EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN PARTICIPATION AGREEMENT

This Agreement is made and entered into as of the ______ day of __________, 2013 by and between FIRST SAVINGS BANK NORTHWEST (hereinafter referred to as "the Bank") and Joseph W. Kiley III (hereinafter referred to as "the Participant"), pursuant to the Executive Supplemental Retirement Income Plan.  This agreement modifies all other Executive Supplemental Retirement Plan Participant Agreements between the Bank and the Participant if any.

In consideration of past and future services of the Participant to the Bank, and of the mutual covenants contained herein, the Bank and the Participant agree as follows:

1.

Benefits

A.           Normal Retirement:  Effective __________, 2013, the Participant shall be entitled to the normal retirement benefit provided for in this Section 1, Paragraph A if he is employed by the Bank upon attaining age 65 (the “Vesting Requirement”).  If the Vesting Requirement is satisfied, then upon the first day of the month following the Participant’s attainment “separation from service” (as that phrase is defined in Section 409A of the Internal Revenue Code and the regulations and guidance of general applicability issued thereunder (“Section 409A”), taking into account the rules and presumptions provided for in the Section 409A regulations) from the Bank and all other related entities (as determined under Section 409A), then the Bank shall pay to the Participant an annual pension of Twenty Eight Thousand ($28,000) Dollars for 15 years, payable in monthly installments (180 months in total). Upon commencement of benefit payments, regardless of age, said benefit shall remain level except by modification of this agreement pursuant to Section 5, Paragraph D. herein.  Said payments shall be reduced by any state or federal taxes required to be withheld by the Bank. Notwithstanding the foregoing, if at the time of the Participant’s separation from service he is a “specified employee” (within the meaning of Section 409A), then payments under this Paragraph shall not commence until the 185th day following the date of Participant’s separation from service.  All payments which are delayed on account of the foregoing sentence shall be paid (without interest) with the first payment that is not subject thereto.  In the event that said Participant shall die following the commencement of benefits hereunder, but prior to receiving 180 monthly payments, the Bank will pay to the Participant’s beneficiary, designated on the attached Exhibit “A”, Beneficiary Designation Form, the balance of said payments until a total of 180 payments have been made by the Bank.  The beneficiary designated by the Participant on the attached Beneficiary Designation Form shall be the Participant’s legal spouse, if married, unless such spouse shall consent in writing, to the designation of another beneficiary.  If, at the time of the Participant’s death, there is no surviving spouse, or if the designation of beneficiary shall be ineffective for any reason, the beneficiary shall conclusively be deemed to be the Participant’s lineal descendents, per stirpes or, if none, those persons who would be entitled to share in the Participant’s estate if the Participant died intestate.  Subject to the foregoing, the Participant may, at any time, change the beneficiary hereunder by filing a new Beneficiary Designation Form with the Secretary of the Bank.

 

       B.           Pre-Retirement Death:   In the event the Participant dies while employed by the Bank, but prior to the commencement of benefits

 

 

 

 

under Section 1, Paragraph A, the Participant’s beneficiary as designated on the Beneficiary Designation Form (pursuant to the rules on beneficiary designations set forth in Sub-Paragraph 1.A.), shall receive a lump sum death benefit of $200,000.  Such amount shall be payable no later than 60 days following the date of the Participant’s death. Upon payment of this amount, no further sums shall be due the Participant or his beneficiary.

 

 

 

In witness whereof, the Bank has caused this Agreement to be executed by its Secretary duly authorized and the Participant as of the date first written set forth above.

 

 

 

 

 

 

Pursuit to the EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN PARTICIPATION AGREEMENT dated __________, 2013 between the undersigned participant and FIRST SAVINGS BANK NORTHWEST, the participant hereby designates his spouse VALERIE SZABO KILEY as beneficiary under the terms of said agreement.

 

 

Dated this ____ day of __________, 2013

 

 

 

 

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Joseph W. Kiley III                              Participant

 

 

 

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