Fourth Amendment to Salary Continuation Agreement between Opportunity Bank of Montana and Laura Clark

Contract Categories: Human Resources › Salary Continuation Agreements
Summary

This amendment updates the Salary Continuation Agreement between Opportunity Bank of Montana and Laura Clark, effective November 1, 2024. It increases the retirement benefits payable to Laura Clark upon her separation from service, specifying new annual benefit amounts based on the date of separation. If Laura Clark dies before retiring, her beneficiary will receive an annual benefit of $46,000, paid monthly for 15 years. The amendment is signed by both parties and replaces previous benefit terms in the agreement.

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EX-10.1 2 ex_735173.htm EXHIBIT 10.1 ex_735173.htm

Exhibit 10.1

 

FOURTH AMENDMENT TO THE

SALARY CONTINUATION AGREEMENT

FOR

LAURA CLARK

 

THIS AMENDMENT (the “Amendment”) is adopted as of the 1st day of November, 2024, by and between Opportunity Bank of Montana, located in Helena Montana (the “Employer”), and Laura Clark (the “Executive”).

 

The Employer and the Executive executed a Salary Continuation Agreement effective as of November 1, 2014 (as amended, the “Agreement”). The Company and the Executive now wish to increase the benefits provided to the Executive in the Agreement.

 

NOW, THEREFORE, the Employer and the Executive adopt the following amendments to the Agreement:

 

Section 2.1 of the Agreement shall be deleted in its entirety and replaced by the following:

 

2.1         Normal Retirement Benefit. Upon Separation from Service on or after Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the amount shown on the table below in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation from Service and continuing until the Executive’s death.

 

Date of Separation from Service

  

Annual Benefit

10/31/2025

   $ 33,150  

10/31/2026

   $ 41,709  

3/31/2027

   $ 46,000  

 

Section 2.5 of the Agreement shall be deleted in its entirety and replaced by the following:

 

2.5         Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service, the Employer shall pay the Beneficiary an annual benefit in the amount of Forty-Six Thousand Dollars ($46,000) in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following the Executive’s death and continuing for fifteen (15) years.

 

IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Employer have executed this Amendment as indicated below and as of the date above:

 

Executive:   Employer:
       
       
/s/ Laura F. Clark   By: /s/ Rick Hays
    Its: Board Chair