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EX-10.2 3 l28543aexv10w2.htm EX-10.2 EX-10.2
Exhibit 10.2
SECOND AMENDMENT
TO THE
VISION BANK
SALARY CONTINUATION PLAN
DATED JULY 14, 2004
FOR
J. DANIEL SIZEMORE
TO THE
VISION BANK
SALARY CONTINUATION PLAN
DATED JULY 14, 2004
FOR
J. DANIEL SIZEMORE
This SECOND AMENDMENT is executed and effective this 1st day of June___, 2007, by and between Vision Bank, a state-chartered commercial bank located in Gulf Shores, Alabama (the Company), and J. Daniel Sizemore (the Executive) as follows:
The Company and the Executive executed the Salary Continuation Plan on July 14, 2004 effective as of the first day of April, 2004 and amended the Salary Continuation Plan on June 26, 2006 effective as of the first day of January, 2005 (collectively, the Agreement); and
Pursuant to that certain Agreement and Plan of Merger entered into between Vision Bancshares, Inc. (the Holding Company) and Park National Corporation dated to be effective as of September 14, 2006, the Holding Company merged with and into Park National Corporation effective as of 6:00 p.m., Eastern Standard Time, on March 9, 2007 (the Merger); and
The Merger resulted in a Change of Control of the Holding Company as defined in Section 1.4 of the Agreement; and
As a result of the Merger, the Company and the Executive desire to amend the Agreement to (a) provide that the Change of Control Benefit shall be equal to the Change of Control Benefit set forth on Schedule A to the Agreement for the Plan Year (as defined in Section 1.17 of the Agreement) during which the Executives Termination of Employment (as defined in Section 1.19 of the Agreement) occurs and in no event may be less than the Change of Control Benefit set forth on Exhibit A to this Second Amendment and (b) clarify that the benefit provided to the Executive upon Termination of Employment following the Merger shall be the greater of (i) the Normal Retirement Benefit described in Section 2.1 or (ii) the Change of Control Benefit described in Section 2.5.
The undersigned hereby amend the Agreement for the purposes recited herein. Therefore, the following amendment to the Agreement shall be made:
Section 2.5 of the Agreement shall be restated as follows:
2.5 | Change of Control Benefit. Upon a Change of Control followed by the Executives Termination of Employment, the Company shall pay to the Executive the benefit described in this Section 2.5 in lieu of the benefits described in Sections 2.2 Involuntary Termination Benefit, 2.3 Voluntary Termination Benefit or 2.4 Disability Benefit. |
2.5.1 Amount of Benefit. The annual benefit under this Section 2.5 is the Change of Control Benefit set forth on Schedule A for the Plan Year during which the Executives Termination of Employment occurs; provided however, that in no event shall such annual benefit be less than the Change of Control Benefit set forth on the Exhibit A attached to the Second Amendment to the Agreement. The benefit is determined by vesting the Executive in one hundred (100%) in the Change of Control Benefit described in this Section 2.5.1.
2.5.2 Payment of Benefit. The Company shall pay the annual benefit to the Executive in twelve (12) equal monthly installments commencing with the month following Normal Retirement Age. The annual benefit shall be paid to the Executive for fifteen (15) years.
2.5.3 Minimum Benefit. The benefit provided to the Executive upon Termination of Employment following the merger of the Holding Company with and into Park National Corporation effective as of 6:00 p.m., Eastern Standard Time, on March 9, 2007, shall in no event be less than the amount described in Section 2.5.1 and; provided further, in the event the Executive is eligible to receive the Normal Retirement Benefit described in Section 2.1 and such Normal Retirement Benefit is greater than the Change of Control Benefit, then the Executive shall be paid the Normal Retirement Benefit in accordance with the provisions of Section 2.1.
IN WITNESS WHEREOF, the Company and the Executive hereby consent to this Second Amendment.
Executive: | Vision Bank | |||||
/s/ J. Daniel Sizemore | By | /s/ William E. Blackmon | ||||
J. Daniel Sizemore | Title | Regional President | ||||
2
Exhibit A
Change in Control Benefit
$47,700.00
3
Plan Year Reporting | ||||
Salary Continuation Plan | ||||
Schedule A |
J. Daniel Sizemore
Birth Date: 1/27/1948 | Change in Control | |||||||||||||||
Plan Anniversary Date: 4/1/2005 | ||||||||||||||||
Normal Retirement: 1/27/2013, Age 65 | Annual Benefit3 | |||||||||||||||
Normal Retirement Payment: Monthly for 15 years | Amount Payable at | |||||||||||||||
Normal Retirement Age | ||||||||||||||||
Benefit | Based On | |||||||||||||||
Values | Age | Level2 | Vesting | Benefit | ||||||||||||
as of | (0) | (1) | (2) | (3) | ||||||||||||
Mar 2007 | 59 | 47,700 | 100 | % | 47,700 | |||||||||||
Mar 2008 1 | 60 | 49,131 | 100 | % | 49,131 | |||||||||||
Mar 2009 | 61 | 50,605 | 100 | % | 50,605 | |||||||||||
Mar 2010 | 62 | 52,123 | 100 | % | 52,123 | |||||||||||
Mar 2011 | 63 | 53,687 | 100 | % | 53,687 | |||||||||||
Mar 2012 | 64 | 55,297 | 100 | % | 55,297 | |||||||||||
Jan 2013 | 65 | 56,956 | 100 | % | 56,956 | |||||||||||
January 27, 2013 Retirement; February 1, 2013 First Payment Date |
1 | The first line reflects 12 months of data, April 2007 to March 2008. | |
2 | The benefit amount is based on 30% of current compensation. Compensation is based on $159,000 initially, inflating at 3.00% each year to $189,854 at retirement. | |
3 | The annual benefit amount will be distributed in 12 equal monthly payments for a total of 180 monthly payments. | |
* | IF THERE IS A CONFLICT IN ANY TERMS OR PROVISIONS BETWEEN THIS SCHEDULE A AND THE AGREEMENT, THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT. |
Salary Continuation Plan for Vision Bank Gulf Shores, AL