Document:

EX-10(U)

 

Exhibit 10(u)

SUPPLEMENTAL RETIREMENT AGREEMENT

FOR THOMAS P. RYAN

THIS AGREEMENT, made and entered into this 30th day of July, 1996, by

and between LORAIN NATIONAL BANK (hereinafter referred to as the “Bank”), a national banking
association organized and existing under the laws of the United States, whose principal place of
business is Lorain, Ohio, and THOMAS P. RYAN (hereinafter referred to as the “Executive”).

WHEREAS, the Executive has rendered valuable services to the Bank for
many years and it is the desire of the Bank to provide him with certain
Supplemental Retirement Benefits in addition to the retirement benefits provided
to him under the Lorain National Bank Retirement Pension Plan; and

WHEREAS, the Executive has performed his duties in a capable and
efficient manner, resulting in substantial growth and progress to the Bank; and

WHEREAS, the Bank desires to retain the services of the Executive,
and realizes that if the Executive were to leave the Bank it could suffer a substantial financial
loss; and

WHEREAS, the Executive is willing to continue in the employ of the
Bank if the Bank will agree to pay certain benefits in accordance with the provisions and
conditions hereinafter set forth; and

WHEREAS, it is understood and agreed that this Agreement is to be
effective as of June 4, 1996; and

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

1. Employment of the Executive

     The Executive shall continue to perform duties for the Bank in such senior executive capacity
as its Board of Directors may designate from time to time. The Executive’s employment shall
continue until terminated pursuant to Employment Agreement entered into between Bank and Executive,
dated September 11, 1995. The Executive shall devote his best efforts to the performance of his
duties for the Bank.

2. Compensation

     The Executive shall be compensated for the performance of his duties as provided for in the
above referred to Employment Agreement.

3. Supplemental Retirement Benefit

 

 

     If the Executive’s employment with the Bank should cease for any reason other than discharge
for cause (as hereinafter defined) or a retirement prior to April 1, 2000, the Executive or his
beneficiary, as the case may be, shall be entitled to receive the Supplemental Retirement Benefit
or a form thereof.

     (a) Normal Retirement

     If the Executive remains in the continuous employ of the Bank and retires from active
employment with the Bank on or after April 1, 2003, the Executive and/or his beneficiary will be
entitled to receive a Supplemental Retirement Benefit which when added to the Executive’s pension benefits and social security benefits would equal seventy
percent (70%) of the Executive’s Lorain National Bank compensation for
the full calendar year of employment preceding Executive’s
retirement as reflected on the Executive’s W-2 Federal Income Tax
Statement for such year and payable each year for a ten (10) year period commencing one (1) month
after Executive’s retirement date. The
Supplemental Retirement Benefit shall be paid annually or ratably in
twelve (12) equal monthly installments each year during the ten (10)
year period as the Executive or his beneficiary may elect.

     (b) Early Retirement

     In the event the Executive retires prior to April 1, 2003, the Executive and/or his
beneficiary shall be entitled to receive an applicable percentage of the aforementioned
Supplemental Retirement Benefit. The applicable percentage for the corresponding early retirement
ages are as follows:

	 	 	 
	Early	 	 
	Retirement	 	Applicable
	Ages	 	Percentage
	57-61
	 	0%
	62
	 	25% of the full benefit (70%)
	63
	 	50% of the full benefit (70%)
	64
	 	75% of the full benefit (70%)

     The corresponding benefits will be paid on a per year basis payable over a ten (10) year
period.

     (c) Disability Benefit

     If the Executive should become disabled while employed by the Bank and prior to reaching age
sixty-five (65), the Executive will be eligible to receive his Supplemental Retirement Benefit
commencing at age 65, as if he had retired on or after April 1, 2003.

     (d) Death Benefit

     In the event the Executive should die after having established eligibility for benefits (based
on meeting either the early or normal

 

 

retirement age requirements) set forth under this Agreement, any amounts due or remaining to be
paid shall be paid to such beneficiary or beneficiaries as the Executive may have designated by
filing with the Bank a notice in writing in a form acceptable to the Bank. In the
absence of any such designation, such unpaid amounts shall be paid to
the Executive’s surviving spouse, or, if the Executive should die
without a spouse surviving, to the Executive’s estate.

