Belmont Savings Bank Supplemental Executive Retirement Plan Appendix for Carroll M. Lowenstein, Jr.
This appendix outlines the supplemental executive retirement benefits for Carroll M. Lowenstein, Jr. at Belmont Savings Bank. It specifies that Mr. Lowenstein 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. The vested percentage increases with service years, reaching 100% after ten years. If he is terminated without cause or resigns for good reason before ten years, a separate vesting schedule applies, allowing for earlier full vesting.
EXHIBIT 10.4
BELMONT SAVINGS BANK
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
APPENDIX A-4
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 | |||
| Carroll M. Lowenstein, Jr. | September 15, 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-4
