Document:

wsbc-ex1034_407.htm

EXHIBIT 10.34

 

SIXTH AMENDMENT
TO THE
WESBANCO, INC. KSOP
(AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2014)

WHEREAS, WesBanco, Inc. (the “Company”) maintains the WesBanco, Inc. KSOP, as amended and restated effective January 1, 2014 (the “Plan”); and

WHEREAS, Section 12.6 of the Plan reserves to the Company the right to amend the Plan at any time; and

WHEREAS, the Company has amended the Plan from time to time; and

WHEREAS, the Company has decided to amend the Plan further to modify the Plan’s hardship distribution provisions;

NOW, THEREFORE, the Plan is hereby amended as follows:

	
 
	
1.
	
Effective as of January 1, 2020, the eighth paragraph of Section 4.1 (regarding a six‐month contribution suspension period following any hardship distribution) is deleted.

	
 
	
2.
	
Section 8.2 is amended in its entirety, effective as of January 1, 2020 (except as otherwise specified therein), to read as follows:

Section 8.2.  Hardship Distributions.  In case of hardship, a Participant may apply to the Committee for a distribution of all or any portion of his entire vested account balance, other than his Employer Discretionary Contribution Account, in the following order (as may be applicable):  (i) Employee Rollover Contribution Account, (ii) Employee after‐tax contributions account; (iii) Employee Deferral Account, (iv) Employer Matching Contribution Account, and (v) Qualified Matching Contribution Account, if any, including any corresponding sub‐accounts under the Plan that are attributable to similar amounts transferred from other plans.  

A hardship distribution will be approved only if the Committee reasonably determines that all of the following requirements are satisfied:

(a)The distribution is for any of the following needs:

(1)Expenses for (or necessary to obtain) medical care that would be deductible by the Participant under Code Section 213(d), determined without regard to the limitations in Code Section 213(a) (relating to the applicable percentage of adjusted gross income and the recipients of the medical care), for any medical care 

 

 

(2)recipient who is listed in Code Section 213(a) or, if not so listed, is a Primary Beneficiary (as defined below);

(3)Costs directly related to the purchase of a principal residence for the Participant (excluding mortgage payments);

(4)Payment of tuition, related educational fees, and room and board expenses for up to the next 12 months of post-secondary education for the Participant, for the Participant’s spouse, child, or dependent (as defined in Code Section 152 without regard to Code Sections 152(b)(1), 152(b)(2), and 152(d)(1)(B)), or for a Primary Beneficiary (as defined below);

(5)Payments necessary to prevent the eviction of the Participant from his principal residence or foreclosure on the mortgage on that residence;

(6)Payments for burial or funeral expenses for the Participant’s deceased parent, spouse, child, or dependent (as defined in Code Section 152 without regard to Code Section 152(d)(1)(B)) or for a deceased Primary Beneficiary (as defined below);

(7)Expenses for the repair of damage to the Participant’s principal residence that would qualify for the casualty deduction under Code Section 165 (which, effective as of January 1, 2018, shall be determined without regard to Code Section 165(h) and whether the loss exceeds 10% of adjusted gross income); or

(8)Expenses and losses (including loss of income) incurred by the Participant on account of a disaster declared by the Federal Emergency Management Agency (FEMA) under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, Public Law 100–707, provided that the Participant’s principal residence or principal place of employment at the time of the disaster was located in an area designated by FEMA for individual assistance with respect to the disaster.

(b)The distribution is not in excess of the amount required to satisfy the applicable need described in paragraph (a) above.  The amount of such need may include amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution.

(c)The Participant has obtained all other currently available distributions (including distribution of ESOP dividends under Code Section 404(k) but not hardship distributions) under the Plan and all other deferred compensation plans (either qualified under the Code or nonqualified) maintained by the Employer or any Related Employer.

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(d)The Participant represents (in writing or by using an electronic medium, as defined in Treas. Re. Section 1.401(a)-21(e)(3), approved by the Plan Administrator) that he has insufficient cash or other liquid assets reasonably available to satisfy the need.  The Plan Administrator may rely on such representation unless the Plan Administrator has actual knowledge to the contrary.  

(e)Any Participant receiving a hardship distribution prior to January 1, 2020, shall be prohibited from making any contributions to the Plan for a period beginning on the distribution date and ending on (and including) the earlier of (1) the date that is six months after receipt of such distribution, or (2) December 31, 2019, and similarly shall be prohibited, under the terms of the applicable plan or an otherwise legally enforceable agreement, from making any contributions to all other plans (within the meaning of Treas. Reg. Section 1.401(k)‐1(d)(3)(iv)(F)) maintained by the Employer or Related Employers for such period after receipt of such distribution. Such prohibition shall not apply for any hardship distribution received on or after January 1, 2020.

