Document:

banf-ex1010_15.htm

 

Exhibit 10.10

 

BANCFIRST CORPORATION Employee Stock OWNERSHIP PLAN

2019 AMENDMENT Number one

 

ARTICLE I. 
PURPOSE AND EFFECTIVE DATE

1.1Purpose and Explanation of Amendment.  BancFirst Corporation (“BancFirst”) is the Sponsor of the BancFirst Corporation Employee Stock Ownership Plan (the “ESOP”).  BancFirst intends to amend the ESOP to provide for eligibility of employees of Pegasus Bank.

1.2Effective date of Amendment.  This Amendment is effective as indicated herein.

1.3Superseding of inconsistent provisions.  This Amendment supersedes the provisions of the ESOP to the extent those provisions are inconsistent with the provisions of this Amendment.

1.4Construction.  Except as otherwise specifically provided in this Amendment, any reference to “Article” or “Section” in this Amendment refers only to Articles and Sections within this Amendment, and is not a reference to the ESOP.

ARTICLE II. 
SERVICE CREDIT OF EMPLOYEES OF PEGASUS BANK

2.1Effective date.  The provisions of this Article II shall be effective as of January 1, 2020. 

2.2Participation.  Pegasus Bank shall be permitted to be a participating employer in the ESOP effective as of January 1, 2020.

2.3Eligibility and Vesting Service Credit for Employees of Pegasus Bank.  With respect to persons who are employed by Pegasus Bank as of August 15, 2019 and continue such employment through December 31, 2019, subject to the ESOP’s break in service provisions, employment service with Pegasus Bank shall be counted as employment service under the ESOP for purposes of determining eligibility to participate and vesting.

ARTICLE III. 
ALLOCATION OF CONTRIBUTIONS

For purposes of allocating Employer Contributions under the ESOP, the Compensation of participants who become eligible to participate in the ESOP pursuant to Section 2.3 above shall only include Compensation paid on or after January 1, 2020.

ARTICLE IV. 
ENTRY DATE

Effective as of January 1, 2020, Section 3.2 of the ESOP’s governing document is amended to read as follows:

3.2Entry Date.  The Participation of an Employee eligible to become a Participant shall commence as of January 1, April 1, July 1 or October 1 whichever occurs first, after such Employee satisfies the Age and Eligibility Service Requirements.

 

 

ARTICLE V. 
DISTRIBUTION OF DIVIDENDS

Effective as of January 1, 2020, Section 8.1 of the ESOP’s governing document is amended in its entirety to read as follows:

8.1Payment of Dividends.  The Employer, in its sole discretion, may designate that cash dividends paid with respect to Employer Securities be applied under one of the following options:

(a)the dividends may be paid in cash directly by the Employer to Participants based on the number of shares allocated to such Participant’s accounts; or

(b)the dividends may be paid in cash to the Trustee and applied to the payment of principal and interest on the balance of any Exempt Loan which is outstanding without regard to the Employer Securities which have been or are allocated or held in the suspense account pending their release from encumbrance; provided, only dividends on Employer Securities which have been acquired with an Exempt Loan may be used for this purpose.  This provision shall apply only if Employer Securities with a fair market value of not less than the amount of the dividends are allocated to Participant accounts for the year in which the dividends would have been allocated to Participant accounts had they not been designated for payment on the Exempt Loan.  Only dividends related to Employer Securities acquired by the Plan on or after August 4, 1989, may be used under this subsection (b).

(c)the dividends paid with respect to shares of Employer Securities allocated to Participants’ ESOP Accounts may be allocated among and credited to the Accounts maintained in the Plan for each Participant to reflect assets other than Employer Securities ( a ”Participant’s Cash Account”) in accordance with the number of shares of Employer Securities allocated to each such Participant’s ESOP Account compared to the number of shares of Employer Securities allocated to all Participants’ ESOP Accounts.  Amounts held in Participants’ Cash Accounts may be reinvested in additional shares of Employer Securities subject to the Participant’s rights to diversify pursuant to Section 9.6.  

