First Amendment to Supplemental Executive Retirement Agreement between The La Porte Savings Bank and Russ Klosinski

Summary

This amendment updates the Supplemental Executive Retirement Agreement between The La Porte Savings Bank and Russ Klosinski, originally dated August 1, 2002. The main change is to the vesting schedule for retirement benefits, setting it at 0% in the first plan year and 100% thereafter. Both parties have agreed to this change, which clarifies when the executive becomes fully entitled to the retirement benefits under the plan.

EX-10.6 5 dex106.htm FIRST AMENDMENT TO SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN - RUSSELL KLOSINSKI First Amendment to Supplemental Executive Retirement Plan - Russell Klosinski

Exhibit 10.6

FIRST AMENDMENT TO

THE LA PORTE SAVINGS BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT

DATED AUGUST, 1, 2002

FOR

RUSS KLOSINSKI

THIS AMENDMENT executed on this 8^th day of September, 2003, by and between THE LA PORTE SAVINGS BANK, a state chartered commercial bank located in La Porte, Indiana (the “Company”), and LEE BRADY (the “Executive”).

On August 1, 2002, the Company and the Executive executed the SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT (the “Agreement”).

Pursuant to the power of amendment reserved by Article 7 of the Agreement, the undersigned hereby amends, in part, said Agreement for the purposes of: (i) changing the vesting schedule. Therefore,

Section 2.1.3 shall be added to the Agreement as follows:

The benefit amount is subject to a vesting schedule of zero percent (0.0%) in the first Plan Year, and one hundred percent (100%) thereafter.

IN WITNESS OF THE ABOVE, the Executive and the Company have agreed to this First Amendment.


Executive:		Company:

		THE LA PORTE SAVINGS BANK

/S/ RUSS KLOSINSKI		By	/S/ LEE BRADY
	Russ Klosinski	Title	President