Document:

ex10-9.htm

    
      

    

    Exhibit
10.9

     

    Benefit Restoration Plan

     

    Of

     

    Charter Financial Corporation

     

    
      
        

      

    

     

    Amended
and Restated

     

    Effective
as of December 23, 2005

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    TABLE OF
CONTENTS

    
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
              Page

            
	 
      	 
      	 
      	 
      
	
              ARTICLE
      I

              DEFINITIONS

            
	 
      	 
      	 
      	 
      
	
              Section
      1.1

            	
              Affiliated
      Employer

            	 
      	
              1

            
	
              Section
      1.2

            	
              Applicable
      Limitation

            	 
      	
              1

            
	
              Section
      1.3

            	
              Bank

            	 
      	
              1

            
	
              Section
      1.4

            	
              Beneficiary

            	 
      	
              1

            
	
              Section
      1.5

            	
              Board

            	 
      	
              2

            
	
              Section
      1.6

            	
              Change
      of Control

            	 
      	
              2

            
	
              Section
      1.7

            	
              Code

            	 
      	
              2

            
	
              Section
      1.8

            	
              Committee

            	 
      	
              2

            
	
              Section
      1.9

            	
              Company

            	 
      	
              2

            
	
              Section
      1.10          
       

            	
              Eligible
      Employee

            	 
      	
              2

            
	
              Section
      1.11

            	
              Employee

            	 
      	
              2

            
	
              Section
      1.12

            	
              Employer

            	 
      	
              2

            
	
              Section
      1.13

            	
              Employer
      Contributions

            	 
      	
              2

            
	
              Section
      1.14

            	
              ERISA

            	 
      	
              2

            
	
              Section
      1.15

            	
              ESOP

            	 
      	
              2

            
	
              Section
      1.16

            	
              Exchange
      Act

            	 
      	
              2

            
	
              Section
      1.17

            	
              Fair
      Market Value of a Share

            	 
      	
              2

            
	
              Section
      1.18

            	
              Former
      Participant

            	 
      	
              3

            
	
              Section
      1.19

            	
              Service
      Recipient

            	 
      	
              3

            
	
              Section
      1.20

            	
              Savings
      Plan

            	 
      	
              3

            
	
              Section
      1.21

            	
              Participant

            	 
      	
              3

            
	
              Section
      1.22

            	
              Plan

            	 
      	
              3

            
	
              Section
      1.23

            	
              Share

            	 
      	
              3

            
	
              Section
      1.24

            	
              Stock
      Unit

            	 
      	
              3

            
	
              Section
      1.25

            	
              Termination
      of Service

            	 
      	
              3

            
	 
      	 
      	 
      	 
      
	
              ARTICLE
      II

              PARTICIPATION

            
	 
      	 
      	 
      	 
      
	
              Section
      2.1

            	
              Eligibility
      for Participation

            	 
      	
              4

            
	
              Section
      2.2

            	
              Commencement
      of Participation

            	 
      	
              4

            
	
              Section
      2.3

            	
              Termination
      of Participation

            	 
      	
              4

            
	 
      	 
      	 
      	 
      
	
              ARTICLE
      III

              BENEFITS
      TO PARTICIPANTS

            
	 
      	 
      	 
      	 
      
	
              Section
      3.1

            	
              Supplemental
      Savings Benefit

            	 
      	
              4

            
	
              Section
      3.2

            	
              Supplemental
      ESOP Benefits

            	 
      	
              6

            
	
              Section
      3.3

            	
              Restored
      ESOP Benefits

            	 
      	
              7

            

    

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

     

    
      	
              ARTICLE
      IV

              DEATH
      BENEFITS

            
	 
      	 
      	 
      	 
      
	
              Section
      4.1

            	
              Supplemental
      Savings Plan Death Benefits

            	 
      	
              8

            
	
              Section
      4.2

            	
              Supplemental
      ESOP Death Benefits

            	 
      	
              8

            
	
              Section
      4.3

            	
              Restored
      ESOP Death Benefits

            	 
      	
              9

            
	
              Section
      4.4

            	
              Beneficiaries

            	 
      	
              9

            
	 
      	 
      	 
      	 
      
	
              ARTICLE
      V

              TRUST
      FUND

            
	 
      	 
      	 
      	 
      
	
              Section
      5.1

            	
              Establishment
      of Trust

            	 
      	
              9

            
	
              Section
      5.2

            	
              Contributions
      to Trust

            	 
      	
              9

            
	
              Section
      5.3

            	
              Unfunded
      Character of Plan

            	 
      	
              10

            
	 
      	 
      	 
      	 
      
	
              ARTICLE
      VI

              ADMINISTRATION

            
	 
      	 
      	 
      	 
      
	
              Section
      6.1

            	
              The
      Committee

            	 
      	
              10

            
	
              Section
      6.2

            	
              Liability
      of Committee Members and their Delegates

            	 
      	
              11

            
	
              Section
      6.3

            	
              Plan
      Expenses

            	 
      	
              11

            
	
              Section
      6.4

            	
              Facility
      of Payment

            	 
      	
              11

            
	 
      	 
      	 
      	 
      
	
              ARTICLE
      VII

              AMENDMENT
      AND TERMINATION

            
	 
      	 
      	 
      	 
      
	
              Section
      7.1

            	
              Amendment
      by the Company

            	 
      	
              12

            
	
              Section
      7.2

            	
              Termination

            	 
      	
              12

            
	
              Section
      7.3

            	
              Amendment
      or Termination by Other Employers

            	 
      	
              12

            
	 
      	 
      	 
      	 
      
	
              ARTICLE
      VIII

              MISCELLANEOUS
      PROVISIONS

            
	 
      	 
      	 
      	 
      
	
              Section
      8.1

            	
              Construction
      and Language

            	 
      	
              12

            
	
              Section
      8.2

            	
              Headings

            	 
      	
              13

            
	
              Section
      8.3

            	
              Non-Alienation
      of Benefits

            	 
      	
              13

            
	
              Section
      8.4

            	
              Indemnification

            	 
      	
              13

            
	
              Section
      8.5

            	
              Severability

            	 
      	
              13

            
	
              Section
      8.6

            	
              Waiver

            	 
      	
              13

            
	
