Document:

EX-10.25

 Exhibit 10.25 

EXECUTIVE SUPPLEMENTAL BENEFITS 

 

 Annual Physical Examination 

Unisys offers elected officers an opportunity to participate in the annual physical examination program through the Impact Medical Group. This benefit provides
comprehensive health screening and risk reduction services tailored to elected officers’ needs and schedule at no cost to them. Alternatively, if any elected officer chooses not to participate in the program, such officer is eligible to obtain
an annual company-paid physical examination from such officer’s personal physician. Amounts paid on an elected officer’s behalf may be treated as imputed income. 

Executive Death Benefit Only Program 
 Subject to
underwriting approvals and applicable corporate governance requirements, officers elected prior to February 2015 are eligible for death benefits under the Executive Death Benefit Only Program. During active employment, the program provides a death
benefit equal to 4 times an elected officer’s base salary plus target bonus under the Executive Variable Compensation Plan. At retirement, if a retired elected officer remains eligible per the program plan, the program provides a death benefit
equal to 2.5 times such former officer’s base salary immediately prior to retirement. Unisys increases the benefit payable to an elected officer’s beneficiary to cover any income and employment taxes due. 

Financial Counseling – Tax Preparation Services 

Unisys pays for financial counseling services, including investment planning, estate planning, and/or tax preparation, up to an annual limit.

 Elected officers pay for the services, and Unisys will reimburse each of them up to their annual limit. 

 

					
	 Role
	  	Annual Maximum	 
	 CEO
	  	$	7,500	  
	 Senior Vice President
	  	$	5,000	  
	 Elected Officer VP
	  	$	4,000	  

 Elected officers may use any service provider except for the Unisys corporate auditor (currently KPMG). Amounts reimbursed
under this program are treated as imputed income. 
 Spousal Travel 

Spouses may travel with executives on business trips only when spousal attendance is required. Expenses for spousal travel are treated as imputed
income. 

 

  

Please note: This communication describes in a summary fashion or refers to certain Unisys benefit and compensation plans and
programs, without going into all of the details. The provisions of the applicable plan/program documents solely determine the legal rights and obligations of any person. In the event of any discrepancy between these communications and the official
plan/program documents, the applicable plan/program documents (including any amendments), as interpreted by the plan/program administrator, in his/her/its sole discretion, will always govern. Unisys reserves the right to amend or terminate any or
all of its benefit and compensation plans, in whole or in part, at any time and for any reason without prior notice or consent, to the extent permissible under applicable law.Exhibit 10.1 Amended Employment Agreement H. Charles Maddy, III

Exhibit 10.1
SIXTH AMENDMENT TO
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS SIXTH AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), entered into as of the 17th day of February, 2015, by and between SUMMIT FINANCIAL GROUP, INC., a West Virginia corporation and bank holding company (“Summit”) and H. CHARLES MADDY, III, (“Maddy”). 
W I T N E S S E T H:
WHEREAS, on March 4, 2005, Summit and Maddy entered into that certain Employment Agreement whereby Summit agreed to employ Maddy and Maddy accepted employment as the Chief Executive Officer of Summit (the “Employment Agreement”); and 
WHEREAS, the original term of the Employment Agreement commenced on March 4, 2005, and extended until March 4, 2008; and
WHEREAS, the Board of Directors of Summit or a committee designated by the Board of Directors of Summit is required by the terms of the Employment Agreement to review the Employment Agreement at least annually, and the Board of Directors of Summit may, with the approval of Maddy, extend the term of the Employment Agreement annually for one (1) year periods (so that the actual term of the Employment Agreement will always be between two and three years); and
WHEREAS, on December 6, 2005, December 12, 2006, and December 14, 2007, the Compensation and Nominating Committee of the Board of Directors of Summit met to review the Employment Agreement and extended the term of the Employment Agreement for an additional one (1) year term; and 
WHEREAS, the Employment Agreement was amended and restated on December 9, 2008 (the “Amended and Restated Employment Agreement”) and the term of the Employment Agreement was thereby extended for an additional one (1) year until March 4, 2012.
WHEREAS, on February 4, 2010 , the Compensation and Nominating Committee of the Board of Directors of Summit met to review the Amended and Restated Employment Agreement and extended the term of the Amended and Restated Employment Agreement for an additional one (1) year until March 4, 2013; and
WHEREAS, on December 14, 2010, the Compensation and Nominating Committee of the Board of Directors met to review the Amended and Restated Employment Agreement and extended the term of the Amended and Restated Employment Agreement for one (1) year, until March 4, 2014.
WHEREAS, on February 16, 2012, the Compensation and Nominating Committee of the Board of Directors met to review the Amended and Restated Employment Agreement and extended the term of the Amended and Restated Employment Agreement for one (1) year, until March 4, 2015; 

WHEREAS, on February 14, 2013, the Compensation and Nominating Committee of the Board of Directors met to review the Amended and Restated Employment Agreement and extended the term of the Amended and Restated Employment Agreement for one (1) year, until March 4, 2016;
WHEREAS, on February 14, 2014, the Compensation and Nominating Committee of the Board of Directors met to review the Amended and Restated Employment Agreement and extended the term of the Amended and Restated Employment Agreement for one (1) year, until March 4, 2017; and
WHEREAS, on February 17, 2015, the Compensation and Nominating Committee of the Board of Directors met to review the Amended and Restated Employment Agreement and extended the term of the Amended and Restated Employment Agreement for one (1) year, until March 4, 2018.
WHEREAS, Maddy and Summit desire to enter into this Agreement to evidence the extension of the Employment Agreement for an additional one (1) year until March 4, 2018.
NOW THEREFORE, for and in consideration of the premises and mutual covenants, agreements and undertakings, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties covenant and agree as follows:
1.    Amendment to Employment Agreement.  Effective as of the date of this Agreement, the term of the Employment Agreement shall be until March 4, 2018.  
2.    Enforceable Documents.  Except as modified herein, all terms and conditions of the Employment Agreement, as the same may be supplemented, modified, amended or extended from time to time, are and shall remain in full force and effect.  
3.    Authority.  The undersigned are duly authorized by all required action or agreement to enter into this Agreement.  
4.    Modifications to Agreement.  This Agreement may be amended or modified only by an instrument or document in writing signed by the person or entity against whom enforcement is sought.
5.    Governing Law.  This Agreement, and any documents executed in connection herewith or as required hereunder, and the rights and obligations of the undersigned hereto and thereto, shall be governed by, construed and enforced in accordance with the laws of the State of West Virginia.
IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the date first written above.
	
					
	 
	 
	 
	SUMMIT FINANCIAL GROUP, INC.

	 
	 
	 
	 
	 

	 
	 
	 
	By:   /s/ Oscar M. Bean

	 
	 
	 
	Its:  Chairman
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ H. Charles Maddy, III

	 
	 
	 
	H. Charles Maddy, IIIExhibit 10.2 Executive Officer Management Incentive Plan

Exhibit 10.2
SUMMIT FINANCIAL GROUP, INC.
Executive Officer Management Incentive Plan
for 2015

OBJECTIVE

The objective of the Executive Officer Management Incentive Plan for 2015 (“2015 MIP”) is to incent and reward select members of Summit Financial Group, Inc.’s and its subsidiaries’ (collectively hereafter, “Summit’s”) management team for their exceptional performance, while still balancing risk with reward.
 
PARTICIPANT ELIGIBILITY

Eligibility for participation in the 2015 MIP is extended to the following executive officers (“Eligible Participants”): 

	
			
	Summit Financial Group, Inc.
	 
	Summit Community Bank, Inc.

	Chief Executive Officer
	 
	Chief Operations Officer

	Chief Financial Officer
	 
	Chief Credit Officer

	Chief Accounting Officer
	 
	Chief Lending Officer

To be eligible to receive a 2015 MIP payment, Eligible Participants must be employed for the entirety of 2015. If an otherwise Eligible Participant separates from employment at Summit for any reason, voluntarily or involuntarily, prior to January 1, 2016, no incentive will be paid to such Eligible Participant.

MIP COMPUTATION

The 2015 MIP computation is based upon Summit achieving a targeted range of annual return on average tangible equity (“ROATE”). For purposes of the 2015 MIP, Summit’s ROATE is to be calculated on a consolidated basis for the year ended 2015, as follows:

  Net Income + (Amortization of Intangibles x 0.63)
Average Shareholders’ Equity - Average Intangibles

The 2015 MIP’s targeted range for Summit’s ROATE for 2015 is 10.00 to 10.99 percent. If Summit’s actual ROATE for 2015 is within this targeted range, each Eligible Participant will receive an incentive payment equal to 25% of their respective annual base salary as of January 1, 2015 (the “Targeted Incentive”).

If Summit’s actual ROATE for 2015 is greater than the targeted range, Eligible Participants will be eligible to receive an incentive that is greater than the Targeted Incentive; conversely, if Summit’s actual ROATE for 2015 is less than the targeted range, Eligible Participants will be eligible to receive an incentive that is less than the Targeted Incentive.

The formula to compute each Eligible Participant’s incentive payment under the 2015 MIP is as follows:

	
							
	Eligible Participant's Annual Base Salary on January 1, 2015
	x
	25%
	x
	MIP Multiplier
	=
	Eligible Participant's 2015 MIP Incentive

The MIP Multiplier to be used for purposes of the above formula varies based upon Summit’s actual ROATE for 2015, as follows:

	
			
	Summit's Actual ROATE for 2015
	 
	MIP Multiplier

	Less than 8%    
	 
	0%

	8.00% to 8.99%
	 
	80%

	9.00% to 9.99%
	 
	90%

	10.00% to 10.99%
	Target
	100%

	11.00% to 11.99%
	 
	127%

	12.00% to 12.99%
	 
	162%

	13.00% to 13.99%
	 
	195%

	14.00% and greater    
	 
	210%

In addition to the 2015 MIP incentives which may be awarded to Eligible Participants in accordance with the above formula, an additional incentive totaling no more than $40,000 may be awarded at the discretion of Summit’s Chief Executive Officer, in whole or in part, to one or more deserving Summit employees who are not Eligible Participants.

OTHER MIP TERMS

No incentive under the 2015 MIP will be made, if at December 31, 2015 through the time of payment of the 2015 MIP incentive, Summit or any affiliate is subject to any active or pending, formal or informal, agreement or enforcement action to which any bank regulatory authority is a party, including but not limited to a memorandum of understanding, written agreement, or order of cease and desist.

PAYMENT OF INCENTIVES

The 2015 MIP incentive will be calculated after January 1, 2016 and paid as soon as practicable following Summit’s filing of its Form 10-K for the year ended December 31, 2015 with the Securities and Exchange Commission but no later than March 31, 2016. 

INTERPRETATIONS, AMENDMENTS OR DISCONTINUATION

All interpretations of or amendments to the 2015 MIP will be made at the sole discretion of Compensation and Nominating Committee of the Summit Financial Group, Inc. Board of Directors. The 2015 MIP may be discontinued or revised by the Compensation and Nomination Committee at any time.

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