1
EXHIBIT 10.7
2
AGREEMENT
This Agreement made this 16th day of February, 1999, by and between,
XXXXX NATIONAL BANK, a New York Banking Corporation, with offices located at
00-00 X. Xxxx Xxxxxx, Xxxxxx 00000, hereinafter referred to as "Bank", and,
XXXXXXX X. XXXXX, an employee of said Bank, hereinafter referred to as
"Participant".
WHEREAS, the parties previously entered into a Supplemental Executive
Retirement Plan (SERP), dated March 29, 1995; and
WHEREAS, the parties now wish to amend said Plan.
NOW, THEREFORE, it is mutually agreed as follows:
1. ARTICLE II "BENEFIT" is hereby amended as follows:
SECTION 2.1 DEFINED CONTRIBUTION EXCESS BENEFIT
(A) The excess benefit has been determined
to be the amount of $92,776.00 paid annually for the
term of twenty (20) years certain.
It shall be payable under conditions
identical as to vesting, conditions and terms of
payment and all other matters, to the benefit payable
by The Xxxxx National Bank Pension Plan, (except the
benefit from this plan will not be paid in the form
of a lump sum and the benefit will not commence prior
to the first day of the month coincident with or next
following the individual's 65th birthday).
(B) In the event the Participant dies prior
to attaining sixty-five (65) years of age, annual
payments will be made to Participant's named
beneficiary in the amount of $92,776.00 for ten (10)
consecutive years commencing thirty (30) days after
the Participant's date of death.
SECTION 2.3 BENEFIT ON TERMINATION BEFORE RETIREMENT AT AGE 65
This paragraph will remain the same, except
that the figure "$63,882.00" will be replaced by the figure
"$92,776.00".
2. ARTICLE III "MISCELLANEOUS" is hereby amended as follows:
SECTION 3.11 ADMINISTRATION IS RENUMBERED SECTION 3.12
3
NEW SECTION 3.11 "REIMBURSEMENT OF ATTORNEY'S FEES" is added:
In the event the Bank ownership changes and
Participant is denied benefits under this Plan and Participant
is required to retain legal counsel to secure said benefits,
Participant shall be entitled to reimbursement of reasonable
legal fees incurred in the pursuit of said benefits. Bank
shall reimburse Participant no later than five (5) days after
submission of an invoice for said fees from an attorney
admitted to practice Law in the State of New York or such
other state as may be required because of ownership of the
Bank by an out-of-state corporation
2. All terms and conditions of the aforementioned Agreement not
specifically changed herein, shall remain the same and are
hereby ratified and affirmed as if set forth fully herein.
IN WITNESS WHEREOF, the parties have hereunto set their hands the day
and year first above written.
XXXXX NATIONAL BANK
BY: /s/Xxxxxxx X. Xxxxx
-----------------------
XXXXXXX X. XXXXX, CHAIRMAN
PARTICIPANT:
/s/Xxxxxxx X. Xxxxx
--------------------------
XXXXXXX X. XXXXX
Attest:
/s/Xxxxxx Xxxxx
---------------
Xxxxxx Xxxxx, Secretary
