Amendment No. 1 to Community Bancshares, Inc. Benefit Restoration Plan
This amendment, effective October 23, 2003, modifies the Community Bancshares, Inc. Benefit Restoration Plan. It states that any participant who breaches a fiduciary duty or commits an act of dishonesty that benefits themselves at the company's expense will forfeit all benefits under the plan. The determination of such actions is made by the company's Board of Directors or an authorized committee. The amendment is executed by the company's officers.
EXHIBIT 10.26
AMENDMENT NUMBER 1
TO THE
COMMUNITY BANCSHARES, INC. BENEFIT RESTORATION PLAN
(the “Plan”)
Pursuant to Section 7.2 of the Plan, Community Bancshares, Inc. hereby amends the Plan, effective as of October 23, 2003, by adding a new Section 4.10 to read as follows:
4.10 Forfeiture of Benefits. Notwithstanding any other provision of this Plan, a participant shall forfeit all benefits payable under this Plan, regardless of when such benefits accrue or have accrued, if the Board of Directors of Community Bancshares, Inc., or a committee thereof to which such authority is delegated, determines that the participant has (a) breached a fiduciary duty owed to Community Bancshares, Inc. or any direct or indirect subsidiary thereof (collectively, the “Company”) or to any benefit plan maintained by the Company resulting in an injury to the Company or the plan, or (b) committed an act of dishonesty resulting directly or indirectly in gain to or personal enrichment of the participant at the expense of the Company.
IN WITNESS WHEREOF, Community Bancshares, Inc. has caused this Amendment Number 1 to be executed by its duly authorized officer as of this 23rd day of October, 2003 to be effective as provided above.
| COMMUNITY BANCSHARES, INC. | ||
| By: | /s/ Patrick M. Frawley | |
| Patrick M. Frawley | ||
| Chairman, Chief Executive Officer and President | ||
| ATTEST: |
| /s/ William H. Caughran |
| Its Secretary |
