Document:

UMBF 2005 Short-Term Incentive Plan

 EXHIBIT 10.7 
  
 UMB SHORT TERM INCENTIVE COMPENSATION PLAN 
  
 SECTION 1. ESTABLISHMENT OF PLAN 
  
 UMB Financial Corporation does hereby adopt the UMB Financial Corporation Short Term Incentive Compensation Plan set forth herein, effective
as of January 1, 2005, for the purpose of attracting, motivating and rewarding certain executives of the Company with performance-based compensation. 
  
 SECTION 2. DEFINITIONS 
  

	2.1	Affiliate: Any entity which is wholly owned by the Company or by an Affiliate. 

  

	2.2	Associate: A person who is employed by the Company or an Affiliate. 

  

	2.3	Board: The Board of Directors of the Company. 

  

	2.4	Bonus: The cash amount payable to any Participant with respect to a Program. 

  

	2.5	Change in Control: A change in control as that term is defined in Section 11. 

  

	2.6	Compensation Committee: The Committee described in Section 9. 

  

	2.7	Company: UMB Financial Corporation. 

  

	2.8	Designated Executive: An officer of the Company or its Affiliates, who has been designated, as of the time in question, by the Compensation Committee as an individual
whose compensation is to be fixed exclusively by the Compensation Committee. 

  

	2.9	Eligible Employee: A person who is eligible to participate in the Plan in accordance with Section 5. 

  

	2.10	Exchange Act: The Securities Exchange Act of 1934, as amended, and the regulations and interpretations promulgated thereunder. 

  

	2.11	Executive Committee: The Executive Committee of the Company 

  

	2.12	Participant: An Eligible Employee who is designated as a Participant in a Program pursuant to Section 5. 

  

	2.13	Performance Standard: A Performance Standard as defined in Section 6. 

  

	2.14	Performance Period: A fiscal year of the Company or such shorter period as the Compensation Committee may designate in accordance with Section 4 with respect to which
Bonuses may be paid under a Program. 

	2.15	Plan: The UMB Financial Corporation Short Term Incentive Compensation Plan, as amended from time to time. 

  

	2.16	Program: A cash bonus program established by the Compensation Committee under the Plan which, among other things, designates Participants, Designated Executives, Performance
Periods, Performance Standards, formulas or procedures or standards for determining the amounts of Bonuses, and other terms that are to be covered by, and applicable under, such Programs. 

  
 SECTION 3. BONUS PROGRAMS 
  
 The Compensation Committee shall have the authority to establish and administer one or more
Programs pursuant to which Bonuses may be paid to one or more Participants. Each Program shall identify or specify, among other things, the following items: (i) those Eligible Employees of the Company and its Affiliates who will participate in the
Program; (ii) Target Awards for each Participant in a Program; (iii) Performance Standards which will be used in the Program to determine if a Target Award has been earned by a Participant; (iv) formulas, procedures, standards and guidelines to be
used to determine if the amount of a Bonus to be paid to a Participant should be greater than, equal to, or less than, the amount of such Participant’s Target Award; (v) the period of time which the Program will be in effect, and (vii) other
appropriate terms and conditions, as it sees fit. The Target Awards and Performance Standards may differ from Level to Level and Participant to Participant within a Program. The Target Awards, Performance Standards, formulas and procedures may
differ from Program to Program. 
  
 SECTION 4. PERFORMANCE
PERIODS 
  
 For each Program, the Compensation Committee shall establish a
Performance Period over which each Participant’s performance will be measured to determine whether, and in what amounts, a Bonus may be payable to such Participant. 
  
 SECTION 5. ELIGIBILITY, PARTICIPATION AND COVERED EMPLOYEES 
  
 Each Program shall identify those Eligible Employees who will be Participants in the Program.
An Eligible Employee may be an Associate of the Company or any of its Affiliates. For each Program, the Compensation Committee may designate as Participants one or more Eligible 

  

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Employees and may establish one or more descriptive categories (“Levels”) of Eligible Employees. Each Level and each Participant may have a
Performance Standard and Target Award that is different than the Performance Standard and Target Award applicable to each other Level or Participant. Each Program shall identify any “Designated Executives” who are to be Participants in the
Program. 
  
 SECTION 6. PERFORMANCE AND CRITERIA 

 
 Any Bonus payable in accordance with a Program shall be based upon the factors and
criteria (which may be Company-wide or specific to an Affiliate, division, unit, Level, individual, product, and/or geographic area) established from time to time by the Compensation Committee. For each Program and for each Participant, the
Compensation Committee shall designate one or more measurable performance levels or goals based upon such factors and criteria, which the Participant must achieve in order to earn the right to all, or a portion of, a Bonus under the Program
(“Performance Standards”). 
  
 SECTION 7. AMOUNT OF
BONUS 
  
 For each Program, the Compensation Committee shall specify Target
Awards by designating an objective formula or standard for determining the potential dollar amount of each Participant’s Bonus. The Compensation Committee may also adopt and approve formulas, procedures, standards and guidelines to be used in
determining the amounts of Bonuses that will be actually paid under a Program, and such formulas, procedures, standards and guidelines may provide that such amounts are in a range that extends below, and rises above, the respective Target Awards of
the Participants. The formulas, procedures, standards and guidelines need not be uniformly applied to participants in a Program, at the Compensation Committee’s discretion. Notwithstanding a failure to satisfy applicable Performance
Standard(s), and notwithstanding the application of any applicable formulas, procedures, standards and guidelines, the Compensation Committee (or its delegatee) shall have the discretion to increase the amount of any Participant’s Bonus above
the otherwise-applicable amount, to reflect individual performance and/or unanticipated factors. The Compensation Committee or its permitted delegate shall also have the discretion to reduce the amount of any Participant’s Bonus below the
otherwise-applicable amount to reflect individual performance and/or unanticipated factors. 
  

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 SECTION 8. PAYMENT OF BONUSES 
  
 After the close of each Performance Period, the Compensation Committee shall certify in writing any achievement of the applicable
Performance Standard(s), all calculations and adjustments under any formulas, procedures, standards and guidelines applicable to the Program, the amount of any discretionary adjustments, and the amount of any Bonuses payable to Participants. Bonuses
shall be paid as soon as practicable after the end of the Performance Period, but no later than two and one-half months after the end of such period. The Company shall withhold from any amount payable under the Plan, all taxes and other amounts
required to be withheld by any federal, state or local government. 
  
 SECTION 9. ADMINISTRATION BY COMMITTEE 
  
 A committee established
by the Board (the “Compensation Committee”) shall administer the Plan. Until changed by the Board, the members of the Officers Salary and Stock Option Committee shall serve as the members of such committee. The Compensation Committee shall
have full power, authority and discretion to: (a) administer and interpret the Plan and to adopt such rules, regulations, agreements, formulas, procedures, guidelines and standards for the administration of the Plan and for the conduct of its
business as the Compensation Committee deems necessary or advisable, (b) adopt and administer such Programs, for such period(s) of time, and with respect to such Participants, as the Compensation Committee may determine appropriate or useful in
promoting and advancing the purposes and goals of the Company and its Affiliates, (c) establish for each such Program, Performance Standards, Performance Periods, formulas, procedures, criteria, rules, standards or guidelines for the determination
of Bonuses, and such other conditions, terms, elements as the Compensation Committee deems appropriate; and (d) administer, and from time to time amend, such Programs. To the extent provided in Section 10, the Compensation Committee may delegate the
above power, authority and discretion to the Executive Committee. 
  
 SECTION 10. DELEGATION BY COMPENSATION COMMITTEE 
  
 The
Compensation Committee shall have the authority to delegate to the Executive Committee, the power and authority to administer any Program in such manner as the Executive Committee deems beneficial to the Company from time to time, including the
authority to designate 

  

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Participants (other than Designated Executives) in a Program, and to establish Performance Standards, Target Awards and formulas for determining Bonuses for
such Participants, and to make discretionary adjustments to the Bonuses otherwise awardable to Participants, and to otherwise administer such Participants’ participation in, and rights under, the Program. Notwithstanding the foregoing
delegation however, the Compensation Committee shall not have the authority to delegate to the Executive Committee, and only the Compensation Committee shall have, the authority, to designate any Designated Executive as a Participant
in any Program or to fix or establish any Target Awards or Performance Standards or Bonuses for a Designated Executive, or to otherwise grant any Bonuses to a Designated Executive or make discretionary adjustments to a Bonus otherwise awardable to a
Designated Executive, or to otherwise administer a Program with respect to a Designated Executive. 
  
 SECTION 11. CHANGE IN CONTROL 
  

	11.1	Change in Control Defined. For purposes of this Plan, a “Change in Control” shall occur if: 

  

	 	(a)	Any Person (as defined herein) becomes the beneficial owner directly or indirectly (within the meaning of Rule 13d-3 under the Exchange Act) of more than 50% of the Company’s
then outstanding voting securities (measured on the basis of voting power); 

  

	 	(b)	The shareholders of the Company approve a definitive agreement to merge or consolidate the Company with any other corporation or entity, and the transaction contemplated by such
agreement is consummated, other than an agreement providing for (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company, at least 50% of the combined
voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar
transaction) in which no Person acquires more than 50% of the combined voting power of the Company’s then outstanding securities; 

  

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	 	(c)	A change occurs in the composition of the Board during any period of twelve consecutive months such that individuals who at the beginning of such period were members of the Board
cease for any reason other than resignation to constitute at least a majority thereof at the end of such twelve-month period, unless the election, or the nomination for election by the Company’s shareholders, of each new director elected during
such twelve-month period was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved; or

  

	 	(d)	The shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all the
Company’s assets, and the transaction contemplated by such plan or agreement is consummated. 

