MIDDLEFIELD BANC CORP
EX-10.7
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<TYPE>EX-10.7
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<DESCRIPTION>EX-10.7
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;10.7
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>The Middlefield Banking Company</B></FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 0pt"><FONT style="font-variant: SMALL-CAPS"><B>Amended Director Retirement Agreement</B></FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This <FONT style="font-variant: SMALL-CAPS"><B>Amended Director Retirement Agreement</B></FONT> (this &#147;Agreement&#148;) is entered into as of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> by and between The
Middlefield Banking Company, an Ohio-chartered bank (the &#147;Bank&#148;), and Frances H. Frank, a director
of the Bank (the &#147;Director&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS"><B>Whereas</B></FONT>, to encourage the Director to remain a member of the Bank&#146;s board of
directors, the Bank entered into a Director Retirement Agreement dated as of December&nbsp;1, 2001 with
the Director,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS"><B>Whereas,</B></FONT> the Bank and the Director desire to amend the December&nbsp;1, 2001 Director
Retirement Agreement to ensure that the agreement complies in form and in operation with Internal
Revenue Code section 409A,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS"><B>Whereas</B></FONT>, the Bank and the Director intend that this Agreement shall amend and
restate in its entirety the December&nbsp;1, 2001 Director Retirement Agreement,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS"><B>Whereas</B></FONT>, none of the conditions or events included in the definition of the term
&#147;golden parachute payment&#148; that is set forth in section 18(k)(4)(A)(ii) of the Federal Deposit
Insurance Act &#091;12 U.S.C. 1828(k)(4)(A)(ii)&#093; and in Federal Deposit Insurance Corporation Rule
359.1(f)(1)(ii) &#091;12 CFR 359.1(f)(1)(ii)&#093; exists or, to the best knowledge of the Bank, is
contemplated insofar as the Bank is concerned, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS"><B>Whereas</B></FONT>, the parties hereto intend that this Agreement shall be considered an
unfunded arrangement maintained primarily to provide supplemental retirement benefits for the
Director, and to be considered a non-qualified benefit plan for purposes of the Employee
Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;). The Director is fully advised of
the Bank&#146;s financial status.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS"><B>Now Therefore</B></FONT>, in consideration of these premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Director and the
Bank hereby agree as follows.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Article&nbsp;1</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Definitions</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.1 </B>&#147;<B>Accrual Balance</B>&#148; means the liability that should be accrued by the Bank under generally
accepted accounting principles (&#147;GAAP&#148;) to account for the Bank&#146;s obligation to the Director under
this Agreement, applying Accounting Principles Board Opinion No.&nbsp;12, as amended by Statement of
Financial Accounting Standards No.&nbsp;106, and the calculation method and discount rate specified
hereinafter. The Accrual Balance shall be calculated such that when it is credited with interest
each month the Accrual Balance at Normal Retirement Age equals the present value of the normal
retirement benefit. The discount rate means the rate used by the Plan Administrator for
determining the Accrual Balance. In its sole discretion the Plan Administrator may adjust the
discount rate to maintain the rate within reasonable standards according to GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.2 </B>&#147;<B>Beneficiary</B>&#148; means each designated person, or the estate of the deceased Executive,
entitled to benefits, if any, upon the death of the Director, determined according to Article&nbsp;4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.3 </B>&#147;<B>Beneficiary Designation Form</B>&#148; means the form established from time to time by the Plan
Administrator that the Director completes, signs, and returns to the Plan Administrator to
designate one or more Beneficiaries.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.4 </B>&#147;<B>Change in Control</B>&#148; shall mean a change in control as defined in Internal Revenue
Code section 409A and rules, regulations, and guidance of general application thereunder issued by
the Department of the Treasury, including &#150;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Change in ownership</I>: a change in ownership of Middlefield Banc Corp., an Ohio corporation
of which the Bank is a wholly owned subsidiary, occurs on the date any one person or group
accumulates ownership of Middlefield Banc Corp. stock constituting more than 50% of the total fair
market value or total voting power of Middlefield Banc Corp. stock,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Change in effective control</I>: (<I>x</I>) any one person or more than one person acting as a group
acquires within a 12-month period ownership of Middlefield Banc Corp. stock possessing 30% or more
of the total voting power of Middlefield Banc Corp., or (<I>y</I>) a majority of Middlefield Banc Corp.&#146;s
board of directors is replaced during any 12-month period by directors whose appointment or
