Third Amendment to the Supplemental Executive Retirement Agreement by and between Fairport Savings Bank and Kevin D. Maroney, dated December 19, 2019
FAIRPORT SAVINGS BANK
SUPPLEMENTAL EXECUTIVE RETIREMENT
DATED JULY 30, 2010
THIS THIRD AMENDMENT is entered into this 19th day of December, 2019, by and between FAIRPORT SAVINGS BANK (the “Bank”), a savings bank located in Fairport, New York, and KEVIN MARONEY (the “Executive”).
WHEREAS, the Bank and the Executive executed the Supplemental Executive Retirement Agreement on July 30, 2010 (the “Agreement”);
WHEREAS, Article 8.1 of the Agreement provides that the Agreement may be amended upon mutual consent of the parties thereto; and
WHEREAS, the parties now desire to amend the Agreement for the purpose of providing an enhanced benefit to the Executive in the event of a Change in Control (as defined in the Agreement) followed within two years by Executive’s separation from service prior to the Executive attaining age 65;
NOW, THEREFORE, it is agreed by and between the Bank and the Executive as follows:
Article 2.4.1 of the Agreement shall be amended and replaced as follows:
2.4.1 Amount of Benefit. The benefit under this Section 2.4 is Six Hundred Thousand Dollars ($600,000).
IN WITNESS WHEREOF, the parties have executed this Third Amendment as of the date indicated above.
|FAIRPORT SAVINGS BANK|
|/s/ Kevin Maroney||/s/ Angela M. Krezmer|
|Kevin Maroney||By: Angela M. Krezmer|
|President and Chief Executive Officer||Title: Senior Vice President and Chief Financial Officer|