THE CORTLAND SAVINGS AND BANKING COMPANY AMENDED AND RESTATED GROUP TERM CARVE OUT PLANCortland Bancorp Inc • November 3rd, 2014 • Savings institution, federally chartered • Ohio
To attract and retain highly qualified employees, effective February 23, 2001 the Bank implemented a Group Term Carve Out Plan providing for division of the death proceeds of life insurance policies owned by the Bank on the lives of the participating employees, with a portion of the death proceeds being paid to a participating employee’s designated beneficiary and the remainder being paid to the Bank, and with the Bank paying the life insurance premiums from its general assets. This Amended Group Term Carve Out Plan amends and restates the Group Term Carve Out Plan in its entirety effective as of the date written above.