The Committee may, in its discretion, allow each Participant (an “Electing Participant”) to elect in accordance with procedures adopted by the Committee to either:

(a)Receive directly from the Company in cash the amount of dividends payable to the Plan with respect to the Employer Securities allocated to such Electing Participant’s Account;

(b)Receive in cash from the Plan the amount of dividends received by the Plan with respect to the Employer Securities allocated to such Electing Participant’s Account provided that such amount must be distributed from the Plan not later than 90 days after the end of the Plan Year in which such dividends are received by the Plan; or

(c)Have such dividends reinvested in Employer Securities to be allocated to such Electing Participant’s Account.

In the absence of an election from a Participant, the Participant shall be deemed to have elected to have such dividends invested in Employer Securities with respect to any distribution made pursuant to this Section 8.1.

Dividends used for purposes of one of the alternatives above shall be a deductible contribution by the Employer pursuant to Section 404(k) of the Code in addition to any other deduction allowed under Section 404 of the Code.  The deduction shall apply to the Employer’s taxable year in which the dividends are paid or distributed to Participants.  If dividends are applied under subsection (b) above, the deduction shall apply to the Employer’s taxable year in which the loan payment occurs.  In no event may such dividends be used for the evasion of taxation.

2

 

This amendment has been executed this 19th day of December, 2019.

 

	
BANCFIRST CORPORATION

	
 
	
 
	
 

	
 
	
By:
	
/s/ Randy Foraker

	
 
	
Name:
	
Randy Foraker

	
 
	
Title:
	
EVP

	
 

	
EMPLOYER

 

3banf-ex1011_16.htm

 

EXHIBIT 10.11

 

2019 AMENDMENT 

BancFirst Corporation Thrift Plan

 

BY THIS AGREEMENT, BancFirst Corporation Thrift Plan (herein referred to as the "Plan") is hereby amended as follows, effective as of December 31, 2019, except as otherwise provided herein:

 

	
1.
	
The section of the Adoption Agreement entitled "CONTRIBUTION TYPES" is amended as follows: 

 

CONTRIBUTION TYPES (1.12). The selections made below should correspond with the selections made under Article III of this Adoption Agreement. (If this is a frozen Plan (i.e., all contributions have ceased), choose (a) only.): 

Frozen Plan. See Sections 3.01(J) and 11.04.

	
(a)
	
[n/a]    Contributions cease. All Contributions have ceased or will cease (Plan is frozen).

	
 
	
(1)
	
[n/a]    Effective date of freeze:                                          [Note: Effective date is optional unless this is the amendment or restatement to freeze the Plan.]

[Note: Elections 20 through 30 and Elections 36 through 38 do not apply to any Plan Year in which the Plan is frozen.]

Contributions. The Employer and/or Participants, in accordance with the Plan terms, make the following Contribution Types to the Plan/Trust (Choose one or more of (b) through (h).):

 

	
(b)
	
[X]    Pre‐Tax Deferrals. See Section 3.02 and Elections 20‐23, and 34.

	
 
	
(1)
	
[X]    Roth Deferrals. See Section 3.02(E) and Elections 20, 21, and 23. [Note: The Employer may not limit Elective Deferrals to Roth Deferrals only.]

	
(c)
	
[X]    Matching. See Sections 1.35 and 3.03 and Elections 24‐26. [Note: The Employer may make an Operational QMAC without electing 6(c). See Section 3.03(C)(2). Do not elect for a safe harbor plan; use 6(e) instead.]

	
(d)
	
[X]    Nonelective. See Sections 1.38 and 3.04 and Elections 27-29. [Note: The Employer may make an Operational QNEC without electing 6(d). See Section 3.04(C)(2).]

	
(e)
	
[n/a]    Safe Harbor/Additional Matching. The Plan is (or pursuant to a delayed election, may be) a safe harbor 401(k) Plan. The Employer will make (or under a delayed election, may make) Safe Harbor Contributions as it elects in Election 30. The Employer may or may not make Additional Matching Contributions as it elects in Election 30. See Election 26 as to matching Catch‐Up Deferrals. See Section 3.05.

