Exhibit 10.16


 


ELGIN
FINANCIAL SAVINGS BANK


DIRECTOR
RETIREMENT AGREEMENT


 


THIS
AGREEMENT is adopted this 20th day of  June, 2002, by and between ELGIN FINANCIAL SAVINGS BANK, a
State/Stock Savings Bank located in Elgin, Illinois (the “Company”) and LARRY M.
NARUM (the “Director”).


 


INTRODUCTION


 


To
encourage the Director to remain a member of the Company’s Board of Directors,
the Company is willing to provide retirement benefits to the Director.  The Company will pay the benefits from its
general assets.


 


AGREEMENT


 


The
Director and the Company 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


 


1

















 


of all or substantially all of the assets of
the Company shall be deemed to occur if any Person 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.


 


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


 


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


 


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


 


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


 


1.5                                 “Effective
Date” means January 1, 2002.


 


1.6                                 “Normal
Retirement Age” means the Director’s 70th birthday.


 


1.7                                 “Normal
Retirement Date” means the later of the Normal Retirement Age or
Termination of Service.


 


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


 


2

















 


 


1.9                                 “Termination
for Cause” See Section 5.2.


 


1.10                           “Termination
of Service” means that the Director ceases to be a member of the
Company’s Board of Directors for any reason, voluntarily or involuntarily,
other than by reason of a leave of absence approved by the Company.


 


1.11                           “Years of
Service” means the total number of twelve-month periods during which
the Director has served on the Company’s Board of Directors.  The Director was appointed to the Board of
Directors of the Company in January, 2001.


 


Article 2


Lifetime
Benefits


 


2.1                                 Normal Retirement Benefit.  Upon Termination of Service on or after
Normal Retirement Age  for reasons other than death, the Company
shall pay to the Director 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 $15,500 (Fifteen
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, any increase shall require the
recalculation of Schedule A.


 


2.1.2                        Payment of Benefit.  The Company shall pay the annual benefit to the Director in 12
equal monthly installments payable on the first day of each month commencing
with the month following the Director’s Normal Retirement Date, paying the
annual benefit to the Director for a period of 10 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, in its sole discretion, may increase the benefit.


 


2.2                                 Early Termination Benefit.  Upon Early Termination, the Company shall
pay to the Director 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 zero
vesting prior to the Director completing ten (10) Years of Service and
thereafter the Director becomes 100 percent vested in the Accrual Balance.  An increase in the annual benefit under
Section 2.1.1 shall require the recalculation of this benefit on Schedule
A.  This benefit is determined by
calculating a 10-year fixed annuity from the Accrual Balance, crediting
interest on the unpaid balance at an annual rate of 7.50 percent, compounded
monthly.


 


3

















 


 


2.2.2                        Payment of Benefit.  The Company shall pay the annual benefit to
the Director in 12 equal monthly installments commencing with the month
following Termination of Service, paying the annual benefit to the Director for
a period of 10 years.


 


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


 


2.3                                 Disability Benefit.  If the Director terminates Service due to
Disability prior to Normal Retirement Age, the Company shall pay to the
Director 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 in Schedule A for the Plan Year ending
immediately prior to the date in which Termination of Service occurs,
determined by zero vesting prior to the Director completing ten (10) Years of
Service and thereafter the Director becomes 100 percent vested in the Accrual
Balance.  An increase in the annual
benefit under Section 2.1.1 would require the recalculation of this benefit on
Schedule A.  This benefit is determined
by calculating a 10-year fixed annuity from the 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
amount to the Director in 12 equal monthly installments commencing with the
month following Termination of Service, paying the annual benefit to the
Director for a period of 10 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 Director the benefit described in this Section 2.4 in lieu of any
other benefit under this Agreement.


 


2.4.1                        Amount of Benefit.  The annual 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 Service
occurs, determined by vesting the Director 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 Director in 12
equal monthly installments commencing with the month following the Normal
Retirement Age, paying the annual benefit to the Director for a period of 10
years.


