Document:

Exhibit 10.4

 

AMENDMENT NO. 1 TO THE

JANUS CAPITAL GROUP INC.

AMENDED AND RESTATED INCOME
DEFERRAL PROGRAM

 

THIS AMENDMENT TO THE AMENDED AND RESTATED INCOME
DEFERRAL PROGRAM (this “Amendment”) is made as of July 19, 2010.

 

WHEREAS, the Compensation Committee of the Board of
Directors (the “Compensation Committee”) of Janus Capital Group Inc. wishes to
amend the Amended and Restated Income Deferral Program (as amended through
October 20, 2009, the “Program”) as set forth below; and

 

WHEREAS, Section 9.01 permits the Compensation
Committee to amend the Program;

 

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

 

1.               The second sentence of Section 4.04 of the Program is hereby amended to
eliminate the ability of the Eligible Employee (as defined in the Program) to
select quarterly installment payments.

 

2.               Section 6.04(d) is hereby deleted in its entirety and replaced with the
following:

 

Cashouts of Small Amounts.  Subject to the remaining
sentences of this subsection and subsections (b) and (c) of Section 6.02, if
the total value of all of the Participant’s Deferral Subaccounts, as of any
distribution date, is less than the applicable dollar amount under Section
402(g)(1)(B) of the Code, the Employer reserves the right to distribute all of
the Participant’s Deferral Subaccounts to the Participant as a single lump sum
as soon as practicable after the first Distribution Date that next follows the
Participant’s Deferral Subaccounts falling below such threshold amount.  To the extent required under Section 409A, a
Deferral Subaccount shall not be distributed under this subsection before the
end of the minimum period of additional deferral that is applicable to the
Deferral Subaccount under Section 4.05. 
If the preceding sentence delays payout of a distribution, payout shall
be made as soon as practicable after the minimum period of deferral.  By no later than the date payment is made,
the Employer must specify in writing that it is exercising its discretion to
make the payment in form of a single lump sum payment under this subsection
4.06.  In addition, if (1) a Participant
has a Separation from Service, and (2) the total value of all of the
Participant’s Deferral Subaccounts, as of any distribution date, is less than
$50,000, all of the Participant’s Deferral Subaccounts shall be distributed to
the Participant as a single lump sum as soon as practicable after the
Distribution Date that next follows the Participant’s Deferral Subaccounts
falling below such threshold amount.

 

 

3.               The terms of this Amendment shall be effective for any deferral election
made by an Eligible Employee pursuant to the Program after the date first set
forth above.

 

4.               This Amendment shall be governed by, interpreted under and construed in
accordance with the laws of the State of Delaware.

 

5.               Except as modified by this Amendment, the Plan is hereby confirmed in
all respects.

 

IN WITNESS WHEREOF, this Amendment has been duly
executed and delivered as of the date and the year first written above.

 

	
   

  	
   

  	
  JANUS CAPITAL GROUP INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Gregory A. Frost

  
	
   

  	
   

  	
  By:

  	
  Gregory A. Frost

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President, Chief Financial

  Officer and Treasurer

  

 

2EXHIBIT 10.1

 

TENNESSEE COMMERCE BANCORP, INC.

DEFERRED COMPENSATION PLAN

 

Effective August 1, 2010

 

I.              NAME
AND PURPOSE

 

Tennessee
Commerce Bancorp, Inc. (the “Company”) has established the Tennessee
Commerce Bancorp, Inc. Deferred Compensation Plan (the “Plan) to provide
for deferred compensation for certain employees and other service providers of
the Company and its Affiliates and to attract and retain persons of outstanding
competence.  The Plan is an unfunded plan
of deferred compensation providing benefits on an individual account
basis.  The Plan is intended generally to
cover a select group of management or highly compensated employees, within the
meaning of sections 201(2), 301(a)(3) and 401(a)(1) of
ERISA, or individuals who are providing services to
the Company or its Affiliates as independent contractors, and is intended to be
exempt from Parts 2, 3 and 4 of Title I of ERISA.  The Plan shall continue indefinitely until it
is terminated by an amendment permissible under Section 7.3.