	
(f)
	
[X]    Employee (after‐tax). See Section 3.09 and Election 36.

	
(g)
	
[n/a]    SIMPLE 401(k). The Plan is a SIMPLE 401(k) Plan. See Section 3.10. [Note: The Employer electing 6(g) must elect a calendar year under 3(a) and may not elect any other Contribution Types except under Elections 6(b) and 6(h).]

	
(h)
	
[n/a]    Designated IRA. See Section 3.12 and Election 37.

 

	
2.
	
The section of the Adoption Agreement entitled "ELECTIVE SERVICE CREDITING" is amended to read as follows: 

 

ELECTIVE SERVICE CREDITING (1.59(C)). The Plan must credit Related Employer Service under Section 1.24(C) and also must credit certain Predecessor Employer/Predecessor Plan Service under Section 1.59(B). If the Plan is a Multiple Employer Plan, the Plan also must credit Service as provided in Section 12.08. The Plan also elects under Section 1.59(C) to credit as Service the following Predecessor Employer service (Choose one of (a) or (b).):

	
(a)
	
[n/a]    Not applicable. No elective Predecessor Employer Service crediting applies.

	
(b)
	
[X]    Applies. The Plan credits the specified service with the following designated Predecessor Employers as Service for the Employer for the purposes indicated (Choose one or both of (1) and (2) as applicable. Complete (3). Choose (4) if applicable.):

[Note: Any elective Service crediting under this Election 13 must be nondiscriminatory.]

25335239_1.doc

1

 

	
 
	
(1)
	
[n/a]    All purposes. Credit as Service for all purposes, service with Predecessor Employer(s): ______________________ (insert as many names as needed).

 

						
	
(2)
	
[X]
	
Designated purposes. Credit as Service, service with the following Predecessor Employer(s) for the designated purpose(s):
	
(1)
	
(2)
	
(3)

	
 
	
 
	
 
	
Eligibility
	
Vesting
	
Contribution

Allocation

	
 
	
a.
	
Employer:  Union Bank of Chandler, Union National Bancshares of Chandler, Inc., Exchange National Bank of Moore, Okemah National Bank, Bank of Commerce - Yukon, Wilcox & Jones(now part of Armour Assurance, Inc., Park State Bank, First Bartlesville Bank, Lincoln National Bank, Armour Assurance, Inc., RBC Agency, Inc., Exchange Bancshares of Moore,1st Bank of Oklahoma, First Bank & Trust Company of Wagoner,  First Bank-Chandler and  Pegasus Bank
	
[X]
	
[X]
	
[   ]

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
b.
	
Employer:
	
[   ]
	
[   ]
	
[   ]

	
 
	
c.
	
Employer:
	
[   ]
	
[   ]
	
[   ]

 

	
 
	
(3)
	
Time period. Subject to any exceptions noted under Election 13(b)(4), the Plan credits as Service under Elections 13(b)(1) or (2) (Choose one or more of a., b., and c. as applicable.):

	
 
	
a.
	
[n/a]    All. All service, regardless of when rendered.

	
 
	
b.
	
[n/a]    Service after. All service, which is or was rendered after:                                          (specify date).

	
 
	
c.
	
[X]    Service before. All service, which is or was rendered before:   the dates specified in 13(b)4   (specify date).

	
 
	
(4)
	
