AMENDMENT TO THE DIRECTORS AND SENIOR MANAGEMENT DEFERRED COMPENSATION TRUST AGREEMENT
Exhibit 99.2
AMENDMENT TO THE
DIRECTORS AND SENIOR MANAGEMENT DEFERRED COMPENSATION
TRUST AGREEMENT
DIRECTORS AND SENIOR MANAGEMENT DEFERRED COMPENSATION
TRUST AGREEMENT
This Amendment to the Directors and Senior Management Deferred Compensation Plan Trust Agreement
dated the ______ day of ____________, 2007, by and between FNB Southeast, a wholly owned subsidiary of
FNB Financial Services Corporation, a bank holding corporation (collectively referred to as the
“Company”), and Regions Bank,d/b/a Regions Xxxxxx Xxxxxx Trust (f/k/a Xxxxxx Trust Company) (the
“Trustee”);
WITNESSETH
WHEREAS, the Company sponsors a nonqualified defined benefit plan known as the Directors Retirement
Policy (“the Retirement Policy”); and
WHEREAS, the Company is amending the Retirement Policy to change benefits for current directors of
the Company; and
WHEREAS, the Company has incurred and expects to continue to incur certain liabilities under the
Retirement Policy; and
WHEREAS, the Company presently maintains the Directors and Senior Management Deferred Compensation
Plan Trust Agreement (the “Trust”) as an informal funding mechanism in connection with the
Directors and Senior Management Deferred Compensation Plan (the “Deferred Compensation Plan”); and
WHEREAS, the parties desire to amend the Trust to provide that the Company may contribute assets
thereto in order that said assets, subject to the claims of the Company’s creditors in the event of
insolvency, will be available to provide benefits under the Retirement Policy in addition to
providing benefits to participants and beneficiaries under the Deferred Compensation Plan; and
WHEREAS, Section 16 of the Trust provides that the parties may amend the Trust in a written
instrument executed by both of the parties; and
WHEREAS, the parties intend that the Trust shall continue to constitute an unfunded arrangement and
shall not affect the status of the Deferred Compensation Plan or the Retirement Policy as unfunded
plans maintained for the purpose of providing deferred compensation for members of the Board of
Directors and members of senior management.
NOW,
THEREFORE, the parties do hereby amend the Trust as follows:
1. | Adoption and Effective Date of Amendment. The provisions of this Amendment
will be effective as of July 31, 2007. |
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2. | Amendment to Name of Trust. The Trust shall be referred to as the Trust
Agreement for the Directors and Senior Management Deferred Compensation Plan and Directors
Retirement Policy. |
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3. | “Plan” includes Directors Retirement Policy. The term “Plan” when used in the
Trust shall mean, collectively, the Directors and Senior Management Deferred Compensation
Plan and the Directors Retirement Policy. |
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4. | Amendment to Section 9(a). The following sentence is added to the end of
Section 9(a) as the last sentence of Section 9(a): |
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“If a participant participates in both of the Plans, the investment account for that
participant shall be segregated into two separate sub-accounts with one sub-account
reflecting the participant’s investment account in the Deferred Compensation Plan and the
other sub-account reflecting the participant’s investment account in the Retirement Policy.” |
TRUSTEE:
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REGIONS BANK, d/b/a Regions Xxxxxx Xxxxxx Trust | |||
By: | ||||
Name: | ||||
Title: | ||||
COMPANY:
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FNB FINANCIAL SERVICES CORPORATION | |||
By: | ||||
Name: | ||||
Title: | ||||
FNB SOUTHEAST | ||||
By: | ||||
Name: | ||||
Title: | ||||