Document:

EX-10.1 Community First, Inc. Employee Stock Plan

 

Exhibit
10.1

APPENDIX A

COMMUNITY FIRST, INC.

EMPLOYEE STOCK PURCHASE PLAN

ARTICLE I.

INTRODUCTION

     1.1 ESTABLISHMENT OF PLAN. Community First, Inc., a Tennessee corporation (the “Company”)
with its principal offices located in Columbia, Tennessee, adopts the following employee stock
purchase plan for its eligible employees. This Plan shall be known as the Community First, Inc.
Employee Stock Purchase Plan.

     1.2 PURPOSE. The purpose of this Plan is to provide an opportunity for eligible employees of
the Employer or its Subsidiaries to become shareholders in the Company. It is believed that
broad-based employee participation in the ownership of the business will help to achieve the unity
of purpose conducive to the continued growth of the Employer and to the mutual benefit of its
employees and shareholders.

     1.3 QUALIFICATION. This Plan is intended to be an employee stock purchase plan which
qualifies for favorable Federal income tax treatment under Section 423 of the Code and is intended
to comply with the provisions thereof, including the requirement of Section 423(b)(5) of the Code
that all Employees granted options to purchase Stock under the Plan have the same rights and
privileges with respect to such options.

     1.4 RULE 16B-3 COMPLIANCE. This Plan is intended to comply with Rule 16b-3 under the
Securities Exchange Act of 1934, and should be interpreted in accordance therewith.

ARTICLE II.

DEFINITIONS

     As used herein, the following words and phrases shall have the meanings specified below:

     2.1 BOARD OF DIRECTORS. The Board of Directors of the Company.

     2.2 CLOSING MARKET PRICE. The last sale price of the Stock on the date specified of which the
Plan Administrator is aware; or if no sales occurred on such day, the last sale price of the Stock
of which the Plan Administration is aware on the most recent date in which a sale of such Stock
occurred prior to such date; but if Stock shall become listed for quotation on any national
securities exchange, including any tier of the Nasdaq Stock Market, then the Closing Market Price
of the Stock shall be the last sale price of the Stock on such exchange on the date specified;
provided, however, that should there thereafter be any material alteration in the then system of
reporting sales prices of such Stock, the Closing Market Price of the Stock as of a particular date
shall be determined in such a method as shall be specified by the Plan Administrator.

     2.3 CODE. The Internal Revenue Code of 1986, as amended from time to time.

     2.4 COMMENCEMENT DATE. The first day of each Option Period. The first Commencement Date
shall be July 1, 2008.

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     2.5 CONTRIBUTION ACCOUNT. The account established on behalf of a Participant to which shall
be credited the amount of the Participant’s contribution, pursuant to Article V.

     2.6
EFFECTIVE DATE. April 29, 2008.

     2.7 EMPLOYEE. Each employee of the Employer except:

	 	(a)	 	any employee whose customary employment is twenty (20) hours
per week or less; or
	 
	 	(b)	 	any employee whose customary employment is for not more than
five (5) months in any calendar year.

     2.8 EMPLOYER. The Company and any corporation (i) which is a Subsidiary of the Company, (ii)
which is authorized by the Board of Directors to adopt this Plan with respect to its Employees, and
(iii) which adopts this Plan. The term “Employer” shall include any corporation into which an
Employer may be merged or consolidated or to which all or substantially all of its assets may be
transferred, provided that the surviving or transferee corporation would qualify as a subsidiary
under Section 2.18 hereof and that such corporation does not affirmatively disavow this Plan.

     2.9 EXERCISE DATE. The last business day of each Option Period.

     2.10 EXERCISE PRICE. The price per share of the Stock to be charged to Participants at the
Exercise Date, as determined in Section 6.3.

     2.11 FIVE-PERCENT SHAREHOLDER. An Employee who owns five percent (5%) or more of the total
combined voting power or value of all classes of stock of the Company or any Subsidiary thereof. In
determining this five percent test, shares of stock which the Employee may purchase under
outstanding options, as well as stock attributed to the Employee under Section 424(d) of the Code,
shall be treated as stock owned by the Employee in the numerator, but shares of stock which may be
issued under options shall not be counted in the total of outstanding shares in the denominator.

     2.12 GRANT DATE. The first business day of each Option Period.

     2.13 OPTION PERIOD. Successive periods of three (3) months (i) commencing on July 1 and
ending on September 30, (ii) commencing on October 1 and ending on December 30, (iii) commencing on
January 1 and ending on March 31, and (iv) commencing on April 1 and ending on June 30.

     2.14 PARTICIPANT. Any Employee of an Employer who has met the conditions for eligibility as
provided in Article IV and who has elected to participate in the Plan.

     2.15 PLAN. Community First, Inc. Employee Stock Purchase Plan.

     2.16 PLAN ADMINISTRATOR. The committee composed of one or more individuals to whom authority
is delegated by the Board of Directors to administer the Plan. The initial committee shall be the
Compensation Committee of the Board of Directors.

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     2.17 STOCK. Those shares of common stock of the Company which are reserved pursuant to
Section 6.1 for issuance upon the exercise of options granted under this Plan.

     2.18 SUBSIDIARY. Any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company if, at the time of the granting of the option, each of the
corporations other than the last corporation in the chain owns stock possessing fifty percent (50%)
or more of the combined voting power of all classes of stock in one of the other corporations in
such chain.

ARTICLE III.

SHAREHOLDER APPROVAL

     3.1 SHAREHOLDER APPROVAL REQUIRED. This Plan must be approved by the shareholders of the
Company within the period beginning twelve (12) months before and ending twelve (12) months after
its adoption by the Board of Directors.

     3.2 SHAREHOLDER APPROVAL FOR CERTAIN AMENDMENTS. Without the approval of the shareholders of
the Company, no amendment to this Plan shall increase the number of shares reserved under the Plan,
other than as provided in Section 10.3. Approval by shareholders must occur within one (1) year of
such amendment or such amendment shall be void ab initio, comply with applicable provisions of the
corporate charter and bylaws of the Company, and comply with Tennessee law prescribing the method
and degree of shareholder approval required for issuance of corporate stock or options.

ARTICLE IV.

ELIGIBILITY AND PARTICIPATION

     4.1 CONDITIONS. Each Employee shall become eligible to become a Participant on the
Commencement Date next following the date of his employment. No Employee who is a Five-Percent
Shareholder shall be eligible to participate in the Plan. Notwithstanding anything to the contrary
contained herein, no individual who is not an Employee shall be granted an option to purchase Stock
under the Plan.

     4.2 APPLICATION FOR PARTICIPATION. Each Employee who becomes eligible to participate shall be
furnished a summary of the Plan and an enrollment form. If such Employee elects to participate
hereunder, he shall complete such form and file it with his Employer no later than fifteen (15)
days prior to the next Commencement Date. The completed enrollment form shall indicate the amount
of Employee contributions authorized by the Employee. If no new enrollment form is filed by a
Participant in advance of any Option Period after the initial Option Period, that Participant shall
be deemed to have elected to continue to participate with the same contribution previously elected
(subject to the limit of fifteen percent (15%) of base pay). If any Employee does not elect to
participate in any given Option Period, he may elect to participate on any future Commencement Date
so long as he continues to meet the eligibility requirements.

     4.3 DATE OF PARTICIPATION. All Employees who elect to participate shall be enrolled in the
Plan commencing with the first pay date after the Commencement Date following their submission of
the enrollment form. Upon becoming a Participant, the Participant shall be bound by the terms of
this Plan, including any amendments whenever made.

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     4.4 ACQUISITION OR CREATION OF SUBSIDIARY. If the stock of a corporation is acquired by the
Company or another Employer so that the acquired corporation becomes a Subsidiary, or if a
Subsidiary is created, the Subsidiary in either case shall automatically become an Employer and its
Employees shall become eligible to participate in the Plan on the first Commencement Date after the
acquisition or creation of the Subsidiary, as the case may be. Notwithstanding the foregoing, the
Board of Directors may by appropriate resolutions (i) provide that the acquired or newly created
Subsidiary shall not be a participating Employer, (ii) specify that the acquired or newly created
Subsidiary will become a participating Employer on a Commencement Date other than the first
Commencement Date after the acquisition or creation, or (iii) attach any condition whatsoever to
eligibility of the employees of the acquired or newly created Subsidiary, except to the extent such
condition would not comply with Section 423 of the Code.

ARTICLE V.

CONTRIBUTION ACCOUNT

     5.1 EMPLOYEE CONTRIBUTIONS. The enrollment form signed by each Participant shall authorize
the Employer to deduct from the Participant’s compensation an after-tax amount during each payroll
period not less than fifty dollars ($50.00) nor more than an amount which is fifteen percent (15%)
of the Participant’s base pay on the Commencement Date. A Participant’s base pay shall be
determined before subtracting any elective deferrals to a qualified plan under Section 401(k) of
the Code, salary reduction contributions to a cafeteria plan under Section 125 of the Code or
elective deferrals to a nonqualified deferred compensation plan. The dollar amount deducted each
payday shall be credited to the Participant’s Contribution Account. Participant contributions will
not be permitted to commence at any time during the Option Period other than on the Commencement
Date. Unless otherwise determined by the Plan Administrator with respect to an Option Period, no
interest will accrue on any contributions or on the balance in a Participant’s Contribution
Account.

     5.2 MODIFICATION OF CONTRIBUTION RATE. No change shall be permitted in a Participant’s amount
of withholding except upon a Commencement Date, and then only if the Participant files a new
enrollment form with the Employer at least fifteen (15) days in advance of the Commencement Date
designating the desired withholding rate. Notwithstanding the foregoing, a Participant may notify
the Employer at any time (except during the periods from March 22 through March 31, June 21 through
June 30, September 21 through September 30 and December 22 through December 31) that he wishes to
discontinue his contributions. This notice shall be in writing and on such forms as provided by
the Employer and shall become effective as of a date provided on the form not more than fifteen
(15) days following its receipt by the Employer. The Participant shall become eligible to
recommence contributions on the next Commencement Date.

     5.3 WITHDRAWAL OF CONTRIBUTIONS. A Participant may elect to withdraw the balance of his
Contribution Account at any time during the Option Period prior to the Exercise Date (except during
the periods from March 22 through March 31, June 21 through June 30, September 21 through September
30 and December 22 through December 31). The option granted to a Participant shall be canceled
upon his withdrawal of the balance in his Contribution Account. This election to withdraw must be
in writing on such forms as may be provided by the Employer. If contributions are withdrawn in
this manner, further contributions during that Option Period will be discontinued in the same
manner as provided in Section 5.2, and the Participant shall become eligible to recommence
contributions on the next Commencement Date.

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     5.4 LIMITATIONS ON CONTRIBUTIONS. During each Option Period, the total contributions by a
Participant to his Contribution Account shall not exceed fifteen percent (15%) of
the Participant’s base pay for the Option Period. If a Participant’s total contributions
should exceed this limit, the excess shall be returned to the Participant after the end of the
Option Period, without interest.

ARTICLE VI.

ISSUANCE AND EXERCISE OF OPTIONS

     6.1 RESERVED SHARES OF STOCK. The Company shall reserve one hundred thousand (100,000) shares
of Stock for issuance upon exercise of the options granted under this Plan.

     6.2 ISSUANCE OF OPTIONS. On the Grant Date each Participant shall be deemed to receive an
option to purchase Stock with the number of shares and Exercise Price determined as provided in
this Article VI, subject to the maximum limits specified in Section 6.6(a). All such options shall
be automatically exercised on the following Exercise Date, except for options which are canceled
when a Participant withdraws the balance of his Contribution Account or which are otherwise
terminated under the provisions of this Plan.

     6.3 DETERMINATION OF EXERCISE PRICE. The Exercise Price of the options granted under this
Plan for any Option Period shall be ninety-five (95%) of the Closing Market Price of the Stock on
the Exercise Date.

     6.4 PURCHASE OF STOCK. On an Exercise Date, all options shall be automatically exercised,
except that the options of a Participant who has terminated employment pursuant to Section 7.1 or
who has withdrawn all his contributions shall expire. The Contribution Account of each Participant
shall be used to purchase the maximum number of whole shares of Stock determined by dividing the
Exercise Price into the balance of the Participant’s Contribution Account. Any money remaining in
a Participant’s Contribution Account representing a fractional share shall remain in his
Contribution Account to be used in the next Option Period along with new contributions in the next
Option Period; provided, however, that if the Participant does not enroll for the next Option
Period, the balance remaining shall be returned to him in cash, without interest.

     6.5 TERMS OF OPTIONS. Options granted under this Plan shall be subject to such amendment or
modification as the Employer shall deem necessary to comply with any applicable law or regulation,
including but not limited to Section 423 of the Code, and shall contain such other provisions as
the Employer shall from time to time approve and deem necessary; provided, however, that any such
provisions shall comply with Section 423 of the Code.

     6.6 LIMITATIONS ON OPTIONS. The options granted hereunder are subject to the following
limitations:

     (a) The maximum number of shares of Stock which may be purchased by any Participant on
an Exercise Date shall be shares having a market value of ten thousand dollars
($10,000.000) (as determined on the Exercise Date for the Option Period during which such shares are to be purchased). This maximum number of shares shall be adjusted as determined
by the Plan Administrator in accordance with, and upon the occurrence of an event described
in, Section 10.3.

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     (b) No Participant shall be permitted to accrue the right to purchase during any
calendar year Stock under this Plan (or any other Plan of the Employer or a Subsidiary
which is qualified under Section 423 of the Code) having a market value of greater than
twenty-five thousand dollars ($25,000.00) (as determined on the Grant Date for the Option
Period during which each such share of Stock is purchased) as provided in Section 423(b)(8)
of the Code.

     (c) No option may be granted to a Participant if the Participant immediately after the
option is granted would be a Five-Percent Shareholder.

