Document:

EX-10.2

 

Exhibit 10.2

SECOND AMENDMENT

TO THE

VISION BANK

SALARY CONTINUATION PLAN

DATED JULY 14, 2004

FOR

J. DANIEL SIZEMORE

     This SECOND AMENDMENT is executed and effective this 1st day of                     June___, 2007, by
and between Vision Bank, a state-chartered commercial bank located in Gulf Shores, Alabama (the
“Company”), and J. Daniel Sizemore (the “Executive”) as follows:

     The Company and the Executive executed the Salary Continuation Plan on July 14, 2004 effective
as of the first day of April, 2004 and amended the Salary Continuation Plan on June 26, 2006
effective as of the first day of January, 2005 (collectively, the “Agreement”); and

     Pursuant to that certain Agreement and Plan of Merger entered into between Vision Bancshares,
Inc. (the “Holding Company”) and Park National Corporation dated to be effective as of September
14, 2006, the Holding Company merged with and into Park National Corporation effective as of 6:00
p.m., Eastern Standard Time, on March 9, 2007 (the “Merger”); and

     The Merger resulted in a Change of Control of the Holding Company as defined in Section 1.4 of
the Agreement; and

     As a result of the Merger, the Company and the Executive desire to amend the Agreement to (a)
provide that the Change of Control Benefit shall be equal to the Change of Control Benefit set
forth on Schedule A to the Agreement for the Plan Year (as defined in Section 1.17 of the
Agreement) during which the Executive’s Termination of Employment (as defined in Section 1.19 of
the Agreement) occurs and in no event may be less than the Change of Control Benefit set forth on
Exhibit A to this Second Amendment and (b) clarify that the benefit provided to the Executive upon
Termination of Employment following the Merger shall be the greater of (i) the Normal
Retirement Benefit described in Section 2.1 or (ii) the Change of Control Benefit described in
Section 2.5.

     The undersigned hereby amend the Agreement for the purposes recited herein. Therefore, the
following amendment to the Agreement shall be made:

     Section 2.5 of the Agreement shall be restated as follows:

	2.5	 	Change of Control Benefit. Upon a Change of Control followed by the Executive’s
Termination of Employment, the Company shall pay to the Executive the benefit described in
this Section 2.5 in lieu of the benefits described in Sections 2.2 Involuntary Termination
Benefit, 2.3 Voluntary Termination Benefit or 2.4 Disability Benefit.

 

     2.5.1 Amount of Benefit. The annual benefit under this Section 2.5 is the Change of
Control Benefit set forth on Schedule A for the Plan Year during which the Executive’s
Termination of Employment occurs; provided however, that in no event shall such annual
benefit be less than the Change of Control Benefit set forth on the Exhibit A attached to
the Second Amendment to the Agreement. The benefit is determined by vesting the Executive
in one hundred (100%) in the Change of Control Benefit described in this Section 2.5.1.

 

     2.5.2 Payment of Benefit. The Company shall pay the annual benefit to the Executive
in twelve (12) equal monthly installments commencing with the month following Normal
Retirement Age. The annual benefit shall be paid to the Executive for fifteen (15) years.

     2.5.3 Minimum Benefit. The benefit provided to the Executive upon Termination of
Employment following the merger of the Holding Company with and into Park National
Corporation effective as of 6:00 p.m., Eastern Standard Time, on March 9, 2007, shall in no
event be less than the amount described in Section 2.5.1 and; provided further, in the event
the Executive is eligible to receive the Normal Retirement Benefit described in Section 2.1
and such Normal Retirement Benefit is greater than the Change of Control Benefit, then the
Executive shall be paid the Normal Retirement Benefit in accordance with the provisions of
Section 2.1.

 

     IN WITNESS WHEREOF, the Company and the Executive hereby consent to this Second Amendment.

	 	 	 	 	 	 	 
	Executive:	 	 	 	Vision Bank
	 
	/s/ J. Daniel Sizemore

	 	 	 	By
	 	/s/ William E. Blackmon
	 

	 	 	 	 	 	 
	J. Daniel Sizemore

	 	 	 	Title
	 	Regional President
	 

	 	 	 	 	 	 

2

 

Exhibit A

Change in Control Benefit

$47,700.00

3

 

	 	 	 	 	 
	 

	 	 	 	Plan Year Reporting
	 

	 	Salary Continuation Plan	 	 
	 
	 	 	 	 
	 

	 	Schedule A	 	 

J. Daniel Sizemore

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Birth Date: 1/27/1948	 	 	Change in Control	 
	Plan Anniversary Date: 4/1/2005	 	 	 	 
	Normal Retirement: 1/27/2013, Age 65	 	 	Annual
Benefit3	 
	Normal Retirement Payment: Monthly for 15 years	 	 	Amount Payable at	 
	 	 	 	Normal Retirement Age	 
	 	 	 	 	 	 	Benefit	 	 	 	 	 	Based On	 
	Values	 	 	Age	 	Level2	 	 	Vesting	 	Benefit	 
	as of	 	 	(0)	 	(1)	 	(2)	 	 	(3)	 
	 
