EXCESS BENEFIT AGREEMENT
This Excess Benefit Agreement (the "Agreement"), effective as of the
28th day of February, 1996, formalizes the understanding by and between First
Federal Savings Bank of Marion (the "Bank"), a federally chartered savings bank,
and John M. Dalton, hereinafter referred to as "Executive".
WITNESSETH:
WHEREAS, the Executive is employed by the Bank; and
WHEREAS, the Bank recognizes the valuable services heretofore performed
for it by such Executive and wishes to encourage continued employment; and
WHEREAS, the Bank wishes to provide the Executive with retirement
benefits to which he would otherwise be entitled under the Bank's tax-qualified
pension plan but for the changes made to Section 401(a)(17) of the Code by the
Omnibus Budget Reconciliation Act of 1993 ("OBRA `93") and to Section 415 of the
Code by the General Agreement on Tariffs and Trade of `94 ("GATT `94"); and
WHEREAS, the Bank and the Executive wish to provide the terms and
conditions upon which the Bank shall pay such additional compensation to the
Executive after retirement or other termination of employment and/or death
benefits to his beneficiaries after death; and
WHEREAS, the Bank and the Executive intend this Agreement to be
considered an unfunded arrangement, maintained primarily to provide supplemental
retirement income for such Executive, a member of a select group of management
or a highly compensated
employee of the Bank, for tax purposes and for purposes of the Employee
Retirement Income Security Act of 1974, as amended; and
WHEREAS, the Bank has adopted this Excess Benefit Agreement which
controls all issues relating to the Excess Benefit as described herein;
NOW, THEREFORE, in consideration of the premises and of the mutual
promises herein contained, the Bank and the Executive agree as follows:
SECTION I
DEFINITIONS
When used herein, the following words and phrases shall have the
meanings below unless the context clearly indicates otherwise:
1.1 "Accrued Benefit" means that portion of the Excess Benefit which is
required to be expensed and accrued under generally accepted accounting
principles (GAAP) by any appropriate method which the Bank's Board of
Directors may require in the exercise of its sole discretion.
1.2 "Act" means the Employee Retirement Income Security Act of 1974, as
amended from time to time.
1.3 "Bank" means First Federal Savings Bank of Marion and any successor
thereto.
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1.4 "Beneficiary" means the person or persons (and their heirs) designated
as Beneficiary in Exhibit A of this Agreement to whom the deceased
Executive's benefits are payable. If no Beneficiary is so designated,
then the Executive's Spouse, if living, will be deemed the Beneficiary.
If the Executive's Spouse is not living, then the Children of the
Executive will be deemed the Beneficiaries and will take on a per
stirpes basis. If there are no Children, then the Estate of the
Executive will be deemed the Beneficiary.
1.5 "Benefit Age" means the Executive's sixty-fifth (65th) birthday.
1.6 "Benefit Eligibility Date" means the date on which the Executive is
entitled to receive any benefit(s) pursuant to Subsection 2.1, 2.3 or
2.4 of this Agreement. It shall be the first day of the month following
the month in which the Executive attains his Benefit Age.
1.7 "Cause" means personal dishonesty, willful misconduct, willful
malfeasance, breach of fiduciary duty involving personal profit,
intentional failure to perform stated duties, willful violation of any
law, rule, regulation (other than traffic violations or similar
offenses), or final cease-and-desist order, material breach of any
provision of this Agreement, or gross negligence in matters of material
importance to the Bank.
1.8 "Change in Control" of the Bank shall mean and include the following:
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(1) a Change in Control of a nature that would be required to be
reported in response to Item 1 (a) of the current report on
Form 8-K, as in effect on the date hereof, pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934 (the
"Exchange Act"); or
(2) a change in control of the Bank within the meaning of 12
C.F.R. 574.4; or
(3) a Change in Control at such time as
(i) any "person" (as the term is used in Sections 13(d)
and 14(d) of the Exchange Act) is or becomes the
"beneficial owner" (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of
securities of the Bank representing Twenty (20.0%)
Percent or more of the combined voting power of the
Bank's outstanding securities ordinarily having the
right to vote at the election of Directors, except
for any stock purchased by the Bank's Employee Stock
Ownership Plan and/or trust; or
(ii) individuals who constitute the board of directors on
the date hereof (the "Incumbent Board") cease for any
reason to constitute at least a majority thereof,
provided that any person becoming a director
subsequent to the date hereof whose election was
approved by a vote of at least three-quarters of the
directors comprising the Incumbent Board, or whose
nomination for election by the Bank's shareholders
was approved by the Bank's nominating committee which
is comprised of members of the Incumbent Board, shall
be, for purposes of this
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clause (ii), considered as though he were a member of
the Incumbent Board; or
(iii) merger, consolidation, or sale of all or
substantially all of the assets of the Bank occurs;
or
(iv) a proxy statement is issued soliciting proxies from
the stockholders of the Bank by someone other than
the current management of the Bank, seeking
stockholder approval of a plan of reorganization,
merger, or consolidation of the Bank with one or more
corporations as a result of which the outstanding
shares of the class of the Bank's securities are
exchanged for or converted into cash or property or
securities not issued by the Bank.
