Document:

ex10-6.htm

    
      

    

    Exhibit
10.6

     

    
      JACKSONVILLE
SAVINGS BANK

      and
JACKSONVILLE BANCORP, M.H.C.

      1996
STOCK OPTION PLAN

      __________________________

      

      Amendment
Number One

      __________________________

      

      The
Jacksonville Savings Bank and Jacksonville Bancorp, M.H.C. 1996 Stock Option
Plan (the “Plan”) is hereby amended, effective immediately, in accordance with
the following:

      

      1.            
The name of the Plan shall be changed to “Jacksonville Bancorp, Inc. 1996 Stock
Option Plan.”

      

      2.            
The definition of “Change in Control” at Section 2 of the Plan shall be amended
to provide as follows:

      

      “Change in Control” of the
Bank or the Company means a change in control of a nature that: (i) would be
required to be reported in response to Item 1(a) of the current report on Form
8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) results in a
Change in Control of the Company within the meaning of the Home Owners’ Loan
Act, as amended, and applicable rules and regulations promulgated thereunder, as
in effect at the time of the Change in Control (collectively, the “HOLA”); or
(iii) without limitation such a Change in Control shall be deemed to have
occurred at such time as (a) any “person” (as the term is used in Sections 13(d)
and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Company representing 25% or more of the combined voting power of the
Company’s outstanding securities, except for any securities purchased by the
Bank’s employee stock ownership plan or trust; or (b) individuals who constitute
the Board on the 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, or
whose nomination for election by the Company’s stockholders was approved by the
same Nominating Committee serving under an Incumbent Board, shall be, for
purposes of this clause (b), considered as though he were a member of the
Incumbent Board; or (c) a plan of reorganization, merger, consolidation, sale of
all or substantially all the assets of the Bank or the Company or similar
transaction in which the Bank or the Company is not the surviving institution
occurs; or (d) a proxy statement soliciting proxies from stockholders of the
Company, by someone other than the current management of the Company, seeking
stockholder approval of a plan of reorganization, merger or consolidation of the
Company or similar transaction with one or more corporations as a result of
which the outstanding shares of the class of securities then subject to the Plan
are to be exchanged for or converted into cash or property or securities not
issued by the Company; or (e) a tender offer is made for 25% or more of the
voting securities of the Company and the shareholders owning beneficially or of
record 25% or more of the outstanding securities of the Company have tendered or
offered to sell their shares pursuant to such tender offer and such tendered
shares have been accepted by the tender offeror. Notwithstanding the foregoing,
a “Change in Control” shall not be deemed to have occurred in the event of a
conversion of the Company’s mutual holding company to stock form or in
connection with any reorganization or action used to effect such
conversion.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Jacksonville Savings Bank

      and Jacksonville Bancorp,
M.H.C.

      1996 Stock Option Plan

      Amendment Number One

      Page 2

      3.            
The definition of “Common Stock” at Section 2 of the Plan shall be amended to
provide as follows:

      

      “Common Stock” means shares of
the common stock of the Company, par value $.01 per share.

      

      4.            
The definition of “Company” at Section 2 of the Plan shall be amended to provide
as follows:

      

      “Company” means Jacksonville
Bancorp, Inc. or a successor corporation, unless the context clearly indicates
that it refers to Jacksonville Savings Bank or Jacksonville Bancorp,
M.H.C.

      

      IN WITNESS WHEREOF, this
Amendment Number One has been executed by the duly authorized officers of
Jacksonville Bancorp, Inc. as of the ______ day of ______________,
2004.

      

      
        	 
      	 
      	
                JACKSONVILLE
      BANCORP, INC.

              	 
      
	 
      	 
      	 
      	 
      
	
                Witnessed
      by:

              	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                 
      

              	 
      	
                By:

              	
                 
      

              	 
      

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      SECOND
AMENDMENT TO THE

      JACKSONVILLE
BANCORP, INC.

      1996
STOCK OPTION PLAN

      

       

      Pursuant to Section 18 of the
Jacksonville Bancorp, Inc. 1996 Stock Option Plan (the “1996 Plan”), the 1996
Plan is hereby amended, effective as of December 29, 2005, as
follows:

      

      
        	
                1.

              	
                By
      adding the following new Section 9.1(c) to the 1996
  Plan:

              
	 
      	 
      
	 
      	
                “(c)         Relinquishment of
      Rights.          Notwithstanding
      anything in the Plan to the contrary, effective as of December 29, 2005,
      the Committee shall not grant any new Awards of Limited Rights to any
      Employees or Directors.  With respect to outstanding Awards of
      Limited Rights granted prior to December 29, 2005, the Board of Directors
      shall take such action as it determines to be necessary and appropriate to
      obtain the consent of Participants to relinquish their rights to such
      outstanding Limited Rights prior to December 31,
      2005.  Outstanding Awards of Limited Rights that are
      relinquished by Participants pursuant to the foregoing shall be evidenced
      by a written consent form signed and dated by the affected Participant in
      accordance with Section 18 of the Plan, provided, however, that nothing in
      the consent form shall (i) affect the Participant’s other rights under his
      outstanding Options, or (ii) restrict the ability of the Company, in its
      sole discretion, or any third party to make a cash payment to the
      Participant in exchange for the termination or cancellation of the
      Participant’s Options.  Limited Rights for which no Participant
      consent form is received by the Company shall remain subject to the
      relevant terms and provisions of the Plan.”

