Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FIRST COMMUNITY BANKSHARES INC /VA/ | v336117_8k.htm |
Exhibit 10.1
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:
| (a) | 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: |
| (1) | 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 the greater of (i) or (ii) below: |
| (i) | Thirty-five percent (35%) of such Participant’s Final Average Compensation, but 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. Or, |
| (ii) | Any Participant with Final Average Compensation in excess of $175,000 at Normal Retirement Age, who has also completed 30 or more Years of Service, shall be entitled to receive the maximum annual benefit of $80,000 per calendar year, in monthly installments of $6,666.67 provided such Participant has incurred a separation from Service. |
| (2) | 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: |
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, and further subject to a maximum benefit of $80,000 per calendar year.