AGREEMENT
Exhibit
10.6
AGREEMENT
This
agreement is by and between XXXXXX X. XXXXXXX, Xx. (“Employee”) of Bristol,
Connecticut and VALLEY BANK, a banking corporation organized and existing under
the laws of the State of Connecticut with a principal office located in Bristol
(hereunder represented by its Chairman, Xxxxx Xxxxx).
1.
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Except
as provided in paragraph 2 below, the Bank will pay the Employee
a
Supplemental Retirement Benefit equal to an annual sum of $30,000.00.
The
Supplemental Retirement Benefit shall be payable in equal monthly
installments of $2,500.00 for 180 consecutive months. The first monthly
payment shall be made on July 1, 2008. All remaining installment
payments
shall be paid on the first day of each of the following 179 calendar
months.
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2.
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If
the Employee dies prior to receiving the full amount of the Supplemental
Retirement Benefit, the Bank shall pay a survivor benefit to Xxxxx
Xxxxxxx. Such survivor benefit shall be the excess of such amount
as of
the earlier of the Employee's date of death or the date of the last
installment payment, less the portion of the Supplemental Benefit
already
paid, if any. Said survivor benefit shall continue until the earlier
of
the full payment of benefits as provided above or until the death
of said
Xxxxx Xxxxxxx.
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3.
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The
Supplemental Retirement Benefit described herein shall be payable
notwithstanding the Employee’s termination of employment or a change in
control of the Bank prior to July 1, 2008. This Agreement shall be
binding
upon the successors and assigns of the Bank.
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4.
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Valley
Bank has purchased a life insurance plan on the life of the Employee
in
the amount of $400,000. In the event the Employee dies while actively
employed, Valley Bank shall provide Xxxxx Xxxxxxx with $200,000 of
the
proceeds of said policy and Valley Bank shall retain $200,000. In
the
event Employee shall retire or terminate his employment voluntarily
or
otherwise, Valley Bank shall exclusively determine to either maintain
the
policy and be entitled to all of the proceeds or terminate the
policy.
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5.
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The
agreement shall only be modified by mutual assent in writing of the
parties.
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6.
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This
agreement shall be construed under the Laws of the State of
Connecticut.
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7.
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This
agreement embodies the entire agreement of the parties relating to
the
Employee’s supplemental retirement benefits. This agreement shall
supersede all previous communications, representations or agreements,
either oral or written, between the parties with respect to this
agreement.
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Executed
this 21 day of November, 2006 at Bristol, Connecticut.
VALLEY
BANK
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EMPLOYEE
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BY
/s/Xxxxx
X. Xxxxx
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/s/
Xxxxxx X. Xxxxxxx, Xx.
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Xxxxxx
X. Xxxxxxx, Xx.
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STATE
OF
CONNECTICUT)
)
SS:
COUNTY
OF
HARTFORD )
The
foregoing instrument was acknowledged before me by
_____________________,
____________________
of Valley Bank, who acknowledged this to be his free act and deed and the free
act of deed of Valley Bank.
____________________________
Notary
Public
Commissioner
of the Superior Court
STATE
OF
CONNECTICUT)
)
SS:
COUNTY
OF
HARTFORD )
The
foregoing instrument was acknowledged before me by Xxxxxx X. Xxxxxxx, Xx. who
acknowledged this to be his free act and deed.
_______________________________
Notary
Public
Commissioner
of the Superior Court
This
agreement replaces any agreement of previous date referring to Xx. Xxxxxxx’x
supplemental retirement benefit.