1.9 "Children" means all natural and adopted children of the Executive, and
issue of any predeceased child or children.
1.10 "Code" means the Internal Revenue Code of 1986, as amended from time to
time.
1.11 "Disability Benefit" means the monthly benefit payable to the Executive
following a determination, in accordance with Subsection 2.6, that he
is no longer able, properly and satisfactorily, to perform his duties
as Executive.
1.12 "Effective Date" of this Agreement shall be February 28th, 1996.
1.13 "Estate" means the estate of the Executive.
1.14 "Excess Benefit" means an annual amount equal to Forty One Thousand Six
Hundred Eighty One Dollars ($41,681.00).
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1.15 "Interest Factor" means monthly compounding, discounting, or
annuitizing as applicable, at Seven and 89/100th's Percent (7.89%) per
annum.
1.16 "Payout Period" means the time frame during which certain benefits
payable hereunder shall be distributed. Payments shall be made in equal
monthly installments commencing on the first day of the month following
the occurrence of the event which triggers distribution and continuing
for a period of one hundred eighty (180) months.
1.17 "Spouse" means the individual to whom the Executive is legally married
at the time of the Executive's death.
1.18 "Survivor's Benefit" means an annual amount equal to Forty One Thousand
Six Hundred Eighty One Dollars ($41,681.00), payable to the Beneficiary
in monthly installments throughout the Payout Period.
SECTION II
BENEFITS
2.1 Retirement Benefit. If the Executive is in service with the Bank until
reaching his Benefit Age, the Executive shall be entitled to the Excess
Benefit. Such benefit shall commence on the Executive's Benefit
Eligibility Date and shall be payable in monthly installments
throughout the Payout Period. In the event the Executive dies at any
time after attaining his Benefit Age, but prior to completion of all
such payments due and owing hereunder, the Bank shall pay to the
Executive's Beneficiary a continuation of the monthly installments for
the remainder of the Payout Period.
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2.2 Death During Employment. If the Executive dies while employed at the
Bank, the Executive's Beneficiary shall be entitled to the Survivor's
Benefit. The Survivor's Benefit shall commence on the first day of the
month following the Executive's death and shall be payable in monthly
installments throughout the Payout Period.
2.3 Termination Other Than for Cause. If the Executive voluntarily or
involuntarily terminates employment at the Bank before reaching his
Benefit Age, for any reason other than for (i) Cause (which is covered
in Subsection 2.5) or (ii) related to a Change in Control (which is
covered in Subsection 2.4), the Executive (or his Beneficiary) shall be
entitled to a stream of monthly installments based on the Executive's
Accrued Benefit. (a) If, after such termination, the Executive dies
prior to attaining his Benefit Age, the stream of monthly installments
payable to the Beneficiary shall commence within thirty (30) days of
the Executive's death. The Accrued Benefit, measured as of the date of
termination, shall be increased monthly (using the Interest Factor)
from the date of termination until the Executive's death. The Accrued
Benefit, measured as of the date of the Executive's death, shall be
annuitized into monthly installments using the Interest Factor and
shall be payable for the Payout Period. (b) If, after such termination,
the Executive lives until attaining his Benefit Age, the stream of
monthly installments payable to the Executive shall commence on the
Executive's Benefit Eligibility Date. The Accrued Benefit, measured as
of the date of termination, shall be increased monthly (using the
Interest Factor) from the date
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of termination until the Executive's Benefit Age. The Accrued Benefit
measured as of the Executive's Benefit Age shall be annuitized into
monthly installments using the Interest Factor and shall be payable for
the Payout Period. In the event the Executive dies prior to completion
of all such monthly installments, the Bank shall pay to the Executive's
Beneficiary a continuation of the monthly installments for the
remainder of the Payout Period.
