First Amendment to Supplemental Retirement Agreement between Heritage Bank and Steve L. Feurt
Heritage Bank and Steve L. Feurt have amended their Supplemental Retirement Agreement, originally signed in 1999. The amendment adds a requirement that if Mr. Feurt is considered a key employee at the time of benefit payments, there will be a mandatory six-month waiting period after his separation from service before any retirement benefits are paid. This change aligns the agreement with relevant tax code provisions. All other terms of the original agreement remain unchanged.
Exhibit 10.2
FIRST AMENDMENT TO THE
SUPPLEMENTAL RETIREMENT AGREEMENT
BETWEEN HERITAGE BANK AND STEVE L. FEURT
PARTIES:
Heritage Bank (the Company)
Steve L. Feurt (the Executive)
RECITALS:| 1. | The Parties entered into the Supplemental Retirement Agreement on October 25, 1999, and the Agreement has not been previously amended. |
| 2. | At this time the Parties wish to amend the Agreement to reflect a six-month waiting period for a distribution so long as the Executive remains a key employee. |
NOWTHEREFOR, effective upon signing the Agreement is hereby amended as follows:
AMENDMENT:Sections 2.1.1, 2.2.2, 2.3.2, 2.4.2 and 3.1.2, are all hereby amended with the addition of a new last sentence, to read as follows:
“Notwithstanding the preceding, if at that time of the payment of any or all benefits pursuant to this Agreement, the Executive is a key employee, within the meaning of Code Sections 409A(a)(2)(B)(i) and 416(i), the payment of such benefits shall not commence in less than six month’s following the Executive’s separation from service.”
DATED this 20th day of December, 2005.
| Executive: | Company: Heritage Bank, FSB | ||
| /s/ Steve L. Feurt | By: | /s/ Kevin P. Clark | |
| Steve L. Feurt | Kevin P. Clark, President and C.E.O. | ||