     (d) No Participant may assign, transfer or otherwise alienate any options granted to
him under this Plan, otherwise than by will or the laws of descent and distribution, and
such options must be exercised during the Participant’s lifetime only by him.

     6.7 PRO-RATA REDUCTION OF OPTIONED STOCK. If the total number of shares of Stock to be
purchased under option by all Participants on an Exercise Date exceeds the number of shares of
Stock remaining authorized for issuance under Section 6.1, a pro-rata allocation of the shares of
Stock available for issuance will be made among Participants in proportion to their respective
Contribution Account balances on the Exercise Date, and any money remaining in the Contribution
Accounts shall be returned to the Participants, without interest.

     6.8 STATE SECURITIES LAWS. Notwithstanding anything to the contrary contained herein, the
Company shall not be obligated to issue shares of Stock to any Participant if to do so would
violate any State securities law applicable to the sale of Stock to such Participant. In the event
that the Company refrains from issuing shares of Stock to any Participant in reliance on this
Section, the Company shall return to such Participant the amount in such Participant’s Contribution
Account that would otherwise have been applied to the purchase of Stock.

ARTICLE VII.

TERMINATION OF PARTICIPATION

     7.1 TERMINATION OF EMPLOYMENT. Any Employee whose employment with the Employer is terminated
during the Option Period prior to the Exercise Date for any reason except death, disability or
retirement at or after age 65 shall cease being a Participant immediately. The balance of that
Participant’s Contribution Account shall be paid to such Participant as soon as practical after his
termination. The option granted to such Participant shall be null and void.

     7.2 DEATH. If a Participant should die while employed by the Employer, no further
contributions on behalf of the deceased Participant shall be made. The legal representative of the
deceased Participant may elect to withdraw the balance in said Participant’s Contribution Account
by notifying the Employer in writing prior to the Exercise Date in the Option Period during which
the Participant died (except during the periods from March 22 through March 31, June 21 through
June 30, September 21 through September 30 and December 22 through December 31). In the event no
election to withdraw is made on or before the March 21, June 20, September 20 or December 21
preceding the Exercise Date, the balance accumulated in the deceased Participant’s Contribution
Account shall be used to purchase shares of Stock in accordance with Section 6.4. Any money
remaining which is insufficient to purchase a whole share shall be paid to the legal
representative.

     7.3 RETIREMENT. If a Participant should retire from the employment of the Employer at or
after attaining age 65, no further contributions on behalf of the retired Participant shall be
made. The Participant may elect to withdraw the balance in his Contribution Account by

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notifying the Employer in writing prior to the Exercise Date in the Option Period during which
the Participant retired (except during the periods from March 22 through March 31, June 21 through
June 30, September 21 through September 30 and December 22 through December 31). In the event no
election to withdraw is made on or before the March 21, June 20, September 20 or December 21
preceding the Exercise Date, the balance accumulated in the retired Participant’s Contribution
Account shall be used to purchase shares of Stock in accordance with Section 6.4. Any money
remaining which is insufficient to purchase a whole share shall be paid to the retired Participant.

     7.4 DISABILITY. If a Participant should terminate employment with the Employer on account of
disability, as determined by reference to the definition of “disability” in the Employer’s
long-term disability plan, no further contributions on behalf of the disabled Participant shall be
made. The Participant may elect to withdraw the balance in his Contribution Account by notifying
the Employer in writing prior to the Exercise Date in the Option Period during which the
Participant became disabled (except during the periods from March 22 through March 31, June 21
through June 30, September 21 through September 30 and December 22 through December 31). In the
event no election to withdraw is made on or before the March 21, June 20, September 20 or December
21 preceding the Exercise Date, the balance accumulated in the disabled Participant’s Contribution
Account shall be used to purchase shares of Stock in accordance with Section 6.4. Any money
remaining which is insufficient to purchase a whole share shall be paid to the disabled
Participant.

ARTICLE VIII.

OWNERSHIP OF STOCK

     8.1 STOCK CERTIFICATES. As soon as practical after the Exercise Date, the Plan Administrator
will, in its sole discretion, either credit a share account maintained for the benefit of each
Participant or issue certificates to each Participant for the number of shares of Stock purchased
under the Plan by such Participant during an Option Period. Such determination by the Plan
Administrator shall apply equally to all shares of Stock purchased during the Option Period.
Certificates may be issued, at the request of a Participant, in the name of the Participant,
jointly in the name of the Participant and a member of the Participant’s family, to the Participant
as custodian for the Participant’s child under the Gift to Minors Act, or to the legal
representative of a deceased Participant.

     8.2 PREMATURE SALE OF STOCK. If a Participant (or former Participant) sells or otherwise
disposes of any shares of Stock obtained under this Plan:

          (i) prior to two (2) years after the Grant Date of the option under which such shares were
obtained, or

          (ii) prior to one (1) year after the Exercise Date on which such shares were obtained,

that Participant (or former Participant) must notify the Employer immediately in writing concerning
such disposition.

     8.3 RESTRICTIONS ON SALE. The Plan Administrator may, in its sole discretion, place
restrictions on the sale or transfer of shares of Stock purchased under the Plan during any Option
Period by notice to all Participants of the nature of such restrictions given in advance of the
Commencement Date of such Option Period. The restrictions may prevent the sale, transfer or other
disposition of any shares of Stock purchased during the Option Period for a period of up to two
years

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from the Grant Date, subject to such exceptions as the Plan Administrator may determine (e.g.,
termination of employment with the Employer). If certificates are issued pursuant to Section 8.1
for shares that are restricted, the certificates shall, in the discretion of the Plan
Administrator, contain a legend disclosing the nature and duration of the restriction. Any such
restrictions and exceptions determined by the Plan Administrator shall be applicable equally to all
shares of Stock purchased during the Option Period for which the restrictions are first applicable.
In addition, such restrictions and exceptions shall remain applicable during subsequent Option
Periods unless otherwise determined by the Plan Administrator. If the Plan Administrator should
change or eliminate the restrictions for a subsequent Option Period, notice of such action shall be
given to all Participants.

     8.4 TRANSFER OF OWNERSHIP. A Participant who purchases shares of Stock under this Plan shall
be transferred at such time substantially all of the rights of ownership of such shares of Stock in
accordance with the treasury regulations promulgated under Section 423 of the Code as in effect on
the Effective Date. Such rights of ownership shall include the right to vote, the right to receive
declared dividends, the right to share in the assets of the Employer in the event of liquidation,
the right to inspect the Employer’s books and the right to pledge or sell such Stock subject to the
restrictions in the Plan.

ARTICLE IX.

ADMINISTRATION AND AMENDMENT

     9.1 ADMINISTRATION. The Plan Administrator shall (i) administer the Plan, (ii) keep records
of the Contribution Account balance of each Participant, (iii) keep records of the share account
balance of each Participant, (iv) interpret the Plan, (v) determine all questions arising as to
eligibility to participate, amount of contributions permitted, determination of the Exercise Price,
and all other matters of administration, and (vi) determine whether to place restrictions on the
sale and transfer of Stock and the nature of such restrictions, as provided in Section 8.3. The
Plan Administrator shall have such duties, powers and discretionary authority as may be necessary
to discharge the foregoing duties, and may delegate any or all of the foregoing duties to any
individual or individuals (including officers or other Employees who are Participants). The Board
of Directors shall have the right at any time and without notice to remove or replace any
individual or committee of individuals serving as Plan Administrator. All determinations by the
Plan Administrator shall be conclusive and binding on all persons. Any rules, regulations, or
procedures that may be necessary for the proper administration or functioning of this Plan that are
not covered in this Plan document shall be promulgated and adopted by the Plan Administrator.

