First Amendment to Executive Deferred Compensation Plan for Union Bankshares
Union Bankshares has amended its Executive Deferred Compensation Plan, effective January 1, 2018. The amendment clarifies that if a participant who is receiving periodic installment payments dies, any remaining unpaid installments will be paid to the participant's beneficiary over the original payment schedule. This change ensures beneficiaries receive the remaining benefits as intended under the plan.
Exhibit 10.5.1
FIRST AMENDMENT TO
EXECUTIVE DEFERRED COMPENSATION PLAN
FOR UNION BANKSHARES
(As Restated Effective January 1, 2018)
Pursuant to subparagraph 14.1(b), the Administrator hereby adopts the following amendment to the Virginia Bankers Association Model Non-Qualified Deferred Compensation Plan for Executives (the companion document to the Adoption Agreement for the Executive Deferred Compensation Plan for Union Bankshares):
1.A new subparagraph 9.4(d) is added to the Plan to clarify payment rules if death occurs after commencement of periodic installment, to read as follows effective as of January 1, 2018:
9.4(d) In the event that a Participant who has begun to receive periodic installment payments dies, the amounts of any periodic installments remaining unpaid shall be paid to his Beneficiary over the remaining term certain for such installments.
This First Amendment is adopted by the Plan Sponsor as Administrator on this 20th day of August, 2018.
Union Bankshares
Plan Sponsor
By: /s/ Loreen Lagatta (SEAL)
Its:EVP and Chief Human Resource Officer
Attest:
/s/ Rachael Lape
Its:General Counsel and SVP
