SECOND AMENDMENT TO THE VISION BANK SALARY CONTINUATION PLAN DATED JULY 14, 2004 FOR J. DANIEL SIZEMORE
Exhibit 10.2
SECOND AMENDMENT
TO THE
VISION BANK
SALARY CONTINUATION PLAN
DATED JULY 14, 2004
FOR
J. XXXXXX XXXXXXXX
TO THE
VISION BANK
SALARY CONTINUATION PLAN
DATED JULY 14, 2004
FOR
J. XXXXXX XXXXXXXX
This SECOND AMENDMENT is executed and effective this 1st day of June___, 2007, by
and between Vision Bank, a state-chartered commercial bank located in Gulf Shores, Alabama (the
“Company”), and J. Xxxxxx Xxxxxxxx (the “Executive”) as follows:
The Company and the Executive executed the Salary Continuation Plan on July 14, 2004 effective
as of the first day of April, 2004 and amended the Salary Continuation Plan on June 26, 2006
effective as of the first day of January, 2005 (collectively, the “Agreement”); and
Pursuant to that certain Agreement and Plan of Merger entered into between Vision Bancshares,
Inc. (the “Holding Company”) and Park National Corporation dated to be effective as of September
14, 2006, the Holding Company merged with and into Park National Corporation effective as of 6:00
p.m., Eastern Standard Time, on March 9, 2007 (the “Merger”); and
The Merger resulted in a Change of Control of the Holding Company as defined in Section 1.4 of
the Agreement; and
As a result of the Merger, the Company and the Executive desire to amend the Agreement to (a)
provide that the Change of Control Benefit shall be equal to the Change of Control Benefit set
forth on Schedule A to the Agreement for the Plan Year (as defined in Section 1.17 of the
Agreement) during which the Executive’s Termination of Employment (as defined in Section 1.19 of
the Agreement) occurs and in no event may be less than the Change of Control Benefit set forth on
Exhibit A to this Second Amendment and (b) clarify that the benefit provided to the Executive upon
Termination of Employment following the Merger shall be the greater of (i) the Normal
Retirement Benefit described in Section 2.1 or (ii) the Change of Control Benefit described in
Section 2.5.
The undersigned hereby amend the Agreement for the purposes recited herein. Therefore, the
following amendment to the Agreement shall be made:
Section 2.5 of the Agreement shall be restated as follows:
2.5 | Change of Control Benefit. Upon a Change of Control followed by the Executive’s Termination of Employment, the Company shall pay to the Executive the benefit described in this Section 2.5 in lieu of the benefits described in Sections 2.2 Involuntary Termination Benefit, 2.3 Voluntary Termination Benefit or 2.4 Disability Benefit. |
2.5.1 Amount of Benefit. The annual benefit under this Section 2.5 is the Change of
Control Benefit set forth on Schedule A for the Plan Year during which the Executive’s
Termination of Employment occurs; provided however, that in no event shall such annual
benefit be less than the Change of Control Benefit set forth on the Exhibit A attached to
the Second Amendment to the Agreement. The benefit is determined by vesting the Executive
in one hundred (100%) in the Change of Control Benefit described in this Section 2.5.1.
2.5.2 Payment of Benefit. The Company shall pay the annual benefit to the Executive
in twelve (12) equal monthly installments commencing with the month following Normal
Retirement Age. The annual benefit shall be paid to the Executive for fifteen (15) years.
2.5.3 Minimum Benefit. The benefit provided to the Executive upon Termination of
Employment following the merger of the Holding Company with and into Park National
Corporation effective as of 6:00 p.m., Eastern Standard Time, on March 9, 2007, shall in no
event be less than the amount described in Section 2.5.1 and; provided further, in the event
the Executive is eligible to receive the Normal Retirement Benefit described in Section 2.1
and such Normal Retirement Benefit is greater than the Change of Control Benefit, then the
Executive shall be paid the Normal Retirement Benefit in accordance with the provisions of
Section 2.1.
IN WITNESS WHEREOF, the Company and the Executive hereby consent to this Second Amendment.
Executive: | Vision Bank | |||||
/s/ J. Xxxxxx Xxxxxxxx
|
By | /s/ Xxxxxxx X. Xxxxxxxx | ||||
J. Xxxxxx Xxxxxxxx
|
Title | Regional President | ||||
2
Exhibit A
Change in Control Benefit
$47,700.00
3
Plan Year Reporting | ||||
Salary Continuation Plan | ||||
Schedule A |
J. Xxxxxx Xxxxxxxx
Birth Date: 1/27/1948 | Change in Control | |||||||||||||||
Plan Anniversary Date: 4/1/2005 | ||||||||||||||||
Normal Retirement: 1/27/2013, Age 65 | Annual Benefit3 | |||||||||||||||
Normal Retirement Payment: Monthly for 15 years | Amount Payable at | |||||||||||||||
Normal Retirement Age | ||||||||||||||||
Benefit | Based On | |||||||||||||||
Values | Age | Level2 | Vesting | Benefit | ||||||||||||
as of | (0) | (1) | (2) | (3) | ||||||||||||
Mar 2007 |
59 | 47,700 | 100 | % | 47,700 | |||||||||||
Mar 2008 1 |
60 | 49,131 | 100 | % | 49,131 | |||||||||||
Mar 2009 |
61 | 50,605 | 100 | % | 50,605 | |||||||||||
Mar 2010 |
62 | 52,123 | 100 | % | 52,123 | |||||||||||
Mar 2011 |
63 | 53,687 | 100 | % | 53,687 | |||||||||||
Mar 2012 |
64 | 55,297 | 100 | % | 55,297 | |||||||||||
Jan 2013 |
65 | 56,956 | 100 | % | 56,956 | |||||||||||
January 27, 2013 Retirement; February 1, 2013 First Payment Date |
1 | The first line reflects 12 months of data, April 2007 to March 2008. | |
2 | The benefit amount is based on 30% of current compensation. Compensation is based on $159,000 initially, inflating at 3.00% each year to $189,854 at retirement. | |
3 | The annual benefit amount will be distributed in 12 equal monthly payments for a total of 180 monthly payments. | |
* | IF THERE IS A CONFLICT IN ANY TERMS OR PROVISIONS BETWEEN THIS SCHEDULE A AND THE AGREEMENT, THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT. |
Salary
Continuation Plan for Vision Bank — Gulf Shores, AL