     9.2 AMENDMENT. The Board of Directors of the Employer may at any time amend the Plan in any
respect, including termination of the Plan, without notice to Participants. If the Plan is
terminated, all options outstanding at the time of termination shall become null and void and the
balance in each Participant’s Contribution Account shall be paid to that Participant, without
interest. Notwithstanding the foregoing, no amendment of the Plan as described in Section 3.2
shall become effective until and unless such amendment is approved by the shareholders of the
Company in accordance with the approval requirements of Section 3.2.

ARTICLE X.

MISCELLANEOUS

     10.1 EXPENSES. The Employer will pay all expenses of administering this Plan that may arise
in connection with the Plan.

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     10.2 NO CONTRACT OF EMPLOYMENT. Nothing in this Plan shall be construed to constitute a
contract of employment between an Employer and any Employee or to be an inducement for the
employment of any Employee. Nothing contained in this Plan shall be deemed to give any Employee
the right to be retained in the service of an Employer or to interfere with the right of an
Employer to discharge any Employee at any time, with or without cause, regardless of the effect
which such discharge may have upon him as a Participant of the Plan.

     10.3 ADJUSTMENT UPON CHANGES IN STOCK. The aggregate number of shares of Stock reserved for
purchase under the Plan as provided in Section 6.1, and the calculation of the Exercise Price as
provided in Section 6.3, shall be adjusted by the Plan Administrator (subject to direction by the
Board of Directors) in an equitable and proportionate manner to reflect changes in the
capitalization of the Company, including, but not limited to, such changes as result from merger,
consolidation, reorganization, recapitalization, stock dividend, dividend in property other than
cash, stock split, combination of shares, exchange of shares and change in corporate structure. If
any adjustment under this Section 10.3 would create a fractional share of Stock or a right to
acquire a fractional share of Stock, such fractional share shall be disregarded and the number of
shares available under the Plan and the number of shares covered under any options granted pursuant
to the Plan shall be the next lower number of shares, rounding all fractions downward.

     10.4 EMPLOYER’S RIGHTS. The rights and powers of any Employer shall not be affected in any
way by its participation in this Plan, including but not limited to the right or power of any
Employer to make adjustments, reclassifications, reorganizations or changes of its capital or
business structure or to merge or to consolidate or to dissolve, liquidate or sell, or transfer all
or any part of its business or assets.

     10.5 LIMIT ON LIABILITY. No liability whatever shall attach to or be incurred by any past,
present or future shareholders, officers or directors, as such, of the Company or any Employer,
under or by reason of any of the terms, conditions or agreements contained in this Plan or implied
therefrom, and any and all liabilities of any and all rights and claims against the Company, an
Employer, or any shareholder, officer or director as such, whether arising at common law or in
equity or created by statute or constitution or otherwise, pertaining to this Plan, are hereby
expressly waived and released by every Participant as a part of the consideration for any benefits
under this Plan; provided, however, no waiver shall occur, solely by reason of this Section 10.5,
of any right which is not susceptible to advance waiver under applicable law.

     10.6 GENDER AND NUMBER. For the purposes of the Plan, unless the contrary is clearly
indicated, the use of the masculine gender shall include the feminine, and the singular number
shall include the plural and vice versa.

     10.7 GOVERNING LAW. The validity, construction, interpretation, administration and effect of
this Plan, and any rules or regulations promulgated hereunder, including all rights or privileges
of any Participants hereunder, shall be governed exclusively by and in accordance with the laws of
the State of Tennessee, except that the Plan shall be construed to the maximum extent possible to
comply with Section 423 of the Code and the treasury regulations promulgated thereunder.

     10.8 HEADINGS. Any headings or subheadings in this Plan are inserted for convenience of
reference only and are to be ignored in the construction of any provisions hereof.

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     10.9 SEVERABILITY. If any provision of this Plan is held by a court to be unenforceable or is
deemed invalid for any reason, then such provision shall be deemed inapplicable and omitted, but
all other provisions of this Plan shall be deemed valid and enforceable to the full extent possible
under applicable law.

     IN
WITNESS WHEREOF, the Employer has adopted this Plan, effective
April 29, 2008.

     Date:
April 29, 2008.

	 	 	 	 	 	 	 
	 	 	COMMUNITY FIRST, INC.  
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Dianne Scroggins	 	 
	 

	 	 	 	 

	 	 

ATTEST:

/s/
Anthony King

A-10EX-10.1

 

Exhibit 10.1

CNX GAS CORPORATION

DIRECTORS’ DEFERRED FEE PLAN

(Effective January 1, 2008)

ARTICLE I

GENERAL

     1.1 Purpose. This Plan is established and maintained by the Company to allow
non-employee Directors to defer payment of all or a portion of their annual Board Retainer Fees
and/or Director Meeting Fees.

     1.2 Definitions. Unless a different meaning is plainly implied by the context, the
following terms as used in this Plan shall have the following meanings:

          (a) “Account” shall mean the bookkeeping account established and maintained for each
Participant for recording amounts deferred pursuant to Section 3.1.

          (b) “Administrator” shall mean the Board or any person, group or entity designated by
the Board in accordance with the provisions of Article V to administer the Plan.

          (c) “Beneficiary” shall mean the person or persons designated to receive benefits
after the death of the Participant as provided in Section 4.3.

          (d) “Board” shall mean the Board of Directors of the Company.

          (e) “Board Retainer Fees” shall mean the annual retainer fees payable to members of
the Board in cash (e.g. the Annual Board Retainer, Annual Committee Chair Retainer, Annual Audit
Committee Chair Retainer, Annual and Audit Committee Member Retainer).

          (f) “Change in Control” shall have the same meaning ascribed to it under the CNX Gas
Corporation Equity Incentive Plan.

          (g) “Code” shall mean the Internal Revenue Code of 1986, or any provision or section
thereof herein specifically referred to, as such provision or section may from time to time be
amended or replaced.

          (h) “Deferral Agreement” shall mean a written agreement, substantially in the form
attached hereto as Exhibit 1, entered into between the Company and a Participant pursuant
to Section 2.3 of the Plan.

          (i) “Company” shall mean CNX Gas Corporation.

          (j) “Director” shall mean a member of the Board who is not an employee of the Company
or any of its affiliates.

 

 

          (k) “Director Meeting Fees” shall mean attendance fees, if any, payable in cash for
each meeting of the Board attended by the Director or any committee meeting the Director attends
for a committee on which such Director serves.

          (l) “Effective Date” shall mean the effective date of the Plan, which shall be January
1, 2008.

