Document:

Exhibit 10.4

 

FIRST AMENDMENT TO THE

AMENDED AND RESTATED 

SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN Agreement

 

THIS FIRST AMENDMENT
(the “Amendment”) is adopted February 8, 2019, by and between The Farmers National Bank of Emlenton (the “Employer”),
and William C. Marsh (the “Executive”).

 

The Employer and the
Executive are parties to an Amended and Restated Supplemental Executive Retirement Plan Agreement dated November 18, 2015 (the
“Agreement”). The parties now wish to amend the Agreement to increase the Executive’s benefits.

 

NOW, THEREFORE, the
Employer and the Executive adopt the following amendment to the Agreement:

 

Section 2.1.1 of
the Agreement shall be deleted and replaced with the following:

 

		2.1.1	Amount of Benefit. The annual Normal Retirement Benefit under this Section 2.1 is $110,000
(One Hundred Ten Thousand Dollars). Prior to the occurrence of any distribution event under this Agreement, the Bank’s Board,
in its sole and absolute discretion, may increase the annual benefit under this Section 2.1. Any increase in the annual benefit
shall require the recalculation of all the amounts on Schedule A attached hereto.

 

The Schedule A originally
attached to the Agreement shall be deleted in its entirety and replaced by the Schedule A attached hereto.

 

IN WITNESS WHEREOF,
the Executive and a duly authorized representative of the Employer have executed this Amendment as indicated below:

 

	Executive	 	Employer
	 	 	 	 
	/s/William C. Marsh	 	By:	/s/Amanda Engles
	 	 	Its:	SVP/CFO

 

     

     

    

 

Supplemental Executive Retirement Plan 

Schedule
A

 

William Marsh

 

	Birth Date: XX/XX/1966

                                                                                                          

                                                                                                         Plan Anniversary Date: 09/30/2019

                                                                                                          

                                                                                Normal Retirement:XX/XX/2031, Age 65

                                                                                 

                                                                                Normal Retirement Payment: Monthly for 20 Years
	 	Early Termination

                                                                                 

                                                                                Amount Payable
                                         Monthly

                                         for 5 Years at

                                         Separation from Service
	 	 	Disability

                                                                                 

                                                                                Amount Payable
                                         Monthly
 for 20 Years at Normal

                                         Retirement Age
	 	 	Change In Control

                                                                                 

                                                                                Amount Payable Lump

                                         Sum Upon Change in
 Control
	 	 	Death

                                                                                 

                                                                                Amount Payable
                                         Monthly

                                         for 20 Years Upon

                                         Death
	 
	Values As Of	 	Age	 	Annual

    Benefit 1	 	 	Annual

    Benefit 2	 	 	Lump Sum

    Benefit 3	 	 	Annual

    Benefit 2,3	 
	Feb-19	 	52	 	 	69,123	 	 	 	35,309	 	 	 	870,644	 	 	 	110,000	 
	Sep-19	 	53	 	 	80,970	 	 	 	40,341	 	 	 	898,629	 	 	 	110,000	 
	Sep-20	 	54	 	 	99,305	 	 	 	47,658	 	 	 	942,302	 	 	 	110,000	 
	Sep-21	 	55	 	 	118,340	 	 	 	54,706	 	 	 	988,098	 	 	 	110,000	 
	Sep-22	 	56	 	 	138,101	 	 	 	61,495	 	 	 	1,036,120	 	 	 	110,000	 
	Sep-23	 	57	 	 	158,615	 	 	 	68,034	 	 	 	1,086,475	 	 	 	110,000	 
	Sep-24	 	58	 	 	179,913	 	 	 	74,334	 	 	 	1,139,278	 	 	 	110,000	 
	Sep-25	 	59	 	 	202,023	 	 	 	80,401	 	 	 	1,194,646	 	 	 	110,000	 
	Sep-26	 	60	 	 	224,976	 	 	 	86,246	 	 	 	1,252,706	 	 	 	110,000	 
	Sep-27	 	61	 	 	248,805	 	 	 	91,876	 	 	 	1,313,588	 	 	 	110,000	 
	Sep-28	 	62	 	 	273,543	 	 	 	97,299	 	 	 	1,377,428	 	 	 	110,000	 
	Sep-29	 	63	 	 	299,225	 	 	 	102,522	 	 	 	1,444,371	 	 	 	110,000	 
	Sep-30	 	64	 	 	325,887	 	 	 	107,554	 	 	 	1,514,568	 	 	 	110,000	 
	Mar-31	 	65	 	 	339,597	 	 	 	110,000	 	 	 	1,550,935	 	 	 	110,000	 

 

The first line represents the initial plan values as of the
plan implementation date of February 01, 2019.

 

1 The annual benefit amount will be distributed in 12
equal monthly payments for a total of 60 monthly payments. 

2 The annual benefit amount will be distributed in 12
equal monthly payments for a total of 240 monthly payments. 

3 Note that accounting rules may require an additional
accrual at the time this benefit is triggered.

 

IF THERE IS A CONFLICT BETWEEN THIS SCHEDULE A AND THE AGREEMENT,
THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE
ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT.

 

	William Marsh 	/s/ William C. Marsh 	 	By	/s/ Amanda L. Engles

 

	Date	2/8/2019	 	Title	SVP/ CFO

 

	 	 	 	Date	2/8/2019Exhibit 10.5

 

FIRST AMENDMENT TO THE 

Amended
and restated SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN Agreement

 

THIS FIRST AMENDMENT
(the “Amendment”) is adopted February 8, 2019, by and between The Farmers National Bank of Emlenton (the “Employer”),
and Jennifer A. Roxbury (the “Executive”).

