LSB FINANCIAL CORP
DEFERRED COMPENSATION AGREEMENT BETWEEN LAFAYETTE SAVINGS BANK AND RANDOLPH F. W
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>lsb_8k0919ex.htm
<DESCRIPTION>DEFERRED COMPENSATION AGREEMENT BETWEEN LAFAYETTE SAVINGS BANK AND RANDOLPH F. WILLIAMS
<TEXT>
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      Deferred Compensation Agreement between Lafayette Savings Bank and Randolph
      F. Williams
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
      10.1</font></div>
    <div><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>D</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>eferred
      Compensation</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Agreement
      Between</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Lafayette
      Savings Bank, FSB</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>And</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Randolph
      F. Williams</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THIS
      AGREEMENT, executed and delivered on the date set forth immediately following
      Article V hereof, by and between Lafayette Savings Bank, FSB (the &#8220;Bank&#8221;) and
      Randolph F. Williams (the &#8220;Employee&#8221;),</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">W
      I T N E
      S S E T H:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      the Employee is now serving as President and Chief Executive Officer of the
      Bank; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      the Bank desires to have the benefit of the Employee&#8217;s continued loyalty,
      service and leadership until his retirement; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      the Bank desires to provide the Employee with the supplemental retirement
      benefit, to be paid upon his retirement in order to induce the Employee to
      remain with the Bank and to devote his highest skill and energy to the discharge
      of his employment duties; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      the parties desire to incorporate their entire agreement in this
      writing;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOW,
      THEREFORE, in consideration of the premises, the mutual covenants herein
      contained and in further consideration of each act done pursuant hereto by
      either of the parties, the parties enter into the following Articles of
      Agreement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <p align="center" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>ARTICLE
        I<br>DEFINITIONS</u></font></p>
      <p align="center" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center">&#160;</p>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      1.01</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Account.</u>&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
&#8220;Account&#8221; means the account maintained for the Employee under this Agreement,
      which is credited in each calendar year with amounts determined pursuant to
      Article II of this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      1.02</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Administrator.</u>&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
&#8220;Administrator&#8221; means the Board, which shall have the sole authority to manage
      and control the operation and administration of this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      1.03</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Bank.</u>&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
&#8220;Bank&#8221; means Lafayette Savings Bank, FSB.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      1.04</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Board.</u>&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
&#8220;Board&#8221; means the Board of Directors of the Bank. Whenever the provisions of
      this Agreement require action by the Board, it may be taken by the Compensation
      Committee of the Board with the same force and effect as though taken by the
      entire Board.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      1.05</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Change
      in Control.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
&#8220;Change in Control&#8221; shall mean a change in the ownership or effective control of
      the Bank, or in the ownership of a substantial portion of the assets of the
      Bank, as shall be prescribed by regulations adopted by the Internal Revenue
      Service under Section 409A(a)(2)(v) of the Code.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      1.06</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Code.</u>&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
      Code means the Internal Revenue Code of 1986, as amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      1.07</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Compensation.</u>&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
&#8220;compensation&#8221; shall include Employee&#8217;s base salary and bonus paid by the
      Bank.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      1.08</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Effective
      Date.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
&#8220;Effective Date&#8221; means October 1, 2005.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      1.09</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Employee.</u>&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
&#8220;Employee&#8221; means Randolph F. Williams.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      1.10</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Plan
      Year.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Term
&#8220;Plan Year&#8221; means the consecutive twelve (12) month period beginning each
      January 1 and ending on the following December 31.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      1.11</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Retirement
      Date</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      date
      Employee retires from employment at the Bank after attaining age sixty-five
      (65).</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      1.12</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Termination
      of Employment.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
&#8220;Termination of Employment&#8221; means the date on which the Employee, prior to the
      attainment of his Retirement Date, retires, resigns or otherwise, voluntarily
      or
      involuntarily, terminates his full-time employment with the Bank. The Employee
      shall be deemed to have terminated his full-time employment with the Bank if
      he
      incurs a Total Disability. With respect to any benefit payable as a result
      of
      Termination of Employment, Termination of Employment shall be determined by
      reference to the Bank and all members of any controlled group (determined under
      Section 414(b) of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;)) or
      trades or businesses under common control (determined under Section 414(c)
      of
      the Code) that includes the Bank.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      1.13</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Total
      Disability.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
&#8220;Total Disability&#8221; means any medically determinable physical or mental
      impairment which can be expected to result in death or to last for a continuous
      period of not less than 12 months and which (1) renders the Employee unable
      to
      engage in any substantial gainful activity or (2) entitles Employee to income
      replacement benefits for a period of not less than three months under an
      accident and health plan covering employees of the Bank.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <p align="center" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>ARTICLE
        II<br>THE ALLOCATION</u></font></p>
