Exhibit 10.4
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Keystone Savings Bank
Trustee and Executive Deferred Compensation Plan
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Keystone Savings
Bank Trustee and Executive Deferred Compensation Plan
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TABLE OF CONTENTS
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Article
Page
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1.0
Name of Plan and
Purpose..................................................1
2.0
Eligibility...............................................................1
3.0
Participation.............................................................1
4.0
Benefits..................................................................1
5.0
Funding...................................................................2
6.0
Contributions.............................................................2
7.0
Vesting...................................................................3
8.0
Distributions of
Benefits.................................................3
9.0
Beneficiary
Designation...................................................4
10.0
Administration............................................................4
11.0
Amendment and
Termination.................................................5
12.0
Miscellaneous.............................................................5
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KEYSTONE SAVINGS
BANK TRUSTEE AND EXECUTIVE DEFERRED COMPENSATION PLAN
1.0 Name of
Plan and Purpose
1.1 This
document will be known as the "Keystone Savings Bank Trustee
and Executive Deferred Compensation Plan" (the "Deferred Comp
Plan"). Its purpose is to enhance the retirement savings
benefits
available to the Trustees and select executives of Keystone
Savings Bank (the "Bank") by allowing Participants the
opportunity
to
contribute deferred portions of their cash compensation into an
investment fund that will be held for the benefit of the
Participants and their Designated Beneficiaries.
2.0
Eligibility
2.1
Eligibility under this Deferred Comp Plan will be restricted to
trustees of the Bank and select senior officers of the Bank who
are approved by the Retirement Plan Committee (the "Committee")
of
the Board of Trustees (the "Board) of the Bank to be
Participants
in this Deferred Comp Plan.
3.0
Participation
3.1 Trustees
and employees of the Bank who are eligible to participate
in this Deferred Comp Plan on the date of adoption of this
Deferred Comp Plan may become Participants in this Deferred
Comp
Plan as of that date.
3.2 Trustees
and employees of the Bank who become eligible to
participate in this Deferred Comp Plan after the date of
adoption
of this Deferred Comp Plan may become Participants in this
Deferred Comp Plan as of the first day on which they become
eligible.
4.0
Benefits
4.1 The
benefits to which a Participant will be entitled under this
Deferred Comp Plan will be equal to the balance in the
Participant's Deferred Comp Plan Account in the Deferred
Compensation Trust established under section 5.0 herein.
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Keystone Savings
Bank Trustee and Executive Deferred Compensation Plan
5.0
Funding
5.1 Within 15
business days after the close of each month, the Bank
will pay over in cash to the Trustees of a trust established
under
a separate trust agreement (which will be known as the
"Deferred
Compensation Trust") the aggregate amount of contributions to
the
Deferred Comp Plan for such month (as determined in section 6.0
herein). The Trustees of the Deferred Compensation Trust will
receive each aggregate cash contribution and allocate it to the
separate Deferred Comp Plan Accounts of the Participants (as
instructed by the Bank) established and maintained under the
Deferred Compensation Trust for the benefit of each Participant
(the "Participant's Deferred Comp Plan Account") to be held or
invested
as provided in the Deferred Compensation Trust Agreement.
6.0
Contributions
6.1 Each
Participant will elect, on or before December 31 of the year
preceding the Plan year, the amount of the Participant's annual
contribution to the Deferred Comp Plan for that Plan year (the
"Elected Contribution Amount").
6.2 Each
Participant may adjust the Elected Contribution Amount for
any Plan year by notifying the Committee, in writing. Such
adjustment shall take effect no earlier than the first pay
period
commencing after the written notification.
6.3 A
Participant's election to contribute to the Deferred Comp Plan
shall be made in a written statement to the Bank in such form
as
the Committee shall from time to time approve for that purpose.
6.4 The
Participant's Elected Contribution Amount shall be deducted
from the Participant's periodic cash compensation payments as
directed by the Participant in the Participant's election
statement and approved by the Committee.
6.5 If a
Participant becomes eligible to participate in the Deferred
Comp
Plan on or after the first day of a Plan Year, the
Participant's election for such Plan Year will be made before
the
first day of the next calendar month beginning after such day.
Such Participant's contributions
