Exhibit
10.11


 


ELGIN FINANCIAL SAVINGS BANK

SUPPLEMENTAL
EXECUTIVE RETIREMENT AGREEMENT


 


THIS AGREEMENT is adopted this 1st day of July, 2002,
by and between ELGIN FINANCIAL SAVINGS BANK, a State/Stock Savings Bank located
in Elgin, Illinois (the “Company”), and JAMES J. KOVAC (the “Executive”).


 


INTRODUCTION


 


To encourage the Executive to remain an employee of
the Company, the Company is willing to provide salary continuation benefits to
the Executive.  The Company will pay the
benefits from its general assets.


 


AGREEMENT


 


The Company and the Executive agree as follows:


 


Article 1

Definitions


 


Whenever used in this Agreement, the following words
and phrases shall have the meanings specified:


 


1.1                                 “Change of Control” means:


 


(a)                                  A
change in the ownership of the capital stock of the Company, whereby another
corporation, person, or group acting in concert (hereinafter this Agreement
shall collectively refer to any combination of these three [another
corporation, person, or group acting in concert] as a “Person”) as described in
Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), acquires, directly or indirectly, beneficial ownership (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of a number of
shares of capital stock of the Company 
which constitutes fifty percent (50%) or more of the combined voting
power of the Company’s then outstanding capital stock then entitled to vote
generally in the election of directors; or


 


(b)                                 The
persons who were members of the Board of Directors of the Company immediately
prior to a tender offer, exchange offer, contested election or any combination
of the foregoing, cease to constitute a majority of the Board of Directors; or


 


(c)                                  The
adoption by the Board of Directors of the Company of a merger, consolidation or
reorganization plan involving the Company in which the Company is not the
surviving entity, or a sale of all or substantially all of the assets of the
Company.  For purposes of this
Agreement, a sale of all or substantially all of the assets of the Company
shall be deemed to occur if any Person


 


1

















 


acquires (or during the 12-month period ending on the date of the most
recent acquisition by such Person, has acquired) gross assets of the Company
that have an aggregate fair market value equal to fifty percent (50%) or more
of the fair market value of all of the respective gross assets of the Company
immediately prior to such acquisition or acquisitions; or


 


(d)                                 A
tender offer or exchange offer is made by any Person which results in such
Person beneficially owning (within the meaning of Rule 13d-3 promulgated under
the Exchange Act) either fifty percent (50%) or more of the Company’s
outstanding shares of Common Stock or shares of capital stock having fifty
percent (50%) or more the combined voting power of the Company’s then
outstanding capital stock (other than an offer made by the Company), and
sufficient shares are acquired under the offer to cause such person to own fifty
percent (50%) or more of the voting power; or


 


(e)                                  Any
other transactions or series of related transactions occurring which have
substantially the same effect as the transactions specified in any of the
preceding clauses of this Section 1.1.


 


Notwithstanding the
above, certain transfers are permitted within Section 318 of the Code and such
transfers shall not be deemed a Change of Control under this Section 1.1.


 


1.2                                 “Code”
means the Internal Revenue Code of 1986, as amended.


 


1.3                                 “Disability”
means the Executive’s suffering a sickness, accident or injury which has been
determined by the carrier of any individual or group disability insurance
policy covering the Executive, or by the Social Security Administration, to be
a disability rendering the Executive totally and permanently disabled.  The Executive must submit proof to the
Company of the carrier’s or Social Security Administration’s determination upon
the request of the Company.


 


1.4                                 “Early
Termination” means the Termination of Employment before Normal
Retirement Age for reasons other than death, Disability, Termination for Cause
or following a Change of Control.


 


1.5                                 “Early
Termination Date” means the month, day and year in which Early
Termination occurs.


 


1.6                                 “Effective
Date” means January 1, 2002.


 


1.7                                 “Normal
Retirement Age” means the Executive’s 65th birthday.


 


1.8                                 “Normal
Retirement Date” means the later of the Normal Retirement Age or
Termination of Employment.


 


1.9                                 “Plan
Year”
means each 12-month period from the Effective Date.


 


2

















 


1.10                           “Termination for Cause” See Article 5.


 


1.11                           “Termination
of Employment” means that the Executive ceases to be employed by the
Company for any reason, voluntary or involuntary, other than by reason of a
leave of absence approved by the Company.


