MGYR Magyar Bancorp Inc

On May 23, 2019, the Bank entered into SERP agreements with John Fitzgerald and Jon Ansari (collectively, the “Executives”) to provide certain benefits upon retirement or other termination of employment. Under the terms of the SERP, at normal retirement age (age 65), the Executive will be entitled to an annual benefit in the amount of $160,923, in the case of Mr. Fitzgerald, and $78,681, in the case of Mr. Ansari, payable in monthly installments over a period of 15 years, commencing on the first day of the second month following attainment of age 65. Each Executive will be fully vested in his accrued liability balance (i.e., the “accrued benefit”) under his SERP. In the event of a termination of employment prior to age 65, including due to disability, but excluding due to the Executive’s death or separation from service within two years after a change in control (as defined in the SERP), the Executive will be entitled to his accrued benefit, payable in a lump sum, on the first day of the second month following the attainment of age 65. If the Executive’s employment terminates within twenty-four (24) months following a change in control, the Executive will be entitled to the present value of the normal retirement benefit (e.g., the present value of annual payments the Executive would otherwise be entitled to at age 65, further reduced to their present value as of the date of the Executive’s termination of employment), payable in a lump sum on the first day of the second month following separation from service. In the event the Executive dies while in active service to the Bank and before attaining his normal retirement age, the Executive’s beneficiary will not be entitled to any benefit under the SERP, but will be entitled to the benefit payable under any endorsement split-dollar life insurance agreement to which the Executive is a party, provided, however, if the Executive is not a party to an endorsement split dollar agreement at such time, then his beneficiary would be entitled to the Executive’s accrued benefit, payable in a lump sum. In the event the Executive is terminated by the Bank for cause (as defined in the SERP), the Executive will not receive any benefits under the SERP.

The foregoing description of the SERPs does not purport to be complete and is qualified in its entirety by reference to the SERPs attached hereto as Exhibits 10.1 and 10.2, respectively, of this Current Report on Form 8-K, and are incorporated by reference into this Item 5.02.