NONQUALIFIED DEFERRED COMPENSATION PLAN
Section 409A Compliance Amendment
This Amendment to the Polonia Bank Nonqualified Deferred Compensation Plan (the “Plan”) is made as
of December 16, 2008 and is effective as of January 1, 2005.
WHEREAS, Polonia Bank (the “Bank”) desires to amend the Plan to comply with the requirements of
Section 409A of the Internal Revenue Code of 1986, as amended.
NOW, THEREFORE, pursuant to a resolution of the Board of Directors of the Bank, the Plan is hereby
amended as follows:
The following new Article XII is added to Plan:
APPLICATION OF SECTION 409A
12.1 The provisions of this Article XII shall apply only to that portion of a Participant’s Deferral
Account and Bank Contribution Account (collectively, the “Accounts”) reflecting amounts deferred and/or vested
after December 31, 2004, and the earnings attributable thereto. With respect to any portion of a Participant’s
Accounts reflecting amounts deferred and vested prior to January 1, 2005, and the earnings attributable thereto
(whether credited before or after January 1, 2005) the provisions of the Plan in effect prior to the addition of
Article XII shall remain in effect, and it is intended by the parties that Section 409A not apply to that portion of
the Participant’s benefit.
A. A Participant will be deemed to have a termination of employment or service for purposes
of determining the timing of any payments under the Plan that are classified as deferred compensation
only upon a “separation from service” within the meaning of Section 409A.
B. If at the time of a Participant’s separation from service, (a) a Participant is a “specified
employee” (within the meaning of Section 409A and using the methodology selected by the Bank) and
(b) the Bank makes a good faith determination that an amount payable or the benefits to be provided
hereunder constitutes deferred compensation (within the meaning of S