 


1.12                           “Years of
Employment” means the total number of twelve-month periods during
which the Executive has been employed by the Company.  The Executive was hired by the Company in June, 1990.


 


Article
2

Lifetime Benefits


 


2.1                                 Normal
Retirement Benefit.  Upon
Termination of Employment on or after the Normal Retirement Age  for
reasons other than death, the Company shall pay to the Executive the benefit
described in this Section 2.1 in lieu of any other benefit under this Agreement.


 


2.1.1                          Amount of
Benefit.  The annual benefit
under this Section 2.1 is $76,500 
(Seventy-six thousand five hundred dollars).  The Company’s Board of Directors, in its sole discretion, may
increase the annual benefit under this Section 2.1.1; however, an increase
shall require the recalculation of Schedule A.


 


2.1.2                        Payment of
Benefit.  The Company shall
pay the annual benefit to the Executive in 12 equal monthly installments
commencing with the month following the Executive’s Normal Retirement Date,
paying the annual benefit to the Executive for a period of 15 years.


 


2.1.3                        Benefit
Increases.  Commencing on the
first anniversary of the first benefit payment, and continuing on each
subsequent anniversary, the Company’s Board of Directors, at its sole discretion,
may increase the benefit.


 


2.2                                 Early
Termination Benefit.  Upon
Early Termination, the Company shall pay to the Executive the benefit described
in this Section 2.2 in lieu of any other benefit under this Agreement.


 


2.2.1                        Amount of
Benefit.  The benefit under
this Section 2.2 is the Early Termination annual Installment set forth on
Schedule A for the Plan Year ending immediately prior to the Early Termination
Date, determined by one of the following two methods:  a) if the Executive has completed ten (10) Years of Employment
upon the Effective Date of this Agreement, the Executive shall be vested in 50
percent of the Accrual Balance set forth on Schedule A for the first Plan Year
and vest in the remaining 50 percent equally over the remaining Plan Years
until Normal Retirement Age, unless otherwise illustrated on Schedule A; or b)
if the Executive has completed less than ten (10) Years of Employment upon the
Effective Date of this Agreement, the Executive shall be zero percent vested
until completing five (5) Years of Employment and then vest equally over the
remaining Plan Years Until Normal Retirement Age.  An increase in the annual benefit under Section 2.1.1 shall
require the recalculation of


3

















this benefit on Schedule
A.  This benefit is determined by
calculating a 15-year fixed annuity from the vested Accrual Balance, crediting
interest on the unpaid balance at an annual rate of 7.50 percent, compounded monthly.


 


2.2.2                        Payment of
Benefit.  The Company shall
pay the annual benefit to the Executive in 12 equal monthly installments
commencing with the month following Termination of Employment, paying the
annual benefit to the Executive for a period of 15 years.


 


2.2.3                        Benefit
Increases.  Benefit payments
may be increased as provided in Section 2.1.3.


 


2.3                                 Disability
Benefit.  If the Executive
terminates employment due to Disability prior to Normal Retirement Age, the
Company shall pay to the Executive the benefit described in this Section 2.3 in
lieu of any other benefit under this Agreement.


 


2.3.1                        Amount
of Benefit.  The benefit under this
Section 2.3 is the Disability annual Installment set forth on Schedule A for
the Plan Year ending immediately prior to the date in which Termination of
Employment occurs (except during the first Plan Year, the benefit is the amount
set forth for Plan Year 1), determined by one of the following two
methods:  a) if the Executive has
completed ten (10) Years of Employment upon the Effective Date of this
Agreement, the Executive shall be vested in 50 percent of the Accrual Balance
set forth on Schedule A for the first Plan Year and vest in the remaining 50
percent equally over the remaining Plan Years until Normal Retirement Age,
unless otherwise illustrated on Schedule A; or b) if the Executive has
completed less than ten (10) Years of Employment upon the Effective Date of
this Agreement, the Executive shall be zero percent vested until completing
five (5) Years of Employment and then vest equally over the remaining Plan
Years Until Normal Retirement Age.  An
increase in the annual benefit under Section 2.1.1 would require the
recalculation of the Disability benefit on Schedule A.  This benefit is determined by calculating a
15-year fixed annuity from the vested Accrual Balance, crediting interest on
the unpaid balance at an annual rate of 7.50 percent, compounded monthly.


