FIRST AMENDMENT TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT FOR ANDREW SAMUEL
EXHIBIT 10.3
FIRST AMENDMENT TO THE
FOR XXXXXX XXXXXX
THIS AMENDMENT (the “Amendment”) is adopted effective December 1, 2023, by and between LINKBANK (the “Employer”)
and Xxxxxx Xxxxxx (the “Executive”).
The Executive and The Xxxxx Bank executed a Supplemental Executive Retirement Plan Agreement dated October 28, 2021
(the “Agreement”) which provides retirement benefits to the Executive under certain circumstances. The Xxxxx Bank subsequently merged with and into the Employer. As a consequence of that merger, the Employer has assumed all of The Xxxxx Bank’s
rights and responsibilities under the Agreement. The Employer and the Executive now wish to increase benefits under the Agreement.
Section 2.1 of the Agreement shall be deleted and replaced by the following:
2.1 Normal Retirement Benefit. Upon
Separation from Service after Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the amount of Six Hundred Thousand Dollars ($600,000) in lieu of any other benefit hereunder. The annual benefit will be paid in equal
monthly installments commencing the month following Separation from Service and continuing for fifteen (15) years.
Section 2.4 of the Agreement shall be deleted and replaced by the following:
2.4 Change in Control Benefit. If a Change
in Control occurs, followed within twenty-four (24) months by an Involuntary Termination or a Termination for Good Reason prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the amount of Six Hundred Thousand
Dollars ($600,000) in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation from Service and continuing for fifteen (15) years.
Section 2.5 of the Agreement shall be deleted and replaced by the following:
2.5 Death Prior to Commencement of Benefit Payments.
In the event the Executive dies prior to Separation from Service, the Employer shall pay the Beneficiary the benefit in the amount shown on the table below in lieu of any other benefit hereunder. The benefit will be paid in a lump sum the month
following the Executive’s death.
Year of Executive’s Death
|
Amount of Benefit
|
2023
|
$6,229,940
|
2024
|
$6,658,525
|
2025 or later
|
$6,803,740
|
The Schedule A originally attached to the Agreement shall be deleted in its
entirety and replaced by the attached Schedule A.
Executive
|
Employer:
|
/s/ Xxxxxx Xxxxxx
|
|
By: /s/ Xxxx Xxxxxxxx
|
|
Its: Chief Risk Officer
|
|
By: /s/ Xxxxxx Xxxxxx
|
|
Its: Chair, Compensation Committee
|