Document:

Amendment to SERP

    EXHIBIT
      10.9

    

    AMENDMENT
      TO

    PEOPLES
      NATIONAL BANK

    SUPPLEMENTAL
      EXECUTIVE RETIREMENT PLAN AGREEMENT

    FOR

    DEBRA
      E. DISSINGER

     

    THIS
      AMENDMENT TO PEOPLES NATIONAL BANK SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
      AGREEMENT (“AMENDMENT”) is made and entered into this 30TH
      day of
      December, 2005, by and between PEOPLES
      NATIONAL BANK, a
      national association having a place of business at 50 Main
      Street, Halstead, Pennsylvania 18822 ("Bank"), and DEBRA
      E. DISSINGER ("Executive"),
      an
      individual residing at R.R. #2, Box 190C, Susquehanna, Pennsylvania
      18847.

    

    WITNESSETH:

    

    WHEREAS,
      the
      Bank
      and the Executive entered into a Supplemental Executive Retirement Plan
      Agreement on December 3, 2004 (the “Supplemental Executive Retirement Plan
      Agreement”) which is attached hereto.

    

    WHEREAS,
      the
      Corporation and the Executive desire to amend the Supplement Executive
      Retirement Plan Agreement.

    

    NOW
      THEREFORE, in
      consideration of the mutual covenants and agreements set forth herein and other
      good and valuable consideration, the receipt of which is hereby acknowledged,
      the Bank and the Executive agree as follows:

    

    1. Section
      1.2 of the Supplemental Executive Retirement Plan Agreement is hereby amended
      by
      deleting the existing definition of “Change of Control” in its entirety and by
      adding a new definition of “Change of Control” as follows:

    

    1.2 “Change
      of Control” means: a Change in the Ownership of Peoples or the Bank, (as defined
      below), a Change in the Effective Control of Peoples or the Bank (as defined
      below), or a Change in the Ownership of a Substantial Portion of the Assets
      of
      Peoples or the Bank, (as defined below).

     

    (a) Change
      in the Ownership of Peoples or the Bank.
      A
      Change in the Ownership of Peoples or the Bank occurs on the date that any
      one
      person, or more than one person acting as a group (as defined below), acquires
      ownership of stock of Peoples or the Bank that, together with stock held by
      such
      person or group, constitutes more than 50 percent of the total fair market
      value
      or total voting power of the stock of Peoples or the Bank. However, if any
      one
      person, or more than one person acting as a group, is considered to own more
      than 50 percent of the total fair market value or total voting power of the
      stock of Peoples or the Bank, the acquisition of additional stock by the same
      person or persons is not considered to cause a Change in the Ownership of
      Peoples or the Bank. An increase in the percentage of stock owned by any one
      person, or persons acting as a group, as a result of a transaction in which
      Peoples or the Bank acquires its stock in exchange for property will be treated
      as an acquisition of stock for these purposes. A change in ownership of Peoples
      or the Bank only occurs when there is a transfer or issuance of stock of Peoples
      or the Bank and the stock remains outstanding after the
      transaction.

     

    (b) Change
      in Effective Control of Peoples or the Bank.
      A
      Change in Effective Control of Peoples or the Bank occurs only on the date
      that
      either:

     

    (i) Any
      one
      person, or more than one person acting as a group (as defined below), acquires
      (or has acquired during the 12-month period ending on the date of the most
      recent acquisition by such person or persons) ownership of stock of Peoples
      or
      the Bank possessing 35 percent or more of the total voting power of the stock
      of
      Peoples or the Bank; or

     

    (ii) A
      majority of members of Peoples’ Board of Directors is replaced during any
      12-month period by directors whose appointment or election is not endorsed
      by a
      majority of the members of Peoples’ Board of Directors prior to the date of the
      appointment or election. 

     

    If
      any
      one person, or more than one person acting as a group, is considered to
      effectively control Peoples or the Bank, the acquisition of additional control
      of Peoples or the Bank by the same person or persons is not considered to cause
      a Change in the Effective Control of Peoples or the Bank.

     

    (c) Change
      in Ownership of a Substantial Portion of Peoples’ or the Bank’s
      Assets.
      A Change
      in Ownership of a Substantial Portion of Peoples’ or the Bank’s Assets occurs on
      the date that any one person, or more than one person acting as a group (as
      defined below), acquires (or has acquired during the 12-month period ending
      on
      the date of the most recent acquisition by such person or persons) assets from
      Peoples or the Bank that have a total gross fair market value equal to or more
      than 40 percent of the total gross fair market value of all of the assets of
      Peoples or the Bank immediately prior to such acquisition or acquisitions.
      For
      this purpose, gross fair market value means the value of assets of Peoples
      or
      the Bank, or the value of the assets being disposed of, determined without
      regard to any liabilities associated with such assets. 