 


2.3.2                        Payment of
Benefit.  The Company shall
pay the annual benefit to the Executive in 12 equal monthly installments
commencing with the month following Termination of Employment, paying the
annual benefit to the Executive for a period of 15 years.


 


2.3.3                        Benefit
Increases.  Benefit payments
may be increased as provided in Section 2.1.3.


 


2.4                                 Change
of Control Benefit.  Upon a Change
of Control, the Company shall pay to the Executive the benefit described in
this Section 2.4 in lieu of any other benefit under this Agreement.


 


2.4.1                        Amount
of Benefit.  The benefit under this
Section 2.4 is the Change of Control annual Installment set forth on Schedule A
for the Plan Year ending immediately prior to the date in which Termination of
Employment occurs (except during the first Plan Year, the


4

















benefit is the amount set
forth for Plan Year 1), determined by vesting the Executive in the Normal
Retirement Benefit described in Section 2.1.1.


 


2.4.2                        Payment of
Benefit.   The Company shall pay the annual benefit to
the Executive in 12 equal monthly installments commencing with the month
following Normal Retirement Age, paying the annual benefit to the Executive for
a period of 15 years.


 


2.4.3                        Benefit
Increases.  Benefit payments
may be increased as provided in Section 2.1.3.


 


2.4.4                        Excess
Parachute Payment. 
Notwithstanding any provision of this Agreement to the contrary, the
Company shall not pay any benefit under this Agreement to the extent the
benefit would create an excise tax under the excess parachute rules of Section
280G of the Code.


 


Article 3

Death
Benefits


 


3.1                                 Death During
Active Service.  If the
Executive dies while in the active service of the Company, the Company shall
pay to the Executive’s beneficiary the benefit described in this Section
3.1.  This benefit shall be paid in lieu
of the benefits under Article 2.


 


3.1.1                        Amount of
Benefit.  The annual benefit
under this Section 3.1 is the Normal Retirement Benefit amount described in
Section 2.1.1.


 


3.1.2                        Payment of
Benefit.  The Company shall
pay the annual benefit to the Executive’s beneficiary in 12 equal monthly
installments commencing with the month following the Executive’s death, paying
the annual benefit to the Executive’s beneficiary for a period of 15 years.


 


3.2                                 Death During
Payment of a Lifetime Benefit. 
If the Executive dies after any Lifetime Benefit payments have commenced
under this Agreement but before receiving all such payments, the Company shall
pay the remaining benefits to the Executive’s beneficiary at the same time and
in the same amounts they would have been paid to the Executive had the
Executive survived.


 


3.3                                 Death After
Termination of Employment But Before Payment of a Lifetime Benefit Commences.  If the Executive is entitled to a
Lifetime Benefit under this Agreement, but dies prior to the commencement of
said benefit payments, the Company shall pay the same benefit payments to the
Executive’s beneficiary that the Executive was entitled to prior to death
except that the benefit payments shall commence on the first day of the month
following the date of the Executive’s death.


 


5

















 


Article 4

Beneficiaries


 


4.1                                 Beneficiary
Designations.  The Executive
shall designate a beneficiary by filing a written designation with the
Company.  The Executive may revoke or
modify the designation at any time by filing a new designation.  However, designations will only be effective
if signed by the Executive and received by the Company during the Executive’s
lifetime.  The Executive’s beneficiary
designation shall be deemed automatically revoked if the beneficiary
predeceases the Executive, or if the Executive names a spouse as beneficiary
and the marriage is subsequently dissolved. 
If the Executive dies without a valid beneficiary designation, all
payments shall be made to the Executive’s estate.


 


4.2                                 Facility of
Payment.  If a benefit is
payable to a minor, to a person declared incompetent, or to a person incapable
of handling the disposition of his or her property, the Company may pay such
benefit to the guardian, legal representative or person having the care or
custody of such minor, incompetent person or incapable person.  The Company may require proof of
incompetence, minority or guardianship as it may deem appropriate prior to
distribution of the benefit.  Such
distribution shall completely discharge the Company from all liability with
respect to such benefit.


 


Article 5

General
Limitations


 


5.1                                 Termination
for Cause.  Notwithstanding
any provision of this Agreement to the contrary, the Company shall not pay any
benefit under this Agreement if the Company terminates the Executive’s
employment for:


 


(a)                      Conviction
of a felony or of a gross misdemeanor involving moral turpitude; or


(b)                     Fraud,
disloyalty, dishonesty or willful violation of any law or significant Company
policy committed in connection with the Executive’s employment and resulting in
an adverse effect on the Company.