     (e) Discharge Without Cause

     If the Executive is discharged without cause, the Executive shall be entitled to receive the
Supplemental Retirement Benefit equal to the corresponding amount as if he had retired on or after
April 1, 2003. Supplemental retirement benefit payments shall commence to be paid to Executive at
such time as Executive elects to begin receiving pension benefits and shall be based upon
Executive’s compensation for the last full calendar year of employment preceding Executive’s
discharge as reflected on Executive’s W-2 Federal Income Tax Statement for such year.

     Executive shall be under no obligation to elect to receive Social Security benefits at any
specific time during the Agreement term. For purposes of this Agreement, Executive’s pension
benefit offset shall be calculated as though payable as a single life annuity for Executive’s life
expectancy.

     For purposes of this Agreement, the term “discharge for cause” shall mean a termination of the
Executive’s employment by reason of his commission of any material act of dishonesty during his
employment, or breach of the terms of his Employment Agreement, which, in the good faith opinion of
the Board of Directors of the Bank, adversely affects the interests of the Bank or his conviction
by a court of last resort of a felony involving moral turpitude committed during his employment.

     For the purposes of this Agreement, the term “permanent disability” shall mean physical or
mental impairment which prevents the Executive from engaging in further employment by the Bank as a
senior executive on a full time basis and which, on the basis of medical evidence satisfactory to
the Board of Directors, is expected to continue for a period of six (6) months. It is intended that
the events which shall give rise to an entitlement on the part of the Executive or his beneficiary
to receive the Supplemental Retirement Benefit or a form thereof shall include:

     (i) The normal retirement of the Executive on or after April 1, 2003.

     (ii) The early retirement of the Executive on or after April 1, 2000.

     (iii) The permanent disability of the Executive.

     (iv) The death of the Executive after reaching early retirement age.

     (v) Discharge of the Executive without cause.

 

 

4. Non-alienation of Benefits

     The right of the Executive, or any other person, to the payment of benefits under this
Agreement shall not be assigned, transferred, pledged or encumbered, any attempt to do so shall be
void.

5. Executive’s Rights Under This Agreement to be Those of an Unsecured Creditor of the Bank

     The rights of the Executive under this Agreement, and of any
beneficiary of the Executive, shall be solely those of an unsecured creditor of the Bank. Nothing
contained in this Agreement and no action taken pursuant to the provisions of this Agreement shall
create or be construed to create a trust of any kind or a fiduciary relationship between the Bank
and the Executive or his beneficiaries. Any funds, insurance contracts or other assets of the
Bank, whether designated by the Bank to provide the benefits contemplated herein or

not, shall at all times continue to be a part of the general funds of the Bank and no person other
than the Bank shall, by virtue of this Agreement, have any interest in such funds or assets.

6. General Provisions

     This Agreement shall not be deemed to constitute a contract of
employment between the parties, nor shall any provisions hereof restrict the right of the Bank to
terminate the Executive’s services or restrict the right of the Executive to terminate his
services.

     The Board of Directors shall have the full power and authority to interpret, construe and
administer this Agreement, and all actions taken by the Board of Directors in good faith shall be
binding and conclusive on all persons concerned. No member of the Board of Directors shall be
liable to any person or any action taken or omitted in connection with the interpretation or
administration of this Agreement unless attributable to his own willful misconduct or lack of good
faith.

     This Agreement shall be binding upon and inure to the benefit of the Bank, its successors and
assigns, and the Executive, his heirs, executors, administrators and legal representatives.

     This Agreement shall be construed in accordance with and governed by the laws of the State of
Ohio.

     IN WITNESS WHEREOF, the Bank has caused this Agreement to be executed by its duly authorized
officer, and the Executive has hereunto set his hand as of the date first above written.

     IN THE PRESENCE OF:

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	BANK	 	 
	 	 	 	 	LORAIN NATIONAL BANK:	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Paulette Mager

	 	 	 	BY:
	 	/s/ J. F. Kidd	 	 
	 	 	 	 	 	 	 	 	 
	/s/ Denise DeVito	 	 	 	 	 	      President	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Paulette Mager	 	 	 	/s/ Thomas P. Ryan	 	 
	 	 	 	 	 	 	 
	/s/ Denise DeVito	 	 	 	Thomas P. RyanEX-10(V)

 

Exhibit 10(l)

SUPPLEMENTAL RETIREMENT AGREEMENT

FOR GREGORY D. FRIEDMAN

THIS AGREEMENT, made and entered into this 30th day of July, 1996, by
and between LORAIN NATIONAL BANK (hereinafter referred to as the “Bank”), a national banking
association organized and existing under the laws of the United States, whose principal place of
business is Lorain, Ohio, and GREGORY D. FRIEDMAN (hereinafter referred to as the “Executive”).

