Document:

exv10w4

 

Exhibit 10.4

[Form for SVPs]

AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT AMONG

ESB FINANCIAL CORPORATION, ESB BANK

AND                     

     This AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT (this “Agreement”), dated as of the 21st
day of November 2006, among ESB Financial Corporation (the “Corporation”), ESB Bank, a Pennsylvania
chartered savings bank and a wholly owned subsidiary of the Corporation (the “Bank”), and
                     (the “Executive”). Any reference to the “Employers” shall mean both the
Corporation and the Bank, and any reference to an “Employer” shall mean either the Corporation or
the Bank, as the context requires.

WITNESSETH:

     WHEREAS, the Executive is presently an officer of the Employers, and the Executive and the
Employers have previously entered into a change in control agreement
dated
                    
         , 200___(the
“Prior Agreement”);

     WHEREAS, the Employers desire to amend and restate the Prior Agreement in order to make
changes to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
as well as certain other changes;

     WHEREAS, the Employers desire to be ensured of the Executive’s continued active participation
in the business of the Employers; and

     WHEREAS, in order to induce the Executive to remain in the employ of the Employers and in
consideration of the Executive agreeing to remain in the employ of the Employers, the parties
desire to specify the severance benefits which shall be due the Executive in the event that his
employment with the Employers is terminated under specified circumstances;

     NOW THEREFORE, in consideration of the premises and the mutual agreements herein contained,
the parties hereby agree as follows:

     1. Definitions. The following words and terms shall have the meanings set forth below for the
purposes of this Agreement:

     (a) Annual Compensation. The Executive’s “Annual Compensation” for purposes of this Agreement
shall be deemed to mean the highest level of base salary and cash bonus paid to the Executive by
the Employers or any subsidiary thereof during any of the three calendar

 

 

years ending prior to the calendar year in which the Date of Termination occurs, provided that the
highest base salary and the highest cash bonus may be paid in separate years.

     (b) Cause. Termination by the Employers of the Executive’s employment for “Cause” shall
include termination because of personal dishonesty, incompetence, willful misconduct, breach of
fiduciary duty involving personal profit, intentional failure to perform stated duties, willful
violation of any law, rule or regulation (other than traffic violations or similar offenses) or
final cease-and-desist order.

     (c) Change in Control. “Change in Control” shall mean a change in the ownership of the
Corporation or the Bank, a change in the effective control of the Corporation or the Bank or a
change in the ownership of a substantial portion of the assets of the Corporation or the Bank, in
each case as provided under Section 409A of the Code and the regulations thereunder.

     (d) Code. Code shall mean the Internal Revenue Code of 1986, as amended.

     (e) Date of Termination. “Date of Termination” shall mean (i) if the Executive’s employment
is terminated for Cause, the date on which the Notice of Termination is given, and (ii) if the
Executive’s employment is terminated for any other reason, the date specified in such Notice of
Termination.

     (f) Disability. “Disability” shall mean the Executive (i) is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not
less than 12 months, or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, receiving income replacement benefits for a period of not less
than three months under an accident and health plan covering employees of the Employers.

     (g) Good Reason. Termination by the Executive of the Executive’s employment for “Good Reason”
shall mean termination by the Executive following a Change in Control based on:

     (i) Without the Executive’s express written consent, the assignment by the
Employers to the Executive of any duties which are materially inconsistent with the
Executive’s positions, duties, responsibilities and status with the Employers
immediately prior to a Change in Control, or a material change in the Executive’s
reporting responsibilities, titles or offices as an employee and as in effect
immediately prior to such a Change in Control, or any removal of the Executive from
or any failure to re-elect the Executive to any of such responsibilities, titles or
offices, except in connection with the termination of the Executive’s employment for
Cause, Disability or Retirement or as a result of the Executive’s death or by the
Executive other than for Good Reason;

2

 

     (ii) Without the Executive’s express written consent, a reduction by the
Employers in the Executive’s base salary as in effect on the date of the Change in
Control or as the same may be increased from time to time thereafter or a material
reduction in the package of fringe benefits provided to the Executive; or

     (iii) The failure by the Employers to obtain the assumption of and agreement to
perform this Agreement by any successors as contemplated in Section 6 hereof.

     (h) IRS. IRS shall mean the Internal Revenue Service.

     (i) Notice of Termination. Any purported termination of the Executive’s employment by the
Employers for Cause, Disability or Retirement or by the Executive for Good Reason shall be
communicated by written “Notice of Termination” to the other party hereto. For purposes of this
Agreement, a “Notice of Termination” shall mean a notice which (i) indicates the specific
termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination of the Executive’s employment under
the provision so indicated, (iii) specifies a Date of Termination, which shall be not less than
thirty (30) nor more than ninety (90) days after such Notice of Termination is given, except in the
case of the Employers’ termination of the Executive’s employment for Cause, which shall be
effective immediately, and (iv) is given in the manner specified in Section 7 hereof.

     (j) Retirement. “Retirement” shall mean voluntary termination by the Executive in accordance
with the Employers’ retirement policies, including early retirement, generally applicable to their
salaried employees.

     2. Benefits Upon Termination. If the Executive’s employment by the Employers shall be
terminated within eighteen (18) months subsequent to a Change in Control by (i) the Employers other
than for Cause, Disability or Retirement or as a result of the Executive’s death, or (ii) the
Executive for Good Reason, then the Employers shall, subject to the provisions of Section 3 hereof,
if applicable:

     (a) pay to the Executive, in a lump sum as of the Date of Termination, a cash amount equal to
1.5 times the Executive’s Annual Compensation; and

     (b) maintain and provide for a period ending at the earlier of (i) eighteen (18) months after
the Date of Termination or (ii) the date of the Executive’s full-time employment by another
employer (provided that the Executive is entitled under the terms of such employment to benefits
substantially similar to those described in this subparagraph (b)), at no cost to the Executive,
the Executive’s continued participation in all group insurance, life insurance, health and
accident, disability and other employee benefit plans, programs and arrangements in which the
Executive was entitled to participate immediately prior to the Date of Termination (other than
retirement plans or stock compensation plans of the Employers), provided that in the event that the
Executive’s participation in any plan, program or arrangement as provided in this subparagraph

