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Exhibit 10.14
XXXXXX CITY SAVINGS BANK
POST RETIREMENT DEATH BENEFIT FOR SENIOR OFFICERS
(a form of Deferred Compensation)
This Agreement entered into this _______ day of _____________ 19__ between
Xxxxxx City Savings Bank, a corporation having its principle place of business
at West 00 Xxxxxxx Xxxx, Xxxxxxx, X.X. (herein called the Bank and
_______________________________________________ herein called the Senior
Officer).
WITNESSETH:
WHEREAS, Senior Officer has been employed by the Bank since _________________
and by reason thereof has acquired experience and knowledge of considerable
value to the Bank, and
WHEREAS, the Bank wishes to offer an inducement to Senior Officers to remain in
its employ by providing a Death Benefit, a form of Deferred Compensation, such
benefit to be compensation beyond his regular salary for services which he has
rendered or will hereafter render, and such benefit may at the Bank's
discretion, be funded in part or whole by a life insurance policy on the life of
the Senior Officer or by other appropriate assets purchased by the Bank for
purposes of this Agreement, and
WHEREAS, if Senior Officer continues in the employ of the Bank until his
retirement,
NOW THEREFORE, it is mutually agreed as follows:
(1) The Bank which currently employs the Senior Officer at the time of
this Agreement, and Senior Officer enjoying such employment, accept the
conditions which are hereinafter set forth in the Agreement.
(2) As compensation for his services the Bank hereby agrees to provide
Senior Officer, and Senior Officer hereby agrees to accept from the Bank a Death
Benefit payable upon his death following retirement as defined in paragraph (3).
This benefit to be determined by the Board of Managers of the Bank. Such Death
Benefit to be according to officer levels as follows:
Assistant Vice President $25,000
Vice President 35,000
Senior or Executive Vice President 40,000
President or Chairman 50,000
(3) Upon Senior Officer's retirement from the Bank under the provisions of
the Retirement Plan of Xxxxxx City Savings Bank and he being immediately
eligible for a retirement benefit, the Bank commencing with the first day of
retirement will assume the liability for providing
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XXXXXX CITY SAVINGS BANK
to the Senior Officer the above stated Death Benefit, such benefit to be paid
upon the death of the Senior Officer by the Bank to the Officer's beneficiary or
estate.
(4) Should Senior Officer's employment terminate for any reason prior to
attaining retirement status, the Bank is not obligated to provide any Death
Benefit to the terminating Senior Officer.
(5) In the event the Senior Officer should die prior to attaining
retirement, the Bank shall retain any life insurance proceeds or other assets
purchased by the Bank for purposes of informally funding its obligations
hereunder, and neither the Senior Officer's estate nor any of his beneficiaries
shall have any claim against said assets.
(6) In the event Senior Officer should die after being retired and being
entitled to a Death Benefit, the Bank shall pay the full Death Benefit to such
person or persons as the Senior Officer may have designated or to his estate.
(7) The Death Benefit provided hereunder shall be in addition to Senior
Officer's annual salary and other benefits, as determined by the Board of
Managers of the Bank and shall not affect the right of the Senior Officer to
participate in any current or future Bank Retirement Plan or Profit Incentive
Bonus Plan or in any supplemental compensation arrangement which may become part
of the Bank's regular compensation and benefits structure.
(8) It is agreed that neither the spouse of the Senior Officer nor any
other designee, shall have any right to commute, sell, assign, transfer, or
otherwise convey the right to receive the benefit as provided in the Post
Retirement Death Benefit Plan, such benefit and right to thereto being declared
to be nonassignable and nontransferable; and, in the event of any attempted
assignment or transfer, the Bank shall have no further liability hereunder.
(9) If the Bank shall acquire any insurance policy or annuity contract or
any other asset in connection with liabilities assumed by it hereunder, it is
expressly understood and agreed that neither Senior Officer nor any beneficiary
of Senior Officer shall have any right with respect to, or claim against, such
policy or other asset for Senior Officer. Such policy or asset shall not be
deemed to be held under any trust for the benefit of Senior Officer or his
beneficiaries or to be held in any way as collateral security for the
fulfillment of the obligations of the Bank under this Agreement. It shall be and
remain, a general, unpledged, unrestricted asset of the Bank, and is not to be
considered as a Plan asset.
(10) The Bank agrees that it will not merge or consolidate with any other
company or organization, or permit its business activities to be taken over by
any other organization unless and until the succeeding or continuing company or
other organization shall expressly assume all obligations and liabilities herein
set forth.
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XXXXXX CITY SAVINGS BANK
(11) This Agreement may be revoked or amended in whole or in part by a
writing signed by both of the parties hereto.
(12) This Agreement does not constitute a contract of employment and the
Senior Officer's employment will continue as long as the Bank, in its sole
judgement, determines that the Officer's continued employment is in the Bank's
best interest.
IN WITNESS WHEREOF, the Bank has caused this Agreement to be signed in its
corporate name by its duly authorized officer, and impressed with its corporate
seal, attested by its Secretary, and Senior Officer has hereunto set his hand
and seal, all on the day and year first above written.
ATTEST: XXXXXX CITY SAVINGS BANK
ATTEST:
By ____________________________(Seal)
______________________________
Witness 1st Vice President and Secretary
______________________________ ____________________________________
Witness President & Chief Executive Officer
______________________________ ____________________________________
Witness Senior Officer
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