First Amendment to Deferred Compensation Agreement

EX-10.9 3 deferredcompamendment-keit.htm EX-10.9 Document

EXHIBIT 10.9

FIRST AMENDMENT TO DEFERRED COMPENSATION AGREEMENT

THIS FIRST AMENDMENT TO DEFERRED COMPENSATION AGREEMENT (the “Amendment”) is entered into by and between SOUTHSIDE BANK (the “Company”) and KEITH DONAHOE (the “Executive”), effective as of the date of execution.

WHEREAS, the Company and the Executive entered into a deferred compensation agreement effective as of August 21, 2023 (the “Deferred Compensation Agreement”); and

WHEREAS, the Company and the Executive desire to amend the Deferred Compensation Agreement to increase the amount payable to Executive thereunder;

NOW, THEREFORE, the Company and the Executive agree as follows:

1.The first sentence of Section III of the Deferred Compensation Agreement is hereby amended by deleting the words “THREE HUNDRED THOUSAND AND NO/100 DOLLARS ($300,000.00)” and replacing them with “FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000.00).”

2.The first sentence of Section III of the Deferred Compensation Agreement is hereby amended by deleting the words “TWO THOUSAND FIVE HUNDRED DOLLARS ($2,500.00)” and replacing them with “FOUR THOUSAND ONE HUNDRED SIXTY-SIX DOLLARS AND SIXTY-SEVEN CENTS ($4,166.67).”

3.Except as modified by this Amendment, the Deferred Compensation Agreement remains in full force and effect.

4.This Amendment and the Deferred Compensation Agreement, when construed together, constitute the entire agreement of the parties with respect to the matters addressed herein.

(Signature on following page)

EXECUTED on the 19th day of December 2024.


EXECUTIVE:						SOUTHSIDE BANK
/s/ Keith Donahoe						/s/ Lee R. Gibson
Keith Donahoe						By: Lee R. Gibson
						Its: Chief Executive Officer

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