ContractAgreement • March 31st, 2003 • Beverly National Corp • National commercial banks
THIS AGREEMENT, made and entered into as of this 27th day of June, 2002 by and between Beverly National Corporation (the “Corporation”) and Lawrence M. Smith (hereinafter called the “Executive”) is the First Amendment to the Amended and Restated Supplemental Executive Retirement Agreement dated February 6, 2002, by and between the Corporation and Executive (the “2002 SERP”) and the Amended and Restated Supplemental Executive Retirement Agreement dated December 24, 1996, as previously amended (the “1994 SERP” and collectively with the 2002 SERP the “Agreements”).
as of June 27, 2002Beverly National Corp • March 31st, 2003 • National commercial banks
Reference is made to your Employment Agreement dated May 31, 1991, as amended December 22, 1998 and February 6, 2002, between us (the “Agreement”) and the letter dated the date hereof between us granting stock options to you (“Option Letter”). You have announced you will retire effective July 31, 2002. We agree that such date shall be the effective date of your retirement from the Bank and from this Corporation. This letter will also confirm our understanding that in consideration of the option granted by the Corporation pursuant to the Option Letter and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the terms of the Agreement are amended effective on the date hereof to provide that:
