Exhibit 10.16
FIRST AMENDMENT TO
DIRECTORS FEE CONTINUATION AGREEMENT
First Amendment, dated as of
December 31, 2008 (the “Amendment”), to the
Directors Fee Continuation Agreement, effective June 1, 1995
(as amended, the “Agreement”), by and among Enfield
Federal Savings and Loan Association (the
“Corporation”) and
(the “Director”). Capitalized terms which are not
defined herein shall have the same meaning as set forth in the
Agreement.
W I T N E S S E T H:
WHEREAS, the parties desire to amend
the Agreement to comply with the final regulations issued in April
2007 by the Internal Revenue Service under Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”);
and
WHEREAS, pursuant to Paragraph
Seventh of the Agreement, the parties to the Agreement desire to
amend the Agreement;
NOW, THEREFORE, in consideration of
the premises, the mutual agreements herein set forth and such other
consideration the sufficiency of which is hereby acknowledged, the
Corporation and the Director hereby agree to amend the Agreement as
follows:
Section 1. Amendment to
Paragraph Second of the Agreement . Paragraph Second of the
Agreement is hereby amended and restated to read in its entirety as
follows:
“SECOND: If the Director is
alive and in the employ of the Corporation on his Retirement Date,
the Corporation shall make annual payments to the Director in an
amount equal to one thousand dollars ($1,000) for each full year of
service as a Director from June 1, 1995 plus two hundred fifty
dollars ($250) for each full year of service as a Director prior to
June 1, 1995, but in no event shall the annual payment exceed
six thousand dollars ($6,000).
Said payments shall
be made as soon as practicable after the Retirement Date (but not
later than the 60 th day following the
Director’s Retirement Date), and annually thereafter for a
total of ten (
