Document:

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                                                                    EXHIBIT 10.5

                             INVESTORS SAVINGS BANK

                       EXECUTIVE SUPPLEMENTAL RETIREMENT

                             WAGE REPLACEMENT PLAN

                            SHORT HILLS, NEW JERSEY

                                  JULY 1, 2005

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             EXECUTIVE SUPPLEMENTAL RETIREMENT WAGE REPLACEMENT PLAN

      This Executive Supplemental Retirement Wage Replacement Plan (the "Plan"),
effective as of the 1st day of July, 2005, formalizes the agreements by and
between INVESTORS SAVINGS BANK (the "Bank"), a New Jersey chartered stock
savings bank, and certain key employees, hereinafter referred to as
"Executive(s)", who have been selected to participate in this Plan. INVESTORS
BANCORP, INC., a Delaware chartered corporation (the "Company") is a party to
this Plan for the sole purpose of guaranteeing the Bank's performance hereunder.

                                   WITNESSETH:

      WHEREAS, the Bank wishes to sponsor a plan of deferred compensation for a
select group of management and highly compensated employees as such term is
defined in the Employee Retirement Income Security Act of 1974, as amended
("ERISA"); and

      WHEREAS, the Executives eligible to participate in the plan shall at no
time be less than two (2) nor exceed the number of persons who would be deemed
to be named executive officers within the meaning of the Securities Exchange Act
of 1934 if the Bank or the Company were publicly traded entities; and

      WHEREAS, the Bank recognizes the valuable services heretofore performed
for it by such Executives and wishes to encourage their continued employment and
to provide them with additional incentive to achieve corporate objectives; and

      WHEREAS, the Bank wishes to provide the terms and conditions upon which
the Bank shall pay additional retirement benefits to the Executives; and

      WHEREAS, the Bank intends this Plan to be considered an unfunded
arrangement, maintained primarily to provide supplemental retirement income for
its Executives, members of a select group of management or highly compensated
employees of the Bank, for tax purposes and for purposes of ERISA; and

      WHEREAS, the Bank has adopted this Plan which controls all issues relating
to Supplemental Retirement Benefits as described herein.

      NOW, THEREFORE, in consideration of the mutual promises herein contained,
the parties hereto agree as follows:
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                                   SECTION I

                                   DEFINITIONS

      When used herein, the following words shall have the meanings below unless
the context clearly indicates otherwise:

      1.1. "Actuarial Assumptions" shall mean, with respect to any form of
benefit, the Actuarial Assumptions set forth on Schedule A attached hereto and
made a part hereof.

      1.2. "Annual Compensation" shall mean a Participant's salary and bonus
during any consecutive twelve (12) month period, including amounts deferred at a
Participant's election to any tax-qualified or non-qualified employee benefit
plan.

      1.3. "Average Annual Compensation" shall mean the average Annual
Compensation over the thirty-six (36) consecutive month period out of the last
one hundred twenty (120) consecutive calendar months in which the Participant's
Annual Compensation was the greatest, or over all calendar months, if less than
thirty-six.

      1.4. "Bank" means INVESTORS SAVINGS BANK and any successor thereto.

      1.5. "Beneficiary" means the person or persons designated by a
Participant, in writing, as beneficiary to whom the share of a deceased
Participant's account is payable. If no Beneficiary is so designated, then the
Participant's Spouse, if living, will be deemed the Beneficiary. If
Participant's Spouse is not living, then the Children of Participant will be
deemed the Beneficiary. If there are no living Children, then the Estate of
Participant will be deemed the Beneficiary.

      1.6. "Cause" shall exist when there has been a good faith determination by
the Board that there shall have occurred one or more of the following events
with respect to the Executive: (i) the conviction of the Executive of a felony
or of any lesser criminal offense involving moral turpitude; (ii) the willful
commission by the Executive of a criminal or other act that, in the judgment of
the Board will likely cause substantial economic damage to the Company or the
Bank or substantial injury to the business reputation of the Company or Bank;
(iii) the commission by the Executive of an act of fraud in the performance of
his duties on behalf of the Company or Bank; (iv) the continuing willful failure
of the Executive to perform his duties to the Company or Bank (other than any
such failure resulting from the Executive's incapacity due to physical or mental
illness) after written notice thereof (specifying the particulars thereof in
reasonable detail) and a reasonable opportunity to be heard and cure such
failure are given to the Executive by the Board; or (v) an order of a federal or
state regulatory agency or a court of competent jurisdiction requiring the
termination of the Executive's employment by the Company.

      1.7. "Change in Control" shall mean (i) a change in ownership of the Bank
under paragraph (a) below, or (ii) a change in effective control of the Bank
under paragraph (b) below, or (iii) a change in the ownership of a substantial
portion of the assets of the Bank under paragraph (c) below:

            (a)   CHANGE IN THE OWNERSHIP OF THE BANK. A change in the ownership
                  of the

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                  Bank shall occur on the date that any one person, or more than
                  one person acting as a group (as defined in paragraph (b)),
                  acquires ownership of stock of the corporation that, together
                  with stock held by such person or group, constitutes more than
                  50 percent of the total fair market value or total voting
                  power of the stock of such corporation. However, if any one
                  person or more than one person acting as a group, is
                  considered to own more than 50 percent of the total fair
                  market value or total voting power of the stock of a
                  corporation, the acquisition of additional stock by the same
                  person or persons is not considered to cause a change in the
                  ownership of the corporation (or to cause a change in the
                  effective control of the corporation (within the meaning of
                  paragraph (b) below). An increase in the percentage of stock
                  owned by any one person, or persons acting as a group, as a
                  result of a transaction in which the corporation acquires its
                  stock in exchange for property will be treated as an
                  acquisition of stock for purposes of this section. This
                  paragraph (a) applies only when there is a transfer of stock
                  of a corporation (or issuance of stock of a corporation) and
                  stock in such corporation remains outstanding after the
                  transaction.

