Document:

Exhibit 10.20

 

 

 

 

EXECUTIVE SUPPLEMENTAL RETIREMENT

INCOME AGREEMENT

FOR MICHAEL McLAUGHLIN

 

 

UNITED COMMUNITY BANK

Lawrenceburg, Indiana

 

April 1, 2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Institution Consulting Corporation

700 Colonial Road, Suite 102

Memphis, Tennessee 38117

WATS: 1-800-873-0089

FAX: (901) 684-7414

(901) 684-7400

 

     

     

    

  

EXECUTIVE SUPPLEMENTAL RETIREMENT

INCOME AGREEMENT FOR MICHAEL McLAUGHLIN

 

This Executive Supplemental
Retirement Income Agreement (the “Agreement”), effective as of the 1st day of April, 2002, formalizes the
understanding by and between UNITED COMMUNITY BANK (the “Bank”), a federally chartered mutual savings bank having
its principal place of business in Indiana, and MICHAEL McLAUGHLIN (hereinafter referred to as “Executive”).

 

WITNESSETH:

 

WHEREAS, the Executive is employed by the Bank;
and

 

WHEREAS, the
Bank recognizes the valuable services heretofore performed by the Executive and wishes to encourage his continued employment; and

 

WHEREAS, the
Executive wishes to be assured that he will be entitled to a certain amount of additional compensation for some definite period
of time from and after retirement from active service with the Bank or other termination of employment and wishes to provide his
beneficiary with benefits from and after death; and

 

WHEREAS, the
Bank and the Executive wish to provide the terms and conditions upon which the Bank shall pay such additional compensation to the
Executive after retirement or other termination of employment and/or death benefits to his beneficiary after death; and

 

WHEREAS, the
Bank has adopted this Executive Supplemental Retirement Income Agreement which controls all issues relating to benefits as described
herein;

 

NOW,
THEREFORE, in consideration of the premises and of the mutual promises herein contained, the Bank and the
Executive agree as follows:

 

    	 	2	 

     

    

 

SECTION I

 

DEFINITIONS

 

When used herein, the
following words and phrases shall have the meanings below unless the context clearly indicates otherwise:

 

		1.1	“Accrued Benefit Account” shall be represented
by the bookkeeping entries required to record the Executive’s (i) Phantom Contributions plus (ii) accrued interest,
equal to the Interest Factor, earned to-date on such amounts. However, neither the existence of such bookkeeping entries nor the
Accrued Benefit Account itself shall be deemed to create either a trust of any kind, or a fiduciary relationship between the Bank
and the Executive or any Beneficiary.

 

		1.2	“Act” means the Employee Retirement Income
Security Act of 1974, as amended from time to time.

 

		1.3	“Administrator” means the Bank.

 

		1.4	“Bank” means UNITED COMMUNITY BANK and any
successor thereto.

 

		1.5	“Beneficiary” means the person or persons
(and their heirs) designated as Beneficiary in Exhibit B of this Agreement to whom the deceased Executive’s benefits are
payable. If no Beneficiary is so designated, then the Executive’s Spouse, if living, will be deemed the Beneficiary. If
the Executive’s Spouse is not living, then the Children of the Executive will be deemed the Beneficiaries and will take
on a per stirpes basis. If there are no Children, then the Estate of the Executive will be deemed the Beneficiary.

 

		1.6	“Benefit Age” means the Executive’s
sixty-fifth (65th) birthday.

 

		1.7	“Benefit Eligibility Date” means the date
on which the Executive is entitled to receive any benefit(s) pursuant to Section(s) III or V of this Agreement. It shall be the
first day of the month following the month in which the Executive attains his Benefit Age.

 

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		1.8	“Board of Directors” means the board of directors
of the Bank.

 

		1.9	“Cause” means personal dishonesty, willful
misconduct, willful malfeasance, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties,
willful violation of any law, rule, regulation (other than traffic violations or similar offenses), or final cease-and-desist
order, material breach of any provision of this Agreement, or gross negligence in matters of material importance to the Bank.

 

		1.10	A “Change in Control” of the Bank shall mean:

 

(A) A reorganization,
merger, merger conversion, consolidation, or sale of all or substantially all of the assets of the Bank to another entity
which is not controlled by the Bank, or a similar transaction occurs in which the Bank is not the resulting entity; or

 

(B) That
individuals who constitute the Board of Directors on the effective date hereof (the “Incumbent Board”) cease for any
reason to constitute at least a majority thereof, provided that any person becoming a Director subsequent to the date hereof whose
election was approved by a vote of at least three-quarters of the Directors comprising the Incumbent Board shall not be considered
a replacement Director for purposes of a change in control; or

 

(C) The
acquisition of ownership or power to vote more than 25% of the votes eligible to be cast at a meeting of the members or stockholders,
as applicable, of the Bank; or

 

(D) If
the Bank is organized in stock form, the acquisition by any person or entity of “conclusive control” of the Bank within
the meaning of 12 C.F.R. § 574.4(a), or the acquisition by any person or entity of “rebuttable control” within the
meaning of 12 C.F.R. § 574.4(b) that has not been rebutted in accordance with 12 C.F.R. § 574.4(c). For purposes of this
paragraph, the term “person” refers to an individual or corporation, partnership, trust association or other organization.

 

Notwithstanding anything to the
contrary herein, a conversation of the Bank to a stock savings bank on a stand-alone basis or as a subsidiary of a stock or mutual
holding company shall not be deemed a Change in Control.

 

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		1.11	“Children” means all natural or adopted children
of the Executive, and issue of any predeceased child or children.

 

		1.12	“Code” means the Internal Revenue Code of
1986, as amended from time to time.

 

		1.13	“Contribution(s)” means those annual contributions
which the Bank is required to make to the Retirement Income Trust Fund on behalf of the Executive in accordance with Subsection
2.1(a) and in the amounts set forth in Exhibit A of the Agreement.

 

		1.14	(a) “Disability Benefit” means the benefit
payable to the Executive following a determination, in accordance with Subsection 6.1(a), that he is no longer able, properly
and satisfactorily, to perform his duties at the Bank.

 

		 	(b) “Disability Benefit-Supplemental” (if
applicable) means the benefit payable to the Executive’s Beneficiary upon the Executive’s death in accordance with
Subsection 6.1(b).

 

		1.15	“Effective Date” of this restated Agreement
shall be April 1, 2002.

 

		1.16	“Estate” means the estate of the Executive.

 

		1.17	“Interest Factor” means monthly compounding,
discounting or annuitizing, as applicable, at a rate set forth in Exhibit A.

 

		1.18	“Payout Period” means the time frame during
which certain benefits payable hereunder shall be distributed. Payments shall be made in monthly installments commencing on the
first day of the month following the occurrence of the event which triggers distribution and continuing for one hundred eighty
(180) months. Should the Executive make a Timely Election to receive a lump sum benefit payment, the Executive’s Payout
Period shall be deemed to be one (1) month.

 

		1.19	“Phantom Contributions” means those annual
Contributions set forth in Exhibit A of the Agreement which the Bank is required to record to the Accrued Benefit Account once
the Executive has exercised the withdrawal rights provided for in Subsection 2.2.

 

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		1.20	“Plan Year” shall mean the twelve (12) month
period commencing January 1 and ending December 31.

 

		1.21	“Retirement Income Trust Fund” means the
trust fund account established by the Executive and into which annual Contributions will be made by the Bank on behalf of the
Executive pursuant to Subsection 2.1. The contractual rights of the Bank and the Executive with respect to the Retirement Income
Trust Fund shall be outlined in a separate writing to be known as the Michael McLaughlin Grantor Trust agreement.

 

		1.22	“Spouse” means the individual to whom the
Executive is legally married at the time of the Executive’s death, provided, however, that the term “Spouse”
shall not refer to an individual to whom the Executive is legally married at the time of death if the Executive and such individual
have entered into a formal separation agreement or initiated divorce proceedings.

 

		1.23	“Supplemental Retirement Income Benefit”
means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout
the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be
made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual
Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order
to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions
(or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

 

		1.24	“Timely Election” means the Executive has
made an election to change the form of his benefit payment(s) by filing with the Administrator a Notice of Election to Change
Form of Payment (Exhibit C of this Agreement). In the case of benefits payable from the Accrued Benefit Account, such election
shall have been made at least twelve (12) months prior to both (i) the event which triggers distribution and (ii) the Executive’s
Benefit Eligibility Date existing at the time of such election. In the case of benefits payable from the Retirement Income Trust
Fund, such election may be made at any time.

 

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SECTION II

 

BENEFITS - GENERALLY

 

		2.1	(a) Retirement Income Trust Fund and Accrued Benefit
Account. The Executive shall establish the Michael McLaughlin Grantor Trust into which the Bank shall be required to make
annual Contributions on the Executive’s behalf, pursuant to Exhibit A and this Section II of the Agreement. A trustee shall
be selected by the Executive. The trustee shall maintain an account, separate and distinct from the Executive’s personal
contributions, which account shall constitute the Retirement Income Trust Fund. The trustee shall be charged with the responsibility
of investing all contributed funds. Distributions from the Retirement Income Trust Fund of the Michael McLaughlin Grantor Trust
may be made by the trustee to the Executive, for purposes of payment of any income or employment taxes due and owing on Contributions
by the Bank to the Retirement Income Trust Fund, if any, and on any taxable earnings associated with such Contributions which
the Executive shall be required to pay from year to year, under applicable law, prior to actual receipt of any benefit payments
from the Retirement Income Trust Fund. If the Executive exercises his withdrawal rights pursuant to Subsection 2.2, the Bank’s
obligation to make Contributions to the Retirement Income Trust Fund shall cease and the Bank’s obligation to record Phantom
Contributions in the Accrued Benefit Account shall immediately commence pursuant to Exhibit A and this Section II of the Agreement.
To the extent this Agreement is inconsistent with the Michael McLaughlin Grantor Trust agreement, the Michael McLaughlin Grantor
Trust Agreement shall supersede this Agreement.

 

The annual Contributions (or Phantom
Contributions) required to be made by the Bank to the Retirement Income Trust Fund (or recorded by the Bank in the Accrued Benefit
Account) have been actuarially determined and are set forth in Exhibit A which is attached hereto and incorporated herein by reference.
Contributions shall be made by the Bank to the Retirement Income Trust Fund (i) within seventy-five (75) days of establishment
of such trust, and (ii) within the first thirty (30) days of the beginning of each subsequent Plan Year, unless this Section expressly
provides otherwise. Phantom Contributions, if any, shall be recorded in the Accrued Benefit Account within the first thirty (30)
days of the beginning of each applicable Plan Year, unless this Section expressly provides otherwise. Phantom Contributions shall
accrue interest at a rate equal to the Interest Factor, during the Payout Period, until the balance of the Accrued Benefit Account
has been fully distributed. Interest on any Phantom Contribution shall not commence until such Payout Period commences.

 

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The Administrator shall review the schedule
of annual Contributions (or Phantom Contributions) provided for in Exhibit A (i) within thirty (30) days prior to the close of
each Plan Year and (ii) if the Executive is employed by the Bank until attaining Benefit Age, on or immediately before attainment
of such Benefit Age. Such review shall consist of an evaluation of the accuracy of all assumptions used to establish the schedule
of Contributions (or Phantom Contributions). Provided that (i) the Executive has not exercised his withdrawal rights pursuant to
Subsection 2.2 and (ii) the investments contained in the Retirement Income Trust Fund have been deemed reasonable by the Bank,
the Administrator shall prospectively amend or supplement the schedule of Contributions provided for in Exhibit A should the Administrator
determine during any such review that an increase in or supplement to the schedule of Contributions is necessary
in order to adequately fund the Retirement Income Trust Fund so as to provide an annual benefit (or to provide the lump sum equivalent
of such benefit, as applicable) equal to the Supplemental Retirement Income Benefit, on an after-tax basis, commencing at Benefit
Age and payable for the duration of the Payout Period.

 

		(b)	Withdrawal Rights Not Exercised.

 

(1) Contributions
Made Annually

If the Executive does not exercise any
withdrawal rights pursuant to Subsection 2.2, the annual Contributions to the Retirement Income Trust Fund shall continue each
year, unless this Subsection 2.1(b) specifically states otherwise, until the earlier of (i) the last Plan Year that Contributions
are required pursuant to Exhibit A, or (ii) the Plan Year of the Executive’s termination of employment.

 

(2) Termination
Following a Change in Control 

If the Executive does not exercise his
withdrawal rights pursuant to Subsection 2.2 and a Change in Control occurs at the Bank, followed within thirty-six (36) months
by either (i) the Executive’s involuntary termination of employment, or (ii) Executive’s voluntary termination of employment after:
(A) a material change in the Executive’s function, duties, or responsibilities, which change would cause the Executive’s position
to become one of lesser responsibility, importance, or scope from the position the Executive held at the time of the Change in
Control, (B) a relocation of the Executive’s principal place of employment by more than thirty (30) miles from its location prior
to the Change in Control, or (C) a material reduction in the benefits and perquisites to the Executive from those being provided
at the time of the Change in Control, the Contribution set forth on

 

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Schedule A shall continue to be required
of the Bank. The Bank shall be required to make an immediate lump sum contribution to the Retirement Income Trust Fund equal to
(i) the full Contribution required for the Plan Year in which such termination occurs, if not yet made, plus (ii) the present value
(computed using a discount rate equal to the Interest Factor) of all remaining Contributions to the Retirement Income Trust Fund;
provided, however, in no event shall the Contribution be less than an amount which is sufficient to provide the Executive with
after-tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of Executive’s termination) beginning
at his Benefit Age, equal in amount to that benefit which would have been payable to the Executive if no secular trust had been
implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106.

 

(3) Termination
For Cause

If the Executive does not exercise his
withdrawal rights pursuant to Subsection 2.2, and is terminated for Cause pursuant to Subsection 5.2, no further Contribution(s)
to the Retirement Income Trust Fund shall be required of the Bank, and if not yet made, no Contribution shall be required for the
Plan Year in which such termination for Cause occurs.

 

(4) Involuntary
Termination of Employment.

If the Executive does not exercise his
withdrawal rights pursuant to Subsection 2.2, and the Executive’s employment with the Bank is involuntarily terminated for any
reason, including a termination due to disability of the Executive but excluding termination for Cause, or termination following
a Change in Control within thirty-six (36) months of such Change in Control, within thirty (30) days of such involuntary termination
of employment, the Bank shall be required to make an immediate lump sum Contribution to the Executive’s Retirement Income Trust
Fund in an amount equal to the: (i) the full Contribution required for the Plan Year in which such involuntary termination occurs,
if not yet made, plus (ii) the present value (computed using a discount rate equal to the Interest Factor) of all remaining Contributions
to the Retirement Income Trust Fund; provided however, that, if necessary, an amount shall be contributed to the Retirement Income
Trust Fund which is sufficient to provide the Executive with after tax benefits (assuming a constant tax rate equal to the rate
in effect as of the date of the Executive’s termination) beginning at his Benefit Age, equal in amount to that benefit which would
have been payable to the Executive if no secular trust had been implemented and the benefit obligation had been accrued under APB
Opinion No. 12, as amended by FAS 106.

 

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(5) Death During Employment.

If the Executive does not exercise any
withdrawal rights pursuant to Subsection 2.2, and dies while employed by the Bank, and if, following the Executive’s death, the
assets of the Retirement Income Trust Fund are insufficient to provide the Supplemental Retirement Income Benefit to which the
Executive is entitled, the Bank shall be required to make a Contribution to the Retirement Income Trust Fund that, when annuitized
(using the Interest Factor) is sufficient to provide a death benefit to the Executive’s beneficiaries equal to the Supplemental
Retirement Income Benefit reduced by the annuitized value (using the Interest Factor) of any proceeds received under any life insurance
policies that may have been obtained on Executive’s life by the Retirement Income Trust Fund; provided, however, that such Contribution
shall not be in excess of the sum of the remaining Contributions set forth in Exhibit A. Such final contribution shall be payable
in a lump sum to the Retirement Income Trust Fund within thirty (30) days of the Executive’s death.

 

(6) Voluntary Termination
of Employment

If the Executive does not exercise his
withdrawal rights pursuant to Subsection 2.2 and voluntarily terminates his employment for any reason excluding disability or following
a Change in Control within thirty-six (36) months of such Change in Control, no further Contribution(s) to the Retirement Income
Trust Fund shall be required of the Bank and, if not yet made, no Contribution shall be required for the Plan Year in which such
voluntary termination occurs.

 

(c) Withdrawal Rights Exercised. 

 

(1) Phantom Contributions Made Annually.

If the Executive exercises his withdrawal
rights pursuant to Subsection 2.2, no further Contributions to the Retirement Income Trust Fund shall be required of the Bank.
Thereafter, Phantom Contributions shall be recorded annually in the Executive’s Accrued Benefit Account within thirty (30) days
of the beginning of each Plan Year, commencing with the first Plan Year following the Plan Year in which the Executive exercises
his withdrawal rights. Such Phantom Contributions shall continue to be recorded annually, unless this Subsection 2.1(c) specifically
states otherwise, until the earlier of (i) the last Plan Year that Phantom Contributions are required pursuant to Exhibit A, or
(ii) the Plan Year of the Executive’s termination of employment.

 

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(2) Termination Following
a Change in Control 

If the Executive exercises his
withdrawal rights pursuant to Subsection 2.2, Phantom Contributions shall commence in the Plan Year following the Plan Year
in which the Executive first exercises his withdrawal rights. If a Change in Control occurs at the Bank, and within
thirty-six (36) months of such Change in Control, the Executive’s employment is either (i) involuntarily terminated, or
(ii) voluntarily terminated by the Executive after: (A) a material change in the Executive’s function, duties, or
responsibilities, which change would cause the Executive’s position to become one of lesser responsibility, importance,
or scope from the position the Executive held at the time of the Change in Control, (B) a relocation of the Executive’s
principal place of employment by more than thirty (30) miles from its location prior to the Change in Control, or (C) a
material reduction in the benefits and perquisites to the Executive from those being provided at the time of the Change in
Control, the Phantom Contribution set forth below shall be required of the Bank. The Bank shall be required to record a lump
sum Phantom Contribution in the Accrued Benefit Account within ten (10) days ofthe Executive’s termination of
employment. The amount of such final Phantom Contribution shall be actuarially determined based on the Phantom Contribution
required, at such time, in order to provide a benefit via this Agreement equivalent to the Supplemental Retirement Income
Benefit, on an after-tax basis, commencing on the Executive’s Benefit Eligibility Date and continuing for the duration
of the Payout Period. (Such actuarial determination shall reflect the fact that amounts shall be payable from both the
Accrued Benefit Account as well as the Retirement Income Trust Fund and shall also reflect the amount and timing of any
withdrawal(s) made by the Executive from the Retirement Income Trust Fund pursuant to Subsection 2.2.)

 

(3) Termination
For Cause

If the Executive is terminated for Cause
pursuant to Subsection 5.2, the entire balance of the Executive’s Accrued Benefit Account at the time of such termination, which
shall include any Phantom Contributions which have been recorded plus interest accrued on such Phantom Contributions, shall be
forfeited.

 

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(4) Involuntary
Termination of Employment.

If the Executive exercises his
withdrawal rights pursuant to Subsection 2.2, and the Executive’s employment with the Bank is involuntarily terminated
for any reason including termination due to disability of the Executive, but excluding termination for Cause, or termination
following a Change in Control, within thirty (30) days of such involuntary termination of employment, the Bank shall be
required to record a final Phantom Contribution in an amount equal to: (i) the full Phantom Contribution required for the
Plan Year in which such involuntary termination occurs, if not yet made, plus (ii) the present value (computed using a
discount rate equal to the Interest Factor) of all remaining Phantom Contributions.

 

(5) Death During
Employment.

If the Executive exercises his withdrawal
rights pursuant to Subsection 2.2, and dies while employed by the Bank, Phantom Contributions included on Exhibit A shall be required
of the Bank. Such Phantom Contributions shall commence in the Plan Year following the Plan Year in which the Executive exercises
his withdrawal rights and shall continue through the Plan Year in which the Executive dies. The Bank shall also be required to
record a final Phantom Contribution within thirty (30) days of the Executive’s death. The amount of such final Phantom Contribution
shall be actuarially determined based on the Phantom Contribution required at such time (if any), in order to provide a benefit
via this Agreement equivalent to the Supplemental Retirement Income Benefit commencing within thirty (30) days of the date the
Administrator receives notice of the Executive’s death and continuing for the duration of the Payout Period. (Such actuarial determination
shall reflect the fact that amounts shall be payable from the Accrued Benefit Account as well as the Retirement Income Trust Fund,
shall be reduced by the annuitized value (using the Interest Factor) of any proceeds received under any life insurance policies
that may have been obtained on the Executives’ life by the Retirement Income Trust Fund, and shall also reflect the amount and
timing of any withdrawal(s) made by the Executive pursuant to Subsection 2.2.)

 

(6) Voluntary Termination
of Employment

If the Executive exercises his withdrawal
rights pursuant to Subsection 2.2 and thereafter voluntarily terminates his employment for any reason excluding death, disability,
or following a Change in Control, no further Phantom Contributions to the Accrued Benefit Account shall be required of the Bank
and, if not yet made, no Phantom Contribution shall be required for the Plan Year in which such voluntary termination occurs.

 

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		2.2	Withdrawals From Retirement Income Trust Fund.

Exercise of withdrawal rights
by the Executive pursuant to the Michael McLaughlin Grantor Trust agreement shall terminate the Bank’s obligation to make any further
Contributions to the Retirement Income Trust Fund, and the Bank’s obligation to record Phantom Contributions pursuant to Subsection
2.1(c) shall commence. For purposes of this Subsection 2.2, “exercise of withdrawal rights” shall mean those withdrawal
rights to which the Executive is entitled under Article III of the Michael McLaughlin Grantor Trust agreement and shall exclude
any distributions made by the trustee of the Retirement Income Trust Fund to the Executive for purposes of payment of income taxes
in accordance with Subsection 2.1 of this Agreement and the tax reimbursement formula contained in the trust document, or other
trust expenses properly payable from the Michael McLaughlin Grantor Trust pursuant to the provisions of the trust document.

 

		2.3	Benefits Payable From Retirement Income Trust Fund

Notwithstanding anything else
to the contrary in this Agreement, in the event that the trustee of the Retirement Income Trust Fund purchases a life insurance
policy with the Contributions to and, if applicable, earnings of the Trust, and such life insurance policy is intended to continue
in force beyond the Payout Period for the disability or retirement benefits payable from the Retirement Income Trust Fund pursuant
to this Agreement, then the trustee shall have discretion to determine the portion of the cash value of such policy available for
purposes of annuitizing the Retirement Income Trust Fund (it being understood that for purposes of this Section 2.3, “annuitizing”
does not mean surrender of such policy and annuitizing of the cash value received upon such surrender) to provide the disability
or retirement benefits payable under this Agreement, after taking into consideration the amounts reasonably believed to be required
in order to maintain the cash value of such policy to continue such policy in effect until the death of the Executive and payment
of death benefits thereunder.

 

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SECTION III 

 

RETIREMENT BENEFIT

 

		3.1	(a) Normal form of payment.

If (i) the Executive is employed
with the Bank until reaching his Benefit Age, and (ii) the Executive has not made a Timely Election to receive a lump sum benefit,
this Subsection 3.1(a) shall be controlling with respect to retirement benefits.

 

The Retirement Income Trust Fund,
measured as of the Executive’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall
be payable for the Payout Period. Such benefit payments shall commence on the Executive’s Benefit Eligibility Date. Should Retirement
Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the
rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund
shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected
rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized,
which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Executive
(or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Executive
may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum
payment. If such a lump sum payment is requested by the Executive, payment of the balance of the Retirement Income Trust Fund in
such lump sum form shall be made only if the Executive gives notice to both the Administrator and trustee in writing. Such lump
sum payment shall be payable within thirty (30) days of such notice. In the event the Executive dies at any time after attaining
his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the
Retirement Income Trust Fund shall pay to the Executive’s Beneficiary the monthly installments (or a continuation of such monthly
installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Executive’s
Beneficiary may request to receive the unpaid balance of the Executive’s Retirement Income Trust Fund in a lump sum payment. If
a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income

 

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Trust Fund in such lump sum form shall
be made only if the Executive’s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety
(90) days of the Executive’s death. Such lump sum payment shall be payable within thirty (30) days of such notice.

 

The Executive’s Accrued Benefit Account
(if applicable), measured as of the Executive’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments
and shall be payable for the Payout Period. Such benefit payments shall commence on the Executive’s Benefit Eligibility Date. In
the event the Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments
due and owing hereunder, (i) the Bank shall pay to the Executive’s Beneficiary the same monthly installments (or a continuation
of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii)
the Executive’s Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump
sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Executive’s
Accrued Benefit Account. Payment in such lump sum form shall be made only if the Executive’s Beneficiary (i) obtains Board of Director
approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Executive’s death. Such
lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

 

(b) Alternative payout option.

If (i) the Executive is employed with the
Bank until reaching his Benefit Age, and (ii) the Executive has made a Timely Election to receive a lump sum benefit, this Subsection
3.1(b) shall be controlling with respect to retirement benefits.

 

The balance of the Retirement Income Trust
Fund, measured as of the Executive’s Benefit Age, shall be paid to the Executive in a lump sum on his Benefit Eligibility Date.
In the event the Executive dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual
payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 3.1(b) within
thirty (30) days of the date the Administrator receives notice of the Executive’s death.

 

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The balance of the Executive’s
Accrued Benefit Account (if applicable), measured as of the Executive’s Benefit Age, shall be paid to the Executive in a lump sum
on his Benefit Eligibility Date. In the event the Executive dies after becoming eligible for such payment (upon attainment of his
Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance
with this Subsection 3.1(b) within thirty (30) days of the date the Administrator receives notice of the Executive’s death.

 

SECTION IV

 

PRE-RETIREMENT DEATH BENEFIT

 

		4.1	(a) Normal form of payment.

If (i) the Executive dies while
employed by the Bank, and (ii) the Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a)
shall be controlling with respect to pre-retirement death benefits.

 

The balance of the Executive’s
Retirement Income Trust Fund, measured as of the later of (i) the Executive’s death, or (ii) the date any final lump sum Contribution
is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable
for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the
Executive’s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is
annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions
to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for
any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a
rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement
Income Trust Fund, the final benefit payment to the Executive’s Beneficiary shall distribute the excess amounts attributable to
the greater-than-expected rate of return. The Executive’s Beneficiary may request to receive the unpaid balance of the Executive’s
Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance
of the Retirement Income Trust Fund in such lump sum form shall be made only if the Executive’s

 

    	 	16	 

     

    

 

Beneficiary notifies both the Administrator
and trustee in writing of such election within ninety (90) days of the Executive’s death. Such lump sum payment shall be made within
thirty (30) days of such notice.

 

The Executive’s Accrued Benefit Account
(if applicable), measured as of the later of (i) the Executive’s death or (ii) the date any final lump sum Phantom Contribution
is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into
monthly installments and shall be payable to the Executive’s Beneficiary for the Payout Period. Such benefit payments shall commence
within thirty (30) days of the date the Administrator receives notice of the Executive’s death, or if later, within thirty (30)
days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).
The Executive’s Beneficiary may request to receive the remainder of any unpaid monthly benefit payments due from the Accrued Benefit
Account in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall
be equal to the balance of the Executive’s Accrued Benefit Account. Payment in such lump sum form shall be made only if the Executive’s
Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety
(90) days of the Executive’s death. Such lump sum payment, if approved by the Board of Directors, shall be payable within thirty
(30) days of such Board of Director approval.

 

(b) Alternative payout option.

If (i) the Executive dies while employed
by the Bank, and (ii) the Executive has made a Timely Election to receive a lump sum benefit, this Subsection 4.1(b) shall be controlling
with respect to pre-retirement death benefits.

 

The balance of the Executive’s Retirement
Income Trust Fund, measured as of the later of (i) the Executive’s death, or (ii) the date any final lump sum Contribution is made
pursuant to Subsection 2.1(b), shall be paid to the Executive’s Beneficiary in a lump sum within thirty (30) days of the date the
Administrator receives notice of the Executive’s death.

 

    	 	17	 

     

    

 

The balance of the Executive’s
Accrued Benefit Account (if applicable), measured as of the later of (i) the Executive’s death, or (ii) the date any final Phantom
Contribution is recorded pursuant to Subsection 2.1(c), shall be paid to the Executive’s Beneficiary in a lump sum within thirty
(30) days of the date the Administrator receives notice of the Executive’s death.

 

 

SECTION V

 

BENEFIT(S) IN THE EVENT OF TERMINATION
OF SERVICE

PRIOR TO BENEFIT AGE

 

		5.1	Voluntary or Involuntary Termination of Service Other
Than for Cause. In the event the Executive’s service with the Bank is voluntarily or involuntarily terminated prior
to Benefit Age, for any reason including a Change in Control, but excluding (i) any disability related termination for which the
Board of Directors has approved early payment of benefits pursuant to Subsection 6.1, (ii) the Executive’s pre-retirement
death, which shall be covered in Section N, or (iii) termination for Cause, which shall be covered in Subsection 5.2, the Executive
(or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant
to this Subsection 5.1 shall be made in accordance with Subsection 5.1 (a) or 5.1 (b) below, as applicable.

 

(a) Normal form of payment. 

(1) Executive Lives Until Benefit Age 

If (i) after such termination,
the Executive lives until attaining his Benefit Age, and (ii) the Executive has not made a Timely Election to receive a lump sum
benefit, this Subsection 5.1(a)(1) shall be controlling with respect to retirement benefits.

 

    	 	18	 

     

    

 

The Retirement Income Trust Fund,
measured as of the Executive’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and
shall be payable for the Payout Period. Such payments shall commence on the Executive’s Benefit Eligibility Date. Should
Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less
than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income
Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable
to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following
the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund,
the final benefit payment to the Executive (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected
rate of return. The Executive may at anytime during the Payout Period request to receive the unpaid balance of his Retirement
Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Executive, payment of the balance of the
Retirement Income Trust Fund in such lump sum form shall be made only if the Executive gives notice to both the Administrator
and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Executive
dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing
hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Executive’s Beneficiary the monthly installments
(or a continuation of the monthly installments if they have already commenced) for the balance of months remaining in the Payout
Period, or (ii) the Executive’s Beneficiary may request to receive the unpaid balance of the Executive’s Retirement
Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the
Retirement Income Trust Fund in such lump sum form shall be made only if the Executive’s Beneficiary notifies both the Administrator
and trustee in writing of such election within ninety (90) days of the Executive’s death. Such lump sum payment shall be
made within thirty (30) days of such notice.

 

The Executive’s Accrued
Benefit Account (if applicable), measured as of the Executive’s Benefit Age, shall be annuitized (using the Interest
Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the
Executive’s Benefit Eligibility Date. In the event the Executive dies at any time after attaining his Benefit Age, but
prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the
Executive’s Beneficiary the same monthly installments (or a continuation of such monthly installments if they have
already commenced) for the balance of months remaining in the Payout Period, or (ii) the Executive’s Beneficiary may
request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by
the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Executive’s Accrued
Benefit Account. Payment in such lump sum form shall be made only if the Executive’s Beneficiary (i) obtains Board of
Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the
Executive’s death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days
of such Board of Director approval.

 

    	 	19	 

     

    

 

(2) Executive Dies Prior to Benefit Age 

If (i) after such termination, the Executive
dies prior to attaining his Benefit Age, and (ii) the Executive has not made a Timely Election to receive a lump sum benefit, this
Subsection 5.1(a)(2) shall be controlling with respect to retirement benefits.

 

The Retirement Income Trust Fund, measured
as of the date of the Executive’s death, shall be annuitized (using the Interest Factor) into monthly installments and shall be
payable for the Payout Period. Such payments shall commence within thirty (30) days of the date the Administrator receives notice
of the Executive’s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance
is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions
to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for
any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a
rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement
Income Trust Fund, the final benefit payment to the Executive’s Beneficiary shall distribute the excess amounts attributable to
the greater-than-expected rate of return. The Executive’s Beneficiary may request to receive the unpaid balance of the Executive’s
Retirement Income Trust Fund in the form of a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment
ofthe balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Executive’s Beneficiary notifies
both the Administrator and trustee in writing of such election within ninety (90) days of the Executive’s death. Such lump sum
payment shall be made within thirty (30) days of such notice.

 

The Executive’s Accrued
Benefit Account (if applicable), measured as of the date of the Executive’s death, shall be annuitized (using the
Interest Factor) into monthly installments and shall be payable for the Payout Period. Such payments shall commence within
thirty (30) days of the date the Administrator receives notice of the Executive’s death. The Executive’s
Beneficiary may request to receive the unpaid balance of the Executive’s Accrued Benefit Account in the form of a lump
sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Accrued Benefit Account in
such lump sum form shall be made only if the Executive’s Beneficiary (i) obtains Board of Director approval, and (ii)
notifies the Administrator in writing of such election within ninety (90) days of the Executive’s death. Such lump sum
payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

 

    	 	20	 

     

    

 

(b) Alternative Payout Option. 

(1) Executive Lives Until Benefit Age 

If (i) after such termination, the Executive
lives until attaining his Benefit Age, and (ii) the Executive has made a Timely Election to receive a lump sum benefit, this Subsection
5.1(b)(1) shall be controlling with respect to retirement benefits.

 

The balance ofthe Retirement Income Trust
Fund, measured as ofthe Executive’s Benefit Age, shall be paid to the Executive in a lump sum on his Benefit Eligibility Date.
In the event the Executive dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual
payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b)(1)
within thirty (30) days of the date the Administrator receives notice of the Executive’s death.

 

The balance of the Executive’s Accrued
Benefit Account (if applicable), measured as of the Executive’s Benefit Age, shall be paid to the Executive in a lump sum on his
Benefit Eligibility Date. In the event the Executive dies after becoming eligible for such payment (upon attainment of his Benefit
Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with
this Subsection 5.1(b)(1) within thirty (30) days of the date the Administrator receives notice of the Executive’s death.

 

    	 	21	 

     

    

 

(2) Executive Dies Prior to Benefit Age

If (i) after such termination,
the Executive dies prior to attaining his Benefit Age, and (ii) the Executive has made a Timely Election to receive a lump sum
benefit, this Subsection 5.1(b)(2) shall be controlling with respect to pre-retirement death benefits.

 

The balance of the Retirement
Income Trust Fund, measured as of the date of the Executive’s death, shall be paid to the Executive’s Beneficiary within thirty
(30) days of the date the Administrator receives notice of the Executive’s death.

 

The balance of the Executive’s
Accrued Benefit Account (if applicable), measured as of the date of the Executive’s death, shall be paid to the Executive’s Beneficiary
within thirty (30) days of the date the Administrator receives notice of the Executive’s death.

 

		5.2	Termination For Cause.

If the Executive is terminated
for Cause, all benefits under this Agreement, other than those which can be paid from previous Contributions to the Retirement
Income Trust Fund (and earnings on such Contributions), shall be forfeited. Furthermore, no further Contributions (or Phantom Contributions,
as applicable) shall be required of the Bank for the year in which such termination for Cause occurs (if not yet made). The Executive
shall be entitled to receive a benefit in accordance with this Subsection 5.2.

 

The balance of the Executive’s
Retirement Income Trust Fund shall be paid to the Executive in a lump sum on his Benefit Eligibility Date. In the event the Executive
dies prior to his Benefit Eligibility Date, his Beneficiary shall be entitled to receive the balance of the EXecutive’s Retirement
Income Trust Fund in a lump sum within thirty (30) days of the date the Administrator receives notice of the Executive’s death.

 

    	 	22	 

     

    

 

SECTION VI

 

OTHER BENEFITS

 

		6.1	(a) Disability Benefit.

If the Executive’s service is terminated prior to Benefit
Age due to a disability which meets the criteria set forth below, the Executive may request to receive the Disability Benefit in
lieu of the retirement benefits) available pursuant to Section 5.1 (which is (are) not available prior to the Executive’s Benefit
Eligibility Date).

 

In any instance in which: (i)
it is determined by a duly licensed, independent physician selected by the Bank, that the Executive is no longer able, properly
and satisfactorily, to perform his regular duties as an officer, because of ill health, accident, disability or general inability
due to age, (ii) the Executive requests payment under this Subsection in lieu of Subsection 5.1, and (iii) Board of Director approval
is obtained to allow payment under this Subsection, in lieu of Subsection 5.1, the Executive shall be entitled to the following
lump sum benefit(s). The lump sum benefit(s) to which the Executive is entitled shall include: (i) the balance of the Retirement
Income Trust Fund, plus (ii) the balance of the Accrued Benefit Account (if applicable). The benefit(s) shall be paid within thirty
(30) days following the date of the Executive’s request for such benefit is approved by the Board of Directors. In the event the
Executive dies after becoming eligible for such payment(s) but before the actual payment(s) is (are) made, his Beneficiary shall
be entitled to receive the benefit(s) provided for in this Subsection 6.1(a) within thirty (30) days of the date the Administrator
receives notice of the Executive’s death.

 

(b) Disability Benefit - Supplemental.

Furthermore, if Board of Director
approval is obtained within thirty (30) days of the Executive’s death, the Bank shall make a direct, lump sum payment to the Executive’s
Beneficiary in an amount equal to the sum of all remaining Contributions (or Phantom Contributions) set forth in Exhibit A, but
not required pursuant to Subsection 2.1(b) (or 2.1(c)) due to the Executive’s disability-related termination. Such lump sum payment,
if approved by the Board of Directors, shall be payable to the Executive’s Beneficiary within thirty (30) days of such Board of
Director approval.

 

    	 	23	 

     

    

 

		6.2	Additional Death Benefit - Burial Expense. In
addition to the above-described benefits, upon the Executive’s death, the Executive’s Beneficiary shall be entitled
to receive a one-time lump sum death benefit in the amount of Ten Thousand ($10,000.00) Dollars. This benefit shall be provided
specifically for the purpose of providing payment for burial and/or funeral expenses of the Executive. Such death benefit shall
be payable within thirty (30) days of the Executive’s death. The Executive’s Beneficiary shall not be entitled to
such benefit under this Plan (i) if the Executive is terminated for Cause prior to death or (ii) the Executive’s Beneficiary
receives a supplemental $10,000 death benefit under any other non-qualified deferred compensation plan sponsored by the Bank.

 

SECTION VII

 

BENEFICIARY
DESIGNATION

 

The
Executive shall make an initial designation of primary and secondary Beneficiaries upon execution of this Agreement and shall
have the right to change such designation, at any subsequent time, by submitting to (i) the Administrator, and (ii) the
trustee of the Retirement Income Trust Fund, in substantially the form attached as Exhibit B to this Agreement, a written
designation of primary and secondary Beneficiaries. Any Beneficiary designation made subsequent to execution of this
Agreement shall become effective only when receipt thereof is acknowledged in writing by the Administrator.

 

SECTION VIII

 

NON-COMPETITION

 

		8.1	Non-Competition During Employment.

In consideration of the agreements
of the Bank contained herein and of the payments to be made by the Bank pursuant hereto, the Executive hereby agrees that, for
as long as he remains employed by the Bank, he will devote substantially all of his time, skill, diligence and attention to the
business of the Bank, and will not actively engage, either directly or indirectly, in any business or other activity which is,
or may be deemed to be, in any way competitive with or adverse to the best interests of the business of the Bank, unless the Executive
has the prior express written consent of the Bank.

 

    	 	24	 

     

    

  

		8.2	Breach of Non-Competition Clause.

In the event of any material breach
by the Executive of the agreements and covenants described in Subsection 8.1 occurs all further Contributions to the Retirement
Income Trust Fund (or Phantom Contributions recorded in the Accrued Benefit Account) shall immediately cease, and all benefits
under this Agreement, other than those which can be paid from previous Contributions to the Retirement Income Trust Fund (and earnings
on such Contributions), shall be forfeited. The Executive (or his Beneficiary) shall be entitled to receive a benefit from the
Retirement Income Trust Fund in accordance with this Subsection 8.2.

 

The balance of the Executive’s
Retirement Income Trust Fund shall be paid to the Executive in a lump sum on his Benefit Eligibility Date. In the event the Executive
dies prior to his Benefit Eligibility Date, his Beneficiary shall be entitled to receive the balance of the Executive’s Retirement
Income Trust Fund in a lump sum within thirty (30) days of the date the Administrator receives notice of the Executive’s death.

 

		8.3	Non-Competition Following Employment.

Executive further understands
and agrees that, following Executive’s termination of employment, other than following a Change in Control, the Executive shall
not engage in the financial institutions’ business as a director, officer, employee or consultant for any business or enterprise
which competes with the principal business of the Bank or any of its subsidiaries within Dearborn County, Indiana or within thirty
(30) miles of the principal business location of the Bank. In the event of the Executive’s breach of the covenants and agreements
contained herein, the Bank’s obligation, if any, to make payments to the Executive from the Accrued Benefit Account shall cease
and the Executive’s right to amounts credited to the Accrued Benefit Account shall be forfeited.

 

    	 	25	 

     

    

 

SECTION IX

 

EXECUTIVE’S
RIGHT TO ASSETS

 

The rights
of the Executive, any Beneficiary, or any other person claiming through the Executive under this Agreement, shall be solely those
of an unsecured general creditor of the Bank. The Executive, the Beneficiary, or any other person claiming through the Executive,
shall only have the right to receive from the Bank those payments or amounts so specified under this Agreement. The Executive
agrees that he, his Beneficiary, or any other person claiming through him shall have no rights or interests whatsoever in any
asset of the Bank, including any insurance policies or contracts which the Bank may possess or obtain to informally fund this
Agreement. Any asset used or acquired by the Bank in connection with the liabilities it has assumed under this Agreement shall
not be deemed to be held under any trust for the benefit of the Executive or his Beneficiaries, unless such asset is contained
in the rabbi trust described in Section XII of this Agreement. Any such asset shall be and remain, a general, unpledged asset
of the Bank in the event of the Bank’s insolvency.

 

SECTION X

 

RESTRICTIONS UPON FUNDING

 

The Bank shall
have no obligation to set aside, earmark or entrust any fund or money with which to pay its obligations under this Agreement,
other than those Contributions required to be made to the Retirement Income Trust Fund. The Executive, his Beneficiaries or
any successor in interest to him shall be and remain simply a general unsecured creditor of the Bank in the same manner as
any other creditor having a general claim for matured and unpaid compensation. The Bank reserves the absolute right in its
sole discretion to either purchase assets to meet its obligations undertaken by this Agreement or to refrain from the same
and to determine the extent, nature, and method of such asset purchases. Should the Bank decide to purchase assets such as
life insurance, mutual funds, disability policies or annuities, the Bank reserves the absolute right, in its sole discretion,
to replace such assets from time to time or to terminate its investment in such assets at any time, in whole or in part. At
no time shall the Executive be deemed to have any lien, right, title or interest in or to any specific investment or to any
assets of the Bank. If the Bank elects to invest in a life insurance, disability or annuity policy upon the life of the
Executive, then the Executive shall assist the Bank by freely submitting to a physical examination and by supplying such
additional information necessary to obtain such insurance or annuities.

 

    	 	26	 

     

    

 

SECTION XI

 

ACT PROVISIONS

 

		11.1	Named Fiduciary and Administrator. The Bank,
as Administrator, shall be the Named Fiduciary of this Agreement. As Administrator, the Bank shall be responsible for the management,
control and administration of the Agreement as established herein. The Administrator may delegate to others certain aspects of
the management and operational responsibilities of the Agreement, including the employment of advisors and the delegation of ministerial
duties to qualified individuals.

 

		11.2	Claims Procedure and Arbitration. In the event
that benefits under this Agreement are not paid to the Executive (or to his Beneficiary in the case of the Executive’s death)
and such claimants feel they are entitled to receive such benefits, then a written claim must be made to the Administrator within
sixty (60) days from the date payments are refused. The Administrator shall review the written claim and, if the claim is denied,
in whole or in part, it shall provide in writing, within ninety (90) days of receipt of such claim, its specific reasons for such
denial, reference to the provisions of this Agreement upon which the denial is based, and any additional material or information
necessary to perfect the claim. Such writing by the Administrator shall further indicate the additional steps which must be undertaken
by claimants if an additional review of the claim denial is desired.

 

If claimants desire a second review,
they shall notify the Administrator in writing within sixty (60) days of the first claim denial. Claimants may review this Agreement
or any documents relating thereto and submit any issues and comments, in writing, they may feel appropriate. In its sole discretion,
the Administrator shall then review the second claim and provide a written decision within sixty (60) days of receipt of such claim.
This decision shall state the specific reasons for the decision and shall include reference to specific provisions of this Agreement
upon which the decision is based.

 

If claimants continue to
dispute the benefit denial based upon completed performance of this Plan and the Joinder Agreement or the meaning and effect
of the terms and conditions thereof, then claimants may submit the dispute to mediation, administered by the American
Arbitration Association (“AAA”) (or a mediator selected by the parties) in accordance with the AAA’s
Commercial Mediation Rules. If mediation is not successful in resolving the dispute, it shall be settled by arbitration
administered by the AAA under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may
be entered in any court having jurisdiction thereof.

 

    	 	27	 

     

    

  

SECTION XII

 

MISCELLANEOUS

 

		12.1	No Effect on Employment Rights. Nothing contained
herein will confer upon the Executive the right to be retained in the service of the Bank nor limit the right of the Bank to discharge
or otherwise deal with the Executive without regard to the existence of the Agreement.

 

		12.2	State Law. The Agreement is established under,
and will be construed according to, the laws of the state of Indiana, to the extent such laws are not preempted by the Act and
valid regulations published thereunder.

 

		12.3	Severability. In the event that any of the
provisions of this Agreement or portion thereof, are held to be inoperative or invalid by any court of competent jurisdiction,
then: (1) insofar as is reasonable, effect will be given to the intent manifested in the provisions held invalid or inoperative,
and (2) the validity and enforceability of the remaining provisions will not be affected thereby.

 

		12.4	Incapacity of Recipient. In the event the Executive
is declared incompetent and a conservator or other person legally charged with the care of his person or Estate is appointed,
any benefits under the Agreement to which such Executive is entitled shall be paid to such conservator or other person legally
charged with the care of his person or Estate.

 

    	 	28	 

     

    

 

		12.5	Unclaimed Benefit. The Executive shall keep
the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search
for the whereabouts of any person. If the location of the Executive is not made known to the Bank as of the date upon which any
payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the Executive’s
benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank shall only be obligated to
hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. Upon expiration of the thirty-six
(36) month period, the Bank may discharge its obligation by payment to the Executive’s Beneficiary. If the location of the
Executive’s Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration
of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive’s Estate. If there
is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive and his Beneficiary(ies)
shall thereupon forfeit any rights to the balance, if any, of the Executive’s Accrued Benefit Account provided for such
Executive and/or Beneficiary under this Agreement.

 

		12.6	Limitations on Liability. Notwithstanding any
of the preceding provisions of the Agreement, no individual acting as an employee or agent of the Bank, or as a member of the
Board of Directors shall be personally liable to the Executive or any other person for any claim, loss, liability or expense incurred
in connection with the Agreement.

 

		12.7	Gender. Whenever in this Agreement words are
used in the masculine or neuter gender, they shall be read and construed as in the masculine, feminine or neuter gender, whenever
they should so apply.

 

		12.8	Effect on Other Corporate Benefit Agreements.
Nothing contained in this Agreement shall affect the right of the Executive to participate in or be covered by any qualified or
non-qualified pension, profit sharing, group, bonus or other supplemental compensation or fringe benefit agreement constituting
a part of the Bank’s existing or future compensation structure.

 

    	 	29	 

     

    

 

		12.9	Suicide. Notwithstanding anything to the contrary
in this Agreement, if the Executive’s death results from suicide, whether sane or insane, within twenty-four (24) months
after execution of this Agreement, all further Contributions to the Retirement Income Trust Fund (or Phantom Contributions recorded
in the Accrued Benefit Account) shall thereupon cease, and no Contribution (or Phantom Contribution) shall be made by the Bank
to the Retirement Income Trust Fund (or recorded in the Accrued Benefit Account) in the year such death resulting from suicide
occurs (if not yet made). All benefits other than those available from previous Contributions to the Retirement Income Trust Fund
under this Agreement shall be forfeited, and this Agreement shall become null and void. The balance of the Retirement Income Trust
Fund, measured as of the Executive’s date of death, shall be paid to the Beneficiary within thirty (30) days of the date
the Administrator receives notice of the Executive’s death.

 

		12.10	Inurement. This Agreement shall be binding
upon and shall inure to the benefit of the Bank, its successors and assigns, and the Executive, his successors, heirs, executors,
administrators, and Beneficiaries.

 

		12.11	Headings. Headings and sub-headings in this
Agreement are inserted for reference and convenience only and shall not be deemed a part of this Agreement.

 

		12.12	Establishment of a Rabbi Trust. The Bank shall
establish a rabbi trust into which the Bank shall contribute assets which shall be held therein, subject to the claims of the
Bank’s creditors in the event of the Bank’s “Insolvency” (as defined in such rabbi trust agreement), until
the contributed assets are paid to the Executive and/or his Beneficiary in such manner and at such times as specified in this
Agreement. It is the intention of the Bank that the contribution or contributions to the rabbi trust shall provide the Bank with
a source of funds to assist it in meeting the liabilities of this Agreement.

 

		12.13	Source of Payments. All payments provided in
this Agreement shall be timely paid in cash or check from the general funds of the Bank or the assets of the rabbi trust, to the
extent made from the Accrued Benefit Account.

 

    	 	30	 

     

    

 

SECTION XIII

 

AMENDMENT/PLAN TERMINATION

 

		13.1	Amendment or Plan Termination. The Bank intends
this Agreement to be permanent, but reserves the right to amend or terminate the Agreement when, in the sole opinion of the Bank,
such amendment or termination is advisable. However, any termination of the Agreement which is done in anticipation of or pursuant
to a “Change in Control”, as defined in Subsection 1.9, shall be deemed to trigger Subsection 2.1(b)(2) (or 2.1(c)(2),
as applicable) of the Agreement notwithstanding the Executive’s continued employment, and benefit(s) shall be paid from
the Retirement Income Trust Fund (and Accrued Benefit Account, if applicable) in accordance with Subsection 13.2 below and with
Subsections 2.1(b)(2) (or 2.1(c)(2), as applicable). Any amendment or termination of the Agreement by the Bank shall be made pursuant
to a resolution of the Board of Directors of the Bank and shall be effective as of the date of such resolution. No amendment or
termination of the Agreement by the Bank shall directly or indirectly deprive the Executive of all or any portion of the Executive’s
Retirement Income Trust Fund (and Accrued Benefit Account, if applicable) as of the effective date of the resolution amending
or terminating the Agreement.

 

Notwithstanding the above, if
the Executive does not exercise any withdrawal rights pursuant to Subsection 2.2, and if at any time after the final Contribution
is made to the Retirement Income Trust Fund the Executive elects to terminate the Retirement Income Trust Fund and receive a distribution
of the assets of the Retirement Income Trust Fund, then upon such distribution this Agreement shall terminate.

 

		13.2	Executive’s Right to Payment Following Plan
Termination. In the event of a termination of the Agreement, the Executive shall be entitled to the balance, if any, of his
Retirement Income Trust Fund (and Accrued Benefit Account, if applicable). However, if such termination is done in anticipation
of or pursuant to a “Change in Control,” such balance(s) shall include the final Contribution (or final Phantom Contribution)
made (or recorded) pursuant to Subsection 2.1(b)(2) (or 2.1(c)(2)). Payment of the balance(s) of the Executive’s Retirement
Income Trust Fund (and Accrued Benefit Account, if applicable) shall not be dependent upon his continuation of employment with
the Bank following the termination date of the Agreement. • Payment of the balance(s) of the Executive’s Retirement
Income Trust Fund (and Accrued Benefit Account, if applicable) shall be made in a lump sum within thirty (3 0) days of the date
of termination of the Agreement.

 

    	 	31	 

     

    

 

SECTION XIV

 

EXECUTION

 

		14.1	This Agreement and the Michael McLaughlin Grantor
Trust Agreement set forth the entire understanding of the parties hereto with respect to the transactions contemplated hereby,
and any previous agreements or understandings between the parties hereto regarding the subject matter hereof are merged into and
superseded by this Agreement and the Michael McLaughlin Grantor Trust Agreement.

 

		14.2	This Agreement shall be executed in triplicate, each
copy of which, when so executed and delivered, shall be an original, but all three copies shall together constitute one and the
same instrument.

 

    	 	32	 

     

    

 

IN WITNESS WHEREOF,
the Bank and the Executive have caused this Agreement to be executed on the day and date first above written.

 

	WITNESS:	 	 	UNITED COMMUNITY BANK:
	 	 	 	 
	 	 	 	By:	/s/ William F. Ritzmann
	/s/ William Landers	 	 	 

                                                         Title:
	 

                                                                                PRESIDENT

 

	WITNESS:	 	EXECUTIVE:
	 	 	 
	/s/ William Landers	   	/s/ W. Michael McLaughlin

 

     

     

    

 

CONDITIONS, ASSUMPTIONS,

AND

SCHEDULE OF CONTRIBUTIONS
AND PHANTOM CONTRIBUTIONS

 

		1.	Interest Factor - for purposes of:

 

		a.	the Accrued Benefit Account - shall be seven percent
(7%) per annum, compounded monthly.

 

		b.	the Retirement Income Trust Fund - for purposes of
annuitizing the balance of the Retirement Income Trust Fund over the Payout Period, the trustee of the Michael McLaughlin Grantor
Trust shall exercise discretion in selecting the appropriate rate given the nature of the investments contained in the Retirement
Income Trust Fund and the expected return associated with the investments. For these purposes, if the trustee of the Retirement
Income Trust Fund has purchased a life insurance policy, the trustee shall have the discretion to determine the portion of the
cash value of such policy available for purposes of annuitizing the Retirement Income Trust Fund, in accordance with Section 2.3
of the Agreement.

 

		2.	The amount of the annual Contributions (or Phantom
Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account) has been based on the annual incremental accounting
accruals which would be required of the Bank through the earlier of the Executive’s death or Benefit Age, (i) pursuant to
APB Opinion No. 12, as amended by FAS 106 and (ii) assuming a discount rate equal to Seven percent (7%) per annum, in order to
provide the unfunded, non-qualified Supplemental Retirement Income Benefit.

 

		3.	Supplemental Retirement Income Benefit means an actuarially
determined annual amount equal to Sixty-Six Thousand Two Hundred and Eleven Dollars ($66,211) at age 65 if paid entirely from
the Accrued Benefit Account or Forty-Seven Thousand Six Hundred and Seventy-Two Dollars ($47,672 at age 65 if paid from the Retirement
Income Trust Fund.

 

The Supplemental Retirement Income Benefit:

 

		●	the definition of Supplemental Retirement
Income Benefit has been incorporated into the Agreement for the sole purpose of actuarially establishing the amount of annual Contributions
(or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account). The amount of any actual retirement,
pre-retirement or disability benefit payable pursuant to the Agreement will be a function of (i) the amount and timing of Contributions
(or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account) and (ii) the actual investment experience
of such Contributions (or the monthly compounding rate of Phantom Contributions).

 

    Exhibit A

     

    

 

Exhibit A

 

		4.	Schedule of Annual Gross Contributions/Phantom Contributions

 

	Plan Year	 	Amount	 
	2002	 	$	6,632	 
	2003	 	 	7,591	 
	2004	 	 	8,654	 
	2005	 	 	9,830	 
	2006	 	 	11,132	 
	2007	 	 	12,571	 
	2008	 	 	14,159	 
	2009	 	 	15,911	 
	2010	 	 	17,843	 
	2011	 	 	19,971	 
	2012	 	 	22,313	 
	2013	 	 	24,889	 
	2014	 	 	27,722	 
	2015	 	 	30,834	 
	2016	 	 	34,250	 
	2017	 	 	38,000	 
	2018	 	 	42,113	 
	2019	 	 	46,622	 
	2020	 	 	51,563	 
	2021	 	 	56,974	 
	2022	 	 	62,899	 
	2023	 	 	62,105	 

 

    Exhibit A - Cont’d.

     

    

 

EXECUTIVE SUPPLEMENTAL
RETIREMENT

INCOME AGREEMENT

 

BENEFICIARY DESIGNATION

 

The Executive, under
the terms of the Executive Supplemental Retirement Income Agreement executed by the Bank, dated the 1st day of April,
2002, hereby designates the following Beneficiary(ies) to receive any guaranteed payments or death benefits under such Agreement,
following his death:

 

	PRIMARY BENEFICIARY:	Jennifer A.  McLaughlin	 
	 	 	 
	SECONDARY BENEFICIARY:	Estate	 

 

This Beneficiary Designation
hereby revokes any prior Beneficiary Designation which may have been in effect.

 

Such Beneficiary Designation is revocable.

 

	DATE:	
    April 12, 2002	 
	 	 	 

 

	/s/ William Landers	 	/s/ W. Michael McLaughlin
	WITNESS	 	EXECUTIVE

 

    Exhibit B

     

    

 

EXECUTIVE SUPPLEMENTAL
RETIREMENT INCOME AGREEMENT

NOTICE OF ELECTION TO CHANGE FORM OF PAYMENT

 

		TO:	Bank

 

Attention:

 

I hereby give notice
of my election to change the form of payment of my Supplemental Retirement Income Benefit, as specified below. I understand
that such notice, in order to be effective, must be submitted in accordance with the time requirements described in my Executive
Supplemental Retirement Income Agreement.

 

		 ̈	I hereby elect to change the form of payment
of my benefits from monthly installments throughout my Payout Period to a lump sum benefit payment.

 

		 ̈	I hereby elect to change the form of payment
of my benefits from a lump sum benefit payment to monthly installments throughout my Payout Period. Such election hereby revokes
my previous notice of election to receive a lump sum form of benefit payments.

 

	 	 	 
	 	Executive
	 	 	 
	 	 	 
	 	Date	           
	 	 	 
	 	Acknowledged
	 	By:	 
	 	 	 
	 	Title:	                      
	 	 	 
	 	 	 
	 	Date	       

 

 

Exhibit CExhibit
10.21

  

	UNITED COMMUNITY BANK
	Executive Supplemental Retirement Income Agreement

 

FIRST
AMENDMENT

TO THE

UNITED COMMUNITY BANK

EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT

DATED APRIL 1, 2002

FOR

MICHAEL McLAUGHLIN

 

THIS
FIRST AMENDMENT is adopted this18th day of December, 2008, effective as of January 1,
2005, by and between UNITED COMMUNITY BANK, a federally-chartered mutual savings bank located in Lawrenceburg, Indiana (the
“Bank”), and MICHAEL McLAUGHLIN (the “Executive”).

 

The
Bank and the Executive executed the Executive Supplemental Retirement Income Agreement effective as of April 1, 2002 (the “Agreement”).

 

The
undersigned hereby amend the Agreement for the purpose of bringing the Agreement into compliance with Section 409A of the Internal
Revenue Code. Therefore, the following changes shall be made:

 

Subsection
1.14(a) of the Agreement shall be deleted in its entirety and replaced by the following:

 

		1.14	(a)
“Disability” means the Executive: (i) is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months,
receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering
employees or directors of the Bank. Medical determination of Disability may be made by either the Social Security Administration
or by the provider of an accident or health plan covering employees or directors of the Bank provided that the definition of “disability”
applied under such disability insurance program complies with the requirements of the preceding sentence. Upon the request of
the plan administrator, the Executive must submit proof to the plan administrator of the Social Security Administration’s
or the provider’s determination.

 

Subsection
1.24 of the Agreement shall be deleted in its entirety and replaced by the following:

 

		1.24	“Timely
Election” means the Executive has made an election to change the form of benefit payment(s) by filing with the Administrator
a Notice of Election to Change the Form of Payment (Exhibit C of this Agreement). In the case of benefits payable from the Accrued
Benefit Account, such election:

  

    	 	1	 

     

    

  

	UNITED COMMUNITY BANK
	Executive Supplemental Retirement Income Agreement

 

		(a)	may
                                         not accelerate the time or schedule of any distribution, except as provided in Code Section
                                         409A and the regulations thereunder;

 

		(b)	must,
                                         for benefits distributable under Subsections 3.1(b) and 5.1(a)(1), be made at least twelve
                                         (12) months prior to the Executive’s Benefit Eligibility Date;

 

		(c)	must,
                                         for benefits distributable under Subsections 3.1(b) and 5.1(a)(1), delay the benefit
                                         payments for a minimum of five (5) years from the Executive’s Benefit Eligibility
                                         Date; and

 

		(d)	must
                                         take effect not less than twelve (12) months after the election is made.

 

In
the case of benefits payable from the Retirement Income Trust Fund, such election may be made at any time.

 

The
following Subsections 1.25 and 1.26 shall be added to the Agreement immediately following Subsection 1.24.

 

		1.25	“Termination
of Employment” means the termination of the Executive’s employment with the Bank for reasons other than death or Disability.
Whether a Termination of Employment takes place is determined in accordance with the requirements of Code Section 409A and related
Treasury guidance or Regulations based on the facts and circumstances surrounding the termination of the Executive’s employment
and whether the Bank and the Executive intended for the Executive to provide significant services for the Bank following such
termination. A Termination of Employment will not have occurred if:

 

		(a)	the
                                         Executive continues to provide services as an employee of the Bank at an annual rate
                                         that is twenty percent (20%) or more of the services rendered, on average, during the
                                         immediately preceding three (3) full calendar years of employment (or, if employed less
                                         than three (3) years, such lesser period) and the annual remuneration for such services
                                         is twenty percent (20%) or more of the average annual remuneration earned during the
                                         final three (3) full calendar years of employment (or, if less, such lesser period),
                                         or

 

		(b)	the
                                         Executive continues to provide services to the Bank in a capacity other than as an employee
                                         of the Bank at an annual rate that is fifty percent (50%) or more of the services rendered,
                                         on average, during the immediately preceding three (3) full calendar years of employment
                                         (or if employed less than three (3) years, such lesser period) and the annual remuneration
                                         for such services is fifty percent (50%) or more of the average annual remuneration earned
                                         during the final three (3) full calendar
                                         years of employment (or if less, such lesser period).

  

    	 	2	 

     

    

 

	UNITED COMMUNITY BANK
	Executive Supplemental Retirement Income Agreement

  

The
Executive’s employment relationship will be treated as continuing intact while the Executive is on military leave, sick leave,
or other bona fide leave of absence if the period of such leave of absence does not exceed six (6) months, or if longer, so long
as the Executive’s right to reemployment with the Bank is provided either by statute or by contract. If the period of leave exceeds
six (6) months and there is no right to reemployment, a Termination of Employment will be deemed to have occurred as of the first
date immediately following such six (6) month period.

 

		1.26	“Specified
Employee” means a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Bank
if any stock of the Bank is publicly traded on an established securities market or otherwise, as determined by the Administrator
based on the twelve (12) month period ending each December 31 (the “identification period”). If the Executive is determined
to be a Specified Employee for an identification period, the Executive shall be treated as a Specified Employee for purposes of
this Agreement during the twelve (12) month period that begins on the first day of the fourth month following the close of the
identification period.

 

The
third paragraph of Subsection 3.1(a) of the Agreement shall be deleted in its entirety and replaced by the following:

 

The
Executive’s Accrued Benefit Account (if applicable), measured as of the Executive’s Benefit Age, shall be annuitized (using the
Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on
the Executive’s Benefit Eligibility Date. In the event the Executive dies at any time after attaining his Benefit Age, but prior
to commencement or completion of all the payments due and owing hereunder, the Bank shall pay to the Executive’s Beneficiary the
same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months
remaining the Payout Period.

 

The
third paragraph of Subsection 3.1(b) of the Agreement shall be deleted in its entirety and replaced by the following:

 

The
balance of the Executive’s Accrued Benefit Account (if applicable), measured as of the date selected by the Executive in his Timely
Election, shall be paid to the Executive in a lump sum on such date. In the event the Executive dies after becoming eligible for
such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to
receive the lump sum benefit in accordance with this Subsection 3.1(b) within thirty (30) days of this date the Administrator
receives notice of the Executive’s death.

  

    	 	3	 

     

    

 

	UNITED COMMUNITY BANK
	Executive Supplemental Retirement Income Agreement

 

The
third paragraph of Subsection 4.1(a) of the Agreement shall be deleted in its entirety and replaced by the following:

 

The
Executive’s Accrued Benefit Account (if applicable), measured as of the Executive’s death, shall be annuitized (using the Interest
Factor) into monthly installments and shall be payable to the Executive’s Beneficiary for the Payout Period. Such benefit payments
shall commence within thirty (30) days of the date the Administrator receives notice of the Executive’s death.

 

Subsection
5.1 of the Agreement shall be deleted in its entirety and replaced by the following:

 

		5.1	Voluntary
or Involuntary Termination of Employment Other Than for Cause. In the event the Executive’s employment with the Bank is voluntarily
or involuntarily terminated prior to Benefit Age, for any reason including a Change in Control, but excluding (i) any disability
related termination which shall be covered in Section VI, (ii) the Executive’s pre-retirement death, which shall be covered in
Section IV, or (iii) termination for Cause, which shall be covered in Subsection 5.2, the Executive (or his Beneficiary) shall
be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall
be made in accordance with Subsection 5.1(a) or 5.1(b) below, as applicable.

 

The
third paragraph of Subsection 5.1(a)(1) of the Agreement shall be deleted in its entirety and replaced by the following:

 

The
Executive’s Accrued Benefit Account (if applicable), measured as of the Executive’s Benefit Age, shall be annuitized (using the
Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on
the Executive’s Benefit Eligibility Date. In the event the Executive dies at any time after attaining his Benefit Age, but prior
to commencement or completion of all the payments due and owing hereunder, the Bank shall pay to the Executive’s Beneficiary the
same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months
remaining the Payout Period.

 

The
third paragraph of Subsection 5.1(a)(2) of the Agreement shall be deleted in its entirety and replaced by the following:

 

The
Executive’s Accrued Benefit Account (if applicable), measured as of the Executive’s death, shall be annuitized (using the Interest
Factor) into monthly installments and shall be payable to the Executive’s Beneficiary for the Payout Period. Such benefit payments
shall commence within thirty (30) days of the date the Administrator receives notice of the Executive’s death.

  

    	 	4	 

     

    

 

	UNITED COMMUNITY BANK
	Executive Supplemental Retirement Income Agreement

 

The
third paragraph of Subsection 5.1(b) of the Agreement shall be deleted in its entirety and replaced by the following:

 

The
balance of the Executive’s Accrued Benefit Account (if applicable), measured as of the date selected by the Executive in
his Timely Election, shall be paid to the Executive in a lump sum on such date. In the event the Executive dies after becoming
eligible for such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be
entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b) within thirty (30) days of this date the Administrator
receives notice of the Executive’s death.

 

The
following Subsections 5.3 and 5.4 shall be added to the Agreement immediately following Subsection 5.2:

 

		5.3	Restriction
on Timing of Distributions. Notwithstanding any provision of this Agreement  to the contrary, if the Executive is considered
a Specified Employee at Termination of Employment, the provisions of this Subsection 5.3 shall govern distributions from the Accrued
Benefit Account hereunder. Distributions from the Accrued Benefit Account that are made due to a Termination of Employment occurring
while the Executive is a Specified Employee shall not be made during the first six (6) months following Termination of Employment.
Rather, any distribution from the Accrued Benefit Account which would otherwise be paid to the Executive during such period shall
be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Termination of Employment.
All subsequent distributions from the Accrued Benefit Account shall be paid in the manner specified.

 

		5.4	Distributions
Upon Income Inclusion Under Section 409A of the Code. If any amount is  required to be included in income by the Executive
prior to receipt due to a failure of this Agreement to meet the requirements of Code Section 409A, the Executive may petition
the Administrator for a distribution of that portion of the Accrued Benefit Account that is required to be included in the Executive’s
income. Upon the grant of such a petition, which grant shall not be unreasonably withheld, the Bank shall distribute to the Executive
immediately available funds in an amount equal to the portion of the Accrued Benefit Account required to be included in income
as a result of the failure of this Agreement to meet the requirements of Code Section 409A, within ninety (90) days of the date
when the Executive’s petition is granted. Such a distribution shall affect and reduce the Executive’s benefits to be paid under
this Agreement.

 

Subsection
6.1 of the Agreement shall be deleted in its entirety and replaced by the following:

 

		6.1	(a)
Disability Benefit.

If
the Executive experiences a Disability prior to Benefit Age, the Executive shall receive the following Disability benefit in lieu
of the retirement benefit(s) available pursuant to Subsection 5.1 (which is (are) not available prior to the Executive’s Benefit
Eligibility Date).

   

    	 	5	 

     

    

 

	UNITED COMMUNITY BANK
	Executive Supplemental Retirement Income Agreement

 

The
Executive shall be entitled to the following lump sum benefit(s): (i) the balance of the Retirement Income Trust Fund, plus (ii)
the balance of the Accrued Benefit Account (if applicable). The benefit(s) shall be paid within thirty (30) days of such Disability.
In the event the Executive dies after becoming eligible for such payment(s) but before the actual payment(s) is (are) made, the
Beneficiary shall be entitled to receive the benefit(s) provided for in this Subsection 6.1(a) within thirty (30) days of the
date the Administrator receives notice of the Executive’s death.

 

(b)
Disability Benefit — Supplemental.

Furthermore,
in the event of the Executive’s death after any benefit(s) have become payable pursuant to this Subsection 6.1, the Bank shall
make a direct, lump sum payment to the Executive’s Beneficiary in an amount equal to the sum of all remaining Contributions (or
Phantom Contributions) set forth in Exhibit A. Such payment(s) shall be made to the Executive’s Beneficiary within thirty (30)
days of the date the Administrator receives notice of the Executive’s death.

 

Subsection
11.2 of the Agreement shall be deleted in its entirety and replaced by the following Subsections 11.2, 11.3 and 11.4:

 

		11.2	Claims
and Procedure for Claims Other than Disability Benefits:

 

		11.2.1	Claims
Procedure. Any individual (“Claimant”) who has not received benefits under this Agreement that he or she believes
should be paid shall make a claim for such benefits as follows:

 

		11.2.1.1	Initiation
— Written Claim. The Claimant initiates a claim by submitting to the Bank a written claim for the benefits.CL

 

		11.2.1.2	Timing
of Bank Response. The Bank shall respond to such Claimant within ninety (90) days after receiving the claim. If the Bank determines
that special circumstances require additional time for processing the claim, the Bank can extend the response period by an additional
ninety (90) days by notifying the Claimant in writing, prior to the end of the initial ninety (90) day period that an additional
period is required. The notice of extension must set forth the special circumstances and the date by which the Bank expects to
render its decision.

 

		11.2.1.3	Notice
of Decision. If the Bank denies part or the entire claim, the Bank shall notify the Claimant in writing of such denial. The
Bank shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth:

 

		(a)	The
                                         specific reasons for the denial,

 

		(b)	A
                                         reference to the specific provisions of this Agreement on which the denial is based,

  

    	 	6	 

     

    

 

	UNITED COMMUNITY BANK
	Executive Supplemental Retirement Income Agreement

 

		(c)	A
                                         description of any additional information or material necessary for the Claimant to perfect
                                         the claim and an explanation of why it is needed,

 

		(d)	An
                                         explanation of this Agreement’s review procedures and the time limits applicable to such
                                         procedures, and

 

		(e)	A
                                         statement of the Claimant’s right to bring a civil action under ERISA Section 502(a)
                                         following an adverse benefit determination on review.

 

		11.2.2	Review
Procedure. If the Bank denies part or all of the claim, the Claimant shall have the opportunity for a full and fair review
by the Bank of the denial, as follows:

 

		11.2.2.1	Initiation
— Written Request. To initiate the review, the Claimant, within sixty (60) days after receiving the Bank’s notice of
denial, must file with the Bank a written request for review.

 

		11.2.2.2	Additional
Submissions — Information Access. The Claimant shall then have the opportunity to submit written comments, documents,
records and other information relating to the claim. The Bank shall also provide the Claimant, upon request and free of charge,
reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations)
to the Claimant’s claim for benefits.

 

		11.2.2.3	Considerations
on Review. In considering the review, the Bank shall take into account all materials and information the Claimant submits
relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

 

		11.2.2.4	Timing
of Bank Response. The Bank shall respond in writing to such Claimant within sixty (60) days after receiving the request for
review. If the Bank determines that special circumstances require additional time for processing the claim, the Bank can extend
the response period by an additional sixty (60) days by notifying the Claimant in writing, prior to the end of the initial sixty
(60) day period that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Bank expects to render its
decision.

 

		11.2.2.5	Notice
of Decision. The Bank shall notify the Claimant in writing of its decision on review. The Bank shall write the notification
in a manner calculated to be understood by the Claimant. The notification shall set forth:

  

    	 	7	 

     

    

  

	UNITED COMMUNITY BANK
	Executive Supplemental Retirement Income Agreement

 

		(a)	The
specific reasons for the denial,

 

		(b)	A
                                         reference to the specific provisions of this Agreement, on which the denial is based,

 

		(c)	A
                                         statement that the Claimant is entitled to receive, upon request and free of charge,
                                         reasonable access to, and copies of, all documents, records and other information relevant
                                         (as defined in applicable ERISA regulations) to the Claimant’s claim for benefits, and

 

		(d)	A
                                         statement of the Claimant’s right to bring a civil action under ERISA Section 502(a).

 

		11.3	Claims
and Procedure for Disability Claims:

 

		11.3.1	Claims
Procedures. Any individual (“Claimant”) who has not received benefits under this Agreement that he or she believes
should be paid shall make a claim for such benefits as follows:

 

		11.3.2	Initiation
— Written Claim. The Claimant initiates a claim by submitting to the Bank a written claim for the benefits.

 

		11.3.2.1	Timing
of Bank Response. The Bank shall notify the Claimant in writing or electronically of any adverse determination as set out
in this Section.

 

		11.3.2.2	Notice
of Decision. If the Bank denies part or the entire claim, the Bank shall notify the Claimant in writing of such denial. The
Bank shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth:

 

		(a)	The
                                         specific reasons for the denial,

 

		(b)	A
                                         reference to the specific provisions of this Agreement, on which the denial is based,

 

		(c)	A
                                         description of any additional information or material necessary for the Claimant to perfect
                                         the claim and an explanation of why it is needed,

 

		(d)	An
                                         explanation of the Agreement’s review procedures and the time limits applicable to such
                                         procedures,

 

		(e)	A
                                         statement of the Claimant’s right to bring a civil action under ERISA Section 502(a)
                                         following an adverse benefit determination on review,

 

		(f)	Any
                                         internal rule, guideline, protocol, or other similar criterion relied upon in making
                                         the adverse determination, or a statement that such a rule, guideline, protocol, or other
                                         similar criterion was relied upon in making the adverse determination and that the Claimant can request and receive free of charge a copy of such rule,
                                         guideline, protocol or other criterion from the Bank, and

  

    	 	8	 

     

    

 

	UNITED COMMUNITY BANK
	Executive Supplemental Retirement Income Agreement

 

		(g)	If
                                                                                                                                                                                                                                    the adverse benefit determination is based on a medical necessity or experimental treatment or similar exclusion or limit,
                                                                                                                                                                                                                                    either an explanation of the                                          scientific or clinical judgment for the determination,
                                                                                                                                                                                                                                    applying the terms of this Agreement                                          to the Claimant’s medical circumstances, or a
                                                                                                                                                                                                                                    statement that such explanation will be                                          provided free of charge upon
                                                                                                                                                                                                                                    request.

