Exhibit 10.4



 Exhibit 10.4 
 CULLMAN SAVINGS BANK 
 DIRECTOR SPLIT DOLLAR AGREEMENT 
 THIS DIRECTOR SPLIT DOLLAR AGREEMENT (this “Agreement”) is made as of this      day of
            , 2008 by and between Cullman Savings Bank, a federally chartered thrift, supervised by the Office of Thrift Supervision (the “Bank”), located in Cullman, Alabama, and
            ] (the “Director”). 
 WHEREAS, to encourage the
Director to remain a Director of the Bank, the Bank is willing to allocate a portion of the death proceeds of a life insurance policy on the Director’s life to the Director’s beneficiary(ies) if the Director dies while actively serving as
a member of the Board of Director’s of the Bank. The Bank will pay life insurance premiums from its general assets. 
 NOW
THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Bank and the Director hereby agree as follows. 
 ARTICLE 1 
 DEFINITIONS

 Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
 1.1 “Director’s Interest” means the benefit set forth in Section 2 
 1.2 “Insured” means the Director. 
 1.3 “Insurer” means each life insurance carrier in which there is a Split Dollar Policy Endorsement attached to this Split Dollar Agreement. 







 1.4 “Net Amount At Risk” as used in this agreement refers to the difference in the Death
Benefit payable by the insurance carrier and the Cash Value of the policy(ies) owned by the Bank on the Director’s life. 
 1.5
“Policy” means the specific life insurance policy or policies issued by the Insurer(s). 
 1.6 “Split Dollar Policy
Endorsement” means the form required by the Administrator or the Insurer to indicate the Director’s interest, if any, in a Policy on the Director’s life. 
 1.7 “Termination of Service” with the Bank means that the Director shall have ceased to be a member of the Board of Directors of the
Bank for any reason whatsoever, excepting a leave of absence approved by the Bank. For purposes of this Agreement, if there is a dispute over the status of the Director or the date of termination of the Director’s service, the Bank shall have
the sole and absolute right to decide the dispute. 
 ARTICLE 2 
 POLICY OWNERSHIP/INTERESTS 
 2.1 Bank Ownership. The Bank is the sole
owner of the Policy and shall have the right to exercise all incidents of ownership. The Bank shall be the beneficiary of any death proceeds remaining after the Director’s Interest has been paid under Section 2.2 of this Split Dollar
Agreement. 
 2.2 Director’s Interest. In the case of the Director’s death before Termination of Service, the Director shall
have the right to designate the beneficiary(ies) of death proceeds in the amount of the lesser of: 
 (a) one hundred percent
(100%) of the portion of the insurance proceeds on the life of the Director and designated as the NAR (detailed on Schedule A) by the insurance carrier or; 
 (b) the Participant’s benefit calculated under section 7.1 of the Cullman Savings Bank Directors’ Deferred Cash Compensation
Plan. This amount is detailed on Schedule A. 
 Subject to the terms of this Split Dollar Agreement, including but not limited to the
Bank’s right to terminate this Split Dollar Agreement under Section 8.8, the Bank hereby endorses the Director’s Interest to the Director and agrees to execute any other or further documents that may be required to effectuate this
Split Dollar Agreement. The Director shall have the right to elect and change settlement options specified in the Policy that may be permitted. However, the Director, the Director’s transferee, and the Director’s beneficiary(ies) or estate
shall have no rights or interests in the Policy for that portion of the death proceeds designated in this Section 2.2 if Termination of Service of the Director occurs before Director’s death. 
 2.3 Premium Payment. The Bank shall pay any premiums due on the Policy. It is anticipated that the Policy will be a single premium modified
endowment contract 
  