 


5.2                                 Suicide or
Misstatement.  The Company
shall not pay any benefit under this Agreement if the Executive commits suicide
within three years after the date of this Agreement.  In addition, the Company shall not pay any benefit under this
Agreement if the Executive has made any material misstatement of fact on an
employment application or resume provided to the Company, or on any application
for any benefits provided by the Company to the Executive.


 


Article 6

Claims
and Review Procedure


 


6.1                                 Claims Procedure.  Any person or entity (“claimant”) who has
not received benefits under this Agreement that he or she believes should be
paid shall make a claim for such benefits as follows:


 


6

















 


6.1.1                        Initiation – Written Claim.  The claimant initiates a claim by submitting
to the Company a written claim for the benefits.


 


6.1.2                        Timing of Company Response.  The Company shall respond to such claimant
within 90 days after receiving the claim. 
If the Company determines that special circumstances require additional
time for processing the claim, the Company 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 Company expects to render its
decision.


 


6.1.3                        Notice of Decision.  If the Company denies part or all of the
claim, the Company shall notify the claimant in writing of such denial.  The Company 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 the 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 the Agreement’s review procedures and the time limits applicable
to such procedures; and


(e)                 A
statement of the claimant’s right to bring a civil action under ERISA Section
502(a) following an adverse benefit determination on review.


 


6.2                                 Review Procedure.  If the Company denies part or all of the
claim, the claimant shall have the opportunity for a full and fair review by
the Company of the denial, as follows:


 


6.2.1                        Initiation – Written Request.  To initiate the review, the claimant, within
60 days after receiving the Company’s notice of denial, must file with the
Company a written request for review.


 


6.2.2                        Additional Submissions – Information Access.  The claimant shall then have the opportunity
to submit written comments, documents, records and other information relating to
the claim.  The Company shall also
provide the claimant, upon request and free of charge, reasonable access to,
and copies of, all documents, records and other information relevant (as
defined in applicable ERISA regulations) to the claimant’s claim for benefits.


 


6.2.3                        Considerations on Review.  In considering the review, the Company 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.


 


6.2.4                        Timing of Company Response.  The Company shall respond in writing to such


7

















claimant within 60 days
after receiving the request for review. 
If the Company determines that special circumstances require additional
time for processing the claim, the Company 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 Company expects to render its
decision.


 


6.2.5                        Notice of Decision.  The Company shall notify the claimant in
writing of its decision on review.  The
Company 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 the 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 (as defined in applicable ERISA regulations) to the
claimant’s claim for benefits; and


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


 


Article 7

Amendments
and Termination


 


This Agreement may be amended or terminated only by a
written agreement signed by the Company and the Executive.


 


Notwithstanding the previous paragraph in this Article
7, the Company may amend or terminate this Agreement at any time if, pursuant
to legislative, judicial or regulatory action, continuation of the Agreement
would (i) cause benefits to be taxable to the Executive prior to actual
receipt, or (ii) result in significant financial penalties or other
significantly detrimental ramifications to the Company (other than the
financial impact of paying the benefits). However, in no event shall this
Agreement be terminated under this section without payment to the Executive of
any vested benefit.


 


Article 8

Miscellaneous


 


8.1                                 Binding
Effect.  This Agreement shall
bind the Executive and the Company, and their beneficiaries, survivors,
executors, successors, administrators and transferees.


 


8.2                                 No Guarantee
of Employment.  This
Agreement is not an employment policy or contract.  It does not give the Executive the right to remain an employee of
the Company, nor does it interfere with the Company’s right to discharge the
Executive.  It also does not require the
Executive to remain an employee nor interfere with the Executive’s right to
terminate employment at any time.


 


8

















 


8.3                                 Non-Transferability.
Benefits under this Agreement cannot be sold, transferred, assigned, pledged,
attached or encumbered in any manner.


 


8.4                                 Reorganization.  The Company shall not merge or
consolidate into or with another company, or reorganize, or sell substantially
all of its assets to another company, firm, or person unless such succeeding or
continuing company, firm, or person agrees to assume and discharge the
obligations of the Company under this Agreement.  Upon the occurrence of such event, the term “Company” as used in
this Agreement shall be deemed to refer to the successor or survivor company.


