FIRST AMENDMENT TO THE AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN Agreement

Exhibit 10.4

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 Xxxxxxx X. Xxxxx (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 2.1.1 of the Agreement shall be deleted and replaced with the following:

2.1.1 Amount of Benefit. The annual Normal Retirement Benefit under this Section 2.1 is $110,000 (One Hundred Ten Thousand Dollars). Prior to the occurrence of any distribution event under this Agreement, the Bank’s Board, in its sole and absolute discretion, may increase the annual benefit under this Section 2.1. Any increase in the annual benefit shall require the recalculation of all the amounts on Schedule A attached hereto.

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/Xxxxxxx X. Xxxxx		By:	/s/Xxxxxx Xxxxxx
		Its:	SVP/CFO

Supplemental Executive Retirement Plan 

Schedule A

Xxxxxxx Xxxxx

Birth Date: XX/XX/1966 Plan Anniversary Date: 09/30/2019 Normal Retirement:XX/XX/2031, 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 2,3
Feb-19		52			69,123				35,309				870,644				110,000
Sep-19		53			80,970				40,341				898,629				110,000
Sep-20		54			99,305				47,658				942,302				110,000
Sep-21		55			118,340				54,706				988,098				110,000
Sep-22		56			138,101				61,495				1,036,120				110,000
Sep-23		57			158,615				68,034				1,086,475				110,000
Sep-24		58			179,913				74,334				1,139,278				110,000
Sep-25		59			202,023				80,401				1,194,646				110,000
Sep-26		60			224,976				86,246				1,252,706				110,000
Sep-27		61			248,805				91,876				1,313,588				110,000
Sep-28		62			273,543				97,299				1,377,428				110,000
Sep-29		63			299,225				102,522				1,444,371				110,000
Sep-30		64			325,887				107,554				1,514,568				110,000
Mar-31		65			339,597				110,000				1,550,935				110,000

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.

Xxxxxxx Xxxxx  /s/ Xxxxxxx X. Xxxxx By /s/ Xxxxxx X. Xxxxxx

Date 2/8/2019 Title SVP/ CFO

Date 2/8/2019