THE SEVENTH-MONTH FOLLOWING SEPARATION FROM SERVICE (OR, IF
EARLIER, THE DATE OF DEATH OF THE EXECUTIVE) WITH ALL SUCH DELAYED PAYMENTS
BEING CREDITED WITH INTEREST (COMPOUNDED MONTHLY) FOR THIS PERIOD OF DELAY EQUAL
TO THE PRIME RATE IN EFFECT ON THE FIRST DAY OF SUCH SIX-MONTH PERIOD.
ANY
PORTION OF THE BENEFITS HEREUNDER THAT WERE NOT OTHERWISE DUE TO BE PAID DURING
THE SIX-MONTH PERIOD FOLLOWING THE TERMINATION SHALL BE PAID TO THE EXECUTIVE IN
ACCORDANCE WITH THE PAYMENT SCHEDULE ESTABLISHED HEREIN.
(IV)
THE TERM "SPECIFIED EMPLOYEE" SHALL MEAN ANY PERSON WHO IS A "KEY
EMPLOYEE" (AS DEFINED IN CODE SECTION 416(I) WITHOUT REGARD TO PARAGRAPH
(5) THEREOF), AS DETERMINED BY THE EMPLOYER BASED UPON THE 12-MONTH PERIOD
ENDING ON EACH DECEMBER 31ST (SUCH 12-MONTH PERIOD IS REFERRED TO BELOW AS THE
"IDENTIFICATION PERIOD").
IF THE EXECUTIVE IS DETERMINED TO BE A KEY EMPLOYEE
UNDER CODE SECTION 416(I) (WITHOUT REGARD TO PARAGRAPH (5) THEREOF) DURING THE
IDENTIFICATION PERIOD HE SHALL BE TREATED AS A SPECIFIED EMPLOYEE FOR PURPOSES
OF THIS AGREEMENT DURING THE 12-MONTH PERIOD THAT BEGINS ON THE APRIL 1
FOLLOWING THE CLOSE OF SUCH IDENTIFICATION PERIOD.
FOR PURPOSES OF DETERMINING
WHETHER THE EXECUTIVE IS A KEY EMPLOYEE UNDER CODE SECTION 416(I),
"COMPENSATION" SHALL MEAN THE EXECUTIVE'S W-2 COMPENSATION AS REPORTED BY THE
EMPLOYER FOR A PARTICULAR CALENDAR YEAR.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.
WEST SUBURBAN BANCORP, INC.
MICHAEL P. BROSNAHAN
By:
/s/ Duane G. Debs
/s/ Michael P. Brosnahan
Name:
Duane Debs
Title:
President
(Address)
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