EXHIBIT 10.13

1.1.5

“Early Termination” means the Termination of Employment before Early Retirement Age for reasons other than death or Termination for Cause.

1.1.11

“Termination of Employment” means termination of the Executive’s employment with the Bank for reasons other than death, Change in Control or Disability. Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Bank and the Executive reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Executive would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Bank if the Executive has been providing services to the Bank less than thirty-six (36) months).

 

2.1.1

Amount of Benefit.  The annual benefit under this Section 2.1 is One Hundred Five Thousand Nine Hundred Seventy Eight Dollars ($105,798).  For the first five (5) year period after Normal Retirement Age but prior to Termination of Employment, the Bank shall increase the annual Normal Retirement Benefit by .3274%, compounded monthly, for each complete month prior to Termination of Employment.

 

2.2.1

Amount of Benefit.  The benefit under this Section 2.2 is the Early Termination Annual Benefit amount set forth in Schedule A for the Plan Year ending immediately prior to Termination of Employment.

 

2.2.2

Payment of Benefit.  The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day each month commencing with the month following Early Retirement Age and continuing for one hundred seventy-nine (179) additional months.

2.3

Disability Benefit.  If the Executive experiences a Disability prior to Normal Retirement Age, the Bank shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

 

2.3.1

Amount of Benefit.  The benefit under this Section 2.3 is the Disability Annual Benefit amount set forth in Schedule A for the Plan Year ending immediately prior to the date in which the Disability occurs.

 

2.3.2

Payment of Benefit.  The Bank shall pay the annual benefit amount to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Disability and continuing for one hundred seventy-nine (179) additional months.

 

2.4.2

Payment of Benefit.  The Bank shall pay the annual benefit amount to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Normal Retirement Age and continuing for one hundred seventy-nine (179) additional months.

2.6

Early Retirement Benefit.  Upon Termination of Employment on or after Early Retirement Age for reasons other than death, but before reaching Normal Retirement Age, the Bank shall pay to the Executive the benefit described in this Section 2.6 in lieu of any other benefit under this Agreement.

 

2.6.1

Amount of Benefit.  The annual benefit under this Section 2.6 is the Early Retirement Annual Benefit amount set forth in Schedule A for the Plan Year ending immediately prior to the date in which Termination of Employment occurs.

 

2.6.2

Payment of Benefit.  The Bank shall pay the annual benefit amount to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following Termination of Employment and continuing for one hundred seventy-nine (179) additional months.