Looking for an agreement? Search from over 1 million agreements now.

Benjamin Franklin Bank Supplemental Executive Retirement Plan With Stephen F. Banks

This is an actual contract by Benjamin Franklin Bancorp.
Browse the agreement preview below and buy the entire agreement for $35
Search This Document
EXHIBIT 10.4.2


BENJAMIN FRANKLIN SAVINGS BANK


SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN


EFFECTIVE AS OF JANUARY 1, 2000


BENJAMIN FRANKLIN SAVINGS BANK


SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN


1. Purpose.


The purpose of the Benjamin Franklin Savings Bank Supplemental Executive Retirement Plan (the "Plan") is to provide supplemental retirement benefits to certain executives of Benjamin Franklin Savings Bank (hereinafter called the "Bank"), who have been designated by the Board of Directors of the Bank as being eligible to participate in the Plan.


2. Definitions.


2.1 "Accrued Benefit" shall mean the benefit amount the Participant would be entitled to under Section 3.1, commencing at his Normal Retirement Date.


(a) In the event of (i) death, (ii) disability, (iii) termination of employment, (iv) early retirement, or (v) merger, consolidation or sale, as the case may be, the benefit to which the Participant will be entitled shall be determined by first (A) multiplying the Participant's Benefit Computation Base by a fraction, not to exceed (1), the numerator of which is the actual number of months of the Participant's employment with the Bank, and the denominator of which is 180 months, and then (B) reducing the adjusted Benefit Computation Base by the offsets in Section 3.1(a)(i) through (a)(iv), as modified by (b) below.


(b) If the Participant employment terminates for any reason prior to his Normal Retirement Date, in calculating his Accrued Benefit, (i) the offset for Primary Social Security retirement benefit shall be calculated on the basis of the amount projected to be payable at the Participant's Social Security normal retirement age assuming continued earnings by the Participant at the rate in effect at termination of employment until the Participant's Social Security normal retirement age; (ii) the offset for any qualified defined benefit plan shall


be calculated on the basis of the Participant's accrued benefit in said plan upon termination of employment projected to be payable at the Participant's Normal Retirement Date; (iii) the offset for any benefits arising from employer contributions attributable to the account balances of the Participant arising from the Bank's 401(k) plan shall also be calculated on the basis of the Participant's account balance in such plan upon termination of employment projected to be payable at the Participant's Normal Retirement Date using an investment return assumption of 6% per annum; and (iv) the offset for any other non-qualified supplemental retirement plan shall be calculated on the basis of the Participant's accrued benefit in said plan upon termination of employment projected to be payable at the Participant's Normal Retirement Date.


2.2 "Bank" shall mean the Benjamin Franklin Savings Bank, a Massachusetts corporation, and any affiliated entity, successor organization, parent, subsidiary or holding company.


2.3 "Benefit Computation Base" shall mean the average of the Participant's annual compensation (including base salary, bonus, and any salary reduction amounts pursuant to Sections 401(k) or 125 of the Internal Revenue Code of 1986, as amended) paid during the 36 consecutive calendar months during the Participant's last ten years of employment by the Bank in which such compensation is the highest.


2.4 "Board of Directors" shall mean the Board of Directors of the Bank in office from tune to time.


2


2.5 "Cause" shall mean


(a) willful misconduct by the Participant which is materially and demonstratively injurious to the Bank;


(b) continued and willful failure by the Participant to substantially perform his duties after written demand for performance is delivered (specifically describing the manner in which he has not substantially performed his duties), except in the case of disability; or


(c) criminal or civil conviction of the Participant, a plea of nolo contendere by the Participant or conduct by the Participant that would reasonably be expected to result in material injury to the reputation of the Bank if he were retained in his position with the Bank.


2.6 "Normal Form" under the Plan shall mean the 15-year installment payment, payable monthly.


2.7 "Normal Retirement Date" shall mean the first day of the month coincident with or next following a Participant's 65th birthday.


2.8 "Participant" shall mean an executive of the Bank who has been designated by the Board of Directors of the Bank as being eligible to participate in the Plan. The initial Participants are listed on Schedule A attached hereto.


3. Benefits.


3.1 Normal Retirement Benefit.


(a) If a Participant shall continue in the employment of the Bank until his Normal Retirement Date, he shall be entitled to a Normal Retirement Benefit, determined as of the effective date of his actual retirement and continuing in the same amount for 15 years,


3


payable monthly, in the annual amount of 65% of his Benefit Computation Base (hereinafter defined), reduced by the sum of (i), (ii), (iii) and (iv) below.


(i) Fifty percent (50%) of the Participant's annual Primary
Social Security retirement benefit projected to be payable as of the
Participant's Social Security normal retirement age;


(ii) The annual amount of benefits payable to the Participant
(or his beneficiary) at his Normal Retirement Date calculated on a single
life annuity basis from any qualified defined benefit pension plan
maintained and funded by the Bank, as such plan or plans may be amended or
modified from time to time;


(iii) The annual amount of benefits payable to the Participant
at his Normal Retirement Date on an installment basis over 15 years
attributable to the portion of the account balances of the Participant
arising from employer contributions (but excluding the portion of such
balances arising from employee pre-tax and post-tax contributions) at the
date of determination, from the Bank's 401(k) plan maintained by the Bank,
as such plan may be modified from time to time;


(iv) The annual amount of benefits payable to the Participant
at his Normal Retirement Date on an installment basis over 15 years from
any other non-qualified supplemental retirement plan maintained and funded
by the Bank, as such plan or plans may be amended or modified from time to
time.


(b) If a Participant has (or will have) completed fewer than 15 years (or 180 months) of service with the Bank as of his Normal Retirement Date, then the Normal Retirement Benefit shall be the amount determined by first (i) multiplying his Benefit


4


Computation Base by a fraction, not to exceed one (1), the numerator of which is the actual number of months of the Participant's employment with the Bank, and the denominator of which is 180 months and then (ii) reducing the adjusted Benefit Computation Base by the offsets in (a)(i) through (a)(iv) above.


3.2 Death of Participant.


(a) If a Participant dies while employed by the Bank but prior to the commencement of the payment of benefits under this Plan, the Bank will pay to the Participant's named beneficiary on a monthly basis, for a period of 15 years, commencing on the first day of the month next following the delivery to the Bank of a death certificate, an annual amount equal to the Participant's Accrued Benefit as of the Participant's date of death.


(b) If a Participant dies following the commencement of the payment of benefits pursuant to t
-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |