CTBI Form 10-K as of December 31, 2006 Exhibit 10.2


    EXHIBIT
      10.2

    


    


    AMENDMENT
      NUMBER ONE 

    TO
      THE

    COMMUNITY
      TRUST BANCORP, INC.

    SAVINGS
      AND EMPLOYEE STOCK OWNERSHIP PLAN

    


    Pursuant
      to the powers of amendment reserved in Section 20.1 of the Community Trust
      Bancorp, Inc. Savings and Employee Stock Ownership Plan, as amended and restated
      effective January 1, 1999 (the “Plan”), Community Trust Bancorp, Inc. hereby
      amends the Plan as follows:

    


    1.

    


    The
      Plan
      is amended by adding thereto the following new Sections 2.4A:

    


    2.4A “Catch
      Up Contributions”
means
      a
      voluntary contribution made by an eligible Participant to the Trust under the
      Plan pursuant to Section 4.5.

    


    2.

    


    Section
      2.10 of the Plan is amended to add the following sentence at the end
      thereof:

    


    “Notwithstanding
      the above, effective for any Plan Years beginning after December 31, 2001,
      a
      Participant’s Compensation for purposes of the Plan shall not exceed $200,000,
      as adjusted in accordance with Section 401(a)(17) of the Code.”

    


    3.

    


    Section
      2.19 of the Plan is amended by deleting the last sentence thereof in its
      entirety and by substituting the following therefor:

    


    “Effective
      January 1, 2002, the term Eligible Retirement Plan also shall include an
      eligible deferred compensation plan described in Section 457(b) of the Code
      which is maintained by an eligible employer described in Section 457(e)(1)(A)
      and an annuity contract described in Section 403(b) of the Code. In the case
      of
      an Eligible Rollover Distribution to the surviving spouse, prior to January
      1,
      2002, an Eligible Retirement Plan is an individual retirement account described
      in Section 408(a) of the Code or an individual retirement annuity described
      in
      Section 408(b) of the Code.”

    


    4.

    


    Section
      2.20 of the Plan is amended to delete the word “or” after subsection (e), to add
      the following new subsection (f) and to reletter the remaining subsection
      accordingly.

    


    “(f) any
      withdrawal on account of financial hardship pursuant to Section 15.2;
      or”

    


    5.

    


    The
      Plan
      is amended by deleting Section 2.53 in its entirety and by substituting therefor
      a new Section 2.53 as follows:

    


    “2.53 ‘Total
      and Permanent Disability’
      means
      the Participant has become entitled to receive disability benefits either under
      a long term disability plan sponsored by the Company or one of its Affiliates
      or
      under the United States Social Security Act.”

    


    6.

    


    Effective
      January 1, 1999, Section 2.48 of the Plan shall be deleted in its entirety
      and
      all of the remaining sections in Article II, including all internal references
      to the same, shall be renumbered accordingly.

    


    7.

    


    The
      Plan
      is amended by deleting Section 3.2 in its entirety and by substituting therefor
      a new Section 3.2 (with no change to the caption) as follows:

    


    “A
      Former
      Participant who returns to employment and becomes a Covered Employee may
      commence participation as of the date he or she again becomes a Covered
      Employee. An Employee who has satisfied the eligibility requirements of this
      Article III but does not become a Participant on the next Entry Date due to
      a
      Break in Service, a Leave of Absence or because he or she is not a Covered
      Employee on that Entry Date may commence participation upon the Entry Date
      next
      following the termination of the Break in Service or Leave of Absence or the
      date he or she again becomes a Covered Employee. An Employee who has satisfied
      the eligibility requirements of this Article III but who Terminates Employment
      prior to his or her applicable Entry Date, and who is re-employed after that
      Entry Date, shall commence participation immediately upon reemployment.
      Effective January 1, 2002, notwithstanding any other provisions herein to the
      contrary, any Former Participant or terminated Employee who subsequently returns
      to employment after a Break in Service shall be required to complete 1,000
      Hours
      of Service in the twelve (12) consecutive months beginning on his or her date
      of
      reemployment, or, failing that, in any Plan Year that commences after his or
      her
      date of reemployment. Upon completion of 1,000 Hours of Service, the Plan
      participation for such Former Participant or Employee (except with regard to
      entitlement to contributions under the Plan) shall be retroactive to his or
      her
      date of reemployment.”

    


    8.

     

    Section
      4.1 of the Plan is amended to insert the phrase “(effective for Plan Years
      beginning on or after January 1, 2003, fifteen percent (15%))” after the phrase
“nor more than twelve (12%)” in the first sentence thereof .

    


    9.

    


    Section
      4.1 of the Plan is amended by deleting the second sentence thereof in its
      entirety and by substituting the following therefor:

    


    “The
      total amount of such contributions under this Plan and any other cash or
      deferred arrangement in which the Employee participates may not exceed eleven
      thousand dollars ($11,000) for any Plan Year, as adjusted in accordance with
      Section 402(g) of the Code.”

    


    10.

    


    The
      Plan
      is amended by adding thereto the following new Section 4.5:

    


    “4.5 Catch
      Up Contributions.

    


    Effective
      as of October 1, 2002, each Participant that is eligible to make Salary Deferral
      Contributions pursuant to Section 4.1 and who will have attained age 50 before
      the close of the Plan Year shall be eligible to make a Catch Up Contribution
      in
      accordance with, and subject to the limitations of, Section 414(v) of the Code.
      Such contributions shall be credited to the Participant’s Salary Deferral
      Contribution Account and shall be fully vested and nonforfeitable at all times.
      Such Catch Up Contributions shall not be taken into account for purposes of
      the
      provisions of the Plan implementing the requirements of Sections 402(g) and
      415
      of the Code. In addition, the Plan shall not be treated as failing to satisfy
      the provisions of the Plan implementing the requirements of Sections 401(k)(3),
      410(b) or 416 of the Code, as applicable, by reason of the making of such Catch
      Up Contributions.”

    


    11.

    


    Sections
      5.7 and 5.8 of the Plan are deleted in their entirety.

    


    12.

    


    Section
      6.5(a) of the Plan is amended to change the reference to “Section 6.5(f)” in the
      last sentence thereof to “Section 6.5(e).”

    


    13.

    


    Section
      7.1(a) of the Plan is amended by deleting the phrase “(a) Thirty Thousand
      Dollars ($30,000) or (b) twenty-five percent (25%)” in the sole sentence thereof
      and by substituting the phrase “(a) Forty Thousand Dollars ($40,000) or (b)
      one-hundred percent (100%)” therefor.

    


    14.

    


    Section
      8.1 of the Plan is amended to add the following sentences at the end
      thereof:

    


    “Notwithstanding
      the above, effective January 1, 2002, a Participant shall become one-hundred
      percent (100%) vested in his or her Matching Contribution Account after being
      credited under the Plan with three (3) or more Years of Vesting Service.
      Effective September 1, 2002, a Participant shall become one-hundred percent
      (100%) vested in his or her Employer Base Contribution Account after being
      credited under the Plan with three (3) or more Years of Vesting
      Service.”

    


    15.

    


    Section
      11.1 of the Plan is amended to insert the phrase “Catch Up Contributions,” after
      the phrase “Salary Deferral Contributions” in the fourth sentence
      thereof.

    


    16.

    


    Effective
      January 1, 1999, Section 12.3(a) of the Plan is amended to change the reference
      to “$750,000” wherever it appears to “$735,000.”

    


    17.

    


    Section
      12.4 of the Plan is amended to add the following new sentence to the end
      thereof:

    


    “Effective
      January 1, 2002, a Participant may elect to waive the 30-day waiting period
      before the commencement of benefit payments if the distribution of the
      Participant’s benefit begins no earlier than seven (7) days after the written
      notification described in this Section 12.4 is provided to the
      Participant.”

    


    18.

    


    Section
      12.5 of the Plan is amended to add the following new paragraph at the end
      thereof:

    


    “Effective
      April 1, 2002, for purposes of determining if a Participant’s Plan Accounts
      exceed $5,000, the Plan Administrator shall exclude any amount held in the
      Participant’s Rollover Contribution Account.”

    


    19.

    


    Section
      12.8(b) of the Plan is amended to add the following sentence at the end
      thereof:

    


    “All
      distributions required under this Section 12.8(b) will be determined in
      accordance with the Treasury Regulations under Section 401(a)(9) of the Code.
      Distributions required to begin under this Section 12.8(b) during the Plan
      Year
      ended December 31, 2002 shall be determined in accordance with the final and
      temporary Treasury Regulations under Section 401(a)(9) of the Code issued in
      April 2002.”

    


    20.

    


    Section
      14.2 of the Plan is amended by deleting the second and third sentences thereof
      in their entirety.

    


    21.

    


    Effective
      January 1, 1999, the first sentence of Section 15.2(a) of the Plan is amended
      by
      deleting the same in its entirety and by substituting the following
      therefor:

    


    “A
      Participant may withdraw some or all of the amount in his or her Salary Deferral
      Contribution Account attributable to Salary Deferral Contributions and/or Catch
      Up Contributions (earnings on such contributions shall not be eligible for
      withdrawal) if such a withdrawal is necessary due to the immediate and heavy
      financial need of the Participant.”

    


    22.

    


    Section
      18.1(a) of the Plan is amended by deleting the last sentence thereof in its
      entirety and by substituting the following therefor:

    


    “The
      value of the accumulated benefit for any Employee as of a Plan Year shall
      include (i) with respect to Plan Years beginning prior to January 1, 2002,
      the
      aggregate distributions, including withdrawals, made with respect to such
      Employee under the Plan during the five-year period ending on the Determination
      Date and (ii) with respect to Plan Years beginning on or after January 1, 2002,
      any part of any account balance distributed on account of a Participant’s
      termination from employment, death or disability in the one-year period ending
      on the applicable Determination Date.”

    


    23.

    


    Section
      18.2(b) of the Plan is amended to add the following sentence at the end
      thereof:

    


    “Notwithstanding
      the above, effective September 1, 2002, in the event that the Plan is top heavy,
      the Committee shall calculate the Vested Percentage of a Participant’s Employer
      Base Contribution Account and Matching Contribution Account in accordance with
      the provisions for vesting set forth in Section 8.1 or the above schedule,
      whichever shall provide the Participant with a higher vested benefit, and with
      respect to Discretionary Contribution Account in accordance with the above
      schedule.”

    


    24.

    


    Unless
      otherwise indicated, this Amendment Number One shall be effective as of January
      1, 2002.

    


    * * * *

    


    COMMUNITY
      TRUST BANCORP, INC.

    


    By:
        /s/
      Jean
      R. Hale

    


    Title: Chairman,
      President, and CEO


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    AMENDMENT
      NUMBER TWO

    TO
      THE

    COMMUNITY
      TRUST BANCORP, INC.

    SAVINGS
      AND EMPLOYEE STOCK OWNERSHIP PLAN

    


    Pursuant
      to the powers of amendment reserved in Section 20.1 of the Community Trust
      Bancorp, Inc. Savings and Employee Stock Ownership Plan, as amended and restated
      effective January 1, 1999 (the “Plan”), Community Trust Bancorp, Inc. hereby
      amends the Plan as follows:

    


    1.

    The
      Plan
      is amended by deleting Section 2.10 in its entirety and by substituting the
      following therefor:

    


    “2.10 “Compensation”
means
      the aggregate of all payments for personal services paid by the Employer to
      a
      Participant during a Plan Year subsequent to the Participant’s Entry Date,
      including base pay, overtime, bonuses, one-time payments, incentive
      compensation, commissions and absence pay including payments for sick, personal,
      vacation, bereavement, jury duty, disability and work related training;
      provided, Compensation shall exclude any reimbursed personal automobile
      expenses, car allowances or car add-ins, relocation expenses, excess life
      insurance premiums under Section 79 of the Code, stock based compensation
      includible in a Participant’s gross income and any severance payments or amounts
      paid upon the cancellation of an employment contract. Compensation shall be
      determined without regard to any reduction in remuneration resulting from an
      election to have Salary Deferral Contributions made to the Plan or for any
      other
      elective amounts that are not includible in the gross income of a Participant
      under Section 125 or 132(f)(4) of the Code. Notwithstanding the above, a
      Participant’s Compensation for purposes of the Plan shall not exceed $205,000,
      as adjusted in accordance with Section 401(a)(17) of the Code.”

    


    2.

    Effective
      January 1, 2002, Section 7.1(a) of the Plan is amended by inserting the phrase
      “, as adjusted for cost living increases under Section 415(d) of the Code and
      regulations thereunder,” after the phrase “Forty Thousand Dollars
      ($40,000).”

    


    3.

    Section
      5.2 of the Plan is amended by deleting the last sentence thereof in its entirety
      and by substituting the following therefor:

    


    “The
      Matching Contribution will be determined as of the end of each payroll period
      and will be allocated not later than the last day of each calendar quarter
      within a Plan Year to the Matching Contribution Account of the Participant
      receiving the Matching Contribution.”

    


    4.

    Unless
      otherwise indicated, this Amendment Number Two shall be effective as of January
      1, 2004.

    


    


    IN
      WITNESS WHEREOF, the Plan is hereby amended effective as of the dates set forth
      above.

    


    COMMUNITY
      TRUST BANCORP, INC.

    


    By:
        /s/
      Jean
      R. Hale

    


    Title: Chairman,
      President, and CEO


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    


    AMENDMENT
      NUMBER THREE

    TO
      THE

    COMMUNITY
      TRUST BANCORP, INC.

    SAVINGS
      AND EMPLOYEE STOCK OWNERSHIP PLAN

    


    Pursuant
      to the powers of amendment reserved in Section 20.1 of the Community Trust
      Bancorp, Inc. Savings and Employee Stock Ownership Plan, as amended and restated
      effective January 1, 1999 (the “Plan”), Community Trust Bancorp, Inc. hereby
      amends the Plan as follows:

    


    1.

     

    The
      Plan
      is amended by adding thereto the following new Section 2.29A:

     

    “2.29A
      ‘Heritage
      Plan’
means
      the Heritage Community Bank 401(k) Profit Sharing Plan as in effect as of June
      10, 2005.”

    


    2.

     

    Section
      2.35 of the Plan is amended by adding the following sentence to the end thereof:
      

     

    “This
      account shall include matching contributions transferred from the Heritage
      Plan.”

     

    3.

    Section
      2.47 of the Plan is amended by adding the following sentence to the end
      thereof:

     

    “This
      account shall include qualified non-elective contributions transferred from
      the
      Heritage Plan.”

     

    4.

     

    Section
      2.48 of the Plan, as renumbered by Amendment Number One, is amended by adding
      the following sentence to the end thereof:

     

    “This
      account shall include rollover contributions transferred from the Heritage
      Plan.”

    


    5.

     

    Section
      2.50 of the Plan, as renumbered by Amendment Number One, is amended by adding
      the following sentence to the end thereof: 

     

    “This
      account shall include pre-tax salary deferral contributions transferred from
      the
      Heritage Plan.”

    


    6.

     

    Effective
      March 28, 2005, Section 12.5 of the Plan is amended by striking it in its
      entirety and inserting the following:

     

    “Notwithstanding
      any provisions of the plan to the contrary, if the vested portion of a
      Participant’s Plan Accounts upon Termination of Employment is $1,000 or less,
      then such vested portion shall be paid to the Participant in a lump sum payment
      as soon as practicable after the date the benefit first becomes payable to
      such
      Participant.  If
      the
      vested portion of a Participant’s Plan Accounts upon Termination of Employment
      exceeds $1,000, the Participant may elect to receive an immediate distribution
      of benefits. If such Participant does not elect or consent to receive an
      immediate distribution, his or her Plan Account shall remain in the Trust until
      the earlier of the Participant’s Normal Retirement Date or the date as of which
      the Participant elects to receive a distribution of his or her Plan
      Accounts.”

    


    7.

     

    Section
      15.2(c) of the Plan is amended by adding the phrase “(including amounts
      necessary to pay any income taxes or penalties reasonably anticipated to result
      from the withdrawal)” to the end of subsection (i) thereof.

    


    


    IN
      WITNESS WHEREOF, the Plan is hereby amended as set forth in this Amendment
      Number Three, effective, except as noted above, as of March 28,
      2005.

    


    COMMUNITY
      TRUST BANCORP, INC.

    


    By:
        /s/
      Jean
      R. Hale

    


    Title: Chairman,
      President, and CEO


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    


    AMENDMENT
      NUMBER FOUR

    TO
      THE

    COMMUNITY
      TRUST BANCORP, INC.

    SAVINGS
      AND EMPLOYEE STOCK OWNERSHIP PLAN

    


    Pursuant
      to the powers of amendment reserved in Section 20.1 of the Community Trust
      Bancorp, Inc. Savings and Employee Stock Ownership Plan, as amended and restated
      effective January 1, 1999 (the “Plan”), Community Trust Bancorp, Inc. hereby
      amends the Plan as follows:

    


    1.

    Section
      4.1 of the Plan is amended by adding a new sentence between the fourth and
      fifth
      sentences to read as follows: 

    “The
      Plan
      may use any reasonable method for computing the income or loss allocable to
      excess Salary Deferral Contributions, provided that the method does not violate
      Code Section 401(a)(4), is used consistently for all Participants and for all
      corrective distributions under the Plan for the Plan Year, and is used by the
      Plan for allocating income to Participants’ accounts. The Plan may also elect to
      use a method of allocating Plan Year or gap period income as specified under
      Treasury Regulation section 1.402(g)-1, as such regulation may be finalized
      or
      Treasury Regulation section 1.401(k)-2(b)(2)(iv). Gap period income need only
      be
      included to the extent the Participant is or would be credited with allocable
      gain or loss on those excess deferrals for such gap period, if the total account
      were to be distributed.”

     

    2.

