Document:

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	2/8/19prcp-ex1057_222.htm

EXHIBIT 10.57

PERCEPTRON, INC.

FIRST AMENDED AND RESTATED

2004 STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT FOR TEAM MEMBERS

 

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (the “Award Agreement”) is made effective as of __________________ (the “Grant Date”), between Perceptron, Inc., a Michigan corporation (hereinafter called the “Corporation”), and __________________, hereinafter referred to as the “Grantee.”  Capitalized terms not otherwise defined herein shall have the same meanings as in the Perceptron, Inc. First Amended and Restated 2004 Stock Incentive Plan, as may be amended from time to time (the terms of which are hereby incorporated by reference and made a part of this Award Agreement) (the “Plan”).

	
1.
	
Grant of the Restricted Stock Units.  Subject to the terms and conditions of the Plan and the additional terms and conditions set forth in this Award Agreement, the Corporation hereby grants to the Grantee ____________________ restricted stock units (hereinafter called the “Restricted Stock Units”).  The Restricted Stock Units shall vest and become nonforfeitable in accordance with Section 2 hereof. In the event of any conflict between the Plan and this Agreement, the terms of the Plan shall control, it being understood that variations in this Agreement from terms set forth in the Plan shall not be considered to be in conflict if the Plan, whether explicitly or implicitly, permits such variations.

	
2.
	
Restriction Period.  

	

	
(a)  The Restricted Stock Units subject to this Award Agreement are restricted from transfer until the restrictions lapse.  Subject to the Grantee’s termination of employment or services with the Corporation or a Subsidiary, as described in Section 3, below, the Restricted Stock Units subject to this Award Agreement shall vest in tranches as follow:  33-1/3% on ______________, 33-1/3% on ______________and 33-1/3% on ______________ (individually, or in the aggregate, a “Restriction Period”).  Upon the lapse of the restrictions and subject to the tax withholding requirements described in Section 23 below, each vested Restricted Stock Unit shall be settled in the form of one share of the Corporation’s Common Stock.

	

	
(b)  Notwithstanding the provisions of Section 2(a), the Restricted Stock Units subject to this Award Agreement shall become 100% vested and nonforfeitable and all restrictions shall lapse, subject to the tax withholding requirements described below upon the earliest to occur of either of the following:

	

	
(i) In the event that a successor corporation (or the parent or a subsidiary thereof or the parent of the Corporation following a reverse triangular merger) refuses to assume or substitute for the Restricted Stock Units; and

	

	
(ii)  If the Grantee’s employment or service is terminated without “Cause” or, if the Grantee is a party to a written severance agreement with the Corporation or a Subsidiary, by the Grantee for “Good Reason” (as defined in such agreement as in effect from time to time), which termination occurs in connection with or after the occurrence of a Change in Control, but not more than three years thereafter.

	

	
(iii) For purposes of this Section 2(b), “Cause” means (A) if the Grantee is a party to a written severance agreement with the Corporation or a Subsidiary, “Cause” as defined in such agreement, as in effect from time to time, and (B) in all other cases, (i) personal dishonesty in connection with the performance of services for the Corporation, (ii) willful misconduct in connection with the performance of services for the Corporation, (iii) conviction for violation of any law involving imprisonment that interferes with performance of duties or moral turpitude, (iv) repeated and intentional failure to perform stated duties, after written notice is delivered identifying the failure, and it is not cured within 10 days following receipt of such notice, (v) breach of a fiduciary duty to the Corporation, or (vi) breach of the Proprietary Information and Invention Agreement or, to the extent executed by the Grantee, the Perceptron Executive Agreement Not to Compete. 

	
3.
	
Termination.  Except as described in Section 2, if the Grantee’s employment or services are terminated for any reason, the Grantee’s right to the Restricted Stock Units subject to this Award Agreement and still subject to a Restriction Period automatically shall terminate and be forfeited by the Grantee.  The Committee retains the right to accelerate or waive restrictions on the Restricted Stock Units covered by this Award Agreement. 

 

 

 

	
4.
	
Securities Laws.  The Corporation may require the Grantee to make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Award Agreement.  Anything to the contrary herein notwithstanding, the granting of the Restricted Stock Units hereunder and the Corporation’s issuance of any Common Stock upon vesting of such Restricted Stock Units shall be subject to such compliance with federal and state laws, rules and regulations applying to the authorization, issuance or sale of securities, and applicable stock exchange requirements, as the Corporation deems necessary or advisable.

	
5.
	