 

The
Plan is established and maintained by the Company in a manner intended to be
consistent with the requirements of section 409A of the Code and Treasury
Regulations promulgated thereunder so that
compensation income is deferred until the time of inclusion that is elected or
otherwise specified herein.   The Plan
shall be operated in compliance with section 409A of the Code and the Treasury
Regulations promulgated thereunder.

 

II.            DEFINITIONS

 

When
used in this Plan, the following terms will have the meanings set forth below:

 

2.1           Account means the
bookkeeping entry maintained on the books of the Company to account for credits
of deferred compensation and other amounts specified under Article III.
The Account shall not be connected to any particular fund or asset.

 

2.2           Affiliate means any
subsidiary of the Company or any other business entity that is substantially
owned or controlled by the Company, directly or indirectly.

 

2.3           Beneficiary means the
individual or individuals designated pursuant to Section 6.4; provided, however,
that if a Participant is married at the time of death, the Participant’s spouse
shall be the Beneficiary unless the spouse has consented in writing and in accordance with procedures established by the
Committee to the designation of another Beneficiary.

 

2.4           Board means the
Board of Directors of the Company.

 

2.5           Change in Control means a “change
in control event” of the Company as described in the default definition in
section 1.409A-3(i)(5) of the Treasury
Regulations.

 

2.6           Code means the
Internal Revenue Code of 1986, as amended.

 

 

2.7           Committee means the
committee that is designated by the Board as the “compensation committee” or
otherwise designated to administer the Plan; provided that in the absence of a
compensation committee or a designation of a committee for this purpose, the
full Board shall be the Committee.  The
Committee may delegate some or all of its administrative authority to a person
or committee.  After the occurrence of a
Change in Control, the members of the Committee shall continue to be the
individuals who were Committee members immediately prior to the Change in
Control.

 

2.8           Company means
Tennessee Commerce Bancorp, Inc. and any successor.

 

2.9           Contribution means an
amount that is credited to a Participant’s Account as the result of a Deferral
election pursuant to Section 3.2 or as the result of amounts credited by
the Company pursuant to Section 3.3. A Contribution may, but need not, be
represented by a deposit by the Company to a grantor trust or fund established
by the Company to satisfy its liabilities hereunder.

 

2.10         Deferral means a
portion of a Participant’s compensation and/or bonus earned in a certain period
that a Participant has elected to receive at a later date pursuant to the terms
of this Plan.

 

2.11         Disability means that, by
reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period
of not less than 12 months, the Participant is (i) unable
to engage in any substantial gainful activity or (ii) receiving income
replacement benefits for a period of not less than three months under an
accident and health plan covering employees of the Participant’s employer.

 

2.12         Eligible
Individual means an employee or service provider who satisfies
the eligibility requirements of Section 3.1 and is identified on Exhibit A
hereto.

 

2.13         ERISA means the
Employee Retirement Income Security Act of 1974, as amended.

 

2.14         Participant means an
Eligible Individual who is credited with an allocation to an Account or has
made a Deferral election pursuant to Section 3.2.

 

2.15         Plan Year means the
12-consecutive-month period beginning on January 1 of each year, except
that the first Plan Year shall begin on August 1, 2010, and end on December 31,
2010.

 

2.16         Separation from Service means a “separation from service” with the Company
and its Affiliates pursuant to the default definition in section
1.409A-1(h) of the Treasury Regulations.

 

2.17         Stock means the
common stock of the Company, $0.50 par value per share.

 

 

III.           ELIGIBILITY
AND BENEFIT ACCRUALS

 

3.1           Eligibility. Eligibility
for participation in the Plan is limited to service providers of the Company
and its Affiliates who are: (i) members of a
select group of management or highly compensated employees of the Company or
its Affiliates, within the meaning of sections 201(2), 301(a)(3) and
401(a)(1) of ERISA, or individuals who are
providing services to the Company or its Affiliates as independent contractors,
and (ii) designated by the Committee to participate in this Plan. The
designation by the Committee shall be deemed to be irrebuttable
evidence that such individual is for all purposes a member of a select group of
management and highly compensated employees.

 

3.2           Participant Deferral Elections. Eligible
Individuals may make Deferral elections after the determination of their
eligibility to participate in the Plan in accordance with the procedures
described herein.

 

(a)           An Eligible Individual may make an annual election
to defer the receipt of 
up to 90% of his or her annual base compensation that is paid
through regular periodic payroll during each Plan Year.  In addition, an Eligible Individual may elect
to defer the receipt of up to 90% of any performance or year-end bonus to be
paid with respect to such Plan Year.  The
Deferral election shall only apply prospectively and is irrevocable during the
applicable Plan Year.

 

(b)           The amount of a
Deferral election described in Section 3.2(a) shall be stated either
as a dollar amount or a percentage of a Participant’s cash compensation, except
as otherwise required by the Committee. 
A Deferral election made under Section 3.2(a) with respect to
a bonus may be stated as an amount over a dollar threshold (e.g., 10% over $50,000).

 

(i)            Unless otherwise specified
in a Deferral election that is authorized by the Committee, the Company shall
withhold the amount elected pro rata from each payroll period while the
election is in effect.

 

(ii)           Deferrals will be withheld from a Participant’s
compensation in accordance with the Participant’s written Deferral
elections.  The Company will withhold
from that portion of a Participant’s compensation that is not deferred, in a
manner determined by the Committee, applicable withholding and other taxes
applicable to any Deferrals or Company Contributions.

 

(c)           Deferral
elections will be effective for the Plan Year that next follows the date of the
election, and must be submitted to the Committee no later than December 31
of the year immediately prior to the Plan Year to which the election
applies.  However, an Eligible Individual
may make an election at any time within 30 days of the date that he or she
first becomes eligible to participate in the Plan; provided however, that such
initial election shall apply only with respect to compensation paid for
services to be performed after the election. 
Unless stated otherwise in a Deferral election that is authorized by the
Committee, Deferral elections shall expire at the end of each Plan Year and a
new Deferral election shall be required for each succeeding Plan Year.

 

(d)           All elections made pursuant to this Plan will be
made in accordance with the procedures prescribed by the Committee, and must be
timely communicated to the Committee.

 

 

3.3           Company Contributions.

 

(a)           The Company may
in its discretion make a Contribution to be credited to the Account of any or
all Participants and/or Eligible Individuals, or may make Contributions only to
those Participants who made a Deferral election for such Plan Year. Unless
otherwise specified by the Company, Company Contributions shall be effective as
of the last day of each Plan Year and shall be allocated to Accounts of
Eligible Individuals who are employed or providing services on the last day of
the Plan Year.

 

(b)           All elections
with respect to the time and form of payment made regarding Deferrals pursuant
to Section 5.1 will apply to Company Contributions applicable to the same
Plan Year in accordance with procedures established by the Committee.

 

3.4           Benefit Accruals. The calculation
of a Participant’s benefit accrued under this Plan shall be made solely by
reference to the value of the Participant’s Account. Distributions pursuant to Article V
shall be based upon the value of the Participant’s Account, as adjusted for
contributions, earnings, losses and prior distributions and for any
administrative expenses or taxes charged thereto.

 

3.5           Vesting. Each
Participant’s Account is 100% vested and nonforfeitable
at all times.

 

IV.           EARNINGS

 

4.1           Earnings. Earnings,
gains and losses shall be credited to each respective Account in accordance
with the hypothetical investment experience of any investment funds that are
designated for the Plan by the Committee. Such investment funds (e.g., mutual funds, pooled funds,
corporate-owned life insurance arrangements or any other arrangements, which
may include fixed income funds or investments in Company Stock) may be selected
and designated by the Committee from time to time in its sole discretion.
Participants may direct the investment of their Accounts in such investment
funds in accordance with such procedures as the Committee may adopt from time
to time. Each Participant’s Account shall be credited as of each valuation date
(selected by the Committee in its discretion) with income, gains or losses
corresponding to the investment performance of the funds selected by that
Participant.

 

(a)           The sole
purpose of the investment funds is to determine the appropriate earnings credit
for Participants’ Accounts, the value of which is the basis for determining the
benefits payable hereunder. Participants shall have no interest whatsoever in
any investment fund or any asset thereof. The Company shall be under no duty to
question any direction of a Participant with respect to the investment,
retention or disposition of investments selected by the Participant. The
Company shall be under no liability for any loss of any kind that may result by
reason of any action taken in accordance with the directions of the
Participant, or by reason of any failure to act because of the absence of any
such directions.

 

(b)           If a
Participant gives no instructions with respect to the investment of his or her
Account, the Committee shall determine earnings on the Participant’s Account
pursuant to a default investment selected by the Committee, which may include
an investment in Company Stock.

 

 

(c)           If the
Committee does not designate one or more investment funds for the investment of
Plan Accounts, Accounts shall accrue earnings at a crediting rate established
in the sole and absolute discretion of the Committee; provided, however, that
such rate shall be a reasonable interest rate determined in accordance with
Treas. Reg. § 31.3121(v)(2)-1(d)(2).

 

4.2           No Warranties.  Neither the Board nor the Company warrants or
represents in any way that the value of each Participant’s Accounts will
increase and not decrease.  Each
Participant assumes all risk in connection with any change in such value.

 

V.            BENEFIT
ELECTIONS AND DISTRIBUTIONS

 

5.1           Benefit Elections.

 

(a)           Commencement of
Distribution. Except as required by Section 5.6,
distributions of amounts deferred in a Plan Year shall be made on July 1
of the following year or as soon as administratively feasible thereafter, but
in no event later than December 31 of such payment year, or in such other
time selected by the Participant or designated by the Company at the time of
the Deferral election.  If a Participant
does not select a time of distribution at the time of a Deferral election, then
distributions shall be made on July 1 as provided above.  The Company is not required to allow a
Participant to elect a time of distribution other than July 1.

 

(b)           Form of
Distribution. Distributions shall be made in the form of a
single lump sum or in such other form selected by the Participant at the time
of the Deferral election.  If a
Participant does not select a form of payment at the time of a Deferral
election, then distributions shall be in the form of a single lump sum.  The Company is not required to allow a
Participant to elect a form of distribution other than single lump sum.  Further, distributions may be made either in
cash or kind (including Company Stock) as designated at the time of the
Deferral election.

 

(c)           Election
Changes.  Notwithstanding anything
herein to the contrary, to the extent allowed by the Committee a Participant
may elect to delay a payment or change the form of payment if (i) the election does not take effect until at least 12
months after the date on which the election is made, (ii) in the case of
an election related to a payment not made upon Disability, death or an
unforeseeable emergency, the payment with respect to which such election is
made is deferred for a period of five years from the date such payment would
otherwise have been made and (iii) any election related to a payment to be
made upon a specified time may not be made less than 12 months prior to the
date of the first scheduled payment under the prior election.

 

5.2           Payments to Beneficiaries. Should a
Participant die prior to receiving a distribution of his or her entire Account
balance, his or her remaining Account balance shall be paid in a single sum to
his or her Beneficiary(ies) as soon as
administratively feasible, but no later than 60 days following such Participant’s
death.

 

5.3           Right of Offset. To the extent
permissible under section 409A of the Code, the Company may offset from a
Participant’s Account an amount for any damages sustained by the Company or its
Affiliates arising out of Participant’s fraud, theft, or embezzlement of assets
owned by the Company or its Affiliates. Further, to the extent permissible
under section 409A of the Code, the Company may offset from a Participant’s
Account amounts required for satisfaction of the Participant’s debt to the
Company or Affiliate that is incurred in the ordinary course of Participant’s
employment, provided that the offset 

 

 

shall occur at the
same time and same amount that the debt would otherwise be due and payable by
the Participant and shall not exceed $5,000 in any year.  Any such offsets will reduce the value of the
Participant’s Account and reduce the amount of benefits otherwise payable to
the Participant.

 

5.4           Financial Hardship. In the case
of an unforeseeable emergency, a Participant may apply to the Committee for
withdrawal from his or her Account to the extent necessary to satisfy the
emergency need. For purposes of this Plan, the term “unforeseeable emergency”
shall mean a severe financial hardship to the Participant resulting from an
illness or accident of the Participant, the Participant’s spouse, or a
dependent (as defined in section 152(a) of the Code) of the Participant,
loss of the Participant’s property due to casualty, or other similar
extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant.

 

(a)           Withdrawals for
an unforeseeable emergency may not exceed the amounts necessary to satisfy such
emergency plus amounts necessary to pay taxes reasonably anticipated as a
result of the distribution, after taking into account the extent to which such
hardship is or may be relieved through reimbursement or compensation by
insurance or otherwise or by liquidation of the Participant’s assets (to the
extent the liquidation of such assets would not itself cause severe financial
hardship).

 

(b)           The Committee
shall have full and complete discretion to consider and make a determination
concerning a request for a hardship withdrawal. The Committee is also entitled
to reasonably rely upon the representations of a Participant concerning his
qualification for a hardship withdrawal. All decisions of the Committee shall
be final, binding and conclusive.

 

(c)           In the event of
a Participant’s distribution as a result of an unforeseeable emergency
hereunder or hardship distribution pursuant to Treas. Reg. §1.401(k)-1(d)(3) from a plan sponsored by the Company or its
Affiliates, any deferral elections for such Participant under this Plan shall
be canceled.  After such cancellation the
Participant shall not be permitted to make another deferral election under this
Plan until the annual election period that ends more than six months after such
distribution(s).

 

5.5           Required Delay.  Notwithstanding the applicable provisions of
this Plan regarding timing of distribution of payments, the following special rules shall
apply in order for this Plan to comply with section 409A of the Code: (i) to the extent the Participant is a “specified
employee” (as defined under section 409A of the Code) at the time of the
Participant’s Separation from Service and to the extent such applicable
provisions of section 409A of the Code and the regulations thereunder
require a delay of such distributions by a six-month period after the date of
the Participant’s Separation from Service, no such distribution shall be made
prior to the date that is six months after the date of the Participant’s
Separation from Service, and (ii) any such delayed payments shall be paid
to the Participant in a single lump sum within ten business days after the end
of the six-month delay.

 

VI.           ADMINISTRATION

 

6.1           Administration Committee. This Plan
shall be administered by the Committee. The Committee shall have full
discretionary power and authority to interpret, construe and

 

 

administer
this Plan and the Committee’s interpretations and constructions thereof, and
actions thereunder, including the amount or recipient of the payment to be made
from this Plan, shall be binding and conclusive on all persons for all
purposes.

 

6.2           Funding. All benefits payable
hereunder shall be unfunded for purposes of section 83 of the Code and Title I
of ERISA. The Plan constitutes a mere promise by the Company to make benefit
payments in the future.

 

(a)           The Company may, in its sole discretion (except as
required by Section 6.2(b)), establish a trust (the “Trust”) as a reserve
for the benefits payable hereunder and for the purposes stated in the Trust
instrument. The Company shall be the grantor of the Trust and the Trust shall
be established for the benefit of the Participants herein and, in the case of
the insolvency or bankruptcy of the Company, for the benefit of the general
creditors of the Company. To the extent that the Participants’ benefits are not
paid from the Trust, such benefits shall be paid from the general assets of the
Company. The Participants shall have no funded, secured or preferential right
to payment hereunder, but rather shall at all times have the status of a
general unsecured creditor.