WHEREAS, the Executive has rendered valuable services to the Bank for
many years and it is the desire of the Bank to provide him with certain
Supplemental Retirement Benefits in addition to the retirement benefits provided
to him under the Lorain National Bank Retirement Pension Plan; and

WHEREAS, the Executive has performed his duties in a capable and
efficient manner, resulting in substantial growth and progress to the Bank; and

WHEREAS, the Bank desires to retain the services of the Executive,
and realizes that if the Executive were to leave the Bank it could suffer a substantial financial
loss; and

WHEREAS, the Executive is willing to continue in the employ of the
Bank if the Bank will agree to pay certain benefits in accordance with the provisions and
conditions hereinafter set forth; and

WHEREAS, it is understood and agreed that this Agreement is to be
effective as of June 4, 1996; and

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

1. Employment of the Executive

     The Executive shall continue to perform duties for the Bank in such senior executive capacity
as its Board of Directors may designate from time to time. The Executive’s employment shall
continue until terminated pursuant to Employment Agreement entered into between Bank and Executive,
dated September 11, 1995. The Executive shall devote his best efforts to the performance of his
duties for the Bank.

2. Compensation

     The Executive shall be compensated for the performance of his duties as provided for in the
above referred to Employment Agreement.

3. Supplemental Retirement Benefit

 

 

     If the Executive’s employment with the Bank should cease for any reason other than discharge
for cause (as hereinafter defined) or a retirement prior to April 1, 2000, the Executive or his
beneficiary, as the case may be, shall be entitled to receive the Supplemental Retirement Benefit
or a form thereof.

     (a) Normal Retirement

     If the Executive remains in the continuous employ of the Bank and retires from active
employment with the Bank on or after April 1, 2003, the Executive and/or his beneficiary will be
entitled to receive a Supplemental Retirement Benefit which when added to the Executive’s
pension benefits and social security benefits would equal seventy
percent (70%) of the Executive’s Lorain National Bank compensation for
the full calendar year of employment preceding Executive’s
retirement as reflected on the Executive’s W-2 Federal Income Tax
Statement for such year and payable each year for a ten (10) year period commencing one (1) month
after Executive’s retirement date. The
Supplemental Retirement Benefit shall be paid annually or ratably in
twelve (12) equal monthly installments each year during the ten (10)
year period as the Executive or his beneficiary may elect.

     (b) Early Retirement

     In the event the Executive retires prior to April 1, 2003, the Executive and/or his
beneficiary shall be entitled to receive an applicable percentage of the aforementioned
Supplemental Retirement Benefit. The applicable percentage for the corresponding early retirement
ages are as follows:

	 	 	 
	Early	 	 
	Retirement	 	Applicable
	Ages	 	Percentage
	57-61
	 	0%
	62
	 	25% of the full benefit (70%)
	63
	 	50% of the full benefit (70%)
	64
	 	75% of the full benefit (70%)

     The corresponding benefits will be paid on a per year basis payable over a ten (10) year
period.

     (c) Disability Benefit

     If the Executive should become disabled while employed by the Bank and prior to reaching age
sixty-five (65), the Executive will be eligible to receive his Supplemental Retirement Benefit
commencing at age 65, as if he had retired on or after April 1, 2003.

     (d) Death Benefit

     In the event the Executive should die after having established eligibility for benefits (based
on meeting either the early or normal

 

 

retirement age requirements) set forth under this Agreement, any amounts due or remaining to be
paid shall be paid to such beneficiary or beneficiaries as the Executive may have designated by
filing with the Bank a notice in writing in a form acceptable to the Bank. In the
absence of any such designation, such unpaid amounts shall be paid to
the Executive’s surviving spouse, or, if the Executive should die
without a spouse surviving, to the Executive’s estate.

