Amendment to Salary Continuation Agreement between West Pointe Bancorp, Inc., West Pointe Bank and Trust Company, and Bonnie M. Hettenhausen

Contract Categories: Human Resources › Salary Continuation Agreements
Summary

This amendment updates the Salary Continuation Agreement originally made between West Pointe Bancorp, Inc., West Pointe Bank and Trust Company, and executive Bonnie M. Hettenhausen. The main change is an increase in the annual retirement benefit to $29,597, with the company's board retaining the right to further increase this amount. The amendment also replaces the previous benefit schedule with a new one reflecting these changes. All other terms of the original agreement remain in effect.

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EX-10.1 2 c88557exv10w1.txt AMENDMENT TO SALARY CONTINUATION AGREEMENT EXHIBIT 10.1 AMENDMENT TO WEST POINTE BANCORP, INC. AND WEST POINTE BANK AND TRUST COMPANY SALARY CONTINUATION AGREEMENT FOR BONNIE M. HETTENHAUSEN THIS AMENDMENT executed on this 30th day of September, 2004, by and between West Pointe Bancorp, Inc. and West Pointe Bank and Trust Company, a holding company and a state commercial bank located in Belleville, Illinois (the "Company") and Bonnie M. Hettenhausen (the "Executive"). The Company and the Executive executed the West Pointe Bancorp, Inc. and West Pointe Bank and Trust Company Salary Continuation Agreement dated January 1, 2003 (the "Agreement"). Pursuant to the power of amendment reserved by Article 7 of the Agreement, the undersigned hereby amend, in part, said Agreement for the purpose of increasing the Normal Retirement Benefit. Therefore: Article 2, Section 2.1.1 shall be deleted in its entirety and replaced with Article 2, Section 2.1.1 below: 2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is Twenty-Nine Thousand Five Hundred Ninety-Seven Dollars ($29,597). The Company's Board of Directors, in its sole discretion, may increase the annual benefit under this Section 2.1.1; however, any increase shall require the recalculation of Schedule A. Schedule A of the Agreement shall be deleted in its entirety and replaced by the attached new Schedule A. IN WITNESS OF THE ABOVE, the Executive and the Company have agreed to this Amendment. EXECUTIVE: COMPANY: Name of bank /s/ Bonnie M. Hettenhausen By /s/ Terry W. Schaefer - ----------------------------- ----------------------- Bonnie M. Hettenhausen Title President and Chief Executive Officer CLARK CONSULTING PLAN YEAR REPORTING HYPOTHETICAL TERMINATION BENEFITS SCHEDULE
BONNIE M. HETTENHAUSEN - ---------------------------------------------------------------------------------------------------------- DOB: 8/1/1944 EARLY TERMINATION DISABILITY CHANGE OF CONTROL PRE-RETIRE. Plan Anniv Date: 1/1/2005 DEATH Normal Retirement: 8/1/2009, Age 65 Installment Installment Installment BENEFIT Payment: Monthly Installments Payable Immediately Payable Immediately Payable at 65 Installment - ---------------------------------------------------------------------------------------------------------- Benefit Accrual Based On Based On Based On Based On Level Balance Vesting Accrual Vesting Accrual Vesting Benefit Benefit Period Discount ------------------------------------------------------------------------------------- Ending Rate (1) (2) (3) (4) (5) (6) (7) (8) (9) - ---------------------------------------------------------------------------------------------------------- May 2004(1) 31,425 0% 0 0% 0 100% 29,597 29,597 5/31/2004 Accrual Balance Rollover Dec 2004 7.5% 29,597 53,338 0% 0 0% 0 100% 29,597 29,597 Dec 2005 7.5% 29,597 93,200 0% 0 0% 0 100% 29,597 29,597 Dec 2006 7.5% 29,597 136,157 0% 0 0% 0 100% 29,597 29,597 Dec 2007 7.5% 29,597 182,448 0% 0 0% 0 100% 29,597 29,597 Dec 2008 7.5% 29,597 232,333 20% 5,137 20% 5,137 100% 29,597 29,597 - ---------------------------------------------------------------------------------------------------------- Aug 2009 7.5% 29,597 267,724 100% 29,597 100% 29,597 100% 29,597 29,597 - ----------------------------------------------------------------------------------------------------------
August 1, 2009 Retirement; September 1, 2009 First Payment Date - ---------- (1) The first line reflects just the initial values as of May 31, 2004. * The purpose of this hypothetical illustration is to show the participant's annual benefit based on various termination assumptions. Actual benefits are based on the terms and provisions of the plan agreement executed between the company and participant and may differ from those shown. Salary Continuation Plan Securities offered through for West Pointe Bank & Clark Securities, Inc., Trust Co. - Belleville, IL a wholly owned subsidiary 1000339 24239 188278 v5.34.20 of Clark, Inc., member 08/12/2004:8 SCP-E.SD NB NASD & SIPC, Los Angeles, CA 90071, (213 ###-###-####.