[X]    Describe elective Predecessor Employer Service crediting:  For Employees of Union Bank of Chandler and Union National Bancshares of Chandler, Inc.. who were employed by such entities as of November 10, 2010 and continue such employment through December 31, 2010, all service with such entities is credited; For Employees of Exchange National Bank of Moore and Exchange Bancshares of Moore, who were employed by such entities as of December 31, 2010 all service with such entities is credited; For Employees of 1st Bank Oklahoma, who were employed by such entity as of January 1, 2012 and continue such service after such date, all service with such  entity is credited; For Employees of Okemah National Bank, who were employed by such entity as of October 20, 2011 and who continue employment as Employees after such date, all service with such entity is credited; For Employees of RBC Insurance Agency, Inc. ("RBCIA") persons  who were employed by such entity as of the date of the acquisition of such entity by BancFirst Corporation or its  affiliate and who remain employed by RBCIA,  BancFirst Corporation or one of its affiliates after such acquisition shall be credited with their service with RBCIA; For employees of Bank of Commerce, Yukon ("BCY") who were employed by BCY  as of October 1, 2015, all service with BCY shall be credited; For employees of First Bank & Trust Company of Wagoner and First Bank-Chandler who were employed by either entity on January 12, 2018 and remained employed with such entities after such date, service prior to January 12, 2018 shall be credited.  For Employees of Pegasus Bank who were employed by Pegasus Bank as of August 15, 2019 and who continued to be employed by Pegasus Bank through December 31, 2019, all service with Pegasus Bank is credited.

[Note: Under Election 13(b)(4), the Employer may describe service crediting from the elections available under Elections 13(b)(1) through (3), or a combination thereof as to a Participant group and/or Contribution Type (e.g., For all purposes credit all service with X, but credit service with Y only on/after 1/1/05 OR Credit all service for all purposes with entities the Employer acquires after 12/31/04 OR Service crediting for X Company applies only for purposes of Nonelective Contributions and not for Matching Contributions).]

 

	
3.
	
The section of the Adoption Agreement entitled "SPECIAL ELIGIBILITY EFFECTIVE DATE (DUAL ELIGIBILITY)" is amended as follows:

SPECIAL ELIGIBILITY EFFECTIVE DATE (DUAL ELIGIBILITY) (2.01(E)). The eligibility conditions of Election 14 and the entry date provisions of Election 17 apply to all Employees unless otherwise elected below (Choose (a) or (b) if applicable.):

[Note: Elections 15(a) or (b) may trigger a coverage failure under Code §410(b).]

	
(a)
	
[n/a]    Waiver of eligibility conditions for certain Employees. For all Contribution Types, the eligibility conditions and entry dates apply solely to an Eligible Employee employed or reemployed by the Employer after                                      (specify date). If the Eligible Employee was employed or reemployed by the Employer by the specified date, the Employee will become a Participant on the latest of: (i) the Effective Date; (ii) the restated Effective Date; (iii) the Employee's Employment Commencement Date or Re‐Employment Commencement Date; or (iv) the date the Employee attains age            (not exceeding age 21).

[Note: If the Employer does not wish to impose an age condition under clause (iv) as part of the requirements for the eligibility conditions waiver, leave the age blank.]

25335239_1.doc

2

 

	
(b)
	
[X]    Describe special eligibility Effective Date(s):  Employees who were active participants in the 1st Bank Oklahoma 401(k) Profit Sharing Plan as of January 1, 2012 are eligible to participate in the Plan as of January 1, 2012;  Employees who were active participants in the Okemah National Bank Employees 401(k) Profit Sharing Plan as of October 20, 2011 shall be eligible to participate as of October 21, 2011. Employees of Bank of Commerce, Yukon ("BCY") who were employed by BCY as of October 1, 2015 and who were participants in the Ramey and Walsh Banking Group Employees 401(k) Profit Sharing Plan are eligible to participate in the Plan effective as of the payroll period for which payment was made as of November 13, 2015.  Employees who were active participants in the Pegasus Bank 401(k) Plan as of December 31, 2019 are eligible to participate as of January 1, 2020.

[Note: Under Election 15(b), the Employer may describe special eligibility Effective Dates as to a Participant group and/or Contribution Type (e.g., Eligibility conditions apply only as to Nonelective Contributions and solely as to the Eligible Employees of Division B who were hired or reemployed by the Employer after January 1, 2012).]

 

	
4.
	
