First Amendment to Wilson Bank and Trust Supplemental Executive Retirement Plan Agreement with Clark Oakley

Summary

Wilson Bank and Trust and Clark Oakley have amended their Supplemental Executive Retirement Plan Agreement, originally effective November 23, 2012. This amendment, effective September 26, 2016, increases the annual retirement benefit by $330 (except for disability benefits before normal retirement age) and revises the disability benefit to 60% of the executive's base salary and bonus, payable monthly until normal retirement age. At that point, the benefit adjusts to the normal retirement amount. The amendment also removes the section on coordination of benefits.

EX-10.66 4 exhibit1066.htm EXHIBIT 10.66 Exhibit

EXHIBIT 10.66

FIRST AMENDMENT TO THE

WILSON BANK AND TRUST

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT

IMPLEMENTED NOVEMBER 23, 2012

WHEREAS, Wilson Bank and Trust (the “Bank”) and Clark Oakley, (the “Executive”) previously entered into the Wilson Bank and Trust Supplemental Executive Retirement Plan Agreement (the “Agreement”), originally effective as of November 23, 2012; and

WHEREAS, the Agreement is designed to provide retirement benefits (the “Benefits”) to the Executive upon certain enumerated events, payable out of the Bank's general assets; and

WHEREAS, the Bank and the Executive have agreed to amend the Agreement to increase benefit

payments under the Agreement as of September 26, 2016.

NOW, THEREFORE, effective September 26, 2016, the Bank and the Executive hereby

amend the Agreement as follows:

In the event that benefits become payable under the Agreement, in all cases except for the Disability Benefit payable prior to Normal Retirement Age the applicable benefit payable will be increased by the amount of Three Hundred Thirty Dollars ($330.00) annually, with such benefits payable at the same time and in the same form as provided in the Agreement and in accordance with Section 409A of the Code.


2.	Paragraph 3.4, “Disability Benefit” is hereby deleted in its entirety and replaced with the

following:

Upon the Executive’s Disability while actively employed by the Employer, but prior to his or her Normal Retirement or Early Retirement, the Executive will be entitled to the benefit described in this Section 3.4 in lieu of any other benefit under this Agreement. The Disability Benefit will equal sixty (60%) percent of the Executive’s base salary and bonus at the time of the Disability. The Disability Benefit is payable in equal monthly installments commencing on the first (1st) day of the third month following the date of the Executive’s Disability and payable until the Executive reaches Normal Retirement Age. At Normal Retirement Age, the Disability Benefit will be reduced to an amount equal to the Normal Retirement Benefit (as increased by Section 1 of this Amendment) as provided for in Section 3.1 as if the Executive separated from service at the Executive’s Normal Retirement Age and such reduced amount shall continue for the life of the Executive as provided in Section 3.1.


3.	Paragraph 3.9, “Coordination of Benefits”, is hereby deleted in its entirety.

IN WITNESS WHEREOF, both parties hereto acknowledge that each has carefully read and considered this Amendment and consent to the changes contained herein. Both parties have caused this First Amendment to the Wilson Bank and Trust Supplemental Executive Retirement Plan Agreement to be executed this 26 day of September, 2016, effective September 26, 2016.



		WILSON BANK AND TRUST
		Lebanon, Tennessee

Witness:	/s/ Christy Norton	By:	/s/ Elmer Richerson

		Title:	President

Witness:	/s/ Lisa Pominski	/s/ Clark Oakley
		Clark Oakley