          (m) “Interest Rate” shall mean the ten year Moody AAA Bond Rate.

          (n) “Participant” shall mean a Director who is eligible to participate in the Plan and
has elected to do so pursuant to Section 2.3.

          (o) “Plan” shall mean the CNX Gas Corporation Directors’ Deferred Fee Plan.

          (p) “Plan Year” shall mean the one-year period between the annual stockholders’
meeting and the next following annual stockholders’ meeting; provided, however, for the year in
which the Plan becomes effective, “Plan Year” shall mean the period beginning on the Effective Date
and ending on the next following annual stockholders’ meeting (or such other permissible period(s)
as specified by the Administrator in the Deferral Agreement).

          (q) “Section 409A” shall mean Section 409A of the Code, the regulations and other
binding guidance promulgated thereunder.

          (r) “Separation from Service” shall mean the Director’s death, retirement or other
termination of service with the Company and all of its controlled group members within the meaning
of Section 409A of the Code. For purposes hereof, the determination of controlled group members
shall be made pursuant to the provisions of Section 414(b) and 414(c) of the Code; provided that
the language “at least 50 percent” shall be used instead of “at least 80 percent” in each place it
appears in Section 1563(a)(1),(2) and (3) of the Code and Treas. Reg. § 1.414(c)-2; provided,
further, where legitimate business reasons exist (within the meaning of Treas. Reg. §
1.409A-1(h)(3)), the language “at least 20 percent” shall be used instead of “at least 80 percent”
in each place it appears. Whether the Director has a Separation from Service will be determined
based on all of the facts and circumstances and in accordance with the guidance issued under
Section 409A.

     1.3 Plurals and Gender. Where appearing in the Plan, the masculine gender shall
include the feminine and neuter genders, and the singular shall include the plural and vice versa,
unless the context clearly indicates a different meaning.

     1.4 Headings. The headings and subheadings in this Plan are inserted for the
convenience of reference only and are to be ignored in any construction of the provisions thereof.

     1.5 Severability. In case any provision or portion of this Plan shall be held illegal
or void, such provision or portion shall not affect the remainder of this Plan, but shall be fully
severable, and the Plan shall be construed and enforced as if said provision had never been
inserted herein.

-2-

 

ARTICLE II

ELIGIBILITY AND PARTICIPATION

     2.1 Eligibility. Each member of the Board who is a Director on the Effective Date
shall be eligible to participate in the Plan beginning on the Effective Date. Any person who
becomes a Director after the Effective Date shall be eligible to participate in the Plan on the day
such person becomes a Director.

     2.2 Participation. Each Director shall become a Participant in the Plan as of the
date on which such Director completes and submits an irrevocable Deferral Agreement in accordance
with Section 2.3.

     2.3 Election Procedure. A Director may file a Deferral Agreement at any time during
the 30-day period following the date on which the Director initially becomes eligible to
participate in the Plan. Any such initial Deferral Agreement must be filed with the Company within
the 30-day election period; provided, however, that any such Deferral Agreement shall only apply to
fees earned and payable for services rendered after the date on which the Deferral Agreement is
delivered to the Company. Accordingly, if a Deferral Agreement is made in the first-year of
eligibility but after the beginning of the Plan Year, the Deferral Agreement shall only apply to
the total amount of such fees multiplied by the ratio of (i) the number of days remaining in the
Plan Year after the election to (ii) the total number of days in the Plan Year.

     A Director shall also be permitted to submit an annual election for each Plan Year by filing a
new Deferral Agreement in relation to the fees to be deferred during such Plan Year. Any such
annual election must be filed with the Company on or before December 31st of the calendar year
preceding the beginning of the Plan Year to which the Deferral Agreement relates (or such other
date as permitted by the Administrator to the extent consistent with Section 409A). If a Director
fails to timely file a completed Deferral Agreement for a Plan Year, none of such Director’s Board
Retainer Fees or Director Meeting Fees will be deferred for that Plan Year.

     To be valid, the Deferral Agreement must indicate the portion of Board Retainer Fees
and/or Director Meeting Fees to be deferred and the timing of Plan distribution. A deferral is
effective upon receipt by the Company, within the applicable election period, of the correctly
completed Deferral Agreement. A Deferral Agreement is irrevocable during the Plan Year to which it
applies; provided, however, if the Director suffers a disability or dies, the Director’s deferral
election shall be cancelled. For purposes of this Section, a disability refers to any medically
determinable physical or mental impairment resulting in the Director’s inability to perform the
duties of his or her position or any substantially similar position, where such impairment can be
expected to result in death or can be expected to last for a continuous period of not less than six
months.

-3-

 

ARTICLE III

DEFERRED FEES

     3.1 Accounts. The Company shall establish an Account on behalf of each Participant
which shall be credited with deferred fees as provided in Section 3.2 and Earnings as provided in
Section 3.3, and debited to reflect payments made to such Participant pursuant to Article IV. A
Participant shall have no right to receive any amounts credited to his Account except as expressly
provided in Article IV of the Plan.

     3.2 Board Retainer and Director Meeting Fees. To the extent provided in the Deferral
Agreement in effect for any Plan Year, a Participant may elect to defer the right to receive: (i)
Board Retainer Fees stated as a whole percentage or a dollar amount of such fees; and/or (ii)
Director Meeting Fees on an all or nothing basis. The minimum deferral amount with respect to
Board Retainer Fees is $10,000 per Plan Year. The amount of any fees deferred with respect to any
Plan Year shall reduce the amount of such fees otherwise payable to the Participant for such Plan
Year on a ratable basis over the period in which such amounts would otherwise be paid, and the
amount of each such reduction shall be credited to the Participant’s Account as of the date of such
reduction.

     3.3 Earnings. The Participant’s Account shall be adjusted by an amount equal to the
amount that would have been earned (or lost) if the amounts deferred under the Plan had been
invested in hypothetical investments designated by the Participant, based on a list of hypothetical
investments provided by the Administrator from time to time (such hypothetical earnings or losses
shall be referred to as “Earnings”). The Participant shall designate the investments used to
measure Earnings from the list of authorized investments provided by the Administrator by
completing the appropriate form or in such other manner as the Administrator may designate. The
Participant may change such designations at such times as are permitted by the Administrator,
provided that the Participant shall be entitled to change such designations at least annually.
Earnings shall be credited to the Participant’s Account quarterly and shall be credited to a
Participant’s Account until all payments with respect to such Account have been made under the
Plan. Neither the Company nor the Administrator shall act as a guarantor, or be liable or otherwise
responsible for the investment performance of the designated investments (including any losses
sustained by a Participant) with respect to a Participant’s Account.

     If a Participant fails to designate the investment of his or her Account, the Account shall be
credited, on a quarterly basis, with interest based on the Interest Rate in effect on the last day
of the applicable quarter. In the event any such Participant terminates service during a Plan Year,
such Participant’s interest credit for the quarter in which the termination occurs will be based on
the Interest Rate in effect on the day of the Participant’s termination and shall be pro-rated
based on the Participant’s service during such quarter. No interest will accrue for periods after a
Participant’s termination of service during the quarter.

