First Amendment to Deferred Compensation Agreement between Southside Bank and Keith Donahoe

Contract Categories: Human Resources › Compensation Agreements
Summary

Southside Bank and Keith Donahoe have amended their existing deferred compensation agreement, originally effective August 21, 2023. This amendment increases the total deferred compensation amount from $300,000 to $500,000 and raises the periodic payment from $2,500 to $4,166.67. All other terms of the original agreement remain unchanged. The amendment is effective as of December 19, 2024.

Read More Arrow
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 DonahoeBy: Lee R. Gibson
Its: Chief Executive Officer
- 2 -