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 2.4 Imputed Income. The Bank shall impute income to the Director in an amount equal to
(a) the current term rate for the Director’s age, multiplied by (b) the net death benefit payable to the Director’s beneficiary(ies). The current term rate is the minimum amount required to be imputed under Revenue Rulings 64-328
and 66-110, or any subsequent applicable authority. 
 2.5 Internal Revenue Code Section 1035 Exchanges. The Director recognizes
and agrees that the Bank may after this Director Split Dollar Agreement is adopted wish to exchange the Policy of life insurance on the Director’s life for another contract of life insurance insuring the Director’s life. Provided that the
Policy is replaced (or intended to be replaced) with a comparable policy of life insurance, the Director agrees to provide medical information and cooperate with medical insurance-related testing required by a prospective insurer for implementing
the Policy or, if necessary, for modifying or updating to a comparable insurer. 
 ARTICLE 3 
 BENEFICIARIES 
 3.1 Beneficiary
Designations. The Director shall designate a beneficiary by filing a written designation with the Bank. The Director’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Director, or if the
Director names a spouse as beneficiary and the marriage is subsequently dissolved. If the Director dies without a valid beneficiary designation, all payments shall be made to the Director’s estate. 
 ARTICLE 4 
 GENERAL LIMITATIONS 

 4.1 Termination of Service. Notwithstanding any provision of this Agreement to the contrary, the Director’s Interest in the
Policy shall terminate if the Director’s service as a member of the Board of Directors is terminated any reason by either party, including retirement, and the Bank’s obligations under this Agreement shall terminate as of the effective date
of the termination of service. 
 4.2 Removal. Notwithstanding any provision of this Agreement to the contrary, if the Director is
removed from the Board of Directors of the Bank or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. 1818(e)(4) or
(g)(1), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order. 
 4.3 Insurer. The
Insurer shall be bound only by the terms of the Policy. Any payments the Insurer makes or actions it takes in accordance with the Policy shall fully discharge it from all claims, suits and demands of all entities or persons. The Insurer shall not be
bound by or be deemed to have notice of the provisions of this Director Split Dollar Agreement. 
  

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 ARTICLE 5 
 CLAIMS AND REVIEW PROCEDURES 
 5.1 Claims Procedure. If the Administrator denies part of or
the entire claim, the claimant shall have the opportunity for a full and fair review by the Administrator of the denial, as follows: 
 5.1.1 Initiation: Written Claim. The claimant initiates a claim by submitting to the Administrator a written claim for the benefits. 
 5.1.2 Timing of Administrator Response. The Administrator shall respond to such claimant within 90 days after receiving the claim. If the Administrator determines that special circumstances require additional
time for processing the claim, the Administrator can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day period, that an additional period is required. The notice of
extension must set forth the special circumstances and the date by which the Administrator expects to render its decision. 
 5.1.3 Notice of Decision. If the Administrator denies part or all of the claim, then the Administrator shall notify the claimant in writing of such denial. The Administrator shall write the notification in a manner calculated to be
understood by the claimant. The notification shall set forth: 
 (a) the specific reasons for the denial, 
 (b) a reference to the specific provisions of this Agreement on which the denial is based, 
 (c) a description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it
is needed, 
 (d) an explanation of this Agreement’s review procedures and the time limits applicable to such procedures,
and 
 (e) a statement of the claimant’s right, if any, to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on review. 
 5.2 Review Procedure. If the Administrator denies part or all of the claim, then the
claimant shall have the opportunity for a full and fair review by the Administrator of the denial, as follows: 
 5.2.1
Initiation of Written Request. To initiate the review, the claimant must file with the Administrator a written request for review within 60 days after receiving the Administrator’s notice of denial. 
 5.2.2 Additional Submissions for Information Access. The claimant shall then have the opportunity to submit written comments,
documents, records, and other 

  

 4 








 
information relating to the claim. The Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of,
all documents, records, and other information relevant to the claimant’s claim for benefits. 
 5.2.3 Considerations
on Review. In considering the review, the Administrator shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial
benefit determination. 
 5.2.4 Timing of Administrator Response. The Administrator shall respond in writing to such
claimant within 60 days after receiving the request for review. If the Administrator determines that special circumstances require additional time for processing the claim, then the Administrator can extend the response period by an additional 60
days by notifying the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Administrator expects to
render its decision. 
 5.2.5 Notice of Decision. The Administrator shall notify the claimant in writing of its
decision on review. The Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 
 (a) the specific reasons for the denial, 
 (b) a reference to the specific provisions of this Agreement on which the denial is based, 
 (c) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits, and

 (d) a statement of the claimant’s right, if any, to bring a civil action under ERISA Section 502(a). 

