SECOND AMENDMENT TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT BENEFITS AGREEMENT
Exhibit 10.24
THIS SECOND AMENDMENT is entered into this 11th day of February, 2010, effective as
of January 1, 2010, by and between Georgia Bank & Trust Company of Augusta, a Georgia bank (the
“Bank”), and XXXXXXX X. XXXXX (the “Executive”).
The Bank and the Executive executed the Supplemental Executive Retirement Benefits Agreement
on December 19, 2008, effective as of January 1, 2009 (the “Agreement”), and executed the First
Amendment on March 30, 2009, in which Exhibit A was restated. The undersigned desire to amend the
Agreement for the purpose of increasing the amount of the benefits in the Agreement.
NOW, THEREFORE, the parties do hereby agree, effective as of January 1, 2010, to amend the
Agreement by deleting Exhibit A to the Agreement in its entirety and substituting therefore a
restated Exhibit A containing the increased benefits attached to this SECOND AMENDMENT on page 2
hereof.
Except as specifically amended hereby, the Agreement shall remain in full force and effect as
prior to this SECOND AMENDMENT.
IN WITNESS OF THE ABOVE, the Bank and the Executive have executed this SECOND AMENDMENT on the
date first set forth above.
Executive: Georgia Bank & Trust Company of Augusta
| /s/ Xxxxxxx X. Xxxxx | By: | /s/ Xxxxxx X. Xxxxxxx | ||||||
XXXXXXX X. XXXXX
|
Title: | Executive Vice President | ||||||
| and Chief Operating Officer | ||||||||
Exhibit A
SECOND AMENDMENT
SECOND AMENDMENT
XXXXXXX X. XXXXX
“Full Benefit Date” = July 13, 2021 (age 65)
“Full Benefit” = $72,000
“Payment Commencement Date” – The later of the first business day of the month following the month
in which Executive attains age sixty-five (65) (July 13, 2021) or the first business day of the
month following the month in which Executive experiences a Separation from Service.
“Limited Benefit” – Determined by reference to the following table (See Note 1):
| Year | Limited Benefit | |||
January 1, 2009 to December 31, 2009 |
$ | 7,200 | ||
January 1, 2010 to December 31, 2010 |
$ | 10,600 | ||
January 1, 2011 to December 31, 2011 |
$ | 16,182 | ||
January 1, 2012 to December 31, 2012 |
$ | 21,764 | ||
January 1, 2013 to December 31, 2013 |
$ | 27,345 | ||
January 1, 2014 to December 31, 2014 |
$ | 32,927 | ||
January 1, 2015 to December 31, 2015 |
$ | 38,509 | ||
January 1, 2016 to December 31, 2016 |
$ | 44,091 | ||
January 1, 2017 to December 31, 2017 |
$ | 49,673 | ||
January 1, 2018 to December 31, 2018 |
$ | 55,255 | ||
January 1, 2019 to December 31, 2019 |
$ | 60,836 | ||
January 1, 2020 to September 30, 2020 |
$ | 65,873 | ||
October 1, 2020 to December 31, 2020 |
$ | 68,818 | ||
January 1, 2021 and thereafter |
$ | 72,000 | ||
| Note 1: | In the event of Executive’s voluntary termination prior to attaining age fifty-five (55),
this Limited Benefit is forfeited per Section 2(b) of this Agreement.
|
The undersigned XXXXXXX X. XXXXX (the “Executive”) hereby acknowledges that he or she has
reviewed this Exhibit A to the Supplemental Executive Retirement Benefits Agreement and that the
information set forth in this Exhibit A is true and correct in all material respects.
/s/ Xxxxxxx X. Xxxxx
|
03/02/10 | |||
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