unfunded. EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) Plan Year - September 1 to August 31 Eligibility - 1st of month following one year of service Compensation - Total salary, excluding severance pay, moving expenses and non-cash contribution Stock Allocation - Each year the Trustees divide the available shares of stock among eligible participants, based on each participant's compensation. These allocated shares are held in the participant's ESOP account. Must be on payroll last pay period of each plan year to receive allocation.