 


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


 


4

















 


Article 3


Death
Benefits


 


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


 


3.1.1                        Amount of Benefit.  The annual benefit under this Section 3.1 is the Pre-retirement
Death Benefit annual Installment set forth on Schedule A for the Plan Year
ending immediately prior to the date in which death occurs, determined by
vesting the Director in 100 percent of the Accrual Balance. An increase in the
annual benefit under Section 2.1.1 would require the recalculation of this
benefit on Schedule A.  This benefit is
determined by calculating a 10-year fixed annuity from the Accrual Balance,
crediting interest on the unpaid balance at an annual rate of 7.50 percent,
compounded monthly.


 


3.1.2                        Payment of Benefit.  The Company shall pay the annual benefit to the Director’s
beneficiary in 12 equal monthly installments commencing with the month
following the Director’s death, paying the annual benefit to the Director’s
beneficiary for a period of 10 years.


 


3.2                                 Death During Payment of a Lifetime
Benefit.  If the Director 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 Director’s beneficiary at the same time and in the same amounts they would
have been paid to the Director had the Director survived.


 


3.3                                 Death After Termination of
Employment But Before Payment of a Lifetime Benefit Commences. 
If the Director 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 Director’s beneficiary that the Director
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 Director’s death.


 


Article 4


Beneficiaries


 


4.1                                 Beneficiary Designations.  The Director shall designate a beneficiary
by filing a written designation with the Company.  The Director may revoke or modify the designation at any time by
filing a new designation.  However,
designations will only be effective if signed by the Director and received by
the Company during the Director’s lifetime. 
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.


 


4.2                                 Facility of Payment.  If a benefit is payable to a minor, to a
person declared incompetent


 


5

















 


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, incapacitated 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                                 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.


 


5.2                                 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 Director’s service 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 Director’s service and resulting in an adverse
effect on the Company.


 


5.3                                 Suicide or Misstatement.  The Company shall not pay any benefit under
this Agreement if the Director 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 Director 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 Director.


 


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:


 


6.1.1                        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 


 


6

















 


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 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.


 


7

















 


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
Director.


 


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 Director
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 Director of any vested benefit.


 


Article 8


Miscellaneous


 


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


 


8.2                                 No Guarantee of Service.  This Agreement is not a contract for
services.  It does not give the Director
the right to remain in the service of the Company, nor does it interfere with
the shareholder’s rights to discharge the Director.  It also does not require the Director to remain in the service of
the Company nor interfere with the Director’s right to terminate services at
any time.


 


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 


 


8

















 


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 Director 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 Director’s life is a general asset of the Company to which the Director
and beneficiary have no preferred or secured claim.


 


8.8                                 Entire Agreement.  This Agreement constitutes
the entire agreement between the Company and the Director as to the subject
matter hereof.  No rights are granted to
the Director 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; and


(d)                                 Interpreting
the provisions of the Agreement.


 


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


 


9

















 


 


IN WITNESS WHEREOF, the
Director and a duly authorized Company officer have signed this Agreement.


 


	
  DIRECTOR:

  	
   

  	
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ELGIN
  FINANCIAL SAVINGS BANK

  
	
   

  	
   

  	
   

  
	
  /s/
  Larry M. Narum

  	
   

  	
  By

  	
  /s/
  Barrett J. O'Connor

  
	
  LARRY
  M. NARUM

  	
   

  	
  Title

  	
  President/CEO

  
					



 


10

















 


BENEFICIARY
DESIGNATION


 


ELGIN
FINANCIAL SAVINGS BANK

DIRECTOR RETIREMENT AGREEMENT


 


LARRY M. NARUM


 


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


 


Primary: 
Larry M. Narum, as Trustee of the Larry M. Narum Revocable Trust dated
August 30, 1995 and restated December 11, 2001.