 

		11.3.2.3	Timing
of Notice of Denial/Extensions. The Bank shall notify the Claimant of denial of benefits in writing or electronically
not later than forty-five (45) days after receipt of the claim by the Bank. The Bank may elect to extend notification by two thirty
(30) day periods subject to the following requirements:

 

		(a)	For
                                         the first thirty (30) day extension, the Bank shall notify the Claimant
(1) of the necessity of the extension and the factors beyond the Bank’s control requiring an extension; (2) prior to the end of
the initial forty-five (45) day period; and (3) of the date by which the Bank expects to render a decision.

  

		(b)	If
                                         the Bank determines that a second thirty (30) day extension is necessary based on factors
                                         beyond the Bank’s control, the Bank shall follow the same procedure in (a) above, with
                                         the exception that the notification must be provided to the Claimant before the end of
                                         the first thirty (30) day extension period.

 

		(c)	For
                                         any extension provided under this section, the Notice of Extension shall specifically
                                         explain the standards upon which entitlement to a benefit is based, the unresolved issues
                                         that prevent a decision on the claim, and the additional information needed to resolve
                                         those issues. The Claimant shall be afforded forty-five (45) days within which to provide
                                         the specified information.

 

		11.3.3	Review
Procedures — Denial of Benefits. If the Bank denies part or all of the claim, the Claimant shall have the opportunity
for a full and fair review by the Bank of the denial, as follows:

 

		11.3.3.1	Initiation
of Appeal. Within one hundred eighty (180) days following notice of denial of benefits, the Claimant shall initiate an appeal
by submitting a written notice of appeal to Bank.

 

		11.3.3.2	Submissions
on Appeal — Information Access. The Claimant shall be allowed to provide written comments, documents, records, and other
information relating to the claim for benefits. The Bank shall provide to the Claimant, upon request and free of charge, reasonable
access to, and copies of, all documents, records, and other information relevant (as defined in applicable ERISA regulations)
to the Claimant’s claim for benefits.

  

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	UNITED COMMUNITY BANK
	Executive Supplemental Retirement Income Agreement

 

		11.3.3.3	Additional
Bank Responsibilities on Appeal. On appeal, the Bank shall:

 

		(a)	Take
                                         into account all materials and information the Claimant submits relating to the claim,
                                         without regard to whether such information was submitted or considered in the initial
                                         benefit determination;

 

		(b)	Provide
                                         for a review that does not afford deference to the initial adverse benefit determination
                                         and that is conducted by an appropriate named fiduciary of the Bank who is neither the
                                         individual who made the adverse benefit determination that is the subject of the appeal,
                                         nor the subordinate of such individual;

 

		(c)	In
                                         deciding an appeal of any adverse benefit determination that is based in whole or in
                                         part on a medical judgment, including determinations with regard to whether a particular
                                         treatment, drug, or other item is experimental, investigational, or not medically necessary
                                         or appropriate, consult with a health care professional who has appropriate training
                                         and experience in the field of medicine involved in the medical judgment;

 

		(d)	Identify
                                         medical or vocational experts whose advise was obtained on behalf of the Bank in connection
                                         with a Claimant’s adverse benefit determination, without regard to whether the advice
                                         was relied upon in making the benefit determination; and

 

		(e)	Ensure
                                         that the health care professional engaged for purposes of a consultation under subsection
                                         (c) above shall be an individual who was neither an individual who was consulted in connection
                                         with the adverse benefit determination that is the subject of the appeal, nor the subordinate
                                         of any such individual.

 

		11.3.3.4	Timing
of Notification of Benefit Denial — Appeal Denial. The Bank shall notify the Claimant not later than forty-five (45)
days after receipt of the Claimant’s request for review by the Bank, unless the Bank determines that special circumstances require
an extension of time for processing the claim. If the Bank determines that an extension is required, written notice of such shall
be furnished to the Claimant prior to the termination of the initial forty-five (45) day period, and such extension shall not
exceed forty-five (45) days. The Bank shall indicate the special circumstances requiring an extension of time and the date by
which the Bank expects to render the determination on review.

 

		11.3.3.5	Content
of Notification of Benefit Denial. The Bank shall provide the Claimant with a notice calculated to be understood by the Claimant,
which shall contain:

  

    	 	10	 

     

    

 

	UNITED COMMUNITY BANK
	Executive Supplemental Retirement Income Agreement

 

		(a)	The
                                         specific reason or reasons for the adverse determination;

 

		(b)	Reference
                                         to the specific plan provisions on which the benefit determination is based;

 

		(c)	A
                                         statement that the Claimant is entitled to receive, upon request and free of charge,
                                         reasonable access to, and copies of all documents, records, and other relevant information
                                         (as defined in applicable ERISA regulations);

 

		(d)	A
                                         statement of the Claimant’s right to bring an action under ERISA Section 502(a);

 

		(e)	Any
                                         internal rule, guideline, protocol, or other similar criterion relied upon in making
                                         the adverse determination, or a statement that such a rule, guideline, protocol, or other
                                         similar criterion was relied upon in making the adverse determination and that the Claimant
                                         can request and receive free of charge a copy of such rule, guideline, protocol or other
                                         criterion from the Bank;

 

		(f)	If
                                         the adverse benefit determination is based on a medical necessity or experimental treatment
                                         or similar exclusion or limit, either an explanation of the scientific or clinical judgment
                                         for the determination, applying the terms of this Agreement to the Claimant’s medical
                                         circumstances, or a statement that such explanation will be provided free of charge upon
                                         request; and

 

		(g)	The
                                         following statement: “You and your Bank may have other voluntary alternative dispute
                                         resolution options such as mediation. One way to find out what may be available is to
                                         contact your local U.S. Department of Labor Office and your state insurance regulatory
                                         agency.”

 

		11.4	Arbitration.
If Claimants continue to dispute the benefit denial based upon completed performance of this Agreement or the meaning and
effect of the terms and conditions thereof, then Claimants may submit the dispute to mediation, administered by the American Arbitration
Association (“AAA”) (or a mediator selected by the parties) in accordance with the AAA’s Commercial Mediation Rules.
If mediation is not successful in resolving the dispute, it shall be settled by arbitration administered by the AAA under its
commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof.

 

The
following Subsections 12.14 and 12.15 shall be added to the Agreement immediately following Subsection 12.13:

 

		12.14	Trust
Funding. Pursuant to requirements under the Pension Protection Act of 2006, the Bank shall not make contributions to the rabbi
trust during any restricted period for purposes of paying deferred compensation of an applicable covered employee under a nonqualified
deferred compensation plan of the Bank, or its affiliates, if the contribution would be treated as property transferred in connection
with the performance of services under Internal Revenue Code Section 83, as provided in Internal Revenue Code Section 409A(b)(3).

  

    	 	11	 

     

    

 

	UNITED COMMUNITY BANK
	Executive Supplemental Retirement Income Agreement

 

		12.15	Compliance
with Section 409A. This Agreement shall at all times be administered and the provisions of this Agreement shall be interpreted
consistent with the requirements of Section 409A of the Code and any and all regulations thereunder, including such regulations
as may be promulgated after the Effective Date of this Agreement.

 

Section
XIII of the Agreement shall be deleted in its entirety and replaced by the following:

 

SECTION
XIII

AMENDMENT/PLAN
TERMINATION

 

		13.1	Amendments.
The Bank may amend this Agreement unilaterally by providing written notice to the Executive.

 

		13.2	Plan
Termination Generally. The Bank may terminate this Agreement unilaterally by written notice to the Executive. The Executive
shall be entitled to the balance, if any, of his Retirement Income Trust Fund (and Accrued Benefit Account, if applicable) determined
as of the date the Agreement is terminated. However, any termination of the agreement which is done in anticipation of or pursuant
to a Change in Control shall be deemed to trigger Subsection 2.1(b)(2) (or 2.1(c)(2) as applicable) notwithstanding the Executive’s
continued employment. Except as provided in Subsection 13.3, the termination of this Agreement shall not cause a distribution
of benefits under this Agreement. Rather, after such termination benefit distributions will be made at the earliest distribution
event permitted under Sections III, W, V or VI.

 

		13.3	Plan
Terminations Under Section 409A. Notwithstanding anything to the contrary in Subsection 13.2, if this Agreement terminates
in the following circumstances:

 

		(a)	Within
                                         thirty (30) days before or twelve (12) months after a change in the ownership or effective
                                         control of the Bank, or in the ownership of a substantial portion of the assets of the
                                         Bank as described in Section 409A(a)(2)(A)(v) of the Code, provided that all distributions
                                         are made no later than twelve (12) months following such termination of the Agreement
                                         and further provided that all the Bank’s arrangements which are substantially similar
                                         to the Agreement are terminated so the Executive and all participants in the similar
                                         arrangements are required to receive all amounts of compensation deferred under the terminated
                                         arrangements within twelve (12) months of the such terminations;

 

		(b)	Upon
                                         the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts
                                         deferred under the Agreement are included in the Executive’s gross income in the latest
                                         of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in
                                         which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the
                                         first calendar year in which the distribution is administratively practical; or

 

    	 	12	 

     

    

   

	UNITED COMMUNITY BANK
	Executive Supplemental Retirement Income Agreement

 

		(c)	Upon
                                         the Bank’s termination of this and all other arrangements that would be aggregated with
                                         this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Executive
                                         participated in such arrangements (“Similar Arrangements”), provided that (i)
                                         the termination and liquidation does not occur proximate to a downturn in the financial
                                         health of the Bank, (ii) all termination distributions are made no earlier than twelve
                                         (12) months and no later than twenty-four (24) months following such termination, and
                                         (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement
                                         for a minimum of three (3) years following the date the Bank takes all necessary action
                                         to irrevocably terminate and liquidate the Agreement;

 

the
Bank may distribute the Retirement Income Trust Fund, including the final Contribution, if any, required by Subsections 13.2 and
2.1(b)(2) (and, if applicable, the Accrued Benefit Account, including the final Phantom Contribution, if any, required by Subsection
13.2 and 2.1(c)(2)), determined as of the date of the termination of the Agreement, to the Executive in a lump sum subject to
the above terms.

 

IN
WITNESS OF THE ABOVE, the Bank and the Executive hereby consent to this First Amendment.

   

	Executive:	 	UNITED COMMUNITY BANK
	 	 	 
	/s/ W. Michael
    McLaughlin	 	By	/s/ William F. Ritzmann
	MICHAEL McLAUGHLIN	 	Title	PRESIDENT

 

13

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