election is not endorsed in advance by a majority of Middlefield Banc Corp.&#146;s board of directors,
or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Change in ownership of a substantial portion of assets</I>: a change in ownership of a
substantial portion of Middlefield Banc Corp.&#146;s assets occurs if in a 12-month period any one
person or more than one person acting as a group acquires from Middlefield Banc Corp. assets
having a total gross fair market value equal to or exceeding 40% of the total gross fair market
value of all of Middlefield Banc Corp.&#146;s assets immediately before the acquisition or
acquisitions. For this purpose, gross fair market value means the value of Middlefield Banc
Corp.&#146;s assets, or the value of the assets being disposed of, determined without regard to any
liabilities associated with the assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.5 </B>&#147;<B>Code</B>&#148; means the Internal Revenue Code of 1986, as amended, and rules, regulations, and
guidance of general application issued thereunder by the Department of the Treasury.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.6 </B>&#147;<B>Disability</B>&#148; means, if the Director is covered by a Bank-sponsored disability policy,
total disability as defined in the policy, without regard to any waiting period. If the Director
is not covered by Bank-sponsored disability policy, Disability means the Director suffers a
sickness, accident, or injury that, in the judgment of a physician satisfactory to the Bank,
prevents the Director from performing substantially all of the Director&#146;s normal duties for the
Bank. As a condition to receiving any Disability benefits, the Bank may require the Director to
submit to such physical or mental evaluations and tests as the Bank&#146;s board of directors deems
appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.7 </B>&#147;<B>Early Termination</B>&#148; means Separation from Service before Normal Retirement Age for
reasons other than death, Disability, or Termination with Cause.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.8 </B>&#147;<B>Effective Date</B>&#148; means December&nbsp;1, 2001.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.9 </B>&#147;<B>Normal Retirement Age</B>&#148; means the Director&#146;s 75<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> birthday.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.10 </B>&#147;<B>Person</B>&#148; means an individual, corporation, partnership, trust, association, joint
venture, pool, syndicate, sole proprietorship, unincorporated organization, or other entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.11 </B>&#147;<B>Plan Administrator</B>&#148; or &#147;<B>Administrator</B>&#148; means the plan administrator described in
Article&nbsp;7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.12 </B>&#147;<B>Plan Year</B>&#148; means each 12-month period from December 1 through November&nbsp;30.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.13 </B>&#147;<B>Separation from Service</B>&#148; means the Director&#146;s service as a director and
independent contractor to the Bank and any member of a controlled group, as defined in Code section
414, terminates for
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any reason, other than because of a leave of absence approved by the Bank and
other than because of the Director&#146;s death. If there is a dispute about the Director&#146;s status or
the date of the Director&#146;s Separation from Service, the Bank shall have the sole and absolute right
to decide the dispute unless a Change in Control shall have occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.14 </B>&#147;<B>Termination with Cause</B>&#148; or &#147;<B>Cause</B>&#148; means the Director is not nominated by the board or
nominating committee for reelection as a director after the expiration of the Director&#146;s term, or
the Director is removed from the board of directors, in either case because of the Director&#146;s &#150;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;gross negligence or gross neglect of duties, or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;commission of a felony or commission of a misdemeanor involving moral turpitude, or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;fraud, disloyalty, dishonesty, or willful violation of any law or significant policy of
the Bank committed in connection with the Director&#146;s service and resulting in an adverse effect on
the Bank, or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;removal from service or permanent prohibition from participating in the Bank&#146;s affairs by
an order issued under section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act &#091;12 U.S.C.
1818(e)(4) or (g)(1)&#093;.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Article&nbsp;2</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Lifetime Benefits</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.1 Normal Retirement</B>. Unless Separation from Service or a Change in Control occurs before
Normal Retirement Age, when the Director attains Normal Retirement Age the Bank shall pay to the
Director the benefit described in this section 2.1 instead of any other benefit under this
Agreement. If the Director&#146;s Separation from Service thereafter is a Termination with Cause or if
this Agreement terminates under Article&nbsp;5, no further benefits shall be paid to the Director under