              Section
      8.7

            	
              Governing
      Law

            	 
      	
              14

            
	
              Section
      8.8

            	
              Taxes

            	 
      	
              14

            
	
              Section
      8.9

            	
              No
      Deposit Account

            	 
      	
              14

            
	
              Section
      8.10            

            	
              No
      Right to Continued Employment

            	 
      	
              14

            
	
              Section
      8.11

            	
              Status
      of Plan Under ERISA

            	 
      	
              14

            
	
              Section
      8.12

            	
              Restrictions
      on Payments to Key Employees

            	 
      	
              14

            
	
              Section
      8.13

            	
              Compliance
      with Section 409A of the Code

            	 
      	
              15

            

    

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

     

    Benefit Restoration Plan

     

    Of

     

    Charter Financial Corporation

     

    ARTICLE
I

     

    DEFINITIONS

     

    Wherever appropriate to the purposes of
the Plan, capitalized terms shall have the meanings assigned to them under the
Savings Plan or ESOP, as applicable; provided, however, that the following
special definitions shall apply for purposes of the Plan, unless a different
meaning is clearly indicated by the context:

     

     Section
1.1   Affiliated
Employer means any corporation
which is a member of a controlled group of corporations (as defined in section
4l4(b) of the Code) that includes the Company; any trade or business (whether or
not incorporated) that is under common control (as defined in section 4l4(c) of
the Code) with the Company; any organization (whether or not incorporated) that
is a member of an affiliated service group (as defined in section 414(m) of the
Code) that includes the Company; any leasing organization (as defined in section
414(n) of the Code) to the extent that any of its employees are required
pursuant to section 414(n) of the Code to be treated as employees of the
Company; and any other entity that is required to be aggregated with the Company
pursuant to regulations under section 414(o) of the Code.

     

     Section
1.2   Applicable
Limitation means any of the
following: (a) the limitation on annual compensation that may be recognized
under a tax-qualified plan for benefit computation purposes pursuant to section
401(a)(17) of the Code; (b) the maximum limitation on annual additions to a
tax-qualified defined contribution plan pursuant to section 415(c) of the Code;
(c) the maximum limitation on aggregate annual benefits and annual additions
under a combination of tax-qualified defined benefit and defined contribution
plans maintained by a single employer pursuant to section 415(e) of the Code;
(d) the maximum limitation on annual elective deferrals to a qualified cash or
deferred arrangement pursuant to section 402(g) of the Code; (e) the annual
limitation on elective deferrals under a qualified cash or deferred arrangement
by highly compensated employees pursuant to section 401(k) of the Code; and (f)
the annual limitation on voluntary employee contributions by, and employer
matching contributions for, highly compensated employees pursuant to section
401(m) of the Code.

     

     Section
1.3   Bank means CharterBank, a
federally-chartered savings bank and its successors or assigns.

     

    Section
1.4   Beneficiary means any person, other
than a Participant or Former Participant, who is determined to be entitled to
benefits under the terms of the Plan.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Section
1.5       Board means the Board of
Directors of Company.

     

    Section
1.6      Change of
Control means with respect to a
Participant: (a) a change in ownership of the Participant’s Service Recipient;
(b) a change in effective control of the Participant’s Service Recipient; or (c)
a change in the ownership of a substantial portion of the assets of the
Participant’s Service Recipient. The existence of a Change of Control shall be
determined by the Committee in accordance with section 409A of the Code and the
regulations thereunder.

     

    Section
1.7       Code means the Internal
Revenue Code of 1986 (including the corresponding provisions of any prior law or
succeeding law).

     

    Section
1.8      Committee means the Personnel
& Compensation Committee of the Board of Directors of the Company, or such
other person, committee or other entity as shall be designated by or on behalf
of the Board to perform the duties set forth in Article VI.

     

    Section
1.9       Company means Charter Financial
Corporation, a federal corporation, or any successor thereto.

     

    Section
1.10           
 Eligible
Employee means an Employee who
is eligible for participation in the Plan in accordance with the provisions of
Article II.

     

     Section
1.11           
Employee means any person,
including an officer, who is employed by the Employer.

     

     Section
1.12   Employer means the Bank and any
successor thereto and the Company and any successor thereto and any Affiliated
Employer which, with the prior written approval of the Board of Directors of the
Bank and subject to such terms and conditions as may be imposed by the Board,
shall adopt this Plan.

     

     Section 1.13
   Employer
Contributions means contributions by
any Employer to the Savings Plan or the ESOP.

     

     Section
1.14   ERISA means the Employee
Retirement Income Security Act of 1974, as amended from time to time (including
the corresponding provisions of any succeeding law).

     

     Section
1.15   ESOP means the Employee
Stock Ownership Plan of Charter Financial Corporation, as amended from time to
time (including the corresponding provisions of any successor qualified employee
stock ownership plan adopted by the Company).

     

     Section
1.16   Exchange
Act means
the Securities Exchange Act of 1934, as amended from time to time (including the
corresponding provisions of any succeeding law).

     

    Section 1.17
   Fair Market Value
of a Share means, with respect to
a Share on a specified date:

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (a)           the
final reported sales price on the date in question (or if there is no reported
sale on such date, on the last preceding date on which any reported sale
occurred) as reported in the principal consolidated reporting system with
respect to securities listed or admitted to trading on the principal United
States securities exchange on which the Shares are listed or admitted to
trading; or

     

    (b)           if
the Shares are not listed or admitted to trading on any such exchange, the
closing bid quotation with respect to a Share on such date on the National
Association of Securities Dealers Automated Quotations System, or, if no such
quotation is provided, on another similar system, selected by the Committee,
then in use; or

     

    (c)           if
sections 1.17(a) and (b) are not applicable, the fair market value of a Share as
the Committee may determine.

     

     Section
1.18   Former
Participant means a person whose
participation in the Plan has terminated as provided under section
2.3.

     

     Section
1.19   Service
Recipient means with respect to a
Participant on any date: (a) the corporation for which the Participant is
performing services on such date; (b) all corporations that are liable to the
Participant for the benefits due to him under the Plan; (c) a corporation that
is a majority shareholder of a corporation described in section 1.19(a) or (b);
or (d) any corporation in a chain of corporations each of which is a majority
shareholder of another corporation in the chain, ending in a corporation
described in section 1.19(a) or (b).

