Amendment to Supplemental Executive Retirement Plan Between Evans National Bank and William R. Glass

Summary

This agreement, dated October 17, 2000, is between Evans National Bank and employee William R. Glass. It amends their previous Supplemental Executive Retirement Plan (SERP) to specify that Mr. Glass will receive an excess retirement benefit of $30,000 per year, paid monthly for 20 years, starting at age 65. If he dies before age 65, the benefit goes to his beneficiary. If his employment ends before age 65 due to disability, early retirement, or termination not for cause, a prorated benefit is paid under similar terms.

EX-10.14 4 l89568aex10-14.txt EXHIBIT 10.14 1 Page 22 Exhibit 10.14 2 Page 23 AGREEMENT AGREEMENT made as of this 17th day of October, 2000 by and between EVANS NATIONAL BANK, with offices located at 14-16 North Main Street, Angola, New York 14006, hereinafter referred to as the "Bank", and WILLIAM R. GLASS, an employee of the Bank, hereinafter referred to as the "Participant". RECITALS WHEREAS, the parties previously entered into a Supplemental Executive Retirement Plan dated March 28, 1995, as amended by Agreement dated February 16, 1999 (the "SERP"); and WHEREAS, the parties now desire to further amend the SERP. NOW THEREFORE, the parties mutually agree as follows: 1. Section 2.1 of Article II "BENEFIT" is hereby amended to read as follows: Section 2.1 Excess Benefit (A) The excess benefit has been determined to be the amount of $30,000 per year (the "Excess Benefit") payable for a term of twenty (20) years certain. Except as otherwise provided in this Agreement, the Excess Benefit shall be payable monthly under conditions identical as to vesting, condition and terms of payment to the benefit payable by the Evans National Bank Pension Plan, as amended from time to time (the "Bank Pension Plan") (except the benefit from this SERP will not be paid in the form of a lump sum and the Excess Benefit will not commence prior to the first day of the month coincident with or next following the Participant's 65th birthday). Except as set forth in Section 2.1 (B) or Section 2.3 of the SERP, the Excess Benefit shall only be paid to the Participant if the Participant's employment is terminated on or after his 65th birthday. (B) In the event the Participant dies prior to attaining sixty-five (65) years of age, the Excess Benefit will be paid to the Participant's named beneficiary in the amount of $30,000 per year, payable monthly for twenty (20) consecutive years commencing thirty (30) days after the Participant's date of death. 2. Section 2.3 of Article II "BENEFIT" is hereby amended to read as follows: Section 2.3 Benefit on Termination Before Retirement at Age 65 -------------------------------------------------------------- In the event the Participant's employment is terminated as a result of: (i) the Participant becoming "Totally and Permanently Disabled" as defined in the Bank Pension Plan; (ii) the Board of Directors of the Bank, in its absolute discretion, authorizes and approves the early retirement of the Participant; or (iii) the Bank voluntarily terminates the employment of the Participant other than "for cause", then the Excess Benefit to be paid to the Participant under this SERP shall be the Excess Benefit as set forth in Section 2.1 (A) of $30,000 multiplied by a fraction (1) the numerator of which is the actual number of months of service of the Participant in the Evans National Bank Pension Plan and (2) the denominator of which is the number of months of service in the Bank Pension Plan the Participant would have completed if the Participant had continued to be employed until his Normal Retirement Age (as defined n the Bank Pension Plan). The amount as so determined shall be payable monthly for a term of twenty (20) years certain. It will not be paid in a lump sum and the benefit will not commence prior to the first day of the month coincident with or next following the Participant's 65th birthday. 3 Page 24 IN WITNESS WHEREOF, the parties have hereunto set their hands the day and year first above written. EVANS NATIONAL BANK BY: /s/Phillip Brothman --------------------------------------- Phillip Brothman, Vice Chairman PARTICIPANT /s/William R. Glass --------------------------------------- William R. Glass