FIRST AMENDMENT TO THE Amended and restated SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN Agreement

Exhibit 10.5

FIRST AMENDMENT TO THE

Amended and restated 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 Xxxxxxxx X. Roxbury (the “Executive”).

The Employer and the Executive are parties to an Amended and Restated Supplemental Executive Retirement Plan Agreement dated November 18, 2015 (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 Fifty-Six Thousand Five Hundred Dollars ($56,500) in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the first day of 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/Xxxxxxxx X. Roxbury		By:	/s/Xxxxxx Xxxxxx
		Its:	SVP/CFO

Supplemental Executive Retirement Plan

Schedule A

Jenn Roxbury

Birth Date: XX/XX/1969 Plan Anniversary Date: 09/30/2019 Normal Retirement: XX/XX/2034, 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 3				Annual Benefit 2
Feb-19		49			25,276				14,674				380,259				8,187
Sep-19		50			30,035				17,006				392,481				9,729
Sep-20		51			37,399				20,398				411,556				12,114
Sep-21		52			45,044				23,665				431,558				14,590
Sep-22		53			52,981				26,812				452,531				17,161
Sep-23		54			61,221				29,843				474,524				19,830
Sep-24		55			69,775				32,763				497,586				22,601
Sep-25		56			78,655				35,575				521,769				25,477
Sep-26		57			87,874				38,284				547,127				28,464
Sep-27		58			97,445				40,894				573,717				31,564
Sep-28		59			107,381				43,408				601,600				34,782
Sep-29		60			117,696				45,829				630,838				38,123
Sep-30		61			128,405				48,161				661,496				41,592
Sep-31		62			139,522				50,408				693,645				45,193
Sep-32		63			151,063				52,572				727,356				48,931
Sep-33		64			163,045				54,657				762,706				52,812
Aug-34		65			174,429				56,500				796,617				56,500

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. 

3 Note that accounting rules may require an additional accrual at the time this benefit is triggered.

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.

Jenn Roxbury  /s/ Jenn Roxbury By  /s/ Xxxxxx X. Xxxxxx

Date 2/8/19 Title SVP/ CFO

Date 2/8/19