2.4 Termination of Service Related to a Change in Control.
(a) If the Executive's termination of service (as defined in this
Subsection) is related to a Change in Control, the Executive
shall be entitled to receive his Excess Benefit upon
attainment of his Benefit Age, payment of which shall commence
on his Benefit Eligibility Date. In the event the Executive
dies at any time after attaining his Benefit Age, but prior to
completion of all such payments due and owing hereunder, the
Bank shall pay to the Executive's Beneficiary a continuation
of the monthly installments for the remainder of the Payout
Period.
(b) For purposes of this Subsection, "termination of service"
shall include the following:
If, at any time following said Change in Control, (i)
the employment of the Executive is involuntarily
terminated by the Bank, or (ii) voluntarily
terminated by the Executive after: (A) a material
change
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in the Executive's function, duties, or
responsibilities, which change would cause the
Executive's position to become one of lesser
responsibility, importance, or scope from the
position the Executive held at the time of the Change
in Control, (B) a relocation of the Executive's
principal place of employment by more than thirty
(30) miles from its location prior to the Change in
Control, or (C) a material reduction in the benefits
and perquisites to the Executive from those being
provided at the time of the Change in Control.
(c) Should the Executive die after being terminated following a
Change in Control, but prior to commencement of the Excess
Benefit, his Beneficiary shall be entitled to receive the
Survivor's Benefit, payment of which shall commence within
thirty (30) days following the Executive's death.
2.5 Termination for Cause. If the Executive is terminated for Cause, all
benefits under this Agreement shall be forfeited and this Agreement
shall become null and void.
2.6 Disability Benefit. If the Executive's service is terminated prior to
Benefit Age due to a disability which meets the criteria set forth
below, the Executive may request to receive the Disability Benefit in
lieu of the retirement benefit described in Section 2.1 (which is not
available prior to the Executive's Benefit Eligibility Date).
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Notwithstanding any other provision hereof, if requested by the
Executive and approved by the Board of Directors, the Executive shall
receive the Disability Benefit hereunder, in any case in which it is
determined by a duly licensed physician selected by the Bank, that the
Executive is no longer able, properly and satisfactorily, to perform
his regular duties as an Executive, because of ill health, accident,
disability or general inability due to age. The monthly benefit shall
not begin more than thirty (30) days following the above-mentioned
disability determination. The amount of the monthly benefit shall be
the annuitized value of the Executive's Accrued Benefit measured as of
the date of such disability determination. The Accrued Benefit shall be
annuitized using the Interest Factor and shall be payable over the
Payout Period. In the event the Executive dies while receiving payments
pursuant to this Subsection, or after becoming eligible for such
payments but before the actual commencement of such payments, his
Beneficiary shall be entitled to receive the Survivor's Benefit for the
balance of the Payout Period.
Furthermore, if (i) Board of Director approval is obtained, and (ii)
the total dollar amount of disability payments received by the
Executive under the provisions of this Subsection is less than the
total dollar amount of payments that would have been received had the
Survivor's Benefit been paid in lieu of the Disability Benefit during
the Executive's life, the Bank shall pay the Executive's Beneficiary a
lump sum payment for the difference. This lump sum payment shall be
made within thirty (30) days of the Executive's death.
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2.7 Non-Competition During and After Employment.
(a) In consideration of the agreements of the Bank contained herein and
of the payments to be made by the Bank pursuant hereto, the Executive
hereby agrees that, so long as he remains employed by the Bank, he will
devote substantially all of his time, skill, diligence and attention to
the business of the Bank, and will not actively engage, either directly
or indirectly, in any business or other activity which is or may be
deemed to be in any way competitive with or adverse to the best
interests of the business of the Bank. (b) The Executive expressly
agrees that, as consideration for the covenants of the Bank contained
herein and as a condition to the performance by the Bank of its
obligations hereunder, from and after any voluntary or involuntary
termination of service, other than a termination of service pursuant to
Subsection 2.4, and continuing throughout the entire Payout Period, as
provided herein, he will not, without the prior written consent of the
Bank, engage in, become interested, directly or indirectly, as a sole
proprietor, as a partner in a partnership, or as a substantial
shareholder in a corporation, nor become associated with, in the
capacity of an employee, director, officer, principal, agent, trustee
or in any other capacity whatsoever, any enterprise conducted in the
trading area of the business of the Bank which enterprise is, or may be
deemed to be, competitive with any business carried on by the Bank as
of the date of the termination of the Executive's employment or his
retirement.