              
	 
      	 
      
	
                2.

              	
                By
      adding the following sentence at the end of Section 12 of the 1996
      Plan:

              
	 
      	 
      
	 
      	
                “Notwithstanding
      anything in the Plan to the contrary, no provision of the Plan shall
      operate to require the cash settlement of a stock option under any
      circumstance that is not within the sole discretion of the
      Company.”

              

      

      

      IN WITNESS WHEREOF,
Jacksonville Bancorp, Inc. has caused this amendment to be adopted by a duly
authorized officer, this 29th day of December, 2005.

      

      

      
        	 
      	
                JACKSONVILLE
      BANCORP, INC.

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By

              	/s/
      Richard A. Foss	 
      
	 
      	
                Its

              	President
      / CEO	 
      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      JACKSONVILLE
SAVINGS BANK

      2001
STOCK OPTION PLAN

      __________________________

      

      Amendment
Number One

      __________________________

      

      The
Jacksonville Savings Bank 2001 Stock Option Plan (the “Plan”) is hereby amended,
effective immediately, in accordance with the following:

      

      1.            
The name of the Plan shall be changed to “Jacksonville Bancorp, Inc. 2001 Stock
Option Plan.”

      

      2.            
The definition of “Change in Control” at Section 2 of the Plan shall be amended
to provide as follows:

      

      “Change in Control” of the
Bank or the Company means a change in control of a nature that: (i) would be
required to be reported in response to Item 1(a) of the current report on Form
8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) results in a
Change in Control of the Company within the meaning of the Home Owners’ Loan
Act, as amended, and applicable rules and regulations promulgated thereunder, as
in effect at the time of the Change in Control (collectively, the “HOLA”); or
(iii) without limitation such a Change in Control shall be deemed to have
occurred at such time as (a) any “person” (as the term is used in Sections 13(d)
and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Company representing 25% or more of the combined voting power of the
Company’s outstanding securities, except for any securities purchased by the
Bank’s employee stock ownership plan or trust; or (b) individuals who constitute
the Board on the 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, or
whose nomination for election by the Company’s stockholders was approved by the
same Nominating Committee serving under an Incumbent Board, shall be, for
purposes of this clause (b), considered as though he were a member of the
Incumbent Board; or (c) a plan of reorganization, merger, consolidation, sale of
all or substantially all the assets of the Bank or the Company or similar
transaction in which the Bank or the Company is not the surviving institution
occurs; or (d) a proxy statement soliciting proxies from stockholders of the
Company, by someone other than the current management of the Company, seeking
stockholder approval of a plan of reorganization, merger or consolidation of the
Company or similar transaction with one or more corporations as a result of
which the outstanding shares of the class of securities then subject to the Plan
are to be exchanged for or converted into cash or property or securities not
issued by the Company; or (e) a tender offer is made for 25% or more of the
voting securities of the Company and the shareholders owning beneficially or of
record 25% or more of the outstanding securities of the Company have tendered or
offered to sell their shares pursuant to such tender offer and such tendered
shares have been accepted by the tender offeror. Notwithstanding the foregoing,
a “Change in Control” shall not be deemed to have occurred in the event of a
conversion of the Company’s mutual holding company to stock form or in
connection with any reorganization or action used to effect such
conversion.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        Jacksonville Savings Bank

        and Jacksonville Bancorp,
M.H.C.

        2001 Stock Option Plan

        Amendment Number One

        Page 2

      

       

      3.            
The definition of “Common Stock” at Section 2 of the Plan shall be amended to
provide as follows:

      

      “Common Stock” means shares of
the common stock of the Company, par value $.01 per share.

      

      4.            
The definition of “Company” at Section 2 of the Plan shall be amended to provide
as follows:

      

      “Company” means Jacksonville
Bancorp, Inc. or a successor corporation, unless the context clearly indicates
that it refers to Jacksonville Savings Bank, or to “Jacksonville Bancorp, Inc.
or Jacksonville Savings Bank.”

      

      IN WITNESS WHEREOF, this
Amendment Number One has been executed by the duly authorized officers of
Jacksonville Bancorp, Inc. as of the ______ day of ______________,
2004.

      

      
        	 
      	 
      	
                JACKSONVILLE
      BANCORP, INC.