ARTICLE 6 
 ADMINISTRATION 

 6.1 Administration. This Director Split Dollar Agreement shall be administered by an Administrator, which shall consist of the
Bank’s board of directors or such committee as the board shall appoint. The Director may be a member of the Administrator. The Administrator shall also have the discretion and authority to: 
 (a) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Director Split Dollar
Agreement and 
 (b) decide or resolve any and all questions, including interpretations of this Director Split Dollar
Agreement, as may arise in connection with the Director Split Dollar Agreement. 
  

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 6.2 Named Agents. In the administration of this Director Split Dollar Agreement, the Administrator
may employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel, who may be counsel to the Bank. 
 6.3 Binding Effect of Decisions. The decision or action of the Administrator with respect to any question arising out of or in connection with the
administration, interpretation, and application of this Director Split Dollar Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this Director Split Dollar
Agreement. 
 6.4 Indemnity of Administrator. The Bank shall indemnify and hold harmless the members of the Administrator against any
and all claims, losses, damages, expenses, or liabilities arising from any action or failure to act with respect to this Director Split Dollar Agreement, except in the case of willful misconduct by the Administrator or any of its members.

 6.5 Information. To enable the Administrator to perform its functions, the Bank shall supply full and timely information to the
Administrator on all matters relating to the date and circumstances of the retirement, death, or Termination of Employment of the Director and such other pertinent information as the Administrator may reasonably require. 
 ARTICLE 7 
 MISCELLANEOUS

 7.1 Amendment and Termination. This Director Split Dollar Agreement shall terminate automatically if Termination as a Director
occurs before the Director’s death. This Director Split Dollar Agreement shall also terminate upon the occurrence of any one of the following: 
 (a) surrender, lapse, or other termination of the Policy by the Bank, which the Bank reserves the absolute right to do, or 
 (b) cessation of the Bank’s business, which is not continued by the Bank’s successor, if any, or 
 (c) written notice of termination by either of the Bank or the Director, or 
 (d) bankruptcy,
receivership, or dissolution of the Bank, or 
 (e) distribution of the death benefit proceeds in accordance with
Section 2.2 above, or 
 (f) if the Director commits suicide within three years after the issuance of the Policy on the
Director’s life. 
  

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 If this Director Split Dollar Agreement is terminated, the Bank may in its sole discretion retain or
terminate the Policy. 
 7.2 Binding Effect. This Agreement shall bind the Director and the Bank and their beneficiaries, survivors,
executors, administrators, and transferees. 
 7.3 Non-Transferability. Benefits under this Agreement cannot be sold, transferred,
assigned, pledged, attached, or encumbered in any manner. 
 7.4 Tax Withholding. The Bank shall withhold any taxes that are required
to be withheld from the benefits provided under this Agreement. 
 7.5 Applicable Law. Except to the extent preempted by the laws of
the United States of America, the validity, interpretation, construction, and performance of this Agreement shall be governed by and construed in accordance with the laws of the State of Alabama, without giving effect to the principles of conflict
of laws of such state. 
 7.6 Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Director
concerning the subject matter hereof. No rights are granted to the Director’s beneficiary(ies) under this Agreement other than those specifically set forth herein. 
 7.7 Severability. If for any reason any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement not held invalid, and to the full extent consistent
with law each such other provision shall continue in full force and effect. If any provision of this Agreement is held invalid in part, such invalidity shall not affect the remainder of such provision, and to the full extent consistent with law the
remainder of such provision shall, together with all other provisions of this Agreement, continue in full force and effect. 
 7.8
Headings. The captions and section headings in this Agreement are included solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement. 
 7.9 Notices. All notices, requests, demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given if
delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid, to the following addresses or to such other address as either party may designate by like notice. 
  

	 	(a)	If to the Bank, to: 

 The Board of
Directors 
 Cullman Savings Bank 
 316 Second Avenue S.W. 
 Cullman, AL 35055 
  

 7 









	 	(b)	If to the Director, to: 

 [NAME]

 [ADDRESS] 
 [CITY], [ST] 
 and to such other or additional person or persons as either party shall have designated to
the other party in writing by like notice. 
 7.10 Successors. By an assumption agreement in form and substance satisfactory to the
Director, the Bank shall require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Bank to expressly assume and agree to perform this Director
Split Dollar Agreement in the same manner and to the same extent that the Bank would be required to perform this Director Split Dollar Agreement if no succession had occurred. 
  

