Fourth Change. The last sentence of Section 10(f)(ii) is hereby amended to read as follows: “If the Company or the Bank cannot provide such coverage because Executive is no longer an employee, the Company or the Bank will provide Executive with comparable coverage on an individual policy basis; provided, however, that to the extent required under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations issued thereunder, the aggregate payments received for such insurance continuation coverage shall not exceed the applicable dollar limitation under Section 402(g)(1)(B) of the Code for the year in which Executive terminates employment.” The last two sentences of Section 11(b) are hereby deleted in their entirety and replaced with the following: “If the Company or the Bank cannot provide such coverage because Executive is no longer an employee, the Company or the Bank will provide Executive with comparable coverage on an individual policy basis. The medical, dental and life insurance coverage provided under this Section 11(b) shall cease upon the earlier of: (i) Executive’s death; (ii) Executive’s employment by another employer other than one of which he is the majority owner; or (iii) thirty-six months after his termination of employment; provided, however, that to the extent required under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations issued thereunder, the aggregate payments received for such insurance continuation coverage shall not exceed the applicable dollar limitation under Section 402(g)(1)(B) of the Code for the year in which Executive terminates employment.” The following shall be added to the Agreement as Section 26:
Fourth Change. Effective June 27, 2006, Section 11(d)(i)(6) of the Agreement shall be deleted in its entirety and replaced with the following new Section 11(d)(i)(6):
Fourth Change. The second paragraph in Section 6 shall be deleted in its entirety and replaced with the following new paragraph: “Except as otherwise provided in Sections 1, 2, 3 or 4, as applicable, in the event that, on or before the occurrence of the Qualifying Date, the Director’s service as a director of the Bank is terminated for any reason following a Change in Control as defined in Section 7 hereof, the Director may elect to receive the present value of his accrued benefit under this Agreement in a lump sum or the Director may elect to receive installment payments as provided under Section 1 of the Agreement. The Director’s Change in Control election must be made in accordance with Section 12 of this Agreement. The payment of benefits under this Section 6 shall commence within 10 days of the Director’s separation from service (as defined under Section 409A of the Internal Revenue Code) following a Change in Control, unless the Director is a specified employee and the payment must be delayed in accordance with Section 12 of this Agreement.”
Fourth Change. Section 5(c) of the Agreement is hereby amended and restated in its entirety, as follows:
Fourth Change. (a) of the Agreement is hereby amended by deleting the reference to "Section 7" therein and replacing it with a reference to "Section 4".
Fourth Change of the Adoption Agreement is amended effective January 1, 2016 to update the Plan Administrator as follows:
Fourth Change. Subparagraph (3) of Section 7(f) is hereby amended to read as follows:
Fourth Change. The second paragraph of Section 6 of the Agreement shall be amended in its entirety as follows: “Except as otherwise provided in Sections 1, 2 or 3 as applicable, in the event that, on or before the occurrence of an Employee’s Retirement Date or Early Retirement Date, a “Termination of Protected Employment” occurs following a Change in Control (as defined herein), then the Employee shall be deemed to have retired as of his Early Retirement Date and the Employee may elect to receive the present value of his accrued benefit in a lump sum or installment payments as set forth in Section 1 of this Agreement. Said election must be made in accordance with Section 13 of this Agreement. An Employee will be deemed to have a termination of employment for purposes of determining the timing of any payments under this Agreement only upon a “separation from service” within the meaning of Section 409A of the Code.”
Fourth Change. Effective , 2006, Section 2(c) shall be deleted in its entirety and replaced with the following new Section 2(c): “For purposes of this Agreement, a “Change in Control” means the occurrence of any one of the following events:
Fourth Change. The third paragraph of Section 4 of the Agreement shall be amended in its entirety as follows: “Except as otherwise provided in Sections 2 or 3 as applicable, in the event that, on or before the occurrence of an Employee’s Retirement Age or Early Retirement Date, a “Termination of Protected Employment” occurs following a Change in Control (as defined herein), then the Employee shall be deemed to have retired as of his Early Retirement Date and the Employee may elect to receive the present value of his accrued benefit in a lump sum or elect to receive his benefits in accordance with Section 1 of this Agreement. Said election must be made in accordance with Section 7 of this Agreement. An Employee will be deemed to have a termination of employment for purposes of determining the timing of any payments under this Agreement only upon a “separation from service” within the meaning of Section 409A of the Code.” The first paragraph in Section 2 is deleted in its entirety and replaced with the following new paragraph: Except as otherwise specifically provided herein, if the Employee shall retire from employment with the Bank either at or after the age of 65 (the “Retirement Age”) or at or after age 55 with at least 10 years of service with the Bank (“Early Retirement Date”), the Employee shall be entitled to the annual retirement benefit set forth on Exhibit A to this Agreement (based on years of service with the Bank after July 1, 1990). The Employee may elect to receive his benefit in annual installments over a fifteen year period or he may elect to receive the present value of his fifteen year benefit in a lump sum. Benefits under this Agreement will be paid (or commence to be paid) within 10 days of the Employee’s Retirement Age or Early Retirement Date (whichever is applicable). Said election must be made in accordance with Section 7 of this Agreement.”
