8. Interruption of Service. The service of the Director shall not be deemed to have beenterminated or interrupted due to his absence from active service on account of illness, disability,during any authorized vacation or during temporary leaves of absence granted by the Bank forreasons of professional advancement, education, health or government service, or during militaryleave for any period if the Director is elected to serve on the Board following such interruption.9. Forfeiture of Compensation by Competition. The Director agrees that all rights tocompensation following age 65 shall be forfeited by him if he engages in competition with the Bank,without the prior written consent of the Bank, within a radius of 50 miles of the main office ofthe Bank for a period of ten years, coinciding with the number of years that the Director shallreceive such compensation.10. Assignment of Rights. None of the rights to compensation under this Agreement are assignableby the Director or any beneficiary or designee of the Director and any attempt to anticipate, sell,transfer, assign, pledge, encumber or change Director’s right to receive compensation, shall bevoid.11. Status of Director’s Rights. The rights granted to the Director or any designee orbeneficiary under this Agreement shall be solely those of an unsecured creditor of the Bank.12. Amendments. This Agreement may be amended only by a written Agreement signed by the parties.13. If the Bank shall acquire an insurance policy or any other asset in connection with theliabilities assumed by it hereunder, it is expressly understood and agreed that neither Directornor any beneficiary of Director shall have any right with respect to, or claim against, suchpolicy or other asset except as expressly provided by the terms of such policy or in the title tosuch other asset. Such policy or asset shall not be deemed to be held under any trust for thebenefit of Director or his beneficiaries or to be held in any way as collateral security for thefulfilling of the obligations of the Bank under this Agreement except as may be expressly providedby the terms of such policy or other asset. It shall be, and remain, a general, unpledged,unrestricted asset of the Bank.14. This agreement shall be construed under and governed by the laws of the State ofPennsylvania.15. Interpretation. Wherever appropriate in this Agreement, words used in the singular shallinclude the plural and the masculine shall include the feminine gender.16. This Agreement shall be binding upon and inure to the benefit of any successor of the Bankand any such successor shall be deemed substituted for the Bank under the terms of this Agreement.As used herein, the term “successor’ shall include any person, corporation or other business entitywhich at any time, whether by merger, purchase or otherwise, acquires all or substantially all ofthe stock, assets or business of the Bank.17. If the Bank’s marginal income tax bracket is different from 34% at the time deferred incomepayments are made under this Agreement to the Director or his beneficiary (ies), the payments maybe adjusted by the Board of Directors to reflect that change. The following formula could be usedto calculate the change in benefits: Monthly Income (As Shown) X .66 divided by 1 — Tax Bracket.