FIRST AMENDMENT TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN Agreement

 

Exhibit 10.6

 

FIRST AMENDMENT TO THE

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN Agreement

 

THIS FIRST AMENDMENT (the “Amendment”) is adopted February 8, 2019, by and between The Farmers National Bank of Emlenton (the “Employer”), and ▇▇▇▇▇▇ ▇▇▇▇▇▇ (the “Executive”).

 

The Employer and the Executive are parties to a Supplemental Executive Retirement Plan Agreement dated November 15, 2017 (the “Agreement”). The parties now wish to amend the Agreement to increase the Executive’s benefits.

 

NOW, THEREFORE, the Employer and the Executive adopt the following amendment to the Agreement:

 

Section 2.1 of the Agreement shall be deleted and replaced with the following:

 

2.1       Normal Retirement Benefit. Upon Separation from Service after Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the amount of Forty-Five Thousand Dollars ($45,000) in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation from Service and continuing for twenty (20) years, subject to the conditions and limitations hereinafter set forth.

 

The Schedule A originally attached to the Agreement shall be deleted in its entirety and replaced by the Schedule A attached hereto.

 

IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Employer have executed this Amendment as indicated below:

 

Executive		Employer
/s/▇▇▇▇▇▇ ▇▇▇▇▇▇		By:	/s/▇▇▇▇▇▇▇▇ ▇. Roxbury
		Its:	SVP/COO

 

 

Supplemental Executive Retirement Plan

Schedule A

 

▇▇▇▇▇▇ ▇▇▇▇▇▇

 

Birth Date: XX/XX/1978   Plan Anniversary Date: 09/30/2019   Normal Retirement: XX/XX2043, Age 65   Normal Retirement Payment: Monthly for 20 Years				Early Termination   Amount Payable Monthly for 5 Years at Separation from Service				Disability   Amount Payable Monthly for 20 Years at Normal Retirement Age				Change In Control   Amount Payable Lump Sum Upon Change in Control				Death   Amount Payable Monthly for 20 Years Upon Death
Values As Of		Age		Annual Benefit 1				Annual Benefit 2				Lump Sum Benefit				Annual Benefit 2
Feb-19		40			3,151				2,530				14,389				1,021
Sep-19		41			5,471				4,285				24,984				1,772
Sep-20		42			9,061				6,836				41,381				2,935
Sep-21		43			12,788				9,294				58,404				4,142
Sep-22		44			16,658				11,661				76,075				5,396
Sep-23		45			20,675				13,941				94,421				6,697
Sep-24		46			24,845				16,138				113,467				8,048
Sep-25		47			29,175				18,254				133,240				9,450
Sep-26		48			33,669				20,292				153,766				10,906
Sep-27		49			38,335				22,255				175,076				12,417
Sep-28		50			43,179				24,146				197,199				13,986
Sep-29		51			48,208				25,967				220,166				15,615
Sep-30		52			53,429				27,722				244,009				17,306
Sep-31		53			58,849				29,412				268,762				19,062
Sep-32		54			64,476				31,040				294,459				20,885
Sep-33		55			70,317				32,608				321,137				22,777
Sep-34		56			76,381				34,118				348,832				24,741
Sep-35		57			82,677				35,573				377,584				26,780
Sep-36		58			89,213				36,975				407,433				28,897
Sep-37		59			95,998				38,325				438,421				31,095
Sep-38		60			103,042				39,625				470,591				33,377
Sep-39		61			110,355				40,878				503,988				35,745
Sep-40		62			117,946				42,084				538,659				38,204
Sep-41		63			125,828				43,247				574,654				40,757
Sep-42		64			134,010				44,366				612,021				43,408
Apr-43		65			138,926				45,000				634,473				45,000

 

The first line represents the initial plan values as of the plan implementation date of February 01, 2019.

 

1 The annual benefit amount will be distributed in 12 equal monthly payments for a total of 60 monthly payments. 

2 The annual benefit amount will be distributed in 12 equal monthly payments for a total of 240 monthly payments.

 

IF THERE IS A CONFLICT BETWEEN THIS SCHEDULE A AND THE AGREEMENT, THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT.

 

▇▇▇▇▇▇ ▇▇▇▇▇▇

/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇

By

/s/ ▇▇▇▇▇▇▇▇ ▇. Roxbury

 

Date

2/8/19

Title

SVP/ COO

 

Date

2/8/19