Document:

Exhibit 10.5

 

	Rhinebeck Savings Bank
	Supplemental Executive Retirement Agreement

 

Rhinebeck Savings Bank

Supplemental
Executive Retirement Agreement

 

This Supplemental Executive
Retirement 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 Michael J. Quinn (the “Executive”).

 

The purpose of this
Agreement is to provide specified benefits to the Executive, a member of a select group of management or highly compensated employees
who contribute 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
I

Definitions

 

Whenever used in
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 Executive, entitled
                                         to any benefits upon the death of the Executive pursuant to Article 4.

 

		1.2	"Beneficiary
                                         Designation Form" means the form established. from time to time by the Plan
                                         Administrator that the Executive completes, signs 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 Executive: (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 Executive must submit proof
                                         to the Plan Administrator of the Social Security Administration's or the provider's determination.

 

     

     

    

 

	Rhinebeck Savings Bank
	Supplemental Executive Retirement Agreement

 

		1.7	"Early Termination"
                                         means the Executive's Separation from Service before attainment of Normal Retirement
                                         Age except when such Separation from Service occurs within twenty four (24) months 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 sixty-five (65).

 

		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 Executive's employment 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 Executive reasonably anticipated that no further
                                         services would be performed after a certain date or that the level of bona fide services
                                         the Executive 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 Executive 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, an employee is a key
                                         employee if the employee meets the requirements of Code Section 4l6(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 employee is a key employee during an identification
                                         period, the employee 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
	Supplemental Executive Retirement 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 Executive's employment with
the Bank; or

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

 

Article 2

Distributions During
Lifetime

 

		2.1	Normal
                                         Retirement Benefit. Upon the Executive attaining Normal Retirement Age, the Bank
                                         shall distribute to the Executive 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 One Hundred Eight Thousand
                                         Dollars ($108,000).

 

		2.1.2	Distribution
                                         of Benefit. The Bank shall distribute the annual benefit to the Executive in twelve
                                         (12) equal monthly installments commencing on the last day of the month following Normal
                                         Retirement Age. The annual benefit shall be distributed to the Executive for twenty (20)
                                         years.

 

		2.2	Early
                                         Termination Benefit. If Early Termination occurs, the Bank shall distribute to the
                                         Executive 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 Executive in twelve
                                         (12) equal monthly installments commencing on the last day of the month following Normal
                                         Retirement Age. The annual benefit shall be distributed to the Executive for twenty (20)
                                         years.

 

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

 

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	Rhinebeck Savings Bank
	Supplemental Executive Retirement Agreement

 

		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.

 

		2.3.2	Distribution
                                         of Benefit. The Bank shall distribute the annual benefit to the Executive in twelve
                                         (12) equal monthly installments commencing on the last day of the month following Normal
                                         Retirement Age. The annual benefit shall be distributed to the Executive for twenty (20)
                                         years.

 

		2.4	Change
                                         in Control Benefit. If a Change in Control followed within twenty-four (24) months
                                         by Separation from Service, the Bank shall distribute to the Executive 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 Executive in twelve
                                         (12) equal monthly installments commencing on the last day of_ the month following Separation
                                         from Service. The annual benefit shall be distributed to the Executive for twenty (20)
                                         years.

 

		2.5	Restriction
                                         on Commencement of Distributions. Notwithstanding any provision of this Agreement
                                         to the contrary, if the Executive 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 Executive due to Separation from Service are limited
                                         because the Executive 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 Executive during such period shall be accumulated
                                         and paid to the Executive 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 Executive becomes
                                         subject to tax on the amounts deferred hereunder, then the Bank may make a limited distribution
                                         to the Executive in a manner that conforms to the requirements of Code section 409A.
                                         Any such distribution will decrease the Executive's benefits distributable under this
                                         Agreement.

 

		2.7	Change
                                         in Form or Timing of Distributions. For distribution of benefits under this Article
                                         2, the Executive 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:

 

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	Rhinebeck Savings Bank
	Supplemental Executive Retirement Agreement

 

		(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 and 2.3 be made at least twelve (12) months
prior to the first scheduled distribution;

		(c)	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

		(d)	must take effect not less than twelve (12) months after the amendment is made.

 

Article 3

Distribution at
Death

 

		3.1	Death During Active Service.
                                         If the Executive 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 Two Million One Hundred Sixty Thousand Dollars ($2,160,000).

 

		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 Executive’s death. The Beneficiary shall be required
                                         to provide to the Bank the Executive's death certificate.

 

		3.2	Death During Distribution of a Benefit.
                                         If the Executive 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 Executive had the Executive survived.

 

		3.3	Death Before Benefit Distributions
                                         Commence. If the Executive 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 Executive 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 Executive's death.

 

Article 4

Beneficiaries

 

		4.1	In General. The Executive shall
                                         have the right, at any time, to designate a Beneficiary to receive any benefit distributions
                                         under this Agreement upon the death of the Executive. 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 Executive participates.

 

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	Rhinebeck Savings Bank
	Supplemental Executive Retirement Agreement

 

		4.2	Designation. The Executive 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 Executive names
                                         someone other than the Executive'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 Executive's spouse and returned
                                         to the Plan Administrator. The Executive's beneficiary designation shall be deemed automatically
                                         revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse
                                         as Beneficiary and the marriage is subsequently dissolved. The Executive 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 Executive
                                         and accepted by the Plan Administrator prior to the Executive'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 Executive dies without a valid beneficiary designation, or if all designated Beneficiaries
                                         predecease the Executive, then the Executive's spouse shall be the designated Beneficiary.
                                         If the Executive has no surviving spouse, any benefit shall be paid to the Executive'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 Executive and the Beneficiary, as the case may be, and shall completely discharge
                                         the Bank from any liability under this Agreement.

 

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 Executive's employment 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
	Supplemental Executive Retirement Agreement

 

		5.2	Suicide or Misstatement. No
                                         benefit shall be distributed if the Executive commits suicide within two (2) years after
                                         the Effective Date, or if an insurance company which issued a life insurance policy covering
                                         the Executive and owned by the Bank denies coverage (i) for material misstatements of
                                         fact made by the Executive 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 Executive 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 Executive 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 Executive hereby covenants and agrees that, following Separation
                                         from Service as an Executive, 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
                                         Executive 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 Executive 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 Executive 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
	Supplemental Executive Retirement 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 Executive’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 Executive, 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. An
                                         Executive 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
	Supplemental Executive Retirement 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
	Supplemental Executive Retirement 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 Executive. 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
                                         Executive. 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
	Supplemental Executive Retirement 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 Executive 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 Executive'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 l.409A-l(c) if the Executive 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 Executive in a lump sum subject to the above terms.

 

Article 9

Miscellaneous

 

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

 

		9.2	No Guarantee of Employment.
                                         This Agreement is not a contract for employment. It does not give the Executive the right
                                         to remain as an employee of the Bank nor interfere with the Bank’s right to discharge
                                         the Executive. It does not require the Executive to remain an employee nor interfere
                                         with the Executive's right to terminate employment at any time.

 

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	Rhinebeck Savings Bank
	Supplemental Executive Retirement Agreement

 

		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 Executive 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 Executive
                                         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 Executive's life or other informal
                                         funding asset is a general asset of the Bank to which the Executive 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 Executive as to the subject
                                         matter hereof. No rights are granted to the Executive by virtue of this Agreement other
                                         than those specifically set forth herein.

 

		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 perfo1m 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
	Supplemental Executive Retirement 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 Executive under this Agreement shall be sufficient if in writing and hand-delivered or sent by
mail to the last known address of the Executive.

 

		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 Executive (or the Beneficiary in the
                                         event of the Executive'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.

 

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

 

    	 	13	 

     

    

 

	Rhinebeck Savings Bank
	Supplemental Executive Retirement Agreement

 

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

 

	EXECUTIVE	 	BANK
	 	 	 	 
	/s/ Michael J. Quinn	 	By:	/s/ Carol L. Gordon
	MICHAEL J. QUINN	 	Title: EVP and COO

 

    	 	14Exhibit 10.6

 

Rhinebeck Savings Bank

Split Dollar Insurance
Plan

 

Pursuant to due authorization
by its Board of Directors, the undersigned, Rhinebeck Savings Bank, a state savings bank located in Poughkeepsie, New York (the
 "Bank"), did constitute, establish and adopt the following SPLIT DOLLAR INSURANCE PLAN (the "Plan"), effective
January 1, 2008.

 

The purpose of this
Plan is to attract, retain, and reward Employees, by dividing the death proceeds of certain life insurance policies which are
owned by the Rhinebeck Savings Bank Employer's Insurance Trust (the "Trust") on the lives of the participating Employees
with the designated beneficiary of each insured participating Employee. The Bank will pay the life insurance premiums due under
this Plan from its general assets.

 

Article
1

 Definitions

 

Whenever used
in this Plan, the following terms shall have the meanings specified:

 

		1.1	"Bank’s Interest" means the benefit set
                                         forth in Section 3.1.

 

		1.2	"Base Salary" the most recent base full-time
                                         annual salary exclusive of bonuses, options, or incentives of any kind.

 

		1.3	"Beneficiary" means each designated person,
                                         or the estate of a deceased Participant, entitled to benefits, if any, upon the death
                                         of a Participant.

 

		1.4	"Beneficiary Designation Form" means the form
                                         established from time to time by the Plan Administrator that a Participant completes,
                                         signs and returns to the Plan Administrator to designate one or more Beneficiaries.

 

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

 

		1.6	"Code"
                                         means the Internal Revenue Code of 1986, as amended.

 

		1.7	"Compensation Committee" means the executive
                                         committee of the Bank's Board, if one has been constituted, or if no such committee has
                                         been constituted, a majority of the Bank's Board, either of which shall hereinafter be
                                         referred to as the Compensation Committee.

 

		1.8	"Election Form" means the form required by the
                                         Plan Administrator of an eligible Employee to indicate acceptance of participation in
                                         this Plan.

 

		1.9	"Employee" means an active employee of the Bank.

 

    	

     

    

 

		1.10	"Insured"
                                         means the individual Participant whose life is insured.

 

		1.11	"Insurer" means the insurance company issuing
                                         the Policy on the life of the Insured.

 

		1.12	"Net Death Proceeds" means the total death
                                         proceeds of the Participant's Policy or Policies minus the greater of (i) cash surrender
                                         value or (ii) the aggregate premiums paid.

 

		1.13	"Other Group Term Coverage" means group term
                                         life insurance maintained on a Participant's life owned by the Bank other than the Policies
                                         (as such term is hereinafter defined) covered under this Plan.

 

		1.14	"Participant" means an Employee (i) who is
                                         selected to participate in the Plan, (ii) who satisfies all enrollment requirements,
                                         and (iii) whose Participation in the Plan has not terminated.

 

		1.15	"Participant' s Interest" means the benefit
                                         set forth in Section 3.2.

 

		1.16	"Plan Administrator" means the plan administrator
                                         described in Article 12.

 

		1.17	"Policy" or "Policies" means the
                                         individual life insurance policy or policies adopted by the Plan Administrator for purposes
                                         of insuring a Participant's life under this Plan.

 

		1.18	"Separation from Service" means that the Participant
                                         ceases to be employed by the Bank for any reason whatsoever other than by reason of a
                                         leave of absence that is approved by the Bank. For purposes of this Plan, if there is
                                         a dispute over the employment status of the Participant or the date of the Participant's
                                         Separation from Service, the Bank shall have the sole and absolute right to decide the
                                         dispute.

 

Article 2 

Participation

 

		2.1	Selection by Plan Administrator.
                                         Participation in the Plan shall be limited to those Employees of the Bank selected
                                         by the Plan Administrator, in its sole discretion, to participate in the Plan.

 

		2.2	Enrollment Requirements. As
                                         a condition to participation, each selected Employee shall complete, execute and return
                                         to the Plan Administrator (i) an Election Form, and (ii) a Beneficiary Designation Form.
                                         In addition, the Plan Administrator shall establish from time to time such other enrollment
                                         requirements as it determines in its sole discretion are necessary.