For purposes of this Section, a “Primary Beneficiary” is an individual who is named as a Beneficiary of the Participant under the Plan and has an unconditional right, upon the death of the Participant, to all or a portion of the Participant’s account balance under the Plan.

The Committee shall apply the provisions of this Section on a uniform and consistent basis to all Participants in similar circumstances and shall make any rules and regulations, prescribe the use of such forms, and exercise any other powers it deems necessary properly to carry out the provision and intent of this Section.  This Section shall be interpreted and administered in accordance with regulations and other official guidance under Code Section 401(k).

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IN WITNESS WHEREOF, this Sixth Amendment of the Plan is, by the authority of the Board of Directors of the Company, executed on behalf of the Company this 24th day of October, 2019.

 

	
 
	
 
	
WesBanco, Inc.

	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Todd F. Clossin  

	
 
	
 
	
 
	
Todd F. Clossin

	
ATTEST:
	
 
	
 
	
President & CEO

	
 
	
 
	
 
	
 

	
/s/ Linda M. Woodfin
	
 
	
 
	
 

	
Secretary
	
 
	
 
	
 

 

-4-wsbc-ex1035_406.htm

EXHIBIT 10.35

 

SEVENTH AMENDMENT
TO THE
WESBANCO, INC. KSOP
(AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2014)

WHEREAS, WesBanco, Inc. (the “Company”) maintains the WesBanco, Inc. KSOP, as amended and restated effective January 1, 2014 (the “Plan”); and

WHEREAS, Section 12.6 of the Plan reserves to the Company the right to amend the Plan at any time; and

WHEREAS, the Company heretofore has amended the Plan from time to time; and

WHEREAS, the Company has decided to amend the Plan further to address service credit and eligibility with respect to an acquired group of employees;

NOW, THEREFORE, the Plan is hereby amended as follows:

	
 
	
1.
	
Effective November 22, 2019, new Article 24 is added immediately after Article 23, to read as follows:

Article 24
Service Credit for Former Old Line Bank Employees

Notwithstanding anything in this Plan to the contrary, (a) an individual who was formerly employed by Old Line Bank (“OLB”) and who becomes an Employee of the Employer on November 22, 2019, as a result of the merger of OLB with and into the Company (“Former OLB Employee”), shall receive credit for his prior service with OLB such that his date of employment with OLB shall be treated as his Date of Employment with the Employer for eligibility and vesting purposes under this Plan, and (b) for purposes of Article 3, any Former OLB Employee shall become a Participant on November 22, 2019.

IN WITNESS WHEREOF, this Seventh Amendment of the Plan is, by the authority of the Executive Committee of the Board of Directors of the Company, executed on behalf of the Company this 22nd day of November, 2019.

 

	
 
	
 
	
WesBanco, Inc.

	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 /s/ Todd F. Clossin

	
 
	
 
	
 
	
Todd F. Clossin, President & CEO

	
ATTEST:
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
/s/ Karen M. Ellis
	
 
	
 
	
 

	
Karen M. Ellis, Assistant Secretarybanf-ex42_14.htm

Exhibit 4.2

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

DESCRIPTION OF REGISTRANT’S SECURITIES

As of December 31, 2019, BancFirst Corporation (“the Company” or “we”) had two classes of securities registered under Section 12 of the Securities Exchange Act of 1934 (the “Exchange Act”): (i) our common stock; and (ii) our $26,000,000 aggregate principal amount of 7.20% Cumulative Trust Preferred Securities due 2034.

 

DESCRIPTION OF COMMON STOCK

 

The following description of our common stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Amended and Restated Certificate of Incorporation (the "Certificate of Incorporation") and Amended and Restated Bylaws (the “Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.2 is a part. We encourage you to read the Certificate of Incorporation, the Bylaws and the applicable provisions of the Oklahoma corporate law and federal law governing bank holding companies for additional information. 

General 

Pursuant to the Certificate of Incorporation, the Company is authorized to issue 40,000,000 shares of common stock, par value $1.00 per share. 

Dividends 

Our board of directors may declare, at its discretion, dividends payable in cash or shares of the Company to the extent permitted by applicable law. 

Voting Rights 

Each holder of shares of our common stock is entitled to one vote for each share held on all questions submitted to a vote at a meeting of shareholders. There are no cumulative voting rights in the election of directors.

Generally, all matters to be voted on by shareholders must be approved by a majority of the Company’s outstanding voting power. Except as otherwise required by the Oklahoma General Corporation Act, or voting rights granted to any subsequently issued preferred stock, the common stock is the only class of capital stock entitled to vote on any matter to be voted on by the Company’s shareholders. 