3

 

(b) is barred, or during such period any such plan, program or arrangement is discontinued or
the benefits thereunder are materially reduced, the Employers shall arrange to provide the
Executive with benefits substantially similar to those which the Executive was entitled to receive
under such plans, programs and arrangements immediately prior to the Date of Termination. If the
provision of any of the benefits covered by this Section 2(b) would trigger the 20% tax and
interest penalties under Section 409A of the Code, then the benefit(s) that would trigger such tax
and interest penalties shall not be provided (collectively, the “Excluded Benefits”), and in lieu
of the Excluded Benefits the Employers shall pay to the Executive, in a lump sum within 30 days
following termination of employment or within 30 days after such determination should it occur
after termination of employment, a cash amount equal to the cost to the Employers of providing the
Excluded Benefits.

(c) The payment to the Executive hereunder shall be paid by the Corporation and the Bank in the
same proportion as the time and services actually expended by the Executive on behalf of each
respective Employer, and no payments shall be duplicated.

     3. Limitation of Benefits under Certain Circumstances. If the payments and benefits pursuant
to Section 2 hereof, either alone or together with other payments and benefits which the Executive
has the right to receive from the Employers would constitute a “parachute payment” under Section
280G of the Code, then the payments and benefits pursuant to Section 2 hereof shall be reduced by
the minimum amount necessary to result in no portion of the payments and benefits under Section 2
being non-deductible to either of the Employers pursuant to Section 280G of the Code and subject to
the excise tax imposed under Section 4999 of the Code. If the payments and benefits under Section
2 are required to be reduced, the cash severance shall be reduced first, followed by a reduction in
the fringe benefits. The determination of any reduction in the payments and benefits to be made
pursuant to Section 2 shall be based upon the opinion of independent tax counsel selected by the
Employers and paid for by the Employers. Such counsel shall promptly prepare the foregoing
opinion, but in no event later than thirty (30) days from the Date of Termination, and may use such
actuaries as such counsel deems necessary or advisable for the purpose. Nothing contained herein
shall result in a reduction of any payments or benefits to which the Executive may be entitled upon
termination of employment other than pursuant to Section 2 hereof, or a reduction in the payments
and benefits specified in Section 2 below zero.

     4. Mitigation; Exclusivity of Benefits.

     (a) The Executive shall not be required to mitigate the amount of any benefits hereunder by
seeking other employment or otherwise, nor shall the amount of any such benefits be reduced by any
compensation earned by the Executive as a result of employment by another employer after the Date
of Termination or otherwise, except as set forth in Section 2(b) above.

     (b) The specific arrangements referred to herein are not intended to exclude any other
benefits which may be available to the Executive upon a termination of employment with the
Employers pursuant to employee benefit plans of the Employers or otherwise.

4

 

     5. Withholding. All payments required to be made by the Employers hereunder to the Executive
shall be subject to the withholding of such amounts, if any, relating to tax and other payroll
deductions as the Employers may reasonably determine should be withheld pursuant to any applicable
law or regulation.

     6. Assignability. The Employers may assign this Agreement and their rights hereunder in
whole, but not in part, to any corporation, bank or other entity with or into which the Employers
may hereafter merge or consolidate or to which the Employers may transfer all or substantially all
of their respective assets, if in any such case said corporation, bank or other entity shall by
operation of law or expressly in writing assume all obligations of the Employers hereunder as fully
as if it had been originally made a party hereto, but may not otherwise assign this Agreement or
their rights hereunder. The Executive may not assign or transfer this Agreement or any rights or
obligations hereunder.

     7. Notice. For the purposes of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly given when
delivered or mailed by certified or registered mail, return receipt requested, postage prepaid,
addressed to the respective addresses set forth below:

	 	 	 	 	 
	 

	 	To the Employers:
	 	ESB Financial Corporation and ESB Bank
	 

	 	 	 	600 Lawrence Avenue
	 

	 	 	 	Ellwood City, Pennsylvania 16117
	 
	 	 	 	 
	 

	 	To the Executive:
	 	 

	 

	 	 	 	At the address last appearing on
	 

	 	 	 	the personnel records of the Employers

     8. Amendment; Waiver. No provisions of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing signed by the Executive and
such officer or officers as may be specifically designated by the Boards of Directors of the
Employers to sign on their behalf. No waiver by any party hereto at any time of any breach by any
other party hereto of, or compliance with, any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. In addition, notwithstanding anything
in this Agreement to the contrary, the Employers may amend in good faith any terms of this
Agreement, including retroactively, in order to comply with Section 409A of the Code.

     9. Governing Law. The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the United States where applicable and otherwise by the
substantive laws of the Commonwealth of Pennsylvania.

5

 

     10. Nature of Employment and Obligations.

     (a) Nothing contained herein shall be deemed to create other than a terminable at will
employment relationship between the Employers and the Executive, and the Employers may terminate
the Executive’s employment at any time, subject to providing any payments specified herein in
accordance with the terms hereof.

     (b) Nothing contained herein shall create or require the Employers to create a trust of any
kind to fund any benefits which may be payable hereunder, and to the extent that the Executive
acquires a right to receive benefits from the Employers hereunder, such right shall be no greater
than the right of any unsecured general creditor of the Employers.

     11. Term of Agreement. This Agreement shall terminate three (3) years after December 1, 2006;
provided that on or prior to December 1, 2007 and each subsequent December 1st, the Boards of
Directors of the Employers shall consider (with appropriate corporate documentation thereof, and
after taking into account all relevant factors, including the Executive’s performance as an
employee) renewal of the term of this Agreement for an additional one (1) year, and the term of
this Agreement shall be so extended as of such December 1st unless the Boards of Directors of the
Employers do not approve such renewal and provide written notice to the Executive, or the Executive
gives written notice to the Employers, at least thirty (30) days prior to such December 1st, of
such party’s or parties’ election not to extend the term beyond its then scheduled expiration date;
and provided further that, notwithstanding the foregoing to the contrary, this Agreement shall be
automatically extended for an additional one (1) year upon a Change in Control.