      <p align="center" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center">&#160;</p>
    </div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      2.01</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Allocations
      </u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>to
      the
      Employee&#8217;s Account</u>.&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      the
      Effective Date and on the last business day of the month thereafter occurring
      on
      or before the first to occur of (1) the Employee&#8217;s attainment of his Retirement
      Date, (2) his death or (3) his Termination of Employment, the Employer shall
      credit to the Employee&#8217;s Account 10% of the amount of Employee&#8217;s compensation,
      or such other percentage of Employee&#8217;s compensation not to exceed 20% as he
      shall elect to have withheld from his compensation from time to time; provided,
      however, excepting any initial election, a change in the amount elected by
      the
      Employee shall become effective no earlier than the first day of the calendar
      year following the Employee&#8217;s change of election. Amounts elected to be deferred
      by the Employee shall be withheld from the Employee&#8217;s compensation for the pay
      periods for which such compensation is paid. Each allocation under this Section
      2.01 shall be deemed to have been made for purposes of computing interest under
      Section 2.03 of this Agreement as of the required allocation date.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      2.02</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Amount
      of Employer Allocations.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of the
      Effective Date, the Employer shall allocate additional amounts to the Employee&#8217;s
      Account at the end of each quarter (beginning with the quarter ending December
      31, 2005) as matching contributions based on the amount of salary the Employee
      has elected to defer and have withheld under Section 2.01 during that quarter,
      as follows:</font></div>
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              <td valign="top" width="5%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 6.7pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 6.7pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6pt; mso-line-height-rule: exactly">&#160;</p>
              </td>
              <td valign="top" width="30%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 6.7pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 6.7pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 30.14%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6pt; mso-line-height-rule: exactly">&#160;</p>
                <p align="center" style="MARGIN: 0in 0in 2.9pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Date</u></strong></font></p>
              </td>
              <td valign="top" width="5%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 6.7pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 6.7pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6pt; mso-line-height-rule: exactly">&#160;</p>
              </td>
              <td valign="top" width="60%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 6.7pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 6.7pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 60%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6pt; mso-line-height-rule: exactly">&#160;</p>
                <p align="center" style="MARGIN: 0in 0in 2.9pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Amount</u></strong></font></p>
              </td>
            </tr>
            <tr style="mso-yfti-irow: 1; page-break-inside: avoid">
              <td valign="top" width="5%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 6.7pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 6.7pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6pt; mso-line-height-rule: exactly">&#160;</p>
              </td>
              <td valign="top" width="30%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 6.7pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 6.7pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 30.14%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6pt; mso-line-height-rule: exactly">&#160;</p>
                <p style="MARGIN: 0in 0in 2.9pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
                  31, 2005</font></p>
              </td>
              <td valign="top" width="5%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 6.7pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 6.7pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6pt; mso-line-height-rule: exactly">&#160;</p>
              </td>
              <td valign="top" width="60%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 6.7pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 6.7pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 60%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6pt; mso-line-height-rule: exactly">&#160;</p>
                <p style="MARGIN: 0in 0in 2.9pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Twenty
                  cents ($.20) for each one dollar ($1.00) of salary deferred by
                  the
                  Employee, subject to a maximum of 4% of Employee&#8217;s salary for those
                  periods.</font></p>
              </td>
            </tr>
            <tr style="mso-yfti-irow: 2; page-break-inside: avoid; mso-yfti-lastrow: yes">
              <td valign="top" width="5%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 6.7pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 6.7pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6pt; mso-line-height-rule: exactly">&#160;</p>
              </td>
              <td valign="top" width="30%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 6.7pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 6.7pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 30.14%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6pt; mso-line-height-rule: exactly">&#160;</p>
                <p style="MARGIN: 0in 0in 2.9pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
                  of the last day of each quarter thereafter during the term of this
                  Agreement</font></p>
              </td>
              <td valign="top" width="5%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 6.7pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 6.7pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6pt; mso-line-height-rule: exactly">&#160;</p>
              </td>
              <td valign="top" width="60%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 6.7pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 6.7pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 60%; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 6pt; mso-line-height-rule: exactly">&#160;</p>
                <p style="MARGIN: 0in 0in 2.9pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Such
                  amounts as Employer shall determine for a calendar year which shall
                  be
                  approved by the Board before the end of the preceding calendar
                  year</font></p>
              </td>
            </tr>

        </table>
      </div>
      <p style="MARGIN: 0in 0in 0pt">&#160;</p>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      2.03</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Allocation
      of Interest.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of the
      end of each Plan Year, and as of the date of termination of this Agreement
      or
      payment in full of the benefits provided for hereunder, Bank shall credit the
      Employee&#8217;s Account, with interest, compounded annually, on the undistributed
      balance then held in his Account. The annual rate of interest for each Plan
      Year
      shall be equal to the highest certificate of deposit rates offered by the Bank
      during the year preceding the year in which the interest is to be allocated.
