Document:

Exhibit
10.9

 

SENECA
FEDERAL SAVINGS and LOAN ASSOCIATION

Baldwinsville,
New York

 

EXECUTIVE
SPLIT DOLLAR LIFE INSURANCE AGREEMENT

 

THIS
AGREEMENT, made and entered into this 18 day of May, 2016 by and among Seneca Savings (hereinafter referred to as the “Bank”),
a Bank organized and existing under the laws of New York, and George J. Sageer (hereinafter referred to as the “Executive”).

 

WHEREAS,
the Executive has performed his/her duties in an efficient and capable manner; and

 

WHEREAS,
the Bank is desirous of retaining the services of the Executive; and

 

WHEREAS,
the Bank is desirous of assisting the Executive in paying for life insurance on his/her own life; and

 

WHEREAS,
the Bank has determined that this assistance can best be provided under a “split-dollar” arrangement; and

 

WHEREAS,
the Bank and the Executive have applied for insurance policy(ies) on the Executive’s life; and

 

WHEREAS,
the Bank and the Executive agree to make said insurance policy subject to this split-dollar agreement; and

 

WHEREAS,
it is now understood and agreed that this split-dollar agreement is to be effective as of the issue date of the New York Life Insurance
policy;

 

NOW,
THEREFORE, for value received and in consideration of the mutual covenants contained herein, the parties agree as follows:

 

     

     

    

 

1.         Definitions

 

		a)	“Split Dollar
Insurance Benefit” means the life insurance benefit payable to the Executive’s beneficiary in an amount as shown on
Schedule A.

 

2.          Payment
of Premiums

 

		a)	The Bank will pay
the premium. The economic benefit that is taxable to the Executive will be computed in accordance with IRS Revenue Rulings in
effect on the effective date of this agreement, or any subsequent rulings. Any economic benefit which is payable to the Executive
under any Article of this agreement may at the election of the Executive be deducted from the cash compensation otherwise payable
to the Executive.

 

3.          Rights
in the Policy

 

		a)	The
Bank is the owner of any insurance policy, with the insured having only the right to name a beneficiary for any split dollar insurance
benefit.

 

		b)	Upon
the death of the Executive while this agreement is in force, the Executive’s named beneficiary will be entitled to
receive from the Policy proceeds an amount equal to the Split Dollar Death Benefit. The remainder of the Policy Proceeds will
be paid to Bank. Within 60 days after the death of the Executive, the Bank will provide to the Insurance Company a written statement
indicating the amount of the Policy proceeds which it is entitled to receive.

 

4.          Death
Proceeds

 

		a)	Upon the death of
the Executive, the Executive’s designated beneficiary shall receive the Split Dollar Insurance Benefit per Schedule A.

 

     

     

    

 

		b)	If the Executive
is terminated for cause, then the Executive and his/her beneficiary will not be entitled to any payments hereunder. Termination
for cause shall mean the Employee’s deliberate dishonesty with respect to the Bank or any subsidiary or affiliate
thereof; failure to adhere to all Bank policies and procedures; conviction of a crime involving moral turpitude; or gross and
willful failure to perform [other than on account of a medically determinable disability which renders the Employee incapable
of performing such services] a substantial portion of the Employee’s duties and responsibilities as an officer of the Bank.

 

5.          Miscellaneous
Provisions

 

		a)	Entire
Agreement. This Agreement constitutes the entire agreement between the Bank and the Executive as to the subject matter hereof.
No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein.

 

		b)	This
instrument contains the entire Agreement of the parties. It may be amended only by a writing signed by both of the parties hereto.

 

		c)	This
Agreement shall be governed and construed in accordance with the law of the State of Georgia.

 

6.          Liability
of Insurers

 

The
insurers are not parties to this Agreement. With respect to any policies of insurance issued pursuant to this Agreement, the insurers
shall have no liability except as set forth in the policies. Such insurers shall not be bound to inquire into or take notice of
any of the covenants herein contained as to policies of life insurance, or as to the application of the proceeds of such policies.

 

The
insurers shall be discharged from all liability in making payments of the proceeds and in permitting rights and privileges under
the policies to be exercised to the provisions of the policies.

