Exhibit 10(7)
FIRST AMENDMENT
TO THE
DIRECTOR DEFERRED COMPENSATION AGREEMENT
OF
FIRST FEDERAL SAVINGS BANK OF XXXXXX
MARION, INDIANA
This First Amendment ("Amendment"), dated the 1st day of December, 1996, hereby
amends the Director Deferred Compensation Agreement ("Agreement") dated May 1,
1992, between First Federal Savings Bank of Xxxxxx ("Bank") and W. Xxxxxx
Xxxxxx, as follows:
The following Section II is added to the Agreement with all subsequent Sections
renumbered accordingly:
SECTION II
ESTABLISHMENT OF RABBI TRUST
The Bank shall establish a rabbi trust into which the Bank shall
contribute assets which shall be held, managed and invested, pursuant to the
agreement which establishes such rabbi trust (the "rabbi trust agreement"). The
Bank intends to make a contribution or contributions to the rabbi trust to
provide the Bank with a source of funds to assist it in meeting obligations
under this Agreement. The trust assets shall be subject to the claims of the
Bank's creditors in the event of the Bank's "Insolvency" as defined in the rabbi
trust agreement, until the trust assets are paid to the Director and his
Beneficiary in such manner and at such times as specified in this Agreement.
Contribution(s) to the rabbi trust shall be made in accordance with the rabbi
trust agreement.
IN WITNESS WHEREOF, the Bank has caused this Amendment to be executed
in triplicate, the day and year written here above:
FIRST FEDERAL SAVINGS BANK OF XXXXXX
By: /s/ Xxxx Xxxxxx
Title President