this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 <I>Amount of benefit</I>. The annual benefit under this section 2.1 is an amount in cash
equal to 25% of the final average annual board fees paid to the Director by the Bank in the
three years preceding the year in which the Director attains Normal Retirement Age. For this
purpose board fees include retainers and other regular fees paid or payable in cash for the
Director&#146;s service on or attendance at meetings of the board of directors of the Bank and
committees of the board of directors, including board fees that may be deferred under any
plan for elective deferrals that may be adopted by the Bank in the future. If the Director
is serving as Chairman of the Board at Normal Retirement Age, board fees shall also include
any additional cash compensation paid or payable for service as Chairman of the Board. Board
fees shall not include the value of non-cash compensation, the value of life insurance
benefits or other fringe benefits, or expense reimbursement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 <I>Payment of benefit</I>. Beginning with the month immediately after the month in which
the Director attains Normal Retirement Age, the Bank shall pay the annual benefit to the
Director in equal monthly installments on the first day of each month. The annual
benefit shall be paid to the Director for ten years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.2 Early Termination</B>. Provided the Director has attained age 55 and has served as a
director for at least five years (including each year of board service before the Effective Date)
before Separation from Service occurs, for Early Termination the Bank shall pay to the Director the
benefit specified in this section 2.2 instead of any other benefit under this Agreement, unless the
Director shall have received the benefit under section 2.4 after a Change in Control. If the
Director&#146;s Separation from Service is a Termination with Cause or
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">if this Agreement terminates
under Article&nbsp;5, no benefits shall be paid to the Director under this Agreement. In addition, the
Director shall be entitled to no benefits under this section 2.2 if Early Termination occurs before
the Director shall have attained age 55 and served as a director for at least five years (including
each year of board service before the Effective Date).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 <I>Amount of benefit</I>. The annual benefit under this section 2.2 is calculated as the
amount that fully amortizes the Accrual Balance existing at the end of the month immediately
before the month in which Separation from Service occurs, amortizing that Accrual Balance
over ten years and taking into account interest at the discount rate or rates established by
the Plan Administrator.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 <I>Payment of benefit</I>. Beginning with the month immediately after the month in which
the Director attains Normal Retirement Age, the Bank shall pay the annual benefit to the
Director in equal monthly installments on the first day of each month. The annual benefit
shall be paid to the Director for ten years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.3 Disability</B>. Unless the Director shall have received the benefit under section 2.4 after a
Change in Control, if the Director&#146;s Separation from Service occurs because of Disability before
Normal Retirement Age the Bank shall pay to the Director the benefit described in this section 2.3
instead of any other benefit under this Agreement, regardless of whether the Director has accrued
five years of service or has attained age 55.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 <I>Amount of benefit</I>. The annual benefit under this section 2.3 is calculated as the
amount that fully amortizes the Accrual Balance existing at the end of the month immediately
before the month in which Separation from Service occurs, amortizing that Accrual Balance
over ten years and taking into account interest at the discount rate or rates established by
the Plan Administrator.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 <I>Payment of benefit</I>. Beginning with the month immediately after the month in which
the Director attains Normal Retirement Age, the Bank shall pay the annual benefit to the
Director in equal monthly installments on the first day of each month. The annual benefit
shall be paid to the Director for ten years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.4 Change in Control</B>. If a Change in Control occurs both before the Director&#146;s Normal
Retirement Age and before the Director&#146;s Separation from Service, the Bank shall pay to the
Director the benefit described in this section 2.4 instead of any other benefit under this
Agreement, regardless of whether the Director has accrued five years of service or has attained age
55.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 <I>Amount of benefit</I>. The benefit under this section 2.4 is the Accrual Balance at
the end of the month immediately before the month in which the Change in Control occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2 <I>Payment of benefit</I>. The Bank shall pay the benefit under this section 2.4 to the
Director in a single lump sum within three days after the Change in Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.5 Payout of Normal Retirement Benefit after a Change in Control</B>. If a Change in Control
occurs while the Director is receiving the benefit provided by section 2.1, the Bank shall pay the
