Amendment to the Amended and Restated Savings Institute Bank and Trust Company Supplemental Executive Retirement Plan
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Summary
This amendment updates the Savings Institute Bank and Trust Company's Supplemental Executive Retirement Plan. It changes the terms for executives who leave the company after a change in control, allowing them to receive a lump sum payment equal to the present value of their retirement benefit, regardless of their age at the time of departure. The payment will be made within 30 days of termination, unless delayed by tax regulations. The amendment is effective as of December 2011 and is executed by the bank and the executive involved.
EX-10.15 2 sifi12312011ex1015.htm EXHIBIT 10.15 SIFI 12.31.2011 EX 10.15
Exhibit 10.15
AMENDMENT TO THE AMENDED AND RESTATED
SAVINGS INSTITUTE BANK AND TRUST COMPANY
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
Effective December __, 2011, the Amended and Restated Savings Institute Supplemental Executive Retirement Plan (the “Plan”) is hereby amended by deleting Section 3.5 in its entirety and replacing it with the following new Section 3.5:
“3.5 Change in Control Benefit. If a Participant terminates employment with the Bank following a Change in Control (as such event is defined under Section 409A of the Code and the regulatory guidelines issued thereunder) (other than for Cause), there shall be paid to the Participant an amount equal to the actuarial equivalent lump sum present value of the benefit set forth in Section 3.1 determined as if the Participant retired as of the Change in Control date and without regard to whether the Participant attained his or her Normal Retirement Age as of said date. The Bank shall pay the benefit under this Section 3.5 to the Participant in a lump sum within 30 days of the Participant's termination of employment, unless said payment is delayed pursuant to Section 409A of the Code.”
IN WITNESS WHEREOF, the Savings Institute Bank and Trust Company and __________________ have caused this Amendment to be executed on the ______ day of December, 2011
ATTEST: | SAVINGS INSTITUTE BANK AND TRUST COMPANY |
____________________ ____________________________________
For the Board of Directors
WITNESS: EXECUTIVE
_____________________ ______________________________________