Peoples Bank Service Recognition Program Description

Summary

Peoples Bank has a Service Recognition Program for its directors, officers, and employees. The program provides awards in the form of cash and company common stock, with the value of the award increasing based on the individual's years of service. The stock is purchased on the open market, and no new shares are issued. The program outlines specific award amounts for service milestones ranging from 5 to 30 years.

EX-10.(I) 3 doc2.txt DESCRIPTION OF SERVICE RECOGNITION Exhibit (10)(i) Description of Service Recognition Program Peoples Bank maintains a Service Recognition Program, under which directors, officers and employees are eligible for awards. Under this Program, directors, officers and employees are awarded a combination of Common Stock of the Company and cash, with the amount of the award based upon the length of service to the Bank. Any Common Stock awarded under the Program is purchased by the Bank on the open market, and no new shares are issued by the Company under the Service Recognition Program. The following schedule shows the award levels for various years of service to the Bank. Cash Stock (to help with Total Years of Service Value tax liability) Value - ---------------- ------ --------------- ------ 5 $ 250 $ 75 $ 325 - ---------------- ------ --------------- ------ 10 500 150 650 - ---------------- ------ --------------- ------ 15 1,000 275 1,275 - ---------------- ------ --------------- ------ 20 2,000 500 2,500 - ---------------- ------ --------------- ------ 25 3,000 750 3,750 - ---------------- ------ --------------- ------ 30 4,000 1,000 5,000 - ---------------- ------ --------------- ------