 

(b)           Coincident with or immediately prior to the occurrence of
a Change in Control, the Company shall establish, if not previously
established, and shall fully fund the Trust in an amount that is adequate to
pay all benefits due hereunder upon the Change in Control.

 

6.3           Claims Procedure. Prior to or
upon becoming entitled to receive a benefit hereunder, a Participant or his or
her Beneficiary (“Claimant”) shall request payment of such benefits at the time
and in the manner prescribed by the Committee. The Committee may direct payment
of benefits without requiring the filing of a claim therefore, if the Committee
has knowledge of such Claimant’s whereabouts. The Committee shall provide
adequate notice in writing as prescribed pursuant to paragraph (b) below
to any Claimant whose claim for benefits under the Plan has been denied.

 

(a)           Such notice must be
sent within 90 days of the date the claim is received by the Committee unless
special circumstances require an extension of time for processing the claim.
Such extension shall not exceed 90 days and no extension shall be allowed
unless, within the initial 90-day period, the Claimant is sent an extension
notice indicating the special circumstances requiring the extension and
specifying a date by which the Committee expects to render its decision.

 

(b)           The Committee’s
notice of denial to the Claimant shall set forth the following:

 

(i)            the specific reason
or reasons for the denial;

 

(ii)           specific references
to pertinent Plan provisions on which the Committee based its denial;

 

(iii)          a description of any
additional material and information needed for the Claimant to perfect his or
her claim and an explanation of why the material or information is needed;

 

 

(iv)          a statement that the
Claimant may request a review upon written application to the Committee, review
pertinent Plan documents, and submit issues and comments in writing;

 

(v)           a statement that any
appeal of the Committee’s adverse determination must be made in writing to the
Committee within 60 days after receipt of the Committee’s notice of denial of
benefits, and that failure to appeal the action to the Committee in writing
within the 60-day period will render the Committee’s determination final,
binding and conclusive; and

 

(vi)          the address of the
Committee to which the Claimant may forward his or her appeal.

 

(c)           If the Claimant
should appeal to the Committee, the Claimant or a duly authorized
representative may submit, in writing, whatever issues and comments the
Claimant deems pertinent. The Committee shall re-examine all facts related to
the appeal and make a final determination as to whether the denial of benefits
is justified under the circumstances. The Committee shall advise the Claimant
in writing of its decision on the appeal, the specific reasons for the
decision, and the specific Plan provisions on which the decision is based. The
notice of the decision shall be given within 60 days of the Claimant’s written
request for review, unless special circumstances (such as a hearing) would make
the rendering of a decision within the 60-day period not feasible, but in no
event shall the Committee render a decision regarding the denial of a claim for
benefits later than 120 days after its receipt of a request for review. If an
extension of time for review is required because of special circumstances,
written notice of the extension shall be furnished to the claimant prior to the
date the extension period commences.

 

6.4           Designation of Beneficiaries.
Each Participant shall designate in a writing prescribed by the Committee a
Beneficiary(ies) and contingent Beneficiary(ies) to whom benefits due hereunder
shall be paid. If any Participant fails to designate a Beneficiary or if the
designated Beneficiary predeceases the Participant, benefits due hereunder at
that Participant’s death shall be paid to his or her contingent Beneficiary or,
if none, to the deceased Participant’s surviving spouse, if any, and if none,
to the Participant’s children, per stirpes,
and if none, to Participant’s parents, if surviving and, if not, to the
deceased Participant’s estate. A Participant may change a Beneficiary
designation in writing in accordance with the above procedures at any time
prior to his death.

