Document:

Exhibit 10.11

 

	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

Rhinebeck Savings Bank

New Director Fee Continuation Plan

Agreement

 

This New Director Fee
Continuation Plan Agreement (this “Agreement”) is adopted this 1st day of January, 2008, by and between
Rhinebeck Savings Bank, a state savings bank located in Poughkeepsie, New York (the “Bank”), and William C. Irwin (the
 “Director”).

 

The purpose of this
Agreement is to provide specified benefits to the Director who contributes materially to the continued growth, development and
future business success of the Bank. This Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee
Retirement Income Security Act of 1974 (“ERISA”), as amended from time to time.

 

Article 1

Definitions

 

Whenever used m this
Agreement, the following words and phrases shall have the meanings specified:

 

		1.1	“Beneficiary” means each designated person or entity, or the estate of the deceased
Director, entitled to any benefits upon the death of the Director pursuant to Article 4.

 

		1.2	“Beneficiary Designation Form” means the form established from time to time
by the Plan Administrator that the Director completes, sign and returns to the Plan Administrator to designate one or more Beneficiaries.

 

		1.3	“Board” means the Board of Directors of the Bank as from time to time constituted.

 

		1.4	“Change in Control” means a change in the ownership or effective control of
the Bank, or in the ownership of a substantial portion of the assets of the Bank, as such change is defined in Code Section 409A
and regulations thereunder.

 

		1.5	”Code” means the Internal Revenue Code of 1986, as amended, and all regulations
and guidance thereunder, including such regulations and guidance as may be promulgated after the Effective Date.

 

		1.6	“Disability” means the Director: (i) is unable 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 can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months
under an accident and health plan covering employees or directors of the Bank. Medical determination of Disability may be made
by either the Social Security Administration or by the provider of disability insurance covering employees or directors of the
Bank provided that the definition of “disability” applied under such insurance program complies with the requirements
of the preceding sentence. Upon the request of the Plan Administrator, the Director must submit proof to the Plan Administrator
of the Social Security Administration's or the provider's determination.

 

     

     

    

 

	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

		1.7	“Early Termination” means the Director's Separation from Service before attainment
of Normal Retirement Age except when such Separation from Service occurs following a Change in Control or due to death, Disability
or Termination for Cause.

 

		1.8	“Effective Date” means January 1, 2008.

 

		1.9	“Normal Retirement Age” means age seventy (70).

 

		1.10	“Plan Administrator” means the Board or such committee or person as the Board
shall appoint.

 

		1.11	“Plan Year” means each twelve (12) month period commencing on January 1 and
ending on December 31 of each year.

 

		1.12	“Schedule A” means the schedule attached·to this Agreement and made a
part hereof. Schedule A shall be updated upon a change in any of the benefits under Articles 2 or 3.

 

		1.13	“Separation from Service” means termination of the Director's service with the
Bank for reasons other than death. Whether a Separation from Service has occurred is determined in accordance with the requirements
of Code Section 409A based on whether the facts and circumstances indicate that the Bank and Director reasonably anticipated that
no further services would be performed after a certain date or that the level of bona fide services the Director would perform
after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent
(20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately
preceding thirty-six (36) month period (or the full period of services to the Bank if the Director has been providing services
to the Bank less than thirty-six (36) months).

 

		1.14	“Specified Employee” means an employee who at the time of Separation from Service
is a key employee of the Bank, if any stock of the Bank is publicly traded on an established securities market or otherwise. For
purposes of this Agreement, a person is a key employee if the person meets the requirements of Code Section 416 (i)(l)(A)(i), (ii),
or (iii) (applied in accordance with the regulations thereunder and disregarding section 416(i)(5)) at any time during the twelve
(12) month period ending on December 31 (the “identification period”). If the person is a key employee during an identification
period, the person is treated as a key employee for purposes of this Agreement during the twelve (12) month period that begins
on the first day of April following the close of the identification period.

 

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	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

		1.15	“Termination for Cause” means Separation from Service for:

 

		(a)	Gross negligence or gross neglect of duties to the Bank;

		(b)	Conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the
Director's service with the Bank; or

		(c)	Fraud, disloyalty, dishonesty or willful violation of any law or significant Bank policy committed
in connection with the Director's service and resulting in a material adverse effect on the Bank.

 

Article 2

Distributions During Lifetime

 

		2.1	Normal Retirement Benefit. Upon the Director's Separation from Service after attaining Normal
Retirement Age, the Bank shall distribute to the Director the benefit described in this Section 2.1 in lieu of any other benefit
under this Article.

 

		2.1.1	Amount of Benefit. The annual benefit under this Section 2.1 is Twenty Seven Thousand Eight
Hundred Sixty One Dollars ($27,861).

 

		2.1.2	Distribution of Benefit. The Bank shall distribute the annual benefit to the Director in
twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit
shall be distributed to the Director for the greater of (i) fifteen (15) years or (ii) the life of the Director.

 

		2.2	Early Termination Benefit. If Early Termination occurs, the Bank shall distribute to the
Director the benefit described in this Section ·2.2 in lieu of any other benefit under this Article.

 

		2.2.1	Amount of Benefit. The annual benefit under this Section 2.2 is the amount set forth on
Schedule A for the Plan Year immediately prior to Separation from Service.

 

		2.2.2	Distribution of Benefit. The Bank shall distribute the annual benefit to the Director in
twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit
shall be distributed to the Director for fifteen (15) years.

 

		2.3	Disability Benefit. If the Director experiences a Disability followed by Separation from
Service, the Bank shall distribute to the Director the benefit described in this Section 2.3 in lieu of any other benefit under
this Article.

 

		2.3.1	Amount of Benefit. The annual benefit under this Section 2.3 is the amount set forth on
Schedule A for the Plan Year immediately prior to Separation from Service.

 

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	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

		2.3.2	Distribution of Benefit. The Bank shall distribute the annual benefit to the Director in
twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit
shall be distributed to the Director for fifteen (15) years.

 

		2.4	Change in Control Benefit. If a Change in Control followed by Separation from Service occurs,
the Bank shall distribute to the Director the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

 

		2.4.1	Amount of Benefit. The annual benefit under this Section 2.4 is the amount set forth on
Schedule A for the Plan Year immediately prior to Separation from Service.

 

		2.4.2	Distribution of Benefit. The Bank shall distribute the annual benefit to the Director in
twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit
shall be distributed to the Director for fifteen (15) years.

 

		2.5	Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement
to the contrary, if the Director is considered a Specified Employee, the provisions of this Section 2.5 shall govern all distributions
hereunder. If benefit distributions which would otherwise be made to the Director due to Separation from Service are limited because
the Director is a Specified Employee, then such distributions shall not be made during the first six (6) months following Separation
from Service. Rather, any distribution which would otherwise be paid to the Director during such period shall be accumulated and
paid to the Director in a lump sum on the first day of the seventh month following Separation from Service. All subsequent distributions
shall be paid in the manner specified.

 

		2.6	Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the
Federal Insurance Contributions Act or other state, local or foreign tax, the Director becomes subject to tax on the amounts deferred
hereunder, then the Bank may make a limited distribution to the Director in a manner that conforms to the requirements of Code
section 409A. Any such distribution will decrease the Director's benefits distributable under this Agreement.

 

		2.7	Change in Form or Timing of Distributions. For distribution of benefits under this Article
2, the Director and the Bank may, subject to the terms of Section 8.1, amend this Agreement to delay the timing or change the form
of distributions. Any such amendment:

 

		(a)	may not accelerate the time or schedule of any distribution, except as provided in Code Section
409A;

		(b)	must, for benefits distributable
                                         under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum
                                         of five (5) years from the date the first distribution was originally scheduled to be
                                         made; and
	 	(c)	must take effect not less than twelve (12) months after the amendment is made.

  

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	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

Article 3

Distribution at Death

 

		3.1	Death During Active Service. If the Director dies prior to Separation from Service, the
Bank shall distribute to the Beneficiary the benefit described in this Section 3.1. This benefit shall be distributed in lieu of
any benefit under Article 2.

 

		3.1.1	Amount of Benefit. The benefit under this Section 3.1 is Five Hundred Fifty Seven Thousand
Two Hundred Twenty Dollars ($557,220).

 

		3.1.2	Distribution of Benefit. The Bank shall distribute the benefit to the Beneficiary in a lump
sum on the first day of the fourth month following the Director's death. The Beneficiary shall be required to provide to the Bank
the Director's death certificate.

