Document:

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                                                                    EXHIBIT 10.2
                             CHESTERFIELD FEDERAL
                         SAVINGS AND LOAN ASSOCIATION
                          SEVERANCE COMPENSATION PLAN
                          FOR OFFICERS AND EMPLOYEES

                                 PLAN PURPOSE

     The purpose of the Chesterfield Federal Savings and Loan Association
Severance Compensation Plan for Officers and Employees is to provide certain
officers and employees of Chesterfield Federal Savings and Loan Association (the
"Association") with certain benefits in the event of a Change in Control of the
Association or its parent, Chesterfield Financial Corp.  The benefits
contemplated by the Plan recognize the valuable services and contributions of
the officers and employees of the Association as well as the uncertainties
relating to continued employment, reduced employee benefits, management changes
and officer or employee relocations that may arise in the event of a Change in
Control of the Association or the Company.  The Board of Directors of the
Association (the "Board") believes that it is in the best interest of the
Association to provide its officers and employees with such benefits in order to
assist officers and employees of the Association in defraying the costs and
changes in employment status that could be imposed by a Change in Control.  The
Board believes that the Plan will also aid the Association in attracting and
retaining highly qualified individuals who are essential to its success.
Furthermore, the Plan's assurance of fair treatment of the Association's
officers and employees will reduce the distractions and other adverse effects on
officers' and employees' performance in the event of a Change in Control in the
Association or the Company.

                                   ARTICLE I
                             ESTABLISHMENT OF PLAN

     1.1  Establishment of Plan
          ---------------------

     As of the Effective Date of the Plan, the Association hereby establishes a
severance compensation plan to be known as the "Chesterfield Federal Savings and
Loan Association  Severance Compensation Plan for Officers and Employees."

     1.2  Applicability of Plan
          ---------------------

     The benefits provided by this Plan shall be available to the (i) full-time
employees who have been employed by the Association for at least one year, and
(ii) full-time officers of the Association set forth at Schedule A who have been
specifically approved by resolution of the Board to be eligible to participate
in the Plan, except for those executive officers who have entered into and
continue to be covered by employment agreements or special termination
agreements who, at or after the Effective Date, meet the eligibility
requirements of Article III.  This Plan shall not operate or be interpreted to
reduce or be in lieu of compensation or benefits inuring to officers or
employees elsewhere provided.  No provision of this Plan shall be interpreted to
mean that officers and employees shall receive fewer benefits than those
available without reference to this Plan.
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     1.3  Contractual Right to Benefits
          -----------------------------

     This Plan establishes and vests in each Participant a contractual right to
the benefits to which each Participant is entitled hereunder, enforceable by the
Participant against the Association, Company, or both. All Severance Payments
provided in the Plan shall be paid in cash or check to the Participant or to a
third party for his benefit from the general funds of the Association or
Company.  The Company unconditionally guarantees payment of all amounts and
benefits due from the Association that are not promptly paid or provided by the
Association.

                                  ARTICLE II
                         DEFINITIONS AND CONSTRUCTION

     2.1  Definitions
          -----------

     Whenever used in the Plan, the following terms shall have the meanings set
forth below.

          (a) "Compensation" of a Participant means the Participant's salary or
hourly rate of pay for services performed for the Employer during the period
specified in the Plan.

          (b) "Association" means Chesterfield Federal Savings and Loan
Association or any successor as provided for in Article VII hereof.

          (c) "Cause" shall mean the Officer's or Employee's intentional failure
to perform stated duties, personal dishonesty, incompetence, willful misconduct,
any breach of fiduciary duty involving personal profit, willful violation of any
law, rule, regulation (other than traffic violations or similar offenses) or
final cease and desist order, or any material breach of any material provision
of this Plan.  In determining incompetence, the acts or omissions shall be
measured against standards generally prevailing in the savings institution
industry.

          (d) "Change in Control" of the Association or the Company shall mean a
change in control of a nature that: (i) would be required to be reported in
response to Item 1(a) of the current report on Form 8-K, as in effect on the
date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934 (the "Exchange Act"); or (ii) results in a Change in Control of the
Association or the Company within the meaning of the Home Owners Loan Act, as
amended ("HOLA"), and applicable rules and regulations promulgated thereunder,
as in effect at the time of the Change in Control; or (iii) without limitation
such a Change in Control shall be deemed to have occurred at such time as
(a) any "person" (as the term is used in Sections 13(d) and 14(d) of the
Exchange Act) is or becomes the "beneficial owner" (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company
representing 25% or more of the combined voting power of Company's outstanding
securities, except for any securities purchased by the Association's employee
stock ownership plan or trust; or (b) individuals who constitute the Board on
the date hereof (the "Incumbent Board") cease for any reason to constitute at
least a majority thereof, provided that any person becoming a director
subsequent to the date hereof whose election was approved by a vote of at least
three-quarters of the directors comprising the Incumbent Board, or whose
nomination for election by the Company's stockholders was approved by the same
Nominating Committee serving under an Incumbent Board, shall be, for purposes of
this clause (b), considered as though he were a member of the Incumbent Board;
or (c) a reorganization, merger, consolidation, sale of all or substantially all
the assets of the Association or the Company or similar transaction in which the
Association or Company is not the surviving institution occurs.

                                      -2-
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          (e) "Code" means the Internal Revenue Code of 1986, as amended.

          (f) "Company" means Chesterfield Financial Corp.

          (g) "Effective Date" as to Officers and Employees of an Employer means
the date the Plan is approved by the Board, or such other date as the Board
shall designate in its resolution approving the Plan.

          (h) "Employee" means an employee of an Employer who has been employed
by the Employer on a full-time basis for at least one year, excluding any
executive officer of the Association which is covered by an employment agreement
or special termination agreement.

          (i) "Employer" means the Association, the Company or an affiliate
within the meaning of Code Section 1504(a), which has adopted the Plan pursuant
to Article VI hereof.

          (j) "Officer" means an Officer of an Employer employed by the Employer
on a full-time basis and identified in Schedule A, excluding any officer of the
Association who is covered by an employment agreement or special termination
agreement.

          (k) "Parent" means Chesterfield Financial Corp., the holding company
of  the Association.

          (l) "Participant" means an Officer or Employee who meets the
eligibility requirements of Section 3.1.

          (m) "Plan" means the Chesterfield Federal Savings and Loan Association
Severance Compensation Plan for Officers and Employees.

          (n) "Severance Payments" means the payment of severance compensation
as provided in Article IV hereof.

     2.2  Applicable Law
          --------------

     To the extent not preempted by the laws of the United States, the laws of
the State of Illinois shall be controlling in all matters relating to the Plan.

