FORM OF Amendment Directors’ Fee Deferral Agreement
Exhibit
10(o)
FORM
OF
Amendment
This
Amendment to the Directors’ Fee Deferral Agreement is entered into as of [date], by and between Xxxxx
Spring Bank (referred to as the “Bank”), and [name] (the
“Director”).
WHEREAS,
the Director and the Bank previously entered into a Directors’ Fee Deferral
Agreement dated [date]
(the “Deferral Agreement”) pursuant to which the Director deferred the receipt
of directors’;
1. Section
5.1.1 is deleted in its entirety and replaced with the following new Section
5.1.1 to read as follows:
5.1.1 Insurance Policy in
Effect. If the Director dies while the Insurance Policy is
validly in effect, the benefit under Section 5.1 is the greater of (a) the
applicable Projected Benefit for the payment method in effect at death as shown
on the last effective annual statement of insurance benefit prepared for
delivery to the Director under this plan, or (b) the sum of (i) the payout of
the Deferral Account balance at the date of the Director’s death under the
payment method in effect at death under this plan plus (ii) Deferral Account
balance at the date of the Director’s death under the Xxxxx Spring Bank
Directors’ Deferred Compensation Plan.
XXXXX
SPRING BANK
By:
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Title:
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DIRECTOR
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Name
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