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(c) In the event of a termination of the Executive's service related to
a Change in Control pursuant to Subsection 2.4, paragraph (b) of this
Subsection shall cease to be a condition to the performance by the Bank
of its obligations under this Agreement.
2.8 Breach. In the event of any breach by the Executive of the agreements
and covenants contained herein, the Board of Directors of the Bank
shall direct that any unpaid balance of any payments to the Executive
under this Agreement be suspended, and shall thereupon notify the
Executive of such suspensions, in writing. Thereupon, if the Board of
Directors of the Bank shall determine that said breach by the Executive
has continued for a period of one (1) month following notification of
such suspension, all rights of the Executive and his Beneficiaries
under this Agreement, including rights to further payments hereunder,
shall thereupon terminate.
SECTION III
BENEFICIARY DESIGNATION
The Executive shall make an initial designation of primary and
secondary Beneficiaries upon execution of this Agreement and shall have the
right to change such designation, at any subsequent time, by submitting to the
Administrator in substantially the form attached as Exhibit to this Agreement, a
written designation of primary and secondary Beneficiaries. Any Beneficiary
designation made subsequent to execution of this Agreement
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shall become effective only when receipt thereof is acknowledged in writing by
the Administrator.
SECTION IV
EXECUTIVE'S RIGHT TO ASSETS
The rights of the Executive, any Beneficiary, or any other person
claiming through the Executive under this Agreement, shall be solely those of an
unsecured general creditor of the Bank. The Executive, the Beneficiary, or any
other person claiming through the Executive, shall only have the right to
receive from the Bank those payments so specified under this Agreement. The
Executive agrees that he, his Beneficiary, or any other person claiming through
him shall have no rights or interests whatsoever in any asset of the Bank,
including any insurance policies or contracts which the Bank may possess or
obtain to informally fund this Agreement. Any asset used or acquired by the Bank
in connection with the liabilities it has assumed under this Agreement, unless
expressly provided herein, shall not be deemed to be held under any trust for
the benefit of the Executive or his Beneficiaries, nor shall any asset be
considered security for the performance of the obligations of the Bank. Any such
asset shall be and remain, a general, unpledged, and unrestricted asset of the
Bank.
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SECTION V
RESTRICTIONS UPON FUNDING
The Bank shall have no obligation to set aside, earmark or entrust any
fund or money with which to pay its obligations under this Agreement. The
Executive, his Beneficiaries or any successor in interest to him shall be and
remain simply a general unsecured creditor of the Bank in the same manner as any
other creditor having a general claim for matured and unpaid compensation. The
Bank reserves the absolute right in its sole discretion to either purchase
assets to meet its obligations undertaken by this Agreement or to refrain from
the same and to determine the extent, nature, and method of such asset
purchases. Should the Bank decide to purchase assets such as life insurance,
mutual funds, disability policies or annuities, the Bank reserves the absolute
right, in its sole discretion, to terminate such assets at any time, in whole or
in part. At no time shall the Executive be deemed to have any lien, right, title
or interest in or to any specific investment or to any assets of the Bank. If
the Bank elects to invest in a life insurance, disability or annuity policy upon
the life of the Executive, then the Executive shall assist the Bank by freely
submitting to a physical examination and by supplying such additional
information necessary to obtain such insurance or annuities.
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SECTION VI
ALIENABILITY AND ASSIGNMENT PROHIBITION
Neither the Executive nor any Beneficiary under this Agreement shall
have any power or right to transfer, assign, anticipate, hypothecate, mortgage,
commute, modify or otherwise encumber in advance any of the benefits payable
hereunder, nor shall any of said benefits be subject to seizure for the payment
of any debts, judgments, alimony or separate maintenance owed by the Executive
or his Beneficiary, nor be transferable by operation of law in the event of
bankruptcy, insolvency or otherwise. In the event the Executive or any
Beneficiary attempts assignment, communication, hypothecation, transfer or
disposal of the benefits hereunder, the Bank's liabilities shall forthwith cease
and terminate.
SECTION VII
ACT PROVISIONS
7.1 Named Fiduciary and Administrator. The Bank shall be the Named
Fiduciary and Administrator (the "Administrator") of this Agreement. As
Administrator, the Bank shall be responsible for the management,
control and administration of the Agreement as established herein. The
Administrator may delegate to others certain aspects of the management
and operational responsibilities of the Agreement, including the
employment of advisors and the delegation of ministerial duties to
qualified individuals.
