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Exhibit 10.2
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN JOINDER
AGREEMENT
I, JAMES E. YOUNG, 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 $132,311.00 . My Supplemental Retirement
Benefit shall be payable in 180 monthly installments of
$11,025.92 commencing within 90 days following my Benefit
Eligibility Date.
Involuntary Separation from Service at Any Time
. In the event of my involuntary Separation from Service
(other than for Cause) prior to my Benefit Age, I will be entitled
to my full Supplemental Retirement Benefit payable commencing at my
Benefit Age in 180 monthly installments.
Voluntary Separation from Service Prior to Benefit
Age :
·
On or After Age 62 . I
understand that in the event of my voluntary Separation from
Service on or after age 62, I will be entitled to my Supplemental
Retirement Benefit payable commencing at my Benefit Age in 180
monthly installments.
·
Before Age 62 . In the
event of my voluntary Separation from Service prior to attainment
of Age 62 (other than for Cause), I will be entitled to my Accrued
Benefit, determined as of the date of my voluntary Separation from
Service, increased by the Interest Factor until my Benefit Age,
then annuitized at my Benefit Age (using the Interest Factor) and
payable commencing at my Benefit Age over the Payout
Period.
Termination for Cause .&nb
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