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EXHIBIT 10.16
SECOND AMENDMENT
AGREEMENT
AGREEMENT made as of this 27th day of November, 2002 by and between XXXXX
NATIONAL BANK, with offices located at 00-00 Xxxxx Xxxx Xxxxxx, Xxxxxx, Xxx Xxxx
00000, hereinafter referred to as the "Bank", and XXXXXXX X. XXXXX, an employee
of the Bank, hereinafter referred to as the "Participant".
RECITALS
WHEREAS, the parties previously entered into a Supplemental Executive
Retirement Plan dated February 16, 1999 (the "SERP"); and
WHEREAS, said Plan was amended by Agreement dated October 17, 2000, and
WHEREAS, the parties now desire to again amend the SERP.
NOW THEREFORE, the parties mutually agree as follows:
2 Section 2.1 of Article II "BENEFIT" is hereby amended to read as
follows:
Section 2.1 Excess Benefit
A. The excess benefit has been determined to be the
amount of $42,516.00 per year (the "Excess Benefit")
payable for a term of twenty (20) years certain. Except
as otherwise provided in this Agreement, the Excess
Benefit shall be payable monthly under conditions
identical as to vesting, condition and terms of payment
to the benefit payable by the Xxxxx National Bank
Pension Plan, as amended from time to time (the "Bank
Pension Plan") (except the benefit from this SERP will
not be paid in the form of a lump sum and the Excess
Benefit will not commence prior to the first day of the
month coincident with or next following the
Participant's 65th birthday).
Except as set forth in Section 2.1 (B) or Section
2.3 of the SERP, the Excess Benefit shall only be paid
to the Participant if the Participant's employment is
terminated on or after his 65th birthday.
B. In the event the Participant dies prior to attaining
sixty-five (65) years of age, the Excess Benefit will
be paid to the Participant's named beneficiary in the
amount of $42,516.00 per year, payable monthly for
twenty (20) consecutive years commencing thirty (30)
days after the Participant's date of death.
3 Section 2.3 of Article II "BENEFIT" is hereby amended to read as
follows:
Section 2.3 Benefit on Termination Before Retirement at Age 65
In the event the Participant's employment is terminated
as a result of: (i) the Participant becoming "Totally
and Permanently Disabled" as defined in the Bank Pension
Plan; (ii) the Board of Directors of the Bank, in its
absolute discretion, authorizes and approves the early
retirement of the Participant; or (iii) the Bank
voluntarily terminates the employment of the Participant
other than "for cause", then the Excess Benefit to be
paid to the Participant under this SERP shall be the
Excess Benefit as set forth in Section 2.1 (A) of
$42,516.00 multiplied by a fraction (1) the numerator of
which is the actual number of months of service of the
Participant in the Xxxxx National Bank Pension Plan and
(2) the denominator of which is the number of months of
service in the Bank Pension Plan the Participant would
have completed if the Participant had continued to be
employed until his Normal Retirement Age (as defined in
the Bank Pension Plan). The amount as so determined
shall be payable monthly for a term of twenty (20) years
certain. It will not be paid in a lump sum and the
benefit will not commence prior to the first day of the
month coincident with or next following the
Participant's 65th birthday.
The parties affirm all the terms and conditions of the Original
Agreement and Amendment except for those terms specifically amended
herein.
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IN WITNESS WHEREOF, the parties have hereunto set their hands the
day and year first above written.
XXXXX NATIONAL BANK
By:/s/Xxxxxxx Xxxxxxxx
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Xxxxxxx Xxxxxxxx, Chairman
PARTICIPANT
By:/s/Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
