Document:

ex10_19-2011.htm

EXHIBIT 10.19

AMENDMENT NUMBER 4

TO THE

OCCIDENTAL PETROLEUM CORPORATION

SUPPLEMENTAL RETIREMENT PLAN II

Effective as of January 1, 2005

Amended and Restated as of November 1, 2008

The Occidental Petroleum Corporation Supplemental Retirement Plan II (Effective as of January 1, 2005, Amended and Restated as of November 1, 2008) is hereby amended as of January 1, 2012, as follows:

1.           Effective January 1, 2012, a new section 2.1(d), relating to “Annual Bonus,” is added to read as follows, and all subsequent subsections under section 2.1 and any cross-references in the Plan to such subsections are renumbered accordingly:

	  	
(d)

	
“Annual Bonus” means the bonus awarded by an Employer to an Active Participant during the Play Year under a regular annual incentive compensation plan such as the Company’s Variable Compensation Program, Incentive Compensation Program or Executive Incentive Compensation Plan (but excluding, without limitation, a special individual or group bonus, a project bonus, any other special bonus).  For avoidance of doubt, payments made under the Phibro LLC bonus plan or any other bonus plan not specifically stated in the previous sentence are excluded from the definition of Annual Bonus.

 

 

2.           Effective January 1, 2012, current section 2.1(k), relating to “DCP Eligible Bonus,” is deleted and all subsequent subsections under section 2.1 and any cross-references in the Plan to such subsections are renumbered accordingly.

3.           Effective January 1, 2012, section 4.1(b)(1), relating to the “Contingent Credit” and “Allocation Amount” under “Allocations Relating to the Retirement Plan” is amended to read as follows:

	  	
(b)

	
Allocation Amount.

	  	  	  	  
	  	  	
(1)

	
Contingent Credit. A credit shall be made as of the last day of each month to a contingent account maintained for each Participant described in subsection (a). The amount of the credit for the month is set forth below.  For avoidance of doubt, references below to the “Annual Bonus paid” refer only to the portion of an Employee’s Annual Bonus that is actually paid to

 

  

  

  

  

	  	
the Employee and not deferred under the Deferred Compensation Plan.

	  	  	  	  
	  	
(A)

	
For a Participant who shall not attain age 35 as of the last day of the Plan Year, the sum of:

	  	  	  	  
	  	  	
(i)

	
4 percent of the sum of the Base Pay of Record and Annual Bonus paid for the calendar month below the Wage Base; plus

	  	  	  	  
	  	  	
(ii)

	
8 percent of the sum of the Base Pay of Record and Annual Bonus paid for the calendar month above the Wage Base.

	  	  	  	  
	  	
(B)

	
For a Participant who shall attain age 35 as of the last day of the Plan Year, the sum of:

	  	  	  	  
	  	  	
(i)

	
7 percent of the sum of the Base Pay of Record and Annual Bonus paid for the calendar month below the Wage Base; plus

	  	  	  	  
	  	  	
(ii)

	
12 percent of the sum of Base Pay of Record and Annual Bonus paid for the calendar month above the Wage Base.

For purposes of calculating contingent allocations under this section, an Employee shall have Base Pay of Record and Annual Bonus paid above the Wage Base for a calendar month only to the extent that the Employee’s Base Pay of Record and Annual Bonus paid for the Plan Year, determined as of the last day of such pay period, is in excess of the Wage Base.

4.           The first sentence on Section 4.1(b)(2)(B) is amended to read as follows:

“The reduction amount for other Participants shall be equal to the dollar limit in effect for the Plan Year under Code section 415(c)(1)(A) minus any Retirement Plan allocations to date, minus the sum of the following:”

5.           The last paragraph of Section 4.1(b)(2) is amended to add the word “Paid” after the phrase “Annual Bonus” so that it reads as follows:

For purposes of determining the reduction under this subparagraph, no portion of the sum of the Participant’s Base Pay Paid and Annual Bonus Paid for the Plan Year in excess of the amount specified in Code section 401(a)(17) in effect for the Plan Year shall be taken into account. The reduction amount shall not be less than zero.

  

  

  

  

 

6.           Effective January 1, 2012, section 4.2 is renamed as “Allocations Relating to Compensation Limit.”

7.           Effective January 1, 2012, section 4.2(a) is renamed as “Eligibility for Allocations Relating to Limits Under Code section 401(a)(17).”

8.           Effective January 1, 2012, section 4.3(a)(1), relating to “Eligibility” for “Retirement Plan” and “Allocations Relating to the Deferred Compensation Plan” is amended to read as follows:

	  	
(1)

	
Eligibility.  The following Employees who become Participants shall be provided the allocation for the Plan Year specified in subsection (2):  An Employee:

	  	  	
(A)

	
Who is a participant in the Retirement Plan and eligible to participate in the Deferred Compensation Plan, and

	  	  	
(B)

	
Who makes a deferral election under the Deferred Compensation Plan for the Plan Year.

	  	  	  	  
	  	  	
However, notwithstanding anything to the contrary, an Employee of Phibro LLC and its affiliates is not eligible to receive an allocation for the Plan Year specified in paragraph (2).

9.           Effective January 1, 2012, the first two sentences of section 4.3(a)(2), relating to “Allocation Amount” for “Allocations Relating to the Deferred Compensation Plan” and “Retirement Plan ” are deleted and replaced with the following:

	  	
(2)

	
Allocation Amount.  The amount to be allocated in a Plan Year with respect to a Participant described in paragraph (1) shall equal the Participant’s applicable percentage multiplied by the amount of Annual Bonus the Participant has deferred under the Deferred Compensation Plan.

10.            Effective January 1, 2012, the term “DCP Eligible Bonus” is deleted from the last sentence of section 4.3(a)(2) and replaced with the term “Annual Bonus.”

11.           Effective January 1, 2012, section 4.4(a) is amended by adding the words “Section 4.3(a)(2) or” immediately prior to the reference to “Section 4.3(b)(2)” in the last sentence thereof.

12.           Except as amended above, the terms of the Plan as in effect prior to this amendment shall continue unchanged.

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EXHIBIT 10.1

 

THIRD AMENDMENT TO

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS THIRD AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), entered into as of the 16th day of February, 2012, 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 extends 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, 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, 2015.

 

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, 2015.

 

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 of the Board of Directors     

 

 

                                    /S/ H. Charles Maddy, III           

                       H. Charles Maddy, III

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