 


8.5                                 Tax
Withholding.  The Company
shall withhold any taxes that are required to be withheld from the benefits
provided under this Agreement.


 


8.6                                 Applicable
Law.  The Agreement and all
rights hereunder shall be governed by the laws of the State of Illinois, except
to the extent preempted by the laws of the United States of America.


 


8.7                                 Unfunded
Arrangement.  The Executive
and beneficiary are general unsecured creditors of the Company for the payment
of benefits under this Agreement.  The
benefits represent the mere promise by the Company to pay such benefits.  The rights to benefits are not subject in
any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment, or garnishment by creditors.  Any insurance on the Executive’s life is a general asset of the
Company to which the Executive and beneficiary have no preferred or secured
claim.


 


8.8                                 Entire
Agreement.  This Agreement
constitutes the entire agreement between the Company and the Executive as to
the subject matter hereof.  No rights
are granted to the Executive by virtue of this Agreement other than those
specifically set forth herein.


 


8.9                                 Administration.  The Company shall have powers
which are necessary to administer this Agreement, including but not limited to:


 


(a)               Establishing
and revising the method of accounting for the Agreement;


(b)              Maintaining
a record of benefit payments; and


(c)               Establishing
rules and prescribing any forms necessary or desirable to administer the
Agreement.


 


8.10                           Named
Fiduciary. The Company shall be the named fiduciary and plan
administrator under this Agreement.  It
may delegate to others certain aspects of the management and operational
responsibilities including the employment of advisors and the delegation of
ministerial duties to qualified individuals.


 


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IN WITNESS WHEREOF, the Executive and the Company have
signed this Agreement.


 


 


	
  EXECUTIVE:

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  ELGIN
  FINANCIAL SAVINGS BANK

  
	
   

  	
   

  
	
  /s/
  James J. Kovac

  	
   

  	
  By  

  	
  /s/
  Barret O'Connor

  	
   

  
	
  JAMES
  J. KOVAC

  	
   

  
	
   

  	
  Title  

  	
  President/CEO

  	
   

  
						



 


10

















 


BENEFICIARY DESIGNATION


 


ELGIN FINANCIAL SAVINGS BANK

 SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT


 


JAMES J. KOVAC


 


 


I designate the following
as beneficiary of any death benefits under this Agreement:


 


	
  Primary:

  	
  Marcia S. Kovac
  (Spouse)

  
	
   

  	
   

  
	
  Contingent:

  	
  Paul J. Kovac (50%)
  (Son)

  
	
   

  	
  Carol A. Kovac (50%)
  (Daughter)

  
			



 


Note:  To name a trust as beneficiary, please provide the name of the
trustee(s) and the exact name and date of the trust agreement.


 


I understand that I may
change these beneficiary designations by filing a new written designation with
the Company.  I further understand that
the designations will be automatically revoked if the beneficiary predeceases
me, or, if I have named my spouse as beneficiary and our marriage is
subsequently dissolved.


 


 


	
  Signature

  	
    /s/ James J. Kovac

  	
   

  
	
   

  
	
  Date

  	
    6/26/2002

  	
   

  
				



 


 


Received by the Company
this 1st day of July, 2002.


 


 


	
  By

  	
    /s/ Barret J. O'Connor

  	
   

  
	
   

  
	
  Title

  	
    President/CEO

  	
   

  
				



 


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  Clark/Bardes
  Consulting

  	
   

  	
  Elgin
  Financial Savings Bank

  
	
  Banking Practice

  	
   

  	
  Supplemental
  Executive Retirement Agreement-Schedule A

  



 


James J. Kovac


	
   

  
	
  DOB: 11/29/1949 

  Plan Anniv Date: 1/1/2003 

  Retirement Age: 65 

  Payments: Monthly Installments

  	
   

  	
  Early Termination

  	
   

  	
  Disability

  	
   

  	
  Change of Control

  	
   

  	
  Preretirement Death Benefit

  
	
   

  	
  Installment

  	
   

  	
  Installment

  	
   

  	
  Installment

  	
   

  	
   

  
	
   

  	
  Payable Immediately

  	
   

  	
  Payable Immediately

  	
   

  	
  Payable at 65

  	
   

  	
  Installment

  
	
  Period

  Ending

  Dec of

  	
   

  	
  Age

  	
   

  	
  Benefit Level (2)

  	
   

