First Amendment to Second Amended & Restated Executive Salary Continuation Agreement between Fifth District Savings Bank and Melissa Burns
This amendment, dated July 14, 2025, updates the executive salary continuation agreement between Fifth District Savings Bank and Melissa Burns. The main change is an increase in Melissa Burns' annual retirement benefit to $94,000, with a total benefit of $1,410,000 paid over 180 months. All other terms of the original agreement remain unchanged. Both parties have signed to confirm the amendment.
Exhibit 10.1
FIRST AMENDMENT TO THE
FIFTH DISTRICT SAVINGS BANK
SECOND AMENDED & RESTATED EXECUTIVE SALARY CONTINUATION AGREEMENT FOR
MELISSA BURNS
THIS FIRST AMENDMENT (“First Amendment”) is made and entered into July 14, 2025, by and between Fifth District Savings Bank (the “Bank”), a federal savings bank, and Melissa Burns (the “Executive”).
RECITALS:
| C. | The parties desire to amend the Agreement to increase the Executive’s Retirement Benefit; |
NOW, THEREFORE, the Agreement is hereby amended as follows:
Section 1.18 is replaced in its entirety with the following:
1.18“Retirement Benefit” shall mean an annual amount of ninety-four thousand dollars ($94,000).
The examples in Sections 2.1, 2.3, 2.4, and 2.5 are replaced in their entirety with the following:
(For example: $94,000 / 12 = $7,833.33 x 180 months = $1,410,000 total benefit).
Except as otherwise amended by this First Amendment, all provisions of the Agreement shall remain in full force and effect and the Agreement and all amendments shall be construed together and considered one and the same agreement.
IN WITNESS WHEREOF, the parties execute this First Amendment as of the date first written above.
EXECUTIVE: | | FIFTH DISTRICT SAVINGS BANK: | |
| | | |
/s/ Melissa Burns | | By: | /s/ Amie L. Lyons |
Melissa Burns | | | Amie L. Lyons |
| | Title: | Interim President and Chief Executive Officer |