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 IN WITNESS WHEREOF, the Director and a duly authorized Bank officer have executed this Agreement
as of the day and year first written above. 
  

					
	DIRECTOR	 	BANK
		 	Cullman Savings Bank
			
	  
	 	By:	 	  

		 	Title:	 	  


 [NAME] 
 AGREEMENT TO COOPERATE WITH INSURANCE UNDERWRITING INCIDENT 
 TO INTERNAL REVENUE CODE SECTION 1035 EXCHANGE

 I acknowledge that I have read the Director Split Dollar Agreement and agree to be bound by its terms, particularly the covenant on my
part set forth in section 2.5 of the Director Split Dollar Agreement to provide medical information and cooperate with medical insurance-related testing required by an insurer to issue a comparable insurance policy to cover the benefit provided
under this Director Split Dollar Agreement. 
  

			
	  
	    	  

	Witness	    	Director

  

 9 








 SCHEDULE “A” 
 To be completed for each Director 







 Cullman Savings Bank 
 

 
 Directors’ Deferred Compensation Plan 
 John A Riley III 
  

																			
	 Year
	 	Age	 	Director
Deferral	 	Bank Match	 	Yield	 	*Annual
Earnings
Charge	 	Vested
Payment	 	Account
Balance	 	*Deferred
Tax Asset
Account	 	*After Tax
Cost
	2008	 	43	 	12,000	 	6,000	 	503	 	18,503	 	0	 	18,503	 	7,031	 	11,472
	2009	 	44	 	12,000	 	6,000	 	1,645	 	19,645	 	0	 	38,148	 	7,465	 	12,180
	2010	 	45	 	12,000	 	6,000	 	2,856	 	20,856	 	0	 	59,004	 	7,925	 	12,931
	2011	 	46	 	12,000	 	6,000	 	4,143	 	22,143	 	0	 	81,147	 	8,414	 	13,728
	2012	 	47	 	12,000	 	6,000	 	5,508	 	23,508	 	0	 	104,655	 	8,933	 	14,575
	2013	 	48	 	12,000	 	6,000	 	6,958	 	24,958	 	0	 	129,613	 	9,484	 	15,474
	2014	 	49	 	12,000	 	6,000	 	8,498	 	26,498	 	0	 	156,111	 	10,069	 	16,429
	2015	 	50	 	12,000	 	6,000	 	10,132	 	28,132	 	0	 	184,243	 	10,690	 	17,442
	2016	 	51	 	12,000	 	6,000	 	11,867	 	29,867	 	0	 	214,110	 	11,349	 	18,518
	2017	 	52	 	12,000	 	6,000	 	13,709	 	31,709	 	0	 	245,819	 	12,049	 	19,660
	2018	 	53	 	12,000	 	6,000	 	15,665	 	33,665	 	0	 	279,484	 	12,793	 	20,872
	2019	 	54	 	12,000	 	6,000	 	17,741	 	35,741	 	0	 	315,225	 	13,582	 	22,160
	2020	 	55	 	12,000	 	6,000	 	19,946	 	37,946	 	0	 	353,171	 	14,419	 	23,526
	2021	 	56	 	12,000	 	6,000	 	22,286	 	40,286	 	0	 	393,457	 	15,309	 	24,977
	2022	 	57	 	12,000	 	6,000	 	24,771	 	42,771	 	0	 	436,228	 	16,253	 	26,518
	2023	 	58	 	12,000	 	6,000	 	27,409	 	45,409	 	0	 	481,637	 	17,255	 	28,154
	2024	 	59	 	12,000	 	6,000	 	30,210	 	48,210	 	0	 	529,847	 	18,320	 	29,890
	2025	 	60	 	12,000	 	6,000	 	33,183	 	51,183	 	0	 	581,030	 	19,450	 	31,734
	2026	 	61	 	12,000	 	6,000	 	36,340	 	54,340	 	0	 	635,370	 	20,649	 	33,691
	2027	 	62	 	12,000	 	6,000	 	39,692	 	57,692	 	0	 	693,061	 	21,923	 	35,769
	2028	 	63	 	12,000	 	6,000	 	43,250	 	61,250	 	0	 	754,311	 	23,275	 	37,975
	2029	 	64	 	12,000	 	6,000	 	47,028	 	65,028	 	0	 	819,339	 	24,710	 	40,317
	2030	 	65	 	2,000	 	1,000	 	48,594	 	51,594	 	92,209	 	778,723	 	19,606	 	31,988
	2031	 	66	 	0	 	0	 	44,936	 	44,936	 	110,651	 	713,008	 	17,076	 	27,860
	2032	 	67	 	0	 	0	 	40,883	 	40,883	 	110,651	 	643,240	 	15,535	 	25,347
	2033	 	68	 	0	 	0	 	36,579	 	36,579	 	110,651	 	569,168	 	13,900	 	22,679
	2034	 	69	 	0	 	0	 	32,011	 	32,011	 	110,651	 	490,528	 	12,164	 	19,847
	2035	 	70	 	0	 	0	 	27,160	 	27,160	 	110,651	 	407,037	 	10,321	 	16,839
	2036	 	71	 	0	 	0	 	22,011	 	22,011	 	110,651	 	318,397	 	8,364	 	13,647
	2037	 	72	 	0	 	0	 	16,544	 	16,544	 	110,651	 	224,290	 	6,287	 	10,257
	2038	 	73	 	0	 	0	 	10,740	 	10,740	 	110,651	 	124,378	 	4,081	 	6,658
	2039	 	74	 	0	 	0	 	4,577	 	4,577	 	110,651	 	18,304	 	1,739	 	2,838
	2040	 	75	 	0	 	0	 	137	 	137	 	18,442	 	0	 	52	 	85
	2041	 	76	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2042	 	77	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2043	 	78	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2044	 	79	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2045	 	80	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
		 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 		 		 	133,000	 	707,510	 	1,106,510	 	1,106,510	 		 	420,474	 	686,037
		 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 