            (b)   CHANGE IN THE EFFECTIVE CONTROL OF THE BANK. A change in the
                  effective control of the Bank shall occur on the date that
                  either (i) any one person, or more than one person acting as a
                  group (as determined below), acquires (or has acquired during
                  the 12-month period ending on the date of the most recent
                  acquisition by such person or persons) ownership of stock of
                  the corporation possessing 35 percent or more of the total
                  voting power of the stock of such corporation; or (ii) a
                  majority of members of the corporation's board of directors is
                  replaced during any 12-month period by directors whose
                  appointment or election is not endorsed by a majority of the
                  members of the corporation's board of directors prior to the
                  date of the appointment or election, provided that for
                  purposes of this paragraph (b)(ii), the term corporation
                  refers solely to a corporation for which no other corporation
                  is a majority shareholder. In the absence of an event
                  described in paragraph (i) or (ii), a change in the effective
                  control of a corporation will not have occurred. If any one
                  person, or more than one person acting as a group, is
                  considered to effectively control a corporation (within the
                  meaning of this paragraph (b)), the acquisition of additional
                  control of the corporation by the same person or persons is
                  not considered to cause a change in the effective control of
                  the corporation (or to cause a change in the ownership of the
                  corporation within the meaning of paragraph (a)). Persons will
                  not be considered to be acting as a group solely because they
                  purchase or own stock of the same corporation at the same
                  time, or as a result of the same public offering.

            (c)   CHANGE IN THE OWNERSHIP OF A SUBSTANTIAL PORTION OF THE BANK'S
                  ASSETS. A change in the ownership of a substantial portion of
                  the Bank's assets shall occur on the date that any one person,
                  or more than one person acting as a group (as determined
                  below), acquires (or has acquired during the 12-month period
                  ending on the date of the most recent acquisition by such
                  person or

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                  persons) assets from the corporation that have a total gross
                  fair market value equal to or more than 40% of the total gross
                  fair market value of all of the assets of the corporation
                  immediately prior to such acquisition or acquisitions. For
                  this purpose, gross fair market value means the value of the
                  assets of the corporation, or the value of the assets being
                  disposed of, determined without regard to any liabilities
                  associated with such assets. There is no Change in Control
                  event under this paragraph (c) when there is a transfer to an
                  entity that is controlled by the shareholders of the
                  transferring corporation immediately after the transfer.

            (d)   Each of the sub-paragraphs (a) through (c) above shall be
                  construed and interpreted consistent with the requirements of
                  Code Section 409A and any Treasury regulations or other
                  guidance issued thereunder.

      1.8. "Children" means Participant's children, both natural and adopted,
then living at the time payments are due the Children under this Plan.

      1.9. "Code" means the Internal Revenue Code of 1986, as amended from time
to time.

      1.10. "Company" means Investors Bancorp, Inc., a Delaware chartered
corporation which owns all of the issued and outstanding stock of the Bank.

      1.11. "Disability Retirement Benefit" the benefit available to a
Participant who terminates employment on account of Total and Permanent
Disability. The Disability Retirement Benefit is payable at age 65 and is
calculated on the basis that during the period from the Disability Retirement
Date to age 65 the Participant would have continued to earn Annual Compensation
at the same rate as in effect prior to the Total and Permanent Disability.

      1.12. "Disability Retirement Date" shall mean the date that a
Participant's employment is terminated due to Total and Permanent Disability.

      1.13. "Distribution Option" shall mean any of the following: (i) a life
annuity; (ii) a life annuity with 120 monthly payments guaranteed; (iii) a joint
and 100% survivor annuity (with 120 payments guaranteed); (iv) a joint and 50%
survivor annuity, and (v) a single sum distribution.

      1.14. "Early Retirement Benefit" means a retirement benefit payable upon
the Participant's retirement or other termination of employment (other than due
to Disability or following a Change in Control) after a Participant's Early
Retirement Date (but prior to the Normal Retirement Date) in the form of a life
annuity with 120 monthly payments guaranteed, unless the Participant elects an
alternative Distribution Option in his or her Joinder Agreement. If a
Participant has a vested benefit under the Plan and terminates employment prior
to the Participant's Normal Retirement Date, the Participant will be entitled to
a reduced Supplemental Retirement Benefit, referred to as an Early Retirement
Benefit, commencing on his or her Early Retirement Date if the Participant has
elected in his or her Joinder Agreement to receive an Early Retirement Benefit.
If the Participant terminates employment prior to the Normal Retirement Date
with 120 months of employment, the Supplemental Retirement Benefit payable will
be reduced by 2% for each full year that a Participant terminates employment
prior to age 65, provided, however, that if the Participant has 25 years of

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employment with the Bank, the Participant's benefit will be unreduced. The Early
Retirement Benefit shall be paid in the form of a life annuity with 120 monthly
payments guaranteed, unless the Participant elects an alternative Distribution
Option in his or her Joinder Agreement. Notwithstanding anything to the contrary
herein, if the Participant elects an alternative Distribution Option, the
alternative Distribution Option shall be the actuarial equivalent of the accrued
benefit paid in the form of a life annuity with 120 monthly payments guaranteed
and the reductions taken under "(i)" and "(ii)" shall each be stated in the same
form as the Distribution Option elected by the Participant and shall be the
actuarial equivalent of a life annuity with 120 monthly payments guaranteed.

      1.15. "Early Retirement Date" means the first day of the month coincident
with or next following a Participant's attainment of age 55, provided the
Participant has a nonforfeitable right to all or a portion of the Supplemental
Retirement Benefit. A Participant shall not be entitled to an Early Retirement
Benefit on or after his Early Retirement Date unless the Participant has
actually terminated employment.

      1.16. "Effective Date" shall be July 1, 2005.

      1.17. "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended.

      1.18. "Estate" means the Estate of a Participant.

      1.19. "Executive" shall mean a senior executive officer of the Bank.

      1.20. "Interest Factor" means six percent (6%) or such other rate as is
reasonably determined by the Board of Directors of the Bank ("Board") from time
to time.

      1.21. "Joinder Agreement" means the agreement executed by the Participant
upon initial participation in the Plan that sets forth the terms of the
participation and payment of the Supplemental Retirement Benefit.

      1.22. "MHC" means Investors Bancorp, MHC, a New Jersey chartered mutual
holding company which owns all or a majority of the issued and outstanding stock
of the Company.

      1.23. "Normal Retirement Benefit" means a retirement benefit payable on or
after the Normal Retirement Date in the form of a life annuity with 120 monthly
payments guaranteed, unless the Participant elects an alternative Distribution
Option in his or her Joinder Agreement. The Normal Retirement Benefit shall be
equal to (a) sixty percent (60%) times (b) the Participant's Average Annual
Compensation reduced by the annuitized value (calculated using the Actuarial
Assumptions) of the annual benefit payable under (i) the Bank's tax-qualified
defined benefit pension plan, and (ii) the defined benefit portion of the
Supplemental Retirement Plan I, in each case, in the same form as the
Distribution Option elected by Participant. Notwithstanding any thing to the
contrary herein, if the Participant elects an alternative Distribution Option,
the alternative Distribution Option shall be the actuarial equivalent of the
accrued benefit paid in the form of a life annuity with 120 monthly payments
guaranteed and the reductions taken under "(i)" and "(ii)" shall each be stated
in the same form as the Distribution Option elected by the Participant and shall
be the actuarial equivalent of a life annuity with 120 monthly payments
guaranteed. In the event that the

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Participant has less than 120 months of cumulative service upon retirement on or
after the Normal Retirement Date, the Participant's benefit shall be reduced by
1/120th for each month of employment less than 120 months. In the event that a
Participant actually retires later than the Normal Retirement Date, the
Participant's Normal Retirement Benefit shall be increased by 0.8% for each
month of deferment after age 65.

