Amendment No. 1 to the Amended and Restated Deferred Compensation Plan for Directors of AmSouth Bancorporation
Regions Financial Corporation, as successor to AmSouth Bancorporation, amends the Deferred Compensation Plan for Directors effective November 4, 2006. After this date, no new participants can join the plan, and starting January 1, 2007, no additional director fees or retainers can be deferred. However, existing account balances will continue to earn returns as previously described until benefits are paid out according to the plan's terms.
EXHIBIT 10.50
AMENDMENT NUMBER 1
TO THE
AMENDED AND RESTATED
DEFERRED COMPENSATION PLAN
FOR DIRECTORS OF
AMSOUTH BANCORPORATION
(the “Plan”)
Regions Financial Corporation, successor to AmSouth Bancorporation, hereby amends the Plan effective November 4, 2006, as follows:
| 1. | By adding a new section 2.5 as follows: |
2.5 Termination of Deferrals and Participation. On and after November 4, 2006, no new Participants shall be admitted into the Plan. On and after January 1, 2007, no retainers or fees earned on or after that date may be deferred into the Plan. Earnings on Accounts shall continue to accrue as described in Article IV until payment of Benefits is made in accordance with Article V hereof.
IN WITNESS WHEREOF, Regions Financial Corporation has executed this Amendment Number 1 on this day of November, 2006, to be effective as provided above.
| REGIONS FINANCIAL CORPORATION | ||
| By: | /s/ C. Dowd Ritter | |
| C. Dowd Ritter | ||
| Its: | President and Chief Executive Officer | |
| ATTEST: | ||
| By: | /s/ Carl L. Gorday | |
| Its: | Assistant Secretary | |