 

		3.2	Death During Distribution of a Benefit. If the Director dies after any benefit distributions
have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the
remaining benefits at the same time and in the same amounts they would have been distributed to the Director had the Director survived;
provided, however, for benefits payable under Section 2.1, if the Director has received less than one hundred eighty (180) equal
consecutive monthly installments, the Beneficiary shall continue to receive the same amounts at the same times until the sum of
the installments to the Beneficiary and Director total one hundred eighty (180).

 

		3.3	Death Before Benefit Distributions Commence. If the Director is entitled to benefit distributions
under this Agreement but dies prior to the date that commencement of said benefit distributions are scheduled to be made under
this Agreement, the Bank shall distribute to the Beneficiary the same benefits to which the Director was entitled prior to death,
except that the benefit distributions shall be paid in the manner specified in Section 3.1.2 and shall commence on the first day
of the fourth month following the Director's death for a total of one hundred eighty (180) equal consecutive monthly installments.

 

Article 4

Beneficiaries

 

		4.1	In General. The Director shall have the right, at any time, to designate a Beneficiary to
receive any benefit distributions under this Agreement upon the death of the Director. The Beneficiary designated under this Agreement
may be the same as or different from the beneficiary designated under any other plan of the Bank in which the Director participates.
 ·

 

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	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

		4.2	Designation. The Director shall designate a Beneficiary by completing and signing the Beneficiary
Designation Form and delivering it to the Plan Administrator or its designated agent. If the Director names someone other than
the Director’s spouse as a Beneficiary, the Plan Administrator may, in its sole discretion, determine that spousal consent
is required to be provided in a form designated by the Plan Administrator, executed by the Director's spouse and returned to the
Plan Administrator. The Director's beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases
the Director or if the Director names a spouse as Beneficiary and the marriage is subsequently dissolved. The Director shall have
the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation
Form and the Plan Administrator's rules and procedures. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation
Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the
last Beneficiary Designation Form filed by the Director and accepted by the Plan Administrator prior to the Director' s death.

 

		4.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective
until received, accepted and acknowledged in writing by the Plan Administrator or its designated agent.

 

		4.4	No Beneficiary Designation. If the Director dies without a valid beneficiary designation,
or if all designated Beneficiaries predecease the Director, then the Director's spouse shall be the designated Beneficiary. If
the Director has no surviving spouse, any benefit shall be paid to the Director's estate.

 

		4.5	Facility of Distribution. ·If the Plan Administrator determines in its discretion
that a benefit is to be distributed to a minor, to a person declared incompetent or to a person incapable of handling the disposition
of that person's property, the Plan Administrator may direct distribution of such benefit to the guardian, legal representative
or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require
proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any distribution
of a benefit shall be a distribution for the account of the Director and the Beneficiary, as the case may be, and shall completely
discharge any liability under this Agreement for such distribution amount.

 

Article 5

General Limitations

 

		5.1	Termination for Cause. Notwithstanding any provision of this Agreement to the contrary,
the Bank shall not distribute any benefit under this Agreement if the Director's service with the Bank is terminated by the Bank
due to a Termination for Cause, as determined by the Bank in its sole discretion.

 

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	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

		5.2	Suicide or Misstatement. No benefit shall be distributed if the Director commits suicide
within two (2) years after the Effective Date, or if an insurance company which issued a life insurance policy covering the Director
and owned by the Bank denies coverage (i) for material misstatements of fact made by the Director on an application for such life
insurance, or (ii) for any other reason.

 

		5.3	Removal. Notwithstanding any provision of this Agreement to the contrary, the Bank shall
not distribute any benefit under this Agreement if the Director is subject to a final removal or prohibition order issued by an
appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act.

 

		5.4	Regulatory Restrictions. Notwithstanding anything herein to the contrary, any payments made
to the Director pursuant to this Agreement, or otherwise, shall be conditioned upon compliance with 12 U.S.C. 1828 and FDIC Regulation
12 CFR Part 359, Golden Parachute Indemnification Payments and any other regulations or guidance promulgated thereunder.

 

		5.5	Covenant Not to Compete; Non-Solicitation;
                                         Consulting. The Director hereby covenants and agrees that, following Separation from
                                         Service as a Director, he or she shall not, without the prior written consent of the
                                         Bank, become an officer, employee, Director, trustee or ten percent (10%) or greater
                                         stockholder of any savings bank, savings and loan association, savings and loan holding
                                         company, bank or bank holding company, credit union or similar type financial institution,
                                         or any direct or indirect subsidiary or affiliate of any such entity, that entails the
                                         Director working within Dutchess, Columbia or Ulster counties or any other county in
                                         which the Bank maintains a full-service banking branch office as of the date of Separation
                                         from Service.

 

The Director hereby covenants
and agrees that, for a period of one (1) year following Separation from Service, he or she shall not, without the prior written
consent of the Bank, either directly or indirectly, solicit, offer employment to, or take any other action intended, or that a
reasonable person acting in like circumstances would expect, to have the effect of causing any officer or employee of the Bank
or any of its subsidiaries or affiliates to terminate employment and accept employment or become affiliated with, or provide services
for compensation in any capacity whatsoever to, any savings bank, savings and loan association, savings and loan holding company,
bank or bank holding company, credit union or similar type financial institution or other institution engage in the business of
accepting deposits, making loans or doing business within the counties specified above.

 

		5.6	Right to Terminate Benefits.
                                         Notwithstanding anything in this Agreement to the contrary, in the event that the Bank
                                         in its sole discretion determines that the Director has breached any of the covenants
                                         set forth in Section 5.5, the Bank shall have the right to terminate the benefits payable
                                         under this Agreement at any time.

 

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	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

Article 6

Administration of Agreement

 

		6.1	Plan Administrator Duties. The Plan Administrator shall administer this Agreement according
to its express terms and shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate
rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions, including interpretations
of this Agreement, as may arise in connection with this Agreement to the extent the exercise of such discretion and authority does
not conflict with Code Section 409A.

 

		6.2	Agents. In the administration of this Agreement, the Plan Administrator may employ agents
and delegate to them such administrative duties as the Plan Administrator sees fit, including acting through a duly appointed representative,
and may from time to time consult with counsel who may be counsel to the Bank.

 

		6.3	Binding Effect of Decisions. Any decision or action of the Plan Administrator with respect
to any question arising out of or in connection with the administration, interpretation or application of this Agreement and the
rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this
Agreement.

 

		6.4	Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless the Plan Administrator
against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to
this Agreement, except in the case of willful misconduct by the Plan Administrator.

 

		6.5	Bank Information. To enable the Plan Administrator to perform its functions, the Bank shall
supply full and timely information to the Plan Administrator on all matters relating to the date and circumstances of the Director's
death, Disability or Separation from Service, and such other pertinent information as the Plan Administrator may reasonably require.

 

		6.6	Annual Statement. The Plan Administrator shall provide to the Director, within one hundred
twenty (120) days after the end of each Plan Year, a statement setting forth the benefits to be distributed under this Agreement.

 

Article 7

Claims And Review Procedures

 

		7.1	Claims Procedure. A Director or Beneficiary (“claimant”) who has not received
benefits under this Agreement that he or she believes should be distributed shall make a claim for such benefits as follows:

 

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	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

		7.1.1	Initiation - Written Claim. The claimant initiates a claim by submitting to the Plan Administrator
a written claim for the benefits. If such a claim relates to the contents of a notice received by the claimant, the claim must
be made within sixty (60) days after such notice was received by the claimant. All other claims must be made within one hundred
eighty (180) days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity
the determination desired by the claimant.

 

		7.1.2	Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant
within ninety (90) days after receiving the claim. If the Plan Administrator determines that special circumstances require additional
time for processing the claim, the Plan Administrator can extend the response period by an additional ninety (90) days by notifying
the claimant in writing, prior to the end of the initial ninety (90) day period, which an additional period is required. The notice
of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

 

		7.1.3	Notice of Decision. If the Plan Administrator denies part or the entire claim, the Plan
Administrator shall notify the claimant in writing of such denial. The Plan Administrator shall write the notification in a manner
calculated to be understood by the claimant. The notification shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of this Agreement on which the denial is based;

		(c)	A description of any additional information or material necessary for the claimant to perfect the
claim and an explanation of why it is needed;

		(d)	An explanation of this Agreement's review procedures and the time limits applicable to such procedures;
and

		(e)	A statement of the claimant's right to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on review.

 

		7.2	Review Procedure. If the Plan Administrator denies part or the entire claim, the claimant
shall have the opportunity for a full and fair review by the Plan Administrator of the denial as follows:

 

		7.2.1	Initiation - Written Request. To initiate the review, the claimant, within sixty (60) days
after receiving the Plan Administrator's notice of denial, must file with the Plan Administrator a written request for review.

 

		7.2.2	Additional Submissions - Information Access. The claimant shall then have the opportunity
to submit written comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide
the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant (as defined in applicable Labor Dept. regulations) to the claimant's claim for benefits.

 

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	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

		7.2.3	Considerations on Review. In considering the review, the Plan Administrator shall take into
account all materials and information the claimant submits relating to the claim, without regard to whether such information was
submitted or considered in the initial benefit determination.

 

		7.2.4	Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to
such claimant within sixty (60) days after receiving the request for review. If the Plan Administrator determines that special
circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional
sixty (60) days by notifying the claimant in writing, prior to the end of the initial sixty (60) day period, which an additional
period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator
expects to render its decision.

 

		7.2.5	Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision
on review. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification
shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of this Agreement on which the denial is based;

		(c)	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable
access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to
the claimant's claim for benefits; and

		(d)	A statement of the claimant's right to bring a civil action under ERISA Section 502(a).

 

Article 8

Amendments and Termination

 

		8.1	Amendments. This Agreement may be amended only by a written agreement signed by the Bank
and the Director. However, the Bank may unilaterally amend this Agreement to conform with written directives to the Bank from its
auditors or banking regulators or to comply with legislative changes or tax law, including without limitation Code Section 409A.

 

		8.2	Plan Termination Generally. This Agreement may be terminated only by a written agreement
signed by the Bank and the Director. The benefit shall be the amount the Bank has accrued with respect to its obligations hereunder
as of the date this Agreement is terminated. Except as provided in Section 8.3, the termination of this Agreement shall not cause
a distribution of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest
distribution event permitted under Article 2 or Article 3.

 

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	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

		8.3	Plan Terminations Under Code Section 409A. Notwithstanding anything to the contrary in Section
8.2, if the Bank terminates this Agreement in the following circumstances:

 

		(a)	Within thirty (30) days before or twelve (12) months after a change in the ownership or effective
control of the Bank, or in the ownership of a substantial portion of the assets of the Bank as described in Code Section 409A(a)(2)(A)(v),
provided that all distributions are made no later than twelve (12) months following such termination of this Agreement and further
provided that all the Bank's arrangements which are substantially similar to this Agreement are terminated so the Director and
all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated
arrangements within twelve (12) months of such termination;

		(b)	Within twelve (12) months of the Bank's dissolution either (x) in a dissolution taxable under Code
Section 331 or (y) with the approval of a bankruptcy court provided that the amounts deferred under this Agreement are included
in the Director's gross income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year
in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution
is administratively practical; or

		(c)	Upon the Bank's termination of this and all other arrangements that would be aggregated with this
Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Director participated in such arrangements (“Similar
Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial
health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four
(24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement
for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate
the Agreement;

 

the Bank
may distribute the amount the Bank has accrued with respect to its obligations hereunder, determined as of the date of the termination
of this Agreement, to the Director in a lump sum subject to the above terms.

 

Article 9

Miscellaneous

 

		9.1	Binding Effect.This Agreement shall bind the Director and the Bank and their beneficiaries,
survivors, executors, administrators and transferees.

 

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	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

		9.2	No Guarantee of Service. This Agreement is not a contract for service. It does not give
the Director the right to remain a member of the Board, nor interfere with the Bank’s right to discharge the Director. It
does not require the Director to remain a Director nor interfere with the Director’s right to terminate service at any time.

 

		9.3	Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned,
pledged, attached or encumbered in any manner.

 

		9.4	Tax Withholding and Reporting. The Bank shall withhold any taxes that are required to be
withheld, including but not limited to taxes owed under Code Section 409A from the benefits provided under this Agreement. The
Director acknowledges that the Bank' s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing
authorities. The Bank shall satisfy all applicable reporting requirements, including those under Code Section 409A.

 

		9.5	Applicable Law. This Agreement and all rights hereunder shall be governed by the laws of
the State of New York, without regard to its conflicts of laws provisions, except to the extent preempted by the laws of the United
States of America.

 

		9.6	Unfunded Arrangement. The Director and the Beneficiary are general unsecured creditors of
the Bank for the distribution of benefits under this Agreement. The benefits represent the mere promise by the Bank to distribute
such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment or garnishment by creditors. Any insurance on the Director's life or other informal funding asset is a
general asset of the Bank to which the Director and Beneficiary have no preferred or secured claim.

 

		9.7	Reorganization. The Bank shall not merge or consolidate into or with another bank, or reorganize,
or sell substantially all of its assets to another bank, firm or person unless such succeeding or continuing bank, firm or person
agrees to assume and discharge the obligations of the Bank under this Agreement. Upon the occurrence of such an event, the term
 “Bank” as used in this Agreement shall be deemed to refer to the successor or survivor entity.

 

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

 

		9.9	Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires
and the context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural.

 

		9.10	Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator
to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform
such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank,
provided that such alternative act does not violate Code Section 409A.

 

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	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

		9.11	Headings. Article and section headings are for convenient reference only and shall not control
or affect the meaning or construction of any provision herein.

 

		9.12	Validity. If any provision of this Agreement shall be illegal or invalid for any reason,
said illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall be construed and enforced as
if such illegal or invalid provision had never been included herein.

 

		9.13	Notice. Any notice or filing required or permitted to be given to the Bank or Plan Administrator
under this Agreement shall be sufficient if in writing and hand-delivered or sent by registered or certified mail to the address
below:

 

	 	Plan Administrator
    - Rhinebeck Savings Bank	 
	 	2 Jefferson Plaza	 
	 	Poughkeepsie, NY 12601	 

 

Such notice
shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt
for registration or certification.

 

Any notice
or filing required or permitted to be given to the Director under this Agreement shall be sufficient if in writing and hand-delivered
or sent by mail to the last known address of the Director.

 

		9.14	Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank's
deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m),
then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible,
the Bank may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be
distributed to the Director (or the Beneficiary in the event of the Director's death) at the earliest date the Bank reasonably
anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).

 

		9.15	Arbitration. Any dispute, controversy or claim with respect to any party's performance under
this Agreement shall be settled by arbitration in accordance with the laws of the State of New York by a single arbitrator who
shall be selected by the American Arbitration Association in Dutchess County, New York. Such arbitration shall be conducted in
Dutchess County in accordance with the Commercial Arbitration Rules of the American Arbitration Association. Punitive damages shall
not be awarded. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.

 

    	 	13	 

     

    

 

	Rhinebeck Savings Bank
	New Director Fee Continuation Plan Agreement

 

		9.16	Compliance with Section 409A. This Agreement shall be interpreted and administered consistent
with Code Section 409A.

 

IN WITNESS
WHEREOF, the Director and a duly authorized representative of the Bank have signed this Agreement.

 

	DIRECTOR	 	BANK
	 	 	 	 	 
	By:		 	By:	
	 	William C. Irwin	 	Title: EVP and COO

 

    	 	14	 

     

    

 

Plan Year Reporting

 

Director Fee Continuation Plan

Schedule A

 

William C. Irwin

 

	Birth
    Date: 11/2/1958
 Plan Anniversary Date: 1/1/2009
 Normal Retirement:  11/2/2028, Age 70
 Normal Retirement Payment:
    Monthly for Life	 	Early
    Termination 
 Annual Benefit 2
 Amount Payable at 
 Separation from Service	 	 	Disability

    Annual Benefit 2
 Amount Payable at
 Separation from Service	 	 	Change
    in Control
 Annual Benefit 2
 Amount Payable at
 Separation from Service	 	 	Pre-retire.
    