 

		2.3	Eligibility; Commencement of Participation.
                                         Provided an Employee selected to participate in the Plan has met all enrollment requirements
                                         set forth in this Plan and required by the Plan Administrator, and provided that the
                                         Policy or Policies on a such Employee have been issued by the Insurer(s), that Employee
                                         will become a Participant, be covered by the Plan and will be eligible to receive benefits
                                         at the time and in the manner provided hereunder, subject to the provisions of the Plan.
                                         A Participant's participation is limited to only issued Policies where the Participant
                                         is the Insured.

 

    	 	2	 

     

    

 

		2.4	Termination of Participation.
                                         A Participant's rights under this Plan shall automatically cease and his or her participation
                                         in this Plan shall automatically terminate if the Plan at the earlier of (i) the Participant's
                                         Separation from Service; (ii) the termination of the Participant's rights under Article
                                         11; or (iii) the termination of the Plan under Article 11. In the event that the Bank
                                         decides to maintain the Policy after the Participant's termination of participation in
                                         the Plan, the Bank shall be the direct beneficiary of the entire death proceeds of the
                                         Policy.

 

Article 3

Policy
Ownership/Interests

 

		3.1	Bank's Interest. The Trust shall own the Policies and
                                         the Bank shall have the right to exercise all incidents of ownership and may terminate
                                         a Policy without the consent of the Insured. The Bank shall be the beneficiary of the
                                         remaining death proceeds of the Policies after the Participant's Interest is determined
                                         according to Section 3.2.

 

		3.2	Participant' s Interest. The Participant, or the Participant's
                                         assignee, shall have the right to designate the Beneficiary of an amount of death proceeds
                                         as specified in Section 3.2.1. The Participant shall also have the right to elect and
                                         change settlement options with respect to the Participant's Interest by providing written
                                         notice to the Bank and the Insurer.

 

		3.2.1	Death Prior to Separation from Service. If the Participant
                                         dies prior to Separation from Service, the Beneficiary shall be entitled to a benefit
                                         equal to the lesser of (i) two (2) times Base Salary less the amount from the Other Group
                                         Term Coverage or (ii) the Net Death Proceeds.

 

		3.2.2	Death After Separation from Service. If the Participants
                                         dies after a Separation from Service, the Beneficiary shall not be entitled to a benefit
                                         under this Plan.

 

Article 4

Premiums And Imputed
Income

 

		4.1	Premium Payment. The Bank shall pay all premiums due on
                                         all Policies.

 

		4.2	Economic Benefit. The Plan
                                         Administrator shall determine the economic benefit attributable to any Participant based
                                         on the life insurance premium factor for the Participant's age multiplied by the aggregate
                                         death benefit payable to the Participant's Beneficiary. The "life insurance premium
                                         factor" is the minimum amount required to be imputed under IRS Reg. §1.61-22(d)(3)(ii)
                                         or any subsequent applicable authority.

 

    	 	3	 

     

    

 

		4.3	Imputed Income. The Bank shall
                                         impute the economic benefit to the Participant on an annual basis, by adding the economic
                                         benefit to the Participant's W-2, or if applicable, Form 1099.

 

Article
5 

Comparable
Coverage

 

		5.1	Insurance Policies. The Bank may provide such benefit
                                         through the Policies purchased at the commencement of this Plan, or, if later, the Participant's
                                         commencement of participation in the Plan, or may provide comparable insurance coverage
                                         to the Participant through whatever means the Bank deems appropriate. If the Participant
                                         waives or forfeits his or her right to the insurance benefit, the Bank shall choose to
                                         cancel the Policy or Policies on the Participant, or may continue such coverage and become
                                         the direct beneficiary of the entire death proceeds.

