Seventh Amendment to WesBanco, Inc. KSOP Regarding Service Credit for Former Old Line Bank Employees
This amendment to the WesBanco, Inc. KSOP (retirement plan) grants former Old Line Bank employees, who joined WesBanco as a result of a merger on November 22, 2019, full credit for their prior service at Old Line Bank. Their Old Line Bank employment date will count as their start date for eligibility and vesting in the plan, and they will become plan participants as of the merger date. The amendment is executed by WesBanco, Inc. and applies specifically to these employees.
EXHIBIT 10.35
SEVENTH AMENDMENT
TO THE
WESBANCO, INC. KSOP
(AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2014)
WHEREAS, WesBanco, Inc. (the “Company”) maintains the WesBanco, Inc. KSOP, as amended and restated effective January 1, 2014 (the “Plan”); and
WHEREAS, Section 12.6 of the Plan reserves to the Company the right to amend the Plan at any time; and
WHEREAS, the Company heretofore has amended the Plan from time to time; and
WHEREAS, the Company has decided to amend the Plan further to address service credit and eligibility with respect to an acquired group of employees;
NOW, THEREFORE, the Plan is hereby amended as follows:
| 1. | Effective November 22, 2019, new Article 24 is added immediately after Article 23, to read as follows: |
Article 24
Service Credit for Former Old Line Bank Employees
Notwithstanding anything in this Plan to the contrary, (a) an individual who was formerly employed by Old Line Bank (“OLB”) and who becomes an Employee of the Employer on November 22, 2019, as a result of the merger of OLB with and into the Company (“Former OLB Employee”), shall receive credit for his prior service with OLB such that his date of employment with OLB shall be treated as his Date of Employment with the Employer for eligibility and vesting purposes under this Plan, and (b) for purposes of Article 3, any Former OLB Employee shall become a Participant on November 22, 2019.
IN WITNESS WHEREOF, this Seventh Amendment of the Plan is, by the authority of the Executive Committee of the Board of Directors of the Company, executed on behalf of the Company this 22nd day of November, 2019.
|
| WesBanco, Inc. | |
|
|
|
|
|
| By: | /s/ Todd F. Clossin |
|
|
| Todd F. Clossin, President & CEO |
ATTEST: |
|
|
|
|
|
|
|
/s/ Karen M. Ellis |
|
|
|
Karen M. Ellis, Assistant Secretary |
|
|
|