The section of the Adoption Agreement entitled "ENTRY DATE" is amended as follows:

 

ENTRY DATE (2.02(D)). Entry Date means the Effective Date and (Choose one or more of (a) through (g). Choose Contribution Types as applicable.):

 

[Note: For this Election 17, unless described otherwise in Election 17(g), Elective Deferrals includes Pre‐Tax Deferrals, Roth Elective Deferrals and Employee Contributions, Matching includes all Matching Contributions (except Operational QMACs under Section 3.03(C)(2)) and Nonelective includes all Nonelective Contributions (except Operational QNECs under Section 3.04(C)(2)). Entry as to Prevailing Wage Contributions is on the Employment Commencement Date. See Section 2.02(D)(3).]

 

	
 
	
(1)
	
 
	
(2)
	
(3)
	
(4)

	
 
	
All

Contributions
	
 
	
Elective

Deferrals
	
Matching
	
Nonelective

	
(a)     [n/a] Semi‐annual. The first day of the first month and of the seventh month of the Plan Year.
	
[   ]
	
OR
	
[   ]
	
[   ]
	
[   ]

	
(b)     [n/a]  First day of Plan Year.
	
[   ]
	
OR
	
[   ]
	
[   ]
	
[   ]

	
(c)     [X]  First day of each Plan Year quarter.
	
[X]
	
OR
	
[   ]
	
[   ]
	
[   ]

	
(d)     [n/a]  The first day of each month.
	
[   ]
	
OR
	
[   ]
	
[   ]
	
[   ]

	
(e)     [n/a]  Immediate. Upon Employment Commencement Date or if later, upon satisfaction of eligibility conditions.
	
[   ]
	
OR
	
[   ]
	
[   ]
	
[   ]

	
(f)     [n/a]  First day of each payroll period. 
	
[   ]
	
OR
	
[   ]
	
[   ]
	
[   ]

	
(g)     [X]  Describe Entry Date(s):  For the employees of First Bank-Chandler and First Bank & Trust Company of Wagner the entry date shall be March 1, 2018.  For employees of Pegasus Bank who are active participants in the Pegasus Bank 401(k) Plan as of December 31, 2019, the Entry Date is January 1, 2020.

 

25335239_1.doc

3

 

	
5.
	
The section of the Adoption Agreement entitled "PROSPECTIVE/RETROACTIVE ENTRY DATE" is amended as follows:

 

PROSPECTIVE/RETROACTIVE ENTRY DATE (2.02(D)). An Employee after satisfying the eligibility conditions in Election 14 will become a Participant (unless an Excluded Employee under Election 8) on the Entry Date (if employed on that date) (Choose one or more of (a) through (f). Choose Contribution Type as applicable.):

 

	
 
	
(1)
	
 
	
(2)
	
(3)
	
(4)

	
 
	
All

Contributions
	
 
	
Elective

Deferrals
	
Matching
	
Nonelective

	
a)     [n/a]  Immediately following or coincident with the date the Employee completes the eligibility conditions.
	
[   ]
	
OR
	
[   ]
	
[   ]
	
[   ]

	
b)     [X]  Immediately following the date the Employee completes the eligibility conditions.
	
[X]
	
OR
	
[   ]
	
[   ]
	
[   ]

	
c)     [n/a]  Immediately preceding or coincident with the date the Employee completes the eligibility conditions.
	
N/A
	
 
	
N/A
	
[   ]
	
[   ]

	
d)     [n/a]  Immediately preceding the date the Employee completes the eligibility conditions.
	
N/A
	
 
	
N/A
	
[   ]
	
[   ]

	
e)     [n/a]  Nearest the date the Employee completes the eligibility conditions.
	
N/A
	
 
	
N/A
	
[   ]
	
[   ]

	
f)     [n/a]  Describe retroactive/prospective entry relative to Entry Date: 

 

	
6.
	
The section of the Adoption Agreement entitled "EMPLOYEE (AFTER‐TAX) CONTRIBUTIONS" is amended as follows:

EMPLOYEE (AFTER‐TAX) CONTRIBUTIONS (3.09). The following additional elections apply to Employee Contributions under Election 6(f). (Choose one or both of (a) and (b) if applicable.):

	
(a)
	
[n/a]Additional limitations. The Plan permits Employee Contributions subject to the following limitations, if any, in addition to those already imposed under the Plan: __________________

[Note: Any designated limitation(s) must be the same for all Participants and must be definitely determinable (e.g., Employee Contributions may not exceed the lesser of $5,000 dollars or 10% of Compensation for the Plan Year and/or Employee Contributions may not be less than $50 or 2% of Compensation per payroll period).]