 

		5.2	Offer to Purchase. If the Bank discontinues a Policy on
                                         a Participant who is employed by the Bank at the date of discontinuance, the Bank shall
                                         give the Participant at least thirty (30) days to purchase such Policy. The purchase
                                         price shall be the fair market value of the Policy, as determined under Treasury Reg.
                                         §l.6 l-22(g)(2) or any subsequent applicable authority. Such notification shall
                                         be in writing.

 

Article
6 

General
Limitations

 

		6.1	Removal.
                                         Notwithstanding any provision of this Plan to the contrary, the Participant’s rights
                                         in the Plan shall terminate if the Participant 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.

 

		6.2	Suicide or Misstatement. No benefits shall be payable
                                         if the Participant commits suicide within two years after the date of this Plan, or if
                                         the insurance company denies coverage (1) for material misstatements of fact made by
                                         the Participant on any application for life insurance purchased by the Bank, or (ii)
                                         for any other reason; provided, however that the Bank shall evaluate the reason for the
                                         denial, and upon advice of legal counsel and in its sole discretion, consider judicially
                                         challenging any denial.

 

Article 7

Beneficiaries

 

		7.1	Beneficiary. Each Participant
                                         shall have the right, at any time, to designate a Beneficiary to receive any benefits
                                         payable under the Plan upon the death of a Participant. The Beneficiary designated under
                                         this Plan may be the same as or different from the beneficiary designated under any other
                                         plan of the Bank in which the Participant participates.

 

    	 	4	 

     

    

 

		7.2	Designation. The Participant
                                         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 Participant
                                         names someone other than the Participant'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 Participant's spouse
                                         and returned to the Plan Administrator. The Participant's beneficiary designation shall
                                         be deemed automatically revoked if the Beneficiary predeceases the Participant or if
                                         the Participant names a spouse as Beneficiary and the marriage is subsequently dissolved.
                                         The Participant 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 Participant and accepted by the Plan Administrator prior to the Participant's
                                         death.

 

		7.3	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.

 

		7.4	No Beneficiary Designation.
                                         If the Participant dies without a valid designation of beneficiary, or if all designated
                                         Beneficiaries predecease the Participant, then the Participant's surviving spouse shall
                                         be the designated Beneficiary. If the Participant has no surviving spouse, the benefits
                                         shall be made payable to the personal representative of the Participant's estate.

 

		7.5	Facility of Payment. If the
                                         Plan Administrator determines in its discretion that a benefit is to be paid 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 payment 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 payment of a benefit shall be a payment for the account of the Participant and the
                                         Participant's Beneficiary, as the case may be, and shall be a complete discharge of any
                                         liability under the Plan for such payment amount.

 

Article
8

Assignment

 

Any Participant may
assign without consideration all of such Participant's Interest in this Plan to any person, entity or trust. In the event a Participant
shall transfer all of such Participant's Interest, then all of that Participant's Interest in this Plan shall be vested in his
or her transferee, subject to such transferee executing agreements binding them to the provisions of this Plan, who shall be substituted
as a party hereunder, and that Participant shall have no further

interest in this Plan.

 

    	 	5	 

     

    

 

Article 9

Insurer

 

The Insurer shall
be bound only by the terms of its given Policy. The Insurer shall not be bound by or deemed to have notice of the provisions of
this Plan. The Insurer shall have the right to rely on the Plan Administrator's representations with regard to any definitions,
interpretations or Policy interests as specified under this Plan.

 

Article 10

Claims
And Review Procedure

 

		10.1	Claims Procedure. A Participant or Beneficiary (“claimant”)
                                         who has not received benefits under the Plan that he or she believes should be paid shall
                                         make a claim for such benefits as follows:

 

		10.1.1	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.

 

		10.1.2	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,
that 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.

 

		10.1.3	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 the Plan 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 the Plan's review procedures and the time limits applicable to such
                                         procedures; and

 

    	 	6	 

     

    

 

		(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.

 

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

 

		10.2.1	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.

 

		10.2.2	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 ERISA regulations) to
the claimant's claim for benefits.

 

		10.2.3	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.

 

		10.2.4	Timing of Plan Administrator' s 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, that 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.

 

		10.2.5	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 the Plan 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).