              	 
      
	
                Witnessed
      by:

              	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                 
      

              	 
      	
                By:

              	 
      	 
      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      SECOND
AMENDMENT TO THE

      JACKSONVILLE
BANCORP, INC.

      2001
STOCK OPTION PLAN

      

      

       

      Pursuant to Section 20 of
the Jacksonville Bancorp, Inc. 2001 Stock Option Plan (the “2001 Plan”), the
2001 Plan is hereby amended, effective as of December 29, 2005, as
follows:

      

      
        	
                1.

              	
                By
      adding the following new Section 9(c) to the 2001 Plan:

              
	 
      	 
      
	 
      	
                “(c)    Relinquishment of
      Rights.    Notwithstanding anything in the Plan
      to the contrary, effective as of December 29, 2005, the Committee shall
      not grant any new Awards of Limited Rights to any Employees or
      Directors.  With respect to outstanding Awards of Limited Rights
      granted prior to December 29, 2005, the Board of Directors shall take such
      action as it determines to be necessary and appropriate to obtain the
      consent of Participants to relinquish their rights to such outstanding
      Limited Rights prior to December 31, 2005.  Outstanding Awards
      of Limited Rights that are relinquished by Participants pursuant to the
      foregoing shall be evidenced by a written consent form signed and dated by
      the affected Participant in accordance with Section 20 of the Plan,
      provided, however, that nothing in the consent form shall (i) affect the
      Participant’s other rights under his outstanding Options, or (ii) restrict
      the ability of the Company, in its sole discretion, or any third party to
      make a cash payment to the Participant in exchange for the termination or
      cancellation of the Participant’s Options.  Limited Rights for
      which no Participant consent form is received by the Company shall remain
      subject to the relevant terms and provisions of the
  Plan.”

              
	 
      	 
      
	
                2.

              	
                By
      adding the following sentence at the end of Section 15 of the 2001
      Plan:

              
	 
      	 
      
	 
      	
                “Notwithstanding
      anything in the Plan to the contrary, no provision of the Plan shall
      operate to require the cash settlement of a stock option under any
      circumstance that is not within the sole discretion of the
      Company.”

              
	 
      	 
      
	
                3.

              	
                By
      substituting the following for Section 18(a) of the 2001
    Plan:

              
	 
      	 
      
	 
      	
                “(a)    provide
      that such Options shall be assumed, or equivalent options shall be
      substituted (“Substitute Options”) by the acquiring or succeeding
      corporation (or an affiliate thereof), provided that: (A) any such
      Substitute Options exchanged for Incentive Stock Options shall meet the
      requirements of Section 424(a) of the Code, and (B) the shares of stock
      issuable upon the exercise of such Substitute Options shall constitute
      securities registered in accordance with the Securities Act of 1933, as
      amended (“1933 Act”) or such securities shall be exempt from such
      registration in accordance with Sections 3(a)(2) or 3(a)(5) of the 1933
      Act, (collectively, “Registered Securities”), or in the alternative, and
      in the sole discretion of the Company, if the securities issuable upon the
      exercise of such Substitute Options shall not constitute Registered
      Securities, then the Participant will receive upon consummation of the
      Change in Control a cash payment for each Option surrendered equal to the
      difference between the (1) Fair Market Value of the consideration to be
      received for each share of Common Stock in the Change in Control times the
      number of shares of Common Stock subject to such surrendered Options, and
      (2) the aggregate exercise price of all such surrendered Options,
      or”

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      IN WITNESS WHEREOF,
Jacksonville Bancorp, Inc. has caused this amendment to be adopted by a duly
authorized officer, this 29th day of December, 2005.

      

      

      
        	 
      	
                JACKSONVILLE
      BANCORP, INC.

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By

              	/s/
      Richard A. Foss	 
      
	 
      	
                Its

              	President
      / CEOex10-8.htm

    
      

    

    Exhibit
10.8

    
 

    
      	 
      
	
              ©
      2008 Clark Consulting

            

    

     

    This
document is provided to assist your legal counsel in documenting your specific
arrangement. The laws of the various states may differ considerably, and this
specimen is for general information only. It is not a form to be signed, nor is
it to be construed as legal advice. Failure to accurately document your
arrangement could result in significant losses, whether from claims of those
participating in the arrangement, from the heirs and beneficiaries of
participants, or from regulatory agencies such as the Internal Revenue Service,
the Department of Labor, or bank examiners. License is hereby granted to your
legal counsel to use these materials in documenting solely your
arrangement.

     

    In
general, if your bank is subject to SEC regulation, implementation of this or
any other Participant or director compensation program may trigger rules
requiring certain disclosures on Form 8-K within four days of implementing the
program. Consult with your SEC attorney, if applicable, to determine your
responsibilities under the disclosure rules.