     3.4 Vesting. Amounts credited to a Participant’s Account shall be fully vested at all
times.

-4-

 

ARTICLE IV

PAYMENT OF DEFERRED FEES

     4.1 Method of Distribution. Unless a Participant has selected a different payment
option as set forth below, the amount payable to a Participant or his Beneficiary under the Plan
shall be paid in cash in a single sum as provided in Section 4.2. Alternatively, a Participant may
elect, in his or her initial Deferral Agreement, to receive payment of his or her Account in a
single payment upon Separation from Service or in annual installments (not to exceed five). A
Participant may modify any such distribution election by a subsequent written distribution election
(on a form approved and provided by the Company); provided, however, an initial election can only
be changed if the following requirements are satisfied: (i) the change will not take effect until
twelve (12) months after the election is made; (ii) with respect to a payment on a specified
distribution date, the change must be made at least twelve (12) months prior to the previously
scheduled payment date (or initial scheduled payment date in the case of installment payments); and
(iii) the payment with respect to which the change is made must be deferred for at least five (5)
years from the date the payment would otherwise have been made (or initial scheduled payment date
in the case of installment payments); provided, further, the Administrator may, in its discretion,
authorize a Participant to change a distribution election under any applicable transition rule
authorized under Section 409A to the extent consistent therewith.

     4.2 Timing of Distribution. A Participant’s Account will be paid (or commence
payment) upon the earlier of the following designated payment dates: (i) the Participant’s
Separation from Service, or (ii) the date elected by the Participant which must be at least two
years after the end of the Plan Year for which the fees are deferred. For purposes of Section 409A
and the Plan: (i) the right to installment payments shall be treated as the right to a single
payment; and (ii) a payment shall be treated as made on the scheduled payment date if such payment
is made at such date or a later date in the same calendar year or, if later, by the 15th day of the
third calendar month following the scheduled payment date. Except as specified in Section 4.1, a
Participant shall have no right to designate the date of any payment under the Plan.
Notwithstanding any provision herein to the contrary, if the Director is a “specified employee” for
purposes of Section 409A, any payment to the Director due upon Separation from Service will be
delayed and paid on the six (6) month anniversary of the date the Director Separates from Service
(or, if earlier, the death of the Director). Any payment that would otherwise have been due or
owing during such six-month period will be paid on the first business day following the end of the
six-month period.

     4.3 Designation of Beneficiary.

          (a) Notwithstanding the provisions of Section 4.1 or 4.2, in the event of the death of a
Participant, whether before or after Separation from Service, any amounts remaining in the Account
to which he or she was entitled shall be distributed in a single sum on the first business day
after the end of the calendar quarter in which the death of the Participant occurred. Each
Participant shall have the right to designate a Beneficiary or Beneficiaries to receive any amount
which may be payable under the Plan after his death. Such designation of Beneficiary shall be in
writing in the form attached as Exhibit 2, and shall be effective when received by the

-5-

 

Company. The Company shall keep records in writing of all such designations. The Participant
shall have the right to change such designation by filing a new designation form with the Company.
Such change of Beneficiary shall become effective upon its receipt by the Company, and any such
change shall be deemed to revoke all prior designations.

          (b) If a Participant fails to properly designate a Beneficiary or if no designated Beneficiary
survives the Participant, his undistributed Account shall be paid to the person or persons in the
first of the following classes of successive preference beneficiaries surviving at the death of the
Participant: (1) his widow or widower, or (2) his estate. The Administrator shall decide which
Beneficiary, if any, shall be validly designated, and the Administrator’s decision shall be binding
and conclusive of all persons.

     4.4 Incapacity. If the Company shall receive evidence satisfactory to it that a
Participant or Beneficiary entitled to receive any benefit under the Plan is, at the time when such
benefit becomes payable, a minor, or is physically or mentally incompetent to receive such benefit
and to give a valid release thereof, and that another person or an institution is then maintaining
or has custody of such Participant or Beneficiary, and that no guardian, committee or other
representative of the estate of such Participant or Beneficiary shall have been duly appointed,
payment of such benefit otherwise payable to such Participant or Beneficiary may be made to such
other person or institution, including a custodian under a Uniform Gifts to Minors Act, or
corresponding legislation (who shall be an adult, a guardian of the minor or a trust company), and
the release of such other person or institution shall be a valid and complete discharge for such
payment.

ARTICLE V

ADMINISTRATION

     5.1 Administrative Authority. Except as provided herein, the Board shall be the
Administrator and shall have the sole responsibility for the control, operation and administration
of the Plan, and shall have the power, authority and discretion to take all actions and to make all
decisions and interpretations which it shall determine to be necessary or appropriate in order to
administer and operate the Plan, including the power to (i) resolve and determine all disputes or
questions arising under the Plan, including the power to determine the rights of Participants and
Beneficiaries, and their respective benefits, and to remedy any ambiguities, inconsistencies or
omissions in the Plan; (ii) adopt such rules and regulations which, in its sole and absolute
discretion, may be necessary or appropriate for the proper and efficient administration of the
Plan; (iii) implement the Plan in accordance with its terms and such rules and regulations as may
be adopted; (iv) notify the Participants of any amendment or termination of, or change in, any
benefits available under the Plan; and (v) prescribe such forms as may be required for Directors to
make elections under, and otherwise participate in, the Plan. The Administrator shall have the
sole and absolute discretion to interpret and construe the terms of the Plan.

     5.2 Conclusive Decisions. The determination of the Administrator on any matter
pertaining to the Plan within the powers and discretion granted to it shall be final, binding and
conclusive on all Participants, Beneficiaries and all other persons dealing in any way or capacity
with the Plan; provided, however, in relation to any action involving the interpretation or

-6-

 

application of the terms of the Plan for claims arising in connection with or following a
Change in Control, the court or other reviewing entity shall review the interpretations, decisions
and actions of the Administrator de novo.

     5.3 Duties of Administrator.

          (a) The Administrator may appoint persons or firms, or otherwise act to secure specialized
advice or assistance as it deems necessary or desirable in connection with the administration and
operation of the Plan, and the Administrator shall be entitled to rely conclusively upon, and shall
be fully protected in any action or omission taken by it in good faith reliance upon the advice or
opinion of such firms or persons.

          (b) The Administrator shall have the power and authority to delegate from time to time by
written instrument all or any part its duties, powers or responsibilities under the Plan, both
ministerial and discretionary, as it deems appropriate, to any person, and in the same manner to
revoke any such delegation of duties, powers or responsibilities. Any action of such person in the
exercise of such delegated duties, powers or responsibilities shall have the same force and effect
for all purposes hereunder as if such action had been taken by the Administrator. Further, the
Administrator may authorize one or more persons to execute any certificate or document on behalf of
the Administrator, in which event any person notified by the Administrator of such authorization
shall be entitled to accept and conclusively rely upon any such certificate or document executed by
such person as representing action by the Administrator until such third person shall have been
notified of the revocation of such authority. The Administrator shall not be liable for any act or
omission of any person to whom the Administrator’s duties, powers or responsibilities have been
delegated, nor shall any person to whom any duties, powers or responsibilities have been delegated
have any liabilities with respect to any duties, powers or responsibilities not delegated to him.