remaining benefits to the Director in a single lump sum within three days after the Change in
Control. If when a Change in Control occurs the Director is receiving or is entitled at Normal
Retirement Age to receive the benefit under sections 2.2 or 2.3, the Bank shall pay the remaining
benefits to the Director in a single lump sum within three days after the Change in Control. The
lump-sum payment due to the Director as the result of a Change in Control shall be an amount equal
to the Accrual Balance amount corresponding to the particular benefit when the Change in Control
occurs.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.6 Medical Benefits</B>. Provided health insurance coverage can be obtained by the Bank
on terms it, in its sole judgment, considers commercially reasonable, the Bank shall obtain and
maintain health insurance coverage for the Director after Separation from Service for the lifetime
of the Director and the Director&#146;s surviving spouse.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.7 Annual Benefit Statement</B>. Within 120&nbsp;days after the end of each Plan Year the Plan
Administrator shall provide or cause to be provided to the Director an annual benefit statement
showing benefits payable or potentially payable to the Director under this Agreement. Each annual
benefit statement shall supersede the previous year&#146;s annual benefit statement. If there is a
contradiction between this Agreement and the annual benefit statement concerning the amount of a
particular benefit payable or potentially payable to the Director, the amount of the benefit
determined under this Agreement shall control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.8 One Benefit Only</B>. Despite any contrary provision of this Agreement, the Director is
entitled to one benefit only under Article&nbsp;2 of this Agreement, which shall be determined by the
first event to occur that is dealt with by Article&nbsp;2 of this Agreement. Except as provided in
section 2.5, subsequent occurrence of events dealt with by this Agreement shall not entitle the
Director to other or additional benefits under this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Article&nbsp;3</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Death Benefit</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless this Agreement terminates under Article&nbsp;5, at the Director&#146;s death the Bank shall pay
to the Director&#146;s Beneficiary in a single lump sum the Accrual Balance remaining, if any, on the
date of the Director&#146;s death, unless the Director shall have received the Change-in-Control benefit
under section 2.4 or unless a Change-in-Control payout shall have occurred under section 2.5. The
Accrual Balance shall be paid to the Beneficiary 30&nbsp;days after the Bank receives notice of the
Director&#146;s death.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Article&nbsp;4</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Beneficiaries</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.1 Beneficiary Designations</B>. The Director shall have the right to designate at any time a
Beneficiary to receive any benefits payable under this Agreement after the Director&#146;s death. The
Beneficiary designated under this Agreement may be the same as or different from the beneficiary
designation under any other benefit plan of the Bank in which the Director participates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.2 Beneficiary Designation: Change</B>. The Director shall designate a Beneficiary by completing
and signing the Beneficiary Designation Form and delivering it to the Plan Administrator or its
designated agent. The Director&#146;s Beneficiary designation shall be deemed automatically revoked if
the Beneficiary predeceases the Director or if the Executive names a spouse as Beneficiary and the
marriage is subsequently dissolved. The Director shall have the right to change a Beneficiary by
completing, signing, and otherwise complying with the terms of the Beneficiary Designation Form and
the Plan Administrator&#146;s rules and procedures, as in effect from time to time. Upon the acceptance
by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations
previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last
Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator before
the Director&#146;s death.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.3 Acknowledgment</B>. No designation or change in designation of a Beneficiary shall be
effective until received, accepted, and acknowledged in writing by the Plan Administrator or its
designated agent.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.4 No Beneficiary Designation</B>. If the Director dies without a valid beneficiary
designation, or if all designated Beneficiaries predecease the Director, the Director&#146;s spouse
shall be the designated Beneficiary. If the Director has no surviving spouse, the benefits shall
be paid to the Director&#146;s estate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.5 Facility of Payment</B>. If a benefit is payable to a minor, to a person declared
incapacitated, or to a person incapable of handling the disposition of his or her property, the
Bank may pay the benefit to the guardian, legal representative, or person having the care or
custody of the minor, incapacitated person, or incapable person. The Bank may require proof of
incapacity, minority, or guardianship as it may deem appropriate before distribution of the