 Death
 Benefit
 Lump Sum
 Benefit	 
	 	 	Discount
 Rate	 	 	Benefit
 Level	 	 	Account
 Value	 	 	Vesting	 	 	Based On
 Account Value	 	 	Vesting	 	 	Based On
 Account Value	 	 	Vesting	 	 	Based On
 Account Value	 	 	Based On
 Dollar Amt	 
	Values
    as of	 	(1)	 	 	(2)	 	 	(3)	 	 	(4)	 	 	(5)	 	 	(6)	 	 	(7)	 	 	(8)	 	 	(9)	 	 	(10)	 
	Jan 2008  1	 	 	 	 	 	 	27,861	 	 	 	 	 	 	 	100	%	 	 	0	 	 	 	100	%	 	 	0	 	 	 	100	%	 	 	0	 	 	 	557,220	 
	Dec 2008	 	 	6.00	%	 	 	27,861	 	 	 	6,830	 	 	 	100	%	 	 	688	 	 	 	100	%	 	 	688	 	 	 	100	%	 	 	688	 	 	 	557,220	 
	Dec 2009	 	 	6.00	%	 	 	27,861	 	 	 	14,082	 	 	 	100	%	 	 	1,419	 	 	 	100	%	 	 	1,419	 	 	 	100	%	 	 	1 ,419	 	 	 	557,220	 
	Dec 2010	 	 	6.00	%	 	 	27,861	 	 	 	21,781	 	 	 	100	%	 	 	2,195	 	 	 	100	%	 	 	2,195	 	 	 	100	%	 	 	2,195	 	 	 	557,220	 
	Dec 2011	 	 	6.00	%	 	 	27,861	 	 	 	29,955	 	 	 	100	%	 	 	3,018	 	 	 	100	%	 	 	3,018	 	 	 	100	%	 	 	3,018	 	 	 	557,220	 
	Dec 2012	 	 	6.00	%	 	 	27,861	 	 	 	38,633	 	 	 	100	%	 	 	3,893	 	 	 	100	%	 	 	3,893	 	 	 	100	%	 	 	3,893	 	 	 	557,220	 
	Dec 2013	 	 	6.00	%	 	 	27,861	 	 	 	47,846	 	 	 	100	%	 	 	4,821	 	 	 	100	%	 	 	4,821	 	 	 	100	%	 	 	4,821	 	 	 	557,220	 
	Dec 2014	 	 	6.00	%	 	 	27,861	 	 	 	57,627	 	 	 	100	%	 	 	5,806	 	 	 	100	%	 	 	5,806	 	 	 	100	%	 	 	5,806	 	 	 	557,220	 
	Dec 2015	 	 	6.00	%	 	 	27,861	 	 	 	68,012	 	 	 	100	%	 	 	6,853	 	 	 	100	%	 	 	6,853	 	 	 	100	%	 	 	6,853	 	 	 	557,220	 
	Dec 2016	 	 	6.00	%	 	 	27,861	 	 	 	79,037	 	 	 	100	%	 	 	7,964	 	 	 	100	%	 	 	7,964	 	 	 	100	%	 	 	7,964	 	 	 	557,220	 
	Dec 2017	 	 	6.00	%	 	 	27,861	 	 	 	90,742	 	 	 	100	%	 	 	9,143	 	 	 	100	%	 	 	9,143	 	 	 	100	%	 	 	9,143	 	 	 	557,220	 
	Dec 2018	 	 	6.00	%	 	 	27,861	 	 	 	I03,169	 	 	 	100	%	 	 	10,395	 	 	 	100	%	 	 	10,395	 	 	 	100	%	 	 	10,395	 	 	 	557,220	 
	Dec 2019	 	 	6.00	%	 	 	27,861	 	 	 	116,363	 	 	 	100	%	 	 	11,725	 	 	 	100	%	 	 	11,725	 	 	 	100	%	 	 	11,725	 	 	 	557,220	 
	Dec 2020	 	 	6.00	%	 	 	27,861	 	 	 	130,370	 	 	 	100	%	 	 	13,136	 	 	 	100	%	 	 	13,136	 	 	 	100	%	 	 	13,136	 	 	 	557,220	 
	Dec 2021	 	 	6.00	%	 	 	27,861	 	 	 	145,241	 	 	 	100	%	 	 	14,634	 	 	 	100	%	 	 	14,634	 	 	 	100	%	 	 	14,634	 	 	 	557,220	 
	Dec 2022	 	 	6.00	%	 	 	27,861	 	 	 	161,030	 	 	 	100	%	 	 	16,225	 	 	 	100	%	 	 	16,225	 	 	 	100	%	 	 	16,225	 	 	 	557,220	 
	Dec 2023	 	 	6.00	%	 	 	27,861	 	 	 	177,792	 	 	 	100	%	 	 	17,914	 	 	 	100	%	 	 	17,914	 	 	 	100	%	 	 	17,914	 	 	 	557,220	 
	Dec 2024	 	 	6.00	%	 	 	27,861	 	 	 	195,588	 	 	 	100	%	 	 	19,707	 	 	 	100	%	 	 	19,707	 	 	 	100	%	 	 	19,707	 	 	 	557,220	 
	Dec 2025	 	 	6.00	%	 	 	27,861	 	 	 	214,482	 	 	 	100	%	 	 	21,611	 	 	 	100	%	 	 	21,611	 	 	 	100	%	 	 	21,611	 	 	 	557,220	 
	Dec 2026	 	 	6.00	%	 	 	27,861	 	 	 	234,541	 	 	 	100	%	 	 	23,632	 	 	 	100	%	 	 	23,632	·	 	 	100	%	 	 	23,632	 	 	 	557,220	 
	Dec 2027	 	 	6.00	%	 	 	27,861	 	 	 	255,838	 	 	 	100	%	 	 	25,778	 	 	 	100	%	 	 	25,778	 	 	 	100	%	 	 	25,778	 	 	 	557,220	 
	Nov 2028	 	 	6.00	%	 	 	27,861	 	 	 	276,511	 	 	 	100	%	 	 	27,861	 	 	 	100	%	 	 	27,861	 	 	 	100	%	 	 	27,861	 	 	 	557,220	 

 

		1	The first line reflects just the initial values as of
January 1, 2008.

		2	The annual benefit amount will be distributed in 12 equal
monthly payments for a total of 180 monthly payments.

 

*IF THERE IS A CONFLICT IN ANY
TERMS OR PROVISIONS 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.

 

    	 	15Exhibit 10.12

 

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

 

Rhinebeck Savings
Bank

New Director Fee
Continuation Plan

Agreement

 

This New
Director Fee Continuation Plan Agreement (this “Agreement”) is adopted this 1st day of January, 2008, by
and between Rhinebeck Savings Bank, a state savings bank located in Poughkeepsie, New York (the “Bank”), and Louis
Tumolo, Jr. (the “Director”).

 

The purpose of this
Agreement is to provide specified benefits to the Director who contributes materially to the continued growth, development and
future business success of the Bank. This Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee
Retirement Income Security Act of 1974 (“ERISA”), as amended from time to time.

 

Article 1

Definitions

 

Whenever used m this
Agreement, the following words and phrases shall have the meanings specified:

 

		1.1	"Beneficiary"
                                         means each designated person or entity, or the estate of the deceased Director, entitled
                                         to any benefits upon the death of the Director pursuant to Article 4.

 

		1.2	"Beneficiary
                                         Designation Form" means the form established from time to time by the Plan Administrator
                                         that the Director completes, sign and returns to the Plan Administrator to designate
                                         one or more Beneficiaries.

 

		1.3	"Board"
                                         means the Board of Directors of the Bank as from time to time constituted.

 

		1.4	"Change
                                         in Control" means a change in the ownership or effective control of the Bank,
                                         or in the ownership of a substantial portion of the assets of the Bank, as such change
                                         is defined in Code Section 409A and regulations thereunder.

 

		1.5	“Code”
                                         means the Internal Revenue Code of 1986, as amended, and all regulations and guidance
                                         thereunder, including such regulations and guidance as may be promulgated after the Effective
                                         Date.

 

		1.6	"Disability"
                                         means the Director: (i) is unable 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 can be expected to last for a continuous period of not less than twelve
                                         (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment
                                         which can be expected to result in death or can be expected to last for a continuous
                                         period of not less than twelve (12) months, receiving income replacement benefits for
                                         a period of not less than three (3) months under an accident and health plan covering
                                         employees or directors of the Bank. Medical determination of Disability may be made by
                                         either the Social Security Administration or by the provider of disability insurance
                                         covering employees or directors of the Bank provided that the definition of "disability"
                                         applied under such insurance program complies with the requirements of the preceding
                                         sentence. Upon the request of the Plan Administrator, the Director must submit proof
                                         to the Plan Administrator of the Social Security Administration's or the provider's determination.

