Exhibit 10(3)
FIRST
AMENDMENT
TO
DEFERRED COMPENSATION AGREEMENT
OF
JOHN DALTON
This First Amendment to the Deferred Compensation Agreement between FIRST
FEDERAL SAVINGS BANK OF MARION and JOHN DALTON, dated May 1, 1992, for the
primary purpose of clarifying certain aspects of the death benefit to Mr.
Dalton's Beneficiary, is hereby adopted in accordance with the provisions of
Section 14.1 of the Deferred Compensation Agreement as follows:
SECTION 5.2 Death Benefit After Commencement of Benefits shall be
replaced with the following:
In the event of Director's death after the commencement of
Retirement Benefits, but prior to the completion of all such
payments due and owing hereunder, the Association shall pay to
Director's Beneficiary the unpaid portion of the Retirement
Benefit for the remainder of the one hundred twenty (120)
month period. In the event Director continues in service
beyond Normal Retirement Date, upon Director's death, he will
be deemed to have commenced his Retirement Benefits (and
therefore limited to a total of 120 monthly payments) even if
Director has not elected to begin actual receipt of his
Deferred Compensation Benefit as specified in Section 4.3.
<PAGE>
IN WITNESS WHEREOF, the parties have caused this Amendment to Agreement
to be executed this 19th day of May, 1994.
/s/ John Dalton
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John Dalton
FIRST FEDERAL SAVINGS BANK OF MARION
By: /s/ Robert D. Burchard
Robert D. Burchard
Title: President
