FEDERAL SAVINGS BANK
SUPPLEMENTAL DIRECTOR RETIREMENT AGREEMENT
THIS SECOND AMENDMENT to the Federal Savings Bank Supplement Director Retirement Agreement (the Agreement) is made by and between Federal Savings Bank (the Bank), a federally-chartered savings bank, and James Jalbert (the Director), effective this 22nd day of January, 2015.
WHEREAS, the Agreement was adopted on October 29, 2010; and
WHEREAS, the Agreement was subsequently amended on April 1, 2013; and
WHEREAS, pursuant to Section 8.1 of the Agreement, the Agreement may be amended at any time by mutual written consent of the Bank and the Director; and
WHEREAS, the Bank and the Director desire to amend the Agreement to provide the acceleration of vesting in the event of the death of the Director.
NOW THEREFORE, Section 3.9 of the Agreement shall be amended by adding the following sentence to the end thereof:
Notwithstanding any other provision of this Agreement, in the event of the death of the Director, the Director shall become 100% vested in the Accrued Liability Account.
Except as otherwise amended by this Amendment, all provisions of the Agreement shall remain in full force and effect and the Agreement and this Amendment shall be construed together and considered one and the same agreement.
IN WITNESS WHEREOF, the Bank and the Director have caused this Amendment to be executed on the date first written above.
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|EXECUTIVE || || || ||FEDERAL SAVINGS BANK|
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/s/ James Jalbert
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/s/ Kristen Collins
|James Jalbert || || || ||By: Kristen Collins|
| || || || ||Title: VP, Human Resource Director & Corporate Secretary|