 

     

     

    

 

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

 

		1.7	"Early
                                         Termination" means the Director's Separation from Service before attainment
                                         of Normal Retirement Age except when such Separation from Service occurs following a
                                         Change in Control or due to death, Disability or Termination for Cause.

 

		1.8	"Effective
                                         Date" means January 1, 2008.

 

		1.9	"Normal
                                         Retirement Age" means age seventy (70).

 

		1.10	"Plan
                                         Administrator" means the Board or such committee or person as the Board shall
                                         appoint.

 

		1.11	"Plan
                                         Year" means each twelve (12) month period commencing on January 1 and ending
                                         on December 31 of each year.

 

		1.12	"Schedule
                                         A" means the schedule attached·to this Agreement and made a part hereof.
                                         Schedule A shall be updated upon a change in any of the benefits under Articles 2 or
                                         3.

 

		1.13	"Separation
                                         from Service" means termination of the Director's service with the Bank for
                                         reasons other than death. Whether a Separation from Service has occurred is determined
                                         in accordance with the requirements of Code Section 409A based on whether the facts and
                                         circumstances indicate that the Bank and Director reasonably anticipated that no further
                                         services would be performed after a certain date or that the level of bona fide services
                                         the Director would perform after such date (whether as an employee or as an independent
                                         contractor) would permanently decrease to no more than twenty percent (20%) of the average
                                         level of bona fide services performed (whether as an employee or an independent contractor)
                                         over the immediately preceding thirty-six (36) month period (or the full period of services
                                         to the Bank if the Director has been providing services to the Bank less than thirty-six
                                         (36) months).

 

		1.14	"Specified
                                         Employee" means an employee who at the time of Separation from Service is a
                                         key employee of the Bank, if any stock of the Bank is publicly traded on an established
                                         securities market or otherwise. For purposes of this Agreement, a person is a key employee
                                         if the person meets the requirements of Code Section 416 (i)(l)(A)(i), (ii), or (iii)
                                         (applied in accordance with the regulations thereunder and disregarding section 416(i)(5))
                                         at any time during the twelve (12) month period ending on December 31 (the "identification
                                         period"). If the person is a key employee during an identification period, the person
                                         is treated as a key employee for purposes of this Agreement during the twelve (12) month
                                         period that begins on the first day of April following the close of the identification
                                         period.

 

    	 	2	 

     

    

  

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

 

		1.15	"Termination
                                         for Cause" means Separation from Service for:

 

		(a)	Gross
                                         negligence or gross neglect of duties to the Bank;

		(b)	Conviction
                                         of a felony or of a gross misdemeanor involving moral turpitude in connection with the
                                         Director's service with the Bank; or

		(c)	Fraud,
                                         disloyalty, dishonesty or willful violation of any law or significant Bank policy committed
                                         in connection with the Director's service and resulting in a material adverse effect
                                         on the Bank.

 

Article 2

Distributions
During Lifetime

 

		2.1	Normal
                                         Retirement Benefit. Upon the Director's Separation from Service after attaining Normal
                                         Retirement Age, the Bank shall distribute to the Director the benefit described in this
                                         Section 2.1 in lieu of any other benefit under this Article.

 

		2.1.1	Amount
                                         of Benefit. The annual benefit under this Section 2.1 is Fifteen Thousand Forty Four
                                         Dollars ($15,044).

 

		2.1.2	Distribution
                                         of Benefit. The Bank shall distribute the annual benefit to the Director in twelve
                                         (12) equal monthly installments commencing on the first day of the month following Separation
                                         from Service. The annual benefit shall be distributed to the Director for the greater
                                         of (i) fifteen (15) years or (ii) the life of the Director.

 

		2.2	Early
                                         Termination Benefit. If Early Termination occurs, the Bank shall distribute to the
                                         Director the benefit described in this Section ·2.2 in lieu of any other benefit
                                         under this Article.

 

		2.2.1	Amount
                                         of Benefit. The annual benefit under this Section 2.2 is the amount set forth on
                                         Schedule A for the Plan Year immediately prior to Separation from Service.

 

		2.2.2	Distribution
                                         of Benefit. The Bank shall distribute the annual benefit to the Director in twelve
                                         (12) equal monthly installments commencing on the first day of the month following Separation
                                         from Service. The annual benefit shall be distributed to the Director for fifteen (15)
                                         years.

 

		2.3	Disability
                                         Benefit. If the Director experiences a Disability followed by Separation from Service,
                                         the Bank shall distribute to the Director the benefit described in this Section 2.3 in
                                         lieu of any other benefit under this Article.

 

		2.3.1	Amount
                                         of Benefit. The annual benefit under this Section 2.3 is the amount set forth on
                                         Schedule A for the Plan Year immediately prior to Separation from Service.

 

    	 	3	 

     

    

 

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

 

		2.3.2	Distribution
                                         of Benefit. The Bank shall distribute the annual benefit to the Director in twelve
                                         (12) equal monthly installments commencing on the first day of the month following Separation
                                         from Service. The annual benefit shall be distributed to the Director for fifteen (15)
                                         years.

 

		2.4	Change
                                         in Control Benefit. If a Change in Control followed by Separation from Service occurs,
                                         the Bank shall distribute to the Director the benefit described in this Section 2.4 in
                                         lieu of any other benefit under this Article.

 

		2.4.1	Amount
                                         of Benefit. The annual benefit under this Section 2.4 is the amount set forth on
                                         Schedule A for the Plan Year immediately prior to Separation from Service.

 

		2.4.2	Distribution
                                         of Benefit. The Bank shall distribute the annual benefit to the Director in twelve
                                         (12) equal monthly installments commencing on the first day of the month following Separation
                                         from Service. The annual benefit shall be distributed to the Director for fifteen (15)
                                         years.

 

		2.5	Restriction
                                         on Commencement of Distributions. Notwithstanding any provision of this Agreement
                                         to the contrary, if the Director is considered a Specified Employee, the provisions of
                                         this Section 2.5 shall govern all distributions hereunder. If benefit distributions which
                                         would otherwise be made to the Director due to Separation from Service are limited because
                                         the Director is a Specified Employee, then such distributions shall not be made during
                                         the first six (6) months following Separation from Service. Rather, any distribution
                                         which would otherwise be paid to the Director during such period shall be accumulated
                                         and paid to the Director in a lump sum on the first day of the seventh month following
                                         Separation from Service. All subsequent distributions shall be paid in the manner specified.

 

		2.6	Distributions
                                         Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the Federal
                                         Insurance Contributions Act or other state, local or foreign tax, the Director becomes
                                         subject to tax on the amounts deferred hereunder, then the Bank may make a limited distribution
                                         to the Director in a manner that conforms to the requirements of Code section 409A. Any
                                         such distribution will decrease the Director's benefits distributable under this Agreement.

 

		2.7	Change
                                         in Form or Timing of Distributions. For distribution of benefits under this Article
                                         2, the Director and the Bank may, subject to the terms of Section 8.1, amend this Agreement
                                         to delay the timing or change the form of distributions. Any such amendment:

 

		(a)	may
                                         not accelerate the time or schedule of any distribution, except as provided in Code Section
                                         409A;

		(b)	must,
                                         for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement
                                         of distributions for a minimum of five (5) years from the date the first distribution
                                         was originally scheduled to be made; and
	 	(c)	must
                                         take effect not less than twelve (12) months after the amendment is made.

 

    	 	4	 

     

    

 

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

 

Article 3

Distribution at
Death

 

		3.1	Death
                                         During Active Service. If the Director dies prior to Separation from Service, the
                                         Bank shall distribute to the Beneficiary the benefit described in this Section 3.1. This
                                         benefit shall be distributed in lieu of any benefit under Article 2.

 

		3.1.1	Amount
of Benefit. The benefit under this Section 3.1 is Three Hundred Thousand Eight Hundred Eighty Dollars ($300,880).

 

		3.1.2	Distribution
                                         of Benefit. The Bank shall distribute the benefit to the Beneficiary in a lump sum
                                         on the first day of the fourth month following the Director's death. The Beneficiary
                                         shall be required to provide to the Bank the Director's death certificate.

 

		3.2	Death
                                         During Distribution of a Benefit. If the Director dies after any benefit distributions
                                         have commenced under this Agreement but before receiving all such distributions, the
                                         Bank shall distribute to the Beneficiary the remaining benefits at the same time and
                                         in the same amounts they would have been distributed to the Director had the Director
                                         survived; provided, however, for benefits payable under Section 2.1, if the Director
                                         has received less than one hundred eighty (180) equal consecutive monthly installments,
                                         the Beneficiary shall continue to receive the same amounts at the same times until the
                                         sum of the installments to the Beneficiary and Director total one hundred eighty (180).

