1992
DIRECTOR’S DEFERRED COMPENSATION AGREEMENT FOR RONALD
WITHERITE
DIRECTOR’S COMPENSATION
AGREEMENT
This Agreement
is entered into this first day of January, 1992, between JUNIATA
VALLEY BANK, P.O. Box 66, Mifflintown, Pennsylvania 17059 (herein
referred to as the “Bank”) and RONALD WITHERITE, Box
161BB, Road #1, Reedsville, Pennsylvania 17084 (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 $171,930 payable in monthly installments
of $1,432.75 for 120 consecutive months, commencing on the first
day of the month following Director’s 65
th 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 (ies) designated in writing to the Bank, the sum
of $1,432.75 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 $171,930 set forth in
paragraph “1” is paid. If the
Director fails
to designate a beneficiary in writing to the Bank, the balance of
monthly installments at the time of his death shall be paid to the
legal representative of the estate of the Director.
4. Termination of Service as A Director. If
the Director, for any reason other than death, fails to serve five
consecutive years as a Director, he will receive monthly
compensation beginning at age 65 on the basis that the number of
full months served bears to the required number of 60 months
times the compensation stated in p
