Exhibit 10.23
FIRST AMENDMENT TO THE
OMEGA BANK, NATIONAL ASSOCIATION
AMENDED AND RESTATED
SALARY CONTINUATION AGREEMENT
DATED MARCH 1, 2000
FOR XXXXXX XXXXXX
THIS AMENDMENT executed on this 23rd day of December, 2003, by and between
OMEGA BANK, NATIONAL ASSOCIATION, located in Huntingdon, Pennsylvania (the
"Bank"), and XXXXXX XXXXXX (the "Officer").
On March 1, 2000, the Bank and the Officer executed the SALARY
CONTINUATION AGREEMENT (the "Agreement").
The undersigned hereby amends, in part, said Agreement for the purpose of
modifying the Normal Retirement Benefit. Therefore,
Section 2.1.1 of the Agreement shall be deleted in its entirety and
replaced by the new Section 2.1.1 as follows:
2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is
seventy-five percent (75%) of the Officer's average Annual Compensation for the
previous five (5) full calendar years, reduced by the following amounts:
(a) Social Security. 50 percent of the estimated annual primary
Social Security benefit to be paid at age 65;
(b) 401(k) Plan. 100 percent of the estimated 15-year annuity that
could be purchased with the Bank's matching contribution to the 401(k)
Plan. The annuity is to be calculated using an annual interest rate equal
to the 10-Year Treasury Note rate plus 150 basis points, compounded
monthly; and
(c) ESOP Plan. 100 percent of the estimated 15-year annuity that
could be purchased with the Officer's balance in the Employee Stock Option
Plan. The annuity is to be calculated using an annual interest rate equal
to the 10-Year Treasury Note rate plus 150 basis points, compounded
monthly.
IN WITNESS OF THE ABOVE, the Officer and the Bank have agreed to this
First Amendment.
OFFICER: BANK:
OMEGA BANK, NATIONAL ASSOCIATION
/s/ Xxxxxx X. Xxxxxx By /s/Xxxxxx X. Xxxxxxxx
XXXXXX XXXXXX
Its Chairman, Compensation Committee_