 

VII.         MISCELLANEOUS

 

7.1           Non-assignment of Interest. No
right to or interest in any payment or benefit to a Participant shall be
assignable by such Participant except by will or the laws of descent and
distribution. No right, benefit or interest of a Participant hereunder shall be
subject to anticipation, alienation, sale, assignment, encumbrance, charge,
pledge, hypothecation or set-off in respect of any claim, debt or obligation,
or to execution, attachment, levy or similar process, or assignment by
operation of law. Any attempt, voluntary or involuntary, to effect any action
specified in the immediately preceding sentence shall, to the full extent
permitted by law, be null, void and of no effect; provided, however, that this
provision shall not preclude a Participant from 

 

 

designating
one or more Beneficiaries to receive any amount that may be payable to such
Participant under the Plan after his death and shall not preclude the legal
representatives of the Participant’s estate from assigning any right hereunder
to the person or persons entitled thereto under his will, or, in the case of
intestacy, to the person or persons entitled thereto under the laws of
intestacy applicable to his estate.

 

7.2           Successors. This Plan shall be
binding upon and inure to the benefit of the Company, its successors and
assigns and the Participants and their heirs, executors, administrators, and
duly appointed legal representatives.

 

7.3           Amendment and Termination. The
Company may at any time modify or terminate this Plan by an amendment pursuant
to an action that is approved by the Company, as evidenced in a writing that is
executed by an appropriate officer or the Committee.  Prior to the occurrence of a Change in
Control, the Company may terminate the Plan and thereupon distribute all vested
benefits accrued hereunder, and no further Contributions to the Plan or credits
to the Accounts will be permitted.  Upon
any other Plan termination, no further Contributions to the Plan will be
permitted, and distributions will be made in accordance with the distribution
elections that were made by Participants in accordance with the terms of the
Plan prior to its termination; provided, however, that no distributions may be
postponed by a Participant after Plan termination.  Notwithstanding the foregoing, the Company
may terminate the Plan as permitted under section 409A of the Code and
distribute the value of the Participants’ Accounts to Participants in the
manner and at the time determined by the Company, in its sole discretion, as
permitted by section 409A of the Code. 
No termination of this Plan shall cause an acceleration of any payments
due to a Participant (or Beneficiary) under this Plan, except as may be
permitted under section 409A(a)(3) of the Code and any accompanying
regulations.

 

7.4           Taxes. All payments made
hereunder shall be subject to all taxes required to be withheld under
applicable laws and regulations of any governmental authorities in effect at
the time of such payments.

 

7.5           Controlling Law. Except to the
extent superseded by federal law, the internal laws of the State of Tennessee
shall be controlling in all matters relating to the Plan, including
construction and performance hereof.

 

7.6           TARP Regulations.  The Plan is intended to comply with the
Emergency Economic Stabilization Act of 2008 (“EESA”), as amended by the
American Recovery and Reinvestment Act of 2009 (“ARRA”), along with the interim
final rule published in the Federal Register by the Department of the
Treasury (the “Treasury”) on June 15, 2009 (the “Final Rule”), and any
additional regulations, guidance or requirements issued by the Treasury under
ARRA, collectively referred to as the “TARP Regulations.”  Notwithstanding anything in the Plan to the
contrary, the Company reserves the right to modify the Plan as necessary to
conform to any restrictions imposed under the TARP Regulations or any other law
applicable to the Company by virtue of being a TARP recipient.  Furthermore, as a condition of participation
in the Plan, the Participant agrees to any modifications as the Company may
deem necessary or appropriate to comply with the TARP Regulations.

 

 

IN WITNESS WHEREOF, Tennessee Commerce Bancorp, Inc.
has caused this instrument to be executed by its duly authorized officer
effective as of the date first written above.

 

	
   

  	
  TENNESSEE
  COMMERCE BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  

 

 

EXHIBIT A

 

This
Exhibit is effective on August 1, 2010. The individual(s) listed
below have been identified by the Company to be members of a select group of
management or highly compensated employees of the Company, within the meaning
of sections 201(2), 301(a)(3), and 401(a)(1) of ERISA, and have been
designated by the Company’s board of directors to participate in the Tennessee
Commerce Bancorp, Inc. Deferred Compensation Plan.

 

1.             [Name]

 

2.             [Name]

 

IN WITNESS WHEREOF, the secretary of the
Company has executed this instrument, to be effective August 1, 2010.

 

 

	
   

  	
  TENNESSEE
  COMMERCE BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]