Exhibit 10.6
AMENDMENT NO. 1
TO THE
BAR HARBOR BANKSHARES
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
WHEREAS, effective as of January 1, 2003, Bar Harbor Bankshares
adopted the Bar Harbor Bankshares Supplemental Executive Retirement
Plan (the "Grandfathered Plan") for the purpose of providing
deferred compensation for a select group of management or highly
compensated employees; and
WHEREAS, it is desirable that Bar Harbor Bankshares amend the
Grandfathered Plan to cease additional benefit accruals under the
Grandfathered Plan and to make the Grandfathered Plan relate solely
to deferred compensation that was both earned and vested prior to
January 1, 2005, so that the Grandfathered Plan will be treated as
a grandfathered plan that is exempt from the requirements of
Section 409A of the Internal Revenue Code of 1986, as amended.
NOW, THEREFORE, the Grandfathered Plan is amended as follows
(1) Effective as of January 1, 2005, Section 2.1 of the
Grandfathered Plan is amended to read as follows:
2.1 "Accrued Benefit" shall mean the monthly retirement benefit
which a Participant is entitled to receive under the Plan if the
payment of his or her benefit commences prior to his or her Normal
Retirement Date, as set forth in Section A.3 of Annex A;
provided, however, that Accrued Benefit shall not exceed the
monthly retirement benefit which was both earned and vested by the
Participant prior to January 1, 2005 under the terms of the
Plan.
(2) Effective as of January 1, 2005, Section 2.12 of the
Grandfathered Plan is amended to read as follows:
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