FIRST AMENDMENT Exhibit 10
TO
RIDGESTONE BANK
EXECUTIVE INCENTIVE RETIREMENT AGREEMENT
FOR
XXXXXXXXX XXXX
THIS AMENDMENT executed on this 24th day of April, 2002, by and between
RIDGESTONE BANK, a state commercial bank located in Brookfield, Wisconsin (the
"Company") and Xxxxxxxxx Xxxx (the "Executive").
The Company and the Executive executed the Ridgestone Bank Executive
Incentive Retirement Agreement dated October 20, 1998 (the "Agreement").
The undersigned hereby amends, in part, said Agreement for the purpose of
changing the Normal Retirement Age, the incentive award and the number of
installments of the benefit, therefore:
Article 1, Section 1.1.7 shall be amended as follows:
1.1.7 "Normal Retirement Age" means the Executive's 60th birthday.
Article 2, Section 2.1 shall be amended as follows:
2.1 Incentive Award. On December 31 of each Plan Year, the Company
shall credit to the Deferral Account the Executive's Incentive Award for
such year. The Incentive Award shall be as follows:
------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ -----
Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ -----
Amount 10,675 11,102 38,400 40,800 43,200 44,400 48,000 51,600 56,400 58,800 9,800
------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ -----
Notwithstanding the foregoing, the Incentive Award is subject to change at the
sole discretion of the Board.
Article 4, Normal Retirement Benefit, Section 4.1.2 shall be amended
as follows:
4.1.2 Payment of Benefit. The Company shall pay the benefit to the
Executive in 12 equal monthly installments commencing on the first day of
the month following the Executive's Normal Retirement Date and continuing
for the life of the Executive, but in any event, until a total of 263
additional monthly payments have been made to the Executive or to the
Executive's beneficiary. The Company shall credit interest at the annual
rate of 8.5%, compounded monthly, on the remaining account balance during
any applicable installment period.
IN WITNESS OF THE ABOVE, the Executive and the Company have agreed to this
First Amendment.
Executive: Company:
RIDGESTONE BANK
/s/ Xxxxxxxxx X. Lake By /s/Xxxx X. Xxxxxx
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Xxxxxxxxx Xxxx Title President
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