Mutual Savings Executive Excess Benefit Plan

MUTUAL SAVINGS BANK


EXECUTIVE EXCESS BENEFIT PLAN


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MUTUAL SAVINGS BANK


EXECUTIVE EXCESS BENEFIT PLAN


TABLE OF CONTENTS


Page
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Preamble


1. Purpose 1


2. Participation 1


3. Benefits Upon Retirement 1


4. Pre-Retirement Death Benefits 1


5. Form of Payment 2


6. General Creditor Status 3


7. Nonassignment 3


8. Government Regulations 3


9. Taxes 3


10. No Right to Continued Employment 3


11. Termination of Modification of Plan 4


12. Claims Procedure 4


13. Review Procedure 4


14. Legal Fees and Expenses 5


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EXHIBIT 10.3


MUTUAL SAVINGS BANK


EXECUTIVE EXCESS BENEFIT PLAN


Preamble


The Mutual Savings Bank Executive Excess Benefit Plan is hereby amended effective as of March 1, 1993 to read as follows:


1. Purpose. The Executive Excess Benefit Plan (the "Excess Plan") is
maintained by Mutual Savings Bank ("Mutual") for the purpose of providing
retiree benefits for a select group of management or highly compensated
employees within the meaning of Title I of the Employee Retirement Income
Security Act of 1974, as amended. The objective of the Plan is to provide
an incentive for key employees to remain in the service of Mutual by
providing them with an increased retirement benefit.


2. Participation. The term "Participant" as used herein refers to any employee
of Mutual who shall have been designated by the Board of Directors of
Mutual to be eligible as a Participant under the Excess Plan in accordance
with the provisions hereof. Once an employee has been designated as a
Participant, the Participant shall continue to earn benefits until his/her
termination of employment.


3. Benefits Upon Retirement. Upon the retirement or other termination of a
Participant as an employee of Mutual, and/or its affiliates, such
Participant shall be entitled to receive a monthly benefit equal to the
excess of (a) over (b), if any, where:


(a) equals the Participant's accrued pension as would be computed as of
the date of determination under the provisions of the Mutual Savings Bank
Pension Plan, as the same may be amended from time to time, (the "Pension
Plan") if there were no ceiling on compensation taken into account for
purposes of the Pension Plan due to the requirements of IRC Section
401(a)(17) and if there were no limitation on benefits under the Pension
Plan due to the requirements of IRC Section 415, and


(b) equals the Participant's accrued pension, as of the date of
determination, under the provisions of the Pension Plan.


4. Pre-Retirement Death Benefits. Provided that a Participant is entitled to a
monthly pre-retirement death benefit under


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the Pension Plan, the Participant's beneficiary designated under the
Pension Plan shall be entitled to a death benefit under this Excess Plan if
the Participant dies prior to commencement of benefits hereunder. The
amount of such monthly pre-retirement death benefit shall equal the excess
of (a) over (b), if any, where:


(a) equals the pre-retirement death benefit, as would be computed as of
the date of determination under the provisions of the Pension Plan if there
were no ceiling on compensation taken into account for purposes of the
Pension Plan due to the requirements of IRC Section 401(a)(17) and if there
were no limitation on benefits under the Pension Plan due to the
requirements of IRC Section 415, and


(b) equals the pre-retirement death benefit, as of the date of
determination, under the provisions of the Pension Plan.


5. Form of Payment. The pension to the Participant under this Excess Plan
shall commence on the first of the month following the later of the
Participant's 65th birthday or termination of employment. However, if the
Participant terminates employment prior to age 65, his pension shall
commence on the first of the month following his 65th birthday or at such
earlier date following his termination of employment as is requested by the
Participant and to which the Board of Directors of Mutual, in its
discretion, agrees. If such earlier commencement is agreed to, s ...