     2.3  Severability
          ------------

     If a provision of this Plan shall be held illegal or invalid, the
illegality or invalidity shall not affect the remaining parts of the Plan and
the Plan shall be construed and enforced as if the illegal or invalid provision
had not been included.

                                      -3-
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                                  ARTICLE III
                                  ELIGIBILITY

     3.1  Participation
          -------------

     Eligible Employees shall become Participants on the Effective Date.  Each
Officer who has been added to Schedule A after having been specifically approved
by resolution of the Board to participate in the Plan shall become a Participant
on the day following such Board approval, and (ii) each  employee who has been
employed by the Employer for one year shall become a Participant on the
anniversary of his entry date. Notwithstanding the foregoing, any person who has
entered into and continues to be covered by an employment agreement or special
termination agreement with the Employer shall not be entitled to participate in
this Plan.

     3.2  Duration of Participation
          -------------------------

     A Participant shall cease to be a Participant in the Plan when the
Participant ceases to be an Officer or Employee of an Employer, unless such
Participant is entitled to Severance Payments as provided in the Plan.  A
Participant entitled to receipt of Severance Payments shall remain a Participant
in this Plan until the full amount of the Severance Payments has been paid to
the Participant.

                                  ARTICLE IV
                                   PAYMENTS

     4.1  Right to Payment
          ----------------

     A Participant shall be entitled to receive Severance Payments from the
Association in the amount provided in Section 4.3 if there has been a Change in
Control of the Association or the Company and if, within two years thereafter,
the Participant's employment by an Employer shall terminate for any reason
specified in Section 4.2, whether the termination is voluntary or involuntary.
A Participant shall not be entitled to Severance Payments if termination occurs
by reason of death, voluntary retirement, voluntary termination other than for
reasons specified in Section 4.2, total and permanent disability, or for Cause.

     4.2  Reasons for Termination
          -----------------------

     Following a Change in Control, a Participant shall be entitled to Severance
Payments if the Participant terminates employment with the Employer for any one
or more of the following reasons:

     (a) The Employer reduces the Participant's base salary or rate of
compensation as in effect immediately prior to the Change in Control, or as the
same may have been increased thereafter.

     (b) The Employer assigns to the Participant any duties inconsistent with
the Participant's duties, responsibilities or status with the Employer
immediately prior to the Change in Control, or changes his or her reporting
responsibilities, titles or offices.

     (c) The Employer requires the Participant to change the location of his job
or office, so that such Participant will be based at a location more than thirty
(30) miles from the location of his job or office immediately prior to the
Change in Control, provided that such new location is not closer to
Participant's home.

                                      -4-
<PAGE>

     (d)  The Employer fails to continue in effect any vacation benefits,
pension plan, dental plan, life insurance plan, health, accident or disability
plan in which the Participant is participating immediately prior to the Change
in Control (or plans providing substantially similar benefits), except that this
subsection shall not apply to non-discriminatory reductions or changes in
benefits.

     (e)  A successor association or company fails or refuses to assume the
Employer's obligations under this Plan, as required by Article VII.

     (f)  The Employer terminates the employment of a Participant at, or within
two years after a Change in Control, other than for Cause.

     4.3  Amount of Payment
          -----------------

     Each Participant entitled to Severance Payments under this Plan shall
receive from the Association a lump sum cash payment, unless another method of
payment is selected by the Participant in accordance with Section 4.4, as
follows:

          (a) Officers.  Officers who are designated as such on Schedule A shall
              --------
     receive a cash severance payment equal to the Compensation paid to the
     Officer during the twelve-month period ending on the date of termination.

          (b) Employees.  Employees who have been employed by the Employer for
              ---------
     at least one year shall be entitled to receive, for every two years of
     employment with the Employer, a cash Severance Payment equal to one month's
     Compensation for the last full calendar month of employment prior to the
     Employee's termination of employment, up to a maximum of six months of
     Compensation. An Employee who has worked for the Employer for at least one
     year but less than two years will be entitled to a cash Severance Payment
     equal to one month's Compensation for the last full calendar month of
     employment prior to termination.

          (c) Life Insurance and Medical Benefit Coverage.  Each
              -------------------------------------------
     Participant entitled to  Severance Payments under this Plan shall receive
     continued life and medical coverage substantially identical to the coverage
     maintained by the Employer for the Participant prior to the date of
     termination of employment.  Such coverage shall continue for a period equal
     to the period set forth under paragraphs (a) and (b) above, from the date
     of termination.  Following the termination of medical coverage hereunder,
     the Participant shall be given the opportunity to elect continued health
     care coverage under the provisions of the Consolidated Omnibus Budget
     Reconciliation Act ("COBRA").

          (d) Reductions to Avoid Excess Parachute Payment.  Notwithstanding
              --------------------------------------------
     the provisions of (a), (b) and (c) above, if Severance Payments to a
     Participant who is a Disqualified Individual shall be in an amount which
     includes an Excess Parachute Payment, the Severance Payments hereunder to
     that Participant shall be reduced to the maximum amount which does not
     include an Excess Parachute Payment. The terms "Disqualified Individual"
     and "Excess Parachute Payment" shall have the same meaning as defined in
     Section 280G of the Internal Revenue Code of 1986, or any successor section
     of similar import.

          (e) Compliance with Minimum Capital Requirements.  Notwithstanding
              --------------------------------------------
     the provisions of (a) and (b) above, no payments shall be made hereunder if
     the Association is not in capital compliance with its minimum capital
     requirements or if such payments would cause the

                                      -5-
<PAGE>

     Association's capital to be reduced below its minimum capital requirements,
     such payments shall be deferred until such time as the Association is in
     capital compliance, and provided further, that in no event shall total
     severance compensation from all sources exceed three times a Participant's
     base salary for the immediately preceding year.

          (f)  Mitigation of Benefits.  The Participant shall not be required to
               ----------------------
     mitigate the amount of the Severance Payments by seeking other employment
     or otherwise, nor shall the amount of such Severance Payments be reduced by
     any compensation earned by the Participant as a result of employment after
     termination of employment by an Employer.

     4.4  Time of Severance Payment
          -------------------------

     The Severance Payments to which a Participant is entitled shall be paid by
the Employer to the Participant, in cash, either in full, bi-weekly, or
annually, at the election of the Participant, commencing  not later than ten
(10) days after the termination of the Participant's employment.  If any
Participant should die before all amounts have been paid, such unpaid amounts
shall be paid to  the Participant's named beneficiary, if living, otherwise to
the personal representative of the Participant's estate.

