First Amendment to Executive Supplemental Retirement Plan for Gregory J. Kreis and Oswego County Savings Bank

Summary

This amendment updates the Executive Supplemental Retirement Plan between Oswego County Savings Bank and Gregory J. Kreis. It changes the interest rate used in the plan to 7.5% per year and sets the annual supplemental retirement income benefit at $152,033, payable over a specified period. All other terms of the original plan remain unchanged. The amendment is effective as of May 18, 2000, and is signed by both parties.

EX-10.8 16 dex108.txt EXHIBIT 10.8 Exhibit 10.8 FIRST AMENDMENT TO THE EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN With mutual consent and for valuable consideration hereby recognized, this First Amendment to the Executive Supplemental Retirement Plan for Gregory J. Kreis (the "Executive"), dated this May 18, 2000, is for purpose of amending the Agreement as follows: The following Subparagraphs shall be modified in Section I: 1.11 "Interest Factor" means seven and one half percent (7.5%) per annum. 1.17 "Supplemental Retirement Income Benefit" means an annual amount, payable over the Payout Period, equal to $152,033. All other provisions of the Executive Supplemental Retirement Plan for Gregory J. Kreis, which are not specifically modified by this First Amendment, are hereby incorporated and shall remain in full force and effect. IN WITNESS WHEREOF, the Bank and the Executives have caused this First Amendment, effective as of the above date, to be executed. ATTEST: OSWEGO COUNTY SAVINGS BANK ____________________________ By: /s/ Bruce P. Frassinelli ------------------------------------- Title: Chairman, Personnel and Compensation Committee EXECUTIVE By: /s/ Gregory J. Kreis ------------------------------------- Gregory J. Kreis