benefit. Distribution shall completely discharge the Bank from all liability for the benefit.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Article&nbsp;5</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Agreement Termination</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.1 Director Termination</B>. Despite any contrary provision of this Agreement, the Bank shall
not pay any benefit under this Agreement and this Agreement shall terminate if Separation from
Service is a Termination with Cause or if Separation from Service is an Early Termination occurring
before the Director has attained age 55 and served as a director for at least five years (including
each year of board service before the Effective Date). The board of directors or a duly authorized
committee of the board shall have the sole and absolute right to determine whether the bases for
denial of benefits for Cause exist. Benefits may be denied for Cause regardless of whether the
Director continued to serve as a director after the board or committee made its determination not
to nominate the Director for reelection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.2 Removal</B>. If the Director is removed or permanently prohibited from participating in the
Bank&#146;s affairs by an order issued under section 8(e)(4) or (g)(1) of the Federal Deposit Insurance
Act, 12 U.S.C. 1818(e)(4) or (g)(1), all obligations of the Bank under this Agreement shall
terminate as of the effective date of the order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.3 Default</B>. Despite any contrary provision of this Agreement, if the Bank is in &#147;default&#148; or
&#147;in danger of default,&#148; as those terms are defined in section 3(x) of the Federal Deposit Insurance
Act, 12 U.S.C. 1813(x), all obligations under this Agreement shall terminate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.4 FDIC Open-Bank Assistance</B>. All obligations under this Agreement shall terminate, except
to the extent determined that continuation of the contract is necessary for the continued operation
of the Bank, when the Federal Deposit Insurance Corporation enters into an agreement to provide
assistance to or on behalf of the Bank under the authority contained in section 13(c) of the
Federal Deposit Insurance Act. 12 U.S.C. 1823(c). Any rights of the parties that have already
vested shall not be affected by such action, however.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Article&nbsp;6</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Claims and Review Procedures</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.1 Claims Procedure</B>. The Bank shall notify in writing any person or entity making a
claim for benefits under this Agreement (the &#147;Claimant&#148;) of his or her eligibility or ineligibility
for benefits under the Agreement. The Bank shall send the written notice to the Claimant within 90
days after Claimant&#146;s written application for benefits. If the Bank determines that the Claimant
is not eligible for benefits or full benefits, the notice shall state (<I>w</I>) the specific reasons for
denial, (<I>x</I>) a specific reference to the provisions of the Agreement on which the denial is based,
(<I>y</I>) a description of any additional information or material necessary for the Claimant to perfect
his or her claim and a description of why it is needed, and (<I>z</I>) an explanation of the Agreement&#146;s
claims review procedure and other appropriate information concerning the steps to be taken if the
Claimant wishes to have the claim reviewed. If the Bank determines that there are special
circumstances
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">requiring additional time to make a decision, the Bank shall notify the Claimant of
the special circumstances and the date by which a decision is expected to be made, and the Bank may
extend the time for up to an additional 90&nbsp;days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.2 Review Procedure</B>. If the Bank determines that the Claimant is not eligible for benefits
or if the Claimant believes that he or she is entitled to greater or different benefits, the
Claimant shall have the opportunity to have the claim reviewed by the Bank by filing a petition for
review with the Bank within 60&nbsp;days after receipt of the notice issued by the Bank. The petition
shall state the specific reasons the Claimant believes entitle him or her to benefits or to greater
or different benefits. Within 60&nbsp;days after receipt by the Bank of the petition, the Bank shall
give the Claimant (and counsel, if any) an opportunity to present his or her position to the Bank
verbally or in writing, and the Claimant (or counsel) shall have the right to review the pertinent
documents. The Bank shall notify the Claimant of the Bank&#146;s decision in writing within the 60-day
period, stating specifically the basis of its decision and identifying the specific provision(s) of
the Agreement on which the decision is based. If because of the need for a hearing the 60-day
period is not sufficient, the decision may be deferred for up to another 60&nbsp;days at the election of
the Bank, but notice of this deferral shall be given to the Claimant.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Article&nbsp;7</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Plan Administration</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.1 Plan Administrator Duties</B>. This Agreement shall be administered by a Plan Administrator
