Attached files
file | filename |
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8-K - FIRST COMMUNITY BANKSHARES INC /VA/ | v205949_8k.htm |
EX-10.2 - FIRST COMMUNITY BANKSHARES INC /VA/ | v205949_ex10-2.htm |
EX-10.1 - FIRST COMMUNITY BANKSHARES INC /VA/ | v205949_ex10-1.htm |
Exhibit
10.3
Amendment
# 1
First
Community Bancshares, Inc. and Affiliates
Executive
Retention Plan
This
Amendment is to be effective January 1, 2011, and hereby amends the First Community Bancshares, Inc. and
Affiliates Executive Retention Plan as amended and restated effective
January 1, 2005. It is intended that this Amendment comply with Internal Revenue
Code 409A as it does not affect the timing or method of payment of any benefits
under this Plan.
Now
this Amendment as follows…
4.2 Amount of
Normal Retirement Benefit …is amended by deleting Section 4.2(a) in its
entirety and substituting a new Section 4.2(a) in lieu thereof as
follows:
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(a)
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Determination of
Normal Retirement Benefit - Each Participant shall be entitled to
receive a monthly retirement benefit commencing on his Normal Retirement
Date provided he has incurred a Separation from Service, or Deferred
Retirement Date, (unless he elects otherwise in accordance with Section
9.3), in an amount equal to one-twelfth (1/12) of (1) or (2)
below:
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(1)
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Group A
Participants- Means those Participants who entered this Plan prior
to January 1, 2009. - All such Participants shall receive a Normal
Retirement Benefit equal to:
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Thirty-five
(35%) of a Participant’s Final
Average Compensation, subject to a maximum benefit of $80,000 per
calendar year. However, the maximum annual benefit cap of $80,000 per calendar
year shall not apply to John Mendez, a Group A Participant, as there shall not
be any limitation on the amount of John Mendez’s annual benefit as calculated
under this Plan.
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(2)
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Group B
Participants- Means any Participant who entered this Plan after
December 31, 2008. All such Group B Participants shall receive a Normal
Retirement Benefit equal to:
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One and
one-half percent (1.5%) of such Participant’s Final Average Compensation
multiplied by his number of Years of Benefit Service,
subject to a maximum Normal Retirement Benefit of thirty-five percent (35%) of a
Participant’s Final Average
Compensation, subject to a maximum benefit of $80,000 per calendar
year.
This
Amendment is adopted on this 16th day of
December, 2010, to be effective January 1, 2011.
First
Community Bancshares, Inc.
By:
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/s/ William P. Stafford, II
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Chairman
of Board
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