  	
  Accrual Balance

  	
   

  	
  Vesting

  	
   

  	
  Based On Accrual

  	
   

  	
  Vesting

  	
   

  	
  Based On Accrual

  	
   

  	
  Vesting

  	
   

  	
  Based On Benefit

  	
   

  	
  Based On Benefit

  
	
   

  	
   

  	
   

  	
   

  	
  (1)

  	
   

  	
  (2)

  	
   

  	
  (3)

  	
   

  	
  (4)

  	
   

  	
  (5)

  	
   

  	
  (6)

  	
   

  	
  (7)

  	
   

  	
  (8)

  	
   

  	
  (9)

  
	
  2002(1)

  	
   

  	
  53

  	
   

  	
  76,500

  	
   

  	
  33,152

  	
   

  	
  50

  	
  %

  	
  1,832

  	
   

  	
  50

  	
  %

  	
  1,832

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  76,500

  
	
  2003

  	
   

  	
  54

  	
   

  	
  76,500

  	
   

  	
  68,877

  	
   

  	
  55

  	
  %

  	
  4,188

  	
   

  	
  55

  	
  %

  	
  4,188

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  76,500

  
	
  2004

  	
   

  	
  55

  	
   

  	
  76,500

  	
   

  	
  107,375

  	
   

  	
  60

  	
  %

  	
  7,122

  	
   

  	
  60

  	
  %

  	
  7,122

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  76,500

  
	
  2005

  	
   

  	
  56

  	
   

  	
  76,500

  	
   

  	
  148,863

  	
   

  	
  65

  	
  %

  	
  10,697

  	
   

  	
  65

  	
  %

  	
  10,697

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  76,500

  
	
  2006

  	
   

  	
  57

  	
   

  	
  76,500

  	
   

  	
  193,571

  	
   

  	
  70

  	
  %

  	
  14,980

  	
   

  	
  70

  	
  %

  	
  14,980

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  76,500

  
	
  2007

  	
   

  	
  58

  	
   

  	
  76,500

  	
   

  	
  241,750

  	
   

  	
  75

  	
  %

  	
  20,044

  	
   

  	
  75

  	
  %

  	
  20,044

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  76,500

  
	
  2008

  	
   

  	
  59

  	
   

  	
  76,500

  	
   

  	
  293,669

  	
   

  	
  80

  	
  %

  	
  25,972

  	
   

  	
  80

  	
  %

  	
  25,972

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  76,500

  
	
  2009

  	
   

  	
  60

  	
   

  	
  76,500

  	
   

  	
  349,619

  	
   

  	
  85

  	
  %

  	
  32,853

  	
   

  	
  85

  	
  %

  	
  32,853

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  76,500

  
	
  2010

  	
   

  	
  61

  	
   

  	
  76,500

  	
   

  	
  409,913

  	
   

  	
  90

  	
  %

  	
  40,785

  	
   

  	
  90

  	
  %

  	
  40,785

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  76,500

  
	
  2011

  	
   

  	
  62

  	
   

  	
  76,500

  	
   

  	
  474,887

  	
   

  	
  95

  	
  %

  	
  49,874

  	
   

  	
  95

  	
  %

  	
  49,874

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  76,500

  
	
  2012

  	
   

  	
  63

  	
   

  	
  76,500

  	
   

  	
  544,905

  	
   

  	
  100

  	
  %

  	
  60,240

  	
   

  	
  100

  	
  %

  	
  60,240

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  76,500

  
	
  2013

  	
   

  	
  64

  	
   

  	
  76,500

  	
   

  	
  620,359

  	
   

  	
  100

  	
  %

  	
  68,581

  	
   

  	
  100

  	
  %

  	
  68,581

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  76,500

  
	
  Nov
  2014

  	
   

  	
   

  	
   

  	
  76,500

  	
   

  	
  691,991

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  100

  	
  %

  	
  76,500

  	
   

  	
  76,500

  
	
  First Payment Date of December 1, 2014

  













(1) Assumes an implementation date of January
1, 2002.  The first line reflects 12
months of data, January 2002 through December 2002.


 


 


 


 


	
  /s/ James J. Kovac

  	
   

  	
  /s/ Barrett J. O'Connor

  	
   

  	
  July 1, 2002

  
	
  Participant

  	
   

  	
  Elgin Financial Savings

  	
   

  	
  Date

  



 


12