 

The Employer and the
Executive are parties to an Amended and Restated Supplemental Executive Retirement Plan Agreement dated November 18, 2015 (the
“Agreement”). The parties now wish to amend the Agreement to increase the Executive’s benefits.

 

NOW, THEREFORE, the
Employer and the Executive adopt the following amendment to the Agreement:

 

Section 2.1 of the
Agreement shall be deleted and replaced with the following:

 

2.1       Normal
Retirement Benefit. Upon Separation from Service after Normal Retirement Age, the Employer shall pay the Executive an annual
benefit in the amount of Fifty-Six Thousand Five Hundred Dollars ($56,500) in lieu of any other benefit hereunder. The annual benefit
will be paid in equal monthly installments commencing the first day of the month following Separation from Service and continuing
for twenty (20) years, subject to the conditions and limitations hereinafter set forth.

 

The Schedule A originally
attached to the Agreement shall be deleted in its entirety and replaced by the Schedule A attached hereto.

 

IN WITNESS WHEREOF,
the Executive and a duly authorized representative of the Employer have executed this Amendment as indicated below:

 

	Executive	 	Employer
	 	 	 	 
	/s/Jennifer A. Roxbury	 	By:	/s/Amanda Engles
	 	 	Its:	SVP/CFO

 

     

     

    

 

Supplemental Executive Retirement Plan

Schedule
A

 

Jenn Roxbury

 

	Birth Date:
                                         XX/XX/1969

                                                                                 

                                                                                Plan Anniversary
                                         Date: 09/30/2019

                                                                                 

                                                                                Normal Retirement:
                                         XX/XX/2034, Age 65

                                                                                 

                                                                                Normal Retirement
                                         Payment: Monthly for 20 Years
	 	Early Termination

                                                                                 

                                                                                Amount Payable Monthly

                                         for 5 Years at Separation
 from Service
	 	 	Disability

                                                                                 

                                                                                Amount Payable Monthly

                                         for 20 Years at Normal
 Retirement Age
	 	 	Change In Control

                                                                                 

                                                                                Amount Payable Lump

                                         Sum Upon Change in
 Control
	 	 	Death

                                                                                 

                                                                                Amount Payable Monthly

                                         for 20 Years Upon Death
	 
	Values As

    Of	 	Age	 	Annual

    Benefit 1	 	 	Annual

    Benefit 2	 	 	Lump Sum

    Benefit 3	 	 	Annual

    Benefit 2	 
	Feb-19	 	49	 	 	25,276	 	 	 	14,674	 	 	 	380,259	 	 	 	8,187	 
	Sep-19	 	50	 	 	30,035	 	 	 	17,006	 	 	 	392,481	 	 	 	9,729	 
	Sep-20	 	51	 	 	37,399	 	 	 	20,398	 	 	 	411,556	 	 	 	12,114	 
	Sep-21	 	52	 	 	45,044	 	 	 	23,665	 	 	 	431,558	 	 	 	14,590	 
	Sep-22	 	53	 	 	52,981	 	 	 	26,812	 	 	 	452,531	 	 	 	17,161	 
	Sep-23	 	54	 	 	61,221	 	 	 	29,843	 	 	 	474,524	 	 	 	19,830	 
	Sep-24	 	55	 	 	69,775	 	 	 	32,763	 	 	 	497,586	 	 	 	22,601	 
	Sep-25	 	56	 	 	78,655	 	 	 	35,575	 	 	 	521,769	 	 	 	25,477	 
	Sep-26	 	57	 	 	87,874	 	 	 	38,284	 	 	 	547,127	 	 	 	28,464	 
	Sep-27	 	58	 	 	97,445	 	 	 	40,894	 	 	 	573,717	 	 	 	31,564	 
	Sep-28	 	59	 	 	107,381	 	 	 	43,408	 	 	 	601,600	 	 	 	34,782	 
	Sep-29	 	60	 	 	117,696	 	 	 	45,829	 	 	 	630,838	 	 	 	38,123	 
	Sep-30	 	61	 	 	128,405	 	 	 	48,161	 	 	 	661,496	 	 	 	41,592	 
	Sep-31	 	62	 	 	139,522	 	 	 	50,408	 	 	 	693,645	 	 	 	45,193	 
	Sep-32	 	63	 	 	151,063	 	 	 	52,572	 	 	 	727,356	 	 	 	48,931	 
	Sep-33	 	64	 	 	163,045	 	 	 	54,657	 	 	 	762,706	 	 	 	52,812	 
	Aug-34	 	65	 	 	174,429	 	 	 	56,500	 	 	 	796,617	 	 	 	56,500	 

 

The first line represents the initial plan values as of the
plan implementation date of February 01, 2019.

 

1 The annual benefit amount will be distributed in 12
equal monthly payments for a total of 60 monthly payments. 

2 The annual benefit amount will be distributed in 12
equal monthly payments for a total of 240 monthly payments. 

3 Note that accounting rules may require an additional
accrual at the time this benefit is triggered.

 

IF THERE IS A CONFLICT BETWEEN THIS SCHEDULE A AND THE AGREEMENT,
THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE
ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT.

 

	Jenn
    Roxbury	 /s/
    Jenn Roxbury	 	By	 /s/
    Amanda L. Engles

 

	Date	2/8/19	 	Title	SVP/ CFO

 

	 	 	 	Date	2/8/19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]