SECOND AMENDMENT TO THE FIRST UNITED SECURITY BANK SALARY CONTINUATION AGREEMENT FOR
Exhibit 10.1
SECOND AMENDMENT
TO THE
FIRST UNITED SECURITY BANK
FOR
R. XXXXX XXXXXXXX
THIS SECOND AMENDMENT is adopted this 30th day of June, 2011, by and among United Security Bancshares, Inc., a Delaware corporation (“USB”), First United Security Bank, a state-chartered commercial bank located in Thomasville, Alabama (“FUSB”) (USB and FUSB collectively are referred to herein as the “Company”), and R. XXXXX XXXXXXXX (the “Executive”).
The Company and the Executive executed the First United Security Bank Salary Continuation Agreement on September 20, 2002, effective as of September 1, 2002, and the First Amendment to the First United Security Bank Salary Continuation Agreement on November 20, 2008, effective as of January 1, 2005 (the “Agreement”).
The undersigned hereby amend the Agreement, effective as of June 30, 2011, as follows:
| 1. | The following shall be inserted as the second paragraph in Section 2.2.1: |
“Notwithstanding the foregoing or any provision in this Agreement to the contrary, in the event the Executive has a Termination of Employment on or after June 30, 2011, the amount of the annual benefit to which the Executive is entitled upon Early Termination under this Section 2.2 is Seventy-Five Thousand Dollars ($75,000).”
| 2. | Schedule A of the Agreement shall be deleted in its entirety and replaced with the attached Schedule A. |
| 3. | All other terms and provisions of the Plan not herein modified or amended shall remain in full force and effect. |
IN WITNESS OF THE ABOVE, the Company and the Executive hereby consent to this Second Amendment to the First United Security Bank Salary Continuation Agreement.
| Executive: | First United Security Bank | |||||
| /s/ R. Xxxxx Xxxxxxxx | By: | /s/ Xxxxxx X. Xxxxxxxxx | ||||
| R. Xxxxx Xxxxxxxx |
Title: |
Chairman of the Board | ||||
| United Security Bancshares, Inc. | ||||||
| By: | /s/ Xxxxxx X. Xxxxxxxxx | |||||
|
Title: |
Chairman of the Board | |||||
Attachment 1
First United Security Bank Salary Continuation Plan - Schedule A as of June 30, 2011
(R. Xxxxx Xxxxxxxx)
A-1
Plan Year Reporting
Salary Continuation Plan Schedule A
| R. Xxxxx Xxxxxxxx |
||||||||||||||||||||||||||||||
| Birth Date: 2/13/1954 | Early Voluntary Termination | Disability | Change of Control | |||||||||||||||||||||||||||
| Plan Anniversary Date: 9/1/2003 | ||||||||||||||||||||||||||||||
| Normal Retirement: 2/13/2019, Age 65 Normal Retirement Payment: Monthly for 15 Years |
Annual Benefit/2/ Amount Payable at Normal Retirement Age |
Annual Benefit/2/ Amount Payable at Normal Retirement Age |
Annual Benefit/2/ Amount Payable at Normal Retirement Age |
|||||||||||||||||||||||||||
| Values as of |
Age | Benefit Level |
Vesting | Based On Benefit |
Vesting | Based On No Benefit |
Vesting | Based On No Benefit |
||||||||||||||||||||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |||||||||||||||||||||||
| Aug 2003/1/ |
49 | 102,511 | 20.00% | 20,502 | 100% | 102,511 | 100% | 192,001 | ||||||||||||||||||||||
| Aug 2004 |
50 | 106,611 | 40.00% | 42,645 | 100% | 106,611 | 100% | 192,001 | ||||||||||||||||||||||
| Aug 2005 |
51 | 110,876 | 60.00% | 66,526 | 100% | 110,876 | 100% | 192,001 | ||||||||||||||||||||||
| Aug 2006 |
52 | 115,311 | 80.00% | 92,249 | 100% | 115,311 | 100% | 192,001 | ||||||||||||||||||||||
| Aug 2007 |
53 | 119,923 | 100.00% | 119,923 | 100% | 119,923 | 100% | 192,001 | ||||||||||||||||||||||
| Aug 2008 |
54 | 124,720 | 100.00% | 124,720 | 100% | 124,720 | 100% | 192,001 | ||||||||||||||||||||||
| Aug 2009 |
55 | 129,709 | 100.00% | 129,709 | 100% | 129,709 | 100% | 192,001 | ||||||||||||||||||||||
| Aug 2010 |
56 | 134,897 | 100.00% | 134,897 | 100% | 134,897 | 100% | 192,001 | ||||||||||||||||||||||
| Jun 2011 |
57 | 75,000 | 100.00% | 75,000 | ||||||||||||||||||||||||||
| Starting July 1, 2011, only interest is accrued. |
| |||||||||||||||||||||||||||||
| Aug 2011 |
57 | 75,000 | 100.00% | 75,000 | ||||||||||||||||||||||||||
| Aug 2012 |
58 | 75,000 | 100.00% | 75,000 | ||||||||||||||||||||||||||
| Aug 2013 |
59 | 75,000 | 100.00% | 75,000 | ||||||||||||||||||||||||||
| Aug 2014 |
60 | 75,000 | 100.00% | 75,000 | ||||||||||||||||||||||||||
| Aug 2015 |
61 | 75,000 | 100.00% | 75,000 | ||||||||||||||||||||||||||
| Aug 2016 |
62 | 75,000 | 100.00% | 75,000 | ||||||||||||||||||||||||||
| Aug 2017 |
63 | 75,000 | 100.00% | 75,000 | ||||||||||||||||||||||||||
| Aug 2018 |
64 | 75,000 | 100.00% | 75,000 | ||||||||||||||||||||||||||
| Feb 2019 |
65 | 75,000 | 100.00% | 75,000 | ||||||||||||||||||||||||||
| February 13, 2019 Retirement; March 1, 2019 First Payment Date |
| |||||||||||||||||||||||||||||
/1/ The first line reflects 12 months of data, September 2002 to August 2003.
/2/ The annual benefit amount will be distributed in 12 equal monthly payments for a total of 180 monthly payments.
