WALDEN FEDERAL SAVINGS AND LOAN ASSOCIATION
AMENDED AND RESTATED
DIRECTORS’ RETIREMENT PLAN
This Amended and Restated Walden Federal Savings and Loan Association Directors’ Retirement Plan
(the “Plan”) is hereby adopted as of March 9, 2007 by the Board of Directors (the “Board of Directors” or the
“Board”) of Walden Federal Savings and Loan Association (the “Bank”), to provide members of the Board
(each a “Director”) with retirement income benefits. The Plan is intended to comply with the requirements of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
WHEREAS, the Bank wishes to reward the years of extensive service provided by the current
members of the Board of Directors and to continue to attract and to retain the best talent available to serve on its
Board of Directors, and
WHEREAS , the Plan is intended to comply with Code Section 409A and the Final Regulations
published thereunder in April 2007, and any regulatory or other guidance issued under such Section; and
WHEREAS , Code Section 409A requires that certain types of nonqualified deferred compensation
arrangements comply with its terms or subject the recipients of such compensation to current taxes and penalties.
NOW, THEREFORE, in consideration of the premises and mutual promises herein contained, the
Bank and the directors agree as follows:
Administrator means the Board of Directors of the Bank, which shall have the authority to manage and
control the operation of this Plan as set forth in Article III of the Plan.
Bank means Walden Federal Savings and Loan Association, Walden, New York.
Beneficiary means the individual or individuals designated by a Director to receive benefits in the event
Benefit Accrual Fraction means A divided by B, whereby:
A = Completed Years of Service Following the Effective Date (maximum of 5 years); and
B = Five years
For purposes of this definition, a “Year of Service” shall m