Exhibit 10.6
OFFICER'S DEFERRED BONUS COMPENSATION AGREEMENT
This Agreement made and entered into this. 1st day of August, 1955, by
and between XXXXXXX XXXXXXX, hereinafter referred to as the "Officer" and Clover
Leaf Savings and Loan, a State chartered Savings & Loan, of Edwardsville,
Madison County, Illinois, hereinafter referred to as the Savings and Loan as
follows:
Whereas, the Officer has been duly elected by the Board of Directors of
the Savings and Loan pursuant to the By-laws of the Savings and Loan and the
applicable statutes and laws of the State of Illinois, and,
Whereas, in such capacity the Officer is entitled to certain Bonus
compensation for his services so rendered, and,
Whereas, said Bonus compensation is due and payable from time to time
as established by policies of the Board of Directors as services are rendered by
the Officer, and,
Whereas, the parties have agreed that all or a portion of the payment
of Bonus compensation due the Officer shall be deferred pursuant to the
provisions of this Agreement,
NOW THEREFORE, it is agreed by as follows:
1. Credit to Account The Savings and Loan shall establish on its
books an account to be known as the "Officer's Deferred Bonus
Compensation Account" to which those Bonuses earned by the
Officer shall be credited as they are earned.
2. Interest All sums credited to the Officer's Deferred Bonus
Compensation Account shall be credited with interest from the
date earned at a per annum rate equal to that paid by the Savings
and Loan on 1 year Certificates of Deposits, such rate to be
established the first day of each month and to remain in effect
for the entire month.
3. Termination of Employment Upon termination of the officer's
employment for whatever reason, the amount of Bonus Compensation
and interest credited to the Officer's Deferred Bonus
Compensation Account for the said officer shall be paid to him.
Such payment shall be made either in lump sum within sixty (60)
days of the Officer's termination date, or in equal monthly,
quarterly, or annual installments over a period not exceeding
five (5) years, however, the Officer shall elect, having the sole
option to determine the method of payment. In the event the
Officer elects to receive the compensation in installments, then
interest shall continue to be credited to the unpaid balance as
provided in Paragraph 2 hereof.
4. Death of Officer Upon the death of the Officer prior to the
receipt by him of his full balance in the Officer's Deferred
Bonus Compensation Account due him hereunder, such balance shall
be paid to his beneficiary as named by him below, or, in the
absence or prior death of such beneficiary, then to the Officer's
Estate. The beneficiary designation hereon is revocable and may
be changed by the Officer at any time in writing.
5. Nature of Account The amounts credited to the Officer's Deferred
Bonus Compensation Account herunder shall remain part of the
general funds of the Savings & Loan. The establishment of the
Deferred Bonus Compensation Account will not require or result in
the actual funding of a segregated account or serve as security
for such account.
6. Restrictions to Assignability Neither the Officer's Deferred
Bonus Compensation Account or any portion thereof shall be
subject to or available for assignment, transfer, encumbrance or
pledge by the Officer or an Beneficiary except as provided for
xxxxx in the event of the death of an Officer, and any such
attempted assignment, transfer, encumbrance, or pledge shall be
considered void and without any force and effect.
7. Relation to Employment This Agreement does not confer upon the
Officer any continuing right of employment by the Savings and
Loan.
8. Reports The Savings & Loan shall annually furnish the Officer a
statement showing balance and interest earned during the year.
IN WITNESS WHEREOF, the parties have executed this Agreement, those
officers of the Savings and Loan being signatory hereto having been duly
authorized by the Board of Directors to so act.
CLOVER LEAF SAVINGS AND LOAN
BY: /s/ Xxxxxxx Xxxxxxx
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Xxxxxxx Xxxxxxx, President
ATTEST:
/s/ Xxxxxx Xxxx
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Xxxxxx Xxxx, Vice President/Treasurer
/s/ Xxxxxxx Xxxxxxx
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OFFICER
