Exhibit 10.4
FIRST AMENDMENT TO THE
AMENDED AND RESTATED
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN Agreement
THIS FIRST AMENDMENT (the “Amendment”) is adopted February 8, 2019, by and between The Farmers National Bank of Emlenton (the “Employer”), and William C. Marsh (the “Executive”).
The Employer and the Executive are parties to an Amended and Restated Supplemental Executive Retirement Plan Agreement dated November 18, 2015 (the “Agreement”). The parties now wish to amend the Agreement to increase the Executive’s benefits.
NOW, THEREFORE, the Employer and the Executive adopt the following amendment to the Agreement:
Section 2.1.1 of the Agreement shall be deleted and replaced with the following:
| 2.1.1 | Amount of Benefit. The annual Normal Retirement Benefit under this Section 2.1 is $110,000 (One Hundred Ten Thousand Dollars). Prior to the occurrence of any distribution event under this Agreement, the Bank’s Board, in its sole and absolute discretion, may increase the annual benefit under this Section 2.1. Any increase in the annual benefit shall require the recalculation of all the amounts on Schedule A attached hereto. |
The Schedule A originally attached to the Agreement shall be deleted in its entirety and replaced by the Schedule A attached hereto.
IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Employer have executed this Amendment as indicated below:
| Executive | | Employer |
| | | | |
| /s/William C. Marsh | | By: | /s/Amanda Engles |
| | | Its: | SVP/CFO |
Supplemental Executive Retirement Plan
Schedule A
William Marsh
Birth Date: XX/XX/1966 Plan Anniversary Date: 09/30/2019 Normal Retirement:XX/XX/2031, Age 65 Normal Retirement Payment: Monthly for 20 Years | | Early Termination Amount Payable Monthly
for 5 Years at
Separation from Service | | | Disability Amount Payable Monthly
for 20 Years at Normal
Retirement Age | | | Change In Control Amount Payable Lump
Sum Upon Change in
Control | | | Death Amount Payable Monthly
for 20 Years Upon
Death | |
| Values As Of | | Age | | Annual
Benefit 1 | | | Annual
Benefit 2 | | | Lump Sum
Benefit 3 | | | Annual
Benefit 2,3 | |
| Feb-19 | | 52 | | | 69,123 | | | | 35,309 | | | | 870,644 | | | | 110,000 | |
| Sep-19 | | 53 | | | 80,970 | | | | 40,341 | | | | 898,629 | | | | 110,000 | |
| Sep-20 | | 54 | | | 99,305 | | | | 47,658 | | | | 942,302 | | | | 110,000 | |
| Sep-21 | | 55 | | | 118,340 | | | | 54,706 | | | | 988,098 | | | | 110,000 | |
| Sep-22 | | 56 | | | 138,101 | | | | 61,495 | | | | 1,036,120 | | | | 110,000 | |
| Sep-23 | | 57 | | | 158,615 | | | | 68,034 | | | | 1,086,475 | | | | 110,000 | |
| Sep-24 | | 58 | | | 179,913 | | | | 74,334 | | | | 1,139,278 | | | | 110,000 | |
| Sep-25 | | 59 | | | 202,023 | | | | 80,401 | | | | 1,194,646 | | | | 110,000 | |
| Sep-26 | | 60 | | | 224,976 | | | | 86,246 | | | | 1,252,706 | | | | 110,000 | |
| Sep-27 | | 61 | | | 248,805 | | | | 91,876 | | | | 1,313,588 | | | | 110,000 | |
| Sep-28 | | 62 | | | 273,543 | | | | 97,299 | | | | 1,377,428 | | | | 110,000 | |
| Sep-29 | | 63 | | | 299,225 | | | | 102,522 | | | | 1,444,371 | | | | 110,000 | |
| Sep-30 | | 64 | | | 325,887 | | | | 107,554 | | | | 1,514,568 | | | | 110,000 | |
| Mar-31 | | 65 | | | 339,597 | | | | 110,000 | | | | 1,550,935 | | | | 110,000 | |
The first line represents the initial plan values as of the plan implementation date of February 01, 2019.
1 The annual benefit amount will be distributed in 12 equal monthly payments for a total of 60 monthly payments.
2 The annual benefit amount will be distributed in 12 equal monthly payments for a total of 240 monthly payments.
3 Note that accounting rules may require an additional accrual at the time this benefit is triggered.
IF THERE IS A CONFLICT 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.
| William Marsh | /s/ William C. Marsh | | By | /s/ Amanda L. Engles |
| Date | 2/8/2019 | | Title | SVP/ CFO |