     

     Section
1.20   Savings
Plan means
the tax-qualified 401(k) plan maintained by the Company or the Bank from time to
time.

     

     Section
1.21   Participant means any person who is
participating in the Plan in accordance with its terms.

     

     Section
1.22   Plan means the Benefit
Restoration Plan of Charter Financial Corporation as amended from time to time
(including the corresponding provisions of any successor plan adopted by the
Company).

     

     Section
1.23   Share means a share of common
stock, par value $.01 per share, of Charter Financial Corporation.

     

     Section
1.24   Stock
Unit means
a right to receive a payment under the Plan in an amount equal, on the date as
of which such payment is made, to the Fair Market Value of a Share.

     

     Section
1.25   Termination of
Service means an Employee’s
separation from service with all Employers as an Employee, whether by
resignation, discharge, death, disability, retirement or
otherwise.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    ARTICLE
II

     

    PARTICIPATION

     

    Section 2.1    Eligibility for
Participation.

     

    Only Eligible Employees may become
Participants. An Employee shall become an Eligible Employee if:

     

    (a)           he
holds the office of Chief Executive Officer of the Bank or the Company, or he
has been designated an Eligible Employee by resolution of the Board;
and

     

    (b)           he
is a participant in the Savings Plan or the ESOP, or any combination
thereof, and the benefits to which he is entitled thereunder are limited by one
or more of the Applicable Limitations;

     

    provided, however, that no
person shall be named an Eligible Employee, nor shall any person who has been an
Eligible Employee continue as an Eligible Employee, to the extent that such
person’s participation, or continued participation, in the Plan would cause the
Plan to fail to be considered maintained for the primary purpose of providing
deferred compensation for a select group of management or highly compensated
employees for purposes of ERISA.

     

    Section 2.2    Commencement of
Participation.

     

    An Employee shall become a Participant
on the date when he first becomes an Eligible Employee, unless the Committee
shall, by resolution, establish an earlier or later effective date of
participation for a Participant.

     

    Section 2.3    Termination of
Participation.

     

    Participation in the Plan shall cease
on the earlier of (a) the date of the Participant’s Termination of Service or
(b) the date on which he ceases to be an Eligible Employee.

     

    ARTICLE
III

     

    BENEFITS
TO PARTICIPANTS

     

    Section 3.1    Supplemental Savings
Benefit.

     

    (a)           A
Participant whose benefits under the Savings Plan are limited by one or more of
the Applicable Limitations shall be eligible for a supplemental savings benefit
under this Plan in an amount equal to:

     

        (i)           the
aggregate amount of Employer Contributions (including any reallocation of
amounts forfeited upon the termination of employment of others participating in
the Savings Plan) that would have been credited to the Participant’s account
under the Savings Plan in the absence of the Applicable Limitations if for all
relevant periods he had made the maximum amount of elective deferrals, within
the meaning of section 402(g)(3) of the Code, or voluntary employee
contributions, within the meaning of section 401(a) of the Code, required to
qualify for the maximum possible allocation of Employer Contributions (and
without regard to the amount of elective deferrals or voluntary employee
contributions actually made); over

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

        (ii)           the
aggregate amount of Employer Contributions (including any reallocation of
amounts forfeited upon the termination of employment of others participating in
the Savings Plan) actually credited to the Participant’s account under the
Savings Plan for such periods;

     

    adjusted
for earnings and losses as provided in section 3.1(b); provided, however, that
if the Participant dies before the payment of such supplemental savings benefit
begins, no benefit shall be payable under this section 3.1 and the survivor
benefit, if any, which may be payable shall be determined under section
4.1.

     

             (b)          The
Committee shall cause to be maintained a bookkeeping account to reflect all
Employer Contributions (including any reallocation of amounts forfeited upon the
termination of employment of others participating in the Savings Plan) that
cannot be made to a Participant’s account under the Savings Plan due to the
Applicable Limitations and shall cause such bookkeeping account to be credited
with all such Employer Contributions as of the date on which such Employer
Contributions would have been credited to the Participant’s account in the
Savings Plan in the absence of the Applicable Limitations. The balance credited
to such bookkeeping account shall be adjusted for earnings or losses as
follows:

     

        (i)           except
as provided in section 3.1(b)(ii), the balance credited to such bookkeeping
account shall be credited with interest as of the last day of each calendar
month at a rate for such month equal to one-twelfth of the annual interest rate
prescribed by the Commissioner of Internal Revenue for such month pursuant to
section 417(e) of the Code; or

     

        (ii)           if
and to the extent permitted by the Committee, as though such Employer
Contributions had been contributed to a trust fund and invested, for the benefit
of the Participant, in such investments at such time or times as the Participant
shall have designated in such form and manner as the Committee shall
prescribe.

     

           (c)           The
supplemental savings benefit payable to a Participant hereunder shall be paid in
a single lump sum as soon as practicable following the Participant’s Termination
of Service and shall be equal to the balance credited to his bookkeeping account
as of the last day of the last calendar month to end prior to the date of
payment. Notwithstanding the foregoing, a Participant may specify that such
supplemental savings benefit be paid in a different form or commencing at a
different time by filing a written election, in such form and manner as the
Committee may prescribe; provided, however, that no such election or change made
thereto shall be given effect until twelve (12) months after it is received by
the Committee and the first payment made under such election shall not occur
until at least five (5) years later than such payment would otherwise have been
made.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    Section 3.2    Supplemental ESOP
Benefits.

     

    (a)            A
Participant whose benefits under the ESOP are limited by one or more of the
Applicable Limitations shall be eligible for a supplemental ESOP benefit under
this Plan in an amount equal to the sum of:

     

           
(i)           a number of
Stock Units equal to the excess (if any) of (A) the aggregate number of Shares
(including any reallocation of Shares forfeited upon the termination of
employment of others participating in the ESOP) that would have been credited to
the Participant’s account under the ESOP in the absence of the Applicable
Limitations over (B) the number of Shares actually credited to his account under
the ESOP; plus

     

           
(ii)          if and to the
extent that Employer Contributions to the ESOP result in allocations to the
Participant’s account of assets other than Shares, an amount equal to the excess
(if any) of (A) the aggregate amount of Employer Contributions (including any
reallocation of amounts forfeited upon the termination of employment of others
participating in the ESOP) that would have been credited to the Participant’s
account under the ESOP in the absence of the Applicable Limitations over (B) the
aggregate amount of Employer Contributions (including any reallocation of
amounts forfeited upon the termination of employment of others participating in
the ESOP) actually credited to the Participant’s account under the
ESOP;

     

    adjusted
for earnings and losses as provided section 3.2(b); provided, however, that if
the Participant dies before the payment of such supplemental ESOP benefit
begins, no benefit shall be payable under this section 3.2 and the survivor
benefit, if any, which may be payable shall be determined under section
4.2.