 


Contingent:  
                                                                                                                                                                        


 


                                                                                                                                                                                                       


 


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/
  Larry M. Narum

  	
   

  
	
   

  
	
  Date

  	
  06/20/02

  	
   

  
				



 


 


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


 


 


	
  By

  	
  /s/
  Barrett J. O'Connor

  	
   

  
	
   

  
	
  Title

  	
  President/CEO

  	
   

  
				



 


 


11

















 


	
  Clark/Bardes Consulting

  	
   

  	
  Elgin Financial Savings Bank

  
	
  Banking Practice

  	
   

  	
  Director Retirement Agreement-Schedule A

  



 


Larry Narum


	
   

  
	
  DOB: 8/21/1946

  Plan Anniv Date: 1/1/2003 

  Retirement Age: 70

  Payments: Monthly Installments

  	
   

  	
  Early Termination

  	
   

  	
  Disability

  	
   

  	
  Change of Control

  	
   

  	
  Preretirement Death Benefit

  
	
   

  	
  Installment

  	
   

  	
  Installment

  	
   

  	
  Installment

  	
   

  	
   

  
	
   

  	
  Payable Immediately

  	
   

  	
  Payable Immediately

  	
   

  	
  Payable at 70

  	
   

  	
  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 Accrual

  
	
   

  	
   

  	
   

  	
   

  	
  (1)

  	
   

  	
  (2)

  	
   

  	
  (3)

  	
   

  	
  (4)

  	
   

  	
  (5)

  	
   

  	
  (6)

  	
   

  	
  (7)

  	
   

  	
  (8)

  	
   

  	
  (9)

  
	
  2002(1)

  	
   

  	
  56

  	
   

  	
  15,500

  	
   

  	
  4,277

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  605

  
	
  2003

  	
   

  	
  57

  	
   

  	
  15,500

  	
   

  	
  8,885

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  1,258

  
	
  2004

  	
   

  	
  58

  	
   

  	
  15,500

  	
   

  	
  13,852

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  1,961

  
	
  2005

  	
   

  	
  59

  	
   

  	
  15,500

  	
   

  	
  19,204

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  2,718

  
	
  2006

  	
   

  	
  60

  	
   

  	
  15,500

  	
   

  	
  24,971

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  3,535

  
	
  2007

  	
   

  	
  61

  	
   

  	
  15,500

  	
   

  	
  31,186

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  4,415

  
	
  2008

  	
   

  	
  62

  	
   

  	
  15,500

  	
   

  	
  37,884

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  5,363

  
	
  2009

  	
   

  	
  63

  	
   

  	
  15,500

  	
   

  	
  45,102

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  6,385

  
	
  2010

  	
   

  	
  64

  	
   

  	
  15,500

  	
   

  	
  52,880

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  7,486

  
	
  2011

  	
   

  	
  65

  	
   

  	
  15,500

  	
   

  	
  61,262

  	
   

  	
  100

  	
  %

  	
  8,672

  	
   

  	
  100

  	
  %

  	
  8,672

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  8,672

  
	
  2012

  	
   

  	
  66

  	
   

  	
  15,500

  	
   

  	
  70,294

  	
   

  	
  100

  	
  %

  	
  9,951

  	
   

  	
  100

  	
  %

  	
  9,951

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  9,951

  
	
  2013

  	
   

  	
  67

  	
   

  	
  15,500

  	
   

  	
  80,028

  	
   

  	
  100

  	
  %

  	
  11,329

  	
   

  	
  100

  	
  %

  	
  11,329

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  11,329

  
	
  2014

  	
   

  	
  68

  	
   

  	
  15,500

  	
   

  	
  90,518

  	
   

  	
  100

  	
  %

  	
  12,813

  	
   

  	
  100

  	
  %

  	
  12,813

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  12,813

  
	
  2015

  	
   

  	
  69

  	
   

  	
  15,500

  	
   

  	
  101,821

  	
   

  	
  100

  	
  %

  	
  14,414

  	
   

  	
  100

  	
  %

  	
  14,414

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  14,414

  
	
  Aug
  2016

  	
   

  	
   

  	
   

  	
  15,500

  	
   

  	
  109,496

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  15,500

  
	
  First Payment Date of September 1, 2016

  













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


 


	
  /s/
  Larry Narum

  	
   

  	
  /s/
  Barrett J. O'Connor

  	
   

  	
  7/1/02

  
	
  Participant

  	
   

  	
  Elgin
  Financial Savings Bank

  	
   

  	
  Date

  



 


 


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