 

    	 	7	 

     

    

 

Article 11 

Amendments And Termination

 

The Bank may amend
or terminate the Plan at any time, or may amend or terminate a Participant's rights under the Plan at any time prior to a Participant's
death, by providing written notice of such to the Participant. In the event that the Bank decides to maintain the Policy after
the Participant's termination of participation in the Plan, the Bank shall be the direct beneficiary of the entire death proceeds
of the Policy.

 

Article 12

Administration

 

		12.1	Plan
                                         Administrator Duties. This Plan shall be administered by a Plan Administrator which
                                         shall consist of the Board or such committee or persons as the Board may choose. The
                                         Plan Administrator shall also have the discretion and authority to (i) make, amend, interpret
                                         and enforce all appropriate rules and regulations for the administration of this Plan
                                         and (ii) decide or resolve any and all questions including interpretations of this Plan,
                                         as may arise in connection with the Plan.

 

		12.2	Agents.
                                         In the administration of this Plan, the Plan Administrator may employ agents and delegate
                                         to them such administrative duties as it 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.

 

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

 

		12.4	Indemnity
                                         of Plan Administrator. The Bank shall indemnify and hold harmless the members of
                                         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 Plan, except in the case
                                         of willful misconduct by the Plan Administrator or any of its members.

 

		12.5	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 its Participants,
                                         the date and circumstances of the retirement or Separation from Service of its Participants,
                                         and such other pertinent information as the Plan Administrator may reasonably require.

 

    	 	8	 

     

    

 

Article
13

Miscellaneous

 

		13.1	Binding Effect. This Plan shall bind each Participant and
                                         the Bank, their beneficiaries, survivors, executors, administrators and transferees and
                                         any Beneficiary.

 

		13.2	No Guarantee of Employment. This Plan is not an employment
                                         policy or contract. It does not give a Participant the right to remain an Employee of
                                         the Bank, nor does it interfere with the Bank's right to discharge a Participant. It
                                         also does not require a Participant to remain an Employee nor interfere with a Participant's
                                         right to terminate employment at any time.

 

		13.3	Applicable Law. The Plan and all rights hereunder shall
                                         be governed by and construed according to the laws of the State of New York, except to
                                         the extent preempted by the laws of the United States of America.

 

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

 

		13.5	Notice. Any notice or filing required or permitted to be
                                         given to the Plan Administrator under this Plan 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 or the receipt for registration
or certification.

 

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

 

		13.6	Entire Agreement. This Plan, along with a Participant's
                                         Election Form, Beneficiary Designation Form, constitutes the entire agreement between
                                         the Bank and the Participant as to the subject matter hereof. No rights are granted to
                                         the Participant under this Plan other than those specifically set forth herein.

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the Bank and Trust
executes this Plan as of the date indicated above.

 

Rhinebeck Savings Bank

 

	By	/s/ Carol L. Gordon,
    EVP and COO	 

 

Rhinebeck Saving Bank Employer’s Insurance
Trust

 

	By	/s/ Kristine K. Gullo, Vice President	 
	 	BNY Mellon Trust of Delaware	 
	 	not in its individual capacity,	 
	 	but solely as Trustee	 

 

    	

     

    

 

	

        Rhinebeck Savings Bank 

	Split Dollar Insurance Plan 
	Election Form

 

I, Jamie Bloom, an
Employee designated as set for the in Article 2 of the Rhinebeck Savings Bank Split Dollar Insurance Plan (the "Plan")
dated January 1, 2008, hereby elect to become a Participant of this Plan according to Article 2 of the Plan.

 

Additionally, I acknowledge that I have
read the Plan document and understand that commencement of participation is contingent on issuance of an insurance policy or policies
applied for by the Bank on my life which names the Bank as beneficiary. I further agree to be bound by the terms of the Plan.

 

Executed the 28th day of September, 2011.

 

	/s/ Jamie Bloom	 
	Jamie Bloom	 

 

Acknowledged by the Plan Administrator the 30th
day of September, 2011:

 

	By	/s/ Carol L. Gordon	 
	 	 	 
	Title	EVP and COO

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