     12. Headings. The section headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement.

     13. Validity. The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement, which shall remain
in full force and effect.

     14. Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original but all of which together will constitute one and the same
instrument.

     15. Regulatory Prohibition. Notwithstanding any other provision of this Agreement to the
contrary, any payments made to the Executive pursuant to this Agreement, or otherwise, are subject
to and conditioned upon their compliance with Section 18(k) of the FDIA (12 U.S.C. §1828(k)) and 12
C.F.R. Part 359.

     16. Regulatory Actions. The following provisions shall be applicable to the parties to the
extent that they are required to be included in agreements between a savings association and its
employees pursuant to Section 563.39(b) of the Regulations Applicable to All Savings Associations,
12 C.F.R. '563.39(b), or any successor thereto, and shall be controlling in the event of a
conflict with any other provision of this Agreement.

6

 

     (a) If the Executive is suspended from office and/or temporarily prohibited from participating
in the conduct of the Employers’ affairs pursuant to notice served under Section 8(e)(3) or Section
8(g)(1) of the Federal Deposit Insurance Act (AFDIA@)(12 U.S.C.
''1818(e)(3) and 1818(g)(1)), the Employers’ obligations under this Agreement shall be
suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in
the notice are dismissed, the Employers may, in their discretion: (i) pay the Executive all or part
of the compensation withheld while their obligations under this Agreement were suspended, and (ii)
reinstate (in whole or in part) any of their obligations which were suspended.

     (b) If the Executive is removed from office and/or permanently prohibited from participating
in the conduct of the Employers’ affairs by an order issued under Section 8(e)(4) or Section
8(g)(1) of the FDIA (12 U.S.C. ''1818(e)(4) and (g)(1)), all obligations of the
Employers under this Agreement shall terminate as of the effective date of the order, but vested
rights of the Executive and the Employers as of the date of termination shall not be affected.

     (c) If the Bank is in default, as defined in Section 3(x)(1) of the FDIA (12 U.S.C.
'1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default,
but vested rights of the Executive and the Employers as of the date of termination shall not be
affected.

     (d) All obligations under this Agreement shall be terminated pursuant to 12 C.F.R.
'563.39(b)(5) (except to the extent that it is determined that continuation of the Agreement
for the continued operation of the Employers is necessary): (i) by the Director of the OTS, or
his/her designee, at the time the Federal Deposit Insurance Corporation (AFDIC@) enters
into an agreement to provide assistance to or on behalf of the Bank under the authority contained
in Section 13(c) of the FDIA (12 U.S.C. '1823(c)); or (ii) by the Director of the OTS, or
his/her designee, at the time the Director or his/her designee approves a supervisory merger to
resolve problems related to operation of the Bank or when the Bank is determined by the Director of
the OTS to be in an unsafe or unsound condition, but vested rights of the Executive and the
Employers as of the date of termination shall not be affected.

     16. Entire Agreement. This Agreement embodies the entire agreement between the Employers and
the Executive with respect to the matters agreed to herein. All prior agreements between the
Employers and the Executive with respect to the matters agreed to herein, including without
limitation the Prior Agreement between the Employers and the Executive, are hereby superseded and
shall have no force or effect.

[Signature page follows]

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     IN WITNESS WHEREOF, this Agreement has been executed as of the date first above written.

	 	 	 	 	 	 	 
	Attest:	 	ESB FINANCIAL CORPORATION  
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Charlotte A. Zuschlag	 	 
	 

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	Attest:	 	ESB BANK
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Charlotte A. Zuschlag	 	 
	 

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

8exv10w5

 

Exhibit 10.5

AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

OF

ESB FINANCIAL CORPORATION

AND

ESB BANK

EFFECTIVE AS OF NOVEMBER 21, 2006

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	PAGE	 
	ARTICLE I PURPOSE; EFFECTIVE DATE
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II DEFINITIONS
	 	 	1	 
	2.1 Adjusted Retirement Percentage
	 	 	1	 
	2.2 Beneficiary
	 	 	1	 
	2.3 Board
	 	 	1	 
	2.4 Change in Control
	 	 	2	 
	2.5 Committee
	 	 	2	 
	2.6 Compensation
	 	 	2	 
	2.7 Deferred Retirement Date
	 	 	2	 
	2.8 Disability
	 	 	2	 
	2.9 Early Retirement Date
	 	 	2	 
	2.10 Employer
	 	 	2	 
	2.11 ERISA
	 	 	2	 
	2.12 Exchange Act
	 	 	3	 
	2.13 Final Average Compensation
	 	 	3	 
	2.14 Normal Retirement Date
	 	 	3	 
	2.15 Participant
	 	 	3	 
	2.16 Retirement
	 	 	3	 
	2.17 Separation from Service
	 	 	3	 
	2.18 Spouse
	 	 	3	 
	2.19 Supplemental Retirement Benefit
	 	 	3	 
	2.20 Target Retirement Percentage
	 	 	3	 
	2.21 Year of Credited Service
	 	 	3	 
	 
	 	 	 	 
	ARTICLE III PARTICIPATION AND VESTING
	 	 	3	 
	3.1 Eligibility and Participation
	 	 	3	 
	3.2 Change in Employment Status
	 	 	4	 
	3.3 Vesting
	 	 	4	 
	 
	 	 	 	 
	ARTICLE IV PRE-RETIREMENT SURVIVOR BENEFIT
	 	 	4	 
	4.1 Pre-Retirement Survivor Benefit
	 	 	4	 
	4.2 Payment of Benefits
	 	 	4	 
	 
	 	 	 	 
	ARTICLE V SUPPLEMENTAL RETIREMENT BENEFITS
	 	 	4	 
	5.1 Normal Retirement Benefit
	 	 	4	 
	5.2 Deferred Retirement Benefit
	 	 	5	 
	5.3 Early Retirement Benefit
	 	 	5	 
	5.4 Disability Retirement Benefit
	 	 	5	 
	5.5 Change in Control Benefit
	 	 	5	 
	5.6 Payment of Benefits
	 	 	5	 
	5.7 Alternative Form of Payment
	 	 	6	 

 ii 

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	PAGE	 
	5.8 Withholding; Payroll Taxes
	 	 	 7	 
	5.9 Payment to Guardian
	 	 	 7	 
	 
