FIRST AMENDMENT TO THE
EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT
FOR
XXXXXXXXX X. XXXXX
Upon mutual consent and for valuable consideration hereby recognized,
this First Amendment to the Executive Supplemental Retirement Income Agreement
(the "SERP") for Xxxxxxxxx X. Xxxxx (the "Executive") of Magyar Savings Bank
(the "Bank"), dated this 1st day of January, 2004, is for the purpose of
amending the SERP as follows:
PARAGRAPH 3 OF EXHIBIT A SHALL READ AS FOLLOWS:
3. Supplemental Retirement Income Benefit means an actuarially determined
annual amount equal to Fifty-Nine Thousand One Hundred and Ninety-One
Dollars ($59,191).
The Supplemental Retirement Income Benefit:
o the definition of Supplemental Retirement Income Benefit has
been incorporated into the Agreement for the sole purpose of
actuarially establishing the amount of annual Contributions (or
Phantom Contributions) to the Retirement Income Trust Fund (or
Accrued Benefit Account). The amount of any actual retirement,
pre-retirement or disability benefit payable pursuant to the
Agreement will be a function of (i) the amount and timing of
Contributions (or Phantom Contributions) to the Retirement
Income Trust Fund (or Accrued Benefit Account) and (ii) the
actual investment experience of such Contributions (or the
monthly compounding rate of Phantom Contributions).
PARAGRAPH 4 OF EXHIBIT A SHALL READ AS FOLLOWS:
4. Schedule of Annual Gross Contributions/Phantom Contributions
Year Contributions
---- -------------
1996 $ 1,220
1997 $ 2,083
1998 $ 2,420
1999 $ 2,799
2000 $ 3,224
2001 $ 3,700
2002 $ 4,234
2003 $15,062
2004 $16,827
2005 $18,752
2006 $20,851
2007 $23,137
2008 $25,626
2009 $28,334
2010 $31,278
2011 $34,478
2012 $37,954
2013 $41,727
2014 $45,821
2015 $50,262
2016 $55,076
2017 $60,293
2018 $60,376
All other provisions of the SERP, which are not specifically modified by
this First Amendment, are hereby incorporated and shall remain in full force and
effect.
IN WITNESS WHEREOF, the Bank and the Executive have caused this First
Amendment, effective as of the above date, to be executed.
WITNESS: MAGYAR SAVINGS BANK:
By: /s/ Xxxxxx X. Xxxxxx
----------------------- ------------------------
Title: President/CEO
------------------------
XXXXXXXXX X. XXXXX:
/s/ Xxxxxxxxx X. Xxxxx
--------------------------------
