Amendment to The Ohio Valley Bank Company Executive Deferred Compensation Agreement, dated November 17, 2022, between Thomas E. Wiseman and the Ohio Valley Bank Company
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EX-10.6(C) 5 sec10k123122ex106c.htm EXHIBIT 10.6(C)
EXHIBIT 10.6(c)
AMENDMENT TO THE OHIO VALLEY BANK COMPANY
EXECUTIVE DEFERRED COMPENSATION AGREEMENT
WHEREAS, The Ohio Valley Bank Company (the “Bank”) entered into an Executive Deferred Compensation Agreement with Thomas E. Wiseman (the “Executive”) dated November 17, 2022, as thereafter amended from time to time (the “Agreement”);
WHEREAS, the Bank and Executive wish to amend the Agreement, pursuant to Section 10.1 of the Agreement, to limit the pre-retirement death benefit under the Agreement;
NOW, THEREFORE, the Agreement is hereby amended as follows:
| 1. | Section 5.1 of the Agreement is hereby deleted in its entirety and the following shall be substituted therefor: |
| 5.1.1 | Amount of Benefit. The benefit under Section 5.1 is the greater of: a) the Deferral Account balance as of the Executive’s death; or b) the projected Deferral Account balance had the Executive continued to defer until Normal Retirement Age at an annual rate equal to the lesser of (i) the Executive’s elected deferral amount at the time of the Executive’s death or (ii) $10,000. |
IN WITNESS WHEREOF, the Executive and an authorized representative of the Company have signed this Agreement.
| EXECUTIVE: | COMPANY: THE OHIO VALLEY BANK COMPANY |
| \s Thomas E. Wiseman | By: Title: |
