1982
DIRECTOR’S DEFERRED COMPENSATION AGREEMENT FOR A. JEROME
COOK
DIRECTOR’S COMPENSATION
AGREEMENT
This Agreement
is entered into this first day of January 1982, between THE
JUNIATA VALLEY BANK, P.O. Box 66, Mifflintown, Pennsylvania 17059
(herein referred to as the “Bank”) and A. JEROME COOK,
RD. #1, Port Royal, Pennsylvania 17082 (herein referred to as the
“Director”).
WHEREAS, the
Bank recognizes that the competent and faithful efforts of Director
on behalf of the Bank have contributed significantly to the success
and growth of the Bank; and
WHEREAS, the
Bank values the efforts, abilities and accomplishments of the
Director and recognizes that his services are vital to its
continued growth and profits in the future; and
WHEREAS, the
Bank desires to compensate the Director and retain his services for
five years, if elected, to serve on the Board of Directors. Such
compensation is set forth below; and
WHEREAS, the
Director, in consideration of the foregoing, agrees to continue to
serve as a Director, if elected,
NOW, THEREFORE,
it is mutually agreed as follows:
1. Compensation. The Bank agrees to pay
Director the total sum of $229,680 payable in monthly installments
of $1,914 for 120 consecutive months, commencing on the first day
of the month following Director’s 65th birthday. Payments to
the Director will terminate when the 120 payments have been made or
at the time of the Director’s death, whichever occurs
first.
2. Death
of Director Before Age 65. In the event Director should die before
reaching age 65, the Bank agrees to pay to Director’s
beneficiary designated in writing to the Bank, the sum of $1,914
per month for 120 consecutive months. Payments will begin on the
first day of the month following Director’s death.
3. Death
of Director After Age 65. If the Director dies after age 65 prior
to receiving the full 120 monthly installments, the remaining
monthly installments will be paid to the Director’s
designated beneficiary (ies). The beneficiary (ies) shall
receive all remaining monthly installments which the Director would
have received until the total sum of $229,680 set forth in
paragraph “1” is paid. If the
