Document:

EX-10.2

 

EXHIBIT 10.2

AMENDMENT

TO

LIFE INSURANCE

ENDORSEMENT METHOD SPLIT DOLLAR PLAN

AGREEMENT

     THIS AMENDMENT TO LIFE INSURANCE ENDORSEMENT METHOD SPLIT DOLLAR PLAN AGREEMENT (this
“Amendment”) is made as of the 19th day of July, 2002, by and between FIRST FEDERAL SAVINGS BANK,
Sixth and Donner Streets, Monessen, Pennsylvania, its successors and assigns (the “Bank”) and
RICHARD BOYER, an individual (“Boyer”).

BACKGROUND

     The parties have previously entered into a certain Life Insurance Endorsement Method Split
Dollar Agreement effective as of June 1, 2002 (the “Split Dollar Agreement”) relating to the
Bank’s acquisition of certain split dollar life insurance on Boyer’s life. The parties wish to
amend the Split Dollar Agreement to reflect an additional policy acquired by the Bank to fund the
Split Dollar Agreement.

     NOW, THEREFORE, the parties, intending to be legally bound, hereby agree as follows:

          1. In the introductory provisions on page one of the Split Dollar Agreement,

the items entitled “Insurer” and “Policy Number” shall be amended and restated to read as follows:

	 	 	 
	Insurer:

	 	Union Central Life Insurance Company

Massachusetts Mutual 

Union Central Life Insurance Company
	 
	 	 
	Policy Number:

	 	#U200002286

#0048382

#U200002291

          2. This Amendment shall be governed by and construed in accordance with
the laws of the Commonwealth of Pennsylvania.

          3. This Amendment may be executed in more than one counterpart, each of which shall be an
original document, but all of which shall constitute one and the same agreement.

          4. The Split Dollar Agreement, as amended by this Amendment, shall remain in full force and
effect, and is hereby ratified and confirmed by the parties.

 

 

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above
written.

	 	 	 	 	 	 
	WITNESS:	 	FIRST FEDERAL SAVINGS BANK

Monessen, PA

 	 
	/s/
Robert Breslow	 	By  	/s/ Peter D. Griffith
 	 
	 	 	 	Peter D. Griffith, President 	 
	 	 	 	 
	WITNESS:	 	
 	 
	 	 	 	 
	/s/
Wendy A. Boyer	 	By:  	                                                   /s/ Richard Boyer
 	 
	 	 	 	Richard Boyer 	 
	 	 	 	 	 

2EX-10.3

 

	 	 	 	 	 

EXHIBIT 10.3

AMENDMENT

TO

EXECUTIVE SUPPLEMENT RETIREMENT PLAN AGREEMENT

     THIS AMENDMENT TO EXECUTIVE SUPPLEMENT RETIREMENT PLAN AGREEMENT is made as of the
19th day of July, 2002, by and between FIRST FEDERAL SAVINGS BANK, Sixth and Donner
Streets, Monessen, Pennsylvania, its successors and assigns (the “Bank”) and RICHARD B. BOYER, an
individual (the “Executive”).

BACKGROUND

     The parties have previously entered into a certain Executive Supplemental Retirement Plan Agreement
effective as of June l, 2002 {the “SERP”) relating to certain retirement
benefits to be provided for the benefits of the Executive. The parties wish to amend the SERP to
reflect the fact that the life insurance policy referenced therein issued by Union Central Life
Insurance Company has been divided into two policies.

	 	 	NOW, THEREFORE, the parties, intending to be legally bound, hereby agree as
follows:

          1. Section 1H of the SERP is hereby amended by deleting the information
listed therein relating to the insurance policy issued by Union Central Life Insurance
Company (retaining, however, the information regarding the policy issued by
Massachusetts Mutual Life Insurance Company), and inserting in place of such
information, the following information relating to the two policies identified below:

	 	 	 
	Insurance Company:
	 	Union Central Life Insurance Company

	Policy Form:
	 	Universal Life Insurance

	Policy Name:
	 	COLI UL

	Insured’s Age and Sex:
	 	44, Male

	Riders:
	 	None

	Ratings:
	 	None

	Option:
	 	Level

	Face Amount:
	 	$1,322,730

	Premiums Paid:
	 	$500 000

	Number of Premium Payments:
	 	Single

	Assumed Purchase Date:
	 	March 29, 2002

	 	 	 

	Insurance Company:
	 	Union Central Life Insurance Company

	Policy Form:
	 	Universal Life Insurance

	Policy Name:
	 	COLIUL

	Insured’s Age and Sex:
	 	44, Male

	Riders:
	 	None

	Ratings:
	 	None

	Option:
	 	Level

	Face Amount:
	 	$1,851,808

	Premiums Paid:
	 	$175,000

	Number of Premium Payments:
	 	Four

	Assumed Purchase Date:
	 	June 4, 2002 ($42,697) and

	 	 	December, 2002 ($132,303)

 

 

          2. This Amendment shall be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania.

          3. This Amendment may be executed in more than one counterpart, each of which shall be an
original document, but all of which shall constitute one and the same agreement.

          4. The SERF, as amended by this Amendment, shall remain in full force and effect, and is
hereby ratified and confirmed by the parties.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above
written.

	 	 	 	 	 	 
	WITNESS:	 	FIRST FEDERAL SAVINGS BANK

Monessen, PA

 	 
	/s/
Robert Breslow	 	By  	/s/ Peter D. Griffith
 	 
	 	 	 	Peter D. Griffith, President 	 
	 	 	 	 
	WITNESS:	 	
 	 
	 	 	 	 
	/s/
Wendy A. Boyer	 	By:  	     /s/ Richard B. Boyer
 	 
	 	 	 	Richard B. Boyer 	 
	 	 	 	 	 

2EX-10.4

 

EXHIBIT 10.4

FIRST AMENDMENT

TO THE EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN

AGREEMENT AND THE LIFE INSURANCE ENDORSEMENT METHOD

SPLIT DOLLAR PLAN AGREEMENT

EFFECTIVE JUNE 1, 2002

     This Amendment, made and entered into this 13th day of September, 2005,
by and between First Federal Savings Bank, a bank organized and existing under the laws
of the United States of America, hereinafter referred to as the, “Bank”, and Richard B. Boyer,
an Employee and Executive of the Bank, hereinafter referred to as the, “Executive”, shall
effectively amend the Executive Supplemental Retirement Plan Agreement and the
Life Insurance Endorsement Method Split Dollar Plan Agreement effective June 1, 2002.

I. Subparagraph I (H) titled, “Index”, of the Executive Supplemental Retirement
Plan Agreement, shall be amended to delete the Union Central Life Insurance Company Policy
and replace the same as follows:

	I.	 	DEFINITIONS

	 	H.	 	Index:

	 	 	 
	Insurance Company:
	 	New York Life Insurance & Annuity Corporation

	Policy Form:
	 	Universal Life

	Policy Name:
	 	BOLI

	Insured’s Age and Sex:
	 	47, Male

	Riders:
	 	None

	Ratings:
	 	None

	Option:
	 	Level

	Face Amount:
	 	$3,557,481

	Premiums Paid:
	 	$1,293,032.81

	Number of Premium Payments:
	 	Single

	Assumed Purchase Date:
	 	May 23, 2005

This Amendment shall have the effect of using the Index from the previous Union Central
Life Insurance Company as well as the Massachusetts Mutual Life Insurance Company
policies until May 23, 2005. The Index on and subsequent to May 23, 2005, shall be
based upon the New York Life Insurance Company policy set forth hereinabove as well as
the Massachusetts Mutual Life Insurance Company policy set forth in the original June
1, 2002 Agreement.

 

 

II. Life Insurance Endowment Method Split Dollar Plan Agreement. The Union Central
“Insurer” and Policy Number” shall be deleted from page one (1) and replaced with the following.

	 	 	 
	Insurer:
	 	New York Life Insurance & Annuity Corporation

	 	 	 

	Policy Number:
	 	56610877

     This Amendment shall be effective the 6th day of June 2005. To the extent that any
paragraph, term, or provision of said agreement is not specifically amended herein or in any other
amendment thereto, said paragraph, term, or provision shall remain in full force and effect as set
forth in said June 1, 2002 Agreement.

     IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully read this
Amendment and executed the original thereof on the first day set forth hereinabove, and that, upon
execution, each has received a conforming copy.

     

	 	 	 	 	 	 
	 	 	FIRST FEDERAL SAVINGS BANK

Monessen, PA

 	 
	/s/
Linda Pankiewicz	 	By:  	/s/
DaCosta Smith, III
 	VP HR	 
	Witness	 	 	Title 	 
	 	 	 	 
	/s/
Linda Pankiewicz	 	/s/ Richard B. Boyer
 	 
	Witness	 	Richard B. Boyer 	 
	 	 	 	 
	 

2EX-10.5

 

EXHIBIT 10.5

409A Amendment

to the

First Federal Savings Bank

Executive Supplemental Retirement Plan Agreement for

Richard B. Boyer

     First Federal Savings Bank (“Bank”) and Richard B. Boyer (“Executive”) originally entered into
the First Federal Savings Bank Executive Supplemental Retirement Plan Agreement (“Agreement”) on
June 1, 2002, which was subsequently amended on September 13, 2005. Pursuant to Subparagraph IV
(C) of the Agreement, the Bank and the Executive hereby adopt this 409A Amendment, effective
January 1, 2005.

RECITALS

     This Amendment is intended to bring the Agreement into compliance with the requirements of
Internal Revenue Code Section 409A. Accordingly, the intent of the parties hereto is that the
Agreement shall be operated and interpreted consistent with the requirements of Section 409A.
Therefore, the following changes shall be made:

	9.	 	Subparagraph I (L), “Adequately Capitalized”, shall be deleted in its entirety and replaced
with the following Subparagraph I (L):

Separation from Service:

Notwithstanding anything to the contrary in this Agreement, to the extent that any benefit
under this Agreement is payable upon a “Termination of Employment,” “Termination of
Service,” or other event involving the Executive’s cessation of services, such payment(s)
shall not be made unless such event constitutes a “Separation from Service” as defined in
Treasury Regulations Section 1.409A-1(h).

	10.	 	Subparagraph II (A) (1) shall be amended to delete the words “Subject to Paragraph VII” from
the first sentence; and to insert the word “annually” after the word “paid” in the second
sentence.

	11.	 	Subparagraph II (B), “Employee Voluntary Termination of Service”, shall be deleted in its
entirety and replaced with the following Subparagraph II (B):

Employee Voluntary Termination of Service:

If the Executive terminates employment voluntarily with EUI prior to attaining his Normal
Retirement Age (other than pursuant to a Just Cause Termination), he shall receive the
balance in the Pre-Retirement Account times the percentage set forth below that corresponds
to the number of years the Executive has been employed by the Bank at the time of said
termination of employment. Said benefit shall be paid in fifteen (15) equal annual
installments commencing at the Benefit Payment Date.

 

 

	 	 	 	 	 
	Years of Employment with EUI from the	 	 
	Date of this Agreement:	 	Percentage:
	 
	 	 	 	 
	Less than One (1) year
	 	 	0	%
	At least one (1) year, but less than two (2) years
	 	 	20	%
	At least two (2) years, but less than three (3) years
	 	 	40	%
	At least three (3) years, but less than four (4) years
	 	 	60	%
	At least four (4) years, but less than five (5) years
	 	 	80	%
	Five (5) years or more
	 	 	100	%

	12.	 	Subparagraph II (C), “Bank Termination of Service Other than For Cause”, shall be amended to
insert the word “annually” after the word “paid” in the second sentence.
	 
	13.	 	A new Subparagraph II (G) shall be added as follows:

Restriction on Timing of Distribution:

Notwithstanding any provision of this Agreement to the contrary, distributions under this
Agreement may not commence earlier than six (6) months after the date of a Separation from
Service (as described under the “Separation from Service” provision herein) if, pursuant to
Internal Revenue Code Section 409A, the participant hereto is considered a “specified
employee” (under Internal Revenue Code Section 416(i)) of the Bank if any stock of the Bank
is publicly traded on an established securities market or otherwise. In the event a
distribution is delayed pursuant to this Section, the originally scheduled distribution
shall be delayed for six (6) months, and shall commence instead on the first day of the
seventh month following Separation from Service. If payments are scheduled to be made in
installments, the first six (6) months of installment payments shall be delayed, aggregated,
and paid instead on the first day of the seventh month, after which all installment payments
shall be made on their regular schedule. If payment is scheduled to be made in a lump sum,
the lump sum payment shall be delayed for six (6) months and instead be made on the first
day of the seventh month.

	14.	 	A new Subparagraph IV (J) shall be added as follows:

Certain Accelerated Payments:

The Bank may make any accelerated distribution permissible under Treasury Regulation
1.409A-3(j)(4) to the Executive of deferred amounts, provided that such distribution(s)
meets the requirements of Section 1.409A-3(j)(4).

 

 

	15.	 	A new Subparagraph IV (K) shall be added as follows:

Subsequent Changes to Time and Form of Payment:

The Bank may permit a subsequent change to the time and form of benefit distributions. Any
such change shall be considered made only when it becomes irrevocable under the terms of the
Agreement. Any change will be considered irrevocable not later than thirty (30) days
following acceptance of the change by the Plan Administrator, subject to the following
rules:

	 	(1)	 	the subsequent deferral election may not take effect until at least
twelve (12) months after the date on which the election is made;
	 
	 	(2)	 	the payment (except in the case of death, disability, or
unforeseeable emergency) upon which the subsequent deferral election is made is
deferred for a period of not less than five (5) years from the date such payment
would otherwise have been paid; and
	 
	 	(3)	 	in the case of a payment made at a specified time, the election must
be made not less than twelve (12) months before the date the payment is scheduled
to be paid.

	16.	 	Section VII, “Early Pay-Out”, shall be deleted in its entirety and intentionally left blank.

Therefore, the foregoing changes are agreed to.

	 	 	 	 	 	 	 	 	 	 	 
	/s/
John G. Robinson

	 	 
	 	/s/ Richard B. Boyer	 
	 	 	 	 	 	 	 
	For the Bank   John G. Robinson	 	 	 	Richard B. Boyer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date

	 	4/28/08	 	 	 	Date	 	4/5/08

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