Document:

tm205378-1_10k_DIV_16-ex10-5 - none - 1.185471s

    
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        Exhibit 10.5​

        EAGLE SAVINGS BANK 
AMENDED AND RESTATED 
SUPPLEMENTAL DIRECTOR RETIREMENT PLAN 

        RECITALS: 

        
          WHEREAS, Eagle Savings Bank, an Ohio corporation, (the “Bank”), has previously adopted the Eagle Savings Bank Supplemental Director Retirement Plan (the “Prior Plan”) effective as of July 1, 2010; and 

        
          WHEREAS, in connection with the conversion of the Bank from the mutual to the stock form of organization, the Bank desires to amend and restate the Prior Plan in order to make certain changes; and 

        
          WHEREAS, Section 6.4 of the Prior Plan provides that the plan may be amended from time to time and this Eagle Savings Bank Amended and Restated Supplemental Director Retirement Plan (the “Plan”) shall supersede and replace the Prior Plan. 

        
          NOW, THEREFORE, the Bank hereby amends and restates the Plan as follows: 

        ARTICLE I 

        GENERAL 

        
          1.1
          

        

        
          Purpose of the Plan.   The purpose of this Plan is to reward certain management and highly compensated members of the Board of Directors of the Bank who have contributed to the Bank’s success and are expected to continue to contribute to such success in the future. 

        ​

        
          1.2
          

        

        
          Plan Benefits Generally.   Pursuant to the Plan, the Bank may provide to each Participant, as defined herein below, such benefit as provided on the terms and conditions contained in the Plan and the Participant’s individual Participation Agreement. 

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          1.2
          

        

        
          Effective Date.   The Plan was originally effective as of July 1, 2010, and the Plan is amended and restated as of January 1, 2017. 

        ​

        ARTICLE II
DEFINITIONS 

        
          2.1
          

        

        
          Accrued Benefit Liability.   Accrued Benefit Liability shall mean with respect to each Participant, the amount of accrued liability for the Participant at the time of Separation from Service. For purposes of this Plan and the Participation Agreement, the Accrued Benefit Liability shall mean the amount accrued by the Bank to fund the future benefit expense associated with this Plan and Participation Agreement as it relates to a specific Participant. The Bank shall account for this benefit using Generally Accepted Accounting Principles, regulatory accounting guidance of the Bank’s primary federal regulator, and other applicable accounting guidance, including APB 12 and FAS 106. Accordingly, the Bank shall establish a liability retirement account for the Director into which appropriate accruals shall be made using a reasonable discount rate, which is at least equal to the Applicable Federal Rate (AFR), and which may be adjusted from time to time. 

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        2.2

        Administrator.   Administrator shall mean the Bank as defined herein. 

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          2.3
          

        

        
          Beneficiary.   Beneficiary means the person or persons designated by a Participant as his beneficiary in accordance with the provisions of Article V and subject to the Participation Agreement. Each Participant may at any time, and from time to time, change any previous Beneficiary designation, without notice to or consent from any previously designated Beneficiary, by amending their previous designation of a form prescribed by the Administrator. If no person shall be designated by the Participant as a Beneficiary, or if the designated Beneficiary shall not survive the Participant, payment of their interest shall be made to the Participant’s estate. 

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        2.4

        Board.   Board means the Board of Directors of the Bank. 

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        2.5

        Cause.   Cause shall have the meaning set forth in Section 4.2. 

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          2.6
          

        

        
          Change in Control.   Provided that such definition shall be interpreted in a manner that is consistent with Code Section 409A and regulations thereunder, a “Change in Control” of the Bank (which, for purpose of this Section 2.6 shall mean Eagle Savings Bank but not any of its affiliates or subsidiaries) shall mean the first to occur of any of the following; 

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        (a)   the date that any one person or persons acting as a group acquires ownership of Bank stock constituting more than fifty percent (50%) of the total fair market value or total voting power of the Bank; 

        (b)   the date that any one person or persons acting as a group 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 the stock of the Bank possessing thirty percent (30%) or more of the total voting power of the stock of the Bank; 

        (c)   the date that any one person or persons acting as a group 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 the Bank that have a total gross fair market value equal to or more than forty percent (40%)) of the total gross fair market value of all of the assets of the Bank immediately prior to such acquisition; or 

        (d)   the date that a majority of members of the Bank’s Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or elections. 

        Notwithstanding anything in this Plan to the contrary, in no event shall a conversion of the Bank from the mutual to the stock form of organization constitute a “Change in Control for purposes of this Plan. 

        2.7

        ERISA.   The Employee Retirement Income Security Act of 1974, as amended from time to time. 

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          2.8
          

        

        
          Director.   Director means an employee of the Bank who is considered part of a select group of management or highly compensated employee of the Bank and is designated by the Administrator as eligible to participate in the Plan. 

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          2.9
          

        

        
          Normal Retirement.   Normal Retirement means Participant’s Separation of Service for any reason, other than for Cause, after such Participant has reached their Normal Retirement Age. 

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          2.10
          

        

        
          Normal Retirement Age.   Normal Retirement Age means the normal retirement age set forth in the Participant’s Participation Agreement. 

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          2.11
          

        

        
          Participant.   Participant means any Director who elects to participate in the Plan by entering into a Participation Agreement in accordance herewith. The Administrator may, from time to time in its sole discretion, with Cause, revoke a Participant’s participation in the Plan upon ninety (90) days’ written notice. The Administrator may from time to time, in its sole discretion without Cause, revoke a Participant’s participation upon the mutual consent of the Participant and Administrator. 

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          2.12
          

        

        
          Participation Agreement.   Participation Agreement means a written agreement between the Bank and a Participant, pursuant to which the Bank agrees to make a SERP Benefit payment, or payments, in accordance with the Plan and the Participation Agreement. Each Participation Agreement shall contain such information, terms and conditions as the Administrator in its discretion may specify, including without limitation, the following: 

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        (a)

        the effective date of the Participant’s participation in the Plan; 

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        (b)

        the Participant’s Normal Retirement Age; 

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        (c)

        the SERP Benefits to which the Participant is entitled under the Plan and, the form such benefits are to be paid in (i.e. installments or lump sum); 

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        2

      

      

    

    
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        (d)

        the identity of the Participant’s Beneficiary; and 

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        (e)

        any other provisions which supplement the terms and conditions contained in the Plan and which are not inconsistent with the terms and conditions of the Plan. 

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          2.13
          

        

        
          Plan.   Plan means Eagle Savings Bank Supplemental Director Retirement Plan as the same may be amended from time to time. 

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        2.14

        Plan Year.   Plan Year shall mean calendar year. 

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          2.15
          

        

        
          Separation from Service.   As provided by regulations promulgated under the Internal Revenue Code Section 409A, a Participant shall incur a Separation from Service with the Service Recipient due to death, Board retirement or other Board termination related to the status of a Participant as Director with the Service Recipient unless the relationship is treated as continuing intact while the individual is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not to exceed six months, or if longer, so long as the individual retains a right to reemployment with the Service Recipient under an applicable statute or by contract. 

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          2.16
          

        

        
          SERP Benefit.   SERP Benefit means, with respect to each Participant, an annual cash benefit in the amount determined pursuant to the Participant’s Participation Agreement, minus any offset amounts specified therein. 

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          2.17
          

        

        
          Service Recipient.   As provided by regulations promulgated under Code Section 409A, Service Recipient shall mean the Bank or person for whom the services are performed and with respect to whom the legally binding right to compensation arises, and all persons with whom such person would be considered a single Bank under Code Section 414(b) (employees of controlled group of corporations), and all persons with whom such person would be considered a single Bank under Code Section 414(c) (employees of partnerships, proprietorships, etc., under common control). 

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          2.18
          

        

        
          Vesting.   The Participant’s ownership rights in the SERP Benefit shall arise, or vest, solely with the occurrence of those conditions precedent to Vesting as contained in the Participation Agreement. 

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        ARTICLE III
ELIGIBILITY AND PARTICIPATION 

        
          3.1
          

        

        
          Eligibility.   The Administrator, in its sole discretion, shall from time to time determine those Director(s) who shall be eligible to participate in the Plan. 

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          3.2
          

        

        
          Participation.   Each Director who is eligible to participate in the Plan shall enroll in the Plan by entering into a Participation Agreement and completing such other forms and furnishing such other information as the Administrator may request. A Director’s participation in the Plan shall commence as of the date specified in the Participation Agreement. 

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        ARTICLE IV
BENEFITS 

        
          4.1
          

        

        
          SERP Benefit.   Each Participant, subject to the terms and conditions of his Participation Agreement, shall become entitled to receive such benefits as set forth in the executed Participation Agreement. 

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          4.2
          

        

        
          No Benefits Payable Upon Separation from Service for Cause.   Notwithstanding anything herein or in the Participation Agreement to the contrary, no benefits shall be payable, at the discretion of the Bank, to any Participant who has a Separation from Service for Cause. For purposes hereof, a Participant who has a Separation from Service for any of the following reasons shall be regarded as having been terminated for Cause: 

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        (a)

        engaging in willful or grossly negligent misconduct that is materially injurious to the Bank; 

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        (b)

        embezzlement or misappropriation of funds or property of the Bank; 

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        (c)

        conviction of a felony or the entrance of a plea of guilty or nolo contendere to a felony; 

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        3

      

      

    

    
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        (d)

        conviction of any crime involving fraud, dishonesty, moral turpitude or breach of trust or the entrance of a plea of guilty to such a crime; 

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        (e)

        failure or refusal by the Participant to devote full business time and attention to the performance of his or her duties and responsibilities if such breach has not been cured within fifteen (15) days after notice is given to the Participant; or 

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        (f)

        issuance of a final non-appealable order or other direction by a Federal or state regulatory agency prohibiting the Participant’s employment in the business of banking. 

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          4.3
          

        

        
          Distributions to Specified Employee.   Notwithstanding anything herein to the contrary, if any Participant is a Specified Employee upon a Separation from Service for any reason other than death, distributions to such Participant shall not commence until the first day of the seventh month following the date of Separation from Service (or, if earlier, the date of death of the Participant). If distributions are to be made in annual installments, the second installment and all those thereafter will be made on the applicable anniversaries of the Participant’s Separation from Service. A “Specified Employee” means a key employee (as defined in Code Section 416(i) without regard to paragraph (5) thereof) of a corporation any stock which is publicly traded on an established securities market or otherwise. 

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        ARTICLE V
BENEFICIARY 

        
          5.1
          

        

        
          Beneficiary.   For purposes of this section, the Participant’s executed Participation Agreement shall dictate the Participant’s rights and responsibilities regarding the Participant’s Beneficiary. 

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        ARTICLE VI
PLAN ADMINISTRATION 

        6.1

        Administration. 

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        (a)   General.   The Plan shall be administered by the Administrator. The Administrator shall have sole and absolute discretion to interpret where necessary all provisions of the Plan and each Participation Agreement (including, without limitation, by supplying omissions from, correcting deficiencies in, or resolving inconsistencies or ambiguities in, the language of the Plan, a Participation Agreement, or between the Plan and a Participation Agreement), to determine the rights and status under the Plan of Participants or other persons, to resolve questions or disputes arising under the Plan and to make any determinations with respect to the benefits payable under the Plan and the persons entitled thereto as may be necessary for the purposes of the Plan. The Administrator’s determination of the rights of any Director or former Director hereunder shall be final and binding on all persons, subject only to the claims procedures outlined in Article 7 hereof. 

        (b)   Delegation of Duties.   The Administrator may delegate any of its administrative duties, including, without limitation, duties with respect to the processing, review, investigation, approval and payment of benefits payable hereunder, to a named administrator or administrators. 

        
          6.2
          

        

        
          Regulations.   The Administrator may promulgate any rules and regulations it deems necessary in order to carry out the purposes of the Plan or to interpret the provisions of the Plan; provided, however, that no rule, regulation or interpretation shall be contrary to the provisions of the Plan. The rules, regulations and interpretations made by the Administrator shall, subject only to the claims procedure outlined in Article 7 hereof, be final and binding on all persons. 

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          6.3
          

        

        
          Revocability of Administrator/Bank Action.   Any action taken by the Administrator with respect to the rights or benefits under the Plan of any Director or former Director shall be revocable by the Administrator as to payments not yet made to such person in order to correct any incorrect payment to a Participant or a Beneficiary, and then only to the extent necessary to correct such error. Acceptance of any benefits under the Plan constitutes acceptance of, and agreement to, the Administrator’s making any appropriate adjustments in future payments to such person (or to recover from such person) any excess payment or underpayment previously made to such person. 

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          6.4
          

        

        
          Amendment or Modification.  
The Bank may, at any time, in its sole discretion, amend or modify the Plan in whole or in part, except that no such amendment or modification shall have any retroactive effect to reduce any vested amounts allocated to a Participant’s Accounts, and provided that such amendment or modification complies with Codes Section 409A and related regulations thereunder. The Plan replaces and supersedes the Prior Plan in its entirety. 

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          6.5
          

        

        
          Plan Termination.  
The Bank further reserves the right to terminate the Plan in whole or in part, in the following manner, except that no such termination shall have any retroactive effect to reduce any amounts allocated to a Participant’s vested SERP Benefit account and provided that such termination complies with Codes Section 409A and related regulations thereunder: 

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        (a)   The Bank, in its sole discretion, may terminate the Plan and distribute Participants’ vested SERP Benefit amounts no earlier than twelve (12) calendar months from the date of the Plan termination and no later than twenty-four (24) calendar months from the date of the Plan termination, provided however that all other similar arrangements are also terminated by the Bank and no other similar arrangements are adopted by the Bank within a three (3) year period from the date of termination; or 

        (b)   The Bank may decide, in its discretion, to terminate the Plan in the event of a Change-in-Control and distribute the Participant’s vested SERP Benefit no earlier than thirty (30) days prior to the Change-in-Control and no later than twelve (12) months after the effective date of the Change-in-Control, provided however that the Bank terminates all other similar arrangements.; or 

        (c)   The Bank may decide, in its sole discretion, to terminate the Plan in the event of a corporate dissolution taxed under Code Section 331. or with the approval of a bankruptcy court, provided that the Participant’s vested SERP Benefit are distributed to Participants and are included in the Participants’ gross income in the latest of: (i) the calendar year in which the termination occurs; (ii) the calendar year in which the amounts deferred are no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which payment is administratively practicable. 

        
          6.6
          

        

        
          Withholding.   The Bank shall deduct from any distributions hereunder any taxes or other amounts required by law to be withheld therefrom. 

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        ARTICLE VII
MISCELLANEOUS 

        
          7.1
          

        

        
          Administrator.   The Administrator is expressly empowered to interpret the Plan and to determine all questions arising in the administration, interpretation, and application of the Plan; to employ actuaries, accountants, counsel, and other persons it deems necessary in connection with the administration of the Plan; to request any information from the Bank it deems necessary to determine whether the Bank would be considered insolvent or subject to a proceeding in bankruptcy; and to take all other necessary and proper actions to fulfill its duties as Administrator. The Administrator is relieved of all responsibility in connection with its duties hereunder to the fullest extent permitted by law, except any breach of duty to the Participants or Beneficiaries. If any individual person shall have been delegated the duties or responsibilities as Administrator, such person shall not be liable for any actions by him or her hereunder unless due to his or her own gross negligence or willful misconduct and shall be indemnified and saved harmless by the Bank from and against all personal liability to which he or she may be subject by reason of any act done or omitted to be done in his or her official capacity as Administrator in good faith in the administration of the Plan, including all expenses reasonably incurred in his or her defense in the event the Bank fails to provide such defense upon the request. 

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          7.2
          

        

        
          No Assignment.   No benefit under the Plan or a Participation Agreement shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any such action shall be void for all purposes of the Plan or a Participation Agreement. No benefit shall in any manner be subject to the debts, contracts, liabilities, engagements, or torts of any person, nor shall it be subject to attachments or other legal 

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          7.3
          

        

        
          No Employment Rights.   Participation in this Plan and execution of a Participation Agreement shall not be construed to confer upon any Participant the legal right to be retained in the employ of the Bank, or give a Participant or Beneficiary, or any other person, any right to any payment whatsoever, except to the extent of the benefits provided for hereunder. Each Participant shall remain subject to discharge to the same extent as if this Plan had never been adopted and the Participation Agreement had never been executed. 

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          7.4
          

        

        
          Incompetence.   If the Administrator determines that any person to whom a benefit is payable under this Plan is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another individual for the Participant’s benefit without responsibility of the Administrator to see to the application of such payments. Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the Bank, the Administrator, and their representatives. 

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          7.5
          

        

        
          Identity.   If, at any time, any doubt exists as to the identity of any person entitled to any payment hereunder or the amount or time of such payment, the Administrator shall be entitled to hold such sum until such identity or amount or time is determined or until an order of a court of competent jurisdiction is obtained. The Administrator shall also be entitled to pay such sum into court in accordance with the appropriate rules of law. Any expenses incurred by the Bank or Administrator incident to such proceeding or litigation shall be charged against the SERP Benefit of the affected Participant. 

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          7.6
          

        

        
          No Liability.   No liability shall attach to or be incurred by any employee of the Bank or Administrator individually under or by reason of the terms, conditions, and provisions contained in this Plan, or for the acts or decisions taken or made hereunder or in connection therewith; and, as a condition precedent to the establishment of this Plan or the receipt of benefits hereunder, or both, such liability, if any, is expressly waived and released by each Participant and by any and all persons claiming under or through any Participant or any other person. Such waiver and release shall be conclusively evidenced by any act or participation in or the acceptance of benefits or the making of any election under this Plan. 

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          7.7
          

        

        
          Expenses.   Except as otherwise provided in the Plan, all expenses incurred in the administration of the Plan shall be paid by the Bank. 

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          7.8
          

        

        
          Amendment and Termination.   The Bank shall have the sole authority to modify, amend, or terminate this Plan subject to those limitations provided hereinabove. 

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          7.9
          

        

        
          Bank Determinations.   Any determinations, actions, or decisions of the Bank (including but not limited to. Plan amendments and Plan termination and the Participation Agreement) shall be made by the Board in accordance with its established procedures or by such other individuals, groups, or organizations that have been properly delegated by the Board to make such determination or decision. 

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          7.10
          

        

        
          Construction.   All questions of interpretation, construction or application arising under or concerning the terms of this Plan and any Participation Agreement shall be decided by the Administrator, in its sole and final discretion, whose decision shall be final, binding and conclusive upon all persons. 

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          7.11
          

        

        
          Governing Law.   To the extent not preempted by federal law, this Plan shall be governed by, construed and administered under the laws of the State of Ohio. 

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          7.12
          

        

        
          Severability.   Should any provision of the Plan or any regulations adopted hereunder be deemed or held to be unlawful or invalid for any reason, such fact shall not adversely affect the other provisions or regulations unless such invalidity shall render impossible or impractical the functioning of the Plan and, in such case, the appropriate parties shall immediately adopt a new provision or regulation to take the place of the one held illegal or invalid. 

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          7.13
          

        

        
          Headings.   The headings contained in the Plan are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge, or describe the scope or intent of this Plan nor in any way shall they affect this Plan or the construction of any provision thereof. 

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          7.14
          

        

        
          Terms.   Capitalized terms shall have meanings as defined herein. Singular nouns shall be read as plural, masculine pronouns shall be read as feminine, and vice versa, as appropriate. 

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          7.15
          

        

        
          Ownership of Assets; Relationship with Bank.   Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between the Bank and any Participant or any other person. To the extent that any person acquires a right to receive payments from the Bank under this Plan, such right shall be no greater than the right of an unsecured general creditor of the Bank. 

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          7.16
          

        

        
          Deposits in Trust.   The Bank may, at its sole discretion, establish with a corporate trustee a grantor rabbi trust under which all or a portion of the assets of the Plan are to be held, administered and managed. The trust agreement evidencing the trust shall conform to the terms of Revenue Procedure 92-64 or any successor procedure. The Bank in its sole discretion may make deposits to augment the principal of such trust. 

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          7.17
          

        

        
          Right of Setoff.   The Bank may, to the extent permitted by applicable law, deduct from and setoff against any amounts payable to a Participant from this Plan such amounts as may be owed by a Participant to the Bank, although the Participant shall remain liable for any part of the Participant’s payment obligation not satisfied through such deduction and setoff; provided, however, that this setoff may occur only at the date on which the amount would otherwise be distributed to the Participant as required by Code Section 409A. By electing to participate in the Plan and deferring compensation hereunder, the Participant agrees to any deduction or setoff under this Section 8.17 which is allowed by law. 

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          7.18
          

        

        
          409A Compliance.   This Plan will, at all times, be operated in good faith compliance with Code Section 409A of the Code and regulations thereunder (and any subsequent IRS notices or guidance). In the event that any provision of this Plan is inconsistent with Code Section 409A or such guidance, then the applicable provisions of Code Section 409A shall supersede such provision. 

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        Nothing herein shall be construed as an entitlement to our guarantee of any particular tax treatment to a Participant. 

        Executed this     day of                  , 2017. 

        EAGLE SAVINGS BANK 

        By:

           

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        Title:

           

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        7EXHIBIT
4.18

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES

REGISTERED
PURSUANT TO SECTION 12 OF THE SECURITIES

EXCHANGE
ACT OF 1934

 

SINTX
Technologies, Inc. (“SINTX,” “we,” “our,” or “us”) has one class of securities
registered under Section 12 of the Securities Exchange Act of 1934, as amended: our common stock.

 

Authorized
Shares of Capital Stock

 

Our
Restated Certificate of Incorporation authorizes us to issue 250,000,000 shares of common stock, par value $0.01 per share, and
130,000,000 shares of preferred stock, par value $0.01 per share. The following is a summary of the rights of our common stock
and some of the provisions of our Restated Certificate of Incorporation and Restated Bylaws, and the Delaware General Corporation
Law. Because it is only a summary, it does not contain all the information that may be important to you and is subject to and
qualified in its entirety by our Restated Certificate of Incorporation and our Restated Bylaws.

 

Our
Restated Certificate of Incorporation and our Restated Bylaws contain certain provisions that are intended to enhance the likelihood
of continuity and stability in the composition of the board of directors, which may have the effect of delaying, deferring or
preventing a future takeover or change in control of the Company unless such takeover or change in control is approved by our
board of directors.

 

Common
Stock

 

Holders
of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders,
and do not have cumulative voting rights. Accordingly, the holders of a majority of the shares of our common stock entitled to
vote can elect all of the directors standing for election. Subject to preferences that may be applicable to any outstanding shares
of preferred stock, holders of our common stock are entitled to receive ratably such dividends, if any, as may be declared from
time to time by our board of directors out of funds legally available for dividend payments. All outstanding shares of our common
stock are fully paid and nonassessable. The holders of common stock have no preferences or rights of conversion, exchange, pre-
emption or other subscription rights. There are no redemption or sinking fund provisions applicable to our common stock. In the
event of any liquidation, dissolution or winding-up of our affairs, holders of our common stock will be entitled to share ratably
in our assets that are remaining after payment or provision for payment of all of our debts and obligations and after liquidation
payments to holders of outstanding shares of preferred stock, if any.

 

The
transfer agent and registrar for our common stock is American Stock Transfer and Trust Company. The transfer agent and the registrar’s
address is 59 Maiden Lane, New York, New York 10038.

 

Our
common stock is listed on The NASDAQ Capital Market under the symbol “SINT”.

 

Effects
of Anti-Takeover Provisions of Our Restated Certificate of Incorporation, Our Restated Bylaws and Delaware Law

 

The
provisions of (1) Delaware law, (2) our Restated Certificate of Incorporation and (3) our Restated Bylaws discussed below could
discourage or make it more difficult to prevail in a proxy contest or effect other change in our management or the acquisition
of control by a holder of a substantial amount of our voting stock. It is possible that these provisions could make it more difficult
to accomplish, or could deter, transactions that stockholders may otherwise consider to be in their best interests or our best
interests. These provisions are intended to enhance the likelihood of continuity and stability in the composition of our board
of directors and in the policies formulated by the board of directors and to discourage certain types of transactions that may
involve an actual or threatened change in control of our company. These provisions are designed to reduce our vulnerability to
an unsolicited acquisition proposal. These provisions also are intended to discourage certain tactics that may be used in proxy
fights. These provisions also may have the effect of preventing changes in our management.

 

    	 		 

     

    

 

Delaware
Statutory Business Combinations Provision. We are subject to the anti-takeover provisions of Section 203 of the Delaware General
Corporation Law. In general, Section 203 prohibits a publicly-held Delaware corporation from engaging in a “business combination”
with an “interested stockholder” for a period of three years after the date of the transaction in which the person
became an interested stockholder, unless the business combination is, or the transaction in which the person became an interested
stockholder was, approved in a prescribed manner or another prescribed exception applies. For purposes of Section 203, a “business
combination” is defined broadly to include a merger, asset sale or other transaction resulting in a financial benefit to
the interested stockholder, and, subject to certain exceptions, an “interested stockholder” is a person who, together
with his or her affiliates and associates, owns (or within three years prior, did own) 15% or more of the corporation’s
voting stock.

 

Classified
Board of Directors; Appointment of Directors to Fill Vacancies; Removal of Directors for Cause. Our Restated Certificate of
Incorporation provides that our board of directors will be divided into three classes as nearly equal in number as possible. Each
year the stockholders will elect the members of one of the three classes to a three-year term of office. All directors elected
to our classified board of directors will serve until the election and qualification of their respective successors or their earlier
resignation or removal. The board of directors is authorized to create new directorships and to fill any positions so created
and is permitted to specify the class to which any new position is assigned. The person filling any of these positions would serve
for the term applicable to that class. The board of directors (or its remaining members, even if less than a quorum) is also empowered
to fill vacancies on the board of directors occurring for any reason for the remainder of the term of the class of directors in
which the vacancy occurred. Members of the board of directors may only be removed for cause and only by the affirmative vote of
holders of at least 80% of our outstanding voting stock. These provisions are likely to increase the time required for stockholders
to change the composition of the board of directors. For example, in general, at least two annual meetings will be necessary for
stockholders to effect a change in a majority of the members of the board of directors.

 

Authorization
of Blank Check Preferred Stock. Our Restated Certificate of Incorporation provides that our board of directors is authorized
to issue, without stockholder approval, blank check preferred stock. Blank check preferred stock can operate as a defensive measure
known as a “poison pill” by diluting the stock ownership of a potential hostile acquirer to prevent an acquisition
that is not approved by our board of directors.

 

Advance
Notice Provisions for Stockholder Proposals and Stockholder Nominations of Directors. Our Restated Bylaws provide that, for
nominations to the board of directors or for other business to be properly brought by a stockholder before a meeting of stockholders,
the stockholder must first have given timely notice of the proposal in writing to our Secretary. For an annual meeting, a stockholder’s
notice generally must be delivered not less than 90 days nor more than 120 days prior to the anniversary of the mailing date of
the proxy statement for the previous year’s annual meeting. For a special meeting, the notice must generally be delivered
no less than 60 days nor more than 90 days prior to the special meeting or ten days following the day on which public announcement
of the meeting is first made. Detailed requirements as to the form of the notice and information required in the notice are specified
in our Restated Bylaws. If it is determined that business was not properly brought before a meeting in accordance with our bylaw
provisions, this business will not be conducted at the meeting.

 

Special
Meetings of Stockholders. Special meetings of the stockholders may be called only by our board of directors pursuant to a
resolution adopted by a majority of the total number of directors.

 

No
Stockholder Action by Written Consent. Our Restated Certificate of Incorporation does not permit our stockholders to act by
written consent. As a result, any action to be affected by our stockholders must be affected at a duly called annual
or special meeting of the stockholders.

 

Super-Majority
Stockholder Vote required for Certain Actions. The Delaware General Corporation Law provides generally that the affirmative
vote of a majority of the shares entitled to vote on any matter is required to amend a corporation’s certificate of incorporation
or bylaws, unless the corporation’s certificate of incorporation or bylaws, as the case may be, requires a greater percentage.
Our Restated Certificate of Incorporation requires the affirmative vote of the holders of at least 80% of our outstanding voting
stock to amend or repeal any of the provisions discussed in this section entitled “Effect of Anti-Takeover Provisions of
Our Restated Certificate of Incorporation, Our Restated Bylaws and Delaware Law” or to reduce the number of authorized shares
of common stock or preferred stock. This 80% stockholder vote would be in addition to any separate class vote that might in the
future be required pursuant to the terms of any preferred stock that might then be outstanding. An 80% vote is also required
for any amendment to, or repeal of, our Restated Bylaws by the stockholders. Our Restated Bylaws may be amended or repealed by
a simple majority vote of the board of directors.

 

    	 		 

     

    

 

Potential
Effects of Authorized but Unissued Stock

 

We
have shares of common stock and preferred stock available for future issuance without stockholder approval. We may utilize these
additional shares for a variety of corporate purposes, including future public offerings to raise additional capital, to facilitate
corporate acquisitions or payment as a dividend on the capital stock.

 

The
existence of unissued and unreserved common stock and preferred stock may enable our board of directors to issue shares to persons
friendly to current management or to issue preferred stock with terms that could render more difficult or discourage a third-party
attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise, thereby protecting the continuity
of our management. In addition, the board of directors has the discretion to determine designations, rights, preferences, privileges
and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences
of each series of preferred stock, all to the fullest extent permissible under the Delaware General Corporation Law and subject
to any limitations set forth in our certificate of incorporation. The purpose of authorizing the board of directors to issue preferred
stock and to determine the rights and preferences applicable to such preferred stock is to eliminate delays associated with a
stockholder vote on specific issuances. The issuance of preferred stock, while providing desirable flexibility in connection with
possible financings, acquisitions and other corporate purposes, could have the effect of making it more difficult for a third-party
to acquire, or could discourage a third-party from acquiring, a majority of our outstanding voting stock.

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