 Cullman Savings Bank 
 

 
 Directors’ Deferred Compensation Plan 
 Nancy McClellan 
  

																			
	 Year
	 	Age	 	Director
Deferral	 	Bank Match	 	Yield	 	*Annual
Earnings
Charge	 	Vested
Payment	 	Account
Balance	 	*Deferred
Tax Asset
Account	 	*After Tax
Cost
	2008	 	51	 	6,000	 	6,000	 	336	 	12,336	 	0	 	12,336	 	4,688	 	7,648
	2009	 	52	 	12,000	 	6,000	 	1,264	 	19,264	 	0	 	31,600	 	7,320	 	11,944
	2010	 	53	 	12,000	 	6,000	 	2,452	 	20,452	 	0	 	52,052	 	7,772	 	12,680
	2011	 	54	 	12,000	 	6,000	 	3,714	 	21,714	 	0	 	73,766	 	8,251	 	13,463
	2012	 	55	 	12,000	 	6,000	 	5,053	 	23,053	 	0	 	96,819	 	8,760	 	14,293
	2013	 	56	 	12,000	 	6,000	 	6,475	 	24,475	 	0	 	121,294	 	9,300	 	15,174
	2014	 	57	 	12,000	 	6,000	 	7,984	 	25,984	 	0	 	147,278	 	9,874	 	16,110
	2015	 	58	 	12,000	 	6,000	 	9,587	 	27,587	 	0	 	174,866	 	10,483	 	17,104
	2016	 	59	 	12,000	 	6,000	 	11,289	 	29,289	 	0	 	204,154	 	11,130	 	18,159
	2017	 	60	 	12,000	 	6,000	 	13,095	 	31,095	 	0	 	235,249	 	11,816	 	19,279
	2018	 	61	 	12,000	 	6,000	 	15,013	 	33,013	 	0	 	268,262	 	12,545	 	20,468
	2019	 	62	 	12,000	 	6,000	 	17,049	 	35,049	 	0	 	303,311	 	13,319	 	21,730
	2020	 	63	 	12,000	 	6,000	 	19,211	 	37,211	 	0	 	340,522	 	14,140	 	23,071
	2021	 	64	 	12,000	 	6,000	 	21,506	 	39,506	 	0	 	380,028	 	15,012	 	24,494
	2022	 	65	 	3,000	 	1,500	 	22,880	 	27,380	 	38,996	 	368,413	 	10,405	 	16,976
	2023	 	66	 	0	 	0	 	21,269	 	21,269	 	51,995	 	337,687	 	8,082	 	13,187
	2024	 	67	 	0	 	0	 	19,374	 	19,374	 	51,995	 	305,066	 	7,362	 	12,012
	2025	 	68	 	0	 	0	 	17,362	 	17,362	 	51,995	 	270,433	 	6,597	 	10,764
	2026	 	69	 	0	 	0	 	15,226	 	15,226	 	51,995	 	233,663	 	5,786	 	9,440
	2027	 	70	 	0	 	0	 	12,958	 	12,958	 	51,995	 	194,626	 	4,924	 	8,034
	2028	 	71	 	0	 	0	 	10,550	 	10,550	 	51,995	 	153,182	 	4,009	 	6,541
	2029	 	72	 	0	 	0	 	7,994	 	7,994	 	51,995	 	109,181	 	3,038	 	4,956
	2030	 	73	 	0	 	0	 	5,280	 	5,280	 	51,995	 	62,466	 	2,006	 	3,274
	2031	 	74	 	0	 	0	 	2,399	 	2,399	 	51,995	 	12,870	 	912	 	1,487
	2032	 	75	 	0	 	0	 	129	 	129	 	12,999	 	0	 	49	 	80
	2033	 	76	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2034	 	77	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2035	 	78	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2036	 	79	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2037	 	80	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2038	 	81	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2039	 	82	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2040	 	83	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2041	 	84	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2042	 	85	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2043	 	86	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2044	 	87	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2045	 	88	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
		 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 		 		 	85,500	 	269,449	 	519,949	 	519,949	 		 	197,581	 	322,368
		 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 