Transferability.  This Award and the Restricted Stock Units subject to this Award may not, at any time, be transferred, sold, assigned, pledged, hypothecated or otherwise disposed of unless such transfer, sale, assignment, pledge, hypothecation or other disposition complies with the provisions of this Award Agreement and the terms of the Plan.  

	
6.
	
Disputes.  As a condition of the granting of the Restricted Stock Units granted hereby, the Grantee and the Grantee’s successors and assigns agree that any dispute or disagreement which shall arise under or as a result of this Award Agreement shall be determined by the Committee in its sole discretion and judgment and that any such determination and any interpretation by the Committee of the terms of this Award Agreement shall be final and shall be binding and conclusive for all purposes.

	
7.
	
Adjustments.  In the event of any stock dividend, subdivision or combination of shares, reclassification, or similar transaction affecting the shares covered by this Award, determined by the Committee to be covered by this Section 7, a proposed dissolution or liquidation of the Corporation, a merger of the Corporation with or into another corporation where the Corporation is not the surviving corporation, but its stock is exchanged for the stock of the parent Corporation of the other party to the merger, the sale of substantially all of the assets of the Corporation, the reorganization of the Corporation or other similar transaction determined by the Committee to be covered by this Section 7, a proposed spin-off or a transfer by the Corporation of a portion of its assets resulting in the employment of the Grantee by the spin-off entity or the entity acquiring assets of the Corporation, the rights of the Grantee shall be as provided in Article 9 of the Plan and any adjustment therein provided shall be made in accordance with Article 9 of the Plan.

	
8.
	
No Stockholder Rights Prior to Issuance of Shares.  

(a) The Grantee shall have no rights of a stockholder with respect to the Restricted Stock Units granted under this Award Agreement. 

(b) The Grantee shall not be entitled to any cash dividend or Dividend Equivalents (as defined in the Plan) with respect to the Restricted Stock Units.  Grantee’s stockholder rights arise only after the lapse of the applicable Restriction Period when the associated Restricted Stock Units are settled in shares of the Corporation’s Common Stock, commencing on the date on which the stock certificate is issued (or book entry representing such shares has been made and such shares have been deposited with the appropriate book-entry custodian) evidencing the issuance of Common Stock pursuant to this Award Agreement.

	
9.
	
No Guarantee of Employment.  Nothing contained in this Award Agreement or in the Plan, nor any action taken by the Corporation or the Committee, shall conference upon the Grantee any right with respect to continuation of Grantee’s employment or other service to the Corporation or any Subsidiary, nor interfere in any way with the right of the Corporation or any Subsidiary to terminate Grantee’s employment or other service at any time, and if Grantee is an employee, the Grantee’s employment is and shall remain employment at will, except as otherwise specifically provided by law or in an employment agreement between the Grantee and the Corporation.

	
10.
	
Notices.  Every notice relating to this Award Agreement shall be in writing and if given by mail shall be given by registered or certified mail with return receipt requested. All notices to the Corporation shall be delivered to the Secretary of the Corporation at the Corporation's headquarters or addressed to the Secretary of the Corporation at the Corporation's headquarters. All notices by the Corporation to the Grantee shall be delivered to the Grantee personally or addressed to the Grantee at the Grantee’s last residence address as then contained in the records of the Corporation or such other address as the Grantee may designate. Either party by notice to the other may designate a different address to which notices shall be addressed. Any notice given by the Corporation to the Grantee at the Grantee’s last designated address shall be effective to bind any other person who shall acquire rights hereunder.

2

 

	
11.
	
Limitation on Obligations.  The Corporation’s obligation with respect to the Restricted Stock Units granted hereunder is limited solely to the delivery to the Grantee of Common Stock on the date when such shares are due to be delivered hereunder, and in no way shall the Corporation become obligated to pay cash in respect of such obligation.  This Award Agreement shall not be secured by any specific assets of the Corporation or any of its Subsidiaries, nor shall any assets of the Corporation or any of its Subsidiaries be designated as attributable or allocated to the satisfaction of the Corporation’s obligations under this Award Agreement.  In addition, the Corporation shall not be liable to the Grantee for damages relating to any delays in issuing the stock certificates to the Grantee (or Grantee’s designated entities), any loss of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves.

	
12.
	
Code Section 409A.  This Award and the Restricted Stock Units granted hereunder are intended to be exempt from, or in compliance with, Code Section 409A, and this Award Agreement is to be construed accordingly.

	
13.
	
