First Amendment to Salary Continuation Agreement between New Peoples Bank, Inc. and Kenneth D. Hart

Summary

This amendment updates the Salary Continuation Agreement between New Peoples Bank, Inc. and Kenneth D. Hart, originally signed on December 18, 2002. The amendment removes certain definitions and a section from the original agreement and adds a new vesting clause. Under the new terms, the benefit amount is not vested in the first year but becomes fully vested after the first plan year. Both parties have agreed to these changes as of June 30, 2003.

EX-10.5 2 dex105.htm FIRST AMENDMENT SALARY CONTINUATION AGREEMENT-HART FIRST AMENDMENT SALARY CONTINUATION AGREEMENT-HART

Exhibit 10.5

FIRST AMENDMENT TO THE

NEW PEOPLES BANK, INC.

SALARY CONTINUATION AGREEMENT

DATED DECEMBER 18, 2002

FOR

KENNETH D. HART

THIS AMENDMENT executed on this 30^th day of June, 2003, by and between the NEW PEOPLES BANK, INC., a state chartered commercial bank located in Honaker, Virginia (the “Company”), and KENNETH D. HART (the “Executive”)

On December 18, 2002, the Company and the Executive executed the SALARY CONTINUATION AGREEMENT (the “Agreement”).

Pursuant to the power of amendment reserved by Article 7 of the Agreement, the undersigned hereby amends, in part, said Agreement for the purposes of: (i) removing definitions and (ii) adding a vesting clause. Therefore,

Section 1.2 shall be deleted from the Agreement.

Section 1.3 shall be deleted from the Agreement.

Section 8.2 shall be deleted from the Agreement.

Section 2.2.4 shall be added to the Agreement as follows:

The benefit amount is subject to a vesting schedule of zero percent (0.0%) in the first Plan Year, and one hundred percent (100%) thereafter.

IN WITNESS OF THE ABOVE, the Executive and the Company have agreed to this First Amendment.


Executive:	Company:

	NEW PEOPLES BANK, INC.

/s/ Kenneth D. Hart	By	/s/ Lynn Keene
Kenneth D. Hart	Title	Chairman of the Board