     5.4 Standard of Care. All representatives of the Board and the Administrator shall
use ordinary care and diligence in the performance of their duties pertaining to the Plan, but no
such individual shall incur any liability: (i) by virtue of any contract, agreement, bond or other
instrument made or executed by him or on his behalf in his official capacity with respect to the
Plan; (ii) for any act or failure to act, or any mistake or judgment made, in his official capacity
with respect to the Plan, unless it is the result of his gross negligence or willful misconduct; or
(iii) for the neglect, omission or wrongdoing of any other person involved with the Plan. The
Company shall indemnify and hold harmless each such individual who is an employee or Director of
the Company from the effects and consequences of his acts, or from omissions and conduct in his
official capacity with respect to the Plan, except to the extent that such effects and consequences
shall result from his own willful misconduct or gross negligence. If any matter arises as to which
an individual is entitled to indemnity hereunder, the individual shall give the Company prompt
written notice thereof. The Company, at its own expense, shall then take charge of the disposition
of the asserted liability, including the compromise or the conduct of litigation. The indemnitee
may, at his own expense, retain his own counsel and share in the conduct of any such litigation,
but the failure to do so shall not adversely affect his right to indemnity.

-7-

 

     5.5 Expenses. Expenses incurred in the administration and operation of the Plan shall
be paid by the Company.

     5.6 Attorney Fees. If a Participant’s service as a Director for the Company
terminates on or after a Change in Control and the Company does not pay deferred amounts credited
to such Participant’s Account when they are due, the Company shall pay the Participant’s reasonable
attorneys’ fees to enforce such Participant’s rights under the Plan if the deferred amounts are not
paid within 60 days after the Participant’s written demand for payment.

     5.7 Section 409A. The provisions of this Plan and all deferral elections made
hereunder shall be administered, interpreted and construed in a manner necessary in order to comply
with Section 409A or an exception thereto (or disregarded to the extent such provision cannot be so
administered, interpreted or construed). It is intended that distribution events authorized under
this Plan qualify as a permissible distribution events for purposes of Section 409A, and this Plan
shall be interpreted and construed accordingly in order to comply with Section 409A. The Company
reserves the right to accelerate, delay or modify distributions to the extent permitted under
Section 409A.

ARTICLE VI

AMENDMENTS, TERMINATION AND MERGER

     6.1 Amendments and Termination.

          (a) The Board reserves the right to modify, amend, discontinue or terminate the Plan either
retroactively or prospectively at any time; provided, however, that no modification, amendment,
discontinuance or termination shall adversely affect the rights of a Participant to vested amounts
credited to his Account before such modification, amendment, discontinuance or termination;
provided, further, termination of the Plan shall not be a distribution event under
the Plan unless otherwise permitted under Section 409A or other applicable law. Notwithstanding
the foregoing or any provision of this Plan to the contrary, that the Company may, in its sole
discretion and without the Director’s consent, modify or amend the terms of the Plan or a Deferral
Agreement, or take any other action it deems necessary or advisable, to cause the Plan to comply
with Section 409A (or an exception thereto). Notice of every such modification, amendment,
discontinuance or termination shall be given in writing to each affected Participant. In the case
of a termination of the Plan, any vested amounts credited to the Account of a Participant shall be
distributed in full in the form of a single lump sum payment as soon as reasonably practicable
following such termination.

     6.2 Consolidation, Merger or Other Transactions of Company. Nothing in this Plan
shall prevent the consolidation, merger, reorganization or liquidation of the Company, or prevent
the sale by the Company of any or all of its property. Any successor corporation or other entity
formed and resulting from any such transaction shall have the right to become a party to this Plan
by adopting the same. If, within 180 days from the effective date of such transaction, such new
entity does not become a party to this Plan as above provided, this Plan shall be terminated
automatically; provided, however, termination of the Plan shall not be a distribution event under
the Plan unless otherwise permitted under Section 409A or other applicable law.

-8-

 

ARTICLE VII

MISCELLANEOUS

     7.1 Limitations on Liability of Company. None of the establishment of the Plan, any
modification thereof, the creation of any Account, or the payment of any benefits, shall be
construed as giving to any Participant, Beneficiary or other person any legal or equitable right
against the Company, or any person connected therewith, except as provided by law or by a specific
Plan provision.

     7.2 Governing Law. The laws of the State of Delaware shall govern, control and
determine a questions arising with respect to the Plan and the interpretation and validity of its
respective provisions.

     7.3 No Guarantee of Service. Participation in the Plan does not give any person any
right to continue as a Director of the Company.

     7.4 Spendthrift Provision.

          (a) No amount payable under the Plan shall be subject in any manner to anticipation,
alienation, attachment, garnishment, sale, transfer, assignment (either at law or in equity), levy,
execution, pledge, encumbrance, charge or any other legal or equitable process, and any attempt to
do so shall be void; nor shall any benefit be in any manner liable for or subject to the debts,
contracts, liabilities, engagements or torts of the person entitled thereto. The foregoing shall
not preclude any arrangement for the recovery by the Plan of overpayments of benefits previously
made to a Participant or Beneficiary, or the direct deposit of benefit payments to an account in a
banking institution (if not part of an arrangement constituting an assignment or alienation).

          (b) In the event that any Participant’s benefits are garnished or attached by order of court,
the Company may bring an action for a declaratory judgment in a court of competent jurisdiction to
determine the proper recipient of the benefits to be paid by the Plan. During the pendency of said
action, any benefits that become payable shall be paid into the court as they become payable, to be
distributed by the court to the recipient it deems proper at the close of said action.

     7.5 Tax Treatment. Nothing contained in this Plan, and no action taken pursuant to
its provisions, shall create or be construed to create any right or expectation of any Participant,
Beneficiary or any other person entitled to any benefit under this Plan to any particular tax
consequences with respect to any amounts deferred, credited to an Account or paid under this Plan.
Notwithstanding any provision of the Plan to the contrary, in no event shall the Administrator (or
any member thereof) or the Company or its affiliates (or the employees, officers or directors of
the Company or its affiliates) have any liability to any Participant (or any other person) due to
the failure of the Plan to satisfy the requirements of Section 409A or any other applicable law.

     7.6 Funding.

-9-

 

          (a) The obligation of the Company to pay benefits under this Plan shall be interpreted solely
as an unsecured, unfunded, contractual obligation to pay only those amounts described in Article
III in the manner, at the times and under the conditions prescribed under the terms of the Plan,
and the Company shall have no obligation to fund, secure or obtain any third-party guarantee of
those benefits. If any assets are set aside to provide for benefits payable under the Plan, such
assets shall be subject to the claims of the Company’s general creditors, and no person other than
the Company shall, by virtue of the provisions of the Plan or any other agreement, have any
interest in such assets.