                                   ARTICLE V
                    OTHER RIGHTS AND BENEFITS NOT AFFECTED

     5.1  Other Benefits
          --------------

     Except to the extent a Participant shall voluntarily agree otherwise,
neither the provisions of this Plan nor the Severance Payments provided for
hereunder shall reduce any amounts otherwise payable, or in any way diminish the
Participant's rights as an Officer or Employee of an Employer, whether existing
now or hereafter, under any benefit, incentive, retirement, stock option, stock
bonus, stock ownership or any employment agreement or other plan or arrangement.

     5.2  Employment Status
          -----------------

     This Plan does not constitute a contract of employment or impose on the
Participant or the Participant's Employer any obligation to retain the
Participant as an Officer or Employee, to change the status of the Participant's
employment, or to change the Association's policies regarding termination of
employment. This Plan only applies if there has been a Change in Control.

                                  ARTICLE VI
                            PARTICIPATING EMPLOYERS

     6.1  Upon approval by the Board, this Plan may be adopted by the Company of
the Association. Upon such adoption, the Company shall become an Employer
hereunder and the provisions of the Plan shall be fully applicable to the
Officers and Employees of that Company.

                                  ARTICLE VII
                         SUCCESSOR TO THE ASSOCIATION

     7.1  The Association shall require any successor or assignee, whether
direct or indirect, by purchase, merger, consolidation or otherwise, to all or
substantially all the business or assets of the Association, expressly and
unconditionally to assume and agree to perform the Association's obligations

                                      -6-
<PAGE>

under this Plan, in the same manner and to the same extent that the Association
would be required to perform if no such succession or assignment had taken
place.

                                 ARTICLE VIII
                      DURATION, AMENDMENT AND TERMINATION

     8.1  Duration of Plan
          ----------------

     The term of this Plan shall be deemed to have commenced as of the date
first above written and shall continue for a period of thirty-six (36) full
calendar months thereafter.  Commencing on the first anniversary date of this
Plan and continuing at each anniversary date thereafter, the Board may extend
the Plan for an additional year.

     If a Change in Control occurs, this Plan shall continue in full force and
effect, and shall not terminate or expire until two years after the occurrence
of a Change in Control.

     8.2  Amendment and Termination
          -------------------------

     The Plan may be terminated or amended in any respect by resolution adopted
by two-thirds of the Board, unless a Change in Control has previously occurred.
If a Change in Control occurs, the Plan no longer shall be subject to amendment,
change, substitution, deletion, revocation or termination in any respect
whatsoever.

     8.3  Form of Amendment
          -----------------

     The form of any proper amendment or termination of the Plan shall be a
written instrument signed by a duly authorized officer or officers of the
Association, certifying that the amendment or termination has been approved by
the Board.  A proper amendment of the Plan automatically shall effect a
corresponding amendment to all Participant's rights hereunder.  A proper
termination of the Plan automatically shall effect a termination of all
Participants' rights and benefits hereunder.

                                  ARTICLE IX
                              REQUIRED PROVISIONS
                                   [to come]

                                      -7-
<PAGE>

                                   ARTICLE X
                            LEGAL FEES AND EXPENSES

     9.1  The Association shall pay all reasonable legal fees, costs of
litigation, and other reasonable expenses incurred by each Participant who is
successful in a challenge resulting from the Association's refusal to make the
Severance Payment to which the Participant becomes entitled under this Plan, or
as a result of the Association's contesting the validity, enforceability or
interpretation of the Plan.

                                  ARTICLE XI
                                  ARBITRATION

     10.1 Each Participant shall have the right and option to elect (in lieu of
litigation) to have any dispute or controversy arising under or in connection
with the Plan settled by arbitration, conducted before a panel of three
arbitrators sitting in a location selected by the Participant within fifty (50)
miles from the location of the Association, in accordance with rules of the
American Arbitration Association then in effect. Judgment may be entered on the
award of the arbitrator in any court having jurisdiction.  All expenses of such
arbitration, including the reasonable fees and expenses of the counsel for the
Participant, shall be borne by the Association.

     IN WITNESS WHEREOF, the Association has caused this Plan to be executed and
its seal affixed hereunto by its duly authorized officers  this _____ day of
_________________, _______.

ATTEST:                             CHESTERFIELD FEDERAL SAVINGS
                                    AND LOAN ASSOCIATION

                                    By:
__________________                      ___________________________
Secretary                               Authorized Officer

[SEAL]

                                      -8-<PAGE>

                                                                     EHIBIT 10.3

                             CHESTERFIELD FEDERAL
                         SAVINGS AND LOAN ASSOCIATION
                           SUPPLEMENTAL BENEFIT PLAN
                            as amended and restated

                        Effective as of ________, 2001
<PAGE>

                             CHESTERFIELD FEDERAL
                         SAVINGS AND LOAN ASSOCIATION
                           SUPPLEMENTAL BENEFIT PLAN
                            as amended and restated
                               Table of Contents

<TABLE>
<S>                                                                  <C>
ARTICLE I
     GENERAL........................................................  1
     1.1 Effective Date.............................................  1
     1.2 Purpose....................................................  1
     1.3 Intent.....................................................  1

ARTICLE II
     DEFINITIONS AND USAGE..........................................  2
     2.1 Definitions................................................  2
     2.2 Usage......................................................  5

ARTICLE III
     ELIGIBILITY AND PARTICIPATION..................................  5
     3.1 Eligibility................................................  5
     3.2 Participation..............................................  5

ARTICLE IV
     PARTICIPANT ACCOUNTS...........................................  5
     4.1 Accounts...................................................  5
     4.2 Profit Sharing Plan Contributions and Earnings.............  5
     4.3 Supplemental ESOP Contributions and Earnings...............  6

ARTICLE V
     PAYMENT OF BENEFITS............................................  8
     5.1 Entitlement to Benefit Payments............................  8
     5.2 Commencement of Benefit Payments...........................  8
     5.3 Form of Supplemental ESOP Benefit..........................  8
     5.5 Hardship Withdrawals.......................................  9
     5.6 Distribution Upon Request.................................. 10
     5.7 Distribution Upon Change in Control........................ 10
     5.8 Distribution Upon Disability............................... 10

ARTICLE VI
     PAYMENT OF BENEFITS ON OR AFTER DEATH.......................... 10
     6.1 Commencement of Benefit Payments........................... 10
     6.2 Designation of Beneficiary................................. 10
</TABLE>
<PAGE>

