Amendment to Executive Deferred Compensation Agreement between The Ohio Valley Bank Company and Thomas E. Wiseman

Summary

This amendment updates the Executive Deferred Compensation Agreement between The Ohio Valley Bank Company and Thomas E. Wiseman. It changes the terms of the pre-retirement death benefit, specifying that the benefit will be the greater of the executive's deferral account balance at death or the projected balance had deferrals continued until normal retirement age, limited to the lesser of the elected deferral amount or $10,000 annually. Both parties have agreed to these new terms by signing the amendment.

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: