Amendment to Salary Continuation Agreement Between West Pointe Bancorp, Inc., West Pointe Bank and Trust Company, and Bruce A. Bone

Contract Categories: Human Resources › Salary Continuation Agreements
Summary

This amendment updates the Salary Continuation Agreement between West Pointe Bancorp, Inc., West Pointe Bank and Trust Company, and executive Bruce A. Bone. The main change is an increase in the annual retirement benefit to $71,933, 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, outlining payment terms and vesting details. All other terms of the original agreement remain in effect.

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EX-10.1 6 c90567exv10w1.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 BRUCE A. BONE THIS AMENDMENT executed on this 16th day of December, 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 Bruce A. Bone (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 Seventy-One Thousand Nine Hundred Thirty-three Dollars ($71,933). 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: West Pointe Bancorp, Inc. West Pointe Bank And Trust Company /s/ Bruce A. Bone By /s/ Terry W. Schaefer - ---------------------------- --------------------- Bruce A. Bone Title President and Chief Executive Officer CLARK CONSULTING PLAN YEAR REPORTING HYPOTHETICAL TERMINATION BENEFITS SCHEDULE-SCHEDULE A BRUCE A. BONE DOB: 9/2/1954 Plan Anniv Date: 1/1/2005 Normal Retirement: 9/2/2019, Age 65 Payment: Monthly Installments
PRE-RETIRE. EARLY TERMINATION DISABILITY CHANGE OF CONTROL DEATH Installment Installment Installment BENEFIT Payable Immediately Payable Immediately Payable at 65 Installment BENEFIT ACCRUAL Based On Based On Based On Based On PERIOD DISCOUNT LEVEL BALANCE Vesting Accrual Vesting Accrual Vesting Benefit Benefit ENDING RATE (1) (2) (3) (4) (5) (6) (7) (8) (9) - -------- -------- ------- ------- ------- ---------- ------------- -------- -------- -------- ------------ May 2004 23,429 0% 0 0% 0 100% 71,933 71,933 5/30/2004 Accrual Balance Rollover Dec 2004 7.5% 71,933 36,453 0% 0 0% 0 100% 71,933 71,933 Dec 2005 7.5% 71,933 60,146 0% 0 0% 0 100% 71,933 71,933 Dec 2006 7.5% 71,933 85,678 0% 0 0% 0 100% 71,933 71,933 Dec 2007 7.5% 71,933 113,192 0% 0 0% 0 100% 71,933 71,933 Dec 2008 7.5% 71,933 142,842 20% 3,158 20% 3,158 100% 71,933 71,933 Dec 2009 7.5% 71,933 174,794 40% 7,729 40% 7,729 100% 71,933 71,933 Dec 2010 7.5% 71,933 209,226 60% 13,878 60% 13,878 100% 71,933 71,933 Dec 2011 7.5% 71,933 246,331 80% 21,786 80% 21,786 100% 71,933 71,933 Dec 2012 7.5% 71,933 286,317 100% 31,653 100% 31,653 100% 71,933 71,933 Dec 2013 7.5% 71,933 329,408 100% 36,416 100% 36,416 100% 71,933 71,933 Dec 2014 7.5% 71,933 375,843 100% 41,550 100% 41,550 100% 71,933 71,933 Dec 2015 7.5% 71,933 425,883 100% 47,082 100% 47,082 100% 71,933 71,933 Dec 2016 7.5% 71,933 479,808 100% 53,043 100% 53,043 100% 71,933 71,933 Dec 2017 7.5% 71,933 537,920 100% 59,467 100% 59,467 100% 71,933 71,933 Dec 2018 7.5% 71,933 600,542 100% 66,390 100% 66,390 100% 71,933 71,933 Sep 2019 7.5% 71,933 650,680 100% 71,933 100% 71,933 100% 71,933 71,933 September 2, 2019 Retirement; October 1, 2019 First Payment Date
1 The first line reflects just the initial values as of May 30, 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. Securities offered through Clark Securities, Inc., DBA CCFS, Inc. Member NASD & SIPC. Los Angeles, in Texas. Salary Continuation Plan California 90071-2086. for West Pointe Bank & Trust Co. Ph: 213 ###-###-####. - Belleville, IL 1000339 24239 199027 v5.35 12/10/2004:13 SCP-E,SD NB