     

    (b)           The
Committee shall cause to be maintained a bookkeeping account to reflect all
Shares and Employer Contributions (including any reallocation of amounts
forfeited upon the termination of employment of others participating in the
ESOP) that cannot be allocated to a Participant’s account under the ESOP due to
the Applicable Limitations and shall cause such bookkeeping account to be
credited with such Employer Contributions and Stock Units reflecting such Shares
as of the date on which such Employer Contributions and Shares, respectively,
would have been credited to the Participant’s account in the ESOP in the absence
of the Applicable Limitations, The balance credited to such bookkeeping account
shall be adjusted for earnings or losses as follows:

     

                    (i)           all
Stock Units shall be adjusted from time to time so that the value of a Stock
Unit on any date is equal to the Fair Market Value of a Share on such date, and
the number of Stock Units shall be adjusted as and when appropriate to reflect
any stock dividend, stock split, reverse stock split, exchange, conversion, or
other event generally affecting the number of Shares held by all holders of
Shares; and

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

                    (ii)           (A)           except
as provided in section 3.2(b)(ii)(B), the balance credited to such bookkeeping
account that does not consist of Stock Units shall be credited with interest as
of the last day of each calendar month at a rate for such month equal to
one-twelfth of the annual interest rate prescribed by the Commissioner of
Internal Revenue for such month pursuant to section 417(e) of the Code;
or

     

                    (B)           if
and to the extent permitted by the Committee, the balance credited to such
bookkeeping account that does not consist of Stock Units shall be adjusted as
though such Employer Contributions had been contributed to a trust fund and
invested, for the benefit of the Participant, in such investments at such time
or times as the Participant shall have designated in such form and manner as the
Committee shall prescribe;

     

    provided, however, that to the extent that the
Participant shall receive on a current basis any dividend paid with respect to
Shares credited to his account under the ESOP, the bookkeeping account
established for him under this Plan shall not be adjusted to reflect such
dividend and, instead, the Participant shall be paid an amount per Stock Unit
equal to the dividend per Share received by the Participant under the ESOP, at
substantially the same time as such dividend is paid under the
ESOP.

     

    (c)           The
supplemental ESOP benefit payable to a Participant hereunder shall be paid in a
single lump sum cash payment as soon as practicable following the Participant’s
Termination of Service and shall be in an amount equal to the balance credited
to his bookkeeping account. Notwithstanding the foregoing, a Participant may
specify that such supplemental ESOP benefit be paid in a different form or
commencing at a different time by filing a written election, in such form and
manner as the Committee may prescribe; provided, however, that no such election
or change made thereto shall be given effect until twelve (12) months after it
is received by the Committee and the first payment made under such election
shall not occur until at least five (5) years later than such payment would
otherwise have been made.

     

    Section
3.3            
Restored ESOP Benefits.

     

    (a)           A
Participant who satisfies section 2.1 shall be entitled to, upon his Termination
of Service upon or after attaining age 55, an unfunded, unsecured promise from
the Bank to receive an amount determined by:

     

         
(i)           projecting
the total number of Shares that would have been allocated to the Participant’s
account under the terms of the ESOP (without regard to the Applicable
Limitations) had the Participant continued in the employ of the Bank until the
ESOP loan was repaid in full and the final allocation of Shares acquired when
the ESOP loan was made occurred; and then

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      	        (ii)           multiplying
      the number of Shares determined in section 3.3(a)(i) above by the average
      of the closing prices of such Shares at the end of each fiscal quarter
      during the preceding four fiscal quarters immediately preceding (or such
      fewer quarters as the Participant has been a Participant) to the
      Participant’s retirement.

    

     

    (b)           The
projection of Shares required by section 3.3(a)(i) above shall be performed by a
public accountant based on assumptions which the Committee has approved as
reasonable at the time the calculation of the benefit payable to the Participant
is performed.

     

    (c)           The
restored ESOP benefit payable to a Participant hereunder shall be paid in a
single lump sum cash payment as soon as practicable following the Participant’s
Termination of Service and shall be in an amount determined pursuant to section
3.3(a) above. Notwithstanding the foregoing, a Participant may specify that such
restored ESOP benefit be paid in a different form or commencing at a different
time by filing a written election, in such form and manner as the Committee may
prescribe; provided, however, that no such election or change made thereto shall
be given effect until twelve (12) months after it is received by the Committee
and the first payment made under such election shall not occur until at least
five (5) years later than such payment would otherwise have been
made.

     

    ARTICLE
IV

     

    DEATH
BENEFITS

     

    Section 4.1    Supplemental Savings
Plan Death Benefits.

     

    If a Participant who is eligible for a
supplemental savings benefit under section 3.1 dies before the payment of such
benefit begins, a supplemental survivor’s savings benefit shall be payable to
the Participant’s Beneficiary under this Plan in amount equal to the balance
credited to the bookkeeping account established for the Participant under
section 3.1(b). Such benefit shall be paid in a single lump sum cash payment as
soon as practicable following the death of the Participant and the bookkeeping
account established for such Participant pursuant to section 3.1(b) shall
continue to be adjusted as provided therein through the last day of the last
calendar month to end prior to the date of payment.

     

    Section 4.2    Supplemental ESOP
Death Benefits.

     

    If a Participant who is eligible for a
supplemental ESOP benefit under section 3.2 dies before the payment of such
benefit begins, a supplemental ESOP benefit shall be payable to the
Participant’s Beneficiary under this Plan in amount equal to the balance
credited to the bookkeeping account established for the Participant under
section 3.2(b). Such benefit shall be paid in a single lump sum cash payment as
soon as practicable following the death of the Participant, and the bookkeeping
account established for such Participant pursuant to section 3.2(b) shall
continue to be adjusted as provided therein through the last day of the last
calendar month to end prior to the date of payment.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    Section 4.3    Restored ESOP Death
Benefits.

