AMENDMENT 1 TO DIRECTOR DEFERRED COMPNESATION AGREEMENT
Exhibit
99.1
AMENDMENT
1 TO DIRECTOR DEFERRED COMPNESATION AGREEMENT
This
Amendment Agreement, dated as of April 16, 2008, amends that certain Director
Deferred Compensation Agreement dated as of ____, 200_ by and between Sussex
Bancorp, a New Jersey bank holding company (the “Company”), Sussex Bank, a state
chartered commercial bank located in Franklin, New Jersey (the
“Bank”) and ______________________, (the “Director”).
1. A
new Section 1.22 shall be added and shall read, “1.22 - Stated Payment
Date shall mean that date selected by a Participant on their Election
Form as the date on which they will receive payment of all Deferrals which are
the subject of such Election Form, and all interest paid thereon.”
2. A
new Section 4.9 shall be added and shall read, “4.9 – Payment Upon Stated
Date. In connection with any Participant who has, on their Election Form,
elected to be paid the amount of a Deferral, and any interest thereon, upon a
Stated Payment Date, and in lieu of any other benefit provided for under this
Article in connection with the Deferral subject to that Election Form, Company
shall pay to the Participant the following benefit:
4.9.1
Amount of
Benefit The benefit under this Section 4.9.1 will be the
amount of the Deferral subject to the particular Election Form , and any and all
interest accrued thereon.
4.9.2 Payment of Benefit –
The Company shall pay the benefit to the Participant hereunder as elected by the
Participant on the Election Form.
3. Except
as amended hereby, the Director Deferred Compensation Agreement shall remain in
full force and effect.
In
WITNESS WHEREOF, the parties hereto have signed this amendment as of the _______
day of April, 2008.
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DIRECTOR
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SUSSEX
BANK
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By:
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Name:
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▇▇▇▇▇▇▇
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Title:
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Chairman,
Compensation
Committee
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