      Interest with respect to any allocations made during a Plan Year shall accrue
      from the date of allocation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      2.04</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Optional
      Account Investments.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      lieu
      of the interest credits described in Section 2.03, the Administrator, in its
      complete and sole discretion, may elect to invest the amounts credited to the
      Employee&#8217;s Account in specific investments in the name of the Employer. To the
      extent the Administrator makes such investments, the actual amounts credited
      to
      the Employee&#8217;s Account shall reflect the actual investment results for such
      investments rather than the deemed interest described in Section 2.03, and
      the
      Bank will not be obligated to pay Employee any difference between the deemed
      interest rate in Section 2.03 and those investment results. In making these
      investment decisions, the Administrator may, but is not required to, seek
      recommendations from the Employee as to the manner in which the Employee&#8217;s
      Account should be invested.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      2.05</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Termination
      of this Agreement.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Either
      Employee or the Bank may terminate this agreement with respect to any calendar
      year by providing written notice to the other party hereto on or before December
      1st of the preceding calendar year.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <p align="center" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>ARTICLE
        III<br>BENEFITS</u></font></p>
      <p align="center" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center">&#160;</p>
    </div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      3.01</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Death
      Benefits.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
      the
      death of the Employee prior to the attainment of his Retirement Date or prior
      to
      his Termination of Employment, his beneficiary, if living, or his contingent
      beneficiaries, if not, as determined pursuant to Section 4.03 of this Agreement,
      shall receive in a single lump sum cash payment the balance held in the deceased
      Employee&#8217;s Account on the date of Employee&#8217;s death. In the absence of any such
      designation or if the designated or contingent beneficiary is not living at
      the
      death of the Employee, the Account balance shall be paid in a lump sum to the
      Employee&#8217;s spouse, if any, or, if none, to his estate. The lump sum payment
      shall be paid within sixty (60) calendar days after the Employee&#8217;s
      death.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      3.02</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Retirement,
      </u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Prior
      Termination of Employment, or Change in Control</u>.&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
      the
      Employee&#8217;s retirement after he attains his Retirement Date or upon his earlier
      Termination of Employment or at the Bank&#8217;s direction upon a Change in Control,
      he shall receive a cash payment of the balance in his Account at the time of
      his
      retirement or his earlier Termination of Employment, or an earlier Change in
      Control. The Account balance shall be paid in substantially equal monthly
      installments over a term of five (5) years commencing no later than sixty (60)
      calendar days after he retires after attaining his Retirement Date or after
      his
      earlier Termination of Employment, or after an earlier Change in Control;
      provided, however, that if Employee is a &#8220;key employee&#8221; (within the meaning of
      Section 416(i) of the Code without regard to paragraph (5) thereof) of a
      corporation whose stock is publicly traded on an established securities market
      or otherwise, within the meaning of Section 409A(a)(2)(B)(i) of the Code, such
      payments may not commence any earlier than the earlier of a date which is six
      months after the Employee&#8217;s separation from service or the date of Employee&#8217;s
      death.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      3.03</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Death
      After Payment</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>s
      Commence</u>.&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      Employee dies prior to receiving any or all of the monthly installments
      contemplated by Section 3.02 of this Article III, the Account balance not yet
      paid to Employee shall be paid in a lump sum within sixty (60) calendar days
      after the Employee&#8217;s death to his designated beneficiaries, if living, or to his
      contingent beneficiaries, if not living. In the absence of any such designation
      or if the designated or contingent beneficiary is not living at the death of
      the
      Employee, the Account balance shall be paid in a lump sum to the Employee&#8217;s
      spouse, if any, or, if none, to his estate. Such payment shall be made within
      sixty (60) calendar days after the Employee&#8217;s death.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      3.04</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Continued
      Interest </u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>or
      Earnings Accrual</u>.&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amounts
      appropriated under this Agreement pending distribution shall continue to accrue
      interest or earnings at the rate and in the manner prescribed by Section 2.03
      or
      2.04 of Article II hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
      <p align="center" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>ARTICLE
        IV<br>ADMINISTRATION</u></font></p>
      <p align="center" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center">&#160;</p>
      <p align="center" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center">
      </p>
    </div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      4.01</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Delegation
      of Responsibility.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Administrator may delegate duties involved in the administration of this
      Agreement to the Compensation Committee of the Board. However, the ultimate
      responsibility for the administration of this Agreement shall remain with the
      Administrator.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      4.02</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Payment
      of Benefits.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      amounts allocated to the Employee&#8217;s Account and payable as benefits under this
      Agreement shall be paid solely from the general assets of the Bank. The Employee
      shall not have any interest in any specific assets of the Bank under the terms
      of this Agreement. This Agreement shall not be considered to create an escrow
      account, trust fund or other funding arrangement of any kind or a fiduciary
      relationship between the Employee and the Bank.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      4.03</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Designation
      of Beneficiaries.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Employee shall designate in a writing filed with the Secretary of the Bank
      a
      beneficiary and a contingent beneficiary to whom death benefits or any unpaid
      benefits due hereunder at the date of the Employee&#8217;s death shall be
      paid.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <p align="center" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>ARTICLE
        V<br>MISCELLANEOUS</u></font></p>
