Amendment to Directors’ Deferred Compensation Plan of Rome Bancorp, Inc. (February 23, 2011)
This amendment to the Directors’ Deferred Compensation Plan of Rome Bancorp, Inc. terminates the plan immediately before the merger with Berkshire Hills Bancorp, Inc. At that time, all participants will receive any amounts owed to them in a lump sum, in accordance with tax regulations. The amendment is signed by the company’s Chairman, President, and CEO, Charles M. Sprock.
EXHIBIT 10.17
DIRECTORS’ DEFERRED COMPENSATION PLAN OF ROME BANCORP, INC.
(Amended and Restated Effective as of December 21, 2005)
AMENDMENT
Pursuant to Section 8.1 of the Directors’ Deferred Compensation Plan of Rome Bancorp, Inc., as Amended and Restated Effective December 21, 2005 (the “Plan”), the Plan is hereby amended, effective immediately prior to the “Effective Time”, as defined in the Agreement and Plan of Merger by and between Berkshire Hills Bancorp, Inc and Rome Bancorp, Inc. by adding the following Section 8.4 to the Plan, as follows:
“The Company terminates the Plan immediately prior to the ‘Effective Time’ as defined in the Agreement and Plan of Merger by and between Berkshire Hills Bancorp, Inc and the Company. The Company shall direct the trustee of the trust under the Plan to pay each Participant in the Plan any and all amounts due thereunder in a lump sum, on the Effective Time in accordance with Section 409A of the Code.”
IN WITNESS WHEREOF, this Amendment has been signed by an officer of Rome Bancorp, Inc. thereunto duly authorized.
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| ROME BANCORP, INC. | ||
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| By: /s/ Charles M. Sprock | ||
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| Name: Charles M. Sprock, | ||
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| Title: Chairman President & CEO | ||
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| Date: February 23, 2011 | ||