<TABLE>
<S>                                                                  <C>
ARTICLE VII
     ADMINISTRATION................................................. 11
     7.1  General................................................... 11
     7.2  Administrative Rules...................................... 11
     7.3  Duties.................................................... 11
     7.4  Fees...................................................... 12

ARTICLE VIII
     CLAIMS PROCEDURE............................................... 12
     8.1  General................................................... 12
     8.2  Denials................................................... 12
     8.3  Notice.................................................... 12
     8.4  Appeals Procedure......................................... 12
     8.5  Review.................................................... 12

ARTICLE IX
     MISCELLANEOUS PROVISIONS....................................... 13
     9.1  Amendment................................................. 13
     9.2  Termination............................................... 13
     9.3  No Assignment............................................. 13
     9.4  Incapacity................................................ 13
     9.5  Successors and Assigns.................................... 13
     9.6  Governing Law............................................. 13
     9.7  No Guarantee of Employment................................ 13
     9.8  Severability.............................................. 14
     9.9  Notification of Addresses................................. 14
     9.10 Bonding................................................... 14
</TABLE>
<PAGE>

                             CHESTERFIELD FEDERAL
                         SAVINGS AND LOAN ASSOCIATION
                           SUPPLEMENTAL BENEFIT PLAN
                            as amended and restated

     WHEREAS, Chesterfield Federal Savings and Loan Association of Chicago ("the
Association") established the Chesterfield Federal Savings and Loan Association
Supplemental Benefit Plan, effective July 1, 1995, to provide retirement
benefits obtainable under the Retirement Fund Plan for the Employees of the
Chesterfield Federal Savings and Loan Association of Chicago and Subsidiaries
(the "Retirement Plan") which may not be accrued under said plan due to
limitations imposed by the Internal Revenue Code of 1986, as amended (the
"Code"); and

     WHEREAS, in connection with the conversion of the Retirement Plan to a
profit sharing plan and the adoption of an employee stock ownership plan, the
Association desires to amend and restate the Chesterfield Federal Savings and
Loan Association Supplemental Benefit Plan to provide participants with the full
amount of employer-provided retirement benefits obtainable under the
Chesterfield Federal Savings and Loan Association of Chicago Profit Sharing Plan
and the Chesterfield Federal Savings and Loan Association of Chicago Employee
Stock Ownership Plan which may not be accrued under said plans due to the
limitations imposed by the Code.

     NOW, THEREFORE, the Association hereby amends and restates the Chesterfield
Federal Savings and Loan Association Supplemental Benefit Plan as hereinafter
provided.

                                   ARTICLE I
                                    GENERAL

1.1  Effective Date.  The provisions of the amended and restated Chesterfield
     Federal Savings and Loan Association Supplemental Benefit Plan (the "Plan")
     shall be effective as of ________1, 2001.  The rights, if any, of any
     person whose status as an Employee of the Association and its subsidiaries
     and affiliates, if any, has terminated shall be determined pursuant to the
     Plan as in effect on the date such Employee terminated, unless a
     subsequently adopted provision of the  Plan is made specifically applicable
     to such person.

1.2  Purpose. The purpose of the Plan is to provide retirement income to a
     Participant based upon his Compensation from the Association in excess of
     the amount of compensation that may be taken into account by a qualified
     retirement plan described in Section 401(a) of the Code and without regard
     to the limitation on benefits or contributions under Sections 401(a)(17),
     402(g), 401(k)(3) or  415 of the Code, as applicable.

1.3  Intent. The Plan is intended to be (and shall be construed and administered
     as) an "employee pension benefit plan" under the provisions of the Employee
     Retirement Income Security Act of 1974 ("ERISA") which is unfunded and
     maintained by the Association solely to provide retirement income to a
     select group of management or highly compensated employees as such group is
     described under Section 201(2), 301(a)(3), and
<PAGE>

     401(a)(1) of ERISA as interpreted by the U.S. Department of Labor. The Plan
     is not intended to be a plan described in Section 401(a) of the Code, or
     Section 3(2)(A) of ERISA. The obligation of the Association to make
     payments under this Plan constitutes nothing more than an unsecured promise
     of the Association to make such payments and any property of the
     Association that may be set aside for the payment of benefits under the
     Plan shall, in the event of the Association's bankruptcy or insolvency,
     remain subject to the claims of the Association's general creditors until
     such benefits are distributed in accordance with Article V herein.

                                  ARTICLE II
                             DEFINITIONS AND USAGE

2.1  Definitions. Wherever used in the Plan, the following words and phrases
     shall have the meaning set forth below, unless the context plainly requires
     a different meaning.

     "Account" means the account established on behalf of the Participant as
described in Section 4.1.  A Participant's Account may be composed of "Sub-
Accounts", each of which represents the aggregate difference between the Maximum
Contribution and Actual Contribution payable to a Defined Contribution Plan,
plus earnings, for all Compensation Years that the Employee is a Participant
hereunder.

     "Actual Contributions" means, with respect to any Compensation Period, the
amount of contributions which are allocated to a Participant's individual
account in a Defined Contribution Plan.

     "Administrator" means the person or persons described in Article VII.

     "Allocation Date" means each date on which an Employer contribution is, or
would be but for the limitations of Sections 401(a)(17), 401(k)(3), 402(g) or
415 of the Code, allocated under a Defined Contribution Plan.

     "Applicable Limitation" means any one of the following: (a) the maximum
limitations on annual additions to a qualified defined contribution plan under
Section 415(c) of the Code; (b) the maximum limitation on the annual amount of
compensation that may, under Section 401(a)(17) of the Code, be taken into
account in determining contributions to and benefits under qualified plans; and
(c) the maximum limitation, under Section 402(g) of the Code, on pre-tax
contributions that may be made to a qualified defined contribution plan; and (d)
the maximum contribution permitted to a highly compensated employee as defined
in Section 414(g) of the Code by Section 401(k)(3) of the Code for the plan
year.

     "Association" means Chesterfield Federal Savings and Loan Association of
Chicago and any successor thereto.

     "Beneficiary" means any person, other than the Participant, who is
determined to be entitled to benefits under the terms of the Plan.

                                       2
<PAGE>

     "Board" means the governing body of the Association.

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

     "Committee" means the executive compensation committee of the Board, if
any; otherwise, the Board or its designate.

     "Company" means Chesterfield Financial Corp. and any successor thereto.

     "Compensation" means compensation as defined under any Defined Contribution
Plan for purposes of determining allocations to a Participant's Account. In no
event may Compensation for a Compensation Period exceed the amount set by the
Board for such Compensation Period.

     "Compensation Limitation" means, with respect to a Compensation Year, the
limitation on compensation determined under section 401(a)(17) of the Code and
in accordance with Treasury regulations promulgated thereunder.

     "Compensation Period" means the period of time for which an Employer
contribution is allocated under a Defined Contribution Plan.

     "Compensation Year" means the plan year under a Defined Contribution Plan.

     "Defined Contribution Plan" means, with respect to an individual who is a
Participant in this Plan, the Retirement Plan, the Profit Sharing Plan or ESOP,
as applicable.

     "Employee" means an employee of the Employer on whose behalf benefits are
payable under any Defined Contribution Plan.

     "Employer" means Chesterfield Federal Savings and Loan Association of
Chicago with respect to its employees, and any successors by merger, purchase,
reorganization or otherwise.  If a subsidiary or affiliate of the Employer
adopts the Plan, it shall be deemed the Employer with respect to its employees.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time.

     "ESOP" means the Chesterfield Federal Savings and Loan Association of
Chicago Employee Stock Ownership Plan, and any successor thereto.

     "Maximum Contribution" means, with respect to any Compensation Period, the
amount of Association contributions which would have been allocated to a
Participant's individual account under a Defined Contribution Plan, based on the
Participant's Compensation from the Association without regard to the
Compensation Limitation and without regard to the limitations under Section 415
of the Code.

                                       3
<PAGE>

     "Participant" means an eligible employee of the Association who is
participating in the Plan in accordance with Section 3.1.

     "Phantom Stock" means a unit of benefit under the Plan which has the same
monetary value as a share of Stock of the Company.

     "Plan" means the Chesterfield Federal Savings and Loan Association
Supplemental Benefit Plan.

     "Plan Year" means the initial period commencing with the Plan's effective
date and each subsequent twelve- (12) month period ending on June 30.

     "Profit Sharing Plan" means the Chesterfield Federal Savings and Loan
Association of Chicago Profit Sharing Plan, the successor to the Retirement
Plan.

     "Retirement Plan" means the Chesterfield Federal Savings and Loan
Association of Chicago Retirement Plan which, effective as of March 1, 2001,
converted to the Profit Sharing Plan.

     "Stock" means the common stock of the Company, par value $0.01 per share.

     "Supplemental ESOP Benefit" means the benefit payable from the Plan
attributable to the supplemental ESOP contributions and earnings thereon.

     "Valuation Date" means the last business day of each Plan Year, each
Allocation Date and such other dates as determined from time to time by the
Administrator.

     "Vested Account Balance" means that portion of a Participant's Account (or
Sub-Account) that is vested, if any, determined by multiplying the vested
percentage under the applicable Defined Contribution Plan by a Participant's
Sub-Account balance related to such Defined Contribution Plan.  A Participant's
vested percentage in his or her Account (or Sub-Account, as applicable)
hereunder shall increase by the same percent and as the result of the occurrence
of the same events as under such Defined Contribution Plan, i.e., such as due to
years of service, disability, death or attainment of age 65.

2.2  Usage. Except where otherwise indicated by the context, any masculine
     terminology used herein shall also include the feminine and vice versa, and
     the definition of any term herein in the singular shall also include the
     plural and vice versa.

                                  ARTICLE III
                         ELIGIBILITY AND PARTICIPATION

3.1  Eligibility. The Committee shall designate from time to time those
     employees of the Association who shall participate in the Plan; provided,
     however, that such employees

                                       4
<PAGE>

     are members of a select group of management or highly compensated employees
     as such group is described under sections 201(2), 301(a)(3), and 401(a)(1)
     of ERISA as interpreted by the Department of Labor. As of the effective
     date of the Plan, the sole employees eligible to participate in the Plan
     shall be those employees with annual Compensation in excess of the
     Compensation Limitation.

3.2  Participation. An employee of the Association shall commence participation
     in the Plan as of the first day of the Plan Year designated by the
     Committee. The participation of any Participant may be suspended or
     terminated by the Committee, at any time, but no such suspension or
     termination shall operate to reduce the balance of the Account of the
     Participant as of the Valuation Date that precedes or coincides with the
     date of such suspension or termination without such Participant's consent.
     An employee shall cease to be a Participant when he terminates employment
     with the Association and the balance in his Account is distributed to him
     or on his behalf.

                                  ARTICLE IV
                             PARTICIPANT ACCOUNTS

4.1  Accounts. The Administrator shall establish and maintain, pursuant to the
     terms of the Plan, an Account for each Participant, with separate Sub-
     Accounts for each Participant consisting of amounts credited to such
     Participant pursuant to Sections 4.2 and 4.3 below. All amounts which are
     credited to a Participant's Account shall be credited solely for purposes
     of accounting and computation, and shall remain assets of the Association
     subject to the claims of the Association's general creditors. A Participant
     shall not have any interest or right in or to such Account at any time.

4.2  Profit Sharing Plan Contributions and Earnings. Each Compensation Year, the
     Administrator shall credit the Account (or applicable Sub-Account) of each
     Participant with the amount by which the Participant's Maximum Contribution
     under the Profit Sharing Plan (or its predecessor, the Retirement Plan, as
     applicable) exceeds his Actual Contribution in accordance with such
     procedures it may determine. In addition, with respect to a Participant
     eligible to participate as of the initial effective date of this Plan, an
     amount shall be credited to the Account of each such Participant equal to
     the amount that would have been in such Participant's Account, (including
     interest as determined under the procedures of Section 4.2.1 below) as of
     that date had the Plan been in effect on July 1, 1994.

     4.2.1  Crediting of Interest. The Committee will credit the Participant's
            Account with interest on each Valuation Date. The interest credited
            to each Account will be at a rate of interest equal to the greater
            of (1) 7% per annum, compounded daily, or (2) the interest rate for
            one-year certificates of deposit as paid by the Association on the
            effective Valuation Date, such rate pro rated for the period of time
            between Valuation Dates. Interest will be credited to the Account
            balance, based on the value of the Account as of the preceding
            Valuation Date.

                                       5
<PAGE>

     4.2.2  Valuation of Sub-Accounts. The value of a Participant's Sub-Account
            attributable hereto shall be determined as of each Valuation Date by
            the Administrator in the following manner:

            (a)  First, the Administrator will add the interest in accordance
                 with Section 4.2.1 to the Participant's Sub-Account.

            (b)  Next, all Association contributions for a Participant shall be
                 credited to the Sub-Account of the Participant in accordance
                 with Section 4.2.

            (c)  Finally, a Participant's Sub-Account shall be reduced by the
                 amount of any benefits distributed to or on behalf of the
                 Participant pursuant to Article V.

