First Amendment to Deferred Compensation Agreement between First Federal Savings Bank of Marion and John Dalton
Summary
This amendment updates the Deferred Compensation Agreement between First Federal Savings Bank of Marion and John Dalton. It clarifies that if Mr. Dalton dies after starting to receive retirement benefits but before all payments are made, his beneficiary will receive the remaining payments for up to 120 months. If Mr. Dalton dies after his normal retirement date but before starting benefits, he will be considered to have started, and his beneficiary will also receive up to 120 monthly payments.
EX-10.3 2 0002.txt DALTON DEFERRED COMPENSATION AGREEMENT Exhibit 10(3) FIRST AMENDMENT TO DEFERRED COMPENSATION AGREEMENT OF JOHN DALTON This First Amendment to the Deferred Compensation Agreement between FIRST FEDERAL SAVINGS BANK OF MARION and JOHN DALTON, dated May 1, 1992, for the primary purpose of clarifying certain aspects of the death benefit to Mr. Dalton's Beneficiary, is hereby adopted in accordance with the provisions of Section 14.1 of the Deferred Compensation Agreement as follows: SECTION 5.2 Death Benefit After Commencement of Benefits shall be replaced with the following: In the event of Director's death after the commencement of Retirement Benefits, but prior to the completion of all such payments due and owing hereunder, the Association shall pay to Director's Beneficiary the unpaid portion of the Retirement Benefit for the remainder of the one hundred twenty (120) month period. In the event Director continues in service beyond Normal Retirement Date, upon Director's death, he will be deemed to have commenced his Retirement Benefits (and therefore limited to a total of 120 monthly payments) even if Director has not elected to begin actual receipt of his Deferred Compensation Benefit as specified in Section 4.3. IN WITNESS WHEREOF, the parties have caused this Amendment to Agreement to be executed this 19th day of May, 1994. /s/ John Dalton ------------------------------------ John Dalton FIRST FEDERAL SAVINGS BANK OF MARION By: /s/ Robert D. Burchard Robert D. Burchard Title: President
