Letter Agreement regarding Insurance Coverage for James Tilley
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Exhibit 10.4
Letter Agreement regarding Insurance Coverage for Xxxxx Xxxxxx
This document will serve as an agreement between Xxxxx Xxxxxx and Xxxxx National Bank.
Pursuant to the First Amendment to the Xxxxx National Bank Executive Life Insurance Plan dated
April 26, 2007, Xxxxx Xxxxxx, former president and chief executive officer of Xxxxx National Bank,
participation in the Bank’s Executive Life Insurance Plan, as amended, terminated upon his
retirement on April 27, 2007.
Based on these changes in benefits, Xxxxx National Bank has agreed to provide the following
benefits to Xxxxx Xxxxxx:
• | Payment of annual premiums in the amount of $5,603.37 for the $200,000 life insurance policy written by Massachusetts Mutual covering the life of Xxxxx Xxxxxx to the earlier of the age of 100 or his death. | ||
• | Payment of annual premiums in the amount of $3,978.80 for a long term care policy written by Massachusetts Mutual covering Xxxxx Xxxxxx to the earlier of qualification for waiver of premium or his death. |
Accepted by:
|
/s/Xxxxx Xxxxxx | 07/03/2007 | ||||
/s/Xxxxx X. Xxxxx | 07/03/2007 | |||||