Amendment No. 1 to Penn Federal Savings Bank Supplemental Executive Retirement Plan

Summary

This amendment updates the Penn Federal Savings Bank Supplemental Executive Retirement Plan (SERP) to clarify the death benefit for participants. Upon a participant's death, their beneficiary will receive a lump sum of $600,000, reduced by any amount already paid under the bank's Supplemental Executive Death Benefit Plan. The payment will be made as soon as possible after the participant's death. All other terms of the SERP remain unchanged.

EX-10.I 3 ex10-ia.txt Exhibit 10(i)(a) PENN FEDERAL SAVINGS BANK SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AMENDMENT NUMBER ONE Effective November 1, 2003, Section 3.2(b) of the Penn Federal Savings Bank Supplemental Executive Retirement Plan (the "SERP") was amended to read as follows: (b) In addition to the death benefit provided in Section 3.2(a), but subject to, and limited by, all of the provisions of this Plan, a Participant's Beneficiary shall, upon the death of the Participant, receive a lump sum death benefit equal to $600,000 reduced by the death benefit paid to the Participant under the Penn Federal Savings Bank Supplemental Executive Death Benefit Plan. This benefit shall be paid to the Participant's Beneficiary as soon as practicable following the date of the Participant's death. All other provisions of the SERP are ratified and confirmed. Penn Federal Savings Bank By: /s/ William C. Anderson ----------------------- William C. Anderson Chairman of the Board