EXHIBIT 10.1
AMENDMENT
TO
WEST POINTE BANCORP, INC.
AND
WEST POINTE BANK AND TRUST COMPANY
SALARY CONTINUATION AGREEMENT
FOR
XXXXXX X. XXXXXXXXXXXX
THIS AMENDMENT executed on this 30th day of September, 2004, by and
between West Pointe Bancorp, Inc. and West Pointe Bank and Trust Company, a
holding company and a state commercial bank located in Belleville, Illinois (the
"Company") and Xxxxxx X. Xxxxxxxxxxxx (the "Executive").
The Company and the Executive executed the West Pointe Bancorp, Inc. and
West Pointe Bank and Trust Company Salary Continuation Agreement dated January
1, 2003 (the "Agreement"). Pursuant to the power of amendment reserved by
Article 7 of the Agreement, the undersigned hereby amend, in part, said
Agreement for the purpose of increasing the Normal Retirement Benefit.
Therefore:
Article 2, Section 2.1.1 shall be deleted in its entirety and replaced
with Article 2, Section 2.1.1 below:
2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is
Twenty-Nine Thousand Five Hundred Ninety-Seven Dollars ($29,597). The Company's
Board of Directors, in its sole discretion, may increase the annual benefit
under this Section 2.1.1; however, any increase shall require the recalculation
of Schedule A.
Schedule A of the Agreement shall be deleted in its entirety and replaced
by the attached new Schedule A.
IN WITNESS OF THE ABOVE, the Executive and the Company have agreed to this
Amendment.
EXECUTIVE: COMPANY:
Name of bank
/s/ Xxxxxx X. Xxxxxxxxxxxx By /s/ Xxxxx X. Xxxxxxxx
----------------------------- -----------------------
Xxxxxx X. Xxxxxxxxxxxx
Title President and Chief Executive
Officer
XXXXX CONSULTING PLAN YEAR REPORTING
HYPOTHETICAL TERMINATION BENEFITS SCHEDULE
XXXXXX X. XXXXXXXXXXXX
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DOB: 8/1/1944 EARLY TERMINATION DISABILITY CHANGE OF CONTROL PRE-RETIRE.
Plan Anniv Date: 1/1/2005 DEATH
Normal Retirement: 8/1/2009, Age 65 Installment Installment Installment BENEFIT
Payment: Monthly Installments Payable Immediately Payable Immediately Payable at 65 Installment
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Benefit Accrual Based On Based On Based On Based On
Level Balance Vesting Accrual Vesting Accrual Vesting Benefit Benefit
Period Discount -------------------------------------------------------------------------------------
Ending Rate (1) (2) (3) (4) (5) (6) (7) (8) (9)
----------------------------------------------------------------------------------------------------------
May 2004(1) 31,425 0% 0 0% 0 100% 29,597 29,597
5/31/2004 Accrual Balance Rollover
Dec 2004 7.5% 29,597 53,338 0% 0 0% 0 100% 29,597 29,597
Dec 2005 7.5% 29,597 93,200 0% 0 0% 0 100% 29,597 29,597
Dec 2006 7.5% 29,597 136,157 0% 0 0% 0 100% 29,597 29,597
Dec 2007 7.5% 29,597 182,448 0% 0 0% 0 100% 29,597 29,597
Dec 2008 7.5% 29,597 232,333 20% 5,137 20% 5,137 100% 29,597 29,597
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Aug 2009 7.5% 29,597 267,724 100% 29,597 100% 29,597 100% 29,597 29,597
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August 1, 2009 Retirement; September 1, 2009 First Payment Date
----------
(1) The first line reflects just the initial values as of May 31, 2004.
* The purpose of this hypothetical illustration is to show the participant's
annual benefit based on various termination assumptions. Actual benefits
are based on the terms and provisions of the plan agreement executed
between the company and participant and may differ from those shown.
Salary Continuation Plan Securities offered through
for West Pointe Bank & Xxxxx Securities, Inc.,
Trust Co. - Belleville, IL a wholly owned subsidiary
1000339 24239 188278 v5.34.20 of Xxxxx, Inc., member
08/12/2004:8 XXX-X.XX XX XXXX & XXXX,
Xxx Xxxxxxx, XX 00000,
(000)000-0000.
