Amendment to Supplemental Retirement Benefit Agreement for David H. Brown (January 26, 2000)

Summary

This amendment modifies the supplemental retirement benefit agreement for David H. Brown, originally dated January 1, 1997, with Puyallup Valley Bank. It adjusts the deferred compensation schedule for Mr. Brown from 2000 to 2004 to $20,000 per year, while other years remain at $35,000. The change is due to a new $15,000 annual benefit set aside for Roy W. Thompson for five years. If Mr. Thompson leaves before five years, any remaining funds will revert to Mr. Brown's agreement as originally stated.

EX-10.6 2 v70671ex10-6.txt EXHIBIT 10.6 1 EXHIBIT 10.6 AMENDMENT TO THE SUPPLEMENTAL RETIREMENT BENEFIT AGREEMENT OF DAVID H. BROWN DATED JANUARY 1, 1997 January 26, 2000 As outlined in the Puyallup Valley Bank Board of Directors minutes dated January 26, 2000, the sum of Fifteen Thousand and No/100 Dollars ($15,000.00) a year is being set aside for a period of five (5) years in a supplemental retirement benefit agreement for Roy W. Thompson, Senior Vice President-Credit Administrator, beginning in the year 2000. Therefore, David H. Brown's supplemental retirement benefit agreement of January 1, 1997, Paragraph 3.01 of the Deferred Compensation, shall be amended as follows: 1997 $35,000.00 1998 $35,000.00 1999 $35,000.00 2000 $20,000.00 2001 $20,000.00 2002 $20,000.00 2003 $20,000.00 2004 $20,000.00 2005 $35,000.00 2006 $35,000.00 In the event that the employee, Roy W. Thompson, terminates earlier than the five (5) years agreement, any balance remaining on the yearly commitment of $15,000.00 will be re-credited to David H. Brown's agreement of January 1, 1997 as originally stated. Approved by: /S/ THOMAS R. ABSHER /S/ WARREN HUNT - ------------------------------------- ------------------------------- Thomas R. Absher Warren Hunt /S/ ROGER KNUTSON /S/ DAVID HAMRY - ------------------------------------- ------------------------------- Roger Knutson David Hamry /S/ DEXTER SILVER /S/ THOMAS PASQUIER - ------------------------------------- ------------------------------- Dexter Silver Thomas Pasquier /S/ A. EUGENE HAMMERMASTER - ------------------------------------- A. Eugene Hammermaster