	 	 	 	 
	ARTICLE VI BENEFICIARY DESIGNATION
	 	 	 7	 
	6.1 Beneficiary Designation
	 	 	 7	 
	6.2 Amendments
	 	 	 7	 
	6.3 No Participant Beneficiary Designation
	 	 	 8	 
	6.4 Effect of Payment
	 	 	 8	 
	 
	 	 	 	 
	ARTICLE VII ADMINISTRATION
	 	 	 8	 
	7.1 Committee; Duties
	 	 	 8	 
	7.2 Agents
	 	 	 8	 
	7.3 Binding Effect of Decisions
	 	 	 8	 
	7.4 Indemnity of the Committee
	 	 	 8	 
	 
	 	 	 	 
	ARTICLE VIII CLAIMS AND REVIEW PROCEDURES
	 	 	 9	 
	8.1 Claims Procedure
	 	 	 9	 
	8.2 Review Procedure
	 	 	 9	 
	 
	 	 	 	 
	ARTICLE IX TERMINATION, SUSPENSION OR AMENDMENT
	 	 	11	 
	9.1 Termination, Suspension or Amendment of Plan
	 	 	11	 
	 
	 	 	 	 
	ARTICLE X MISCELLANEOUS
	 	 	12	 
	10.1 Unfunded Plan
	 	 	12	 
	10.2 Unsecured General Creditor
	 	 	12	 
	10.3 Trust Fund
	 	 	12	 
	10.4 Nonassignability
	 	 	12	 
	10.5 Not a Contract of Employment
	 	 	12	 
	10.6 Protective Provisions
	 	 	12	 
	10.7 Terms
	 	 	13	 
	10.8 Captions
	 	 	13	 
	10.9 Governing Law
	 	 	13	 
	10.10 Validity
	 	 	13	 
	10.11 Notice
	 	 	13	 
	10.12 Changes in Statutes or Regulations
	 	 	13	 
	10.13 Successors
	 	 	13	 
	SIGNATURES
	 	 	14	 

 iii 

 

 

AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

ARTICLE I

PURPOSE; EFFECTIVE DATE

     The purpose of this Amended and Restated Supplemental Executive Retirement Plan (hereinafter
referred to as the “Plan”) is to provide supplemental retirement and death benefits for certain key
employees of ESB Financial Corporation (hereinafter referred to as the “Company”), ESB Bank (the
“Bank”), and any affiliated or subsidiary corporations of the Company designated by the Board. It
is intended that the Plan will aid in retaining and attracting employees of exceptional ability by
providing them with these benefits. This Plan as amended and restated shall be effective as of
November 21, 2006.

INTRODUCTION

     The Company and the Bank previously entered into a certain Supplemental Executive Retirement
Plan effective as of February 22, 2001 (the “Prior SERP”). This Plan amends and restates the Prior
SERP in its entirety as hereinafter set forth in order to comply with the requirements of Section
409A of the Internal Revenue Code of 1986, as amended (the “Code”), including the guidance issued
to date by the Internal Revenue Service (the “IRS”) and the proposed regulations issued by the IRS
in the fall of 2005, with none of the benefits payable under this Plan to be deemed grandfathered
for purposes of Section 409A of the Code. The

     Plan has been and shall continue to be operated in compliance with Section 409A of the Code.
The provisions of the Plan shall be construed to effectuate such intentions.

ARTICLE II

DEFINITIONS

     For the purposes of this Plan, the following terms shall have the meanings indicated, unless
the context clearly indicates otherwise:

     2.1 Adjusted Retirement Percentage. “Adjusted Retirement Percentage” means the Target
Retirement Percentage multiplied by a fraction, the numerator of which is the Participant’s Years
of Credited Service, not to exceed twenty (20), and the denominator of which is twenty (20). The
Adjusted Retirement Percentage shall be rounded to four (4) decimal places.

     2.2 Beneficiary. “Beneficiary” means the person(s) or entity(ies) entitled under
Article VI to receive any Plan benefits payable after a Participant’s death.

     2.3 Board. “Board” means the Board of Directors of Company.

 

 

     2.4 Change in Control. “Change in Control” shall mean a change in the ownership of
the Company or the Bank, a change in the effective control of the Company or the Bank or a change
in the ownership of a substantial portion of the assets of the Company or the Bank, in each case as
provided under Section 409A of the Code and the regulations thereunder.

     2.5 Committee. “Committee” means the Committee appointed to administer the Plan
pursuant to Article VII.

     2.6 Compensation. “Compensation” means the salary paid to or accrued for a
Participant during the calendar year, before reduction for amounts deferred under any other salary
reduction program, plus cash bonuses paid to or accrued for a Participant during the calendar year.
Compensation does not include expense reimbursements, any form of non-cash compensation or
benefits other than salary and cash bonuses. When salary is deferred in one year and then paid in
a subsequent year, the payment of the previously deferred salary shall not be included in
Compensation in the year that it is paid.

     2.7 Deferred Retirement Date. “Deferred Retirement Date” means the first day of the
month coincident with or next following the date of the Participant’s Separation from Service
subsequent to the Participant’s Normal Retirement Date.

     2.8 Disability. “Disability” means the Participant (i) is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not
less than 12 months, or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, receiving income replacement benefits for a period of not less
than three months under an accident and health plan covering employees of the Employer.

     2.9 Early Retirement Date. “Early Retirement Date” means the date on which a
Participant has a Separation from Service from the Employer for reasons other than death or
Disability if it occurs after the first day of the month coincident with or next following the
Participant’s attainment of age fifty (50) and completion of twelve (12) Years of Credited Service,
but prior to his Normal Retirement Date. “Early Retirement Date” shall also mean the date on which
the Participant terminates employment with the Employer for any reason other than death or
Disability if either (a) at the time of such termination the sum of the Participant’s Years of
Credited Service (including partial years) and age equals at least sixty-two (62), or (b) such
termination occurs within twenty-four (24) months after a Change in Control.

