First Amendment to Directors Deferred Compensation Plan for Union Bankshares (2018)
Union Bankshares has amended its Directors Deferred Compensation Plan, effective January 1, 2018. The amendment clarifies that if a director who is receiving periodic installment payments under the plan dies, any remaining unpaid installments will be paid to the director's beneficiary over the originally scheduled period. This change ensures beneficiaries receive the full benefit as intended. The amendment was adopted on August 20, 2018, and signed by company officers.
Exhibit 10.6.1
FIRST AMENDMENT TO
DIRECTORS DEFERRED COMPENSATION PLAN
FOR UNION BANKSHARES
(As Restated Effective January 1, 2018)
Pursuant to subparagraph 12.1(b), the Administrator hereby adopts the following amendment to the Virginia Bankers Association Model Non-Qualified Deferred Compensation Plan for Directors (the companion document to the Adoption Agreement for the Directors Deferred Compensation Plan for Union Bankshares):
1.A new subparagraph 7.4(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:
7.4(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