      1.24. "Normal Retirement Date" means the first day of the month coincident
with or next following a Participant's sixty-fifth (65th) birthday.

      1.25. "Participant" shall mean an Executive who has been selected to
participate in the Plan.

      1.26. "Specified Employee" means with respect to a publicly traded
company, an employee of the Bank or Company who is also a "key employee" as such
term is defined in Section 416(i) of the Code, without regard to Paragraph 5
thereof.

      1.27. "Spouse" means the individual to whom Participant is legally married
at the time of Participant's death.

      1.28. "Supplemental Retirement Benefit" means the benefit due to the
Participant following termination of employment on or after the Early Retirement
Date, the Normal Retirement Date or due to the Participant's Total and Permanent
Disability. A Supplemental Retirement Benefit may be an Early Retirement
Benefit, a Normal Retirement Benefit or a Disability Retirement Benefit.

      1.29. "Supplemental Retirement Plan I" shall mean the Amended and Restated
Supplemental ESOP and Retirement Plan.

      1.30. "Survivor's Benefit" means the benefit provided under Section 4.1 to
Participant's Beneficiary if Participant dies while in active employment of the
Bank. The Survivor's Benefit shall be equal in amount to the Supplemental
Retirement Benefit payable to Participant if Participant had lived until his
Normal Retirement Date, terminated employment on such date and commenced
receiving the Supplemental Retirement Benefit at that time. In addition, for
purposes of these calculations, Participant's Average Annual Compensation
(including both base salary and bonus) shall be deemed to increase at the rate
of five percent (5%) per year to age 65 at the customary time of such normal
annual increase.

      1.31. "Total and Permanent Disability" shall mean total and permanent
disability within the meaning of the Social Security Act.

                                   SECTION II

                                   ELIGIBILITY

      Participation shall be limited to those persons selected by the Board from
among the category of persons who are eligible.

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                                  SECTION III

                        SUPPLEMENTAL RETIREMENT BENEFITS

      3.1. Normal Retirement Benefit. Upon Participant's retirement coincident
with or following his Normal Retirement Date, the Bank shall commence payments
of the Normal Retirement Benefit. Such payments shall commence the first day of
the month next following Participant's actual retirement date or in the event
Participant is a Specified Employee and the following is required by Code
Section 409A, the Normal Retirement Benefit shall commence within thirty (30)
days following the six month anniversary of Participant's actual retirement, and
shall be payable in accordance with the Distribution Option set forth in
Participant's Joinder Agreement.

      3.2. Early Retirement Benefit. Participant shall have the elective right
to receive an Early Retirement Benefit, provided he shall terminate employment
prior to the Normal Retirement Date and shall have a nonforfeitable interest in
the Plan. Such election, if made, shall be made prior to the last day of
December, 2005, with respect to Participants who commence participation in 2005,
and within thirty (30) days of participation, with respect to Participants who
initially participate after December 2005. This election will only be effective
if a Participant actually terminates employment prior to the Normal Retirement
Date for reasons other than Total and Permanent Disability, death or a Change in
Control. In the event a Participant elects an Early Retirement Benefit, payment
of the Early Retirement Benefit shall commence within thirty (30) days after the
Participant's Early Retirement Date or in the event the Participant is a
Specified Employee and the following is required by Code Section 409A, the Early
Retirement Benefit shall commence within thirty (30) days after the six month
anniversary of Participant's Early Retirement Date, and shall be payable in
accordance with the Distribution Option set forth in Participant's Joinder
Agreement. For a Participant who terminates employment and commences receipt of
an Early Retirement Benefit on or after the Early Retirement Date, the accrued
benefit payable at age 65 is reduced by 2% for each year by which his Early
Retirement Date precedes his Normal Retirement Date, provided, however, if the
Participant has completed 25 years of employment prior to termination, the
accrued benefit will be unreduced at the Early Retirement Date.

      3.3. Disability. If Participant becomes Totally and Permanently Disabled
prior to reaching his Normal Retirement Date, while covered by the provisions of
this Plan, the Participant shall be entitled to a Disability Retirement Benefit
commencing within thirty (30) days after the Participant's Normal Retirement
Date.

      The Disability Retirement Benefit shall be payable in accordance with the
Distribution Option set forth in Participant's Joinder Agreement for
distribution of the Normal Retirement Benefit. In the event Participant dies at
any time after termination of employment due to Total and Permanent Disability
but prior to commencement of the Participant's Disability Retirement Benefit,
the Bank shall pay the Survivor's Benefit to the Participant's Beneficiary. In
the event the Participant dies after commencement of the Participant's
Disability Retirement Benefit, the Bank shall pay the remainder of the payments
then due to the Participant under the Disability Retirement Benefit.

      3.4. Change in Control. In the event of Participant's termination of
employment coincident with or within three (3) years following a Change in
Control, other than due to

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termination for Cause, the Participant shall be entitled to receive a
Supplemental Retirement Benefit calculated as either an Early Retirement Benefit
or a Normal Retirement Benefit, as applicable. For these purposes, each
Participant with less than 120 months of continuous employment will be deemed to
have at least 120 months of continuous employment and, if the Participant has
not yet attained age 55, shall be deemed to have attained age 55. The
Supplemental Retirement Benefit payable to a Participant in the event of
termination of employment in connection with or following a Change in Control
shall be paid in a single sum within thirty (30) days after the Participant's
termination of employment or in the event the Participant is a Specified
Employee and the following is required by Code Section 409A, the Supplemental
Retirement Benefit shall commence within thirty (30) days after the six month
anniversary of Participant's termination of employment.

                                   SECTION IV

                PRE RETIREMENT AND POST RETIREMENT DEATH BENEFITS

      4.1. Death Prior to Termination of Employment. If Participant dies prior
to termination of employment with the Bank or after termination of employment
with the Bank but prior to the payment of any portion of the Supplemental
Retirement Benefit, Participant's Beneficiary shall be entitled to the
Survivor's Benefit. Such benefit shall be paid in the form elected by the
Participant in the Participant's Joinder Agreement for benefits payable at the
Normal Retirement Date. The Survivor's Benefit shall begin within thirty (30)
days after the Bank is notified of the date of death of Participant.