      <p align="center" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center">&#160;</p>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      5.01</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Amendment
      of Agreement.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Agreement cannot be amended, modified or supplemented in any respect except
      by a
      subsequent written agreement entered into by the parties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Section
      5.02</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Successors
      and Assigns.</u>&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Agreement shall be binding upon, and shall inure to the benefit of, the Bank,
      its successors and assigns, and the Employee, his heirs, legatees and personal
      representatives.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      Agreement, shall not have any right to anticipate, alienate or assign any rights
      under this Agreement, and any effort to do so shall be null and void. The
      monthly benefits payable under this Agreement shall be exempt from the claims
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      and any other legal process to the fullest extent permitted by law.</font></div>
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      covenants and conditions hereof shall not be deemed a waiver or relinquishment
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      sufficient if in writing and if personally delivered to the party to whom notice
      should be given at the addresses set forth below (or at such other address
      for a
      party as shall be specified by notice given pursuant hereto):</font></div>
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      <div>
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            <tr>
              <td align="justify" valign="top" width="34%">&#160;</td>
              <td align="justify" valign="top" width="13%">
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                  Savings Bank, FSB</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="34%">&#160;</td>
              <td align="justify" valign="top" width="13%">&#160;</td>
              <td align="justify" valign="top" width="27%">
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                  Main Street</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="34%">&#160;</td>
              <td align="justify" valign="top" width="13%">&#160;</td>
              <td align="justify" valign="top" width="27%">
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                  Box 1628</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="34%">&#160;</td>
              <td align="justify" valign="top" width="13%">&#160;</td>
              <td align="justify" valign="top" width="27%">
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              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="34%">&#160;</td>
              <td align="justify" valign="top" width="13%">&#160;</td>
              <td align="justify" valign="top" width="27%">&#160;</td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="34%">&#160;</td>
              <td align="justify" valign="top" width="13%">
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                  F. Williams</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="34%">&#160;</td>
              <td align="justify" valign="top" width="13%">&#160;</td>
              <td align="justify" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3611
                  Chancellor Way</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="34%">&#160;</td>
              <td align="justify" valign="top" width="13%">&#160;</td>
              <td align="justify" valign="top" width="27%">
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                  Lafayette, IN 47906</font></div>
              </td>
            </tr>

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      provisions shall remain in effect, unless modified by the administrator with
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      Agreement shall automatically terminate at the date on which the balance of
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      Employee&#8217;s Account has been distributed pursuant to the terms of this
      Agreement.</font></div>
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      Agreement shall not be construed as an agreement, consideration or inducement
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      or of the Employee to continue or to terminate the employment relationship
      at
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      as of this 29th day of September, 2005.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;

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                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
              </td>
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                <p style="MARGIN: 0in 0in 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">LAFAYETTE
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              </td>
            </tr>
            <tr style="mso-yfti-irow: 1">
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                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
              </td>
              <td valign="top" width="10%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.5in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
              </td>
              <td valign="top" width="40%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 3.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
              </td>
            </tr>
            <tr style="mso-yfti-irow: 2">
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                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
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                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
              </td>
              <td valign="top" width="10%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.5in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
              </td>
              <td valign="top" width="40%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 3.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt">
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                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
              </td>
              <td valign="top" width="10%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.5in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
              </td>
              <td valign="top" width="40%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 3.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
              </td>
            </tr>
            <tr style="mso-yfti-irow: 5">
              <td valign="top" width="50%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 227.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
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              <td valign="top" width="10%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.5in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
              </td>
              <td valign="top" width="40%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 3.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
              </td>
            </tr>
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              <td valign="top" width="50%" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 227.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent">
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              </td>
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                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
              </td>
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                <p style="MARGIN: 0in 0in 0pt">&#160;</p>
              </td>
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