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7.2 Claims Procedure and Arbitration. In the event that benefits under this
Agreement are not paid to the Executive (or to his Beneficiary in the
case of the Executive's death) and such claimants feel they are
entitled to receive such benefits, then a written claim must be made to
the Administrator within sixty (60) days from the date payments are
refused. The Bank and its Board of Directors shall review the written
claim and, if the claim is denied, in whole or in part, they shall
provide in writing, within ninety (90) days of receipt of such claim,
their specific reasons for such denial, reference to the provisions of
this Agreement upon which the denial is based, and any additional
material or information necessary to perfect the claim. Such writing by
the Bank and its Board of Directors shall further indicate the
additional steps which must be undertaken by claimants if an additional
review of the claim denial is desired.
If claimants desire a second review, they shall notify the
Administrator in writing within sixty (60) days of the first claim
denial. Claimants may review this Agreement or any documents relating
thereto and submit any issues and comments, in writing, they may feel
appropriate. In its sole discretion, the Administrator shall then
review the second claim and provide a written decision within sixty
(60) days of receipt of such claim. This decision shall state the
specific reasons for the decision and shall include reference to
specific provisions of this Agreement upon which the decision is based.
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If claimants continue to dispute the benefit denial based upon
completed performance of this Agreement or the meaning and effect of
the terms and conditions thereof, then claimants may submit the dispute
to a Board of Arbitration for final arbitration. Said Board of
Arbitration shall consist of one member selected by the claimant, one
member selected by the Bank, and the third member selected by the first
two members. The Board of Arbitration shall operate under any generally
recognized set of arbitration rules. The parties hereto agree that
they, their heirs, personal representatives, successors and assigns
shall be bound by the decision of such Board of Arbitration with
respect to any controversy properly submitted to it for determination.
SECTION VIII
MISCELLANEOUS
8.1 No Effect on Employment Rights. Nothing contained herein will confer
upon the Executive the right to be retained in the service of the Bank
nor limit the right of the Bank to discharge or otherwise deal with the
Executive without regard to the existence of the Agreement. Pursuant to
12 C.F.R. ss. 563.39(b), the following conditions shall apply to this
Agreement:
(1) The Bank's Board of Directors may terminate the Executive at
any time, but any termination by the Bank's Board of Directors
other than termination for
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Cause shall not prejudice the Executive's vested right to
compensation or other benefits under the contract. As provided
in Section 2.5, the Executive shall forfeit his right to all
benefits provided for in the Agreement in the event he is
terminated for Cause. He shall have no right to receive
additional compensation or other benefits for any period after
termination for Cause.
(2) If the Executive is suspended and/or temporarily prohibited
from participating in the conduct of the Bank's affairs by a
notice served under Section 8(e)(3) or (g)(1) of the Federal
Deposit Insurance Act (12 U.S.C. 1818(e)(3) and (g)(1)) the
Bank's obligations under the contract shall be suspended
(except vested rights) as of the date of termination of
service unless stayed by appropriate proceedings. If the
charges in the notice are dismissed, the Bank may in its
discretion (i) pay the Executive all or part of the
compensation withheld while its contract obligations were
suspended and (ii) reinstate (in whole or in part) any of its
obligations which were suspended.
(3) If the Executive is terminated and/or permanently prohibited
from participating in the conduct of the Bank's affairs by an
order issued under Section 8(e)(4) or (g)(1) of the Federal
Deposit Insurance Act (12 U.S.C. 1818(e)(4) or (g)(1)), all
non-vested obligations of the Bank under the contract shall
terminate as of the effective date of the order.
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(4) If the Bank is in default (as defined in Section 3(x)(1) of
the Federal Deposit Insurance Act), all non-vested obligations
under the contract shall terminate as of the date of default.
(5) All non-vested obligations under the contract shall be
terminated, except to the extent determined that continuation
of the contract is necessary for the continued operation of
the Bank:
(i) by the Director [of the Federal Deposit Insurance
Corporation or the Resolution Trust Corporation] or
his designee at the time the Federal Deposit
Insurance Corporation or the Resolution Trust
Corporation enters into an agreement to provide
assistance to or on behalf of the Bank under the
authority contained in ss. 13(c) of the Federal
Deposit Insurance Act; or
(ii) by the Director [of the Federal Deposit Insurance
Corporation or the Resolution Trust Corporation] or
his designee, at the time the Director or his
designee approves a supervisory merger to resolve
problems related to operation of the Bank or when the
Bank is determined by the Director to be in an unsafe
or unsound condition.