            (d)  Each Participant's Sub-Account shall be valued as of each
                 Valuation Date or more frequently, as determined in the sole
                 discretion of the Administrator, and shall again be valued as
                 of the date that a Participant receives a payment under the
                 Plan attributable to said Sub-Account, in accordance with the
                 procedures established by the Administrator.

            (e)  All allocations to and deductions from a Participant's Sub-
                 Account under this Section 4.2.2 shall be deemed to have been
                 made on the applicable Valuation Date in the order of priority
                 set forth in this Section 4.2.2, even though actually
                 determined at a later date.

4.3  Supplemental ESOP Contributions and Earnings. Each Compensation Year, the
     Administrator shall credit the Account (or applicable Sub-Account) of each
     Participant, with a number of units of Phantom Stock, which number shall be
     determined in the following manner: the Administrator shall determine the
     amount by which the Participant's Maximum Contribution under the ESOP
     exceeds his Actual Contribution (in accordance with such procedures as it
     may determine) and then shall determine the number of shares of Stock such
     amount would have purchased under the ESOP if it had been contributed to
     the ESOP for the benefit of the Participant. The number of shares of Stock
     such amount would have purchased under the ESOP, shall for these purposes,
     be converted to units of Phantom Stock and shall be credited to the
     Participant's Sub-Account. The Administrator's determination regarding "the
     number of shares of Stock such amount would have purchased under the ESOP"
     shall take into consideration such factors as: whether the additional
     amount, if contributed to the ESOP, would have been used to repay an
     outstanding ESOP loan, and if so, the appropriate number of additional
     shares to be released from the suspense account based on such ESOP loan
     payment.

     4.3.1  Crediting of Earnings. Phantom Stock credited to a Participant's
            Account under this Section 4.3 shall be credited with dividends at
            the same time and in the same manner as is applicable to Stock held
            in the Participant's account under the ESOP. Cash dividends
            allocated to a Participant's Account shall be credited with interest
            in the same manner as under Section 4.2.1 above.

                                       6
<PAGE>

     4.3.2  Stock Dividends and Stock Splits. In the case of a stock dividend or
            stock split, additional credits of Phantom Stock will be made to
            each Participant's account under the Plan.

     4.3.3  Valuation of Sub-Accounts. The value of a Participant's ESOP Sub-
            Account shall be determined as of each Valuation Date by the
            Administrator in the following manner:

            (a)  First, the Administrator will add the earnings to the
                 Participant's Sub-Account in accordance with Section 4.3.1.

            (b)  Next, all Association contributions to the Participant's ESOP
                 Sub-Account shall be credited in accordance with Section 4.3.

            (c)  Finally, a Participant's ESOP Sub-Account shall be reduced by
                 the amount of any benefits distributed to or on behalf of the
                 Participant from said Sub-Account pursuant to Article V.

            (d)  Each Participant's ESOP Sub-Account shall be valued as of each
                 Valuation Date or more frequently, as determined in the sole
                 discretion of the Administrator, and shall again be valued as
                 of the date that a Participant receives a payment under the
                 Plan attributable thereto, in accordance with the procedures
                 established by the Administrator.

            (e)  All allocations to and deductions from a Participant's Account
                 under this Section 4.3.3 shall be deemed to have been made on
                 the applicable Valuation Date in the order of priority set
                 forth in this Section 4.3.3, even though actually determined at
                 a later date.

                                      7
<PAGE>

                                   ARTICLE V
                              PAYMENT OF BENEFITS

5.1  Entitlement to Benefit Payments. Upon a Participant's separation from
     service from the Association, the Participant shall be entitled to his
     Vested Account Balance payable by the Association in the form set forth in
     Section 5.2.

5.2  Commencement of Benefit Payments. The Participant may, at any time during
     Employment, elect an optional form of payment hereunder by submitting to
     the Administrator a document substantially in the form hereto attached as
     Schedule A. Following an initial election, any change in election shall be
     effective on the January 1, commencing concurrently with or immediately
     after expiration of 12 months following the submission of such election
     change to the Administrator. If the Participant's termination of employment
     or death occurs before the effective date of a new election, payment shall
     be made in accordance with the election in effect at such time or, if there
     is no election, payment shall be made in a single lump sum in accordance
     with Article VI. An election shall remain in effect until the effective
     date of any subsequent superseding election.

5.3  Form of Supplemental ESOP Benefit. Participant's Supplemental ESOP Benefit
     under Section 4.3 of this Plan shall be a benefit paid in the form of
     Company Stock to the extent of the units of Phantom Stock credited to the
     Account. The value of a Participant's Supplemental ESOP Benefit at the time
     of distribution shall be equal to the number of units of Phantom Stock
     allocated to the Participant's Account multiplied by the fair market value
     of a share of Company Stock on the date of distribution plus the dollar
     value of any earnings thereon.

5.4  Unforeseeable Emergencies. A Participant's Vested Account Balances may be
     paid to a Participant or Beneficiary hereunder in the event of an
     Unforeseeable Emergency. An Unforeseeable Emergency means an unanticipated
     emergency that is caused by an event beyond the control of the Participant
     or Beneficiary, such as a sudden and unexpected illness or accident of the
     Participant or of a dependent (as defined in Code Section 152(a)), loss of
     the Participant's property due to casualty, or other similar extraordinary
     and unforeseeable circumstances, and the Unforeseeable Emergency would
     result in severe financial hardship to the individual if early withdrawal
     were not permitted. The circumstances that will constitute an Unforeseeable
     Emergency will depend upon the facts of each case, but, in any case,
     payment may not be made to the extent that such hardship is or may be
     relieved:

     (a)  Through reimbursement or compensation by insurance or otherwise; or

     (b)  By liquidation of the Participant's assets, to the extent the
          liquidation of such assets would not itself cause severe financial
          hardship.

                                       8
<PAGE>

     Amounts payable under this Section 5.4 shall be paid first from the Profit
     Sharing Plan Sub-Account until the Vested Account Balance in such Sub-
     Account is reduced to zero (0) prior to any amounts being paid from a
     Participant's ESOP Sub-Account.