     

    If a Participant who is eligible for a
restored ESOP benefit under section 3.3 dies before the payment of such benefit
begins, a restored ESOP benefit shall be payable to the Participant’s
Beneficiary under this Plan in amount determined pursuant to section 3.3(b).
Such benefit shall be paid in a single lump sum cash payment as soon as
practicable following the death of the Participant.

     

    Section 4.4    Beneficiaries.

     

    A Participant or Former Participant may
designate a Beneficiary or Beneficiaries to receive any survivor benefits
payable under the Plan upon his death. Any such designation, or change therein
or revocation thereof, shall be made in writing in the form and manner
prescribed by the Committee, shall be revocable until the death of the
Participant, and shall thereafter be irrevocable; provided, however, that any
change or revocation shall be effective only if received by the Committee prior
to the Participant’s or Former Participant’s death. If a Participant or Former
Participant shall die without having effectively named a Beneficiary, he shall
be deemed to have named his estate as his sole Beneficiary. If a Participant or
Former Participant and his designated Beneficiary shall die in circumstances
which give rise to doubt as to which of them shall have been the first to die,
the Participant or Former Participant shall be deemed to have survived the
Beneficiary. If a Participant or Former Participant designates more than one
Beneficiary, all shall be deemed to have equal shares unless the Participant or
Former Participant shall expressly provide otherwise.

     

    ARTICLE
V

     

    TRUST
FUND

     

    Section 5.1    Establishment of
Trust.

     

    The Company may establish a trust fund
which may be used to accumulate funds to satisfy benefit liabilities to
Participants, Former Participants and their Beneficiaries under the Plan;
provided, however, that the assets of such trust shall be subject to the claims
of the creditors of the Company in the event that it is determined that the
Company is insolvent; and provided, further, that the trust agreement shall
contain such terms, conditions and provisions as shall be necessary to cause the
Company to be considered the owner of the trust fund for federal, state or local
income tax purposes with respect to all amounts contributed to the trust fund or
any income attributable to the investments of the trust fund. The Company shall
pay all costs and expenses incurred in establishing and maintaining such trust.
Any payments made to a Participant, Former Participant or Beneficiary from a
trust established under this section 5.1 shall offset payments which would
otherwise be payable by the Company in the absence of the establishment of such
trust. Any such trust will conform to the terms of the model trust described in
Revenue Procedure 92-64, as the same may be modified from time to
time.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    Section 5.2    Contributions to
Trust.

     

    If a trust is established in accordance
with section 5.1, the Company shall make contributions to such trust in such
amounts and at such times as may be specified by the Committee or as may be
required pursuant to the terms of the agreement governing the establishment and
operation of such trust. In the event of a Change of Control, the payments that
would be owed to any Participant if the Participant had a Termination of Service
on the date Change of Control shall be immediately paid into a rabbi trust
contemplated by section 5.1 for the benefit of the affected Participant with
such amount being then distributed under the terms and conditions of this
Plan.

     

    Section 5.3    Unfunded Character of
Plan.

     

    Notwithstanding the establishment of a
trust pursuant to section, the Plan shall be unfunded for purposes of the Code
and ERISA. Any liability of the Bank, the Company or another Employer to any
person with respect to benefits payable under the Plan shall be based solely
upon such contractual obligations, if any, as shall be created by the Plan, and
shall give rise only to a claim against the general assets of the Bank, the
Company or such Employer. No such liability shall be deemed to be secured by any
pledge or any other encumbrance on any specific property of the Bank, the
Company or any other Employer.

     

    ARTICLE
VI

     

    ADMINISTRATION

     

    Section 6.1    The
Committee.

     

    Except for the functions reserved to
the Bank or the Board, the administration of the Plan shall be the
responsibility of the Committee. The Committee shall have the power and the duty
to take all actions and to make all decisions necessary or proper to carry out
the Plan. The determination of the Committee as to any question involving the
general administration and interpretation of the Plan shall be final, conclusive
and binding. Any discretionary actions to be taken under the Plan by the
Committee shall be uniform in their nature and applicable to all persons
similarly situated. Without limiting the generality of the foregoing, the
Committee shall have the following powers:

     

    (a)           to
furnish to all Participants, upon request, copies of the Plan and to require any
person to furnish such information as it may request for the purpose of the
proper administration of the Plan as a condition to receiving any benefits under
the Plan;

     

    (b)           to
make and enforce such rules and regulations and prescribe the use of such forms
as it shall deem necessary for the efficient administration of the
Plan;

     

    (c)           to
interpret the Plan, and to resolve ambiguities, inconsistencies and omissions,
and the determinations of the Committee in respect thereof shall be binding,
final and conclusive upon all interested parties;

     

    (d)           to
decide on questions concerning the Plan in accordance with the provisions of the
Plan;

     

    (e)           to
determine the amount of benefits which shall be payable to any person in
accordance with the provisions of the Plan, to hear and decide claims for
benefits, and to provide a full and fair review to any Participant whose claim
for benefits has been denied in whole or in part;

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (f)           to
designate a person, who may or may not be a member of the Committee, as “plan
administrator” for purposes of the ER1SA;

     

    (g)           to
allocate any such powers and duties to or among individual members of the
Committee; and

     

    (h)           the
power to designate persons other than Committee members to carry out any duty or
power which would otherwise be a responsibility of the Committee or
Administrator, under the terms of the Plan.

     

    Section 6.2    Liability of
Committee Members and their Delegates

     

    To the extent permitted by law, the
Committee and any person to whom it may delegate any duty or power in connection
with administering the Plan, the Bank, the Company, any Employer, and the
officers and directors thereof, shall be entitled to rely conclusively upon, and
shall be fully protected in any action taken or suffered by them in good faith
in the reliance upon, any actuary, counsel, accountant, other specialist, or
other person selected by the Committee, or in reliance upon any tables,
valuations,, certificates, opinions or reports which shall be furnished by any
of them. Further, to the extent permitted by law, no member of the Committee,
nor the Bank, the Company, any Employer, nor the officers or directors thereof,
shall be liable for any neglect, omission or wrongdoing of any other members of
the Committee, agent, officer or employee of the Bank, the Company or any
Employer. Any person claiming benefits under the Plan shall look solely to the
Employer for redress.