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have hereunto set their hands and seals, the Bank by its duly authorized officer, on the day and year
first above written.

 

	 	/s/ George J. Sageer	(L.S.)	5/18/16	 
	 	 	 	 	 
	 	George J. Sageer	 	Dated	 

 

	 	/s/
    Joseph G. Vitale	(L.S.)	5/18/16	 
	 	 	 	 	 
	 	Bank Officer	 	DatedExhibit

Exhibit 10.9

CSW INDUSTRIALS, INC. 
Performance Share Award Agreement

	
		
	Date of Grant:
	__________________

	Name of Participant:
	___________________

	Target Number of Performance Shares:
	___________________

	Performance Period:
	The period beginning on _____ and ending on _______.

CSW Industrials, Inc. (the “Company”) hereby awards to _______ (the “Participant”) the target number of shares set forth above which are each equivalent to one Common Share, $0.01 par value per share, of the Company (the “Performance Shares”) pursuant to the CSW Industrials, Inc. Amended and Restated 2015 Equity and Incentive Compensation Plan (the “Plan”).
Unless otherwise provided herein, capitalized terms used in this Award Agreement that are defined in the Plan and not defined herein shall have the meanings set forth in the Plan.  The terms and conditions of the Performance Shares awarded hereby, to the extent not controlled by the terms and conditions contained in the Plan, are as follows:
1.No Right to Continued Employee Status
Nothing contained in this Award Agreement shall confer upon Participant the right to the continuation of his or her employee status, or to interfere with the right of the Company or any Subsidiary, as applicable, to terminate such relationship.
2.    Vesting of Performance Shares
		
	(a)
	The Performance Shares awarded hereby are contingently awarded, and the Participant’s vesting in all, or any portion, of the Performance Shares and the issuance of the equivalent number of Common Shares pursuant to Section 3 below, are dependent on the achievement of the Management Objectives set forth in Exhibit A to this Award Agreement and the Participant remaining an employee of the Company or one of its Subsidiaries until the last day of the Performance Period.  Subject to Section 2(c) below, in the event of the Participant’s termination of service from the Company and all Subsidiaries prior to the last day of the Performance Period, the Performance Shares awarded pursuant to this Award Agreement shall be forfeited and cancelled on the date of such termination of service.  The Common Shares, if any, that are issued pursuant to this Award Agreement following the end of a Performance Period are subject to the Company’s “Recoupment of Incentive Compensation” policy.

		
	(b)
	Any portion of the Performance Shares that does not vest on the last day of the Performance Period as provided in Section 2(a) above or Section 2(c) below, will be forfeited and cancelled on the last day of the Performance Period.  

		
	(c)
	Notwithstanding anything contained in this Award Agreement to the contrary, the Performance Shares awarded pursuant to this Award Agreement shall automatically vest as provided in Exhibit A hereto and become issuable as provided in Section 3 below upon the occurrence of any of the following events:  (i) a Change in Control, (ii) the Participant’s termination of service from the Company and all Subsidiaries due to his or her Disability or (iii) the Participant’s termination of service from the Company and all Subsidiaries due to his or her death.  Additionally, notwithstanding anything contained in this Award Agreement to the contrary, the forfeiture and cancellation of the Performance Shares awarded pursuant to this Award Agreement are subject to the terms and provisions of the Company’s Executive Change in Control and Severance Benefit Plan, dated December 9, 2016, as it may be amended from time to time.  “Disability” means the Participant’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuo us period of not less than twelve (12) months.

3.    Issuance of Certificates
Subject to prior compliance with Section 7 below, the Company will issue the certificate(s) for the equivalent number of Common Shares for all, or the portion, of the Performance Shares awarded to the Participant pursuant to this Award Agreement that have become vested pursuant to Section 2 above as soon as administratively feasible after the end of the Performance Period following written certification by the Committee of the vesting of such Performance Shares and the number of Common Shares that are issuable and no later than the December 31st of the year following the year in which that Performance Period ends in order to ensure that this Performance Share Award and the Plan complies with the specified time of payment requirement of Section 409A(a)(2)(A)(iv) of the Code and Treas. Reg. §§1.409A-3(a)(4) and (d).  If, at the time of a Participant’s separation from service (within the meaning of Section 409A of the Code) due to his or her Disability, (i) the Participant is a “specified employee” (within the meaning of Section 409A of the Code and using the identification methodology selected by the Company from time to time) and (ii) the Company makes a good faith determination that the issuance of Common Shares hereunder constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A of the Code in order to avoid taxes or penalties under Section 409A of the Code, then the Company shall not issue the Common Shares before the fifth business day of the seventh month after such separation from service.  
4.    Restrictions on Transfer

