Exhibit 10.3
AMENDED AND
RESTATED
PAMRAPO SAVINGS BANK,
S.L.A.
DIRECTORS’ CONSULTATION AND
RETIREMENT PLAN
1. Purpose . The purpose of
the Plan is to provide benefits to retired Directors of the Bank
who are not officers or employees of the Bank and who have provided
expertise in enabling the Bank to experience successful growth and
development during their tenure as Directors.
2. Definitions .
(a) “Annual Retainer
Fee” means the amount equal to 50% of the annual
Director’s retainer fee paid by the Bank to its Directors.
The Annual Retainer Fee as to each Director will be determined as
of the date the Director retires.
(b) “Annual Meetings
Fee” means the amount equal to 50% of the annual
Director’s meetings fee paid by the Bank to its Directors for
attendance at monthly meetings of the Bank’s Board of
Directors. The Annual Meeting Fee as to each Director will be
determined as of the date the Director retires.
(c) “Bank” means Pamrapo
Savings Bank, S.L.A. or any successor or predecessor thereto by
merger, consolidation, liquidation or other
reorganization.
(d) “Director” means a
person who is not an officer or employee of the Bank and who is
elected or appointed to the office of Director of the
Bank.
(e) “Participant” means
a retired Director who is eligible to receive Retirement Benefits
as set forth in Section 4 of this Plan.
(f) “Retirement
Benefits” means those benefits described in Section 4 of
this Plan.
(g) “Retirement Date”
means the effective date the Director retires from the Board of
Directors.
3. Eligibility . Any person
who serves as a Director for ten (10) years shall upon
retirement be a Participant in the Plan. The mandatory retirement
age shall be 75 for Directors appointed or elected to the Board of
Directors after January 1, 2004. Any Director serving on the
Board of Directors prior to January 1, 2004 shall not be
subject to any mandatory retirement age. Any person who
(i) serves as a Director for less than ten (10) years or
(ii) has been terminated as a Director for cause regardless of
length of service, shall not be a