 

		3.3	Death
                                         Before Benefit Distributions Commence. If the Director is entitled to benefit distributions
                                         under this Agreement but dies prior to the date that commencement of said benefit distributions
                                         are scheduled to be made under this Agreement, the Bank shall distribute to the Beneficiary
                                         the same benefits to which the Director was entitled prior to death, except that the
                                         benefit distributions shall be paid in the manner specified in Section 3.1.2 and shall
                                         commence on the first day of the fourth month following the Director's death for a total
                                         of one hundred eighty (180) equal consecutive monthly installments.

 

Article 4

Beneficiaries

 

		4.1	In
                                         General. The Director shall have the right, at any time, to designate a Beneficiary
                                         to receive any benefit distributions under this Agreement upon the death of the Director.
                                         The Beneficiary designated under this Agreement may be the same as or different from
                                         the beneficiary designated under any other plan of the Bank in which the Director participates.
                                         ·

 

    	 	5	 

     

    

 

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

 

		4.2	Designation.
                                         The Director shall designate a Beneficiary by completing and signing the Beneficiary
                                         Designation Form and delivering it to the Plan Administrator or its designated agent.
                                         If the Director names someone other than the Director’s spouse as a Beneficiary,
                                         the Plan Administrator may, in its sole discretion, determine that spousal consent is
                                         required to be provided in a form designated by the Plan Administrator, executed by the
                                         Director's spouse and returned to the Plan Administrator. The Director's beneficiary
                                         designation shall be deemed automatically revoked if the Beneficiary predeceases the
                                         Director or if the Director names a spouse as Beneficiary and the marriage is subsequently
                                         dissolved. The Director shall have the right to change a Beneficiary by completing, signing
                                         and otherwise complying with the terms of the Beneficiary Designation Form and the Plan
                                         Administrator's rules and procedures. Upon the acceptance by the Plan Administrator of
                                         a new Beneficiary Designation Form, all Beneficiary designations previously filed shall
                                         be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary
                                         Designation Form filed by the Director and accepted by the Plan Administrator prior to
                                         the Director' s death.

 

		4.3	Acknowledgment.
                                         No designation or change in designation of a Beneficiary shall be effective until received,
                                         accepted and acknowledged in writing by the Plan Administrator or its designated agent.

 

		4.4	No
                                         Beneficiary Designation. If the Director dies without a valid beneficiary designation,
                                         or if all designated Beneficiaries predecease the Director, then the Director's spouse
                                         shall be the designated Beneficiary. If the Director has no surviving spouse, any benefit
                                         shall be paid to the Director's estate.

 

		4.5	Facility
                                         of Distribution. ·If the Plan Administrator determines in its discretion that
                                         a benefit is to be distributed to a minor, to a person declared incompetent or to a person
                                         incapable of handling the disposition of that person's property, the Plan Administrator
                                         may direct distribution of such benefit to the guardian, legal representative or person
                                         having the care or custody of such minor, incompetent person or incapable person. The
                                         Plan Administrator may require proof of incompetence, minority or guardianship as it
                                         may deem appropriate prior to distribution of the benefit. Any distribution of a benefit
                                         shall be a distribution for the account of the Director and the Beneficiary, as the case
                                         may be, and shall completely discharge any liability under this Agreement for such distribution
                                         amount.

 

Article 5

General Limitations

 

		5.1	Termination
                                         for Cause. Notwithstanding any provision of this Agreement to the contrary, the Bank
                                         shall not distribute any benefit under this Agreement if the Director's service with
                                         the Bank is terminated by the Bank due to a Termination for Cause, as determined by the
                                         Bank in its sole discretion.

 

    	 	6	 

     

    

 

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

 

		5.2	Suicide
                                         or Misstatement. No benefit shall be distributed if the Director commits suicide
                                         within two (2) years after the Effective Date, or if an insurance company which issued
                                         a life insurance policy covering the Director and owned by the Bank denies coverage (i)
                                         for material misstatements of fact made by the Director on an application for such life
                                         insurance, or (ii) for any other reason.

 

		5.3	Removal.
                                         Notwithstanding any provision of this Agreement to the contrary, the Bank shall not distribute
                                         any benefit under this Agreement if the Director is subject to a final removal or prohibition
                                         order issued by an appropriate federal banking agency pursuant to Section 8(e) of the
                                         Federal Deposit Insurance Act.

 

		5.4	Regulatory
                                         Restrictions. Notwithstanding anything herein to the contrary, any payments made
                                         to the Director pursuant to this Agreement, or otherwise, shall be conditioned upon compliance
                                         with 12 U.S.C. 1828 and FDIC Regulation 12 CFR Part 359, Golden Parachute Indemnification
                                         Payments and any other regulations or guidance promulgated thereunder.

 

		5.5	Covenant
                                         Not to Compete; Non-Solicitation; Consulting. The Director hereby covenants and agrees
                                         that, following Separation from Service as a Director, he or she shall not, without the
                                         prior written consent of the Bank, become an officer, employee, Director, trustee or
                                         ten percent (10%) or greater stockholder of any savings bank, savings and loan association,
                                         savings and loan holding company, bank or bank holding company, credit union or similar
                                         type financial institution, or any direct or indirect subsidiary or affiliate of any
                                         such entity, that entails the Director working within Dutchess, Columbia or Ulster counties
                                         or any other county in which the Bank maintains a full-service banking branch office
                                         as of the date of Separation from Service.

 

The Director hereby covenants
and agrees that, for a period of one (1) year following Separation from Service, he or she shall not, without the prior written
consent of the Bank, either directly or indirectly, solicit, offer employment to, or take any other action intended, or that a
reasonable person acting in like circumstances would expect, to have the effect of causing any officer or employee of the Bank
or any of its subsidiaries or affiliates to terminate employment and accept employment or become affiliated with, or provide services
for compensation in any capacity whatsoever to, any savings bank, savings and loan association, savings and loan holding company,
bank or bank holding company, credit union or similar type financial institution or other institution engage in the business of
accepting deposits, making loans or doing business within the counties specified above.

 

		5.6	Right
                                         to Terminate Benefits. Notwithstanding anything in this Agreement to the contrary,
                                         in the event that the Bank in its sole discretion determines that the Director has breached
                                         any of the covenants set forth in Section 5.5, the Bank shall have the right to terminate
                                         the benefits payable under this Agreement at any time.

  

    	 	7	 

     

    

 

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

 

Article 6

Administration
of Agreement

 

		6.1	Plan
                                         Administrator Duties. The Plan Administrator shall administer this Agreement according
                                         to its express terms and shall also have the discretion and authority to (i) make, amend,
                                         interpret and enforce all appropriate rules and regulations for the administration of
                                         this Agreement and (ii) decide or resolve any and all questions, including interpretations
                                         of this Agreement, as may arise in connection with this Agreement to the extent the exercise
                                         of such discretion and authority does not conflict with Code Section 409A.

 

		6.2	Agents.
                                         In the administration of this Agreement, the Plan Administrator may employ agents and
                                         delegate to them such administrative duties as the Plan Administrator sees fit, including
                                         acting through a duly appointed representative, and may from time to time consult with
                                         counsel who may be counsel to the Bank.

 

		6.3	Binding
                                         Effect of Decisions. Any decision or action of the Plan Administrator with respect
                                         to any question arising out of or in connection with the administration, interpretation
                                         or application of this Agreement and the rules and regulations promulgated hereunder
                                         shall be final and conclusive and binding upon all persons having any interest in this
                                         Agreement.

 

		6.4	Indemnity
                                         of Plan Administrator. The Bank shall indemnify and hold harmless the Plan Administrator
                                         against any and all claims, losses, damages, expenses or liabilities arising from any
                                         action or failure to act with respect to this Agreement, except in the case of willful
                                         misconduct by the Plan Administrator.

 

		6.5	Bank
                                         Information. To enable the Plan Administrator to perform its functions, the Bank
                                         shall supply full and timely information to the Plan Administrator on all matters relating
                                         to the date and circumstances of the Director's death, Disability or Separation from
                                         Service, and such other pertinent information as the Plan Administrator may reasonably
                                         require.