     

    
      	 
      

    

     

    JACKSONVILLE
SAVINGS BANK

    SUPPLEMENTAL
LIFE INSURANCE PLAN

     

    EFFECTIVE JANUARY 1,
2008

     

    IMPORTANT NOTICE ON CODE
SECTION 409A COMPLIANCE

     

    It is
critical that you consult with your legal and tax advisors to determine the
impact of Internal Revenue Code Section 409A to your particular situation. On
April 10, 2007 the Treasury Department issued final regulations implementing the
requirements of Section 409A which apply to nonqualified deferred compensation
arrangements.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              JACKSONVILLE
      SAVINGS BANK

            
	
              Supplemental
      Life Insurance Plan

            

    

     

              Pursuant
to due authorization by its Board of Directors, the undersigned, JACKSONVILLE
SAVINGS BANK, a state chartered savings bank located in Jacksonville, Illinois
(the “Bank”), did constitute, establish and adopt the following SUPPLEMENTAL
LIFE INSURANCE PLAN (the “Plan”), effective JANUARY 1, 2008.

     

              The
purpose of this Plan is to attract, retain, and reward Employees, by dividing
the death proceeds of certain life insurance policies which are owned by the
Bank on the lives of the participating Employees with the designated beneficiary
of each insured participating Employee. The Bank will pay the life insurance
premiums due under this Plan from its general assets.

     

    Article
1

    Definitions

     

              Whenever
used in this Plan, the following terms shall have the meanings
specified:

    
      	 
      	 
      
	
              1.1

            	
              “Bank’s
      Interest” means the benefit set forth in Section
    3.1.

            
	 
      	 
      
	
              1.2

            	
              “Beneficiary”
      means each designated person, or the estate of a deceased Participant,
      entitled to benefits, if any, upon the death of a
    Participant.

            
	 
      	 
      
	
              1.3

            	
              “Beneficiary
      Designation Form” means the form established from time to time by
      the Plan Administrator that a Participant completes, signs and returns to
      the Plan Administrator to designate one or more
    Beneficiaries.

            
	 
      	 
      
	
              1.4

            	
              “Board” means
      the Board of Directors of the Bank as from time to time
      constituted.

            
	 
      	 
      
	
              1.5

            	
              “Code” means the
      Internal Revenue Code of 1986, as amended.

            
	 
      	 
      
	
              1.6

            	
              “Election Form”
      means the form required by the Plan Administrator of an eligible Employee
      to indicate acceptance of participation in this Plan.

            
	 
      	 
      
	
              1.7

            	
              “Employee” means
      an active employee of the Bank.

            
	 
      	 
      
	
              1.8

            	
              “Insured” means
      the individual Participant whose life is insured.

            
	 
      	 
      
	
              1.9

            	
              “Insurer” means
      the insurance company issuing the Policy on the life of the
      Insured.

            
	 
      	 
      
	
              1.10

            	
              “Net Death
      Proceeds” means the total death proceeds of the Participant’s
      Policy or Policies minus the greater of (i) cash surrender value or (ii)
      the aggregate premiums paid.

            
	 
      	 
      
	
              1.11

            	
              “Participant”
      means an Employee (i) who is selected to participate in the Plan, (ii) who
      elects to participate in the Plan, (iii) who signs an Election Form and a
      Beneficiary Designation Form, (iv) whose signed Election Form and
      Beneficiary Designation Form are accepted by the Plan Administrator, (v)
      who commences participation in the Plan, and (vi)
      whose Participation has not
terminated.

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    
      	
              JACKSONVILLE
      SAVINGS BANK

            
	
              Supplemental
      Life Insurance Plan

            

    

    

    
      	
              1.12

            	
              “Participant’s
      Interest” means the benefit set forth in Section
    3.2.

            
	 
      	 
      
	
              1.13

            	
              “Plan
      Administrator” means the plan administrator described in Article
      13.

            
	 
      	 
      
	
              1.14

            	
              “Policy” or “Policies” means the
      individual life insurance policy or policies adopted by the Plan
      Administrator for purposes of insuring a Participant’s life under this
      Plan.

            
	 
      	 
      
	
              1.15

            	
              “Separation from
      Service” means termination of the Participant’s employment with the
      Bank for reasons other than death. Whether a termination of employment has
      occurred is determined based on whether the facts and circumstances
      indicate that the Bank and the Participant reasonably anticipated that no
      further services would be performed after a certain date or that the level
      of bona fide services the Participant would perform after such date
      (whether as an employee or as an independent contractor) would permanently
      decrease to no more than twenty percent (20%) of the average level of bona
      fide services performed (whether as an employee or an independent
      contractor) over the immediately preceding thirty-six (36) month period
      (or the full period of services to the Bank if the Participant has been
      providing services to the Bank less than thirty-six (36)
      months).

            

    

     

    Article
2

    Participation

    
      	 
      	 
      
	
              2.1

            	
              Selection by Plan
      Administrator. Participation in the Plan shall be limited to those
      Employees of the Bank selected by the Plan Administrator, in its sole
      discretion, to participate in the Plan.

            
	 
      	 
      
	
              2.2

            	
              Enrollment
      Requirements. As a condition to participation, each selected
      Employee shall complete, execute and return to the Plan Administrator (i)
      an Election Form, and (ii) a Beneficiary Designation Form. In addition,
      the Plan Administrator shall establish from time to time such other
      enrollment requirements as it determines in its sole discretion are
      necessary.

            
	 
      	 
      
	
              2.3

            	
              Eligibility;
      Commencement of Participation. Provided an Employee selected to
      participate in the Plan has met all enrollment requirements set forth in
      this Plan and required by the Plan Administrator, and provided that the
      Policy or Policies on a such Employee have been issued by the Insurer(s),
      that Employee will become a Participant, be covered by the Plan and will
      be eligible to receive benefits at the time and in the manner provided
      hereunder, subject to the provisions of the Plan. A Participant’s
      participation is limited to only issued Policies where the Participant is
      the Insured.

            
	 
      	 
      
	
              2.4

            	
              Termination of
      Participation. A Participant’s rights under this Plan shall
      automatically cease and his or her participation in this Plan shall
      automatically terminate if the Plan or any Participant’s rights under the
      Plan are terminated in accordance with Section 3.2.2, Article 6 or Article
      11. In the event that the Bank decides to maintain the Policy after the
      Participant’s
      termination of participation in the Plan, the Bank shall be the direct
      beneficiary of the entire death proceeds of the
  Policy.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      
        	
                JACKSONVILLE
      SAVINGS BANK

                Supplemental
      Life Insurance Plan

              
	 
      
	
                Article
      3

              
	
                Policy
      Ownership/Interests

              

      

      

      
        	
                3.1

              	
                Bank’s
      Interest. The Bank shall own the Policies and shall have the right
      to exercise all incidents of ownership and, subject to Article 6, the Bank
      may terminate a Policy without the consent of the Insured. The Bank shall
      be the beneficiary of the remaining death proceeds of the Policies after
      the Participant’s Interest is determined according to Section
      3.2.

              
	 
      	 
      
	
                3.2

              	
                Participant’s
      Interest. The Participant, or the Participant’s assignee, shall
      have the right to designate the Beneficiary of an amount of death proceeds
      as specified in Section 3.2.1. The Participant shall also have the right
      to elect and change settlement options with respect to the Participant’s
      Interest by providing written notice to the Bank and the
      Insurer.

              
	 
      	 
      	 
      
	 
      	
                3.2.1

              	
                Death Prior to
      Separation from Service. If the Participant dies prior to
      Separation from Service, the Beneficiary shall be entitled to a benefit
      equal to the amount shown on the Participant’s Election Form, provided
      that such benefit shall not exceed the Net Death
  Proceeds.

              
	 
      	 
      	 
      
	 
      	
                3.2.2

              	
                Death After Separation
      from Service. If the Participant dies after Separation from
      Service, the Beneficiary will not be entitled to a benefit under this
      Plan.

              
	 
      	 
      	 
      
	
                Article
      4

              
	
                Premiums
      And Imputed Income

              
	 
      	 
      	 
      
	
                4.1

              	
                Premium
      Payment. The Bank shall pay all premiums due on all
      Policies.

              
	 
      	 
      	 
      
	
                4.2

              	
                Economic
      Benefit. The Plan Administrator shall determine the economic
      benefit attributable to any Participant based on the life insurance
      premium factor for the Participant’s age multiplied by the aggregate death
      benefit payable to the Participant’s Beneficiary. The “life insurance
      premium factor” is the minimum amount required to be imputed under R S
      Reg. § 1.61
      -22(d)(3)(ii) or any subsequent applicable authority.

              
	 
      	 
      	 
      
	
                4.3

              	
                Imputed Income.
      The Bank shall impute the economic benefit to the Participant on an annual
      basis, by adding the economic benefit to the Participant’s W-2, or if applicable,
      Form 1099.

              

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      
        	
                JACKSONVILLE
      SAVINGS BANK

                Supplemental
      Life Insurance Plan

              
	 
      	 
      
	
                Article
      5

              
	
                Comparable
      Coverage

              
	 
      	 
      
	
                5.1

              	
                Insurance
      Policies. The Bank may provide such benefit through the Policies
      purchased at the commencement of this Plan, or, if later, the
      Participant’s commencement of participation in the Plan, or may provide
      comparable insurance coverage to the Participant through whatever means
      the Bank deems appropriate. If the Participant waives or forfeits his or
      her right to the insurance benefit, the Bank shall choose to cancel the
      Policy or Policies on the Participant, or may continue such coverage and
      become the direct beneficiary of the entire death
  proceeds.

              
	 
      	 
      
	
                5.2

              	
                Offer to
      Purchase. If the Bank discontinues a Policy on a Participant who is
      employed by the Bank at the date of discontinuance, the Bank shall give
      the Participant at least thirty (30) days to purchase such Policy. The
      purchase price shall be the fair market value of the Policy, as determined
      under Treasury Reg. §1.61-22(g)(2) or any subsequent applicable authority.
      Such notification shall be in writing.

              
	 
      
	
                Article
      6

              
	
                General
      Limitations

              
	 
      	 
      
	
                6.1

              	
                Termination for
      Cause. Notwithstanding any provision of this Plan to the contrary,
      the Participant shall forfeit any right to a benefit under this Plan if
      the Bank terminates the Participant’s employment for cause. Termination of
      the Participant’s employment for “Cause” shall mean termination because of
      personal dishonesty, willful misconduct, breach of fiduciary duty
      involving personal profit, intentional failure to perform stated duties,
      willful violation of any law, rule or regulation (other than traffic
      violations or similar offenses) or final cease-and-desist order or
      material breach of any provision of the Plan. For purposes of this
      paragraph, no act or failure to act on the Participant’s part shall be
      considered “willful” unless done, or omitted to be done, by the
      Participant not in good faith and without reasonable belief that the
      Participant’s action or omission was in the best interest of the
      Bank.

              
	 
      	 
      
	
                6.2

              	
                Removal.
      Notwithstanding any provision of this Plan to the contrary, the
      Participant’s rights in the Plan shall terminate if the Participant is
      subject to a final removal or prohibition order issued by an appropriate
      federal banking agency pursuant to Section 8(e) of the Federal Deposit
      Insurance Act (“FDIA”).

              
	 
      	 
      
	
                6.3

              	
                Suicide or
      Misstatement. No benefits shall be payable if the Participant
      commits suicide within two years after the date of this Plan, or if the
      insurance company denies coverage (i) for material misstatements of fact
      made by the Participant on any application for life insurance purchased by
      the Bank, or (ii) for any other reason; provided, however that the Bank
      shall evaluate the reason for the denial, and upon advice of legal counsel
      and in its sole discretion, consider judicially challenging any
      denial.

              

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      
        	
                JACKSONVILLE
      SAVINGS BANK

                Supplemental
      Life Insurance Plan

              
	 
      	 
      
	
                Article
      7

              
	
                Beneficiaries

              
	 
      	 
      
	
                7.1

              	
                Beneficiary.
      Each Participant shall have the right, at any time, to designate a
      Beneficiary to receive any benefits payable under the Plan upon the death
      of a Participant. The Beneficiary designated under this Plan may be the
      same as or different from the beneficiary designated under any other plan
      of the Bank in which the Participant participates.

              
	 
      	 
      
	
                7.2

              	
                Beneficiary
      Designation; Change; Spousal Consent. A Participant shall designate
      a Beneficiary by completing and signing the Beneficiary Designation Form,
      and delivering it to the Plan Administrator or its designated agent. If
      the Participant names someone other than his or her spouse as a
      Beneficiary, a spousal consent, in the form designated by the Plan
      Administrator, must be signed by the Participant’s spouse and returned to
      the Plan Administrator. The Participant’s beneficiary designation shall be
      deemed automatically revoked if the Beneficiary predeceases the
      Participant or if the Participant names a spouse as Beneficiary and the
      marriage is subsequently dissolved. A Participant shall have the right to
      change a Beneficiary by completing, signing and otherwise complying with
      the terms of the Beneficiary Designation Form and the Plan Administrator’s
      rules and procedures, as in effect from time to time. Upon the acceptance
      by the Plan Administrator of a new Beneficiary Designation Form, all
      Beneficiary designations previously filed shall be cancelled. The Plan
      Administrator shall be entitled to rely on the last Beneficiary
      Designation Form filed by the Participant and accepted by the Plan
      Administrator prior to the Participant’s death.

              
	 
      	 
      
	
                7.3

              	
                Acknowledgment.
      No designation or change in designation of a Beneficiary shall be
      effective until received, accepted and acknowledged in writing by the Plan
      Administrator or its designated agent.

              
	 
      	 
      
	
                7.4

              	
                No Beneficiary
      Designation. If the Participant dies without a valid designation of
      beneficiary, or if all designated Beneficiaries predecease the
      Participant, then the Participant’s surviving spouse shall be the
      designated Beneficiary. If the Participant has no surviving spouse, the
      benefits shall be made payable to the personal representative of the
      Participant’s estate.

              
	 
      	 
      
	
                7.5

              	
                Facility of
      Payment. If the Plan Administrator determines in its discretion
      that a benefit is to be paid to a minor, to a person declared incompetent,
      or to a person incapable of handling the disposition of that person’s
      property, the Plan Administrator may direct payment of such benefit to the
      guardian, legal representative or person having the care or custody of
      such minor; incompetent person or incapable person. The Plan Administrator
      may require proof of incompetence, minority or guardianship as it may deem
      appropriate prior to distribution of the benefit. Any payment of a benefit
      shall be a payment for the account of the Participant and the
      Participant’s Beneficiary, as the case may be, and shall be a complete
      discharge of any liability under the Plan for such payment
      amount.

              

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

    
      	
              JACKSONVILLE
      SAVINGS RANK

            
	
              Supplemental
      Life Insurance Plan

            

    

     

    Article
8

    Assignment

     

              Any
Participant may assign without consideration all of such Participant’s Interest
in this Plan to any person, entity or trust. In the event a Participant shall
transfer all of such Participant’s Interest, then all of that Participant’s
Interest in this Plan shall be vested in his or her transferee, subject to such
transferee executing agreements binding them to the provisions of this Plan, who
shall be substituted as a party hereunder, and that Participant shall have no
further interest in this Plan.

     

    Article
9

    Insurer

     

              The
Insurer shall be bound only by the terms of its given Policy. The Insurer shall
not be bound by or deemed to have notice of the provisions of this Plan. The
Insurer shall have the right to rely on the Plan Administrator’s representations
with regard to any definitions. interpretations or Policy interests as specified
under this Plan.

     

    Article
10

    Claims
And Review Procedure

    
      	 
      	 
      	 
      
	
              10.1

            	
              Claims
      Procedure. A Participant or Beneficiary (“claimant”) who has not
      received benefits under the Plan that he or she believes should be paid
      shall make a claim for such benefits as follows:

            
	 
      	 
      	 
      
	 
      	
              10.1.1

            	
              Initiation – Written
      Claim. The claimant initiates a claim by submitting to the Plan
      Administrator a written claim for the benefits. If such a claim relates to
      the contents of a notice received by the claimant, the claim must be made
      within sixty (60) days after such notice was received by the claimant. All
      other claims must be made within one hundred eighty (180) days of the date
      on which the event that caused the claim to arise occurred. The claim must
      state with particularity the determination desired by the
      claimant.

            
	 
      	 
      	 
      
	 
      	
              10.1.2

            	
              Timing of Plan
      Administrator Response. The Plan Administrator shall respond to
      such claimant within 90 days after receiving the claim. If the Plan
      Administrator determines that special circumstances require additional
      time for processing the claim, the Plan Administrator can extend the
      response period by an additional 90 days by notifying the claimant in
      writing, prior to the end of the initial 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 Plan Administrator expects to
      render its decision.

            
	 
      	 
      	 
      
	 
      	
              10.1.3

            	
              Notice of
      Decision. If the Plan Administrator denies part or all of the
      claim, the Plan Administrator shall notify the claimant in writing of such
      denial. The Plan Administrator shall write the notification in a manner
      calculated to be understood by
      the claimant. The notification shall set
  forth:

            

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	
              JACKSONVILLE
      SAVINGS BANK

            
	
              Supplemental
      Life Insurance Plan

            

    

    

    
      	 
      	
              (a)

            	
              The
      specific reasons for the denial;

            
	 
      	 
      	 
      
	 
      	
              (b)

            	
              A
      reference to the specific provisions of the Plan 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 Plan’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.

            

    

    

    
      	
              10.2

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

            
	 
      	 
      	 
      
	 
      	
              10.2.1

            	
              Initiation – Written
      Request. To initiate the review, the claimant, within 60 days after
      receiving the Plan Administrator’s notice of denial, must file with the
      Plan Administrator a written request for review.

            
	 
      	 
      	 
      
	 
      	
              10.2.2

            	
              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 Plan Administrator 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.

            
	 
      	 
      	 
      
	 
      	
              10.2.3

            	
              Considerations on
      Review. In considering the review, the Plan Administrator 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.

            
	 
      	 
      	 
      
	 
      	
              10.2.4

            	
              Timing of Plan
      Administrator’s Response. The Plan Administrator shall respond in
      writing to such claimant within 60 days after receiving the request for
      review. If the Plan Administrator determines that special circumstances
      require additional time for processing the claim, the Plan Administrator
      can extend the response period by an additional 60 days by notifying the
      claimant in writing, prior to the end of the initial 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 Plan Administrator
      expects to render its decision.

            

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      	
              JACKSONVILLLE
      SAVINGS BANK

            
	
              Supplemental
      Life Insurance Plan

            

    

    

    
      	 
      	
              10.2.5

            	
              Notice of
      Decision. The Plan Administrator shall notify the claimant in
      writing of its decision on review. The Plan Administrator 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 the Plan 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).

            

    

     

    Article
11

    Amendments
And Termination

     

              The
Bank may amend or terminate the Plan at any time, or may amend or terminate a
Participant’s rights under the Plan at any time prior to a Participant’s death,
by providing written notice of such to the Participant. In the event that the
Bank decides to maintain the Policy after the Participant’s termination of
participation in the Plan, the Bank shall be the direct beneficiary of the
entire death proceeds of the Policy.