consisting of the board or such committee or persons as the board shall appoint. The Director may
be a member of the Plan Administrator. The Plan Administrator shall have the discretion and
authority to (<I>x</I>) make, amend, interpret, and enforce all appropriate rules and regulations for the
administration of this Agreement and (<I>y</I>) decide or resolve any and all questions that may arise,
including interpretations of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.2 Agents</B>. In the administration of this Agreement, the Plan Administrator may employ agents
and delegate to them such administrative duties as it sees fit (including acting through a duly
appointed representative) and may from time to time consult with counsel, who may be counsel to the
Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.3 Binding Effect of Decisions</B>. The decision or action of the Plan Administrator concerning
any question arising out of the administration, interpretation, and application of the Agreement
and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon
all persons having any interest in the Agreement. No Director shall be deemed to have any right,
vested or nonvested, regarding the continuing effect of any decision or action of the Plan
Administrator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.4 Indemnity of Plan Administrator</B>. The Bank shall indemnify and hold harmless the members
of the Plan Administrator against any and all claims, losses, damages, expenses, or liabilities
arising from any action or failure to act with respect to this Agreement, except in the case of
willful misconduct by the Plan Administrator or any of its members.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.5 Bank Information</B>. To enable the Plan Administrator to perform its functions, the Bank
shall supply full and timely information to the Plan Administrator on all matters relating to the
date and circumstances of the retirement, Disability, death, or Separation from Service of the
Director, and such other pertinent information as the Plan Administrator may reasonably require.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Article&nbsp;8</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Miscellaneous</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.1 Amendment</B>. This Agreement may be amended solely by a written agreement signed by the Bank
and the Director, except that the Bank specifically reserves the right to amend this Agreement as
necessary to comply with Code section 409A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.2 Termination</B>. This Agreement shall terminate as provided in Article&nbsp;5. In addition, the
Bank reserves the right to terminate this Agreement at any time if, because of legislative,
judicial or regulatory action, continuation of the Agreement would (<I>x</I>) cause benefits to be taxable
to the Director before actual receipt or (<I>y</I>) in the Bank&#146;s judgment, result in significant
financial penalties or other significantly detrimental consequences for the Bank (other than the
financial impact of paying benefits).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.3 Binding Effect</B>. This Agreement shall bind the Director and the Bank and their
beneficiaries, successors, assigns, survivors, executors, administrators, and transferees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.4 No Guarantee of Service</B>. This Agreement is not a contract for services. This Agreement
does not give the Director the right to remain a director of the Bank or interfere with the Bank
stockholder&#146;s right to replace the Director. This Agreement also does not require the Director to
remain a director or interfere with the Director&#146;s right to terminate service at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.5 Non-Transferability</B>. Benefits under this Agreement may not be sold, transferred,
assigned, pledged, attached, or encumbered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.6 Taxes</B>. The Bank shall withhold any taxes that are required to be withheld from the
benefits provided under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.7 Successors</B>; <B>Binding Agreement</B>. By an assumption agreement in form and substance
satisfactory to the Director, the Bank shall require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets
of the Bank or Middlefield Banc Corp. to expressly assume and agree to perform this Agreement in
the same manner and to the same extent the Bank would be required to perform this Agreement had no
succession occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.8 Applicable Law</B>. The Agreement and all rights hereunder shall be governed by the internal
substantive laws of the State of Ohio, without regard to principles of conflict of laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.9 Unfunded Arrangement</B>. The Director is a general unsecured creditor of the Bank for the
payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to
pay benefits. The rights to benefits are not subject to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the
Director&#146;s life is a general asset of the Bank to which the Director has no preferred or secured
claim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.10 Severability</B>. If any provision of this Agreement is held invalid, such invalidity shall
not affect any other provision of this Agreement not held invalid, and each such other provision
shall continue in full force and effect to the full extent consistent with the law. If any