      4.2. Death Subsequent to Retirement. In the event of the death of
Participant while receiving monthly benefits under this Plan, but prior to
receiving the entire Supplemental Retirement Benefit, then the unpaid balance of
such monthly payments shall continue to be paid monthly to Participant's
Beneficiary until all such payments have been made.

                                   SECTION V

                          PARTICIPANT'S RIGHT TO ASSETS

      The rights of Participant, any Beneficiary of Participant, or any other
person claiming through Participant under this Plan, shall be solely those of an
unsecured general creditor of the Bank. Participant, the Beneficiary of
Participant, or any other person claiming through Participant, shall only have
the right to receive from the Bank those payments as specified under this Plan.
Participant agrees that he, his Beneficiary, or any other person claiming
through him shall have no rights or interests whatsoever in any asset of the
Bank, including any insurance policies or contracts which the Bank may possess
or obtain to informally fund this Plan. Any asset used or acquired by the Bank
in connection with the liabilities it has assumed under this Plan, except as
expressly provided, shall not be deemed to be held under any trust for the
benefit of Participant or his Beneficiaries, nor shall it be considered security
for the performance of the obligations of the Bank. It shall be, and remain, a
general, unpledged, and unrestricted asset of the Bank.

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                                   SECTION VI

                            RESTRICTIONS UPON FUNDING

      The Bank shall have no obligation to set aside, earmark or entrust any
fund or money with which to pay its obligations under this Plan. Participant,
his Beneficiaries or any successor in interest to him shall be and remain simply
a general creditor of the Bank in the same manner as any other creditor having a
general claim for matured and unpaid compensation. The Bank reserves the
absolute right, at its sole discretion, to either fund the obligations
undertaken by this Plan or to refrain from funding the same and to determine the
extent, nature, and method of such informal funding. Should the Bank elect to
fund this Plan, in whole or in part, through the purchase of life insurance,
disability policies or annuities, the Bank reserves the absolute right, in its
sole discretion, to terminate such funding at any time, in whole or in part. At
no time shall Participant be deemed to have any lien nor right, title or
interest in or to any specific funding investment or to any assets of the Bank.
If the Bank elects to invest in a life insurance, disability or annuity policy
upon the life of Participant, then Participant shall assist the Bank by freely
submitting to a physical examination and supplying such additional information
necessary to obtain such insurance or annuities.

                                  SECTION VII

                     ALIENABILITY AND ASSIGNMENT PROHIBITION

      No Participant nor any Beneficiary under this Plan shall have any power or
right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or
otherwise encumber in advance any of the benefits payable hereunder, nor shall
any of said benefits be subject to seizure for the payment of any debts,
judgments, alimony or separate maintenance owed by Participant or his
Beneficiary, nor be transferable by operation of law in the event of bankruptcy,
insolvency or otherwise. In the event Participant or any Beneficiary attempts
assignment, communication, hypothecation, transfer or disposal of the benefits
hereunder, the Bank's liabilities shall forthwith cease and terminate.

                                  SECTION VIII

                       TERMINATION OF EMPLOYMENT FOR CAUSE

      Should a Participant be terminated for Cause, his or her benefits under
this Plan shall be forfeited and this Plan shall become null and void with
respect to such Participant.

                                   SECTION IX

                                 ACT PROVISIONS

      9.1. Named Fiduciary And Administrator. The Bank shall be the Named
Fiduciary and Administrator of this Plan. As Administrator, the Bank shall be
responsible for the management, control and administration of the Plan as
established herein. The Administrator may delegate to others certain aspects of
the management and operational responsibilities of the Plan, including the
employment of advisors and the delegation of ministerial duties to qualified
individuals.

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      9.2. Claims Procedure And Arbitration.

            (a)   In the event that benefits under this Plan are not paid to
                  Participant (or to his Beneficiary in the case of
                  Participant's death) and such claimants feel they are entitled
                  to receive such benefits, then a written claim must be made to
                  the Administrator named above within thirty (30) days from the
                  date payments are refused. The Administrator and its Board
                  shall review the written claim and, if the claim is denied, in
                  whole or in part, they shall provide in writing within thirty
                  (30) days of receipt of such claim their specific reasons for
                  such denial, reference to the provisions of this Plan upon
                  which the denial is based and any additional material or
                  information necessary to perfect the claim. Such written
                  notice shall further indicate the additional steps to be taken
                  by claimants if a further review of the claim denial is
                  desired.

            (b)   If claimants desire a second review, they shall notify the
                  Administrator in writing within thirty (30) days of the first
                  claim denial. Claimants may review the Plan or any documents
                  relating thereto and submit any issues, in writing, and
                  comments they may feel appropriate. In its sole discretion,
                  the Administrator shall then review the second claim and
                  provide a written decision within thirty (30) days of receipt
                  of such claim. This decision shall likewise state the specific
                  reasons for the decision and shall include reference to
                  specific provisions of the Plan upon which the decision is
                  based.

            (c)   If claimants continue to dispute the benefit denial based upon
                  completed performance hereunder or the meaning and effect of
                  the terms and conditions thereof, then claimants may submit
                  the dispute to mediation, administered by the American
                  Arbitration Association ("AAA") (or a mediator selected by the
                  parties) in accordance with the AAA's Commercial Mediation
                  Rules. If mediation is not successful in resolving the
                  dispute, it shall be settled by arbitration administered by
                  the AAA under its Commercial Arbitration Rules, and judgment
                  on the award rendered by the arbitrator(s) may be entered in
                  any court having jurisdiction thereof. If it is finally
                  determined that Participant (or his Beneficiary) is entitled
                  to the benefits set forth under this Plan, then all amounts
                  that Participant (or his Beneficiary) would have received up
                  to the time of such final determination shall be paid to
                  Participant (or his Beneficiary) with interest (calculated
                  using the Interest Factor) within thirty (30) days after such
                  final determination.

      9.3. Where a dispute arises as to the Bank's discharge of Participant for
Cause, such dispute shall likewise be submitted to arbitration as above
described and the parties hereto agree to be bound by the decision thereunder.

      9.4. All reasonable legal fees paid or incurred by Participant pursuant to
any dispute or questions of interpretation relating to this Plan shall be paid
or reimbursed by the Bank, provided that the dispute or interpretation has been
settled by Participant and the Bank or resolved in Participant's favor.

