Amendment to C&F Financial Corporation Non-Qualified Deferred Compensation Plan for Directors (Effective January 1, 2017)
C&F Financial Corporation has amended its Non-Qualified Deferred Compensation Plan for Directors, originally based on the Virginia Bankers Association Model Plan. Effective November 1, 2018, the amendment changes how installment payments from a director's vested deferral account are calculated. The new formula divides the account balance by the number of remaining payments. This amendment was adopted on January 22, 2019, and signed by Jason E. Long, Senior Vice President and CFO of C&F Financial Corporation.
EXHIBIT 10.5.2
C&F FINANCIAL CORPORATION
NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR DIRECTORS
(As Restated Effective January 1, 2017)
AMENDMENT
C&F Financial Corporation (the “Plan Sponsor”) has adopted the Virginia Bankers Association Model Non-Qualified Deferred Compensation Plan for Directors (the “Plan”). Pursuant to paragraph 12.1 of the Plan, the Plan Sponsor hereby adopts the following administrative and compliance amendment to the Plan:
1.Effective November 1, 2018, subparagraph 7.4(b)(i) of the Plan is amended to read as follows:
“(i)The quotient obtained by dividing (A) the amount of such Participant’s vested Deferral Account held in the applicable subdivision, determined as though a lump-sum payment were being made as of the last Valuation Date preceding the date of payment of such installment, by (B) the number of installment payments then remaining to be made; or”
IN WITNESS WHEREOF, this amendment is hereby adopted on this 22 day of January, 2019.
Jason E. Long
C&F Financial Corporation
ByJason E. Long
Its SVP & CFO