     

    There
      is
      no Change in Control under this Paragraph 1.2(c) if there is a transfer of
      assets to an entity that is:

     

    (i) A
      shareholder of Peoples or the Bank (immediately before the asset transfer)
      in
      exchange for or with respect to its stock;

     

    (ii) An
      entity, 50 percent or more of the total value or voting power of which is owned,
      directly or indirectly, by Peoples or the Bank;

     

    (iii) A
      person,
      or more than one person acting as a group, that owns, directly or indirectly,
      50
      percent or more of the total value or voting power of all the outstanding stock
      of Peoples or the Bank; or

     

    (iv) An
      entity, at least 50 percent of the total value or voting power of which is
      owned, directly or indirectly, by a person described in (i), (ii) or (iii)
      above.

     

    (d) For
      purposes of this Paragraph 1.2, persons will not be considered to be acting
      as a
      group solely because they purchase or own stock or purchase assets of Peoples
      or
      the Bank at the same time. However, persons will be considered to be acting
      as a
      group if they are owners of a corporation that enters into a merger,
      consolidation, purchase or acquisition of assets, or similar transaction, such
      shareholder is considered to be acting as a group with other shareholders in
      a
      corporation only to the extent of the ownership in that corporation prior to
      the
      transaction giving rise to the change and not with respect to the ownership
      interest in the other corporation.

     

    2. Section
      1.3 of the Supplemental Executive Retirement Plan Agreement is hereby amended
      by
      deleting the existing definition of “Disability” in its entirety and by adding a
      new definition of “Disability”, as follows:

    

    1.3 “Disability”
      means, if the Executive is covered by a Bank sponsored disability policy, total
      disability as defined in such policy without regard to any waiting period,
      provided that the definition of disability applied under such policy complies
      with the requirement of Section 1.409A-3(g)(4) of the Treasury regulations.
      If
      the Executive is not covered by such policy, Disability means that the Executive
      is unable to engage in any substantial gainful activity by reason of any
      medically determinable physical or mental impairment that can be expected to
      result in death or can be expected to last for a continuous period of not less
      than 12 months. As a condition to any benefit, the Bank may require the
      Executive to submit to such physical or mental evaluations and tests as the
      Bank’s Board of Directors deems appropriate.

     

    3. The
      Supplemental Executive Retirement Plan Agreement is hereby amended by adding
      a
      new Section 2.5 to read as follows:

    

    2.5 Key
      Employee. Notwithstanding anything in this Article 2 to the contrary, in the
      event Executive is determined to be a Key Employee, as that term is defined
      in
      Section 409A of the Code and the regulations promulgated thereunder, payments
      to
      the Executive under Sections 2.1. 2.2 or 2.3 of this Agreement, other than
      payments on account of Disability or death, shall begin not earlier than the
      first day of the seventh month following termination of employment. This will
      result in the aggregate amount of the first seven months of payments payable
      on
      the delayed first payment date, normal monthly payments will continue
      thereafter. For purposes of the foregoing, the date upon which a determination
      is made as to the Key Employee status of the Executive, the Identification
      Date
      (as defined in Section 409A of the Code and the regulations promulgated
      thereunder) shall be December 31.

     

    4. Section
      4.2 of the Supplemental Executive Retirement Plan Agreement is hereby amended
      by
      adding a new sentence to the end of Section 4.2 to read as follows:

    

    Notwithstanding
      the foregoing, any change in the settlement options that violates any of the
      provisions of Section 409A of the Code or the regulations issued thereunder
      shall be null and void.

    

    5. Article
      9
      of the Supplemental Executive Retirement Plan Agreement is hereby amended by
      adding a new sentence to the end of Article 9 to read as follows:

    

    Notwithstanding
      the foregoing, this Agreement may be amended or terminated only if such
      amendment or termination does not violate any of the provisions of Section
      409A
      of the Code and the regulations issued thereunder.

    

    6. Except
      as
      hereinabove amended, the Supplemental Executive Retirement Plan Agreement shall
      remain unchanged and in full force and effect.

    

    IN
      WITNESS WHEREOF, Executive and a duly authorized Bank officer have signed
      this
      Agreement.