          (b) The Company may, in its discretion, make contributions to a trust to be invested and
utilized to pay benefits under the Plan. If a trust (the “Trust”) is created by the Company, the
following provisions of this Section 7.6 shall apply.

          (c) An amount equal to each Participant’s deferred fees and any Earnings thereon, determined
under Article III, may, in the discretion of the Company and subject to the terms of the Trust, be
transferred to the Trust to be held pursuant to the terms thereof. The assets of the Trust shall be
subject to the claims of the Company’s creditors and shall be maintained pursuant to a separate
trust document (“Trust Agreement”) conforming to the terms of the model trust described in Revenue
Procedure 92-64.

          (d) Any payment required to be made under this Plan to a Participant or a Beneficiary shall be
paid by the trustee of the Trust (the “Trustee”) to the extent of the assets held in the Trust by
the Trustee, and by the Company to the extent the assets in the Trust are insufficient to pay such
amount.

          (e) The Company may direct the Trustee to invest the Trust assets in any investment that it
deems appropriate, including common stock of the Company, subject to the terms of the Trust
Agreement.

     7.7 Account Statements. Periodically, as determined by the Company in its sole and
absolute discretion, each Participant shall receive a statement indicating the amounts credited to
and distributed from his Account.

     IN WITNESS WHEREOF, this Plan is executed this 29th day of April, 2008, to be effective
January 1, 2008.

	 	 	 	 	 
	ATTEST:	 	CNX GAS CORPORATION
	 
	 	 	 	 
	/s/ John F. Hammond

	 	By:
	 	/s/ Stephen W. Johnson
	 

	 	 	 	 
	John F. Hammond, Assistant Secretary

	 	 	 	Stephen W. Johnson
	 

	 	 	 	Executive Vice President and General Counsel

-10-

 

EXHIBIT 1

CNX GAS CORPORATION

DIRECTORS’ DEFERRED FEE PLAN

DEFERRAL AGREEMENT

     Pursuant to the CNX Gas
Corporation Directors’ Deferred Fee Plan (the “Plan”),
I hereby elect to defer receipt of the fees noted below which, absent this Deferral Agreement, I would become
entitled to receive in the future. (Check Only One Box for Each Section Below:)

	 	 	 	A      ANNUAL FEE ELECTION (CHOOSE ONLY ONE):

	 	 	 	o      I hereby elect to defer [                    %] [$                    ] of my annual fees for the
                    Plan Year. The minimum 

          election amount is $10,000 per Plan Year; OR
	 
	 	 	 	o      I hereby elect NOT to defer any of my annual fees for the                     Plan
Year.

	 	 	 	B       DISTRIBUTION ELECTION:

	 	 	 	I understand that my deferral account will be distributed (or commence
distribution), subject to the terms of the Plan, following the earlier of: (i) my
Separation from Service, or (ii) the date I elect below which must be at least
two (2) years after the end of the Plan Year for which the fees are deferred.
	 
	 	 	 	 (Check a Box Below If You Choose to Specify a Distribution Date and Select the Date
You Want to Elect.)
	 
	 	 	 	 I hereby elect to the following distribution date (CHOOSE ONLY ONE):

	 	 	 	o       [                                        , 20                    ]; OR
	 
	 	 	 	o       [                                         years after the date of this Deferral Agreement].

	 	 	 	C       FORM OF DISTRIBUTION

	 	 	 	The following distribution election shall govern distributions of all amounts
deferred under the Plan for the                     Plan Year as well as all future Plan Years
under the Plan. A distribution election is a standing election and will remain in
effect unless changed by the submission of a new distribution election form with a
different distribution election; provided, however, in no event may a new
distribution election establish a payment date earlier than the date previously
elected. I hereby elect to receive distribution of my Account, in the following
manner:

	 	 	 	o A lump sum distribution payable upon the earlier of my Separation from
Service or the distribution date elected by me.
	 
	 	 	 	o In equal annual installments over a period of                     years (not to
exceed five (5) years) commencing upon the earlier of my Separation from Service or
the

 

 

	 	 	 	distribution date elected by me, and the remaining installments to be made on
the next four anniversary dates of such distribution date.
	 
	 	 	 	Notwithstanding the foregoing elections, I acknowledge that in the event of my
death, whether before or after Separation from Service, any undistributed amounts to
which I am entitled to under the Plan shall be distributed in a single sum on the
first business day after the end of the calendar quarter in which my death occurred.

     I understand that a payment distribution election can only be changed if the following
requirements are satisfied: (i) the change will not take effect until twelve (12) months after the
election is made; (ii) the change must be made at least twelve (12) months prior to the previously
scheduled payment date (or initial scheduled payment date in the case of installment payments); and
(iii) the payment with respect to which the change is made must be deferred for at least five (5)
years from the date the payment would otherwise have been made (or initial scheduled payment date
in the case of installment payments). I further understand that my election is subject to all the
terms and conditions of the Plan and that my election hereunder is irrevocable with respect to any
payments due for a Plan Year. Capitalized terms not otherwise defined herein shall have the
meaning ascribed thereto under the Plan.

	 	 	 	 	 	 	 	 	 
	CNX Gas Corporation:	 	DIRECTOR:
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Date:

	 	 	 	Date:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 

 

 

NON-COMMUNITY PROPERTY STATES

EXHIBIT 2

CNX GAS CORPORATION

DIRECTORS’ DEFERRED FEE PLAN

BENEFICIARY DESIGNATION FORM

	 	 	 
	Name of Participant:
	 	 
	 

	 	 

     Please complete this form, as indicated below. Unless you indicate otherwise, all benefits
will be payable in equal shares if more than one primary or secondary beneficiary is listed.

     PRIMARY BENEFICIARIES: I hereby designate the following as my primary
beneficiary(ies) to receive any benefits payable on account of my death under the Plan:

	 	 	 	 	 	 	 
	Full Name
	 	Birthdate
	 	Relationship
	 	Percent of Distribution
	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 

     I understand that if at the time of my death the sum of the percentages payable as indicated
above does not equal 100%, the percentage share of each designated person who survives me will be
proportionately adjusted so that the sum of their percentages will equal 100%.

SECONDARY BENEFICIARIES: If all the primary beneficiaries designated by me above die
before the complete payment of my benefits, or, if not natural persons, no longer legally exist at
my death, I hereby designate the following as my secondary beneficiary(ies) to receive any benefits
payable on account of my death under the Plan:

	 	 	 	 	 	 	 
	Full Name
	 	Birthdate
	 	Relationship
	 	Percent of Distribution
	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 

     I understand that if at the time of my death the sum of the percentages payable as indicated
above does not equal 100%, the percentage share of each designated person who survives me will be
proportionately adjusted so that the sum of their percentages will equal 100%.

VALIDITY

     I understand that this designation is valid only if it is filed with the Administrator before
my death and that, if this designation is valid under the Plan, all designations that I filed
before this one will be REVOKED. This designation will remain in full force and effect unless and
until a new Beneficiary Designation Form is filed with the Administrator in writing and duly dated
and signed.

	 	 	 	 	 
	Date:

	 	   

	 	   

Participant’s
Signature

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