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                                   SECTION X

                                  MISCELLANEOUS

      10.1. No Effect on Employment Rights. Nothing contained herein shall
confer upon Participant the right to be retained in the service of the Bank nor
limit the right of the Bank to discharge or otherwise deal with Participant
without regard to the existence of this Plan.

      10.2. Disclosure. Participant shall receive a copy of his Plan and the
Administrator will make available, upon request, a copy of any rules and
regulations that govern this Plan.

      10.3. Governing Law. The Plan is established under, and will be construed
according to, the laws of the State of New Jersey, to the extent that such laws
are not preempted by the Act and valid regulations published thereunder.

      10.4. Severability. In the event that any of the provisions of this Plan
or portion thereof, are held to be inoperative or invalid by any court of
competent jurisdiction, then: (1) insofar as is reasonable, effect will be given
to the intent manifested in the provisions held invalid or inoperative, and (2)
the validity and enforceability of the remaining provisions will not be affected
thereby.

      10.5. Incapacity of Recipient. In the event Participant is declared
incompetent and a conservator or other person legally charged with the care of
his person or of his estate is appointed, any benefits under the Plan to which
such Participant is entitled shall be paid to such conservator or other person
legally charged with the care of his person or his Estate. Except as provided
above in this paragraph, when the Bank's Board in its sole discretion,
determines that an Participant is unable to manage his financial affairs, the
Board may direct the Bank to make distributions to any person for the benefit of
such Participant.

      10.6. Unclaimed Benefit. Participant shall keep the Bank informed of his
current address and the current address of his Beneficiaries. The Bank shall not
be obligated to search for the whereabouts of any person. If the location of
Participant is not made known to the Bank within three years after the date on
which any payment of Participant's Supplemental Retirement Benefit may be made,
payment may be made as though Participant had died at the end of the three-year
period. If, within one additional year after such three-year period has elapsed,
or, within three years after the actual death of Participant, the Bank is unable
to locate any Beneficiary of Participant, then the Bank may fully discharge its
obligation by payment to the Estate.

      10.7. Limitations on Liability. Notwithstanding any of the preceding
provisions of the Plan, neither the Bank, nor any individual acting as an
employee or agent of the Bank or as a member of the Board shall be liable to
Participant, former Participant, or any other person for any claim, loss,
liability or expense incurred in connection with the Plan.

      10.8. Gender. Whenever, in this Plan, words are used in the masculine or
neuter gender, they shall be read and construed as in the masculine, feminine or
neuter gender, whenever they should so apply.

                                       11

<PAGE>

      10.9. Affect on Other Corporate Benefit Agreements. Nothing contained in
this Plan shall affect the right of Participant to participate in, or be covered
by, any qualified or non-qualified pension, profit sharing, group, bonus or
other supplemental compensation or fringe benefit agreement constituting a part
of the Bank's existing or future compensation structure.

      10.10. Headings. Headings and sub-headings in this Plan are inserted for
reference and convenience only and shall not be deemed a part of this Plan.

      10.11. Establishment of Rabbi Trust. The Bank may, but is not obligated
to, establish a rabbi trust into which the Bank may contribute assets which
shall be held therein, subject to the claims of the Bank's creditors in the
event of the Bank's "Insolvency" as defined in the agreement which establishes
such rabbi trust, until the contributed assets are paid to Participants and
their Beneficiaries in such manner and at such times as specified in this Plan.
In the event a rabbi trust is established, it is the intention of the Bank to
make contributions to the rabbi trust to provide the Bank with a source of funds
to assist it in meeting the liabilities of this Plan. The rabbi trust and any
assets held therein shall conform to the terms of the rabbi trust agreement
which has been established in conjunction with this Plan. To the extent the
language in this Plan is modified by the language in the rabbi trust agreement,
the rabbi trust agreement shall supersede this Plan. Any contributions to the
rabbi trust shall be made during each Plan Year in accordance with the rabbi
trust agreement. The amount of such contribution(s) shall be equal to the full
present value of all benefit accruals under this Plan, if any, less: (i)
previous contributions made on behalf of Participant to the rabbi trust, and
(ii) earnings to date on all such previous contributions.

      10.12. Tax Withholding. The Bank may withhold from any benefit payable
under this Plan all federal, state, city, or other taxes as shall be required
pursuant to any law or governmental regulation then in effect.

      10.13. Construction and Severability. This Plan is adopted following the
enactment of Code Section 409A and is intended to be construed consistent with
the requirements of that Section, the Treasury regulations and other guidance
issued thereunder. If any provision of the Plan shall be determined to be
inconsistent therewith for any reason, then the Plan shall be construed, to the
maximum extent possible, to give effect to such provision in a manner that is
consistent with Code Section 409A, and if such construction is not possible, as
if such provision had never been included. In the event that any of the
provisions of this Plan or portion thereof are held to be inoperative or invalid
by any court of competent jurisdiction, then: (1) insofar as is reasonable,
effect will be given to the intent manifested in the provisions held to be
invalid or inoperative, and (2) the invalidity and enforceability of the
remaining provisions will not be affected thereby.

                                   SECTION XI

                     NON-COMPETITION AFTER NORMAL RETIREMENT

      11.1. Non-Compete Clause. Except as stated in the second paragraph of this
subsection, Participant expressly agrees that, as consideration for the
agreements of the Bank contained herein and as a condition to the performance by
the Bank of its obligations hereunder, for a twenty-four (24) month period
beginning at the time of termination of employment and ending on the second
anniversary of the employment termination date the Participant will not, without
the prior written

                                       12

<PAGE>

consent of the Bank, engage in, become interested, directly or indirectly, as a
sole proprietor, as a partner in a partnership, or as a substantial shareholder
in a corporation, nor become associated with, in the capacity of an employee,
director, officer, principal, agent, trustee or in any other capacity
whatsoever, any enterprise conducted in any city, town or county in which the
Bank maintains an office at the time of Participant's termination of employment,
which enterprise is, or may deemed to be, competitive with any business carried
on by the Bank as of the date of the termination of Participant's employment or
his retirement.

      In the event a Participant's termination follows a Change in Control or
other material change in the Bank's structure or business activities,
Participant shall be entitled to his Normal Retirement Benefit whether or not he
enters into an arrangement that is deemed to be competitive with the Bank.

      11.2. Breach. In the event of any breach by Participant of the agreements
and covenants contained herein, the Board shall direct that any unpaid balance
of any payments to Participant under this Plan be suspended, and shall thereupon
notify Participant of such suspensions, in writing. Thereupon, if the Board
shall determine that said breach by Participant has continued for a period of
six (6) months following notification of such suspension, all rights of
Participant and his Beneficiaries under this Plan, including rights to further
payments hereunder, shall thereupon terminate.

