SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
This Supplemental Executive Retirement Plan (hereinafter the Plan), effective as of January 1, 2014, as amended and restated effective January 1, 2016 (subject to the approval of the New Jersey Department of Banking and Insurance, Division of Banking), formalizes the understanding by and between Bogota Savings Bank (the Bank), a New Jersey state chartered mutual savings bank, and a select group of management or highly compensated employees selected by the Board, hereinafter referred to as Participant(s), who shall be eligible to participate in this Plan by execution of a Supplemental Executive Retirement Plan Joinder Agreement (Joinder Agreement) in a form provided by the Bank.
W I T N E S S E T H :
WHEREAS, the Participants serve the Bank as a select group of management or highly compensated employees; and
WHEREAS, the Bank desires to recognize the Participants for their valued, long and faithful service to the Bank and to ensure the continued service with the Bank by such Participants until retirement age; and
WHEREAS, the Participants wish to be assured that they will be entitled to a certain amount of additional compensation for some definite period of time from and after retirement from active service with the Bank or other qualifying termination of service and wish to provide their beneficiaries with benefits after their death; and
WHEREAS, the Bank and the Participants wish to provide the terms and conditions upon which the Bank shall pay such additional compensation to the Participants after retirement or other termination of service and/or death benefits to their beneficiaries after death; and
WHEREAS, the Bank and the Participants intend this Plan to be considered an unfunded arrangement, maintained primarily to provide supplemental retirement income for such Participants; and