Company: SFBC
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0001541119-25-000013
Chunk: 29

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 29
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 Ms. Sexton and Mr. Ochs earned bonuses of 54.79%, 41.09% and 41.09% of base salary, respectively. The bonus amount earned by each of the named executive officers for 2024 is included in the “Non-Equity Incentive Plan Compensation” column in the Summary Compensation Table above.

Supplemental Executive Retirement Plans. The Company maintains two supplemental executive retirement plans for the benefit of Ms. Stewart, which are intended to be unfunded, non-contributory defined benefit plans maintained primarily to provide her with supplemental retirement income. The first supplemental executive retirement plan (“SERP 1”) became effective as of August 14, 2007. The second supplemental executive retirement plan (“SERP 2”) became effective as of December 30, 2011, at which time the benefits under SERP 1 were frozen. At that time, the Company also entered into a Confidentiality, Non-Competition, and Non-Solicitation Agreement with Ms. Stewart, which is discussed below.

Under the terms of SERP 1, as amended, Ms. Stewart is entitled to receive $53,320 per year for life commencing on the first day of the month following her separation from service (as defined in SERP 1) for any reason from Sound Community Bank, subject to a six-month delay if required by Section 409A of the IRC. No payments will be made under SERP 1 in the event of Ms. Stewart’s death and any payments that have commenced

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will cease upon death. In the event Ms. Stewart is involuntarily terminated in connection with a change in control (as defined in SERP 1), she will be entitled to receive the annual benefit described in the first sentence of this paragraph commencing upon such termination, subject to a six-month delay if required by Section 409A of the IRC.

Under the terms of SERP 2, as amended, upon Ms. Stewart's termination of employment with Sound Community Bank for any reason other than death, she will be entitled to receive additional retirement benefits each month for life commencing on the first day of the month following her separation from service (as defined in SERP 2) from Sound Community Bank, subject to a six-month delay if required by Section 409A of the IRC. The additional retirement benefits will equal the amount payable from the annuity underlying SERP 2, which benefits would equal $99,450