Exhibit
10.15


 


ELGIN FINANCIAL SAVINGS BANK


DIRECTOR RETIREMENT AGREEMENT


 


THIS AGREEMENT is adopted this 19 day of June, 2002,
by and between ELGIN FINANCIAL SAVINGS BANK, a State/Stock Savings Bank located
in Elgin, Illinois (the “Company”) and JAMES A. ALPETER (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, 1999.


 


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 theresponse 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/
  James A. Alpeter

  	
   

  	
  By

  	
  /s/
  Barrett J. O'Connor

  
	
  JAMES
  A. ALPETER

  	
   

  	
  Title

  	
  President/CEO

  
					



 


10

















 


BENEFICIARY DESIGNATION


 


ELGIN FINANCIAL SAVINGS BANK

DIRECTOR RETIREMENT AGREEMENT


 


JAMES A. ALPETER


 


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


 


Primary:  Karen L. Alpeter


 


                                                                                                                                                                                                       


 


Contingent:   John T. Alpeter


 


                                                                                                                                                                                                       


 


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 A. Alpeter

  	
   

  
	
   

  	
  James A. Alpeter

  
	
   

  	
   

  
	
  Date

  	
  June 19, 2002

  	
   

  
				



 


 


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

  



 


James Alpeter


	
   

  
	
  DOB: 12/10/1940

  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)

  	
   

  	
  62

  	
   

  	
  15,500

  	
   

  	
  8,914

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  1,262

  
	
  2003

  	
   

  	
  63

  	
   

  	
  15,500

  	
   

  	
  18,519

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  2,622

  
	
  2004

  	
   

  	
  64

  	
   

  	
  15,500

  	
   

  	
  28,870

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  4,087

  
	
  2005

  	
   

  	
  65

  	
   

  	
  15,500

  	
   

  	
  40,025

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  5,666

  
	
  2006

  	
   

  	
  66

  	
   

  	
  15,500

  	
   

  	
  52,046

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  7,367

  
	
  2007

  	
   

  	
  67

  	
   

  	
  15,500

  	
   

  	
  65,000

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  9,201

  
	
  2008

  	
   

  	
  68

  	
   

  	
  15,500

  	
   

  	
  78,959

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  0

  	
  %

  	
  0

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  11,177

  
	
  2009

  	
   

  	
  69

  	
   

  	
  15,500

  	
   

  	
  94,003

  	
   

  	
  100

  	
  %

  	
  13,307

  	
   

  	
  100

  	
  %

  	
  13,307

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  13,307

  
	
  2010

  	
   

  	
  70

  	
   

  	
  15,500

  	
   

  	
  109,496

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  100

  	
  %

  	
  15,500

  	
   

  	
  15,500

  













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


 


	
  /s/ James Alpeter

  	
   

  	
  /s/ Barrett J. O'Connor

  	
   

  	
  7/1/02

  
	
  Participant

  	
   

  	
  Elgin Financial Savings
  Bank

  	
   

  	
  Date

  



 


 


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