Amendment to CharterBank Split Dollar Agreement between CharterBank and Insured (September 25, 2012)

Summary

CharterBank and the Insured have amended their existing Split Dollar Agreement, originally signed on June 18, 2010. This amendment changes the amount of the death benefit as specified in the attached Schedule A. All other terms of the original agreement remain in effect, and the new death benefit is subject to the same conditions as before. The amendment is effective as of September 25, 2012.

EX-10.6 7 ex10-6.htm EXHIBIT 10.6 ex10-6.htm

Exhibit 10.6

CHARTERBANK

AMENDMENT TO THE CHARTERBANK

SPLIT DOLLAR AGREEMENT

THIS Amendment is made and entered into this 25th day of September, 2012, by and among CHARTERBANK (the “Bank”) and the undersigned INSURED (the “Insured”).

WITNESSETH THAT:

WHEREAS, the Bank and the Insured executed a Split Dollar Agreement on June 18, 2010 known as the "Split Dollar Agreement" (the "Agreement"); and

WHEREAS, the Bank desires to modify the amount of the death benefit in the Agreement;

NOW, THEREFORE, in consideration of the mutual promises contained in the Agreement, the Bank and the Insured agree as follows:

1.	The death benefit amounts as indicated in Schedule A, attached to this Amendment, are hereby established as additional amounts payable as part of the Agreement.

2.	Such death benefit amounts are subject to all terms and conditions of the Agreement.

3.	In all other respects, the Bank and the Insured ratify the terms of the Agreement.

The parties have executed this Agreement as of the day and year first above written.

			CHARTERBANK:

			By: /s/ Thomas M. Lane

	/s/ Bill C Gladden		Chair of Board P&C
	Attest		Title


			LEE WASHAM

	/s/ Tawanna B Giles		/s/ Lee Washam
	Witness		Insured/Employee