Attached files
file | filename |
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8-K - FIRST COMMUNITY BANKSHARES INC /VA/ | v206698_8k.htm |
Exhibit
10.1
AMENDMENT
ONE
FIRST
COMMUNITY BANCSHARES, INC.
DEFERRED
COMPENSATION
AND
SUPPLEMENTAL BONUS PLAN FOR KEY EMPLOYEES
First
Community Bancshares, Inc. (“Corporation”), pursuant to Section 7 of the First
Community Bancshares, Inc. Deferred Compensation and Supplemental Bonus Plan for
Key Employees (the “Plan”), hereby amends and terminates the Plan as of December
31, 2010 as follows:
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1.
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All
references to termination of employment contained in the Plan shall have
the same meaning as the phrase “termination of employment” is defined in
Treas. Reg. § 1.409A-1(h).
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2.
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The
last sentence of Section 4(a) of the Plan shall be deleted in its entirety
and replaced with the following:
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Distribution
of all amounts credited to the Participant’s Account shall be made in the form
(installment payments or lump sum) as selected in the deferral election form(s)
submitted by the Participant with respect to the deferred
compensation.
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3.
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The
last sentence of Section 4(b) of the Plan shall be deleted in its entirety
and replaced with the following:
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Distribution
of all amounts credited to the Participant’s Account shall be payable in a lump
sum with such payment being owed no later than the first day of the month
following sixty days after the Participant’s death.
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4.
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Section
4(c) of the Plan shall be deleted in its entirety and replaced with the
following:
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Upon the
death of the Participant prior to complete distribution to him of the entire
balance of his Account (and after the date of termination of service or
employment with the Corporation and all other Employers), the balance of his
Account on the date of his death, shall be payable to the Participant’s
designated beneficiary or beneficiaries in a lump sum payable no later than the
first day of the month following sixty days after the Participant’s
death.
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5.
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Section
4(d) of the Plan shall be deleted in its
entirety.
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6.
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Section
8 of the Plan shall be deleted in its entirety and replaced with the
following:
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The Board
may terminate the Plan at any time. The termination of the Plan shall
not cause immediate distributions to any participant. Rather,
following termination of the Plan, amounts credited to a Participant’s Account
shall be distributed in the same manner and time previously selected in the
deferral election form(s) submitted by the Participant. No additional
amounts shall be credited to the Account of a Participant following termination
of the Plan other than earnings thereon credited pursuant to Section
3.