     

    Section 6.3    Plan
Expenses

     

    All expenses incurred prior to the
termination of the Plan that shall arise in connection with the administration
of the Plan (including, but not limited to administrative expenses, proper
charges and disbursements, compensation and other expenses and charges of any
actuary, counsel, accountant, specialist, or other person who shall be employed
by the Committee in connection with the administration of the Plan), shall be
paid by the Company.

     

    Section 6.4    Facility of
Payment.

     

    If the Company is unable to make
payment to any Participant, Former Participant Beneficiary, or any other person
to whom a payment is due under the Plan, because it cannot ascertain the
identity or whereabouts of such Participant, Former Participant Beneficiary, or
other person after reasonable efforts have been made to identify or locate such
person (including a notice of the payment so due mailed to the last known
address of such Participant, Former Participant Beneficiary, or other person
shown on the records of the Employer), such payment and all subsequent payments
otherwise due to such Participant, Former Participant, Beneficiary or other
person shall be forfeited 24 months after the date such payment first became
due; provided, however, that such payment and any subsequent payments shall be
reinstated, retroactively, no later than 60 days after the date on which the
Participant, Former Participant, Beneficiary, or other person is identified or
located.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    ARTICLE
VII

     

    AMENDMENT
AND TERMINATION

     

    Section 7.1     Amendment by
the Company.

     

    The Company reserves the right, in its
sole and absolute discretion, at any time and from to time, by action of the
Board, to amend the Plan in whole or in part. In no event, however, shall any
such amendment adversely affect the right of any Participant, Former Participant
or Beneficiary to receive any benefits under the Plan in respect of
participation for any period ending on or before the later of the date on which
such amendment is adopted or the date on which it is made
effective.

     

    Section 7.2    Termination.

     

    The Company also reserves the right, in
its sole and absolute discretion, by action of the Board, to terminate the Plan.
In such event, undistributed benefits attributable to participation prior to the
date of termination shall be distributed as though each Participant terminated
employment with the Bank, the Company and all other Employers as of the
effective date of termination of the Plan.

     

    Section 7.3    Amendment or
Termination by Other Employers.

     

    In the event that a corporation or
trade or business other than the Bank shall adopt this Plan, such corporation or
trade or business shall, by adopting the Plan, empower the Bank to amend or
terminate the Plan, insofar as it shall cover employees of such corporation or
trade or business, upon the terms and conditions set forth in sections 7.1 and
7.2; provided, however, that any such corporation or trade or business may, by
action of its board of directors or other governing body, amend or terminate the
Plan, insofar as it shall cover employees of such corporation or trade or
business, at different times and in a different manner. In the event of any such
amendment or termination by action of the board of directors or other governing
body of such a corporation or trade or business, a separate plan shall be deemed
to have been established for the employees of such corporation or trade or
business, and any amounts set aside to provide for the satisfaction of benefit
liabilities with respect to Employees of such corporation or trade or business
shall be segregated from the assets set aside for the purposes of this Plan at
the earliest practicable date and shall be dealt with in accordance with the
documents governing such separate plan.

     

    ARTICLE
VIII

     

    MISCELLANEOUS
PROVISIONS

     

    Section 8.1    Construction and
Language.

     

    Wherever appropriate in the Plan, words
used in the singular may be read in the plural, words in the plural may be read
in the singular, and words importing the masculine gender shall be deemed
equally to refer to the feminine or the neuter. Any reference to an Article or
section shall be to an Article or section of the Plan, unless otherwise
indicated.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    Section
8.2    Headings.

     

    The headings of Articles and sections
are included solely for convenience of reference. If there is any conflict
between such headings and the text of the Agreement, the text shall
control.

     

    Section
8.3    Non-Alienation of
Benefits.

     

    Except as may otherwise be required by
law, no distribution or payment under the Plan to any Participant, Former
Participant or Beneficiary shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance or charge, whether
voluntary or involuntary, and any attempt to so anticipate, alienate, sell,
transfer, assign, pledge, encumber or charge the same shall be void; nor shall
any such distribution or payment be in any way liable for or subject to the
debts, contracts, liabilities, engagements or torts of any person entitled to
such distribution or payment. If any Participant, Former Participant or
Beneficiary is adjudicated bankrupt or purports to anticipate, alienate, sell,
transfer, assign, pledge encumber or charge any such distribution or payment,
voluntarily or involuntarily, the Committee, in its sole discretion, may cancel
such distribution or payment or may hold or cause to be held or applied such
distribution or payment, or any part thereof, to or for the benefit of such
Participant, Former Participant or Beneficiary, in such manner as the Committee
shall direct; provided, however, that no such action by the Committee shall
cause the acceleration or deferral of any benefit payments from the date on
which such payments are scheduled to be made.

     

    Section
8.4    Indemnification.

     

    The Bank shall indemnify, hold harmless
and defend each Participant, Former Participant and Beneficiary, against their
reasonable costs, including legal fees, incurred by them or arising out of any
action, suit or proceeding in which they may be involved, as a result of their
efforts, in good faith, to defend or enforce the obligation of the Bank, the
Company and any other Employer under the terms of the Plan.

     

    Section
8.5    Severability.

     

    A determination that any provision of
the Plan is invalid or unenforceable shall not affect the validity or
enforceability of any other provision hereof.

     

    Section
8.6    Waiver.

     

    Failure to insist upon strict
compliance with any of the terms, covenants or conditions of the Plan shall not
be deemed a waiver of such term, covenant or condition. A waiver of any
provision of the Plan must be made in writing, designated as a waiver, and
signed by the party against whom its enforcement is sought. Any waiver or
relinquishment of any right or power hereunder at any one or more times shall
not be deemed a waiver or relinquishment of such right or power at any other
time or times.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    Section
8.7    Governing
Law.

     

    The Plan shall be construed,
administered Section and enforced according to the laws of the State of Georgia
without giving effect to the conflict of laws principles thereof, except to the
extent that such laws are preempted by the federal laws of the United States,
Any payments made pursuant to this Plan are subject to and conditioned upon
their compliance with 12 U.S.C. § 1828(k) and any regulations promulgated
thereunder.