     2.10 Employer. “Employer” means the Company, or any successor to the business
thereof, and any affiliated or subsidiary corporations designated by the Board. The Company hereby
designates ESB Bank as an Employer for purposes of this Plan.

     2.11 ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended.

2

 

     2.12 Exchange Act. “Exchange Act” means the Securities Exchange Act of 1934, as
amended.

     2.13 Final Average Compensation. “Final Average Compensation” means the Participant’s
Compensation during the last three (3) consecutive full calendar years of employment with the
Employer immediately preceding the date of termination divided by three (3). Compensation earned
after the Participant’s Normal Retirement Date shall be included only if it increases Final Average
Compensation.

     2.14 Normal Retirement Date. “Normal Retirement Date” means the first day of the
month coincident with or next following the Participant’s attainment of age sixty-five (65).

     2.15 Participant. “Participant” means any individual who is participating or has
participated in this Plan as provided in Article III.

     2.16 Retirement. “Retirement” means a Participant’s Separation from Service from the
Employer at the Participant’s Early Retirement Date, Normal Retirement Date or Deferred Retirement
Date.

     2.17 Separation from Service. “Separation from Service” means a separation from
service within the meaning of Section 409A of the Code and the regulations thereunder.

     2.18 Spouse. “Spouse” means a Participant’s wife or husband who is lawfully married to
the Participant at the time of the Participant’s death.

     2.19 Supplemental Retirement Benefit. “Supplemental Retirement Benefit” means the
benefit determined under Article V of this Plan.

     2.20 Target Retirement Percentage. “Target Retirement Percentage” means the
percentage of Final Average Compensation which will be used as a target to arrive at the amount of
the Supplemental Retirement Benefit actually payable to a Participant. This target percentage
shall equal twenty-five percent (25%).

     2.21 Year of Credited Service. “Year of Credited Service” means a year in which an
employee works one thousand (1,000) or more hours.

ARTICLE III

PARTICIPATION AND VESTING

3.1 Eligibility and Participation.

     (a) Eligibility. Eligibility to participate in the Plan shall be limited to those
employees of the Employer who are designated by the Board.

3

 

     (b) Participation. An employee’s participation in the Plan shall be effective upon
notification of the employee of his status as a Participant by the Committee. Participation in the
Plan shall continue until such time as the Participant terminates employment with the Employer, and
as long thereafter as the Participant is eligible to receive benefits under this Plan.

     3.2 Change in Employment Status. If the Board determines that a Participant’s
employment performance is no longer at a level which deserves reward through participation in this
Plan, but does not terminate the Participant’s employment with the Employer, participation herein
and eligibility to receive benefits hereunder shall be limited to the Participant’s vested interest
in such benefits as of the date designated by the Board.

     3.3 Vesting. Each Participant shall be one hundred percent (100%) vested in all
benefits that are accrued for his benefit under this Plan as of the date(s) of such accrual(s).
For example, when a Participant satisfies the criteria to be eligible for Early Retirement, he
shall be 100% vested in his Early Retirement Benefit.

ARTICLE IV

PRE-RETIREMENT SURVIVOR BENEFIT

     4.1 Pre-Retirement Survivor Benefit. If a Participant dies while employed by the
Employer, the Employer shall pay a supplemental survivor benefit to the Participant’s
Beneficiary(ies). The amount of this benefit shall be equal to the present value of the accrued
Supplemental Retirement Benefit. Present value shall be calculated using a discount rate equal to
five percent (5%) simple interest per annum.

     4.2 Payment of Benefits.

     (a) Form and Commencement of Benefit Payments. The supplemental survivor benefits
payable under this Article IV shall be paid in the form of one lump sum payment paid as soon as
administratively possible but not later than March 15 in the year following the year in which the
Participant died.

     (b) No Commutation of Benefits. The supplemental survivor benefit may be paid only in
the form of a lump sum payment.

ARTICLE V

SUPPLEMENTAL RETIREMENT BENEFITS

     5.1 Normal Retirement Benefit. If a Participant has a Separation from Service on the
Normal Retirement Date, the Employer shall pay to the Participant an annual Supplemental Retirement
Benefit equal to the Adjusted Retirement Percentage multiplied by the Participant’s Final Average
Compensation. The annual Supplemental Retirement Benefit shall be paid for ten

4

 

(10) years as set forth in Section 5.6(a), unless a Participant elects a different form of payment
pursuant to Section 5.7 below.

     5.2 Deferred Retirement Benefit. If a Participant has a Separation from Service at a
Deferred Retirement Date, the Employer shall pay to the Participant an annual Supplemental
Retirement Benefit equal to the Adjusted Retirement Percentage multiplied by the Participant’s
Final Average Compensation. The annual Supplemental Retirement Benefit shall be paid for ten (10)
years as set forth in Section 5.6(a), unless a Participant elects a different form of payment
pursuant to Section 5.7 below.

     5.3 Early Retirement Benefit. If a Participant has a Separation from Service at an
Early Retirement Date, the Employer shall pay to the Participant an annual Supplemental Retirement
Benefit equal to the Adjusted Retirement Percentage multiplied by the Participant’s Final Average
Compensation, subject to adjustment as set forth below. The annual Supplemental Retirement Benefit
shall be paid for ten (10) years as set forth in Section 5.6(a), unless a Participant elects a
different form of payment pursuant to Section 5.7 below. Unless the Participant has twenty (20)
Years of Credited Service or terminates his employment with the Employer within twenty four (24)
months following a Change in Control, the above Early Retirement Benefit shall be reduced by three
and one-third percent (3.3333%) for each year by which the benefit commencement date precedes the
Participant’s sixty-fifth (65th) birthday. This percentage shall be prorated for partial years.