     (e) Discharge Without Cause

     If the Executive is discharged without cause, the Executive shall be entitled to receive the
Supplemental Retirement Benefit equal to the corresponding amount as if he had retired on or after
April 1, 2003. Supplemental retirement benefit payments shall commence to be paid to Executive at
such time as Executive elects to begin receiving pension benefits and shall be based upon
Executive’s compensation for the last full calendar year of employment preceding Executive’s
discharge as reflected on Executive’s W-2 Federal Income Tax Statement for such year.

     Executive shall be under no obligation to elect to receive Social Security benefits at any
specific time during the Agreement term. For purposes of this Agreement, Executive’s pension
benefit offset shall be calculated as though payable as a single life annuity for Executive’s life
expectancy.

     For purposes of this Agreement, the term “discharge for cause” shall mean a termination of the
Executive’s employment by reason of his commission of any material act of dishonesty during his
employment, or breach of the terms of his Employment Agreement, which, in the good faith opinion of
the Board of Directors of the Bank, adversely affects the interests of the Bank or his conviction
by a court of last resort of a felony involving moral turpitude committed during his employment.

     For the purposes of this Agreement, the term “permanent disability” shall mean physical or
mental impairment which prevents the Executive from engaging in further employment by the Bank as a
senior executive on a full time basis and which, on the basis of medical evidence satisfactory to
the Board of Directors, is expected to continue for a period of six (6) months. It is intended that
the events which shall give rise to an entitlement on the part of the Executive or his beneficiary
to receive the Supplemental Retirement Benefit or a form thereof shall include:

     (i) The normal retirement of the Executive on or after April 1, 2003.

     (ii) The early retirement of the Executive on or after April 1, 2000.

     (iii) The permanent disability of the Executive.

     (iv) The death of the Executive after reaching early retirement age.

     (v) Discharge of the Executive without cause.

 

 

4. Non-alienation of Benefits

     The right of the Executive, or any other person, to the payment of benefits under this
Agreement shall not be assigned, transferred, pledged or encumbered, any attempt to do so shall be
void.

5. Executive’s Rights Under This Agreement to be Those of an Unsecured Creditor of the Bank

     The rights of the Executive under this Agreement, and of any
beneficiary of the Executive, shall be solely those of an unsecured creditor of the Bank. Nothing
contained in this Agreement and no action taken pursuant to the provisions of this Agreement shall
create or be construed to create a trust of any kind or a fiduciary relationship between the Bank
and the Executive or his beneficiaries. Any funds, insurance contracts or other assets of the
Bank, whether designated by the Bank to provide the benefits contemplated herein or

not, shall at all times continue to be a part of the general funds of the Bank and no person other
than the Bank shall, by virtue of this Agreement, have any interest in such funds or assets.

6. General Provisions

     This Agreement shall not be deemed to constitute a contract of
employment between the parties, nor shall any provisions hereof restrict the right of the Bank to
terminate the Executive’s services or restrict the right of the Executive to terminate his
services.

     The Board of Directors shall have the full power and authority to interpret, construe and
administer this Agreement, and all actions taken by the Board of Directors in good faith shall be
binding and conclusive on all persons concerned. No member of the Board of Directors shall be
liable to any person or any action taken or omitted in connection with the interpretation or
administration of this Agreement unless attributable to his own willful misconduct or lack of good
faith.

     This Agreement shall be binding upon and inure to the benefit of the Bank, its successors and
assigns, and the Executive, his heirs, executors, administrators and legal representatives.

     This Agreement shall be construed in accordance with and governed by the laws of the State of
Ohio.

     IN WITNESS WHEREOF, the Bank has caused this Agreement to be executed by its duly authorized
officer, and the Executive has hereunto set his hand as of the date first above written.

IN THE PRESENCE OF:

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	BANK	 	 
	 	 	 	 	LORAIN NATIONAL BANK:	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Paulette Mager	 	 	 	BY:	 	/s/ J. F. Kidd	 	 
	 	 	 	 	 	 	 	 	 
	/s/ Denise DeVito	 	 	 	 	 	     President	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Paulette Mager	 	 	 	/s/ Gregory D. Friedman	 	 
	 	 	 	 	 	 	 
	/s/ Denise DeVito	 	 	 	Gregory D. Friedman

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