    Section
      4.3 of the Plan is amended by inserting
      a new paragraph to the end thereof to read as follows:
      

    “The
      Plan
      may use any reasonable method for computing the income or loss allocable to
      excess contributions, provided that the method does not violate Code Section
      401(a)(4), is used consistently for all Participants and for all corrective
      distributions under the Plan for the Plan Year, and is used by the Plan for
      allocating income to Participants’ accounts. Alternatively, the Plan may elect
      to use a method of allocating Plan Year or gap period income specified under
      Treasury Regulation Section 1.401(k)-2(b)(2)(iv). Gap period income need only
      be
      included to the extent the Participant is or would be credited with allocable
      gain or loss on those excess contributions for such gap period, if the total
      account were to be distributed.” 

     

    3.

    Section
      4.4 of the Plan is amended by inserting
      a new paragraph in-between the first and second paragraphs to read as
      follows:
      

    “For
      purposes of this Section, the actual deferral percentage for any Participant
      who
      is a Highly Compensated Employee and who is eligible to have elective deferrals
      allocated to his or her accounts under two or more arrangements described in
      Code Section 401(k), that are maintained by the Employer (or of any trade or
      business, whether or not incorporated, which is considered to be under common
      control with the Employer under regulations prescribed by the Secretary of
      the
      Treasury pursuant to Code Section 414(c)), shall be determined as if such
      elective deferrals were made under a single plan. If a Highly Compensated
      Employee participates in two or more cash or deferred arrangements that have
      different plan years, all elective deferrals made during the Plan Year under
      all
      such plans and arrangements shall be aggregated.”

     

    4.

    Section
      5.1 of the Plan is amended by inserting
      the following sentence to the end thereof:
      

    “Effective
      with respect to Plan Years commencing after December 31, 2006, and contingent
      upon the creation of a separate employee stock ownership plan effective as
      of
      January 1, 2007, no contributions shall be made by the Employer under this
      Section 5.1(a).”

     

    5.

    Section
      5.3 of the Plan is amended by inserting
      the following sentence to the end thereof:

    “Any
      Qualified Non-Elective Contributions made by the Employer under this Section
      5.3
      that are made to correct any ADP or ACP failure shall comply with the
      requirements set forth in Treasury Regulation section 1.401(k)-2(a)6) or
      1.401(m)-2(a)(6), as in effect on January 1, 2006.” 

     

    6.

    Section
      5.5 of the Plan is amended by inserting
      the following paragraph to the end thereof:

    “The
      Plan
      may use any reasonable method for computing the income or loss allocable to
      excess aggregate contributions, provided that the method does not violate Code
      Section 401(a)(4), is used consistently for all Participants and for all
      corrective distributions under the Plan for the Plan Year, and is used by the
      Plan for allocating income to Participants’ accounts. Alternatively, the Plan
      may elect to use a method of allocating Plan Year or gap period income specified
      under Treasury Regulation Section 1.401(m)-2(b)(2)(iv). Gap period income need
      only be included to the extent the Participant is or would be credited with
      allocable gain or loss on those excess aggregate contributions for such gap
      period, if the total account were to be distributed.”

     

    7.

    Section
      5.6 of the Plan is amended by inserting
      the following sentence to the end thereof:

    “For
      purposes of this Section, the actual contribution percentage for any Participant
      who is a Highly Compensated Employee and who is eligible to participate in
      more
      than one plan described in Code Section 401(a), or arrangements described in
      Code Section 401(k), that are maintained by the Employer (or of any trade or
      business, whether or not incorporated, which is considered to be under common
      control with the Employer under regulations prescribed by the Secretary of
      the
      Treasury pursuant to Code Section 414(c)), shall be determined as if the total
      of such contribution percentage amounts were made under a single plan. If a
      Highly Compensated Employee participates in two or more cash or deferred
      arrangements that have different plan years, all contribution percentage amounts
      made during the Plan Year under all such plans and arrangements shall be
      aggregated.” 

     

    8.

    Section
      15.2(c)(ii) of the Plan is amended by deleting that section in its entirety
      and
      replacing it with the following: 

    “(ii) the
      Participant has obtained all distributions (other than hardship distributions),
      including any distributions of ESOP dividends under Code Section 404(k), and
      all
      non-taxable loans, currently available under the Plan and under all plans
      maintained by the Employer;”

     

    


    IN
      WITNESS WHEREOF, the Plan is hereby amended as set forth in this Amendment
      Number Four, effective, except as noted above, as of January 1,
      2006.

    


    COMMUNITY
      TRUST BANCORP, INC.

    


    By:
        /s/
      Jean
      R. Hale

    


    Title: Chairman,
      President, and CEO