Exhibit 10.5
FIRST AMENDMENT TO THE
EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT
FOR XXXXXXX X. XXXX
Upon mutual consent and for valuable consideration hereby recognized,
this First Amendment to the Executive Supplemental Retirement Income
Agreement (the "Agreement") for Xxxxxxx X. Xxxx (the "Executive"), dated
this 4th day of September, 2002, is for the purpose of amending the Agreement
as follows:
Paragraph 3 of Exhibit A to the Agreement shall be amended to read
as follows:
3. Supplemental Retirement Income Benefit means an
actuarially determined annual amount equal to Ninety Five
Thousand Five Hundred and Seventeen Dollars ($95,517) at
age 65 if paid entirely from the Accrued Benefit Account
and Fifty-Seven Thousand Three Hundred and Ten Dollars
($57,310) at age 65 if paid from the Retirement Income
Trust Fund.
The Supplemental Retirement Income Benefit:
* the definition of Supplemental Retirement Income
Benefit has been incorporated into the Agreement for
the sole purpose of actuarially establishing the
amount of annual Contributions (or Phantom
Contributions) to the Retirement Income Trust Fund
(or Accrued Benefit Account). The amount of any
actual retirement, pre-retirement or disability
benefit payable pursuant to the Agreement will be a
function of (i) the amount and timing of
Contributions (or Phantom Contributions) to the
Retirement Income Trust Fund (or Accrued Benefit
Account) and (ii) the actual investment experience of
such Contributions (or the monthly compounding rate
of Phantom Contributions).
Paragraph 4 of Exhibit A to the Agreement shall be amended to read
as follows:
4. Schedule of Annual Gross Contributions/Phantom Contributions
Plan Year Amount
--------- ------
1999 34,419
2000 34,419
2001 34,419
2002 34,419
2003 60,000
2004 60,000
2005 60,000
2006 60,000
2007 60,000
2008 60,000
2009 60,000
2010 60,000
2011 60,000
2012 60,000
2013 60,000
2014 60,000
2015 60,000
2016 60,000
All other provisions of the Agreement, which are not specifically
modified by this First Amendment, are hereby incorporated and shall remain
in full force and effect.
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IN WITNESS WHEREOF, the Bank and the Executive have caused this First
Amendment to be executed on this, the 4th day of September, 2002.
ATTEST: GRANITE BANK:
/s/ Xxxxxxx X. Xxxxxxxx By: /s/ Xxxxxxx Xxxxxxx
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Title: Chairman, Personnel Committee
ATTEST: GRANITE STATE BANKSHARES, INC.
/s/ Xxxxxxx X. Xxxxxxxx By: /s/ Xxxxxxx X. Xxxxx
---------------------------- -------------------------------------
Title: Chairman and CEO
WITNESS: EXECUTIVE
/s/ Xxxxx X. Xxxxxx /s/ Xxxxxxx X. Xxxx
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