     

    Section
8.8    Taxes.

     

    The Employer shall have the right to
retain a sufficient portion of any payment made under the Plan to cover the
amount required to be withheld pursuant to any applicable federal, state and
local tax law.

     

    Section
8.9    No
Deposit Account.

     

    Nothing in this Plan shall be held or
construed to establish any deposit account for any Participant or any deposit
liability on the part of the Bank. Participants’ rights hereunder shall be
equivalent to those of a general unsecured creditor of each
Employer.

     

    Section
8.10    No
Right to Continued Employment.

     

    Neither the establishment of the Plan,
nor any provisions of the Plan nor any action of the Plan Administrator, the
Committee or any Employer shall be held or construed to confer upon any Employee
any right to a continuation of employment by the Employer. The Employer reserves
the right to dismiss any Employee or otherwise deal with any Employee to the
same extent as though the Plan had not been adopted.

     

    Section
8.11    Status of Plan Under
ERISA.

     

    The Plan is intended to be (a) to the
maximum extent permitted under applicable laws, an unfunded, non-qualified
excess benefit plan as contemplated by section 3(36) of ERISA for the purpose of
providing benefits in excess of the limitations imposed under section 415 of the
Code, and (b) to the extent not so permitted, an unfunded, non-qualified plan
maintained primarily for the purpose of providing deferred compensation for
highly compensated employees, as contemplated by sections 201(2), 301(a)(3) and
401(a)(l) of ERISA. The Plan is not intended to comply with the requirements of
section 401 (a) of the Code or to be subject to Parts 2, 3 and 4 of Title I of
ERISA. The Plan shall be administered and construed so as to effectuate this
intent.

     

    Section
8.12    Restrictions on
Payments to Key Employees.

     

    Notwithstanding anything in the Plan to
the contrary, to the extent required under section 409A of the Code, no payment
to be made to a key employee (within the meaning of section 409A of the Code) on
or after the date of his termination of service shall be made sooner than six
(6) after such termination of service; provided, however, that to the extent
such six (6) month delay is imposed by section 409A of the Code, the payments
required under this Plan shall be paid into a rabbi trust contemplated by
section 5.1 for the benefit of the affected Participant, Former Participant or
Beneficiary as if the six (6) month delay was not imposed with such amounts then
being distributed to the affected Participant, Former Participant or Beneficiary
as soon as permissible under section 409A of the Code.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    Section
8.13    Compliance with
Section 409A of the Code.

     

    The Plan is intended to be a
non-qualified deferred compensation plan described in section 409A of the Code.
The Plan shall be operated, administered and construed to give effect to such
intent. In addition he Plan shall be subject to amendment, with or without
advance notice to Participants and other interested parties, and on a
prospective or retroactive basis, including but not limited amendment in a
manner that adversely affects the rights of participants and other interested
parties, to the extent necessary to effect such compliance.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    AMENDMENT
TO

    BENEFIT
RESTORATION PLAN OF

    CHARTER
FINANCIAL CORPORATION

     

    This
Amendment (this “Amendment”) is made this 27th day
of January, 2009 (the
“Amendment Date”), by Charter Financial Corporation (the “Company”), and
consented to by Robert Johnson, an individual resident of Alabama (hereinafter
referred to as the “Participant”).

     

    INTRODUCTION

     

    The
Company maintains the Benefit Restoration Plan of Charter of Financial
Corporation under a plan document dated December 23, 2005 (the “Plan”). The
Participant is the sole participant in the Plan. The Company and the Participant
now desire to amend the Plan to freeze all benefits under the Plan and to change
the time and form of payments under the Plan, subject to the provisions of this
Amendment.

     

    NOW, THEREFORE, the Company
does hereby amend the Plan as follows:

     

    1.           Notwithstanding
any other provision of the Plan, the amount of all benefits under the Plan shall
be determined as if the Participant incurred a Termination of Service as of the
Amendment Date, but shall not be adjusted for earnings and losses thereafter.
For the avoidance of doubt “Termination of Service” refers to a “separation from
service” within the meaning of Code Section 409A.

     

    2.           Notwithstanding
any other provision of the Plan, the benefits payable under the Plan shall be
paid in one hundred twenty (120) equal monthly installments beginning on the
first day of the month that is five years (five years and six months, in the
event the Participant is a “specified employee” (within the meaning of Code
Section 409A) and payment is made pursuant to Subsection (a) or (b) below) after
the earliest applicable date specified below:

     

    (a)           the
date the Participant reaches age sixty-five (65), if the Participant’s
Termination of Service occurs before the Participant reaches age sixty-two (62),
for reasons other than death, Disability, or termination of employment within
two (2) years after a Change in Control;

     

    (b)           the
date of the Participant’s Termination of Service, if the Participant’s
Termination of Service occurs (i) upon or after the Participant’s reaching age
sixty-two (62) or (ii) within two (2) years after a Change in
Control;

     

    (c)           upon
the Participant’s Disability before reaching age 65; or

     

    (d)           upon
the Participant’s death.

     

    Notwithstanding
the foregoing, the changes in the form and timing of payment made by this
Paragraph 2 shall not take effect until twelve (12) months after the Amendment
Date, and if any payment would be paid under the provisions of the Plan without
regard to this Amendment within
twelve (12) months following the Amendment Date, the change in payment schedule
in this Paragraph 2 shall not take effect.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.           For
purposes of this Amendment, the following terms shall have the following
definitions:

     

    (a)           “Change
in Control” means a change in the ownership or effective control of the relevant
corporation, or in the ownership of a substantial portion of the assets of the
relevant corporation, as such change is defined in Treasury Regulations Section
1.409A-3(i)(5). The “relevant corporation” means the Company or any corporation
that is a majority shareholder (i.e.,
owns more than fifty percent (50%) of the total fair market value and the total
voting power of the equities securities) of the Company or of any corporation in
a chain of corporations in which each corporation is a majority shareholder of
another corporation in the chain, ending in the Company; provided, however, that
for purposes of determining whether a “change in the effective control of the
relevant corporation” has occurred, the sole relevant corporation shall be the
corporation for which no other corporation is a majority shareholder. As of the
Effective Date, the relevant corporations are the Company, Charterbank and First
Charter, MHC; provided, however, that for purposes of determining whether a
“change in the effective control of the relevant corporation” has occurred, the
sole relevant corporation is First Charter, MHC, Notwithstanding anything herein
to the contrary, the sale of shares of the Company or reorganization of First
Charter MHC, in either case as part of a conversion or partial conversion of the
direct or indirect ownership of Charterbank from a mutual holding company
structure to a stock holding company structure shall not be deemed to be a
Change in Control.

