DEFERRED INCOME AGREEMENT
LEON Z. MARTIN
EPHRATA NATIONAL BANK
EPHRATA, PA
OCTOBER 1, 1994
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DIRECTOR’S COMPENSATION AGREEMENT
This Agreement is entered into this 1 st day of October, 1994, between EPHRATA NATIONAL BANK, 31
E. Main Street, Ephrata, PA 17522, (herein referred to as the “Bank”) and LEON Z. MARTIN, RD #3,
Ephrata, PA 17522 (herein referred to as the “Director”).
W I T N E S S E T H
WHEREAS, the Bank recognizes that the competent and faithful efforts of the 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 four years and 5 months,
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:
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1. Compensation. The Bank agrees to pay the Director the total sum of $49,750.00 payable in monthly
installments of $414.58 for 120 consecutive months, commencing on the first day of the month following
the Director’s 71
st
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 71. In the event of the Director’s death before reaching age 71, the
Bank agrees to pay to the Director’s beneficiary designated in writing to the Bank, the sum of $414.58
per month for 120 consecutive months. Payments will begin on the first day of the month following the
Director’s death.
3. Death of Dire