     5.4 Disability Retirement Benefit. If a Participant has a Separation from Service
prior to Retirement as a result of Disability, the Employer shall pay to the Participant an annual
Supplemental Retirement Benefit commencing on the date specified in Section 5.6(b) equal to the
amount the Participant would have received at such time under the Normal Retirement provisions of
this Article, unless a Participant elects a different form of payment pursuant to Section 5.7
below. For purposes of this calculation, Years of Credited Service shall continue to accrue during
the period of Disability and the Participant’s Final Average Compensation shall be based only on
the amounts earned during the twelve (12) months prior to Disability if this provides the
Participant with a greater benefit.

     5.5 Change in Control Benefit. Upon the occurrence of a Change in Control, the
Employer shall pay to each Participant an annual Supplemental Retirement Benefit equal to the
Adjusted Retirement Percentage multiplied by each Participant’s respective Final Average
Compensation. The annual Supplemental Retirement Benefit shall be paid for ten (10) years
commencing on the first day of the month following the date of the Change in Control, unless a
Participant elects a different form of payment pursuant to Section 5.7 below.

     5.6 Payment of Benefits.

     (a) Form of Benefit Payments. Supplemental Retirement Benefits paid under this Plan
shall be paid in the form of a ten (10) year annuity, unless a Participant elects a different form
of payment pursuant to Section 5.7 below. If a Participant dies prior to the completion of the ten
(10) year payment period, any remaining payments will be made to the Participant’s Beneficiary or
estate.

5

 

     (b) Commencement of Benefit Payments. The Supplemental Retirement Benefits payable to
a Participant under the Normal, Deferred or Early Retirement provisions of this Article shall
commence on the later of (i) the first day of the month following the lapse of six months after the
Participant’s Normal, Deferred or Early Retirement Date, or (ii) the January first immediately
following the date of the Participant’s Separation from Service. The Supplemental Retirement
Benefits payable to a Participant under the Disability provisions of this Article shall commence on
the first day of the month following the lapse of six months after a Participant’s Disability, but
not earlier than the January first following the Participant’s attaining of age sixty-five (65).

     (c) No Commutation of Benefits. Supplemental Retirement Benefits may be paid only in
the form of a ten (10) year annuity, except as provided in Article IV and except for any elections
made pursuant to Section 5.7 below.

     5.7 Alternative Form of Payment.

     (a) General. In lieu of receiving Supplemental Retirement Benefits in the form of a
ten (10) year annuity, a Participant may elect to receive his or her Supplemental Retirement
Benefits upon the occurrence of one or more specified payment events in the form of a lump sum
distribution equal to ninety percent (90%) of the Actuarial Equivalent (as defined below) of the
Participant’s Supplemental Retirement Benefits payable under this Plan upon such event. Any new
payment elections made by a Participant on or after January 1, 2005 shall be made in accordance
with this Section 5.7. If a Participant elects a form of payment upon more than one payment event,
then the first payment event that occurs shall govern how the payment is made. For purposes of
this Plan, “Actuarial Equivalent” shall be determined based upon the applicable federal rate as
published by the Internal Revenue Service under Section 1274(d) of the Code for the month in which
the applicable payment event occurs.

     (b) Prior Elections. Any payment elections made by a Participant before January 1,
2005 shall continue in effect until such time as the Participant makes a subsequent payment
election pursuant to Section 5.7(c) below and such payment election becomes effective as set forth
below. If no payment election was previously made, then the current payment election shall be
deemed to be a ten (10) year annuity payable as set forth in Sections 5.1 through 5.6 above.

     (c) Transitional Elections. On or before December 31, 2007, if a Participant wishes
to change his payment election, the Participant may do so by completing a payment election form
approved by the Committee, provided that any such election (1) must be made at least 12 months
before the date on which benefit payments are scheduled to commence, (2) must be made while the
Participant is an active employee of the Company or one of its subsidiaries, (3) shall not take
effect before the date that is 12 months after the date the election is made and accepted by the
Committee, (4) does not cause a payment that would otherwise be made in 2006 or 2007 to be delayed
to a later year, and (5) does not accelerate into 2006 or 2007 a payment that is otherwise
scheduled to be made in a later year.

6

 

     (d) Changes in Payment Elections after 2007. On or after January 1, 2008, if a
Participant wishes to change his or her payment election, the Participant may do so by completing a
payment election form approved by the Committee, provided that any such election (i) must be made
while the Participant is an active employee of the Company or one of its subsidiaries, (ii) must be
made at least 12 months before the date on which any benefit payments as of a fixed date or
pursuant to a fixed schedule are scheduled to commence, (iii) shall not take effect until at least
12 months after the date the election is made and accepted by the Committee, and (iv) for payments
to be made other than upon death, must provide an additional deferral period of at least five years
from the date such payment would otherwise have been made (or in the case of any annuity or
installment payments treated as a single payment, five years from the date the first amount was
scheduled to be paid). For purposes of this Plan and clause (iv) above, all annuities or
installment payments under this Plan shall be treated as a single payment.

     5.8 Withholding; Payroll Taxes. The Employer shall withhold from payments made
hereunder any taxes required to be withheld from a Participant’s wages under applicable federal,
state or local tax laws. However, a Beneficiary may elect not to have withholding for federal
income tax purposes pursuant to Section 3405(a)(2) of the Internal Revenue Code, or any successor
provision.

     5.9 Payment to Guardian. If a Plan benefit is payable to a minor or a person declared
to be incompetent or to a person incapable of handling the disposition of his property, the
Committee may direct payment of such Plan benefit to the guardian, legal representative or person
having the care and custody of such minor or other person. The Committee may require proof of
incompetence, minority, incapacity or guardianship, as it may deem appropriate prior to
distribution of the Plan benefit. Such distribution shall completely discharge the Committee and
the Employer from all liability with respect to such benefit.

ARTICLE VI

BENEFICIARY DESIGNATION

     6.1 Beneficiary Designation. Each Participant shall have the right, at any time, to
designate any person(s) or entity(ies) as his Beneficiary or Beneficiaries (both primary as well as
secondary) to whom benefits under this Plan shall be paid in the event of his death prior to
complete distribution to the Participant of the benefits due under the Plan. Each Beneficiary
designation shall be in a written form prescribed by the Committee, and will be effective only when
filed with the Committee during the Participant’s lifetime.

