Document:

ex10-15.htm

    
      

    

    Exhibit
10.15

     

    Lee W.
Washam

     

    ENDORSEMENT
SPLIT-DOLLAR LIFE INSURANCE PLAN

     

    Effective
April 1, 2006

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    TABLE OF
CONTENTS

    
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
              PAGE

            
	 	 	 	 
	
              ENDORSEMENT
      SPLIT-DOLLAR LIFE INSURANCE PLAN

            	 
      	
              1

            	 
      
	 
      	 
      	 
      	 
      	 
      
	
              1.

            	
              Purpose

            	 
      	
              1

            	 
      
	
              2.

            	
              Effective
      Date

            	 
      	
              1

            	 
      
	
              3.

            	
              Eligibility
      and Participation

            	 
      	
              1

            	 
      
	
              4.

            	
              Purchase
      of Life Insurance Policies

            	 
      	
              1

            	 
      
	
              5.

            	
              Policy
      Ownership

            	 
      	
              1

            	 
      
	
              6.

            	
              Division
      of Cash Surrender Value

            	 
      	
              1

            	 
      
	
              7.

            	
              Division
      of Death Proceeds

            	 
      	
              2

            	 
      
	
              8.

            	
              Beneficiary
      Designation

            	 
      	
              2

            	 
      
	
              9.

            	
              Premium
      Payments

            	 
      	
              2

            	 
      
	
              10.

            	
              Termination
      of Participation in the Plan

            	 
      	
              2

            	 
      
	
              11.

            	
              Named
      Fiduciary

            	 
      	
              3

            	 
      
	
              12.

            	
              Funding
      Policy

            	 
      	
              3

            	 
      
	
              13.

            	
              Claims
      Procedure

            	 
      	
              3

            	 
      
	
              14.

            	
              Amendment
      and Revocation

            	 
      	
              4

            	 
      
	
              15.

            	
              Insurance
      Company Not a Party to This Plan

            	 
      	
              4

            	 
      
	
              16.

            	
              Validity

            	 
      	
              4

            	 
      
	
              17.

            	
              Notices

            	 
      	
              4

            	 
      
	
              18.

            	
              Successors

            	 
      	
              4

            	 
      
	
              19.

            	
              Governing
      Law

            	 
      	
              4

            	 
      
	
              20.

            	
              Entire
      Plan

            	 
      	
              4

            	 
      
	
              21.

            	
              Not
      a Contract of Employment

            	 
      	
              5

            	 
      
	 
      	 
      	 
      	 
      	 
      
	
              SCHEDULE
      A

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
              Participation
      Agreement

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
              SCHEDULE
      B

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
              Beneficiary
      Designation

            	 
      	 
      	 
      

    

     

    
      
         

      

      
        (i)

        
          

        

      

      
         

      

    

     

    ENDORSEMENT
SPLIT-DOLLAR LIFE INSURANCE PLAN

     

    This
Endorsement Split-Dollar Life Insurance Plan (the “Plan”) is established by
CharterBank, West Point, Georgia (“Employer”), for the benefit of certain highly
compensated or management employees of the Employer.

     

    1.             Purpose

     

    This Plan
is established as part of an integrated executive compensation program that is
intended to attract, retain and motivate certain key employees (“Employees”) who
are in a position to make significant contributions to the operation and
profitability of the Employer, This Plan provides a means by which the Employer
assists the Employee in purchasing life insurance on the Employee’s life that
provides a death benefit to the Employee’s personal beneficiary.

     

    2.            
Effective Date

     

    This Plan
shall be effective as of April 1, 2006.

     

    3.            
Eligibility and Participation

     

    The Chief
Executive Officer of the Employer may designate any Employee eligible for the
Plan and the Board of Directors of the Employer (“Board”) may approve such
designation. Provided the Board has approved an Employee’s eligibility for the
Plan, such Employee may agree to participate in the Plan by completing a
Participation Agreement and Beneficiary Designation Form as set forth in
Schedules A and B; provided, however, participation and all benefits under this
Plan are subject to the actual purchase of a life insurance Policy under Section
4.

     

    4.            
Purchase of Life Insurance Policies

     

    Employer
shall use its best efforts to purchase one (1) or more life insurance policies
on the life of each Employee in an amount sufficient to provide for the benefits
outlined in Section 7 of the Plan; provided, however, that the Employer shall
retain the absolute right to decline to purchase a Policy on the life of any
Employee for any reason whatsoever. Each policy purchased shall be subject to
the terms and conditions of the Plan (“Policy”).

     

    5.            
Policy Ownership

     

    Employer
shall be the sole and absolute owner of any Policy and may exercise all
ownership rights granted to the owner thereof by the terms of the Policy, except
as may otherwise be limited by this Plan.

     

    6.            
Division of Cash Surrender Value

     

    Employer
shall at all times be entitled to all cash values under the terms of the Policy.
Employee shall have no right, at any time, to the cash value of the
Policy.

     

    PAGE 1 -
ENDORSEMENT SPLIT-DOLLAR LIFE INSURANCE PLAN

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    7.           
Division of Death Proceeds

     

    Except as
provided in Section 10 herein, upon the death of Employee, the proceeds of the
Policy shall be divided as follows:

     

    (a)           Employee’s Share. Each Employee’s Beneficiary
shall be entitled to one hundred thousand dollars ($100,000.00) as of the
Employee’s date of death.

     

    (b)           Employer’s Share. The Employer shall be
entitled to the remainder of the death proceeds.

     

    (c)           Division of Interest. Employer and Beneficiary
shall share in any interest due with respect to the death proceeds on a pro-rata
basis as the proceeds due each respectively bears to the total proceeds,
excluding any such interest.

     

    8.   
        Beneficiary
Designation

     

    Employee
shall have the right and power to designate a person, persons or entity
(“Beneficiary”) to receive Employee’s share of the proceeds payable upon his
death and to elect and change a payment option for such Beneficiary, subject to
any right or interest the Employer may have in such proceeds, as provided in
this Plan. If no valid Beneficiary designation has been filed with the Employer,
upon Employee’s death, the Beneficiary will be deemed to be the Employee’s
estate.

     

    9.          
  Premium Payments

     

    (a)           Subject
to Employer’s absolute right to surrender or terminate the Policy at any time
and for any reason, Employer shall pay an amount equal to the planned premiums
and any other premium payments that might become necessary to keep the Policy in
force.

     

    (b)           Employer
shall annually furnish to Employee a statement of the amount reportable by
Employee for federal and state income tax purposes, if any, as a result of the
insurance protection provided.

     

    (c)           Employee
shall have no right to make any premium payment to the Policy at any
time.

     

    10.           Termination
of Participation in the Plan

     

    (a)           Upon
the occurrence of any one (1) of the following, an Employee’s participation in
this Plan shall terminate and all death proceeds shall thereafter be paid solely
to the Employer:

     

    (i)           Employee
terminates employment with Employer for any reason;

     

    (ii)          Total
cessation of Employer’s business;

     

    (iii)         Bankruptcy,
receivership or dissolution of Employer;

     

    PAGE 2 -
ENDORSEMENT SPLIT-DOLLAR LIFE INSURANCE PLAN

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (iv)          Receipt
by Employer of written notification of a request to terminate Participation
Agreement from Employee;

     

    (v)           Surrender,
lapse, or other termination of the Policy on the life of Employee by Employer;
or

     

    (vi)          Distribution
of the death proceeds in accordance with Section 7 of this Plan.

     

    11.          Named
Fiduciary

     

    Employer
is hereby designated as the named fiduciary under this Plan. As named fiduciary,
Employer shall be responsible for and have the authority to manage the operation
and administration of this Plan, and it shall be responsible for establishing
and carrying out a funding policy and method consistent with the objectives of
this Plan, The named fiduciary may delegate to others certain aspects of the
management and operation responsibilities of the Plan, including the employment
of advisors and the delegation of any ministerial duties to qualified
individuals.

     

    12.          Funding
Policy

     

    Subject
to Employer’s absolute right to surrender or terminate the Policy at any time
and for any reason, the funding policy for this Plan shall be to maintain each
Policy in force by paying, when due, all premiums required.

     

    13.          Claims
Procedure

     

    (a)           Any
person claiming a benefit, requesting an interpretation or ruling under this
Plan, or requesting information under this Plan shall present the request in
writing to Employer, which shall respond in writing within a reasonable period
of time, but not later than ninety (90) days after receipt of the
request.

     

    (b)           Denial of Claim. If the claim or request is
denied, the written notice of denial shall state:

     

    (i)           The
reason for denial, with specific reference to the provisions in the Plan on
which the denial is based;

     

    (ii)          A
description of any additional material or information required and an
explanation of why it is necessary; and

     

    (iii)         An
explanation of the Plan’s claims review procedure.

     

    (c)           Review of Claim. Any person whose claim or
request is denied may request a review by notice given to Employer within sixty
(60) days following receipt of notification of the adverse determination. The
claim or request shall be reviewed by Employer which may, but shall not be
required to, grant the claimant a hearing. On review, the claimant may have
representation, examine pertinent documents, and submit issues and comments in
writing.

     

    PAGE 3 -
ENDORSEMENT SPLIT-DOLLAR LIFE INSURANCE PLAN

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (d)           Final Decision. The decision on review shall
normally be made within sixty (60) days. If an extension of time is required for
a hearing or other special circumstances, the claimant shall be notified within
such sixty (60) day period of an extension which shall not be for more than an
additional sixty (60) days. The Employer’s decision shall be delivered in
writing to Employee and shall state the reason and the relevant provisions in
the Plan for the decision. All decisions on review shall be final and bind all
parties concerned.

     

    14.          Amendment
and Revocation

     

    This Plan
may be amended or revoked at any time, in whole or in part, by the
Employer.

     

    15.          Insurance
Company Not a Party to This Plan

     

    Each
insurer shall be fully discharged from its obligations under the Policy by
payment of the Policy death benefit to the Beneficiary named in the Policy,
subject to the terms and conditions of the Policy. In no event shall any insurer
be considered a party to this Plan, or any modification or amendment
hereof.

     

    16.          Validity

     

    If any
provision of this Plan is held illegal, invalid or unenforceable, the remaining
provisions shall nonetheless be enforceable according to their terms. Further,
in the event that any provision is held to be overbroad as written, such
provision shall be deemed amended to narrow its application to the extent
necessary to make the provision enforceable according to law and enforced as
amended.

     

    17.          Notices

     

    All
notices shall be in writing, and shall be sufficiently given if delivered to the
Employer at its principal place of business, or to the Employee at his last
known address as shown in Employer’s records, in person, by Federal Express or
similar receipted delivery, or, if mailed, postage prepaid, by certified mail,
return receipt requested. The date of such mailing shall be deemed the date of
notice, demand or consent.

     

    18.          Successors

     

    The
provisions of this Plan shall bind and inure to the benefit of Employer and its
successors and assigns, and Employee and his heirs, successors and personal
representatives.

     

    19.          Governing
Law

     

    The
provisions of this Plan shall be construed and interpreted according to the laws
of the State of Georgia, except as preempted by federal law.

     

    20.          Entire
Plan

     

    This
written document is the final and exclusive statement of the terms of the Plan,
and any claim of right or entitlement under the Plan shall be determined in
accordance with its provisions.

     

    PAGE 4
- ENDORSEMENT
SPLIT-DOLLAR LIFE INSURANCE PLAN

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    21.          Not
a Contract of Employment

     

    The terms
and conditions of the Plan shall not be deemed to constitute a contract of
employment between the Employer and any Employee, and an Employee (or his
Beneficiary) shall have no rights against the Employer except as may be
otherwise provided specifically herein. Moreover, nothing in the Plan shall be
deemed to give an Employee the right to be retained in the service of Employer
or to interfere with the right of the Employer to discipline or discharge any
Employee at any time.

     

    IN
WITNESS WHEREOF, the Employer has caused this Plan to be executed by its duly
authorized officers effective as of April 1, 2006.

    
      	 
      	 
      	 
      
	 
      	 
      	
              CHARTERBANK

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/

            
	 
      	 
      	 
      
	 
      	 
      	
                  
      CFO

            
	 
      	 
      	
              Title

            
	 
      	 
      	 
      
	 
      	
              Date:

            	
                  
      6-13-06

            

    

     

    PAGE
5 - ENDORSEMENT SPLIT-DOLLAR
LIFE INSURANCE PLANex10-16.htm

    
      
        

      

      Exhibit
10.16

    

     

    William
C. Gladden

     

    ENDORSEMENT
SPLIT-DOLLAR LIFE INSURANCE PLAN

     

    Effective
April 1, 2006

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    TABLE OF
CONTENTS

    
      	 
      	 
      	 
      
	 
      	 
      	
              PAGE

            
	 
      	 
      	 
      
	
              ENDORSEMENT
      SPLIT-DOLLAR LIFE INSURANCE PLAN

            	
              1

            
	 
      	 
      	 
      
	
              1.

            	
              Purpose

            	
              1

            
	
              2.

            	
              Effective
      Date

            	
              1

            
	
              3.

            	
              Eligibility
      and Participation

            	
              1

            
	
              4.

            	
              Purchase
      of Life Insurance Policies

            	
              1

            
	
              5.

            	
              Policy
      Ownership

            	
              1

            
	
              6.

            	
              Division
      of Cash Surrender Value

            	
              1

            
	
              7.

            	
              Division
      of Death Proceeds

            	
              2

            
	
              8.

            	
              Beneficiary
      Designation

            	
              2

            
	
              9.

            	
              Premium
      Payments

            	
              2

            
	
              10.

            	
              Termination
      of Participation in the Plan

            	
              2

            
	
              11.

            	
              Named
      Fiduciary

            	
              3

            
	
              12.

            	
              Funding
      Policy

            	
              3

            
	
              13.

            	
              Claims
      Procedure

            	
              3

            
	
              14.

            	
              Amendment
      and Revocation

            	
              4

            
	
              15.

            	
              Insurance
      Company Not a Party to This Plan

            	
              4

            
	
              16.

            	
              Validity

            	
              4

            
	
              17.

            	
              Notices

            	
              4

            
	
              18.

            	
              Successors

            	
              4

            
	
              19.

            	
              Governing
      Law

            	
              4

            
	
              20.

            	
              Entire
      Plan

            	
              4

            
	
              21.

            	
              Not
      a Contract of Employment

            	
              5

            
	 
      	 
      	 
      
	
              SCHEDULE
      A

            	 
      
	 
      	 
      
	
              Participation
      Agreement

            	 
      
	 
      	 
      	 
      
	
              SCHEDULE
      B

            	 
      
	 
      	 
      	 
      
	
              Beneficiary
      Designation

            	 
      

    

    
      
         

      

      
        (i)

        
          

        

      

      
         

      

    

     

    ENDORSEMENT
SPLIT-DOLLAR LIFE INSURANCE PLAN

     

    This Endorsement Split-Dollar Life
Insurance Plan (the “Plan”) is established by CharterBank, West Point, Georgia
(“Employer”), for the benefit of certain highly compensated or management
em­ployees of the Employer.

     

    1.         
   Purpose

     

    This Plan is established as part of an
integrated executive compensation program that is in­tended to attract,
retain and motivate certain key employees (“Employees”) who are in a position to
make significant contributions to the operation and profitability of the
Employer. This Plan provides a means by which the Employer assists the Employee
in purchasing life insurance on the Employee’s life that provides a death
benefit to the Employee’s personal beneficiary.

     

    2.             Effective
Date

     

    This Plan shall be effective as of
April 1, 2006.

     

    3.             Eligibility
and Participation

     

    The Chief Executive Officer of the
Employer may designate any Employee eligible for the Plan and the Board of
Directors of the Employer (“Board”) may approve such designation. Provided the
Board has approved an Employee’s eligibility for the Plan, such Employee may
agree to participate in the Plan by completing a Participation Agreement and
Beneficiary Designation Form as set forth in Schedules A and B; provided,
however, participation and all benefits under this Plan are subject to the
actual purchase of a life insurance Policy under Section 4.

     

    4.           
 Purchase of Life Insurance Policies

     

    Employer shall use its best efforts to
purchase one (1) or more life insurance policies on the life of each Employee in
an amount sufficient to provide for the benefits outlined in Section 7 of the
Plan; provided, however, that the Employer shall retain the absolute right to
decline to purchase a Policy on the life of any Employee for any reason
whatsoever. Each policy purchased shall be subject to the terms and conditions
of the Plan (“Policy”).

     

    5.             Policy
Ownership

     

    Employer shall be the sole and absolute
owner of any Policy and may exercise all ownership rights granted to the owner
thereof by the terms of the Policy, except as may otherwise be limited by this
Plan.

     

    6.          
  Division of Cash Surrender Value

     

    Employer shall at all times be entitled
to all cash values under the terms of the Policy. Employee shall have no right,
at any time, to the cash value of the Policy.

     

    PAGE 1 -
ENDORSEMENT SPLIT-DOLLAR LIFE INSURANCE PLAN

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    7.   
         Division of Death
Proceeds

     

    Except as provided in Section 10
herein, upon the death of Employee, the proceeds of the Policy shall be divided
as follows:

     

    
               (a)   Employee’s Share. Each Employee’s Beneficiary
shall be entitled to one hundred thousand
dollars ($ 100,000.00) as of the Employee’s date of
death.

    

     

    
               (b)          Employer’s Share. The Employer shall be
entitled to the remainder of the death proceeds.

    

     

    
               (c)   Division of Interest. Employer and Beneficiary
shall share in any interest due with  respect
to the death proceeds on a pro-rata basis as the proceeds due each respectively
bears to the total
proceeds, excluding any such interest.

    

     

    
      8.             Beneficiary
Designation

    

     

    Employee shall have the right and power
to designate a person, persons or entity (“Beneficiary”) to receive Employee’s
share of the proceeds payable upon his death and to elect and change a payment
option for such Beneficiary, subject to any right or interest the Employer may
have in such proceeds, as provided in this Plan. If no valid Beneficiary
designation has been filed with the Employer, upon Employee’s death, the
Beneficiary will be deemed to be the Employee’s estate.

     

    9.           Premium
Payments

     

    
               (a)   Subject
to Employer’s absolute right to surrender or terminate the Policy at any time
and for any reason, Employer shall pay an amount equal to the planned premiums
and any other premium payments that might become necessary to keep the Policy in
force.

    

     

    
               (b)   Employer
shall annually furnish to Employee a statement of the amount reportable by
Employee for federal and state income tax purposes, if any, as a result of the
insurance protection provided.

    

     

    
               (c)   Employee
shall have no right to make any premium payment to the Policy at any
time.

    

     

    10.           Termination
of Participation in the Plan

     

    
               (a)   Upon the
occurrence of any one (1) of the following, an Employee’s participation in this
Plan shall terminate and all death proceeds shall thereafter be paid solely to
the Employer:

    

     

                       
(i)            Employee
terminates employment with Employer for any reason;

     

                       
(ii)           Total
cessation of Employer’s business;

     

                       
(iii)          Bankruptcy,
receivership or dissolution of Employer;

     

    PAGE 2 -
ENDORSEMENT SPLIT-DOLLAR LIFE INSURANCE PLAN

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

                                                     
(iv)           Receipt by
Employer of written notification of a request to terminate Participa­tion
Agreement from Employee;

     

                                                     
(v)            Surrender,
lapse, or other termination of the Policy on the life of Employee by Employer;
or

     

                                                     
(vi)           Distribution
of the death proceeds in accordance with Section 7 of this Plan.

     

    11.          Named
Fiduciary

     

    Employer is hereby designated as the
named fiduciary under this Plan. As named fiduciary, Employer shall be
responsible for and have the authority to manage the operation and
administration of this Plan, and it shall be responsible for establishing and
carrying out a funding policy and method consistent with the objectives of this
Plan. The named fiduciary may delegate to others certain aspects of the
management and operation responsibilities of the Plan, including the employment
of advisors and the delegation of any ministerial duties to qualified
individuals.

     

    12.          Funding
Policy

     

    Subject to Employer’s absolute right to
surrender or terminate the Policy at any time and for any reason, the funding
policy for this Plan shall be to maintain each Policy in force by paying, when
due, all premiums required.

     

    13.          Claims
Procedure

     

    
               (a)   Any
person claiming a benefit, requesting an interpretation or ruling under this
Plan, or requesting information under this Plan shall present the request in
writing to Employer, which shall respond in writing within a reasonable period
of time, but not later than ninety (90) days after receipt of the
request.

    

     

    
               (b)   Denial of Claim. If the claim or request is
denied, the written notice of denial shall state:

    

     

                                                     (i)           The
reason for denial, with specific reference to the provisions in the Plan on
which the denial is based;

     

                                                      (ii)          A
description of any additional material or information required and an
expla­nation of why it is necessary; and

     

                                                     
 (iii)         An explanation
of the Plan’s claims review procedure.

     

    
               (c)   Review of Claim. Any person whose claim or
request is denied may request a review by notice given to Employer within sixty
(60) days following receipt of notification of the adverse determination. The
claim or request shall be reviewed by Employer which may, but shall not be
required to, grant the claimant a hearing. On review, the claimant may have
representation, examine pertinent documents, and submit issues and comments in
writing.

    

     

    PAGE 3 -
ENDORSEMENT SPLIT-DOLLAR LIFE INSURANCE PLAN

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
                  
(d)   Final Decision. The decision on review shall
normally be made within sixty (60) days. If an extension of time is required for
a hearing or other special circumstances, the claimant shall be notified within
such sixty (60) day period of an extension which shall not be for more than an
additional sixty (60) days. The Employer’s decision shall be delivered in
writ­ing to Employee and shall state the reason and the relevant provisions
in the Plan for the deci­sion. All decisions on review shall be final and
bind all parties concerned.

    

     

    14.          Amendment
and Revocation

     

    This Plan may be amended or revoked at
any time, in whole or in part, by the Employer.

     

    15.          Insurance
Company Not a Party to This Plan

     

    Each insurer shall be fully discharged
from its obligations under the Policy by payment of the Policy death benefit to
the Beneficiary named in the Policy, subject to the terms and conditions of the
Policy. In no event shall any insurer be considered a party to this Plan, or any
modification or amend­ment hereof.

     

    16.          Validity

     

    If any provision of this Plan is held
illegal, invalid or unenforceable, the remaining provisions shall nonetheless be
enforceable according to their terms. Further, in the event that any provision
is held to be overbroad as written, such provision shall be deemed amended to
narrow its application to the extent necessary to make the provision enforceable
according to law and enforced as amended.

     

    17.          Notices

     

    All notices shall be in writing, and
shall be sufficiently given if delivered to the Employer at its principal place
of business, or to the Employee at his last known address as shown in Employer’s
re­cords, in person, by Federal Express or similar receipted delivery, or,
if mailed, postage prepaid, by certified mail, return receipt requested. The
date of such mailing shall be deemed the date of notice, demand or
consent.

     

    18.          Successors

     

    The provisions of this Plan shall bind
and inure to the benefit of Employer and its successors and assigns, and
Employee and his heirs, successors and personal representatives.

     

    19.          Governing
Law

     

    The provisions of this Plan shall be
construed and interpreted according to the laws of the State of Georgia, except
as preempted by federal law.

     

    20.          Entire
Plan

     

    This written document is the final and
exclusive statement of the terms of the Plan, and any claim of right or
entitlement under the Plan shall be determined in accordance with its
provisions.

     

    PAGE 4 -
ENDORSEMENT SPLIT-DOLLAR LIFE INSURANCE PLAN

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    21.          Not
a Contract of Employment

     

    The terms and conditions of the Plan
shall not be deemed to constitute a contract of employ­ment between the
Employer and any Employee, and an Employee (or his Beneficiary) shall have no
rights against the Employer except as may be otherwise provided specifically
herein. Moreover, noth­ing in the Plan shall be deemed to give an Employee
the right to be retained in the service of Employer or to interfere with the
right of the Employer to discipline or discharge any Employee at any
time.

     

    IN WITNESS WHEREOF, the Employer has
caused this Plan to be executed by its duly author­ized officers effective
as of April 1, 2006.

    
      	 
      	 
      	 
      
	 
      	 
      	
              CHARTERBANK

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      Curtis Kollar

            
	 
      	 
      	 
      
	 
      	 
      	
              CFO

            
	 
      	 
      	
              Title

            
	 
      	 
      	 
      
	 
      	
              Date:  
      

            	
              6-13-06

            

    

     

    PAGE 5 -
ENDORSEMENT SPLIT-DOLLAR LIFE INSURANCE PLAN

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