Other Rights 

Subject to the prior rights of creditors, and after payment in full of the amounts required to be paid to holders of preferred stock, if any, in the event of our liquidation, dissolution or winding up, holders of common stock will be entitled to share ratably in the net assets legally available for distribution to holders of shares of common stock. No shares of any class of common stock are subject to redemption or have preemptive rights to purchase additional shares of common stock.

Listing 

The Company’s common stock is listed on the NASDAQ Global Select Market System under the symbol “BANF.” 

Classification of the Board

Our board of directors is not classified.

DESCRIPTION OF THE 7.20% CUMULATIVE TRUST PREFERRED SECURITIES

 

The following description of the 7.20% Cumulative Trust Preferred Securities issued by BFC Capital Trust II (“the Trust”) is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to the Form of Amended and Restated Trust Agreement of the Trust, which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.2 is a part. We encourage you to read the Form of Amended and Restated Trust Agreement and the applicable provisions of the Delaware Statutory Trust Act for additional information. 

General 

The Trust issued $26,000,000 aggregate principal amount of 7.20% Cumulative Trust Preferred Securities (the “Cumulative Trust Preferred Securities”) that the Company fully and unconditionally guarantees, based on its combined obligations under a guarantee agreement, the trust agreement and an expense agreement. The proceeds from the issuance and sale of the Cumulative Trust Preferred Securities were invested in $26,804,000 of 7.20% Junior Subordinated Debentures issued by the Company. The Cumulative Trust Preferred Securities represent an undivided interest in the 7.20% Junior Subordinated Debentures.

Dividends 

Distributions on the Cumulative Trust Preferred Securities are payable at the annual rate of 7.20% of the stated liquidation amount of $25, payable quarterly in arrears on the 15th day of January, April, July and October of each year, commencing on April 15, 2004, to the holders of such securities on the relevant record dates. The amount of each distribution includes amounts accrued through the date the distribution payment is due. Distributions are payable to the holders of such preferred securities as they appear on the register of the Trust on the relevant record date, which is the date 15 days prior to the relevant distribution date.

 

The amount of distributions payable for any period will be computed on the basis of a 360-day year of twelve 30-day months. If any date on which distributions are payable is not a business day, payment of the distribution otherwise payable on such date will be made on the next business day without any interest or other payment in respect to any such delay, with the same force and effect as if made on the date such payment was originally payable. 

The funds of the Trust available for distribution will be limited to payments by the Company under the 7.20% Junior Subordinated Debentures. If interest payments are not made on the 7.20% Junior Subordinated Debentures, the property trustee will not have funds available to pay distributions on the Cumulative Trust Preferred Securities. The payment of distributions, if and to the extent the Trust has funds legally available for the payment of such distributions and cash sufficient to make such payments, is guaranteed by the Company.

So long as no event of default with respect to the 7.20% Junior Subordinated Debentures has occurred and is continuing, the indenture permits the Company to defer the payment of interest on the 7.20% Junior Subordinated Debentures at any time or from time to time for a period not exceeding 20 consecutive quarters with respect to each such period. No extension period may extend beyond the stated maturity of the 7.20% Junior Subordinated Debentures. As a consequence of any such election, the Trust will defer quarterly distributions, and distributions will not be payable, on the preferred securities during any such extension period.  Deferred distributions will accumulate additional amounts thereon at the rate per annum of 7.20% thereof, compounded quarterly from the relevant distribution date, to the extent permitted under applicable law.    

 

Voting Rights 

 

The 7.20% Cumulative Trust Preferred Securities have no voting rights.

Maturity 

 

The Cumulative Trust Preferred Securities mature and must be redeemed on March 31, 2034.

Optional Redemption

The Company may redeem the 7.20% Junior Subordinated Debentures at 100% of their principal amount plus unpaid interest accrued to the date of redemption in whole or in part at any time after March 31, 2009.  In turn, the Trust may redeem the Cumulative Trust Preferred Securities at the liquidation amount of $25.00 per preferred security, plus any accrued and unpaid distributions to the date of redemption in whole or in part at any time after March 31, 2009. If less than all of the 7.20% Junior Subordinated Debentures are redeemed, then the property trustee will allocate the proceeds from the redemption to the Cumulative Trust Preferred Securities on a pro rata basis, by such method as the property trustee deems fair and appropriate.

Distribution of Junior Subordinated Debentures

The Company has the right at any time to dissolve the Trust, after satisfaction of liabilities to creditors of the Trust as required by applicable law, and cause the 7.20% Junior Subordinated Debentures to be distributed to the holders of Cumulative Trust Preferred Securities in liquidation of the Trust. Prior to dissolving the Trust, the Company must receive approval of the Federal Reserve if the approval is required under applicable capital guidelines or policies of the Federal Reserve.

Listing 

The Cumulative Trust Preferred securities are listed on the NASDAQ Global Select Market System under the symbol “BANFP.”

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