Amendment to Colonial Bank, FSB Director Retirement Plan (November 15, 2012)

Summary

Colonial Bank, FSB has amended its Director Retirement Plan to change how retirement benefits for directors are calculated. Under the new terms, a director's normal retirement benefit will be 50% of their highest three-year average compensation earned from serving on the Board during any three calendar years. This amendment is effective immediately and applies retroactively to the original start date of the plan. The amendment was executed by the Bank's President and CEO, Edward J. Geletka.

EX-10.26 2 ex10-26.htm EXHIBIT 10.26 ex10-26.htm

Exhibit 10.26

AMENDMENT TO DIRECTOR RETIREMENT PLAN

WHEREAS, Colonial Bank, FSB (the “Bank”) maintains the Colonial Bank, FSB Director Retirement Plan, effective January 1, 2011 (the “Plan”); and

WHEREAS, the Bank desires to modify the definition of “Normal Retirement Benefit” to provide that the Normal Retirement Benefit of directors under the Plan will equal 50% of their highest three-year average compensation earned from the Board during any three calendar years while serving as a member of the Board; and.

WHEREAS, Section 7.2 of the Plan permits the Bank to amend the Plan from time to time; and

WHEREAS, such amendment shall have retroactive effect to the initial Effective Date of the Plan.

NOW THEREFORE, the Plan is hereby amended as follows, effective immediately:

1. The definition of “Normal Retirement Benefit” at Article II of the Plan is amended to read as follows:

“Normal Retirement Benefit” shall mean 50% of a Director’s highest three-year average Compensation earned from the Board during any three calendar years while serving as a member of the Board.”

IN WITNESS WHEREOF, the Bank has executed this Amendment on the date set forth below.

		COLONIAL BANK, F.S.B.


November 15, 2012	By:	/s/ Edward J. Geletka
Date		Edward J. Geletka, President and Chief Executive Officer