 

		6.6	Annual
                                         Statement. The Plan Administrator shall provide to the Director, within one hundred
                                         twenty (120) days after the end of each Plan Year, a statement setting forth the benefits
                                         to be distributed under this Agreement.

 

Article 7

Claims And Review
Procedures

 

		7.1	Claims
                                         Procedure. A Director or Beneficiary ("claimant") who has not received
                                         benefits under this Agreement that he or she believes should be distributed shall make
                                         a claim for such benefits as follows:

    	 	8	 

     

    

 

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

 

		7.1.1	Initiation
                                         - Written Claim. The claimant initiates a claim by submitting to the Plan Administrator
                                         a written claim for the benefits. If such a claim relates to the contents of a notice
                                         received by the claimant, the claim must be made within sixty (60) days after such notice
                                         was received by the claimant. All other claims must be made within one hundred eighty
                                         (180) days of the date on which the event that caused the claim to arise occurred. The
                                         claim must state with particularity the determination desired by the claimant.

 

		7.1.2	Timing
                                         of Plan Administrator Response. The Plan Administrator shall respond to such claimant
                                         within ninety (90) days after receiving the claim. If the Plan Administrator determines
                                         that special circumstances require additional time for processing the claim, the Plan
                                         Administrator can extend the response period by an additional ninety (90) days by notifying
                                         the claimant in writing, prior to the end of the initial ninety (90) day period, which
                                         an additional period is required. The notice of extension must set forth the special
                                         circumstances and the date by which the Plan Administrator expects to render its decision.

 

		7.1.3	Notice
                                         of Decision. If the Plan Administrator denies part or the entire claim, the Plan
                                         Administrator shall notify the claimant in writing of such denial. The Plan Administrator
                                         shall write the notification in a manner calculated to be understood by the claimant.
                                         The notification shall set forth:

 

		(a)	The
                                         specific reasons for the denial;

		(b)	A
                                         reference to the specific provisions of this Agreement on which the denial is based;

		(c)	A
                                         description of any additional information or material necessary for the claimant to perfect
                                         the claim and an explanation of why it is needed;

		(d)	An
                                         explanation of this Agreement's review procedures and the time limits applicable to such
                                         procedures; and

		(e)	A
                                         statement of the claimant's right to bring a civil action under ERISA Section 502(a)
                                         following an adverse benefit determination on review.

 

		7.2	Review
                                         Procedure. If the Plan Administrator denies part or the entire claim, the claimant
                                         shall have the opportunity for a full and fair review by the Plan Administrator of the
                                         denial as follows:

 

		7.2.1	Initiation
                                         - Written Request. To initiate the review, the claimant, within sixty (60) days after
                                         receiving the Plan Administrator's notice of denial, must file with the Plan Administrator
                                         a written request for review.

 

		7.2.2	Additional
                                         Submissions - Information Access. The claimant shall then have the opportunity to
                                         submit written comments, documents, records and other information relating to the claim.
                                         The Plan Administrator shall also provide the claimant, upon request and free of charge,
                                         reasonable access to, and copies of, all documents, records and other information relevant
                                         (as defined in applicable Labor Dept. regulations) to the claimant's claim for benefits.

 

    	 	9	 

     

    

 

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

 

		7.2.3	Considerations
                                         on Review. In considering the review, the Plan Administrator shall take into account
                                         all materials and information the claimant submits relating to the claim, without regard
                                         to whether such information was submitted or considered in the initial benefit determination.

 

		7.2.4	Timing
                                         of Plan Administrator Response. The Plan Administrator shall respond in writing to
                                         such claimant within sixty (60) days after receiving the request for review. If the Plan
                                         Administrator determines that special circumstances require additional time for processing
                                         the claim, the Plan Administrator can extend the response period by an additional sixty
                                         (60) days by notifying the claimant in writing, prior to the end of the initial sixty
                                         (60) day period, which an additional period is required. The notice of extension must
                                         set forth the special circumstances and the date by which the Plan Administrator expects
                                         to render its decision.

 

		7.2.5	Notice
                                         of Decision. The Plan Administrator shall notify the claimant in writing of its decision
                                         on review. The Plan Administrator shall write the notification in a manner calculated
                                         to be understood by the claimant. The notification shall set forth:

 

		(a)	The
                                         specific reasons for the denial;

		(b)	A
                                         reference to the specific provisions of this Agreement on which the denial is based;

		(c)	A
                                         statement that the claimant is entitled to receive, upon request and free of charge,
                                         reasonable access to, and copies of, all documents, records and other information relevant
                                         (as defined in applicable ERISA regulations) to the claimant's claim for benefits; and

		(d)	A
                                         statement of the claimant's right to bring a civil action under ERISA Section 502(a).

 

Article 8

Amendments and
Termination

 

		8.1	Amendments.
                                         This Agreement may be amended only by a written agreement signed by the Bank and the
                                         Director. However, the Bank may unilaterally amend this Agreement to conform with written
                                         directives to the Bank from its auditors or banking regulators or to comply with legislative
                                         changes or tax law, including without limitation Code Section 409A.

 

		8.2	Plan
                                         Termination Generally. This Agreement may be terminated only by a written agreement
                                         signed by the Bank and the Director. The benefit shall be the amount the Bank has accrued
                                         with respect to its obligations hereunder as of the date this Agreement is terminated.
                                         Except as provided in Section 8.3, the termination of this Agreement shall not cause
                                         a distribution of benefits under this Agreement. Rather, upon such termination benefit
                                         distributions will be made at the earliest distribution event permitted under Article
                                         2 or Article 3.

 

    	 	10	 

     

    

 

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

 

		8.3	Plan
                                         Terminations Under Code Section 409A. Notwithstanding anything to the contrary in
                                         Section 8.2, if the Bank terminates this Agreement in the following circumstances:

 

		(a)	Within
                                         thirty (30) days before or twelve (12) months after a change in the ownership or effective
                                         control of the Bank, or in the ownership of a substantial portion of the assets of the
                                         Bank as described in Code Section 409A(a)(2)(A)(v), provided that all distributions are
                                         made no later than twelve (12) months following such termination of this Agreement and
                                         further provided that all the Bank's arrangements which are substantially similar to
                                         this Agreement are terminated so the Director and all participants in the similar arrangements
                                         are required to receive all amounts of compensation deferred under the terminated arrangements
                                         within twelve (12) months of such termination;

		(b)	Within
                                         twelve (12) months of the Bank's dissolution either (x) in a dissolution taxable under
                                         Code Section 331 or (y) with the approval of a bankruptcy court provided that the amounts
                                         deferred under this Agreement are included in the Director's gross income in the latest
                                         of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in
                                         which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the
                                         first calendar year in which the distribution is administratively practical; or

		(c)	Upon
                                         the Bank's termination of this and all other arrangements that would be aggregated with
                                         this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Director participated
                                         in such arrangements ("Similar Arrangements"), provided that (i) the termination
                                         and liquidation does not occur proximate to a downturn in the financial health of the
                                         Bank, (ii) all termination distributions are made no earlier than twelve (12) months
                                         and no later than twenty-four (24) months following such termination, and (iii) the Bank
                                         does not adopt any new arrangement that would be a Similar Arrangement for a minimum
                                         of three (3) years following the date the Bank takes all necessary action to irrevocably
                                         terminate and liquidate the Agreement;

 

the Bank
may distribute the amount the Bank has accrued with respect to its obligations hereunder, determined as of the date of the termination
of this Agreement, to the Director in a lump sum subject to the above terms.

 

Article 9

Miscellaneous

 

		9.1	Binding
                                         Effect.This Agreement shall bind the Director and the Bank and their beneficiaries,
                                         survivors, executors, administrators and transferees.

 

    	 	11	 

     

    

 

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

 

		9.2	No
                                         Guarantee of Service. This Agreement is not a contract for service. It does not give
                                         the Director the right to remain a member of the Board, nor interfere with the Bank’s
                                         right to discharge the Director. It does not require the Director to remain a Director
                                         nor interfere with the Director’s right to terminate service at any time.

 

		9.3	Non-Transferability.
                                         Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached
                                         or encumbered in any manner.

 

		9.4	Tax
                                         Withholding and Reporting. The Bank shall withhold any taxes that are required to
                                         be withheld, including but not limited to taxes owed under Code Section 409A from the
                                         benefits provided under this Agreement. The Director acknowledges that the Bank' s sole
                                         liability regarding taxes is to forward any amounts withheld to the appropriate taxing
                                         authorities. The Bank shall satisfy all applicable reporting requirements, including
                                         those under Code Section 409A.

