Exhibit (10)(i)
Description of Service Recognition Program
Peoples Bank maintains a Service Recognition Program, under which
directors, officers and employees are eligible for awards. Under this Program,
directors, officers and employees are awarded a combination of Common Stock of
the Company and cash, with the amount of the award based upon the length of
service to the Bank. Any Common Stock awarded under the Program is purchased by
the Bank on the open market, and no new shares are issued by the Company under
the Service Recognition Program. The following schedule shows the award levels
for various years of service to the Bank.
Cash
Stock (to help with Total
Years of Service Value tax liability) Value
- ---------------- ------ --------------- ------
5 $ 250 $ 75 $ 325
- ---------------- ------ --------------- ------
10 500 150 650
- ---------------- ------ --------------- ------
15 1,000 275 1,275
- ---------------- ------ --------------- ------
20 2,000 500 2,500
- ---------------- ------ --------------- ------
25 3,000 750 3,750
- ---------------- ------ --------------- ------
30 4,000 1,000 5,000
- ---------------- ------ --------------- ------