     

    ATTEST:     PEOPLES
      NATIONAL BANK ("BANK")

     

    _____________________        By:________________________
             

    Secretary            
      Chairman of the Board

    

    

    

    WITNESS:

    _____________________        
      __________________________

                             
Debra
      E.
      Dissinger ("Executive")Amendment to SERP

    EXHIBIT
      10.10

    

    AMENDMENT
      TO

    PEOPLES
      NATIONAL BANK

    SUPPLEMENTAL
      DIRECTOR RETIREMENT PLAN AGREEMENT

    FOR

    ALL
      NON-EMPLOYEE DIRECTORS OF THE COMPANY

     

    THIS
      AMENDMENT TO PEOPLES NATIONAL BANK SUPPLEMENTAL DIRECTOR RETIREMENT PLAN
      AGREEMENT (“AMENDMENT”) is made and entered into this 30th
      day of
      December, 2004, by and between PEOPLES
      NATIONAL BANK, a
      national association having a place of business at 50 Main
      Street, Halstead, Pennsylvania 18822 ("Bank"), and all Non-Employee Directors
      of
      the Company,
      ("Director").

    

    WITNESSETH:

    

    WHEREAS,
      the
      Bank
      and the Director entered into a Supplemental Director Retirement Plan Agreement
      on December 3, 2004 (the “Supplemental Director Retirement Plan Agreement”)
      which is attached hereto.

    

    WHEREAS,
      the
      Corporation and the Director desire to amend the Supplement Director Retirement
      Plan Agreement.

    

    NOW
      THEREFORE, in
      consideration of the mutual covenants and agreements set forth herein and other
      good and valuable consideration, the receipt of which is hereby acknowledged,
      the Bank and the Director agree as follows:

    

    1. Section
      1.2 of the Supplemental Director Retirement Plan Agreement is hereby amended
      by
      deleting the existing definition of “Change of Control” in its entirety and by
      adding a new definition of “Change of Control” as follows:

    

    1.2 “Change
      of Control” means: a Change in the Ownership of Peoples or the Bank, (as defined
      below), a Change in the Effective Control of Peoples or the Bank (as defined
      below), or a Change in the Ownership of a Substantial Portion of the Assets
      of
      Peoples or the Bank, (as defined below).

     

    (a) Change
      in the Ownership of Peoples or the Bank.
      A
      Change in the Ownership of Peoples or the Bank occurs on the date that any
      one
      person, or more than one person acting as a group (as defined below), acquires
      ownership of stock of Peoples or the Bank that, together with stock held by
      such
      person or group, constitutes more than 50 percent of the total fair market
      value
      or total voting power of the stock of Peoples or the Bank. However, if any
      one
      person, or more than one person acting as a group, is considered to own more
      than 50 percent of the total fair market value or total voting power of the
      stock of Peoples or the Bank, the acquisition of additional stock by the same
      person or persons is not considered to cause a Change in the Ownership of
      Peoples or the Bank. An increase in the percentage of stock owned by any one
      person, or persons acting as a group, as a result of a transaction in which
      Peoples or the Bank acquires its stock in exchange for property will be treated
      as an acquisition of stock for these purposes. A change in ownership of Peoples
      or the Bank only occurs when there is a transfer or issuance of stock of Peoples
      or the Bank and the stock remains outstanding after the
      transaction.

     

    (b) Change
      in Effective Control of Peoples or the Bank.
      A
      Change in Effective Control of Peoples or the Bank occurs only on the date
      that
      either:

     

    (i) Any
      one
      person, or more than one person acting as a group (as defined below), acquires
      (or has acquired during the 12-month period ending on the date of the most
      recent acquisition by such person or persons) ownership of stock of Peoples
      or
      the Bank possessing 35 percent or more of the total voting power of the stock
      of
      Peoples or the Bank; or

     

    (ii) A
      majority of members of Peoples’ Board of Directors is replaced during any
      12-month period by directors whose appointment or election is not endorsed
      by a
      majority of the members of Peoples’ Board of Directors prior to the date of the
      appointment or election. 

     

    If
      any
      one person, or more than one person acting as a group, is considered to
      effectively control Peoples or the Bank, the acquisition of additional control
      of Peoples or the Bank by the same person or persons is not considered to cause
      a Change in the Effective Control of Peoples or the Bank.

