First Amendment to Supplemental Executive Retirement Plan Agreement between The Farmers National Bank of Emlenton and Amanda Engles

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment updates the retirement plan agreement between The Farmers National Bank of Emlenton and Amanda Engles. It increases the annual retirement benefit to $45,000, paid in equal monthly installments over 20 years after normal retirement age. The amendment also replaces the original benefit schedule with a new one, outlining payment terms for early termination, disability, change in control, and death. The agreement specifies that if there is any conflict between the new schedule and the main agreement, the main agreement's terms will apply.

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EX-10.6 5 tv512915_ex10-6.htm EXHIBIT 10.6

 

Exhibit 10.6

 

FIRST AMENDMENT TO THE

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN Agreement

 

THIS FIRST AMENDMENT (the “Amendment”) is adopted February 8, 2019, by and between The Farmers National Bank of Emlenton (the “Employer”), and Amanda Engles (the “Executive”).

 

The Employer and the Executive are parties to a Supplemental Executive Retirement Plan Agreement dated November 15, 2017 (the “Agreement”). The parties now wish to amend the Agreement to increase the Executive’s benefits.

 

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

 

Section 2.1 of the Agreement shall be deleted and replaced with the following:

 

2.1       Normal Retirement Benefit. Upon Separation from Service after Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the amount of Forty-Five Thousand Dollars ($45,000) 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 for twenty (20) years, subject to the conditions and limitations hereinafter set forth.

 

The Schedule A originally attached to the Agreement shall be deleted in its entirety and replaced by the Schedule A attached hereto.

 

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

 

Executive   Employer
     
/s/Amanda Engles   By: /s/Jennifer A. Roxbury
    Its: SVP/COO

 

 

 

 

Supplemental Executive Retirement Plan

Schedule A

 

Amanda Engles

 

Birth Date: XX/XX/1978

 

Plan Anniversary Date: 09/30/2019

 

Normal Retirement: XX/XX2043, Age 65

 

Normal Retirement Payment: Monthly for 20 Years

 

Early Termination

 

Amount Payable Monthly
for 5 Years at
Separation from Service

  

Disability

 

Amount Payable Monthly
for 20 Years at Normal
Retirement Age

  

Change In Control

 

Amount Payable Lump
Sum Upon Change in
Control

  

Death

 

Amount Payable Monthly
for 20 Years Upon
Death

 
Values As Of  Age  Annual
Benefit 1		   Annual
Benefit 2		   Lump Sum
Benefit		   Annual
Benefit 2		 
Feb-19  40   3,151    2,530    14,389    1,021 
Sep-19  41   5,471    4,285    24,984    1,772 
Sep-20  42   9,061    6,836    41,381    2,935 
Sep-21  43   12,788    9,294    58,404    4,142 
Sep-22  44   16,658    11,661    76,075    5,396 
Sep-23  45   20,675    13,941    94,421    6,697 
Sep-24  46   24,845    16,138    113,467    8,048 
Sep-25  47   29,175    18,254    133,240    9,450 
Sep-26  48   33,669    20,292    153,766    10,906 
Sep-27  49   38,335    22,255    175,076    12,417 
Sep-28  50   43,179    24,146    197,199    13,986 
Sep-29  51   48,208    25,967    220,166    15,615 
Sep-30  52   53,429    27,722    244,009    17,306 
Sep-31  53   58,849    29,412    268,762    19,062 
Sep-32  54   64,476    31,040    294,459    20,885 
Sep-33  55   70,317    32,608    321,137    22,777 
Sep-34  56   76,381    34,118    348,832    24,741 
Sep-35  57   82,677    35,573    377,584    26,780 
Sep-36  58   89,213    36,975    407,433    28,897 
Sep-37  59   95,998    38,325    438,421    31,095 
Sep-38  60   103,042    39,625    470,591    33,377 
Sep-39  61   110,355    40,878    503,988    35,745 
Sep-40  62   117,946    42,084    538,659    38,204 
Sep-41  63   125,828    43,247    574,654    40,757 
Sep-42  64   134,010    44,366    612,021    43,408 
Apr-43  65   138,926    45,000    634,473    45,000 

 

The first line represents the initial plan values as of the plan implementation date of February 01, 2019.

 

1 The annual benefit amount will be distributed in 12 equal monthly payments for a total of 60 monthly payments. 

2 The annual benefit amount will be distributed in 12 equal monthly payments for a total of 240 monthly payments.

 

IF THERE IS A CONFLICT BETWEEN THIS SCHEDULE A AND THE AGREEMENT, THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT.

 

Amanda Engles /s/ Amanda L. Engles   By /s/ Jennifer A. Roxbury

 

Date 2/8/19   Title SVP/ COO

 

      Date 2/8/19