provision of this Agreement is held invalid in part, such invalidity shall not affect the remainder
of the provision not held invalid, and the remainder of the provision together with all other
provisions of this Agreement shall continue in full force and effect to the full extent consistent
with the law.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.11 Captions and Counterparts</B>. Section headings and subheadings are included solely
for convenience of reference and shall not affect the meaning or interpretation of any provision of
this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be
deemed to be an original and all of which taken together shall constitute a single agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.12 Entire Agreement</B>. This Agreement constitutes the entire agreement between the Bank and
the Director concerning the subject matter. No rights are granted to the Director other than those
specifically set forth. This Agreement amends and restates in its entirety the December&nbsp;1, 2001
Director Retirement Agreement between the Bank and the Director, as the same may have been amended
or restated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.13 Waiver</B>. A waiver by either party of any of the terms or conditions of this Agreement in
any one instance shall not be considered a waiver of the terms or conditions for the future, or of
any subsequent breach thereof. All remedies, rights, undertakings, obligations, and agreements
contained in this Agreement shall be cumulative and none of them shall be in limitation of any
other remedy, right, undertaking, obligation, or agreement of either party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.14 Notices</B>. Any notice under this Agreement shall be deemed to have been effectively made
or given if in writing and personally delivered, delivered by mail properly addressed in a sealed
envelope, postage prepaid by certified or registered mail, delivered by a reputable overnight
delivery service, or sent by facsimile. Unless otherwise changed by notice, notice shall be
properly addressed to the Director if addressed to the address of the Director on the books and
records of the Bank at the time of the delivery of the notice, and properly addressed to the Bank
if addressed to the board of directors, The Middlefield Banking Company, 15985 East High Street,
Middlefield, Ohio, 44062-0035 Attention: Corporate Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.15 Internal Revenue Code Section&nbsp;409A</B>. The Bank and the Director intend that their exercise
of authority or discretion under this Agreement shall comply with Code section 409A. If when the
Director&#146;s service terminates the Director is a specified employee, as defined in Code section
409A, or if any payments or benefits under this Agreement will result in additional tax or interest
to the Director because of section 409A(a)(1), then despite any provision of this Agreement to the
contrary the Director shall not be entitled to the payments or benefits until the earliest of (<I>x</I>)
the date that is at least six months after termination of the Director&#146;s service for reasons other
than the Director&#146;s death, (<I>y</I>) the date of the Director&#146;s death, or (<I>z</I>) any earlier date that does
not result in additional tax or interest to the Director under section 409A. As promptly as
possible after the end of the period during which payments or benefits are delayed under this
provision, the entire amount of the delayed payments shall be paid to the Director in a single lump
sum. If any provision of this Agreement does not satisfy the requirements of section 409A, the
provision shall nevertheless be applied in a manner consistent with those requirements, despite any
contrary provision of this Agreement. If any provision of this Agreement would subject the
Director to additional tax or interest under section 409A, the Bank shall reform the provision.
However, the Bank shall maintain to the maximum extent practicable the original intent of the
applicable provision without subjecting the Director to additional tax or interest, and the Bank
shall not be required to incur any additional compensation expense as a result of the reformed
provision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS"><B>In Witness Whereof</B></FONT>, the Director and a duly authorized officer of the Bank have
executed this Amended Director Retirement Agreement as of the date first written above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><FONT style="font-variant: SMALL-CAPS"><B>Director</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>The Middlefield Banking Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Frances H. Frank
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">
<td>&nbsp;</td>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>The Middlefield Banking Company</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Amended Director Retirement Agreement</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Director Fee Analysis</B></FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Coyne</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Frank</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Halstead</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Hasman</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Hunter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Villers</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">1998&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