     

    (c) Change
      in Ownership of a Substantial Portion of Peoples’ or the Bank’s
      Assets.
      A Change
      in Ownership of a Substantial Portion of Peoples’ or the Bank’s Assets occurs on
      the date that any one person, or more than one person acting as a group (as
      defined below), acquires (or has acquired during the 12-month period ending
      on
      the date of the most recent acquisition by such person or persons) assets from
      Peoples or the Bank that have a total gross fair market value equal to or more
      than 40 percent of the total gross fair market value of all of the assets of
      Peoples or the Bank immediately prior to such acquisition or acquisitions.
      For
      this purpose, gross fair market value means the value of assets of Peoples
      or
      the Bank, or the value of the assets being disposed of, determined without
      regard to any liabilities associated with such assets. 

     

    There
      is
      no Change in Control under this Paragraph 1.2(c) if there is a transfer of
      assets to an entity that is:

     

    (i) A
      shareholder of Peoples or the Bank (immediately before the asset transfer)
      in
      exchange for or with respect to its stock;

     

    (ii) An
      entity, 50 percent or more of the total value or voting power of which is owned,
      directly or indirectly, by Peoples or the Bank;

     

    (iii) A
      person,
      or more than one person acting as a group, that owns, directly or indirectly,
      50
      percent or more of the total value or voting power of all the outstanding stock
      of Peoples or the Bank; or

     

    (iv) An
      entity, at least 50 percent of the total value or voting power of which is
      owned, directly or indirectly, by a person described in (i), (ii) or (iii)
      above.

     

    (d) For
      purposes of this Paragraph 1.2, persons will not be considered to be acting
      as a
      group solely because they purchase or own stock or purchase assets of Peoples
      or
      the Bank at the same time. However, persons will be considered to be acting
      as a
      group if they are owners of a corporation that enters into a merger,
      consolidation, purchase or acquisition of assets, or similar transaction, such
      shareholder is considered to be acting as a group with other shareholders in
      a
      corporation only to the extent of the ownership in that corporation prior to
      the
      transaction giving rise to the change and not with respect to the ownership
      interest in the other corporation.

     

    2. Section
      1.3 of the Supplemental Director Retirement Plan Agreement is hereby amended
      by
      deleting the existing definition of “Disability” in its entirety and by adding a
      new definition of “Disability”, as follows:

    

    1.3 “Disability”
      means, if the Director is covered by a Bank sponsored disability policy, total
      disability as defined in such policy without regard to any waiting period,
      provided that the definition of disability applied under such policy complies
      with the requirement of Section 1.409A-3(g)(4) of the Treasury regulations.
      If
      the Director is not covered by such policy, Disability means that the Director
      is unable to engage in any substantial gainful activity by reason of any
      medically determinable physical or mental impairment that can be expected to
      result in death or can be expected to last for a continuous period of not less
      than 12 months. As a condition to any benefit, the Bank may require the Director
      to submit to such physical or mental evaluations and tests as the Bank’s Board
      of Directors deems appropriate.

     

    3. The
      Supplemental Executive Retirement Plan Agreement is hereby amended by adding
      a
      new Section 2.5 to read as follows:

    

    2.5 Key
      Employee. Notwithstanding anything in this Article 2 to the contrary, in the
      event Executive is determined to be a Key Employee, as that term is defined
      in
      Section 409A of the Code and the regulations promulgated thereunder, payments
      to
      the Executive under Sections 2.1. 2.2 or 2.3 of this Agreement, other than
      payments on account of Disability or death, shall begin not earlier than the
      first day of the seventh month following termination of employment. This will
      result in the aggregate amount of the first seven months of payments payable
      on
      the delayed first payment date, normal monthly payments will continue
      thereafter. For purposes of the foregoing, the date upon which a determination
      is made as to the Key Employee status of the Executive, the Identification
      Date
      (as defined in Section 409A of the Code and the regulations promulgated
      thereunder) shall be December 31.

     

    4. Article
      5
      of the Supplemental Director Retirement Plan Agreement is hereby amended by
      adding a new sentence to the end of Article 5 to read as follows:

    

    Notwithstanding
      the foregoing, this Agreement may be amended or terminated only if such
      amendment or termination does not violate any of the provisions of Section
      409A
      of the Code and the regulations issued thereunder.

    

    5. Except
      as
      hereinabove amended, the Supplemental Director Retirement Plan Agreement shall
      remain unchanged and in full force and effect.

    

    IN
      WITNESS WHEREOF, Director and a duly authorized Bank officer have signed
      this
      Agreement.

     

    ATTEST:     PEOPLES
      NATIONAL BANK ("BANK")

     

    _____________________        By:______________________

    Secretary            
      Chairman of the Board

    

    

    WITNESS:

     

    _____________________             
      _______________________

                            "Non-
      Employee Director"

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