     6.2 Amendments. Any Beneficiary designation may be changed by a Participant without
the consent of any designated Beneficiary by the filing of a new Beneficiary designation with the
Committee. The filing of a new Beneficiary designation form will cancel all Beneficiary
designations previously filed. If a Participant’s Compensation is community property, any
Beneficiary Designation shall be valid or effective only as permitted under applicable law.

7

 

     6.3 No Participant Beneficiary Designation. In the absence of an effective
Beneficiary Designation, or if all designated Beneficiaries predecease the Participant or die prior
to complete distribution of the Participant’s benefits, then the Participant’s designated
beneficiary shall be deemed to be the person or persons surviving him in the first of the following
classes in which there is a survivor, share and share alike:

     (a) The surviving Spouse;

     (b) The Participant’s children, except that if any of the children predecease the Participant
but leave issue surviving, then such issue shall take by right of representation the share their
parent would have taken if living; and

     (c) The Participant’s estate.

     6.4 Effect of Payment. The payment to the deemed Beneficiary shall completely
discharge the Employer’s obligations under this Plan.

ARTICLE VII

ADMINISTRATION

     7.1 Committee; Duties. This Plan shall be administered by the Committee which shall
consist of not less than three (3) persons appointed by the Board. The Committee shall have the
authority to make, amend, interpret and enforce all appropriate rules and regulations for the
administration of this Plan and decide or resolve any and all questions including interpretations
of this Plan, as may arise in connection with the Plan. A majority vote of the Committee members
shall control any decision. Members of the Committee may be Participants under this Plan.

     7.2 Agents. The Committee may, from time to time, employ other agents and delegate to
them such administrative duties as it sees fit and may from time to time consult with counsel who
may be counsel to the Employer.

     7.3 Binding Effect of Decisions. The decision or action of the Committee in respect
of any question arising out of or in connection with the administration, interpretation and
application of the Plan and the rules and regulations promulgated hereunder shall be final and
conclusive and binding upon all persons having any interest in the Plan.

     7.4 Indemnity of the Committee. The Employer shall indemnify and hold harmless the
members of the Committee against any and all claims, loss, damage, expense or liability arising
from any action or failure to act with respect to this Plan, except in the case of gross negligence
or willful misconduct.

8

 

ARTICLE VIII

CLAIMS AND REVIEW PROCEDURES

     8.1 Claims Procedure. A Participant or beneficiary (“claimant”) who has not received
benefits under the Plan that he or she believes should be paid shall make a claim for such benefits
as follows:

          (a) Initiation – Written Claim. The claimant initiates a claim by submitting to the
Committee a written claim for the benefits.

          (b) Timing of Committee Response. The Committee shall respond to such claimant within
90 days after receiving the claim. If the Committee determines that special circumstances require
additional time for processing the claim, the Committee can extend the response period by an
additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day
period, that an additional period is required. The notice of extension must set forth the special
circumstances and the date by which the Committee expects to render its decision.

          (c) Notice of Decision. If the Committee denies part or all of the claim, the
Committee shall notify the claimant in writing of such denial. The Committee shall write the
notification in a manner calculated to be understood by the claimant. The notification shall set
forth:

	 	(i)	 	The specific reasons for the denial,
	 
	 	(ii)	 	A reference to the specific provisions of the Plan on which the
denial is based,
	 
	 	(iii)	 	A description of any additional information or material
necessary for the claimant to perfect the claim and an explanation of why it is
needed,
	 
	 	(iv)	 	An explanation of the Plan’s review procedures and the time
limits applicable to such procedures, and
	 
	 	(v)	 	A statement of the claimant’s right to bring a civil action
under ERISA Section 502(a) following an adverse benefit determination on
review.

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

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

9

 

          (b) Additional Submissions – Information Access. The claimant shall have the
opportunity to submit written comments, documents, records and other information relating to the
claim as part of the claimant’s written request for review. The Committee 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.

          (c) Considerations on Review. In considering the review, the Committee 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.

          (d) Timing of Committee Response. The Committee shall respond in writing to such
claimant within 60 days after receiving the request for review. If the Committee determines that
special circumstances require additional time for processing the claim, the Committee 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 Committee expects to render its
decision.

          (e) Notice of Decision. The Committee shall notify the claimant in writing of its
decision on review. The Committee shall write the notification in a manner calculated to be
understood by the claimant. If the Committee denies part or all of the claim, the notification
shall set forth:

	 	(i)	 	The specific reasons for the denial,
	 
	 	(ii)	 	A reference to the specific provisions of the Plan on which the
denial is based,
	 
	 	(iii)	 	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 to the claimant’s claim for benefits,
	 
	 	(iv)	 	A statement of the claimant’s right to bring a civil action
under ERISA Section 502(a), and
	 
	 	(v)	 	If an internal rule, guideline, protocol or other similar
criterion was relied upon in making the adverse determination on review, a
statement that a copy of the rule, guideline, protocol or other similar
criterion will be provided without charge to the claimant upon request.

10

 

ARTICLE IX

TERMINATION, SUSPENSION OR AMENDMENT

     9.1 Termination, Suspension or Amendment of Plan.

     (a) The Board may, in its sole discretion, terminate or suspend this Plan at any time or from
time to time, in whole or in part. A termination of the Plan will not be a distributable event,
except in the two circumstances set forth in Section 9.2(b) below. The Board may amend this Plan
at any time or from time to time. Any amendment may provide different benefits or amounts of
benefits from those herein set forth. However, no such termination, suspension or amendment shall
adversely affect the benefits of Participants which have accrued prior to such action or the
benefits of any Beneficiary of a Participant who has previously died. In addition, notwithstanding
anything in this Plan to the contrary, the Employer may amend in good faith any terms of this Plan,
including retroactively to the extent permitted by law, in order to comply with Section 409A of the
Code.