                                  SECTION XII

                        AMENDMENT/TERMINATION OF THE PLAN

      This Plan shall not be amended or modified, in whole or in part, in a
manner that effects the benefits payable to a Participant, without the written
consent of the affected Participant, and such consent shall be required even if
Participant is no longer employed by the Bank. Notwithstanding anything to the
contrary herein, in the event that the Bank has a Change in Control, the Bank or
its successor may terminate the Plan, provided that all accrued benefits payable
hereunder are paid to each Participant within twelve months of the Plan's
termination. In the event that the intent of any provision shall need to be
construed in a manner to avoid taxability, such construction shall be made by
the Bank, as administrator of the Plan, in a manner that would manifest to the
maximum extent possible the original meaning of such provisions.

                                  SECTION XIII

                                    EXECUTION

      13.1. This Plan sets forth the entire understanding of the parties hereto
with respect to the transactions contemplated hereby, and any previous
agreements or understandings between the parties hereto regarding the subject
matter hereof are merged into and superseded by this Plan.

      13.2. This Plan shall be executed in triplicate, each copy of which, when
so executed and delivered, shall be an original, but all three copies shall
together constitute one and the same instrument.

                                       13

<PAGE>

      IN WITNESS WHEREOF, the parties have caused this Plan to be executed on
the day and date first above written.

                                    EXECUTIVE

Dated: _________________                         _____________________

                                    INVESTORS SAVINGS BANK

                                    By: ______________________________
                                        Title:

                                       14

<PAGE>

                                   SCHEDULE A

                              ACTUARIAL ASSUMPTIONS

Interest: Six percent (6%) per annum, compounded annually.

Pre-retirement Turnover: None

Mortality: Determined according to the 1994 Group Annuity Reserving Table -

Assumed Retirement Age: Age on Normal Retirement Date

<PAGE>

                  EXECUTIVE SUPPLEMENTAL WAGE REPLACEMENT PLAN

                             BENEFICIARY DESIGNATION

      Executive, ______________________(name), under the terms of a certain
Executive Supplemental Retirement Wage Replacement Plan by and between him and
INVESTORS SAVINGS BANK, Millburn, New Jersey, dated July 1, 2005, hereby
designates the following Beneficiary to receive any guaranteed payments or death
benefits under such Plan, following his death:

      PRIMARY BENEFICIARY:    _____________________

      SECONDARY BENEFICIARY:  _____________________

      This Beneficiary Designation hereby revokes any prior Beneficiary
Designation which may have been in effect.

      Such Beneficiary Designation is revocable.

DATE: __________________, 20___

________________________________            ___________________________
             (WITNESS)                               (EXECUTIVE)

________________________________            ___________________________
         (WITNESS)

<PAGE>

             EXECUTIVE SUPPLEMENTAL RETIREMENT WAGE REPLACEMENT PLAN
                                JOINDER AGREEMENT

      I, _______________________, am a participant in the Executive Supplemental
Retirement Wage Replacement Plan ("Plan"), which is effective July 1, 2005, and
agree to the terms and conditions thereof. Any terms capitalized in this, my
Joinder Agreement, which are not defined herein, shall have the same meaning as
set forth in the Plan.

      For purposes of this Plan, my "Annual Compensation" shall be defined as my
base salary and bonus during any consecutive twelve-month period, including
amounts deferred at my election to any tax-qualified or non-qualified employee
benefit plan.

      I understand that my benefits shall commence to be paid to me at my Normal
Retirement Date which occurs on the first day of the month coincident with or
next following my sixty-fifth (65) birthday, provided, however, that if my
employment terminates prior to my Normal Retirement Date and I elect hereinbelow
to receive an Early Retirement Benefit in accordance with the provisions of
Section 3.2 of the Plan, then my benefit shall commence on my Early Retirement
Date.

      PART I.

      NORMAL RETIREMENT BENEFIT DISTRIBUTION OPTION: I hereby elect to have my
Normal Retirement Benefit paid in the form of [check one option]:

____  A Life Annuity

____  A Life Annuity with 120 monthly payments guaranteed

____  A Joint and 100% Survivor Annuity with 120 monthly payments guaranteed

____  A Joint and 50% Survivor Annuity

____  A Single Sum Distribution

[If no election is made the Normal Retirement Benefit will be paid in the form
of a Life Annuity with 120 monthly payments guaranteed]

      PART II.

      IN THE EVENT MY EMPLOYMENT TERMINATES PRIOR TO THE NORMAL RETIREMENT DATE,
I elect to receive my Supplemental Retirement Benefit as follows:

      ____ I elect an Early Retirement Benefit following my Early Retirement
Date in accordance with Section 3.2 of the Plan.

      ____ I elect to delay any distribution and to receive a Normal Retirement
Benefit on or after my Normal Retirement Date, in accordance with Section 3.1 of
the Plan.

<PAGE>

      PART III [SKIP TO PART IV IF YOU DID NOT ELECT AN EARLY RETIREMENT BENEFIT
IN PART II]

      EARLY RETIREMENT BENEFIT DISTRIBUTION OPTION: I hereby elect to have my
Early Retirement Benefit paid in the form of [check one option]:

____     A Life Annuity

____     A Life Annuity with 120 monthly payments guaranteed

____     A Joint and 100% Survivor Annuity with 120 monthly payments guaranteed

____     A Joint and 50% Survivor Annuity

____     A Single Sum Distribution

[If no election is made the Early Retirement Benefit will be paid in the form of
a Life Annuity with 120 monthly payments guaranteed]

I UNDERSTAND THAT IF I FAIL TO ELECT AN EARLY RETIREMENT BENEFIT, AND I RETIRE
WITH A NONFORFEITABLE INTEREST IN THE PLAN, MY BENEFIT WILL COMMENCE FOLLOWING
MY NORMAL RETIREMENT DATE AND WILL BE PAYABLE IN THE FORM OF A LIFE ANNUITY,
WITH 120 MONTHLY PAYMENTS GUARANTEED.

      PART IV

      I understand that I am entitled to review or obtain a copy of the Plan, at
any time, and may do so by contacting the Administrator.

      This Joinder Agreement shall become effective upon execution (below) by
both the Executive and a duly authorized officer of the Bank.

Dated this _____ day of __________________, 2005.

Executive                                        Investors Savings Bank
______________________                           _______________________________<PAGE>

                                                                    EXHIBIT 10.6

                             INVESTORS SAVINGS BANK

                           DEFERRED DIRECTORS FEE PLAN

                       ORIGINALLY EFFECTIVE MARCH 1, 1998

                AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2005

<PAGE>

                           DEFERRED DIRECTORS FEE PLAN

      WHEREAS, Investors Savings Bank (the "Bank") maintains the Investors
Savings Bank Deferred Directors Fee Plan ("Plan") for the benefit of its
non-employee directors ("Director(s)"); and

      WHEREAS, the Directors serve the Bank as members of the Board of
Directors; and

      WHEREAS, the Plan was originally effective March 1, 1998; and

      WHEREAS, Section 409A of the Internal Revenue Code of 1986, as amended
("Code"), requires that certain types of deferred compensation arrangements
comply with its terms or be subject to current taxes and penalties; and

      WHEREAS, the Bank desires to amend and restate the Plan effective January
1, 2005, in order to conform with the requirements set forth in Code Section
409A.

      NOW, THEREFORE, in consideration of the premises and of the mutual
promises herein contained, the Bank and the Directors agree as follows:

1. Effective January 1, 2005 (the "Effective Date"), each Director of the Bank
shall have the right to elect to defer the payment of all or any part of the
compensation to which such Director would otherwise be entitled as director's
fees or committee fees, with such deferred compensation to be payable at the
time or times and in the manner herein stated. The original Effective Date of
the Plan was March 1, 1998.

2. Each Director so electing to defer the payment of compensation shall execute
and deliver to the Bank a "Notice of Election," in the form attached hereto and
incorporated herein by reference. Such election shall be applicable only to
compensation to accrue by reason of services rendered after the date of such
notice.

3. An election to defer compensation shall continue in effect until revoked,
provided however, that every election to defer compensation shall be irrevocable
as to compensation earned for services performed prior to the date of such
revocation. Partial or complete revocation as to unearned compensation shall be
made in writing upon a form of notice to be

<PAGE>

furnished by the Bank and signed by the Director and shall be effective upon the
January 1st of the year stated therein providing the form is executed and
delivered to the Bank by December 31st of the previous calendar year.

4. Each Director may designate one or more beneficiaries to receive all sums due
to such Director upon his/her death. Such beneficiary designation may be revoked
or amended by such Director, from time to time, by appropriate notice in writing
delivered to the Bank. In the absence of any beneficiary designation or in the
event that no designated beneficiary shall be living at the time of the death of
the Director, all deferred compensation and interest accrued to the date of
death of the Director shall be payable to the Director's surviving spouse, or if
none, to the estate of such deceased Director.

5. No compensation so deferred shall be payable to a Director until the death,
disability, resignation, or removal from office of such Director, whereupon all
such deferred compensation, together with interest thereon as hereinafter
provided, shall be payable to such Director or his/her beneficiary, within
thirty (30) days from the date of death or resignation, unless the Director has
designated an optional installment payment method in the Notice of Election as
herein provided in which event the first such installment shall be paid within
thirty (30) days of such date. With respect to amounts deferred and interest
earned on amounts deferred on or before December 31, 2004, the Board of
Directors, in its sole discretion, may pay out the undisbursed portion of such
deferred compensation, together with interest thereon, in a lump sum at any
time, provided, however, that the Board of Directors shall not have the
discretion to pay out amounts deferred on or after January 1, 2005, or interest
on amounts deferred on or after January 1, 2005, except in accordance with the
terms of the Director's written election entered into at the time of deferral or
in accordance with paragraph 11 hereof. A Director shall be deemed to have
resigned on the date stated in any oral or written voluntary resignation.

6. Notwithstanding anything herein contained to the contrary, the Bank reserves
the exclusive right to discontinue this deferred compensation plan, at any time,
with respect to compensation to be earned in the future.

                                       2
<PAGE>

      Notwithstanding anything herein contained to the contrary, in the event of
a Change in Control of the Bank, the Bank reserves the exclusive right to
terminate this Plan with respect to any individual Director, so long as such
termination as to an individual Director is permissible under Code Section 409A,
whether or not he/she is then acting in such capacity, and to distribute
promptly, but in no event later than twelve (12) months following termination of
the Plan, to such Director all compensation theretofore deferred, together with
interest thereon, if it is determined that it is in the best interests of the
Bank to sever all relations with such individual Director. Notwithstanding the
foregoing, in the event that it is not permissible under Code Section 409A to
terminate the Plan with respect to an individual Director or Directors, in the
event of a Change in Control of the Bank, the Bank reserves the right, in its
sole discretion, to terminate the Plan with respect to all Directors and
distribute amounts thereunder within twelve (12) months of such termination. For
these purposes, a Change in Control shall mean: (i) a change in ownership of the
Bank under paragraph (a) below, or (ii) a change in effective control of the
Bank under paragraph (b) below, or (iii) a change in the ownership of a
substantial portion of the assets of the Bank under paragraph (c) below:

            (a)   CHANGE IN THE OWNERSHIP OF THE BANK. A change in the ownership
                  of the Bank shall occur on the date that any one person, or
                  more than one person acting as a group (as defined in
                  paragraph (b)), acquires ownership of stock of the corporation
                  that, together with stock held by such person or group,
                  constitutes more than 50 percent of the total fair market
                  value or total voting power of the stock of such corporation.
                  However, if any one person or more than one person acting as a
                  group, is considered to own more than 50 percent of the total
                  fair market value or total voting power of the stock of a
                  corporation, the acquisition of additional stock by the same
                  person or persons is not considered to cause a change in the
                  ownership of the corporation (or to cause a change in the
                  effective control of the

                                       3
<PAGE>

                  corporation (within the meaning of paragraph (b) below). An
                  increase in the percentage of stock owned by any one person,
                  or persons acting as a group, as a result of a transaction in
                  which the corporation acquires its stock in exchange for
                  property will be treated as an acquisition of stock for
                  purposes of this section. This paragraph (a) applies only when
                  there is a transfer of stock of a corporation (or issuance of
                  stock of a corporation) and stock in such corporation remains
                  outstanding after the transaction.

