FORM OF Amendment to the Supplemental Executive Retirement Plan Participation Agreement
Exhibit 10.17
FORM
OF
Amendment
to
the
Supplemental
Executive Retirement Plan
Participation
Agreement
This Amendment to the
Supplemental Executive Retirement Plan Participation Agreement (the “Participation
Agreement”) is entered into as of December 16, 2008, by and between Polonia Bank
and (referred to as the “Bank ”), and [name] (the
“Participant”).
WHEREAS,
the Participant and the Bank entered into the Participation Agreement effective
as of July 1, 2006; and
WHEREAS,
the parties may amend the Participation Agreement by a signed
instrument;
WHERAS,
the parties desire to amend the Participation Agreement to make a clarification
consistent with Section 409A of the Internal Revenue Code of 1986, as
amended.
NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree to amend the Participation
Agreement as follows:
1. A
new paragraph (e) is added to the Section 7 to read as follows:
“For
purposes of Sections 7(b) and 7(e) a termination of employment shall occur upon
the date the Participant incurs a “Separation from Service” (as such term is
defined for purposes of Section 409A of the Code)”
IN WITNESS WHEREOF, the
parties have duly executed and delivered this Amendment to the Participation
Agreement, or have caused this Amendment to the Participation Agreement to be
duly executed and delivered in their name and on their behalf, as of the day and
year first above written.
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POLONIA
BANK
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By:
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Title:
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PARTICIPANT
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Name
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