EXHIBIT 10.7
AGREEMENT MADE AS OF AUGUST 23, 2002 BETWEEN FIRST NATIONAL
BANK OF XXXXXXX AND XXXXX X. XXXXXXX
In consideration of the reliance placed by Xxxxx X. Xxxxxxx as a
Director of First National Bank of Xxxxxxx on the Board Resolution of June 18,
1990, as incorporated in Section 2.1 of the Bank's Bylaws prior to rescission of
the Resolution and the adoption of the Restated Bylaws in June 2002, First
National Bank of Xxxxxxx (the "Bank"), and its successors and assigns, agrees to
provide, at Bank expense, to Xxxxx X. Xxxxxxx and his current spouse, if any,
during their lifetimes, the health insurance coverage that is provided from time
to time to individual employees of the Bank and their spouses (not including
coverage of any other dependents); provided, that if Xxxxx X. Xxxxxxx'x current
spouse ceases to be his spouse, for any reason, (other than the death of Xxxxx
X. Xxxxxxx), such former spouse will not be entitled to coverage, and the
coverage will not extend to a subsequent spouse of Xxxxx X. Xxxxxxx; provided,
that if a surviving spouse, who otherwise would be entitled to coverage,
remarries and becomes entitled to health care coverage as the result of the
remarriage, such spouse will no longer be entitled to coverage from the Bank.
This agreement cannot be altered or modified, in any form, without the expressed
written consent of the Bank and Xxxxx X. Xxxxxxx or, if he is deceased, the
express written consent of the surviving spouse, if any, who would be entitled
to coverage from the Bank.
FIRST NATIONAL BANK OF XXXXXXX
/s/ Xxxx X. Xxxxx /s/ Xxxxx X. Xxxxxxx
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Xxxx X. Xxxxx, President & CEO Xxxxx X. Xxxxxxx, Director