Foreign Law Restrictions.  Notwithstanding anything herein to the contrary, the Corporation’s obligations to deliver Common Stock pursuant to a Restricted Stock Unit granted hereunder is subject to compliance with the laws, rules and regulations of any foreign nation applying to the authorization, issuance or sale of securities, providing of compensation, transfer of currencies and other matters, as may apply to the Grantee, if a resident of a foreign nation.  To the extent that the Corporation is restricted in accordance with such foreign laws from delivering shares of Common Stock to the Grantee as would otherwise be provided for in this Agreement, the Corporation shall be released from such obligation and shall not be subject to the claims of the Grantee hereunder with respect hereto.

	
14.
	
Governing Law.  Except to the extent governed by applicable federal law, the validity, interpretation, construction and performance of this Award Agreement, shall be governed by the laws of the State of Michigan without regard to its choice of law rules.

15. Clawback Policy. Any shares of Common Stock issued to Grantee in settlement of the Restricted Stock Units shall be subject to the Corporation's recoupment policy, as in effect from time to time, if any, applicable provisions of this Award Agreement shall be deemed superseded by and subject to the terms and conditions of such policy from and after the effective date thereof, and Grantee's consent shall not be required to an amendment to this Award Agreement that is deemed necessary by the Corporation to ensure compliance with such policy.

	
15.
	
Award Agreement Subject to Plan.  The Award Agreement shall be subject to all terms and provisions of the Plan, to the extent applicable to the Restricted Stock Units granted hereunder.  In the event of any conflict between this Award Agreement and the Plan, the terms of the Plan shall control, it being understood that variations in this Award Agreement from terms set forth in the Plan shall not be considered to be in conflict if the Plan permits such variations.

	
16.
	
Counterparts.  This Award Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

	
17.
	
Captions.  The captions to the sections and subsections contained in this Award Agreement are for reference only, do not form a substantive part of this Award Agreement and shall not restrict or enlarge substantive provisions of this Award Agreement.

	
18.
	
Parties in Interest.  This Award Agreement shall bind and shall inure to the benefit of the parties hereto, their respective permitted successors and assigns.

	
19.
	
Complete Agreement.  This Award Agreement shall constitute the entire agreement between the parties hereto and shall supersede all proposals, oral or written, and all other communications between the parties relating to the subject matter of this Award Agreement.

	
20.
	
Modifications.  The terms of this Award Agreement cannot be modified except in writing and signed by each of the parties hereto.

3

 

	
21.
	
Severability.  In the event that any one or more of the provisions of this Award Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.  

	
22.
	
Payment of Taxes  Upon the lapse of each Restriction Period, the Grantee authorizes the Corporation to withhold a sufficient number of shares from the vested portion of the Grantee’s Award, with such shares being valued at Fair Market Value on the date the applicable Restriction Period lapses, to satisfy the Grantee’s then applicable withholding obligations for  income and employment taxes associated with the then vested portion of the Award.  In the alternative, the Grantee may elect to authorize the Corporation to withhold from the Grantee’s cash compensation or tender a sufficient amount of cash to the Corporation to satisfy the Grantee’s income and employment tax withholding obligations, or a combination of two or more of the aforementioned three methods.  The Corporation is not authorized to withhold more than is necessary to satisfy the Grantee’s established tax withholding requirements for federal, state and local obligations in connection with the vesting of any portion of the Award.  Once the tax withholding requirements have been satisfied, the Corporation shall deliver a stock certificate to the Grantee evidencing the shares of Common Stock then issued under the Award, adjusted, if applicable, for shares withheld to satisfy the Grantee’s tax withholding obligations.  The Grantee is hereby advised to seek his or her own tax counsel regarding the taxation of the grant of Restricted Stock Units made hereunder.  The Corporation and its agents have not and are not providing any tax advice to the Grantee.

[Continued on next page.]

 

4

 

IN WITNESS WHEREOF, the Corporation has caused the Award to be granted pursuant to this Award Agreement on the Grant Date.

 

PERCEPTRON, INC.

 

By:  

Name: 

Title: 

*************************************************************

ACKNOWLEDGEMENT

By signing below, the Grantee acknowledges and agrees that:

	
•
	
A copy of the Plan and the Plan’s Prospectus have been made available to the Grantee;

	
•
	
The Grantee has read and understands and accepts the conditions place on the Restricted Stock, including the tax withholding requirements; and

	
•
	
If the Grantee does not return a signed copy of this Award Agreement to the address shown below not later than 30 days after the Grant Date, the Restricted Stock will be forfeited and the Award Agreement will terminate and be of no further force or effect.

 

Perceptron, Inc.

Attention: President

47827 Halyard Drive

Plymouth, MI 48170

 

GRANTEE

 

 

Printed Name:____________________

Date: ____________________________

4812-8059-8152.1
074612\000001

5

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