Guaranty Bancshares, Inc. Supplemental Retirement Plan Summary for Retired Officers
Guaranty Bancshares, Inc. offers a supplemental retirement plan for certain retired officers. This non-qualified, non-contributory plan provides eligible retirees with a benefit based on a set percentage of their average salary over the last five years of employment. The benefit amount is reduced by any payments the retiree receives from the company's main retirement plan and certain Social Security benefits. The plan is designed to enhance retirement income for select former officers of the company.
Exhibit 10.7
Summary of Supplemental Retirement Plan
Guaranty Bancshares, Inc. sponsors a non-qualified, non-contributory Supplemental Retirement Plan for the benefit of certain retired officers of the Company. The plan provides certain retired officers a benefit equal to a predetermined percentage of the officer’s final five-year average salary reduced by the aggregate of (1) any amounts payable under the Company’s retirement plan and (2) certain social security benefits.
