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OFED > SEC Filings for OFED > Form 8-K on 28-Jun-2013All Recent SEC Filings




Change in Directors or Principal Officers, Financial Statements an

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 27, 2013, Oconee Federal Savings and Loan Association (the "Association"), a wholly-owned subsidiary of Oconee Federal Financial Corp., adopted an Endorsement Split- Dollar Life Insurance Plan ("Split Dollar Plan"), effective July 1, 2013, which provides the beneficiary of each of Curtis T. Evatt, Nancy M. Carter, and a number of other employees, with life insurance benefits. If the covered employee dies while employed by the Bank, Mr. Evatt and Ms. Carter's beneficiary, respectively, will receive a payment equal to $250,000 and $150,000, respectively. The covered employee's beneficiary will not be entitled to any benefit under the Split Dollar Plan if the covered employee is not employed with the Bank at the time of his or her death.

The foregoing description of the Split Dollar Plan is qualified in its entirety by reference to the copy of the form of such agreement that is included as Exhibit 10.1 to this Current Report and incorporated by reference into this Item 5.02.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit No. Description

10.1 Form of Endorsement Split-Dollar Life Insurance Plan

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