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Exhibit 10(e)
AMENDMENT TO THE EXECUTIVE SALARY CONTINUATION AGREEMENT
DATED DECEMBER 7, 1994
BETWEEN UNITY SAVINGS BANK AND XXXXXX X. XXXX
EXCERPT FROM SEPTEMBER 18, 1995 BOARD OF DIRECTORS MEETING OF UNITY SAVINGS
BANK:
It was moved by Xxxxxx Xxxxxx, Xx. and seconded by G. Xxxxxxx Xxxxx that the
following amendments be made to the EXECUTIVE SALARY CONTINUATION AGREEMENT
dated December 7, 1994 between Unity Savings Bank and Xxxxxx X. Xxxx:
V. DEATH BENEFIT PRIOR TO RETIREMENT
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In the event the Executive should while actively employed by the Bank
at any time after the date of this Agreement but prior to this attaining the age
of seventy (70) years (or such later date as may be agreed upon), the Bank will
pay a benefit equal to the balance in the accrued liability retirement account
in a lump sum to such individual or individuals as the Executive may have
designated in writing and filed with the Bank. In the absence of any effective
designation of beneficiary any such amount becoming due and payable upon the
death of the Executive shall be payable to the duly qualified executor or
administrator of his estate provided, however that anything hereinabove to the
contrary notwithstanding, no death benefit shall be payable hereunder if it is
determined that the Executive's death was caused by suicide on or before
June 9, 1996.
VI. BENEFIT ACCOUNTING
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The Bank shall account for this benefit using the regulatory accounting
principles of the Bank's primary federal regulator. The Bank shall establish an
accrued liability retirement account for the Executive into which appropriate
reserves shall be accrued in the amount determined by the Bank's certified
public accounting firm.
VII. VESTING
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The Executive's interest in the benefits shall not vest until the
Retirement Date (Paragraph III). On the Retirement Date, the Executive shall
become one hundred percent (100%) vested in the benefits under this Agreement.
VIII. OTHER TERMINATION OF EMPLOYMENT
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In the event that the employment of the Executive shall terminate prior
to retirement from active employment, as provided in Paragraph III, by his
voluntary action, or by his discharge by the Bank, the Bank shall pay to the
Executive as severance compensation an amount of money equal to the accrued
balance of the Executive's liability reserve account. This severance
compensation shall be paid in one hundred eighty (180) equal monthly
installments with interest equal to the one year treasury xxxx as the date of
termination.
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In the event the Executive's death should occur after such severance
but prior to the completion of the monthly payment provided for in the Paragraph
VIII, the remaining installments shall be paid to such individual or individuals
as the Executive may have designated in writing, and filed with the Bank. In the
absence of any effective designation of beneficiary any such amounts shall be
payable to the duly qualified executor or administrator of his estate.
VOTE: Xxxxxxxx-yes, Xxxxx-yes, Xxxxxx-yes, Xxxxxx-yes, D. Xxxxx
Xxxx-yes, Xxxxxx X. Xxxx-abstained, Xxxxxxx-yes."
I acknowledge and accept this amendment to the Executive Salary
Continuation Agreement originally adopted by the Board of Unity Savings Bank on
December 7, 1994.
/s/ Xxxxxx X. Xxxx September 19, 1995
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Xxxxxx X. Xxxx Date
/s Xxxxxx Xxxxx /s/ Xxxxx X. Xxxxxxxxx
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Witness Witness
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