Any rights of the parties that have already vested, (i.e., the
Executive's Accrued Benefit), however, shall not be affected by such
action.
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8.2 State Law. The Agreement is established under, and will be construed
according to, the laws of the State of Indiana, to the extent such laws
are not preempted by the Act and valid regulations published
thereunder.
8.3 Severability. In the event that any of the provisions of this Agreement
or portion thereof, are held to be inoperative or invalid by any court
of competent jurisdiction, then: (1) insofar as is reasonable, effect
will be given to the intent manifested in the provisions held invalid
or inoperative, and (2) the validity and enforceability of the
remaining provisions will not be affected thereby.
8.4 Incapacity of Recipient. In the event the Executive is declared
incompetent and a conservator or other person legally charged with the
care of his person or Estate is appointed, any benefits under the
Agreement to which such Executive is entitled shall be paid to such
conservator or other person legally charged with the care of his person
or Estate.
8.5 Unclaimed Benefit. The Executive shall keep the Bank informed of his
current address and the current address of his Beneficiaries. If the
location of the Executive is not made known to the Bank within three
(3) years after the date on which any payment of the Excess Benefit may
first be made, payment may be made as though the Executive had died at
the end of the three (3) year period. If, within one (1) additional
year after such three (3) year period has elapsed, or, within three (3)
years
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after the actual death of the Executive, whichever comes first, the
Bank is unable to locate any Beneficiary of the Executive, the Bank may
fully discharge its obligation by payment to the Estate.
8.6 Limitations on Liability. Notwithstanding any of the preceding
provisions of the Agreement, no individual acting as an employee or
agent of the Bank, or as a member of the Board of Directors shall be
personally liable to the Executive or any other person for any claim,
loss, liability or expense incurred in connection with the Agreement.
8.7 Gender. Whenever in this Agreement words are used in the masculine or
neuter gender, they shall be read and construed as in the masculine,
feminine or neuter gender, whenever they should so apply.
8.8 Effect on Other Corporate Benefit Agreements. Nothing contained in this
Agreement shall affect the right of the Executive to participate in or
be covered by any qualified or nonqualified pension, profit sharing,
group, bonus or other supplemental compensation or fringe benefit
agreement constituting a part of the Bank's existing or future
compensation structure.
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8.9 Inurement. This Agreement shall be binding upon and shall inure to the
benefit of the Bank, its successors and assigns, and the Executive, his
successors, heirs, executors, administrators, and Beneficiaries.
8.10 Tax Withholding. The Bank may withhold from any benefits payable under
this Agreement all federal, state, city, or other taxes as shall be
required pursuant to any law or governmental regulation then in effect.
8.11 Headings. Headings and sub-headings in this Agreement are inserted for
reference and convenience only and shall not be deemed a part of this
Agreement.
SECTION IX
AMENDMENT/REVOCATION
This Agreement shall not be amended, modified or revoked at any time,
in whole or part, without the mutual written consent of the Executive and the
Bank, and such mutual written consent shall be required even if the Executive is
no longer employed by the Bank.
SECTION X
EXECUTION
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10.1 This Agreement sets forth the entire understanding of the parties
hereto with respect to the transactions contemplated hereby, and any
previous agreements or understandings between the parties hereto
regarding the subject matter hereof are merged into and superseded by
this Agreement.
10.2 This Agreement shall be executed in triplicate, each copy of which,
when so executed and delivered, shall be an original, but all three
copies shall together constitute one and the same instrument.
[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, the Bank has caused this Agreement to be executed
on this 28th day of February, 1996
FIRST FEDERAL SAVINGS BANK OF MARION
By: /s/ Larry G. Phillips
Larry G. Phillips
Vice President & Secretary-Treasuer
Title
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EXCESS BENEFIT AGREEMENT
BENEFICIARY DESIGNATION
The Executive, under the terms of the Excess Benefit Agreement executed
by the Bank, of Marion, Indiana, dated February 28th,1996, hereby designates the
following Beneficiary to receive any guaranteed payments or death benefits under
such Agreement, following his death:
PRIMARY BENEFICIARY: Nancy H. Dalton
SECONDARY BENEFICIARY: Daphne D. Hess & Sidney D. Collier
This Beneficiary Designation hereby revokes any prior Beneficiary
Designation which may have been in effect.
Such Beneficiary Designation is revocable.
DATE: February 28, 1996
/s/ Chris Bradford /s/ John Dalton
(WITNESS) (EXECUTIVE)
/s/ Sondra Rabb
(WITNESS)
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