  
 For purposes of this paragraph, “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d)
thereof; however, a Person shall not include (w) the Company or any of its subsidiaries, (x) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries, (y) an underwriter temporarily
holding securities pursuant to an offering of such securities, or (z) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Company stock. 
  

	11.2	 Acceleration Upon Change in Control. On the date a Change in Control occurs, notwithstanding anything else to the contrary herein, (i) all Bonuses with
respect to a completed Performance Period shall be immediately payable in cash, (ii) with respect to a Performance Period not yet completed, such Performance Period shall be deemed to have ended and the applicable Performance Standard(s) or
standard(s) shall be appropriately adjusted to reflect the length of such Performance Period in comparison to the originally established Performance Period, and all Bonuses for such Performance Period shall be immediately payable in cash on a
pro-rated basis, (iii) the Compensation 

  

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Committee shall not have the discretion provided in Section 7 to reduce the amount of any Participant’s Bonus below the amount which would otherwise
have been payable to the Participant under the applicable formula or standard and under this Section 11, and (iv) the provisions of this Section 11 may not be amended adversely to any Participant without the written consent of such Participant. If
by reason of this Section 11 an excise or other special tax (“Excise Tax”) is imposed on any payment under the Plan (a “Required Payment”), the amount of each Required Payment shall be increased by an amount which, after payment
of income taxes, payroll taxes and Excise Tax thereon, will equal such Excise Tax on the Required Payment. 
  
 SECTION 12. AMENDMENT AND TERMINATION 
  
 Subject to the provisions of Section 11.2 above, the Board reserves the right to amend or terminate the Plan or Program in whole or in part at any time and the Compensation Committee may amend the Program in any way
if the Compensation Committee determines that such amendment may be made without shareholder approval. 
  
 SECTION 13. UNFUNDED 
  
 Any obligation of the Company to pay Bonuses under any Program established pursuant to this Plan is unfunded and no Program Participant shall have any rights to any specific asset or assets of the Company on account of any such obligation,
even if the Company purchases any investment or investments to provide a source of funds for payment. All payments of Bonuses pursuant to a Program established in accordance with this Plan shall be out of the general assets of the Company. Any
investment or investments that the Company might purchase for the purpose of providing a source of payment for such Bonuses shall be subject to the claims of the creditors of the Company, and a Participant shall have the status of an unsecured
creditor of the Company. 
  
 SECTION 14. MISCELLANEOUS

  

	14.1	Effective Date. The Plan shall become effective as of January 1, 2005. 

  

	14.2	No Guarantee of Employment or Compensation. Nothing contained in this Plan or in any Program established hereunder shall be construed as a contract of employment

  

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 between the Company and any Participant, or as a right of any Participant to be continued in the
employment of the Company, or as a limitation of the right of the Company to discharge any of its employees, with or without cause. Neither the Plan nor any Program established hereunder shall restrict the Company or any Affiliate from discharging
an Eligible Employee or a Participant from employment, restrict any Eligible Employee or Participant from resigning from such employment, or restrict the Company or any Affiliate from increasing or decreasing the compensation of any Eligible
Employee or Participant. 
  

	14.3	Claims. All decisions of the Compensation Committee or its permitted delegate hereunder shall be final and binding on all parties. Except in the case of a Change in Control,
no person shall have any claim to any Bonus. In the event that a Participant disagrees with the amount of Bonus determined by the Compensation Committee or its permitted delegate, or believes that a Bonus is due when none is declared, that person
shall have the right to request the Compensation Committee or its permitted delegate to review the determination which was made. Upon the conclusion of such review, the Participant shall be informed of the final decision regarding the payment and
amount of a Bonus, and shall have no further right to review or appeal. There is no obligation for uniformity of treatment of Participants. 

  

	14.4	No Alienation. Except as required by law, amounts payable under any Program established in accordance with this Plan shall not be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution, or levy of any kind, either voluntary or involuntary. No Participant in any Program established under this Plan shall, under any circumstances, receive
anything of present or exchangeable value from the Company in anticipation of or prior to the actual payment of any amount due under any such Program. A Participant’s interest in any amount due under any such Program shall be non-assignable and
non-transferable and the Participant shall not have any right to anticipate, pledge, hypothecate or create any lien upon such interest. 