	Mar 2007
	 	 	59	 	 	 	47,700	 	 	 	100	%	 	 	47,700	 
	 
	Mar 2008 1
	 	 	60	 	 	 	49,131	 	 	 	100	%	 	 	49,131	 
	Mar 2009
	 	 	61	 	 	 	50,605	 	 	 	100	%	 	 	50,605	 
	Mar 2010
	 	 	62	 	 	 	52,123	 	 	 	100	%	 	 	52,123	 
	Mar 2011
	 	 	63	 	 	 	53,687	 	 	 	100	%	 	 	53,687	 
	Mar 2012
	 	 	64	 	 	 	55,297	 	 	 	100	%	 	 	55,297	 
	 
	Jan 2013
	 	 	65	 	 	 	56,956	 	 	 	100	%	 	 	56,956	 
	January 27, 2013 Retirement; February 1, 2013 First Payment Date

 

			
	1	 	The first line reflects 12 months of data, April 2007 to March 2008.
	 
	2	 	The benefit amount is based on 30% of current compensation. Compensation is based on $159,000
initially, inflating at 3.00% each year to $189,854 at retirement.
	 
	3	 	The annual benefit amount will be distributed in 12 equal monthly payments for a total of 180
monthly payments.
	 
	*	 	IF THERE IS A CONFLICT IN ANY TERMS OR PROVISIONS BETWEEN THIS SCHEDULE A AND THE
AGREEMENT, THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT
OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE
EVENT.

Salary
Continuation Plan for Vision Bank — Gulf Shores, ALEX-10.1

 

Exhibit 10.1

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

     This FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”),
dated as of October 30, 2007, is by and among HOLIDAY FENOGLIO FOWLER, L.P., a Texas limited
partnership (the “Company” or the “Borrower”), the Lenders from time to time party
thereto, and BANK OF AMERICA, N.A., as Administrative Agent. Capitalized terms used herein and not
otherwise defined shall have the meaning assigned such term in the Credit Agreement (as defined
below).

RECITALS:

          A. The Company, the Lenders signatory thereto and the Administrative Agent, are parties to an
Amended and Restated Credit Agreement, dated as of February 5, 2007, pursuant to which the Lenders
agreed to provide certain financial accommodations to the Borrower on the terms set forth therein
(the “Credit Agreement”, and as amended by, and together with, this Amendment, and as
hereinafter amended, modified, supplemented, extended or restated from time to time, the
“Amended Agreement”).

          B. The parties hereto agree to amend the Credit Agreement as set forth below.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter
contained, the parties hereto agree as follows:

     SECTION 1.01 Amendment to Section 1.01. Section 1.01 of the Credit Agreement is
hereby amended by adding the following definition in alphabetical order:

     ““Bank Financed Warehouse Loans” means mortgage loans made by the Borrower
using the proceeds of Loans made hereunder, underwritten in accordance with Freddie Mac or
Fannie Mae multi-family loan standards, and for which Freddie Mac or Fannie Mae has issued a
purchase commitment to purchase such loans within sixty (60) days of such loan(s) initial
loan closing (or such longer period of time as may be then be provided under form Freddie
Mac or Fannie Mae commitments with respect to such loans not to exceed ninety (90) days).
The parties hereby acknowledge that the Borrower is a Freddie Mac seller/servicer, but is
not presently a Fannie Mae DUS lender, and that the provisions with respect to Fannie Mae
shall have no force or effect until such time, if ever, that HFF becomes a Fannie Mae DUS
lender.”

     SECTION 1.02 Amendment to Section 7.02. Section 7.02 of the Credit Agreement is
hereby amended by (a) deleting the “and” from the end of clause (h) thereof, (b) removing the “.”
from the end of clause (i) and adding a “; and” thereto, and (c) by adding the following clause
(j) thereto:

“(j) Bank Financed Warehouse Loans that meet or satisfy all conditions to purchase
(other than the passage of time) as set forth in the applicable Freddie Mac or
Fannie Mae purchase commitment.”

 

 

     SECTION 1.03 Amendment to Section 7.05. Section 7.05(g) of the Credit Agreement is
hereby deleted in its entirety and the following is hereby substituted therefor:

“(g) Dispositions of Borrower Warehouse Loans and Bank Financed Warehouse Loans to Freddie
Mac or Fannie Mae or in the event Freddie Mac or Fannie Mae shall fail to purchase such
loan, any sale of such loan to a third party;”

SECTION 1.04 Representations and Warranties

     The Company hereby represents and warrants to each Lender and the Administrative Agent, on the
Amendment Effective Date (as hereinafter defined in Section 1.05 of this Amendment), as
follows:

          (a) The representations and warranties set forth in Article V of the Credit Agreement, and in
each other Loan Document, are true and correct in all material respects on and as of the date
hereof and on and as of the Amendment Effective Date with the same effect as if made on and as of
the date hereof or the Amendment Effective Date, as the case may be, except (i) to the extent such
representations and warranties expressly relate solely to an earlier date, (ii) that for purposes
hereof, the representations and warranties contained in subsection (a) and (b) of Section 5.05 of
the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to
Credit Agreement Sections 6.01(a) and (b), respectively and (iii) as disclosed on Schedule 1 to
this Amendment.

