Exhibit 10.6
FINGER LAKES BANCORP, INC.
EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT
FOR G. XXXXXX XXXXXX
----------------------
AMENDMENT NUMBER ONE
-----------------------
The Executive Supplemental Retirement Income Agreement for G. Xxxxxx
Xxxxxx (the "Agreement") is hereby amended effective May 1, 2001, unless
otherwise stated, in accordance with the following:
1. Section 1.13 of the Agreement shall be amended by replacing the
words "sixty-second (62nd)" with the words "sixty-fifth (65th)".
2. Section 1.17 of the Agreement shall be amended in its entirety to
provide as follows:
"Supplemental Retirement Income Benefit" means an
annual retirement benefit equal to seventy percent
(70%) of Executive's highest average annual base
salary and bonus (over the consecutive 36-month
period within the last 120 consecutive calendar
months of employment) REDUCED BY: the sum of (i) the
benefits provided to the Executive under the
non-qualified deferred compensation plan dated
February 28, 1995; (ii) the annuitized value of the
Executive's tax-qualified benefits payable from
Savings Bank of the Finger Lakes' defined benefit
pension plan; (iii) the annuitized value of the
Executive's tax-qualified plan benefits payable from
the Monroe Savings Bank defined benefit pension plan;
and (iv) the annuitized value of one-half of the
Executive's Social Security benefits attributable to
Social Security taxes paid by Savings Bank of the
Finger Lakes on behalf of Executive. For these
purposes, the benefit under (ii) and (iii) above
shall be deemed to be annuitized at age sixty-five
(65) as a single life annuity payable for the
Executive's life.
3. Section 2.1(i) of the Agreement shall be amended in its entirety to
provide as follows:
(i) the annual amount of Eighty-Five Thousand Three
Hundred Sixty-Four Dollars ($85,364.00) (the
projected value of the Supplemental Retirement Income
Benefit when Executive is age sixty-five (65)), or
4. Section 3.2 of the Agreement shall be amended in its entirety to
provide as follows:
3.2 EARLY RETIREMENT BENEFIT. Executive shall
have the elective right to receive an Early
Retirement Benefit, provided he shall have
attained the age of sixty (60) and remained
in continuous service from the date of the
Agreement. In the event that the Executive
elects an Early Retirement Benefit, payment
of this Early Retirement Benefit shall
commence within thirty (30) days after
Executive's Early Retirement Date. The Early
Retirement Benefit shall be equal to the
Supplemental Retirement Income Benefit
("SRIB") calculated under Section 1.17 and
reduced in accordance with the applicable
reduction factor set forth below, based on
the number of years that payment of the
Early Retirement Benefit commences prior to
the Executive's Normal Retirement Date.
Number of Years
Payments Commence
Prior to Normal
Retirement Date Factor
----------------- -------------
0 1.0000
1 .9205
2 .8496
3 .7860
4 .7289
5 .6774
5. Section 3.3 of the Agreement shall be amended in its entirety to
provide as follows:
3.3 DISABILITY. If Executive becomes Permanently
and Totally Disabled prior to reaching his
Normal Retirement Date, while covered by the
provisions of this Agreement, Executive
shall be entitled to a Supplemental
Disability Benefit commencing within thirty
(30) days after a determination by the Board
of Directors that the Executive is
Permanently and Totally Disabled. The
Supplemental Disability Benefit shall be
equal to the Supplemental
Retirement Income Benefit ("SRIB")
calculated under Section 1.17 as if the
Executive retired on the date of his
termination of employment due to disability
and reduced by 0.4166% for each calendar
month that benefit payments commence prior
to his Normal Retirement Date.
In the event the Executive dies at any time
after termination of employment due to
disability but prior to commencement or
completion of two hundred forty (240)
monthly payments, the Company shall pay to
the Executive's Beneficiary a continuation
of the monthly installments for the
remainder of the two hundred forty (240)
month period.
IN WITNESS WHEREOF, this Amendment Number One has been executed by the
duly authorized officers of Finger Lakes Bancorp, Inc. as of the 15th day of
May, 2001.
ATTEST: FINGER LAKES BANCORP, INC.
/s/XXXXX X. XXXXXXX By: /s/XXXXX X. XXXXXX
------------------- ----------------------------
Secretary Chairman, Salary and
Personnel Committee