            (b)   CHANGE IN THE EFFECTIVE CONTROL OF THE BANK. A change in the
                  effective control of the Bank shall occur on the date that
                  either (i) any one person, or more than one person acting as a
                  group (as determined below), acquires (or has acquired during
                  the 12-month period ending on the date of the most recent
                  acquisition by such person or persons) ownership of stock of
                  the corporation possessing 35 percent or more of the total
                  voting power of the stock of such corporation; or (ii) a
                  majority of members of the corporation's board of Directors is
                  replaced during any 12-month period by Directors whose
                  appointment or election is not endorsed by a majority of the
                  members of the corporation's board of Directors prior to the
                  date of the appointment or election, provided that for
                  purposes of this paragraph (b)(ii), the term corporation
                  refers solely to a corporation for which no other corporation
                  is a majority shareholder. In the absence of an event
                  described in paragraph (i) or (ii), a change in the effective
                  control of a corporation will not have occurred. If any one
                  person, or more than one person acting as a group, is
                  considered to effectively control a corporation (within the
                  meaning of this paragraph (b)), the acquisition of additional
                  control of the corporation by the same person or persons is
                  not considered to cause a change in the effective control of
                  the corporation (or to cause a change in the ownership of the
                  corporation within the meaning of paragraph (a)). Persons will
                  not be considered to be acting as a group solely because they
                  purchase or own stock of the same corporation at the same
                  time, or as a result of the same public offering.

                                       4
<PAGE>

            (c)   CHANGE IN THE OWNERSHIP OF A SUBSTANTIAL PORTION OF THE BANK'S
                  ASSETS. A change in the ownership of a substantial portion of
                  the Bank's assets shall occur on the date that any one person,
                  or more than one person acting as a group (as determined
                  below), acquires (or has acquired during the 12-month period
                  ending on the date of the most recent acquisition by such
                  person or persons) assets from the corporation that have a
                  total gross fair market value equal to or more than 40% of the
                  total gross fair market value of all of the assets of the
                  corporation immediately prior to such acquisition or
                  acquisitions. For this purpose, gross fair market value means
                  the value of the assets of the corporation, or the value of
                  the assets being disposed of, determined without regard to any
                  liabilities associated with such assets. There is no Change in
                  Control event under this paragraph (c) when there is a
                  transfer to an entity that is controlled by the shareholders
                  of the transferring corporation immediately after the
                  transfer.

            (d)   Each of the sub-paragraphs (a) through (c) above shall be
                  construed and interpreted consistent with the requirements of
                  Code Section 409A and any Treasury regulations or other
                  guidance issued thereunder.

7. Interest on compensation deferred hereunder shall be credited and compounded
monthly at a rate equivalent to one and one-half percent (1-1/2%) below the
Prime Rate as shown in The Wall Street Journal on the third Wednesday of each
month. Should the third Wednesday be a holiday, the Prime Rate shown on the
third Tuesday (less 1-1/2%) shall be the rate used.

8. Deferred compensation distributable by reason of death, disability,
resignation or removal from office of a Director may, at the option of such
Director, be payable in approximately equal monthly installments over a period
not to exceed ten (10) years, provided however, that on any such installment
method of distribution, interest shall continue to be credited on the
undistributed sums as hereinabove provided.

9. In the event that any person to whom compensation is distributable under the
terms of this Plan shall be unable to properly manage his or her own affairs by
reason of physical or mental disability, in the judgment of the management of
the Bank, payment of all sums due may

                                       5
<PAGE>

be made to a duly appointed personal representative, conservator or guardian, or
to any person, firm or corporation furnishing or providing support and
maintenance to such distributee. The Bank and its officers and Directors shall
be fully and completely exonerated from all liability to any distributee upon
make payment in accordance with the terms of this paragraph.

10. No compensation accrued or payable by virtue of the terms of this Plan shall
be assignable or transferable by any Director or any beneficiary, neither of
whom shall have any right to anticipate, hypothecate, assign or transfer any
rights hereunder except to a trust established by the Director for the benefit
of the Director or his/her beneficiary.

11. The terms hereof cannot be amended, modified or supplemented, except to
comply with applicable laws of the State and Federal governments and the rules
and regulations of any agency or instrumentality thereof having supervisory or
regulatory jurisdiction over the Bank. The amendment and restatement of the
Plan, effective as of January 1, 2005, is being made to bring the Plan into
compliance with Code Section 409A and the guidance issued thereunder as of July
1, 2005. In the event that future guidance requires additional amendments to the
Plan, such amendments shall be made and applied retroactively, if necessary. The
terms hereof shall be binding upon and inure to the benefit of the successors
and assigns of the Bank and upon each Director so electing to defer compensation
pursuant hereto and his/her beneficiary.

12. Title to and beneficial ownership of any assets, which the Bank may earmark
to pay the deferred compensation hereunder, shall at all times remain in the
Bank; the Director and his/her designated beneficiary shall not have any
property interest whatsoever in any specific assets of the Bank.

13. The singular number used herein will include the plural number unless the
context of the Plan requires otherwise.

                                    * * * * *

                                       6
<PAGE>

                               NOTICE OF ELECTION

1.    Name of Director:_________________________________________________________

2.    Date of Commencement of Deferral of Compensation:_________________________

3.    Percentage of Compensation to be Deferred:________________________________

4.    Manner of Distribution:         (Check one)

      ______ Monthly Installments of not less than $200 each for ____ months,
      for a period not to exceed 10 years, or such lesser period as minimum
      monthly installments of $200 each, except for the final installment that
      may be required to complete distribution of all sums payable.

      ______ Lump Sum Distribution

5.    Beneficiary Designation in the event Director is deceased: Name and
      Relationship (If more than one, indicate shares for each; otherwise, paid
      equally.)
      __________________________________________________________________________

      __________________________________________________________________________

6.    Contingent or Secondary Beneficiary Designation: Name and Relationship
      (Applicable if all the designated beneficiaries above are not living at
      the time of death of the Director. If more than one, indicate shares for
      each; otherwise, paid equally.)
      __________________________________________________________________________

      __________________________________________________________________________

The undersigned Director of Investors Savings Bank does hereby elect to defer
compensation earned by the undersigned after the date hereof to the extend above
indicated, pursuant to the Deferred Directors Fee Plan as amended and restated
effective January 1, 2005. The undersigned acknowledges that this election is
revocable with respect to compensation earned prior to the date of any such
revocation, but it is irrevocable with respect to compensation earned prior to
the date of any such revocation.

Dated this ___________ day of ________________, 200_.

ATTEST:

____________________________                          __________________________
Corporate Secretary                                   Director

                                                      __________________________
                                                      Chairman/President

<PAGE>

                              NOTICE OF REVOCATION

The undersigned Director of Investors Savings Bank does hereby elect to revoke
the deferral of compensation under the Investors Savings Bank Deferred Directors
Fee Plan as amended and restated as of January 1, 2005. The undersigned
acknowledges that this election is only revocable with respect to compensation
earned after the date of this notice of revocation.

Dated this ___________ day of ________________, 200_.

ATTEST:

__________________________                            __________________________
Corporate Secretary                                   Director

                                                      __________________________
                                                      Chairman/President

                                       2

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