EXHIBIT 10.5
AGREEMENT MADE AS OF AUGUST 23, 2002 BETWEEN FIRST NATIONAL
BANK OF XXXXXXX AND XXXX X. XXXXX
In consideration of the reliance placed by Xxxx X. Xxxxx as a Director
of First National Bank of Xxxxxxx on the Board Resolution of June 18, 1990, as
incorporated in Section 2.1 of the Bank's Bylaws prior to rescission of the
Resolution and the adoption of the Restated Bylaws in June 2002, First National
Bank of Xxxxxxx (the "Bank"), and its successors and assigns, agrees to provide,
at Bank expense, to Xxxx X. Xxxxx and his current spouse, if any, during their
lifetimes, the health insurance coverage that is provided from time to time to
individual employees of the Bank and their spouses (not including coverage of
any other dependents); provided, that if Xxxx X. Xxxxx'x current spouse ceases
to be his spouse, for any reason, (other than the death of Xxxx X. Xxxxx), such
former spouse will not be entitled to coverage, and the coverage will not extend
to a subsequent spouse of Xxxx X. Xxxxx; provided, that if a surviving spouse,
who otherwise would be entitled to coverage, remarries and becomes entitled to
health care coverage as the result of the remarriage, such spouse will no longer
be entitled to coverage from the Bank. This agreement cannot be altered or
modified, in any form, without the expressed written consent of the Bank and
Xxxx X. Xxxxx or, if he is deceased, the express written consent of the
surviving spouse, if any, who would be entitled to coverage from the Bank.
FIRST NATIONAL BANK OF XXXXXXX
Xxxx X. Xxxxx /s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx, President & CEO Xxxx X. Xxxxx, Director