     

    Article
12

    Administration

    
      	 
      	 
      
	
              12.1

            	
              Plan Administrator
      Duties. This Plan shall be administered by a Plan Administrator
      which shall consist of the Board, or such committee or persons as the
      Board may choose. The Plan Administrator shall also have the discretion
      and authority to (i) make, amend, interpret and enforce all appropriate
      rules and regulations for the administration of this Plan and (ii) decide
      or resolve any and all questions including interpretations of this Plan,
      as may arise in connection with the Plan.

            
	 
      	 
      
	
              12.2

            	
              Agents. In the
      administration of this Plan, the Plan Administrator may employ agents and
      delegate to them such administrative duties as it sees fit, (including
      acting through a duly appointed representative), and may from time to time
      consult with counsel who may be counsel to the Bank.

            
	 
      	 
      
	
              12.3

            	
              Binding Effect of
      Decisions. The decision or action of the Plan Administrator with
      respect to any question arising out of or in connection with the
      administration, interpretation and application of the Plan and the rules
      and regulations promulgated hereunder
      shall be final and conclusive and binding upon all persons having any
      interest in the Plan.

            

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    
      	
              JACKSONVILLE
      SAVINGS BANK

            
	
              Supplemental
      Life Insurance Plan

            

    

     

    
      	
              12.4

            	
              Indemnity of Plan
      Administrator. The Bank shall indemnify and hold harmless the
      members of the Plan Administrator against any and all claims, losses,
      damages, expenses or liabilities arising from any action or failure to act
      with respect to this Plan, except in the case of willful misconduct by the
      Plan Administrator or any of its members.

            
	 
      	 
      
	
              12.5

            	
              Information. To
      enable the Plan Administrator to perform its functions, the Bank shall
      supply full and timely information to the Plan Administrator on all
      matters relating to the its Participants, the date and circumstances of
      the retirement or Separation from Service of its Participants, and such
      other pertinent information as the Plan Administrator may reasonably
      require.

            
	 
      	 
      
	
              Article
      13

            
	
              Miscellaneous

            
	 
      	 
      
	
              13.1

            	
              Binding Effect.
      This Plan shall bind each Participant and the Bank, their beneficiaries,
      survivors, executors, administrators and transferees and any
      Beneficiary.

            
	 
      	 
      
	
              13.2

            	
              No Guarantee of
      Employment. This Plan is not an employment policy or contract. It
      does not give a Participant the right to remain an Employee of the Bank,
      nor does it interfere with the Bank’s right to discharge a Participant. It
      also does not require a Participant to remain an Employee nor interfere
      with a Participant’s right to terminate employment at any
      time.

            
	 
      	 
      
	
              13.3

            	
              Applicable Law.
      The Plan and all rights hereunder shall be governed by and construed
      according to the laws of the State of Illinois, except to the extent
      preempted by the laws of the United States of America.

            
	 
      	 
      
	
              13.4

            	
              Reorganization.
      The Bank shall not merge or consolidate into or with another company, or
      reorganize, or sell substantially all of its assets to another company,
      firm or person unless such succeeding or continuing company, firm or
      person agrees to assume and discharge the obligations of the Bank under
      this Plan. Upon the occurrence of such event, the term “Bank’’ as used in
      this Plan shall be deemed to refer to the successor or survivor
      company.

            

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    
      	
              JACKSONVILLE
      SAVINGS BANK

            
	
              Supplemental
      Life Insurance Plan

            

    

     

    
      	
              13.5

            	
              
                Notice. Any
      notice or filing required or permitted to be given to the Plan
      Administrator under this Plan shall be sufficient if in writing and
      hand-delivered, or sent by registered or certified mail. to the address
      below: 

              

            

       

      
        
          	 
      
	 
      
	 
      
	 
      

        

         

      

      	 
      	Such
      notice shall be deemed given as of the date of delivery or. if delivery is
      made by mail, as of the date shown on the postmark or the receipt for
      registration or certification.
	 	 
	 
      	
              Any
      notice or filing required or permitted to be given to a Participant under
      this Plan shall be sufficient if in writing and hand-delivered, or sent by
      mail, to the last known address of the Participant.

            
	 
      	 
      
	
              13.6

            	
              Entire
      Agreement. This Plan, along with a Participant’s Election Form,
      Beneficiary Designation Form and any agreement in writing between the Bank
      and any Participant, constitute the entire agreement between the Bank and
      the Participant as to the subject matter hereof. No rights are granted to
      the Participant under this Plan other than those specifically set forth
      herein.

            
	 
      	 
      
	 
      	
              IN
      WITNESS WHEREOF, the Bank executes this Plan as of the date indicated
      above.

            

    

    

    
      	 
      	
              JACKSONVILLE SAVINGS
      BANK

            
	 
      	 
      	 
      
	 
      	
              By

            	/s/
      Richard A. Foss 	
                  PRESIDENT/CEO

            

    

     

     

    10

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