 

		9.5	Applicable
                                         Law. This Agreement and all rights hereunder shall be governed by the laws of the
                                         State of New York, without regard to its conflicts of laws provisions, except to the
                                         extent preempted by the laws of the United States of America.

 

		9.6	Unfunded
                                         Arrangement. The Director and the Beneficiary are general unsecured creditors of
                                         the Bank for the distribution of benefits under this Agreement. The benefits represent
                                         the mere promise by the Bank to distribute such benefits. The rights to benefits are
                                         not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
                                         encumbrance, attachment or garnishment by creditors. Any insurance on the Director's
                                         life or other informal funding asset is a general asset of the Bank to which the Director
                                         and Beneficiary have no preferred or secured claim.

 

		9.7	Reorganization.
                                         The Bank shall not merge or consolidate into or with another bank, or reorganize, or
                                         sell substantially all of its assets to another bank, firm or person unless such succeeding
                                         or continuing bank, firm or person agrees to assume and discharge the obligations of
                                         the Bank under this Agreement. Upon the occurrence of such an event, the term "Bank"
                                         as used in this Agreement shall be deemed to refer to the successor or survivor entity.

 

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

 

		9.9	Interpretation.
                                         Wherever the fulfillment of the intent and purpose of this Agreement requires and the
                                         context will permit, the use of the masculine gender includes the feminine and use of
                                         the singular includes the plural.

 

		9.10	Alternative
                                         Action. In the event it shall become impossible for the Bank or the Plan Administrator
                                         to perform any act required by this Agreement due to regulatory or other constraints,
                                         the Bank or Plan Administrator may perform such alternative act as most nearly carries
                                         out the intent and purpose of this Agreement and is in the best interests of the Bank,
                                         provided that such alternative act does not violate Code Section 409A.

 

    	 	12	 

     

    

 

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

 

		9.11	Headings.
                                         Article and section headings are for convenient reference only and shall not control
                                         or affect the meaning or construction of any provision herein.

 

		9.12	Validity.
                                         If any provision of this Agreement shall be illegal or invalid for any reason, said illegality
                                         or invalidity shall not affect the remaining parts hereof, but this Agreement shall be
                                         construed and enforced as if such illegal or invalid provision had never been included
                                         herein.

 

		9.13	Notice.
                                         Any notice or filing required or permitted to be given to the Bank or Plan Administrator
                                         under this Agreement shall be sufficient if in writing and hand-delivered or sent by
                                         registered or certified mail to the address below:

 

	Plan
    Administrator - Rhinebeck Savings Bank
	2
    Jefferson Plaza
	Poughkeepsie,
    NY 12601

 

Such notice
shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the
receipt for registration or certification.

 

Any notice
or filing required or permitted to be given to the Director under this Agreement shall be sufficient if in writing and hand-delivered
or sent by mail to the last known address of the Director.

 

		9.14	Deduction
                                         Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank's
                                         deduction with respect to any distribution under this Agreement would be limited or eliminated
                                         by application of Code Section 162(m), then to the extent deemed necessary by the Bank
                                         to ensure that the entire amount of any distribution from this Agreement is deductible,
                                         the Bank may delay payment of any amount that would otherwise be distributed under this
                                         Agreement. The delayed amounts shall be distributed to the Director (or the Beneficiary
                                         in the event of the Director's death) at the earliest date the Bank reasonably anticipates
                                         that the deduction of the payment of the amount will not be limited or eliminated by
                                         application of Code Section 162(m).

 

		9.15	Arbitration.
                                         Any dispute, controversy or claim with respect to any party's performance under this
                                         Agreement shall be settled by arbitration in accordance with the laws of the State of
                                         New York by a single arbitrator who shall be selected by the American Arbitration Association
                                         in Dutchess County, New York. Such arbitration shall be conducted in Dutchess County
                                         in accordance with the Commercial Arbitration Rules of the American Arbitration Association.
                                         Punitive damages shall not be awarded. Judgment upon the award rendered by the arbitrator
                                         may be entered in any court having jurisdiction thereof.

 

    	 	13	 

     

    

 

Rhinebeck Savings Bank

New Director Fee Continuation
Plan Agreement

 

  

		9.16	Compliance
                                         with Section 409A. This Agreement shall be interpreted and administered consistent
                                         with Code Section 409A.

 

IN WITNESS WHEREOF,
the Director and a duly authorized representative of the Bank have signed this Agreement.

 

	DIRECTOR	 	BANK
	 	 	 	 	 
	By:	/s/
                                         Louis Tumolo, Jr.

		By:	 
	 	 Louis
    Tumolo, Jr.	 	 	 
	 	 	 	Title:	EVP and COO

 

    	 	14	 

     

    

  

Plan Year Reporting

Director Fee Continuation
Plan

Schedule A

 

Louis Tumolo, Jr., DVM

  

	Birth Date: 6/22/1944

Plan Anniversary Date: 1/1/2009	 	Early Termination

Annual Benefit  2	 	 	Disability

Annual Benefit 2	 	 	Change in Control

Annual Benefit 2	 	 	Pre-retire. 

Death 

Benefit	 
	Normal
                                         Retirement: 6/22/2014, Age 70

        Normal Retirement
        Payment: Monthly for Life 
	 	Amount
    Payable at 

    Separation  from Service	 	 	Amount
    Payable at 

    Separation  from Service	 	 	Amount
    Payable at  

    Separation  from Service	 	 	Lump Sum 

Benefit	 
	Values

        as
        of
	 	Discount
    

    Rate	 	 	Benefit
    

    Level	 	 	Account
    

    Value	 	 	Vesting
	 	 	Based
                                         On

        Account
        Value
	 	 	Vesting	 	 	Based
                                         On

        Account
        Value
	 	 	Vesting	 	 	Based
    On 

    Account Value	 	 	Based
                                         On

        Dollar
        Amt
	 
	 	 	(1)	 	 	(2)	 	 	(3)	 	 	(4)	 	 	(5)	 	 	(6)	 	 	(7)	 	 	(8)	 	 	(9)	 	 	(10)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jan 2008	 	 			 	 	15,044	 	 	 	 	 	 	 	100	%	 	 	·0	 	 	 	100	%	 	 	·0	 	 	 	100	%	 	 	·0	 	 	 	300,880	 
	Dec 2008	 	 	6.00	%	 	 	15,044	 	 	 	19,365	 	 	 	100	%	 	 	1,951	 	 	 	100	%	 	 	1,951	 	 	 	100	%	 	 	1,951	 	 	 	300,880	 
	Dec 2009	 	 	6.00	%	 	 	15,044	 	 	 	39,924	 	 	 	100	%	 	 	4,023	 	 	 	100	%	 	 	4,023	 	 	 	100	%	 	 	4,023	 	 	 	300,880	 
	Dec 2010	 	 	6.00	%	 	 	15,044	 	 	 	61,752	 	 	 	100	%	 	 	6,222	 	 	 	100	%	 	 	6,222	 	 	 	100	%	 	 	6,222	 	 	 	300,880	 
	Dec 2011	 	 	6.00	%	 	 	15,044	 	 	 	84,925	 	 	 	100	%	 	 	8,557	 	 	 	100	%	 	 	8,557	 	 	 	100	%	 	 	8,557	 	 	 	300,880	 
	Dec 2012	 	 	6.00	%	 	 	15,044	 	 	 	109,528	 	 	 	100	%	 	 	11,036	 	 	 	100	%	 	 	11,036	 	 	 	100	%	 	 	11,036	 	 	 	300,880	 
	Dec 2013	 	 	6.00	%	 	 	15,044	 	 	 	135,648	 	 	 	100	%	 	 	13,668	 	 	 	100	%	 	 	13,668	 	 	 	100	%	 	 	13,668	 	 	 	300,880	 
	Jan 2014	 	 	6.00	%	 	 	15,044	 	 	 	149,307	 	 	 	100	%	 	 	15,044	 	 	 	100	%	 	 	15,044	 	 	 	100	%	 	 	15,044	 	 	 	300,880	 

 

		1	The first line reflects
                                         just the initial values as of January 1, 2008.

 

		2	The annual benefit
                                         amount will be distributed in 12 equal monthly payments for a total of 180 monthly payments.

 

*IF THERE IS A CONFLICT
IN ANY TERMS OR PROVISIONS 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.

 

    	 	1

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