FIRST AMENDMENT TO THE THE FIRST NATIONAL BANK OF MIFFLINTOWN AMENDED AND RESTATED SALARY CONTINUATION AGREEMENT DATED DECEMBER 31, 2008 FOR JODY GRAYBILL
Exhibit 10.3
FIRST AMENDMENT
TO THE
THE FIRST NATIONAL BANK OF MIFFLINTOWN
AMENDED AND RESTATED
DATED DECEMBER 31, 2008
FOR
XXXX XXXXXXXX
THIS AMENDMENT is entered into this 29th day of October, 2010, by and between THE FIRST NATIONAL BANK OF MIFFLINTOWN (the “Company”), a national banking association located in Mifflintown, Pennsylvania, and XXXX XXXXXXXX (the “Executive”).
WHEREAS, the Company and the Executive executed the Second Amended and Restated Salary Continuation Agreement on December 31, 2008, (the “Agreement”);
WHEREAS, Section 8.1 of the Agreement provides that the Agreement may be amended upon mutual consent of the parties thereto; and
WHEREAS, the parties now desire to amend the Agreement for the purpose of changing the Normal Retirement Benefit amount and Schedule A;
NOW, THEREFORE, it is agreed by and between the Company and the Executive as follows:
Section 2.1.1 of the Agreement shall be deleted in its entirety and replaced as follows:
2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is Fifty Six Thousand Dollars ($56,000).
Schedule A shall be deleted in its entirety and replaced by the Schedule A attached hereto.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date indicated above.
| EXECUTIVE: | COMPANY:
| |||
| THE FIRST NATIONAL BANK OF MIFFLINTOWN
| ||||
| /s/ Xxxx X. Xxxxxxxx |
By | /s/ Xxxx X. Xxxxx, III | ||
| XXXX XXXXXXXX | Title | Chairman | ||
By execution hereof, First Community Financial Corporation consents to and agrees to be bound by the terms and conditions of this First Amendment to the Agreement.
| ATTEST: | CORPORATION:
| |||||
| FIRST COMMUNITY FINANCIAL CORPORATION
| ||||||
| /s/ Xxxxxxxx X. Xxxxxxxx |
By: | /s/ Xxxx X. Xxxxx, III | ||||
| Title | Asst. Secretary |
Title | Chairman | |||
Plan Year Reporting
| Salary Continuation Plan Schedule A | ||||
Xxxx Xxxxxxxx
| Birth Date: 1/26/1965
Normal Retirement: 1/26/2030, Age 65 |
Early Retirement 1/26/2019 |
Disability |
Change in Control |
Pre-retire. Death Benefit
Annual2 Benefit | ||||||||
| Annual Benefit2 Amount Payable at Normal Retirement Age |
Annual Benefit2 Amount Payable at Normal Retirement Age |
Annual Benefit2 Amount Payable at Separation from Service |
||||||||||
| Values as of |
Age | Based On Accrual |
Based On Accrual |
Based On Accrual |
Based On Benefit | |||||||
| (1) | (2) | (3) | (4) | (5) | ||||||||
| Oct |
2010 1 | 45 | 0 | 9,875 | 3,105 | 56,000 | ||||||
| Aug |
2011 | 46 | 0 | 13,467 | 4,473 | 56,000 | ||||||
| Aug |
2012 | 47 | 0 | 17,166 | 6,053 | 56,000 | ||||||
| Aug |
2013 | 48 | 0 | 20,651 | 7,731 | 56,000 | ||||||
| Aug |
2014 | 49 | 0 | 23,934 | 9,512 | 56,000 | ||||||
| Aug |
2015 | 50 | 0 | 27,025 | 11,404 | 56,000 | ||||||
| Aug |
2016 | 51 | 0 | 29,937 | 13,411 | 56,000 | ||||||
| Aug |
2017 | 52 | 0 | 32,680 | 15,543 | 56,000 | ||||||
| Aug |
2018 | 53 | 0 | 35,264 | 17,806 | 56,000 | ||||||
| Aug |
2019 | 54 | 37,697 | 37,697 | 20,209 | 56,000 | ||||||
| Aug |
2020 | 55 | 39,989 | 39,989 | 22,760 | 56,000 | ||||||
| Aug |
2021 | 56 | 42,148 | 42,148 | 25,469 | 56,000 | ||||||
| Aug |
2022 | 57 | 44,182 | 44,182 | 28,344 | 56,000 | ||||||
| Aug |
2023 | 58 | 46,097 | 46,097 | 31,397 | 56,000 | ||||||
| Aug |
2024 | 59 | 47,901 | 47,901 | 34,638 | 56,000 | ||||||
| Aug |
2025 | 60 | 49,600 | 49,600 | 38,079 | 56,000 | ||||||
| Aug |
2026 | 61 | 51,201 | 51,201 | 41,732 | 56,000 | ||||||
| Aug |
2027 | 62 | 52,708 | 52,708 | 45,610 | 56,000 | ||||||
| Aug |
2028 | 63 | 54,128 | 54,128 | 49,728 | 56,000 | ||||||
| Aug |
2029 | 64 | 55,466 | 55,466 | 54,100 | 56,000 | ||||||
| Jan |
2030 | 65 | 56,000 | 56,000 | 56,000 | 56,000 | ||||||
| 1 | The first line reflects just the initial values as of October 1, 2010. |
| 2 | The annual benefit amount will be distributed in 12 equal monthly payments for a total of 180 monthly payments. |
Salary Continuation Plan for The First National Bank of Mifflintown - Xxxxxxxxxxx, XX
000000 60505 479983 v10.10.06 10/26/2010:14 SCP-E
Plan Year Reporting
| Salary Continuation Plan Schedule A | ||||
Xxxx Xxxxxxxx
| Birth Date: 1/26/1965
Normal Retirement: 1/26/2030, Age 65 |
Early Retirement 1/26/2019 |
Disability |
Change in Control |
Pre-retire. Death Benefit
Annual2 Benefit | ||||||||
| Annual
Benefit2 Amount Payable at Normal Retirement Age |
Annual Benefit2 Amount Payable at |
Annual Benefit2 Amount Payable at |
||||||||||
| Values as of |
Age | Based On Accrual |
Based On Accrual |
Based On Accrual |
Based On Benefit | |||||||
| (1) | (2) | (3) | (4) | (5) | ||||||||
| * | IF THERE IS A CONFLICT IN ANY TERMS OR PROVISIONS BETWEEN THIS SCHEDULE A AND THE AGREEMENT, THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT. |
Salary Continuation Plan for The First National Bank of Mifflintown - Xxxxxxxxxxx, XX
000000 60505 479983 v10.10.06 10/26/2010:14 SCP-E
