Document:

EX-10.2

 Exhibit 10.2 

CRACKER BARREL OLD COUNTRY STORE, INC. 

and 
 SUBSIDIARIES

 FY 2018 LONG-TERM INCENTIVE PROGRAM 

ARTICLE I 
 General

 1.1 Establishment of the Plan. Pursuant to the Cracker Barrel Old Country Store, Inc. 2010 Omnibus Stock and Incentive Plan
(the “Omnibus Plan”), the Compensation Committee (the “Committee”) of the Board of Directors of Cracker Barrel Old Country Store, Inc. (the “Company”) hereby establishes this FY 2018 Long-Term
Incentive Program (the “Program”). 
 1.2 Purpose. This Program consists of three forms of long-term incentive
awards: (a) an LTPP Award, (b) a Performance-Based RSU Award with a Relative TSR modifier, and (c) a Time-Based RSU. The purposes of the Program are to reward officers of the Company and its subsidiaries for the Company’s
financial and stock performance during fiscal years 2018, 2019 and/or 2020, as applicable, and to retain them during this time. The Program is also intended to attract and retain the best possible executive talent to the Company, to motivate
officers to focus attention on long-term objectives and strategic initiatives, and to further align their interests with those of the shareholders of the Company. 

1.3 Program Subject to Omnibus Plan. This Program is established pursuant to, and it comprises a part of, the Omnibus Plan.
Accordingly, all of the terms and conditions of the Omnibus Plan are incorporated in this Program by reference as if included verbatim. In case of a conflict between the terms and conditions of the Program and the Omnibus Plan, the terms and
conditions of the Omnibus Plan shall supersede and control the issue. 
 ARTICLE II 

Definitions 
 2.1
Omnibus Plan Definitions. Capitalized terms used in this Program without definition have the meanings ascribed to them in the Omnibus Plan, unless otherwise expressly provided. 

2.2 Other Definitions. In addition to those terms defined in the Omnibus Plan and elsewhere in this Program, whenever used in this
Program, the following terms have the meanings set forth below: 
 (a) “Cause,” in addition to those reasons specified in the
Omnibus Plan, also includes unsatisfactory performance or staff reorganizations. 
 (b) “Eligible LTPP Award” means the maximum
LTPP Award (as denominated in either Shares or cash) to which a Participant is entitled if the Company achieves or exceeds the applicable Performance Goal during the applicable Performance Period. The Committee shall establish an Eligible LTPP Award
for each Participant within the first 90 days of the Performance Period. 
 (c) “Eligible Performance-Based RSU Award” means the
maximum number of Shares payable pursuant to a Performance-Based RSU Award to which a Participant is entitled if the Company achieves or exceeds the applicable Performance Goal during the applicable Performance Period. The Committee shall establish
an Eligible Performance-Based RSU Award for each Participant within the first 90 days of the Performance Period. 

 (d) “LTPP Award” means an Award granted as an “LTPP Award” hereunder that is
denominated in either cash or Shares, including any cash dividend equivalent rights related thereto, as determined by the Committee. An LTPP Award denominated in Shares shall be considered an Award of “Performance Shares” within the
meaning of the Omnibus Plan, and an LTPP Award denominated in cash shall be considered an Award of a “Performance Unit” within the meaning of the Omnibus Plan. 

(e) “LTPP Performance Goal” means achievement of aggregate Operating Income during the Performance Period applicable to LTPP Awards
in an amount equal to or greater than the amount established by the Committee within the first 90 days of the Performance Period. 
 (f)
“Operating Income” means total operating income during the fiscal years of the applicable Performance Period, as calculated consistent with past practice and presented in the audited financial statements, subject to adjustment as follows:
excluding (i) extraordinary gains or losses and the effects of any sale of assets (other than in the ordinary course of business), (ii) litigation claims, settlements and expenses, (iii) the effects of any changes in accounting principles,
(iv) the effects of any charges or expenses related to extraordinary, non-operational charges or expenses relating to stockholder demands, inquiries or events and related governance and other responses,
(v) the effects of charges or expenses related to an organizational restructuring of the Company or one or more Subsidiaries, and (vi) the effects of charges or expenses related to any severance event. 

(g) “Performance Period” with respect to LTPP Awards hereunder means the Company’s 2018 and 2019 fiscal years, and with respect
to Performance-Based RSU Awards hereunder means the Company’s 2018, 2019 and 2020 fiscal years. 
 (h) “Performance Goal”
means the LTPP Performance Goal and/or the TSR Performance Goal, as applicable. 
 (j) “Performance Shares” means the Shares
payable pursuant to the settlement of an LTPP Award denominated in Shares. 
 (k) “Relative TSR” means the change in the price of
a Share (comparing the beginning Share price to the ending Share price, as calculated below), plus dividends paid, during the applicable Performance Period (“TSR”) as compared to the TSR of a group of peer companies as determined by
the Compensation Committee. The beginning Share price shall be determined by averaging the applicable closing Share prices as reported by NASDAQ (or such other exchange or market on which the Shares are traded) during the 60-calendar day period on either side of the start of the Company’s 2018 fiscal year (last 30 days of FY17 and first 30 days of FY18). The ending Share price shall be determined by averaging the applicable
closing Share prices as reported by NASDAQ (or such other exchange or market on which the Shares are traded) during the 60-calendar day period on either side of the end of the Company’s 2020 fiscal year
(last 30 days of FY20 and first 30 days of FY21. 
 (l) “Retirement” (or the correlative “Retire” or
“Retires”) means the voluntary termination of employment by a Participant in good standing under this Program at a time when the Participant meets the definition of Retirement Eligible. 

(m) “Retirement Eligible” means that a Participant: 

1. shall have achieved the age of 60, and 

2. has five (5) or more years of service with the Company, its predecessors or subsidiaries, and 

3. provides at least 60 days’ notice prior to the intended retirement date. 

  
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 (n) “Return on Invested Capital” means the quotient of the following, as calculated
consistent with past practice and the audited financial statements: (i) the average of Operating Income for each year of the Performance Period plus the average of rent paid during each year of the Performance Period, divided by (ii) the
average end of year balances for the 2016, 2017 and 2018 fiscal years of the sum of the following balance sheet items: inventory, net property held for sale, net property, plant & equipment and capitalized leases reduced by accounts
payable. 
 (o) “Target LTPP Award” means the target LTPP Award to which a Participant would be entitled if the Company achieves
the applicable target performance determined by the Committee with respect to the applicable Performance Period. 
 (p) “Target
Performance-Based RSU Award” means the target number of Shares payable pursuant to a Performance-Based RSU Award to which a Participant would be entitled if the Company achieves the applicable target performance determined by the Committee with
respect to the applicable Performance Period. 
 (q) “Time-Based RSU” means an Award of Restricted Stock Units subject to
time-based vesting requirements granted by the Committee to a Participant hereunder, the terms of which shall be set forth on the form of Time-Based RSU Agreement attached hereto. 

(r) “Performance-Based RSU Award” means an Award granted as an “Performance-Based RSU Award” hereunder that is denominated
in Shares, including any cash dividend equivalent rights related thereto. Performance-Based RSU Awards represent notional units of measurement each having a value equivalent to one Share, subject to the terms hereof. Performance-Based RSU Awards are
unfunded, unsecured obligations of the Company. A Performance-Based RSU Award shall be considered an Award of “Performance Shares” within the meaning of the Omnibus Plan. 

(s) “TSR Performance Goal” means achievement of aggregate Operating Income during the Performance Period applicable to
Performance-Based RSU Awards in an amount equal to or greater than the amount established by the Committee within the first 90 days of the Performance Period. 

ARTICLE III 
 LTPP Awards

 3.1 Eligibility. Participants eligible to receive an LTPP Award shall be those persons designated by the Committee during the
first 90 days of the Performance Period or new hires or those persons who may be promoted and are designated as Participants by the Committee at the time of hiring or promotion. No new Participants are eligible after the third fiscal quarter of the
Company’s 2018 fiscal year. The Company will provide each Participant with an Award Notice, substantially in the form of Exhibit A attached hereto, setting forth such Participant’s Target LTPP Award. 

3.2 Award Eligibility. If the LTPP Performance Goal is achieved, each Participant shall be eligible to receive his or her Eligible LTPP
Award. The actual number of Performance Shares or amount of cash earned by a Participant pursuant to his or her LTPP Award shall be determined by multiplying the Target LTPP Award by a multiplier established by the Committee, which multiplier shall
be determined based on the Company’s achievement of Return on Invested Capital during the Performance Period. The actual number of Performance Shares or amount of cash to be paid to a Participant pursuant to an LTPP Award may range from 0% to
200% of the Participant’s Target LTPP Award. The number of Performance Shares (or amount of cash) settled (or paid) pursuant to the LTPP Award of any Covered Employee shall not exceed either his or her Eligible LTPP Award or any limits
prescribed by the Omnibus Plan, including the Limitations set forth therein. In applying such Limitations, compensation payable pursuant to any annual bonus plan of the Company shall be considered prior to any payments of LTPP Awards, and any
compensation payable pursuant to LTPP Awards shall be considered prior to any compensation payable pursuant to Performance-Based RSU Awards. 

  
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 3.3 Threshold Vesting. As a condition precedent to any portion of the LTPP Award vesting,
the LTPP Performance Goal adopted by the Committee must be achieved and the Committee must certify to such achievement pursuant to Section 10.3 of the Omnibus Plan within 60 days following the end of the applicable Performance Period. No LTPP
Award shall be paid to any Covered Employee if the LTPP Performance Goal is not achieved. 
 3.4 Settlement. Any LTPP Award made by
the Committee shall be settled or paid promptly following certification by the Committee of the LTPP Performance Goal as provided in Section 3.3, but in no event after March 15 of the calendar year following the
calendar year in which the applicable Performance Period ends. 
 3.5 Restrictions; Cash Dividend Equivalent Rights. Subject to
Article V, notwithstanding that the LTPP Performance Goal to which the Eligible LTPP Award is subject hereunder may be satisfied by or prior to the end of the applicable Performance Period, the Performance Shares (or cash) with respect
thereto shall not vest or otherwise become payable to a Participant, nor shall a Participant have any of the rights of a shareholder of the Company with respect to any Performance Shares, until the end of the Performance Period to which the LTPP
Award relates; provided, however, that Participants shall receive dividend equivalent rights in respect of the Performance Shares covered by the LTPP Award (if any) at the time of any payment of dividends to stockholders on Shares. The Performance
Shares covered by a Participant’s Eligible LTPP Award will be credited with a cash amount equal to the amount that would be payable to the Participant as a stockholder in respect of a number of Shares equal to the number of Performance Shares
covered by the Eligible LTPP Award outstanding and unpaid as of the dividend record date. Each cash dividend equivalent right will vest and be payable at the time and only to the extent the LTPP Award to which it relates is paid, and only those cash
dividend equivalent rights that relate to Performance Shares covered by the earned LTPP Award shall be paid. No dividend equivalent rights will accrue with respect to LTPP Awards denominated in cash. 

ARTICLE IV 

Performance-Based RSU Awards 

4.1 Eligibility. Participants eligible to receive a Performance-Based RSU Award shall be those persons designated by the Committee
during the first 90 days of the Performance Period to which the Performance-Based RSU Award relates, or in the case of new hires or those persons who may be promoted and are designated as Participants by the Committee, at the time of hiring or
promotion. No new Participants are eligible after the third fiscal quarter of the Company’s 2018 fiscal year. The Company will provide each Participant with an Award Notice, substantially in the form of Exhibit B attached hereto, setting
forth such Participant’s Target Performance-Based RSU Award. 
 4.2 Award Eligibility. If the TSR Performance Goal is achieved,
each Participant shall be eligible to receive his or her Eligible Performance-Based RSU Award. The actual number of Shares payable to a Participant pursuant to his or her Performance-Based RSU Award shall be determined by multiplying the Target
Performance-Based RSU Award by a multiplier established by the Committee, which multiplier shall be determined based on the achievement of the Company’s Relative TSR during the applicable Performance Period. The actual number of Shares payable
pursuant to a Performance-Based RSU Award awarded to a Participant hereunder may range from 75% to 125% of the Participant’s Target Performance-Based RSU Award. The number of Shares under a Performance-Based RSU Award earned by any Covered
Employee shall not exceed either his or her Eligible Performance-Based RSU Award or any limits prescribed by the Omnibus Plan, including the Limitations set forth therein; provided, that in applying such Limitations, compensation payable pursuant to
any annual bonus plan of the Company shall be considered prior to any payments of LTPP Awards, and any compensation payable pursuant to LTPP Awards shall be considered prior to any compensation payable pursuant to Performance-Based RSU Awards. 

  
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 4.3 Threshold Vesting. As a condition precedent to any portion of the Performance-Based
RSU Award vesting, the TSR Performance Goal adopted by the Committee must be achieved and the Committee must certify to such achievement pursuant to Section 10.3 of the Omnibus Plan within 60 days following the end of the applicable Performance
Period. No Performance-Based RSU Award shall be paid to any Covered Employee if the TSR Performance Goal is not achieved. 
 4.4
Settlement. Settlement of vested Performance-Based RSU Awards shall be made by delivering the applicable number of Shares to the Participants promptly following the date of certification of achievement of the TSR Performance Goal by the
Committee as provided in Section 4.3; but in no event after March 15 of the calendar year following the calendar year in which the applicable Performance Period ends. 

4.5 Restrictions; Cash Dividend Equivalent Rights. Subject to Article V, notwithstanding that the TSR Performance Goal to which
the Eligible Performance-Based RSU Award is subject hereunder may be satisfied by or prior to the end of the Performance Period, no Performance-Based RSU Award shall vest or otherwise become payable to a Participant prior to the expiration of the
applicable Performance Period, nor shall a Participant have any of the rights of a shareholder of the Company with respect to any Performance-Based RSU Award until the end of the applicable Performance Period; provided, however, that Participants
shall receive dividend equivalent rights in respect of the Shares issued under the Performance-Based RSU Award at the time of any payment of dividends to stockholders on Shares. The Shares subject to a Participant’s Eligible Performance-Based
RSU Award will be credited with a cash amount equal to the amount that would be payable to the Participant as a stockholder in respect of a number of Shares equal to the number of Shares covered by the Eligible Performance-Based RSU Award
outstanding and unpaid as of the dividend record date. Each cash dividend equivalent right will vest and be payable at the time and only to the extent the Performance-Based RSU Award to which it relates is paid, and only those cash dividend
equivalent rights that relate to Shares issued under the earned Performance-Based RSU Award shall be paid. 
 ARTICLE V 

Additional Vesting Conditions 

Applicable to LTPP Awards and Performance-Based RSU Awards 

5.1 Service Requirements. In addition to the performance vesting requirements set forth in this Program, but subject to the remaining
provisions of this Article V, the right of any Participant to receive settlement or payment of an LTPP Award or a Performance-Based RSU Award granted hereunder shall become vested only if he or she remains continuously employed by the Company
or an Affiliate from the grant date of the Award until the end of the applicable Performance Period. Subject to Sections 5.2 to 5.5 hereof, if the service vesting requirements of this Section 5.1 are not
satisfied, all of the Shares (including any cash dividend equivalent rights related thereto) or cash subject to LTPP Awards and Performance-Based RSU Awards granted hereunder shall be immediately forfeited and the Participant’s rights with
respect thereto shall cease. 
 5.2 Accelerated Vesting During the Performance Period. If, prior to the end of the Performance
Period, a Participant’s employment is terminated because of death, disability or Retirement, any LTPP Award or Performance-Based RSU Award of such Participant shall be reduced pro rata to reflect only employment prior to that termination. The
reduced Award shall be based upon the number of calendar months of employment from the beginning of the applicable Performance Period (or, if later, the date of the Participant’s hire) until the date of such termination. In the case of a
Participant’s disability, the employment termination shall be deemed to have occurred on the date the Committee determines that the disability has occurred, pursuant to the Company’s then-effective group long-term disability insurance
benefit for officers. The Award shall otherwise be determined and settled or paid (including any cash dividend equivalent rights related thereto) on the same schedules set forth in Section 3.4 or
Section 4.4, as the case may be, including being conditioned upon the achievement of the applicable Performance Goals. 

  
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 5.3 Termination Following Performance Period. If a Participant ceases to be employed by
the Company (or any Affiliate) for any reason other than for Cause following the close of the applicable Performance Period, the Participant shall be entitled to payment or settlement of his or her LTPP Award and/or Performance-Based RSU Award at
the time and on the basis specified in Section 3.4 or Section 4.4, as the case may be. 

5.4 Termination of Employment For Cause. If, prior to the date on which any Award is finally paid or settled, a Participant’s
employment is terminated for Cause, all of the Participant’s rights to any Awards hereunder shall be forfeited. 
 5.5 Effect of
Change in Control. 
 (a) LTPP Awards. In the event of a Change in Control prior to the end of the Performance Period applicable
to the LTPP Awards, (i) the LTPP Performance Goal shall be deemed to have been met if the Company’s Operating Income from the beginning of the Performance Period through the end of the fiscal month preceding the Change in Control equals or
exceeds 50% of the Company’s operating income for the comparable portion of the two fiscal year period ending immediately prior to the beginning of the Performance Period, and (ii) any LTPP Award (including any cash dividend equivalent
rights related thereto) earned by reason of Section 5.5(a) shall be immediately payable in cash to Participants upon the date of the Change in Control. 

(b) Performance-Based RSU Awards. In the event of a Change in Control prior to the end of the Performance Period applicable to the
Performance-Based RSU Awards, the Committee shall have the discretion to (i) continue the Performance Period following the Change in Control with such adjustments as the Committee deems appropriate pursuant to
Section 12.2 of the Plan; provided, that in the event a Participant’s employment with the Company (or its Affiliate or successor) is terminated without Cause within 24 months following the Change in Control, the
Participant shall be treated as if the Participant had remained employed throughout the entire Performance Period for purposes of determining the vesting of the Participant’s Performance-Based RSU Award, or (ii) end the Performance Period
as of the date of the Change in Control and settle the Performance-Based RSU Awards (including any cash dividend equivalent rights related thereto) either at the Target Performance-Based RSU Awards or to such other extent as the Committee determines
in its discretion that the applicable performance criteria have been met, if at all. 
 ARTICLE VI 

Recoupment Policy 
 6.1
General Recoupment Policy. The Company is entitled to recover any incentive compensation awarded or paid pursuant to this Program based on (i) achievement of financial results that were subsequently the subject of a restatement due to
material noncompliance with any financial reporting requirement under either GAAP or the federal securities laws, other than as a result of changes to accounting rules and regulations, or (ii) a subsequent finding that the financial information
or other performance metrics not derived from audited GAAP financial statements used by the Committee to determine the amount of the incentive compensation were materially inaccurate, in each case regardless of individual fault. The provisions of
this Article VI shall apply to any incentive compensation earned or paid to a Participant pursuant to this Program, including compensation paid in Shares and any cash dividend equivalent rights related thereto. Subsequent changes in status,
including retirement or termination of employment, do not affect the Company’s rights to recover compensation under this policy. 
 6.2
Administration of Policy. The Committee will administer this policy and exercise its discretion and business judgment in the fair application of this policy based on the relevant facts and circumstances. More

  
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specifically, the Committee shall use its reasonable best efforts to determine any appropriate amounts to recoup, the officers from whom such amounts shall be recouped (which need not be all
officers who received the bonus compensation at issue) and the timing and form of recoupment; provided, that only compensation paid or settled within three years prior to the Committee taking action under this Article VI shall be subject to
recoupment; provided further, that any recoupment pursuant to Section 6.1 shall not exceed the portion of any applicable bonus paid hereunder that is in excess of the amount of performance-based or incentive compensation
that would have been paid or granted based on the actual, restated financial statements or actual level of the applicable financial or performance metrics as determined by the Committee. 

6.3 Setoff. For avoidance of doubt, the Company may set off the amounts of any such required recoupment against any amounts otherwise
owed by the Company to a Participant, solely to the extent any such offset complies with the requirements of Section 409A of the Code and the guidance issued thereunder. 

6.4 Other Adjustments. If any restatement of the Company’s financial results indicates that the Company should have made higher
performance-based payments than those actually made under the Program for a period affected by the restatement, then the Committee shall have discretion, but not the obligation to cause the Company to make appropriate incremental payments to
affected Participants then-currently employed by the Company. The Committee will determine the amount, form and timing of any such incremental payments, which shall be no more than the difference between the amount of performance-based compensation
that was paid or awarded and the amount that would have been paid or granted based on the actual, restated financial statements. 

ARTICLE VII 

Miscellaneous 
 7.1
Restrictions on Transfer. No Award covered hereby may be sold, assigned, transferred, encumbered, hypothecated or pledged by a Participant except as provided in the Omnibus Plan or this Program. 

7.2 Effect of Employment Agreement. If a Participant is employed pursuant to an employment agreement with the Company (or an
Affiliate), any provisions thereof relating to the effect of a termination of the Participant’s employment upon his or her rights with respect to the Awards covered hereby, including, without limitation, any provisions regarding acceleration of
vesting and/or payment of the Awards in the event of termination of employment, shall be fully applicable and supersede any provisions hereof with respect to the same subject matter. 

7.3 No Right of Employment. Nothing in this Program shall confer upon any Participant any right to continue as an employee of the
Company or an Affiliate or interfere in any way with the right of the Company or an Affiliate to terminate a Participant’s employment at any time or to change the terms and conditions of such employment. 

7.4 Governing Law. This Program and the Awards issued hereunder shall be construed and enforced in accordance with the laws of the
State of Tennessee, without giving effect to the choice of law principles thereof. 
 7.5 Section 409A. 

(a) Notwithstanding the other provisions hereof, the Awards issued hereunder are intended to comply with or be exempt from the requirements of
Section 409A of the Code, to the extent applicable, and this Program shall be interpreted to avoid any penalty sanctions under Section 409A of the Code. Accordingly, all provisions herein, or incorporated by reference, shall be construed
and interpreted to comply with Section 409A of the Code and, if necessary, any such provision shall be deemed amended to comply with Section 409A of the Code and regulations thereunder. If any payment cannot be provided or made at the time
specified herein without incurring 

  
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sanctions under Section 409A of the Code, then such payment shall be provided in full at the earliest time thereafter when such sanctions will not be imposed. Except to the extent permitted
under Section 409A of the Code, in no event may a Participant, directly or indirectly, designate the calendar year of any payment under this Award. 

(b) Notwithstanding any provision to the contrary in this Program and to the extent that Section 409A of the Code (including
Section 409A(a)(2)(b) of the Code) is applicable to this Program, if on the date of a Participant’s termination of employment, he or she is a “specified employee” (as such term is defined in Section 409A(a)(2)(B)(i) of the
Code and its corresponding regulations) as determined by the Board (or its delegate) in accordance with its “specified employee” determination policy, then the amount of an Award that constitutes deferred compensation subject to the
requirements of Section 409A of the Code that are payable within the six (6) month period following such Participant’s separation from service shall be postponed for a period of six (6) months following the “separation from
service” with the Company (or any successor thereto). Any payments delayed pursuant to this Section 7.5(b) will be made in a lump sum on the Company’s first regularly scheduled payroll date that follows such six
(6) month period or, if earlier, the date of the Participant’s death. 
 (c) Notwithstanding any other provision to the contrary,
a termination of employment shall not be deemed to have occurred for purposes of any provision of this Program providing for the payment of “deferred compensation” (within the meaning of Section 409A of the Code) upon or following a
termination of employment unless such termination is also a “separation from service” from the Company within the meaning of Section 409A of the Code and Section 1.409A-1(h) of the Treasury
Regulations and, for purposes of any such provision of this Program, references to a “separation,” “termination,” “termination of employment” or like terms shall mean “separation from service.” 

(d) For the avoidance of doubt, any payment due pursuant to this Program within a period following an applicable payment event, shall be made
on a date during such period as determined by the Company in its sole discretion. 

  
 8EXHIBIT 10.1

 

THE FIRST AMENDMENT TO THE

FAIRPORT SAVINGS BANK SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

This AMENDMENT NUMBER ONE TO THE FAIRPORT SAVINGS BANK SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (this "Amendment") is hereby adopted by Fairport Savings Bank (the "Bank") on September 27, 2017.

WHEREAS, effective February 15, 2006, the Bank adopted the Fairport Savings Bank Supplemental Executive Retirement Plan (the "Plan"); and

WHEREAS, the Bank desires to amend the Plan to (1) revise the requirements related to the establishment and funding of an irrevocable rabbi trust for the benefit of the participants in the Plan; and (2) to limit the Bank's right to accelerate the payments due under the Plan.

NOW, THEREFORE, the Plan is hereby amended as follows:

1. New Section 4.5 of the Plan.  Section 4.5 is hereby added to the Plan to read as follows:

"4.5  Establishment and Funding of Rabbi Trust.  Upon a Change in Control, the balance of the Participant's Accrued SERP Obligation Account shall be paid by the Bank (or any successor) into an irrevocable rabbi trust that is a grantor trust for the benefit of the Participant and his or her beneficiaries, established prior to the effective time of the Change in Control.  The rabbi trust shall be established in accordance with Internal Revenue Service Rev. Proc. 92-64 and any other applicable law.  Such trust shall have an independent trustee, as selected by the Compensation Committee of the Bank.  The Bank (or its successor) shall pay the trustee fees for the lifetime of the trust.  The rabbi trust shall be dissolved after all assets are distributed from the trust to the Participant and his or her Beneficiary in accordance with the terms of the Plan."

2. Amendment to Section 6.4(a) of the Plan.  The following is hereby added to the end of Section 6.4(a) to read as follows:

"Notwithstanding anything in the Plan to the contrary, the Bank shall have no right to amend any provision of the Plan or the Participant's Participation Agreement that may result in the acceleration of the time of payment of the Participant's benefits payable under the Plan without written consent from the Participant."

3. Amendment to Section 6.5 of the Plan.  Section 6.5 of the Plan is hereby amended and restated in its entirety to read as follows:

"6.5  Termination

The Plan shall not be terminated by the Bank at any time, in whole or in part, without the written consent of each Participant, and such consent shall be required even if the Participant is no longer employed by the Bank."

4 Capitalized Terms.  Capitalized terms herein shall have the meanings ascribed to them in the Plan except as otherwise expressly provided in this Amendment.

 

5. Effect of Amendment.  Except and to the extent modified by this Amendment, the provisions of the Plan shall remain in full force and effect and are hereby incorporated into and made a part of this Amendment.

[Signature Page Follows]

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IN WITNESS WHEREOF, a duly authorized representative of the Bank has executed this Amendment as of the date first written above.

FAIRPORT SAVINGS BANK

By:       /s/ Kevin D. Maroney

Name:  Kevin D. Maroney

Title:    COO/CFO

  

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