  

	14.5	Other Incentive Plans. Nothing contained in the Plan shall prohibit the Company from granting other performance awards to employees (including Eligible Employees) under such
conditions, and in such form and manner, as it sees fit. The adoption of the Plan does not preclude the adoption of any other bonus or incentive plan for employees. 

  

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	14.6	Governing Law. Subject to the provisions of applicable federal law, the Plan shall be administered, construed and enforced according to the laws of the State of Missouri and
in Courts situated in that State. 

  

	14.7	Severability. The invalidity of any particular clause, provision or covenant herein shall not invalidate all or any part of the remainder of the Plan, but such remainder
shall be and remain valid in all respects as fully as the law will permit. 

  

	14.8	Binding Successors This document shall be binding on the parties hereto, their heirs, successors and assigns. 

  
 CERTIFICATE 
  
 The undersigned, as secretary of UMB Financial Corporation, hereby certifies that the above Plan was approved and adopted by the UMB
Financial Corporation Board of Directors on October 28, 2004. 
  
  

 Secretary 
  

 9Employment offer letter between the company and Bradley J. Smith dated 1/6/2005

 EXHIBIT 10.10 
  

			
	 

  
 Peter J.
deSilva
 President
 Chief Operating Officer
	  	 

  
 January 6, 2005 
  
 Mr. Bradley J. Smith 
 2620 Bartlett Drive 
 Brookfield, WI 53045 
  
 Dear Brad: 
  
 In follow-up to our conversations, I am pleased to offer you the position of Executive Vice President, Consumer Services, effective on or before January 31, 2005.

  
 This letter is to confirm the following details of our offer: 
  

	 	•	 	A base salary of $200,000 annually 

  

	 	•	 	Eligibility for participation in the Short Term Incentive Program (STIP) with a 2005 target of 30% of base salary, contingent upon achieving Balanced Scorecard objectives for the
Consumer Services Division 

  

	 	•	 	Eligibility for participation in the Long Term Incentive Program (LTIP) with a 2005 grant target of 50% of base salary (LTIP is subject to shareholder approval in April, 2005)

  

	 	•	 	Paid-Time-Off (PTO): Upon hire, you will begin accruing PTO at the rate of 25 days annually. Based upon your hire date, your accrual for 2005 will be approximately 23 days.

  

	 	•	 	Eligibility for company sponsored benefit plans on the following effective dates: 

  
 Date of hire; 
 Group Term Life Insurance 
 Employee Assistance Plan (EAP) 
  
 First of the month following one month of employment; 
 Medical, Dental, Vision, Tax
Savings Plan and 401(k) Plan 
  
 First of the
month following three months of employment; 
 Supplemental Life and AD&D Insurance 
  
 First of the month following six months of
employment; 
 Short Term and Long Term Disability Plans 
  
 First January or July following one year of qualified service; 
 Profit Sharing 
 Employee Stock Ownership Plan (ESOP) 
  

			
	 1010 Grand Boulevard
 Kansas City, Missouri
 64106
 (816) 860-4614
 fax: (816) 860-7610
 umb.com
	  	 

 January 6, 2005 
 Bradley J. Smith 
 Page 2 
  

	 	•	 	In addition to these company sponsored benefits, a variety of additional insurance products are available after three months of employment, through UMB Scout Insurance, Inc.

  

	 	•	 	Eligibility for many bank products and services free or on a reduced fee basis 

  

	 	•	 	Change in control protection of one times salary during the first full year of employment, one-half times salary during the second full year of employment; change in control
subsequent to two full years of employment is not covered except as outlined in the short-term and long-term incentive program plan documents. 

  

	 	•	 	Relocation assistance per the attached Relocation Agreement 

  
 We look forward to your joining our team and want to make the transition for you and your family as smooth as possible. Jacqueline Witte, Executive Vice President and
Director of Human Resources will be in touch with you to address any questions you have about compensation or benefits plans and relocation assistance. Enclosed is a Summary of Benefits brochure for your reference. 
  
 Welcome to UMB. 
  
 Sincerely, 

 This offer is contingent upon successful completion of a pre-employment drug screen and a credit check, as well as a
post-employment FBI background check. 
  
 As an employer, we are required to
request information from all new associates to comply with the Immigration Reform and Control Act of 1986. Therefore, on your first day you will need to provide documentation to verify your identity and work authorization. 
  
 No provision of this letter represents an employment contract in whole or in part, for any
duration, between you and UMB or any of its subsidiaries. All employment of UMB associates, including yours, constitutes employment at will and is terminable at any time either by you or UMB Bank. 
  
 I have read and accept the terms and conditions of this job offer. 

 
                                       
                   Date

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