5.5  Hardship Withdrawals. Upon finding that a Participant has suffered a severe
     financial hardship, not rising to the level of an Unforeseeable Emergency,
     the Committee may, in its sole discretion, make distributions from the
     Participant's Vested Account Balance prior to the time specified for
     payment of benefits under the Plan. Such hardship distributions may be made
     on account of an immediate and heavy financial need of the Participant for:

     (a)  Medical care as described in Code Section 213(d) for the Participant,
          the Participant's spouse or dependent (as defined in Code Section
          152);

     (b)  Educational expenses, such as the payment of tuition or related
          educational fees, or room and board expenses for the next twelve (12)
          months of postsecondary education for the Participant or the
          Participant's spouse or dependent (as defined in Code Section 152);

     (c)  Costs directly related to the purchase of a principal residence for
          the employee (excluding mortgage payments);

     (d)  Payments necessary to prevent the eviction of the Participant form his
          principal residence or foreclosure of the mortgage on that residence;

     (e)  Payments for funeral expenses not covered by insurance for a member of
          the immediate family of the Participant; and

     (f)  Payments to cover the immediate expenses resulting from the divorce of
          the Participant.

     The amount of such distribution shall be limited to the amount reasonably
     necessary to meet the Participant's requirements during the financial
     hardship. A distribution is not treated as necessary to satisfy an
     immediate and heavy financial need of a Participant to the extent the
     amount of the distribution is in excess of the amount required to relieve
     the financial need or to the extent the need may be satisfied from other
     sources that are reasonably available to the Participant, including all
     nontaxable loans currently available under all plans maintained by the
     Association. This Committee's determination regarding the hardship
     distribution is to be made on the basis of all the facts and circumstances
     and based upon the evidence provided to the Committee by the Participant
     and the Association, including receipts, invoices, foreclosure notices, or
     the like, and including information that may be available to the
     Association or the Committee on other distributions available to the
     Participant, including nontaxable loans available under all plans
     maintained by the Association.

                                       9
<PAGE>

     Amounts payable under this Section 5.4 shall be paid first from the Profit
     Sharing Plan Sub-Accounts until the Vested Account Balance in such Sub-
     Account is reduced to zero (0) prior to any amounts being paid from a
     Participant's ESOP Sub-Account.

5.6  Distribution Upon Request. After a Participant has retired, notwithstanding
     previous distribution elections to the contrary, a Participant shall be
     entitled to receive, upon written request to the Committee, a lump sum
     distribution equal to ninety percent (90%) of his Account balance as of the
     Valuation Date immediately preceding the date on which the Committee
     receives the written request. The remaining balance shall be forfeited by
     the Participant. The amount payable under this Section shall be paid in a
     lump sum payment within ninety (90) days following the receipt of the
     notice by the Committee form the Participant.

5.7  Distribution Upon Change in Control. Upon a Change in Control all
     Participants shall have their Account balances paid to them in a lump sum
     within thirty (30) days of the Change in Control. Notwithstanding anything
     to the contrary herein, upon a Change in Control, a Participant's Account
     balance hereunder shall become 100% vested.

5.8  Distribution Upon Disability. Participants who terminate employment due to
     Disability may request, and the Committee, in its sole discretion, may
     approve the early payment of the Participant's Account Balances. The
     Participant's Account Balances shall be paid in a lump sum as soon as
     practicable after approval by the Committee.

                                  ARTICLE VI
                     PAYMENT OF BENEFITS ON OR AFTER DEATH

6.1  Commencement of Benefit Payments. If a Participant dies before receiving
     his entire Vested Account Balance, the remainder of the Account otherwise
     payable with respect to the Participant shall be paid to the Participant's
     Beneficiary or Beneficiaries as a single lump-sum amount within sixty (60)
     days following the date on which the Administrator is notified of the
     Participant's death.

6.2  Designation of Beneficiary. A Participant may, by written instrument
     delivered to the Administrator during the Participant's lifetime, designate
     one or more primary and contingent Beneficiaries to receive his Vested
     Account Balance, which may be payable to the Participant hereunder
     following the Participant's death, and may designate the proportions in
     which such Beneficiaries are to receive such payments. A Participant may
     change such designations from time to time, and the last written
     designation filed with the Administrator prior to the Participant's death
     shall control. If a Participant fails to specifically designate a
     Beneficiary or, if no designated Beneficiary survives the Participant,
     payment shall be made by the Administrator in the following order of
     priority:

     (a)  to the Participant's surviving spouse; or if none,
     (b)  to the Participant's children, per stirpes; or if none,
     (c)  to the Participant's estate.

                                      10
<PAGE>

                                  ARTICLE VII
                                ADMINISTRATION

7.1  General. The Administrator shall be the Committee, or such other person or
     persons as designated by the Board. Except as otherwise specifically
     provided in the Plan, the Administrator shall be responsible for the
     administration of the Plan. The Administrator shall be the "named
     fiduciary" within the meaning of Section 402(c)(2) of ERISA.

7.2  Administrative Rules. The Administrator may adopt such rules of procedure
     as it deems desirable for the conduct of its affairs, except to the extent
     that such rules conflict with the provisions of the Plan.

7.3  Duties. The Administrator shall have the following rights, powers and
     duties:

     (a)     The decision of the Administrator in matters within its
             jurisdiction shall be final, binding and conclusive upon each
             Participant and upon any other person affected by such decision,
             subject to the claims procedure hereinafter set forth.

     (b)     The Administrator shall have the duty and authority to interpret
             and construe the provisions of the Plan, to decide any question
             which may arise regarding the rights of Employees, Participants and
             Beneficiaries, and the amounts of their respective interests, to
             adopt such rules and to exercise such powers as the Administrator
             may deem necessary for the administration of the Plan, and to
             exercise any other rights, powers or privileges granted to the
             Administrator by the terms of the Plan.

     (c)     The Administrator shall maintain full and complete records of its
             decisions. Its records shall contain all relevant data pertaining
             to the Participant and his rights and duties under the Plan. The
             Administrator shall have the duty to maintain Account records of
             all Participants.

     (d)     The Administrator shall cause the principal provisions of the Plan
             to be communicated to the Participants, and a copy of the Plan and
             other documents shall be available at the principal office of the
             Association for inspection by the Participants at reasonable times
             determined by the Administrator.

     (e)     The Administrator shall periodically report to the Committee with
             respect to the status of the Plan.

7.4  Fees.   No fee or compensation shall be paid to any employee or non-
             employee director of the Association for services as the
             Administrator.

                                 ARTICLE VIII
                               CLAIMS PROCEDURE

8.1  General. Any claim for benefits under the Plan shall be filed by the
     Participant or Beneficiary ("claimant") on the form prescribed for such
     purpose with the Administrator.
<PAGE>

8.2  Denials. If a claim for benefits under the Plan is wholly or partially
     denied, notice of the decision shall be furnished to the claimant by the
     Administrator within a reasonable period of time after receipt of the claim
     by the Administrator.

