Exhibit 10.3
SUPPLEMENTAL EXECUTIVE RETIREMENT
PLAN JOINDER AGREEMENT
I, CYNTHIA N. DAY, and CITIZENS
TRUST BANK hereby agree that in exchange for termination of my Life
Insurance Endorsement Method Split Dollar Plan Agreement
(“Split Dollar Agreement”), and for other good and
valuable consideration, the value of which is hereby acknowledged,
that I shall participate in the Supplemental Executive Retirement
Plan (“Plan”) established as of July 1, 2008 by
CITIZENS TRUST BANK, as such Plan may now exist or hereafter be
modified, and do further agree to the terms and conditions
thereof. I acknowledge and agree that this Plan supersedes
and replaces my Executive Supplemental Retirement Plan Agreement
(the “Indexed Retirement Plan”) in which I previously
participated. Capitalized terms not defined herein shall have
the same meaning as set forth in the Plan.
I understand that I must execute and
return a copy of this Supplemental Executive Retirement Plan
Joinder Agreement (“Joinder Agreement”) to the Plan
Administrator in order to participate in the Plan. The
provisions of the Plan are incorporated herein by reference.
In the event of an inconsistency between the terms of this Joinder
Agreement and the Plan, the terms of the Plan shall
control.
I understand that, unless otherwise
set forth herein, any benefit payable to me or my Beneficiary
hereunder shall be payable over 180 months (the “Payout
Period”).
Benefit Age
. My Benefit Age is sixty-five
(65).
Retirement On or After Benefit
Age , I
understand that I will receive my Supplemental Retirement Benefit
following my Separation from Service on or after attaining my
Benefit Age. My projected annual Supplemental Retirement
Benefit is $90,422.00 . My Supplemental Retirement
Benefit shall be payable in 180 monthly installments of
$7,535.17 commencing within 90 days following my Benefit
Eligibility Date.
Involuntary Separation from
Service . I
understand that in the event of my involuntary Separation from
Service (other than for Cause) before my Benefit Age, I will be
entitled to receive my full Supplemental Retirement Benefit (as set
forth above) payable commencing within 90 days of my Benefit Age in
180 monthly installments.
Voluntary Separation from
Service . I
understand that in the event of my voluntary Separation from
Service before my Benefit Age, I will be entitled to receive my
Accrued Benefit, increased by the Interest Factor until my Benefit
Age, annuitized at my Benefit Age (using the Interest Factor) and
payable commencing at my Benefit Age in 180 monthly
installments.
Termination for
Cause . I
understand that if I have a termination for Cause, my entire
benefit under this Plan shall be forfeited.
Death
Benefit:
·
Death Prior to Separation from
Service . I
understand that if I die at any time while still employed with the
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