	
(b)
	
[X]Apply Matching Contribution. For each Plan Year, the Employer's Matching Contribution made as to Employee Contributions is:  0                                    

	
7.
	
The section of the Adoption Agreement entitled "IN‐SERVICE DISTRIBUTIONS/EVENTS" is amended as follows:

IN‐SERVICE DISTRIBUTIONS/EVENTS (6.01(C)). A Participant may elect an In‐Service Distribution of the designated Contribution Type Accounts based on any of the following events in accordance with Section 6.01(C) (Choose one of (a) or (b).):

[Note: If the Employer elects any In‐Service Distribution option, a Participant may elect to receive as many In‐Service Distributions per Plan Year (with a minimum of one per Plan Year) as the Plan Administrator's In‐Service Distribution form or policy may permit. If the form or policy is silent, the number of In‐Service Distributions is not limited. Prevailing Wage Contributions are treated as Nonelective Contributions. See Section 6.01(C)(4)(d) if the Employer elects to use Prevailing Wage Contributions to offset other contributions.]

	
(a)
	
[n/a]    None. The Plan does not permit any In‐Service Distributions except as to any of the following (if applicable): (i) RMDs under Section 6.02; (ii) Protected Benefits; and (iii) Designated IRA Contributions. Also see Section 6.01(C)(4)(e) with regard to Rollover Contributions, Employee Contributions and DECs.

	
(b)
	
[X]    Permitted. In‐Service Distributions are permitted as follows from the designated Contribution Type Accounts (Choose one or more of (1) through (9).):

25335239_1.doc

4

 

[Note: Unless the Employer elects otherwise in Election (b)(9) below, Elective Deferrals under Election 47(b) includes Pre‐Tax and Roth Deferrals and Matching Contributions includes Additional Matching Contributions (irrespective of the Plan's ACP testing status).]

 

 

	
 
	
(1)
	
 
	
(2)
	
(3)
	
(4)
	
(5)
	
(6)
	
(7)

	
 
	
All

Contrib.
	
 
	
Elective

Deferrals
	
Safe Harbor

Contrib.
	
QNECs
	
QMACs
	
Matching

Contrib.
	
Nonelective/

SIMPLE

	
(1)     [n/a] None. Except for Election 474(a) exceptions.
	
N/A (See Election 47(a))
	
 
	
[   ]
	
[   ]
	
[   ]
	
[   ]
	
[   ]
	
[   ]

	
(2)     [X] Age (Choose one or both of a. and b.):
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
a.    [X] Age   65

(must be at least 59 1/2).
	
[   ]
	
OR
	
[X]
	
[   ]
	
[   ]
	
[   ]
	
[   ]
	
[   ]

	
b.    [n/a] Age__

(may be less than 59 1/2).
	
N/A
	
 
	
N/A
	
N/A
	
N/A
	
N/A
	
[   ]
	
[   ]

	
(3)     [X]  Hardship

(Choose one or both of a. and b.):
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
a.    [X] Hardship (safe harbor).

See Section 6.07(A)
	
N/A
	
 
	
[X]
	
N/A
	
N/A
	
N/A
	
[   ]
	
[   ]

	
b.    [n/a] Hardship (non-safe harbor).

See Section 6.07(B).
	
N/A
	
 
	
N/A
	
N/A
	
N/A
	
N/A
	
[   ]
	
[   ]

	
(4)     [n/a]   Disability.
	
[   ]
	
OR
	
[   ]
	
[   ]
	
[   ]
	
[   ]
	
[   ]
	
[   ]

	
(5)     [n/a]           year contributions.

(specify minimum of two years)

See Section 6.01(C)(4)(a)(i). 
	
