Belmont Savings Bank Supplemental Executive Retirement Plan Appendix A-2 for Hal Tovin
This appendix outlines the retirement benefit terms for Hal Tovin under the Belmont Savings Bank Supplemental Executive Retirement Plan. It specifies that Tovin is eligible for a benefit equal to 20% of his final average compensation, multiplied by a vested percentage based on his years of service. The vesting schedule increases with service, reaching 100% after 10 years. If Tovin is terminated without cause or resigns for good reason before 10 years, a separate vesting scale applies, allowing for partial benefits based on years served.
EXHIBIT 10.2
BELMONT SAVINGS BANK
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
APPENDIX A-2
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 | |||||
| Hal Tovin | July 12, 2010 | 5-9 | 50% | |||||
| 10 or more | 100% | |||||||
Notwithstanding the foregoing, if prior to the completion of ten (10) 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 | |
| 5 | 60% | |
| 6 | 70% | |
| 7 | 80% | |
| 8 | 90% | |
| 9 | 100% |
A-2