 Cullman Savings Bank 
 

 
 Directors’ Deferred Compensation Plan 
 Bill Peinhardt 
  

																			
	 Year
	 	Age	 	Director
Deferral	 	Bank Match	 	Yield	 	*Annual
Earnings
Charge	 	Vested
Payment	 	Account
Balance	 	*Deferred
Tax Asset
Account	 	*After Tax
Cost
	2008	 	62	 	6,000	 	6,000	 	336	 	12,336	 	0	 	12,336	 	4,688	 	7,648
	2009	 	63	 	6,000	 	6,000	 	1,096	 	13,096	 	0	 	25,432	 	4,977	 	8,120
	2010	 	64	 	6,000	 	6,000	 	1,904	 	13,904	 	0	 	39,336	 	5,284	 	8,621
	2011	 	65	 	5,000	 	5,000	 	2,754	 	12,754	 	1,145	 	50,945	 	4,846	 	7,907
	2012	 	66	 	0	 	0	 	2,950	 	2,950	 	6,871	 	47,024	 	1,121	 	1,829
	2013	 	67	 	0	 	0	 	2,708	 	2,708	 	6,871	 	42,861	 	1,029	 	1,679
	2014	 	68	 	0	 	0	 	2,451	 	2,451	 	6,871	 	38,441	 	932	 	1,520
	2015	 	69	 	0	 	0	 	2,179	 	2,179	 	6,871	 	33,749	 	828	 	1,351
	2016	 	70	 	0	 	0	 	1,889	 	1,889	 	6,871	 	28,767	 	718	 	1,171
	2017	 	71	 	0	 	0	 	1,582	 	1,582	 	6,871	 	23,478	 	601	 	981
	2018	 	72	 	0	 	0	 	1,256	 	1,256	 	6,871	 	17,862	 	477	 	779
	2019	 	73	 	0	 	0	 	910	 	910	 	6,871	 	11,901	 	346	 	564
	2020	 	74	 	0	 	0	 	542	 	542	 	6,871	 	5,572	 	206	 	336
	2021	 	75	 	0	 	0	 	154	 	154	 	5,726	 	0	 	59	 	96
	2022	 	76	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2023	 	77	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2024	 	78	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2025	 	79	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2026	 	80	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2027	 	81	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2028	 	82	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2029	 	83	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2030	 	84	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2031	 	85	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2032	 	86	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2033	 	87	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2034	 	88	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2035	 	89	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2036	 	90	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2037	 	91	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2038	 	92	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2039	 	93	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2040	 	94	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2041	 	95	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2042	 	96	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2043	 	97	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2044	 	98	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2045	 	99	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
		 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 		 		 	23,000	 	22,712	 	68,712	 	68,712	 		 	26,110	 	42,601
		 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 








