Director Emeritus Program Ottawa Savings Bank

Exhibit 10.6

 

Director Emeritus Program

 

Ottawa Savings Bank

 

     2005

   2006

   2007

   2008

   2009

   2010

Harland Warren

   1,200    —      —      —      —      —  

Robert Newman

   2,400    1,200    —      —      —      —  

Don Morehead

   3,600    2,400    1,200    —      —      —  

James McConville

   4,800    3,600    2,400    1,200    —      —  

 

Above costs to Ottawa Savings Bank in years listed with retirement of Directors listed and the time of retirement at the Annual January meeting of the association.

 

Payout to each Director at a rate of:

 

First Year:

  $500 per month   $6,000 total

Second Year:

  $400 per month   $4,800 total

Third Year:

  $300 per month   $3,600 total

Fourth Year:

  $200 per month   $2,400 total

Fifth Year:

  $100 per month   $1,200 total

 

If a director dies, payment on this schedule stops.

 

Payments made quarterly on March 15, June 15, September 15 and December 15.