     (b) Termination. Under no circumstances may the Plan permit the acceleration of the
time or form of any payment under the Plan prior to the payment events specified herein, except as
provided in this Section 9.2(b). The Employer may, in its discretion, elect to terminate the Plan
in either of the following two circumstances set forth below and accelerate the payment of the
entire unpaid balance of the Participant’s vested benefits as of the date of such payment in
accordance with Section 409A of the Code:

	 	(i)	 	the Plan is terminated and (1) all arrangements sponsored by the Bank and/or
the Company that would be aggregated with the Plan under Treasury Regulation
§1.409A-1(c) if the Participant participated in all of the arrangements are terminated,
(2) no payments other than payments that would be payable under the terms of the
arrangements if the termination had not occurred are made within 12 months of the
termination of the arrangements; (3) all payments are made within 24 months of the
termination of the arrangements; and (4) neither the Bank nor the Company adopts a new
arrangement that would be aggregated with the Plan under Treasury Regulation
§1.409A-1(c) if the Participant participated in both arrangements, at any time within
five years following the date of termination of the Plan, or
	 
	 	(ii)	 	the Plan is terminated within 12 months of a corporate dissolution taxed under
Section 331 of the Code, or with the approval of a bankruptcy court pursuant to 11
U.S.C. §503(b)(1)(A), provided that the amounts deferred by the Participant under the
Plan are included in the Participant’s gross income in the later of (1) the calendar
year in which the termination of the Plan occurs, or (2) the first calendar year in
which the payment is administratively practicable.

11

 

ARTICLE X

MISCELLANEOUS

     10.1 Unfunded Plan. This Plan is an unfunded plan maintained primarily to provide
deferred compensation benefits for a select group of “management or highly-compensated employees”
within the meaning of Sections 201, 301 and 401 of ERISA and therefore is exempt from the
provisions of Parts 2, 3 and 4 of Title I of ERISA.

     10.2 Unsecured General Creditor. Participants and their Beneficiaries, heirs,
successors and assigns shall have no legal or equitable rights, interests or claims in any property
or assets of the Employer, nor shall they be beneficiaries of, or have any rights, claims or
interests in any life insurance policies, annuity contracts or the proceeds therefrom owned or
which may be acquired by the Employer. The Employer’s obligation under the Plan shall be that of
an unfunded and unsecured promise of the Employer to pay money in the future.

     10.3 Trust Fund. At its discretion, the Employer may establish one or more trusts,
with such trustees as the Board may approve, for the purposes of providing for the payment of
benefits owed under the Plan. Although such a trust shall be irrevocable, its assets shall be held
for payment of all the Employer’s general creditors in the event of insolvency or bankruptcy. To
the extent any benefits provided under the Plan are paid from any such trust, the Employer shall
have no further obligations to pay them. If not paid from the trust, such benefits shall remain
the obligation of the Employer.

     10.4 Nonassignability. Neither a Participant nor any other person shall have any
right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber,
transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable
hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be
unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment,
be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate
maintenance owed by a Participant or any other person, nor be transferable by operation of law in
the event of a Participant’s or any other person’s bankruptcy or insolvency.

     10.5 Not a Contract of Employment. The terms and conditions of this Plan shall not be
deemed to constitute a contract of employment between the Employer and a Participant, and no
Participant (or his Beneficiary) shall have any rights against the Employer except as may otherwise
be specifically provided herein. Moreover, nothing in this Plan shall be deemed to give a
Participant the right to be retained in the service of the Employer or to interfere with the right
of the Employer to discipline or discharge him at any time.

     10.6 Protective Provisions. A Participant shall cooperate with the Employer by
furnishing any and all information requested by the Employer, in order to facilitate the payment of
benefits hereunder, and by taking such physical examinations as the Employer may deem necessary and
taking such other action as may be requested by the Employer.

12

 

     10.7 Terms. Whenever any words are used herein in the masculine, they shall be
construed as though they were used in the feminine in all cases where they would so apply; and
whenever any words are used herein in the singular or in the plural, they shall be construed as
though they were used in the plural or the singular, as the case may be, in all cases where they
would so apply.

     10.8 Captions. The captions of the articles, sections and paragraphs of this Plan are
for convenience only and shall not control or affect the meaning or construction of any of its
provisions.

     10.9 Governing Law. The provisions of this Plan shall be construed and interpreted
according to the laws of the State of Pennsylvania.

     10.10 Validity. In case any provision of this Plan shall be held invalid or
unenforceable for any reason, such provision shall not affect the remaining parts hereof, and this
Plan shall be construed and enforced as if such invalid or unenforceable provision had never been
inserted herein.

     10.11 Notice. Any notice or filing required or permitted to be given to the Committee
under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or
certified mail to any member of the Committee or the Secretary of the Employer. Such notice shall
be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on
the postmark on the receipt for registration or certification.

     10.12 Changes in Statutes or Regulations. If any statutory or regulation provision
referenced herein is subsequently changed or re-numbered, or is replaced by a separate provision,
then the references in this Plan to such statutory or regulatory provision shall be deemed to be
reference to such section as amended, re-numbered or replaced.

     10.13 Successors. The provisions of this Plan shall bind and inure to the benefit of
the Employer and its successors and assigns. The term successors as used herein shall include any
corporate or other business entity which shall, whether by merger, consolidation, purchase or
otherwise acquire all or substantially all of the business and assets of the Employer, and
successors of any such corporation or other business entity.

13

 

     IN WITNESS WHEREOF, and pursuant to a resolution of the Board of Directors of the Company, the
Company has caused this Plan to be executed by its duly authorized officers effective as of
November 21, 2006.

	 	 	 	 	 	 	 
	 	 	ESB FINANCIAL CORPORATION:  
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William B. Salsgiver	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	William B. Salsgiver, Chairman	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Frank D. Martz	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Frank D. Martz, Secretary	 	 

     By execution hereof, ESB Bank consents to and agrees to be bound by the terms and conditions
of this Plan.

	 	 	 	 	 	 	 
	 	 	ESB BANK:  
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Frank D. Martz	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Frank D. Martz, Secretary	 	 

14

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