    <TD colspan="3" align="center" valign="top">13,800</TD>

    <TD>&nbsp;</TD>

    <TD colspan="3" align="center" valign="top">13,700</TD>

    <TD>&nbsp;</TD>

    <TD colspan="3" align="center" valign="top">13,900</TD>

    <TD>&nbsp;</TD>

    <TD colspan="3" align="center" valign="top">13,900</TD>

    <TD>&nbsp;</TD>

    <TD colspan="3" align="center" valign="top">14,200</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">14,600</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">1999&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

    <TD colspan="3" align="center" valign="top">13,650</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">14,150</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">14,050</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">14,750</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">16,250</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">13,650</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2000&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">13,300</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">13,300</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">13,400</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">13,600</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">13,300</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">12,900</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2001&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">13,600</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">14,000</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">13,800</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">14,200</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">13,200</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">13,100</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2002&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">14,280</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">14,700</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">14,490</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">14,910</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">13,860</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">13,755</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2003&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">15,100</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">15,200</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">15,700</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">15,500</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">15,300</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">15,000</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2004&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">16,200</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">16,700</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">16,000</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">17,100</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">16,100</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">16,800</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:45px; text-indent:-15px">2005 *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD align="right">&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">17,600</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">17,750</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">17,250</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">18,700</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">17,800</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">18,500</TD>

</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px"></DIV></TD>
    <TD>&nbsp;</TD>

        <TD>&nbsp;</TD> <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD> <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD>&nbsp;</TD> <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD> <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD>&nbsp;</TD> <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD> <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
        <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

        <TD>&nbsp;</TD> <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD> <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD>&nbsp;</TD> <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD> <TD>&nbsp;</TD>

</TR>






<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2006&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">18,480</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">18,638</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">18,113</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">18,690</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">19,425</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2007&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">19,404</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">19,569</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">19,018</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">20,396</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2008&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">20,374</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">20,548</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">21,416</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2009&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">21,393</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">21,575</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2010&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">22,463</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">22,654</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2011&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">23,586</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">23,787</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2012&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">24,976</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2013&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">26,225</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2014&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">27,536</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2015&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">28,913</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2016&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">30,359</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2017&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">31,876</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2018&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">33,470</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2019&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">35,144</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2020&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">36,901</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2021&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">38,746</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2022&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">40,683</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

    <TD>&nbsp;</TD>

        <TD colspan="3" align="center" valign="top">&nbsp;</TD>

</TR>
<TR>
<td>&nbsp;</td>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px"><B>Retire Date</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="right">May 1, 2012</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center">May 1, 2023</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center">May 1, 2008</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center">May 1, 2006</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center">May 1, 2007</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center">May 1, 2009</TD>
</TR>
<TR>
<td>&nbsp;</td>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px"><B>Final 3 Year Average:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22,480</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38,777</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18,127</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17,100</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17,530</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20,412</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR>
<td>&nbsp;</td>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:15px; text-indent:-15px"><B>25% of Average:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>actual fees for all Plan Years through December&nbsp;31, 2005</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Beneficiary Designation</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>The Middlefield Banking Company</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Amended Director Retirement Agreement</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Frances H. Frank, designate the following as beneficiary of any death benefits under this
Amended Director Retirement Agreement:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Primary:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>

    <TD colspan="4" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD  valign="top" align="left">Contingent:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD  colspan="4" align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Note:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>To name a trust as beneficiary, please provide the name of the trustee(s) and the
<U>exact</U> name and date of the trust agreement.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I understand that I may change these beneficiary designations by filing a new written
designation with the Bank. I further understand that the designations will be automatically
revoked if the beneficiary predeceases me or if I have named my spouse as beneficiary and our
marriage is subsequently dissolved.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Frances H. Frank</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200<U>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap>Received by the Bank this<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
200<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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