     

    (b)           “Disability”
means the Participant suffers from a disability as defined in Treasury
Regulations Section 1.409A-3(i)(4). The determination of Disability will be made
by the Social Security Administration, by the insurer under the Company’s or
Charterbank’s disability plan, or by a physician selected by the Participant and
reasonably acceptable to the Company; provided that in each case the definition
of “Disability” employed must be consistent with the foregoing
regulations.

     

    Except as
specifically amended hereby, the Plan shall remain in full force and effect as
prior to this Amendment.

     

    IN
WITNESS WHEREOF, the Company has executed this Amendment.

    
      	 
      	 
      	 
      	 
      
	 
      	
              CHARTER
      FINANCIAL CORPORATION

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      Thomas M. Lane

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              Title:

            	
              Chairman,
      Personnel & Compensation
      Committee

            	 
      
	 
      	 
      	
               

            	 
      
	 
      	
              Consented
      to by the Participant:

            	 
      
	 	 	 
	 	/s/ Robert
      L. Johnson	 
	 
      	
              
                Robert L. Johnson, the Participantex10-10.htm

Exhibit 10.10

 

AMENDMENT TO

BENEFIT RESTORATION PLAN OF

CHARTER FINANCIAL CORPORATION

 

This Amendment (this “Amendment”) is made this 27th day of January, 2009 (the “Amendment Date”), by Charter Financial Corporation (the “Company”), and consented to by Robert Johnson, an individual resident of Georgia (hereinafter referred to as the “Participant”).

 

INTRODUCTION

 

The Company maintains the Benefit Restoration Plan of Charter of Financial Corporation under a plan document dated December 23, 2005 (the “Plan”).  The Participant is the sole participant in the Plan.  The Company and the Participant now desire to amend the Plan to freeze all benefits under the Plan and to change the time and form of payments under the Plan, subject to the provisions of this Amendment.

 

NOW, THEREFORE, the Company does hereby amend the Plan as follows:

 

1.       Notwithstanding any other provision of the Plan, the amount of all benefits under the Plan shall be determined as if the Participant incurred a Termination of Service as of the Amendment Date, but shall not be adjusted for earnings and losses thereafter.  For the avoidance of doubt “Termination of Service” refers to a “separation from service” within the meaning of Code Section 409A.

 

2.       Notwithstanding any other provision of the Plan, the benefits payable under the Plan shall be paid in one hundred twenty (120) equal monthly installments beginning on the first day of the month that is five years (five years and six months, in the event the Participant is a “specified employee” (within the meaning of Code Section 409A) and payment is made pursuant to Subsection (a) or (b) below) after the earliest applicable date specified below:

 

(a)           the date the Participant reaches age sixty-five (65), if the Participant’s Termination of Service occurs before the Participant reaches age sixty-two (62), for reasons other than death, Disability, or termination of employment within two (2) years after a Change in Control;

 

(b)           the date of the Participant’s Termination of Service, if the Participant’s Termination of Service occurs (i) upon or after the Participant’s reaching age sixty-two (62) or (ii) within two (2) years after a Change in Control;

 

(c)           upon the Participant’s Disability before reaching age 65; or

 

(d)           upon the Participant’s death.

 

Notwithstanding the foregoing, the changes in the form and timing of payment made by this Paragraph 2 shall not take effect until twelve (12) months after the Amendment Date, and if any payment would be paid under the provisions of the Plan without regard to this Amendment within twelve (12) months following the Amendment Date, the change in payment schedule in this Paragraph 2 shall not take effect.

 

  

  

  

 

3.       For purposes of this Amendment, the following terms shall have the following definitions:

 

(a)      “Change in Control” means a change in the ownership or effective control of the relevant corporation, or in the ownership of a substantial portion of the assets of the relevant corporation, as such change is defined in Treasury Regulations Section 1.409A-3(i)(5).  The “relevant corporation” means the Company or any corporation that is a majority shareholder (i.e., owns more than fifty percent (50%) of the total fair market value and the total voting power of the equities securities) of the Company or of any corporation in a chain of corporations in which each corporation is a majority shareholder of another corporation in the chain, ending in the Company; provided, however, that for purposes of determining whether a “change in the effective control of the relevant corporation” has occurred, the sole relevant corporation shall be the corporation for which no other corporation is a majority shareholder.  As of the Effective Date, the relevant corporations are the Company, Charterbank and First Charter, MHC; provided, however, that for purposes of determining whether a “change in the effective control of the relevant corporation” has occurred, the sole relevant corporation is First Charter, MHC.  Notwithstanding anything herein to the contrary, the sale of shares of the Company or reorganization of First Charter MHC, in either case as part of a conversion or partial conversion of the direct or indirect ownership of Charterbank from a mutual holding company structure to a stock holding company structure shall not be deemed to be a Change in Control.

 

(b)     “Disability” means the Participant suffers from a disability as defined in Treasury Regulations Section 1.409A-3(i)(4).  The determination of Disability will be made by the Social Security Administration, by the insurer under the Company’s or Charterbank’s disability plan, or by a physician selected by the Participant and reasonably acceptable to the Company; provided that in each case the definition of “Disability” employed must be consistent with the foregoing regulations.

 

Except as specifically amended hereby, the Plan shall remain in full force and effect as prior to this Amendment.

 

IN WITNESS WHEREOF, the Company has executed this Amendment.

 

	 	CHARTER FINANCIAL CORPORATION
	 	 	 
	
 

	
By:  

	/s/ Thomas M. Lane	 
	 	Title:   Chairman, Personnel and Compensation Committee

 

	 	
Consented to by the Participant:

	 	 	 
	 	/s/ Robert L. Johnson	 	 
	 	Robert L. Johnson, the Participant

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