Belmont Savings Bank Supplemental Executive Retirement Plan Appendix for Robert M. Mahoney
This appendix outlines the supplemental executive retirement benefits for Robert M. Mahoney under the Belmont Savings Bank plan. It specifies that Mahoney is entitled to a retirement benefit equal to 20% of his final average compensation, multiplied by a vested percentage based on his years of service. Full vesting occurs after five years, but if Mahoney is terminated without cause or resigns for good reason before five years, he receives a prorated benefit based on a set schedule.
EXHIBIT 10.1
BELMONT SAVINGS BANK
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
APPENDIX A-1
Except as otherwise defined in this Appendix, the terms used herein shall have the meaning(s) ascribed to them in the Belmont Savings Bank Supplemental Executive Retirement Plan (“Plan”), to which this Appendix, as amended from time to time, is appended and into which this Appendix is incorporated by reference.
Participant’s Benefit Percentage: 20% of Participant’s Final Average Compensation (as defined in the Plan), multiplied by the Participant’s Vested Percentage, as set forth herein:
| Participant Name | Date of Hire | Years of Service | Vested Percentage | |||
| Robert M. Mahoney | May 12, 2010 | 0-4 | 0% | |||
| 5 or more | 100% |
Notwithstanding the foregoing, if prior to the completion of five (5) Years of Service, the Participant either is terminated by the Bank without Cause or resigns for Good Reason, the Participant’s “Benefit Percentage” shall be multiplied by the following:
| Years of Service | Vested Percentage | |
| Less than 1 | 20% | |
| 1 | 40% | |
| 2 | 60% | |
| 3 | 80% | |
| 4 | 100% |
A-1