N/A
	
 
	
N/A
	
N/A
	
N/A
	
N/A
	
[   ]
	
[   ]

	
(6)     [n/a]             months of participation. 

(specify minimum of 60 months)

See Section 6.01(C)(4)(a)(ii).
	
N/A
	
 
	
N/A
	
N/A
	
N/A
	
N/A
	
[   ]
	
[   ]

	
(7)     [X]  Qualified Reservist Distribution.

See Section 6.01(C)(4)(b)(iii).
	
N/A
	
 
	
[X]
	
N/A
	
N/A
	
N/A
	
N/A
	
N/A

	
(8)     [n/a]  Deemed Severance Distribution.

See Section 6.11.
	
[   ]
	
 
	
[   ]
	
[   ]
	
[   ]
	
[   ]
	
[   ]
	
[   ]

	
(9)     [X]  Describe:  A Participant's vested benefits related to accounts transferred from the Wilcox & Jones, Inc. 401(k) Retirement Savings Plan or the Lincoln National Bank 401(k) Plan  may be distributed at the request of the applicable Participant  upon such Participant attaining age 59 1/2.  In addition, a Participant's benefits related to Elective Deferral  Accounts transferred from the Ramey and Walsh Banking Group Savings Incentive and Profit Sharing Plan may be distributed to such Participant upon the Participant attaining age 59 1/2 .  In addition, a Participant's  elective deferral, matching contribution, QNEC and QMAC accounts transferred from the First Bank & Trust Company 401(k) Retirement Savings Plan may be distributed as the request of the Participant beginning as of the date the Participant attains age 59 1/2. A Participant's vested  benefits related to accounts transferred from the Pegasus Bank  401(k) may be distributed at the request of the applicable Participant  upon such Participant attaining age 59 1/2.

 

25335239_1.doc

5

 

	
8.
	
The section of the Administrative Checklist entitled "RELATED AND PARTICIPATING EMPLOYERS/MULTIPLE EMPLOYER PLAN" is amended as follows: 

AC5.    RELATED AND PARTICIPATING EMPLOYERS/MULTIPLE EMPLOYER PLAN (1.24(C)/(D)). There are or are not Related Employers and Participating Employers as follows (Complete (a) through (d).):

 

	
(a)
	
Related Employers. (Choose one of (1) or (2).):

	
 
	
(1)    [   ] None.
	
 

	
 
	
(2)    [X] Name(s) of Related Employers:  BancFirst, BancFirst Insurance Services, Inc., and Pegasus Bank

	
(b)
	
Participating (Related) Employers. (Choose one of (1) or (2).):

	
 
	
(1)    [   ] None.
	
 

	
 
	
(2)    [X] Name(s) of Participating Employers:  BancFirst, BancFirst Insurance Services, Inc., and Pegasus Bank 

See SFC Election 76 for details.

	
(c)
	
Former Participating Employers. (Choose one of (1) or (2).):

	
 
	
(1)    [   ] None.
	
 

	
 
	
(2)    [X] Applies.
	
 

	
 
	
 
	
Name(s)
	
Date of cessation

	
 
	
 
	
1st Bank Oklahoma
	
03/31/2012

	
 
	
 
	
Bank of Commerce
	
11/30/2015

	
 
	
 
	
 
	
 

	
(d)
	
Multiple Employer Plan status. (Choose one of (1) or (2).):

	
 
	
(1)    [X] Does not apply.
	
 

	
 
	
(2)    [   ] Applies. The Signatory Employer is the Lead Employer and at least one Participating Employer is not a Related Employer. (Complete a.)

	
 
	
 
	
a.    Name(s) of Participating Employers (other than Related Employers described above):     

See SFC Election 76 for details.

 

25335239_1.doc

6

 

 

* * * * * * *

BancFirst Corporation has executed this Amendment on the date set forth below.

 

		
	
 
	
BancFirst Corporation

	
Date: December 19, 2019
	
By:/s/ Randy Foraker EVP

	
 
	
Title:

 

25335239_1.doc

7

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