Emclaire Financial (EMCF) 8-K Departure of Directors or Certain Officers

Exhibit 10.6

FIRST AMENDMENT TO THE

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 Amanda Engles (the “Executive”).

The Employer and the Executive are parties to a Supplemental Executive Retirement Plan Agreement dated November 15, 2017 (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 of the Agreement shall be deleted and replaced with the following:

2.1       Normal Retirement Benefit. Upon Separation from Service after Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the amount of Forty-Five Thousand Dollars ($45,000) in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation from Service and continuing for twenty (20) years, subject to the conditions and limitations hereinafter set forth.

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/Amanda Engles	By:	/s/Jennifer A. Roxbury
	Its:	SVP/COO

Supplemental Executive Retirement Plan

Schedule A

Amanda Engles

Birth Date: XX/XX/1978 Plan Anniversary Date: 09/30/2019 Normal Retirement: XX/XX2043, 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		Annual Benefit 2
Feb-19	40		3,151		2,530		14,389		1,021
Sep-19	41		5,471		4,285		24,984		1,772
Sep-20	42		9,061		6,836		41,381		2,935
Sep-21	43		12,788		9,294		58,404		4,142
Sep-22	44		16,658		11,661		76,075		5,396
Sep-23	45		20,675		13,941		94,421		6,697
Sep-24	46		24,845		16,138		113,467		8,048
Sep-25	47		29,175		18,254		133,240		9,450
Sep-26	48		33,669		20,292		153,766		10,906
Sep-27	49		38,335		22,255		175,076		12,417
Sep-28	50		43,179		24,146		197,199		13,986
Sep-29	51		48,208		25,967		220,166		15,615
Sep-30	52		53,429		27,722		244,009		17,306
Sep-31	53		58,849		29,412		268,762		19,062
Sep-32	54		64,476		31,040		294,459		20,885
Sep-33	55		70,317		32,608		321,137		22,777
Sep-34	56		76,381		34,118		348,832		24,741
Sep-35	57		82,677		35,573		377,584		26,780
Sep-36	58		89,213		36,975		407,433		28,897
Sep-37	59		95,998		38,325		438,421		31,095
Sep-38	60		103,042		39,625		470,591		33,377
Sep-39	61		110,355		40,878		503,988		35,745
Sep-40	62		117,946		42,084		538,659		38,204
Sep-41	63		125,828		43,247		574,654		40,757
Sep-42	64		134,010		44,366		612,021		43,408
Apr-43	65		138,926		45,000		634,473		45,000

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.

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.

Amanda Engles /s/ Amanda L. Engles By /s/ Jennifer A. Roxbury

Date 2/8/19 Title SVP/ COO

Date 2/8/19