First Amendment to Fairport Savings Bank Supplemental Executive Retirement Agreement for Kevin Maroney

Summary

This amendment, dated October 7, 2011, is between Fairport Savings Bank and Kevin Maroney. It modifies their original Supplemental Executive Retirement Agreement from July 30, 2010, by increasing Mr. Maroney’s annual normal retirement benefit from $30,000 to $40,000. All other terms of the original agreement remain unchanged. Both parties have agreed to and signed this amendment.

EX-10.1 2 ex10-1_100711.htm AMENDMENT NO. 1 TO SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR KEVIN D. MARONEY ex10-1_100711.htm

EXHIBIT 10.1

FIRST AMENDMENT

TO THE

FAIRPORT SAVINGS BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT

AGREEMENT

DATED JULY 30, 2010

FOR

KEVIN MARONEY

THIS FIRST AMENDMENT is entered into this 7th day of October, 2011, by and between FAIRPORT SAVINGS BANK (the “Bank”), a savings association 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 increasing the Normal Retirement Benefit from Thirty Thousand Dollars ($30,000) to Forty Thousand Dollars ($40,000);

NOW, THEREFORE, it is agreed by and between the Bank and the Executive as follows:

Article 2.1.1 of the Agreement shall be amended and replaced as follows:

2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is Forty Thousand Dollars ($40,000).

IN WITNESS WHEREOF, the parties have executed this First Amendment as of the date indicated above.

EXECUTIVE:		BANK:
		FAIRPORT SAVINGS BANK


/s/ Kevin Maroney		/s/ Dana C. Gavenda
Kevin Maroney		By: Dana C. Gavenda
		Title: President and CEO