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Exhibit 10.14
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AGREEMENT
AGREEMENT made as of this 17th day of October, 2000 by and between
XXXXX NATIONAL BANK, with offices located at 00-00 Xxxxx Xxxx Xxxxxx, Xxxxxx,
Xxx Xxxx 00000, hereinafter referred to as the "Bank", and XXXXXXX X. XXXXX, an
employee of the Bank, hereinafter referred to as the "Participant".
RECITALS
WHEREAS, the parties previously entered into a Supplemental Executive
Retirement Plan dated March 28, 1995, as amended by Agreement dated February 16,
1999 (the "SERP"); and
WHEREAS, the parties now desire to further amend the SERP.
NOW THEREFORE, the parties mutually agree as follows:
1. Section 2.1 of Article II "BENEFIT" is hereby amended to read
as follows:
Section 2.1 Excess Benefit
(A) The excess benefit has been determined to be the
amount of $30,000 per year (the "Excess Benefit")
payable for a term of twenty (20) years certain.
Except as otherwise provided in this Agreement, the
Excess Benefit shall be payable monthly under
conditions identical as to vesting, condition and
terms of payment to the benefit payable by the Xxxxx
National Bank Pension Plan, as amended from time to
time (the "Bank Pension Plan") (except the benefit
from this SERP will not be paid in the form of a lump
sum and the Excess Benefit will not commence prior to
the first day of the month coincident with or next
following the Participant's 65th birthday).
Except as set forth in Section 2.1 (B) or Section 2.3
of the SERP, the Excess Benefit shall only be paid to
the Participant if the Participant's employment is
terminated on or after his 65th birthday.
(B) In the event the Participant dies prior to attaining
sixty-five (65) years of age, the Excess Benefit will
be paid to the Participant's named beneficiary in the
amount of $30,000 per year, payable monthly for
twenty (20) consecutive years commencing thirty (30)
days after the Participant's date of death.
2. Section 2.3 of Article II "BENEFIT" is hereby amended to read
as follows:
Section 2.3 Benefit on Termination Before Retirement at Age 65
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In the event the Participant's employment is terminated as a
result of: (i) the Participant becoming "Totally and
Permanently Disabled" as defined in the Bank Pension Plan;
(ii) the Board of Directors of the Bank, in its absolute
discretion, authorizes and approves the early retirement of
the Participant; or (iii) the Bank voluntarily terminates the
employment of the Participant other than "for cause", then the
Excess Benefit to be paid to the Participant under this SERP
shall be the Excess Benefit as set forth in Section 2.1 (A) of
$30,000 multiplied by a fraction (1) the numerator of which is
the actual number of months of service of the Participant in
the Xxxxx National Bank Pension Plan and (2) the denominator
of which is the number of months of service in the Bank
Pension Plan the Participant would have completed if the
Participant had continued to be employed until his Normal
Retirement Age (as defined n the Bank Pension Plan). The
amount as so determined shall be payable monthly for a term of
twenty (20) years certain. It will not be paid in a lump sum
and the benefit will not commence prior to the first day of
the month coincident with or next following the Participant's
65th birthday.
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IN WITNESS WHEREOF, the parties have hereunto set their hands the day
and year first above written.
XXXXX NATIONAL BANK
BY: /s/Xxxxxxx Xxxxxxxx
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Xxxxxxx Xxxxxxxx, Vice Chairman
PARTICIPANT
/s/Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
