SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN PARTICIPATION AGREEMENT

I, DENNIS DYSART, and First Bank hereby agree, for good and valuable consideration, the value of which is hereby acknowledged, that I shall participate in the Supplemental Executive Retirement Plan (“Plan”) established as of March 1, 2019, by First Bank, as such Plan may now exist or hereafter be modified, and do further agree to the terms and conditions thereof. I understand that I must execute this Supplemental Executive Retirement Plan Participation Agreement (“Participation Agreement”) as well as notify the Administrator of such execution in order to participate in the Plan. I acknowledge that I have been given a copy of the Plan document along with this Participation Agreement. The provisions of the Plan are incorporated herein by reference. In the event of an inconsistency between the terms of this Participation Agreement and the Plan, the terms of the Plan shall control, except to the extent that the Plan provides that the Participation Agreement shall control.

Normal Retirement Age. My Normal Retirement Age is age sixty-five (65).

Early Retirement Age. My Early Retirement Age is age sixty (60).

1.    Separation from Service after Normal or Early Retirement Age.

2.    Voluntary or Involuntary Separation from Service Prior to Early Retirement Age. In the event of my voluntary or Involuntary Separation from Service prior to Early Retirement Age (other than for Cause, death or Disability, or within two years after a Change in Control), I shall be entitled to my Accrued Benefit, paid in a lump sum benefit on my Benefit Eligibility Date. My

Benefit Eligibility Date shall be the first day of the month following my Separation from Service (or if I am a Specified Employee of a publicly traded company, then on the first day of the seventh month following my Separation from Service).

3.    Disability Prior to Normal Retirement Age While Employed. I understand that in the event of my Disability while employed and prior to my Normal Retirement Age, I will be entitled to the Disability Benefit set forth in Section 3.6 of the Plan, which is equal to my Accrued Benefit at Disability, payable on my Benefit Eligibility Date. For these purposes, my Benefit Eligibility Date shall be the first day of the month which is no less than 15 and no more than 45 days following the my Separation from Service due to my Disability determination. My Disability Benefit shall be payable in a lump sum.

4.    Change in Control Prior to Normal Retirement Age. I understand that if the Bank or Company has a Change in Control, followed within two (2) years by my Separation from Service, I will be entitled to a Change in Control Benefit payable in 180 monthly installments commencing on my Benefit Eligibility Date, unless I elect to receive a lump sum benefit by checking the box below. This election, if made, must be made on my initial participation in the Plan and cannot be changed.

☐    I elect to receive my Change in Control benefit in a lump sum payment.    

My Benefit Eligibility Date shall be the first day of the month following my Separation from Service (or if I am a Specified Employee of a publicly traded company, then on the first day of the seventh month following my Separation from Service).

  

In the event I have a Separation from Service more than two (2) years after a Change in Control, I will not be entitled to the Change in Control Benefit. The benefit to which I am entitled, if any, will be paid under the applicable Section of Article III of the Plan.

5.    Survivor’s Benefit/Death Benefit.

a.    Survivor’s Benefit. I understand that if I die prior to a Separation from Service, my designated Beneficiary shall be entitled to a Survivor’s Benefit equal to my Normal Retirement Benefit, payable in 180 monthly installments commencing on my Benefit Eligibility Date. My Benefit Eligibility Date is the first day of the month which is no less than 15 and no more than 45 days following my death.

b.    Death Benefit. In the event of my death following Separation from Service but before commencement of any payments, the benefit to which I would have been entitled shall be paid to my Beneficiary in the same form as it would have been paid to me, commencing on the earlier of (i) the date on which I would have received the benefit if living, or the first day of the month which is no less than 15 days and no more than 45 days following my death. I understand that if I die after Separation from Service, while a benefit is being paid to me, my designated Beneficiary shall receive the remainder of the payments at the same time and in the same form as I would have received such payments.

This Participation Agreement shall become effective upon execution by both Executive and a duly authorized officer of the Bank.

Dated this 15th day of March, 2019.