 Cullman Savings Bank 
 

 
 Directors’ Deferred Compensation Plan 
 Paul Bussman 
  

																			
	 Year
	 	Age	 	Director
Deferral	 	Bank Match	 	Yield	 	*Annual
Earnings
Charge	 	Vested
Payment	 	Account
Balance	 	*Deferred
Tax Asset
Account	 	*After Tax
Cost
	2008	 	52	 	12,000	 	6,000	 	503	 	18,503	 	0	 	18,503	 	7,031	 	11,472
	2009	 	53	 	6,000	 	6,000	 	1,477	 	13,477	 	0	 	31,980	 	5,121	 	8,356
	2010	 	54	 	6,000	 	6,000	 	2,308	 	14,308	 	0	 	46,288	 	5,437	 	8,871
	2011	 	55	 	6,000	 	6,000	 	3,191	 	15,191	 	0	 	61,479	 	5,772	 	9,418
	2012	 	56	 	6,000	 	6,000	 	4,127	 	16,127	 	0	 	77,606	 	6,128	 	9,999
	2013	 	57	 	6,000	 	6,000	 	5,l22	 	17,122	 	0	 	94,728	 	6,506	 	10,616
	2014	 	58	 	6,000	 	6,000	 	6,178	 	18,178	 	0	 	112,906	 	6,908	 	11,270
	2015	 	59	 	6,000	 	6,000	 	7,299	 	19,299	 	0	 	132,206	 	7,334	 	11,966
	2016	 	60	 	6,000	 	6,000	 	8,490	 	20,490	 	0	 	152,696	 	7,786	 	12,704
	2017	 	61	 	6,000	 	6,000	 	9,753	 	21,753	 	0	 	174,449	 	8,266	 	13,487
	2018	 	62	 	6,000	 	6,000	 	11,095	 	23,095	 	0	 	197,544	 	8,776	 	14,319
	2019	 	63	 	6,000	 	6,000	 	12,520	 	24,520	 	0	 	222,064	 	9,317	 	15,202
	2020	 	64	 	6,000	 	6,000	 	14,032	 	26,032	 	0	 	248,096	 	9,892	 	16,140
	2021	 	65	 	6,000	 	6,000	 	15,638	 	27,638	 	0	 	275,733	 	10,502	 	17,135
	2022	 	66	 	0	 	0	 	15,979	 	15,979	 	36,734	 	254,978	 	6,072	 	9,907
	2023	 	67	 	0	 	0	 	14,699	 	14,699	 	36,734	 	232,943	 	5,586	 	9,114
	2024	 	68	 	0	 	0	 	13,340	 	13,340	 	36,734	 	209,549	 	5,069	 	8,271
	2025	 	69	 	0	 	0	 	11,897	 	11,897	 	36,734	 	184,712	 	4,521	 	7,376
	2026	 	70	 	0	 	0	 	10,365	 	10,365	 	36,734	 	158,343	 	3,939	 	6,427
	2027	 	71	 	0	 	0	 	8,739	 	8,739	 	36,734	 	130,347	 	3,321	 	5,418
	2028	 	72	 	0	 	0	 	7,012	 	7,012	 	36,734	 	100,625	 	2,665	 	4,348
	2029	 	73	 	0	 	0	 	5,179	 	5,179	 	36,734	 	69,070	 	1,968	 	3,211
	2030	 	74	 	0	 	0	 	3,233	 	3,233	 	36,734	 	35,568	 	1,228	 	2,004
	2031	 	75	 	0	 	0	 	1,167	 	1,167	 	36,734	 	0	 	443	 	723
	2032	 	76	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2033	 	77	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2034	 	78	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2035	 	79	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2036	 	80	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2037	 	81	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2038	 	82	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2039	 	83	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2040	 	84	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2041	 	85	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2042	 	86	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2043	 	87	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2044	 	88	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
	2045	 	89	 	0	 	0	 	0	 	0	 	0	 	0	 	0	 	0
		 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 		 		 	84,000	 	193,345	 	367,345	 	367,345	 		 	139,591	 	227,754