8.3  Notice. Any claimant who is denied a claim for benefits shall be furnished
     written notice setting forth:

     (a)  the specific reason or reasons for the denial;

     (b)  specific reference to the pertinent provision of the Plan upon which
          the denial is based;

     (c)  a description of any additional material or information necessary for
          the claimant to perfect the claim; and

     (d)  an explanation of the claim review procedure under the Plan.

8.4  Appeals Procedure. In order that a claimant may appeal a denial of a claim,
     the claimant or the claimant's duly authorized representative may:

     (a)  request a review by written application to the Administrator, or its
          designate, no later than sixty (60) days after receipt by the claimant
          of written notification of denial of a claim;

     (b)  review pertinent documents; and

     (c)  submit issues and comments

8.5  Review. A decision on review of a denied claim shall be made not later than
     sixty (60) days after receipt of a request for review, unless special
     circumstances require an extension of time for processing, in which case a
     decision shall be rendered within a reasonable period of time, but not
     later than one hundred and twenty (120) days after receipt of a request for
     review. The decision on review shall be in writing and shall include the
     specific reason(s) for the decision and the specific reference(s) to the
     pertinent provisions of the Plan on which the decision is based.

                                  ARTICLE IX
                           MISCELLANEOUS PROVISIONS

9.1  Amendment. The Association reserves the right to amend the Plan in any
     manner that it deems advisable by a resolution of the Board. No amendment
     shall, without the Participant's consent, affect the amount of the
     Participant's Vested Account Balance at the time the amendment becomes
     effective or the right of the Participant to receive a distribution of his
     Vested Account Balance.

                                      12
<PAGE>

9.2  Termination. The Association reserves the right to terminate the Plan at
     any time. No termination shall, without the Participant's consent, affect
     the amount of the Participant's Vested Account Balance prior to the
     termination or the right of the Participant to receive a distribution of
     his Vested Account Balance.

9.3  No Assignment. The Participant shall not have the power to pledge,
     transfer, assign, anticipate, mortgage or otherwise encumber or dispose of
     in advance any interest in amounts payable hereunder or any of the payments
     provided for herein, nor shall any interest in amounts payable hereunder or
     in any payments be subject to seizure for payments of any debts, judgments,
     alimony or separate maintenance, or be reached or transferred by operation
     of law in the event of bankruptcy, insolvency or otherwise.

9.4  Incapacity. If any person to whom a benefit is payable under the Plan is an
     infant or if the Administrator determines that any person to whom such
     benefit is payable is incompetent by reason of physical or mental
     disability, the Administrator may cause the payments becoming due to such
     person to be made to another for his benefit. Payments made pursuant to
     this Section shall, as to such payment, operate as a complete discharge of
     the Plan, the Association, the Committee and the Administrator.

9.5  Successors and Assigns. The provisions of the Plan are binding upon and
     inure to the benefit of the Association, its respective successors and
     assigns, and the Participant, his Beneficiaries, heirs, legal
     representatives and assigns.

9.6  Governing Law. The Plan shall be subject to and construed in accordance
     with the laws of the State in which the Association maintains its principal
     place of business, to the extent not pre-empted by the provisions of ERISA.

9.7  No Guarantee of Employment. Nothing contained in the Plan shall be
     construed as a contract of employment or deemed to give any Participant the
     right to be retained in the employ of the Association or any equity or
     other interest in the assets, business or affairs of the Association.

9.8  Severability. If any provision of the Plan shall be held illegal or invalid
     for any reason, such illegality or invalidity shall not affect the
     remaining provisions of the Plan, but the Plan shall be construed and
     enforced as if such illegal or invalid provision had never been included
     herein.

9.9  Notification of Addresses. Each Participant and each Beneficiary shall file
     with the Administrator, from time to time, in writing, the post office
     address of the Participant, the post office address of each Beneficiary,
     and each change of post office address. Any communication, statement or
     notice addressed to the last post office address filed with the
     Administrator (or if no such address was filed with the Administrator, then
     to the last post office address of the Participant or Beneficiary as shown
     on the Association's records) shall be binding on the Participant and each
     Beneficiary for all purposes of the Plan and neither the Administrator nor
     the Association shall be obligated to search for or ascertain the
     whereabouts of any Participant or Beneficiary.

                                      13
<PAGE>

9.10  Bonding. The Administrator and all agents and advisors employed by it
      shall not be required to be bonded, except as otherwise required by ERISA.

      IN WITNESS HEREOF, the Association has caused this Plan to be executed
this ______ day of ___________________, ________, by its duly authorized
officer.

                                        CHESTERFIELD FEDERAL
                                        SAVINGS AND LOAN ASSOCIATION
                                        OF CHICAGO

Witnessed by:

By: ____________________________        By:________________________________

Date: __________________________

                                      14
<PAGE>

                                  Schedule A

             BENEFICIARY DESIGNATION AND FORM OF PAYMENT ELECTION

     To:    Administrator, Chesterfield Federal Savings and Loan Association
Supplemental Benefit Plan, Chesterfield Federal Savings and Loan Association of
Chicago, 10801 South Western Avenue Chicago, Illinois 60643.

     I HEREBY designate:___________________________________ as the Beneficiary
or Beneficiaries of all amounts, if any, which will become payable upon my death
pursuant to the Chesterfield Federal Savings and Loan Association Supplemental
Benefit Plan. I understand that this designation shall remain in full force and
effect until revoked or modified by me in writing; and

     Pursuant to Article V, Section 5.2 of the Chesterfield Federal Savings and
Loan Association Supplemental Benefit Plan, the undersigned Participant hereby
elects payment of the entire balance of his Account in the following optional
form:

     [_]  Lump Sum
     [_]  Annual Installments over __________years (maximum of 25).

     This election shall become effective as of the January 1, first occurring
at least 12-months following the submission of this election to the
Administrator and shall remain effective until the effective date of any
subsequent, superseding election. If the undersigned's termination of employment
or death occurs before the effectiveness of an election, the election in effect
at that time or, if none, payment shall be made in a single lump sum in
accordance with Article VI, subsection 6.1 of the Plan.

Dated at Chicago, Illinois, this day of _____________________, 200_

________________________________
Participant

Received on behalf of the
Administrator this

_____ day of _____________, 200_

By: _________________________

                                      15
<PAGE>

                                  APPENDIX I

1.   Chesterfield Federal Savings and Loan Association of Chicago Profit Sharing
Plan, successor to the Chesterfield Federal Savings and Loan Association of
Chicago Retirement Plan.

2.   Chesterfield Federal Savings and Loan Association of Chicago Employee Stock
Ownership Plan.

                                      16

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