Termination of Split Dollar Agreement and Endorsement
Exhibit 10.29.1
This Termination of Split Dollar Agreement and Endorsement (this “Agreement”) by and
between The Cortland Savings and Banking Company, an Ohio-chartered bank (the “Bank”), and Xxxxxxx
X. Xxxxxx, Xx., an Officer of the Bank (the “Executive”), is made and entered into and shall be
effective as of this 12th day of March, 2010.
Whereas, the Bank and the Executive entered into a Third Amended Split Dollar
Agreement and Endorsement dated as of December 3, 2008 (the “Split Dollar Agreement and
Endorsement”),
Whereas, the Bank and the Executive desire now to terminate the Split Dollar
Agreement and Endorsement, and
Whereas, the Bank and the Executive intend that from and after the effective date of
this Agreement the Split Dollar Agreement and Endorsement and the associated Split Dollar Policy
Endorsement or Endorsements shall be void and shall have no further force or effect.
Now Therefore, in consideration of these premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Bank and the
Executive hereby agree as follows.
1. Termination
of the Split Dollar Agreement and Endorsement. Effective as of the date first
written above, the Split Dollar Agreement and Endorsement is terminated and shall have no further
force or effect. Neither the Executive nor any beneficiary of the Executive shall make any claim
for benefits under the Split Dollar Agreement and Endorsement. Neither the Executive nor any
beneficiary of the Executive shall make any claim for benefits under the Split Dollar Policy
Endorsement or Endorsements appended to or associated with the Split Dollar Agreement and
Endorsement. The Split Dollar Policy Endorsement or Endorsements shall be void and of no further
force or effect as of the effective date of this Agreement. The Executive acknowledges and agrees
that the Bank shall be fully discharged from all liabilities or obligations under the Split Dollar
Agreement and Endorsement and the associated Split Dollar Policy Endorsement or Endorsements as of
the effective date of this Agreement.
2. Applicable Law. This Agreement and all rights hereunder shall be governed by the laws of
the State of Ohio, except to the extent preempted by the laws of the United States of America.
3. Entire Agreement. This Agreement constitutes the entire agreement of the Bank and the
Executive concerning the subject matter.
In Witness Whereof, the Executive and a duly authorized officer of the Bank have
executed this Termination of Split Dollar Agreement and Endorsement as of the date first written
above.
| Executive | The Cortland Savings and Banking Company | |||||
/s/ Xxxxxxx X. Xxxxxx Xx.
|
By: | /s/ Xxxxx Xxxxxx
|
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Xxxxxxx X. Xxxxxx, Xx.
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Its: President & Chief Executive Officer | |||||