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Neither the Performance Shares awarded pursuant to this Award Agreement nor the right to the Common Shares, if any, which may become issuable pursuant to this Performance Share Award may be (i) sold, assigned, transferred, pledged or otherwise encumbered during the Performance Period or (ii) assignable by operation of law or subject to execution, attachment or similar process.  Any attempted sale, assignment, transfer, pledge or other disposition of, and the levy of any execution, attachment or similar process upon, the Performance Shares and/or the Common Shares, if any, which may become issuable pursuant to this Performance Share Award contrary to the provisions of this Award Agreement or the Plan shall be null and void and without force or effect.  
5.    Dividends and Other Distributions
The Participant shall be entitled to receive credits (“Dividend Equivalents”) based upon the cash dividends or cash distributions that would have been declared and paid with respect to the Performance Shares as if the equivalent number of Common Shares were held by the Participant.  Dividend Equivalents shall be deemed to be reinvested in additional Common Shares (which may thereafter accrue additional Dividend Equivalents).  Any such reinvestment shall be at the Fair Market Value of the Common Shares on the date of such reinvestment.  The Participant shall also have the right to accrue Dividend Equivalents based upon the stock dividends or stock distributions that would have been declared and paid with respect to the Performance Shares as if the equivalent number of Common Shares were held by the Participant.  With respect to any unvested Performance Shares, all Dividend Equivalents or distributions shall likewise vest in the same manner as the Performance Shares as to which such Dividend Equivalents or distributions relate.  In the event any Performance Shares do not vest pursuant to Section 2 above, the Participant shall forfeit his or her right to any Dividend Equivalents accrued with respect to such unvested and forfeited Performance Shares.  
6.    No Shareholder Rights
The Performance Shares awarded pursuant to this Award Agreement do not and shall not entitle the Participant to any rights of a shareholder of the Company prior to the date Common Shares are issued to the Participant pursuant to Section 3 above.
7.    Withholding
To the extent that the Company is required to withhold Federal, state or other taxes in connection with the vesting of all or any portion of the Performance Shares and the issuance of an equivalent number of Common Shares, and the amounts available to the Company are insufficient for such withholding, it shall be a condition to the obligation of the Company to make any delivery Common Shares to the Participant that the Participant make arrangements satisfactory to the Company for payment of the balance of such taxes required to be withheld.
8.    Notices
Any notice required to be given pursuant to this Award Agreement or the Plan shall be in writing and shall be deemed to be delivered upon receipt or, in the case of notices by the Company, 

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five (5) days after deposit in the U.S. mail, postage prepaid, addressed to the Participant at the address last provided for his or her employee records.
9.    Award Agreement Subject to Plan
This Award Agreement is made pursuant to the Plan and shall be interpreted to comply therewith.  Any provision of this Award Agreement inconsistent with the Plan shall be considered void and replaced with the applicable provision of the Plan.
10.    Entire Agreement
This Award Agreement, together with the Plan, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof.  No statement, representation, warranty, covenant or agreement not expressly set forth in this Award Agreement shall affect or be used to interpret, change or restrict the express terms and provisions of this Award Agreement, provided, however, in any event, this Award Agreement shall be subject to and governed by the Plan.
11.    Severability
In the event that one or more of the provisions of this Award Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.
12.    Electronic Delivery
The Company may, in its sole discretion, deliver any documents related to the Performance Shares and the Participant’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Participant’s consent to participate in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.
13.    Counterparts
This Award Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement as of the date first above written.
COMPANY:

CSW INDUSTRIALS, INC.
 
 
 
                        
By:    Joseph B. Armes
Chief Executive Officer

PARTICIPANT:
 
 
 
                        

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