          (b) Each of the Company and the other Loan Parties is in compliance with all terms and
conditions of the Credit Agreement and the other Loan Documents on its part to be observed and
performed and no Default or Event of Default has occurred and is continuing.

          (c) The execution, delivery and performance by the Company and the other Loan Parties of this
Amendment have been duly authorized by the Company and the other Loan Parties.

          (d) This Amendment constitutes the legal, valid and binding obligation of the Company and the
other Loan Parties, enforceable against the Company and the other Loan Parties in accordance with
its terms.

          (e) The execution, delivery and performance by the Company and the other Loan Parties of this
Amendment do not and will not (i) contravene the terms of any such Person’s Organization Documents;
(ii) conflict with or result in any breach or contravention of, or (except for the Liens created
under the Loan Documents) the creation of any Lien under or require any payment to be made under
(A) any Contractual Obligation to which such Person or such Person’s Affiliate is a party or
affecting such Person or the properties of such Person or any of its subsidiaries or (B) any order,
injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person
or its property is subject; or (iii) violate any Law.

     SECTION 1.05 Effectiveness. This Amendment shall become effective only upon
satisfaction of the following conditions precedent (the first date upon which all such conditions
have been satisfied being herein called the “Amendment Effective Date”):

2

 

          (a) The Administrative Agent shall have received duly executed counterparts of this Amendment
which, when taken together, bear the authorized signatures of the Company, each Subsidiary
Guarantor, the Administrative Agent and the Lenders.

          (b) The Administrative Agent shall have received such certificates of resolutions or other
action, incumbency certificates and/or other certificates of duly authorized officers of each Loan
Party as the Administrative Agent may require evidencing the identity, authority and capacity of
each duly authorized officer authorized to act on behalf of such Loan Party in connection with this
Amendment;

          (c) The Administrative Agent and the Lenders shall be satisfied that the representations and
warranties set forth in Section 1.04 of this Amendment are true and correct on and as of
the Amendment Effective Date and that no Default or Event of Default has occurred and is continuing
on and as of the Amendment Effective Date.

          (d) There shall not be any action pending or any judgment, order or decree in effect which, in
the judgment of the Administrative Agent or the Lenders, is likely to restrain, prevent or impose
materially adverse conditions upon the performance by the Company or any other Loan Party of its
obligations under the Credit Agreement or the other Loan Documents.

          (e) The Administrative Agent shall have received such other documents, instruments, opinions
and certificates relating to this Amendment as it shall reasonably request and such other
documents, instruments, opinions and certificates that shall be reasonably satisfactory in form and
substance to the Administrative Agent and the Lenders. All corporate proceedings taken or to be
taken in connection with this Amendment and documents incidental thereto whether or not referred to
herein shall be reasonably satisfactory in form and substance to the Administrative Agent and the
Lenders.

     SECTION 1.06 Subsidiary Guarantor’s Reaffirmation. By its acknowledgement below,
each Subsidiary Guarantor hereby (i) consents to the terms of this Amendment, (ii) acknowledges
and reaffirms all of its obligations and undertakings under the Guaranty Agreement and (iii)
acknowledges and agrees that the Guaranty Agreement is and shall remain in full force and effect
in accordance with the terms thereof.

     SECTION 1.07 Fees and Expenses. The Borrower shall pay all reasonable out-of-pocket
expenses incurred by the Administrative Agent in connection with the preparation, negotiation,
execution and delivery of this Amendment, including, but not limited to, the reasonable fees and
disbursements of counsel to the Administrative Agent.

     SECTION 1.08 Instrument Pursuant to Credit Agreement. This Amendment is a Loan
Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated
herein) be construed, administered and applied in accordance with the terms and provisions of the
Credit Agreement.

     SECTION 1.09 Further Acts. Each of the parties to this Amendment agrees that at any
time and from time to time upon the written request of any other party, it will execute and
deliver such further documents and do such further acts and things as such other party may
reasonably request in order to effect the purposes of this Amendment.

3

 

     SECTION 1.10 GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     SECTION 1.11 Counterparts. This Amendment may be executed in any number of
counterparts and by the different parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all of which shall together constitute one and
the same instrument.

     SECTION 1.12 Severability. In case any provision in or obligation under this
Amendment or the other Loan Documents shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be
affected or impaired thereby.

     SECTION 1.13 Integration. This Amendment represents the agreement of the Company,
each other Loan Party, the Administrative Agent and each of the Lenders signatory hereto with
respect to the subject matter hereof, and there are no promises, undertakings, representations or
warranties relative to the subject matter hereof not expressly set forth or referred to herein or
in the other Loan Documents.

     SECTION 1.14 Confirmation. Except as expressly amended by the terms hereof, all of
the terms of the Credit Agreement and the other Loan Documents shall continue in full force and
effect and are hereby ratified and confirmed in all respects.

     SECTION 1.15 Acknowledgement. The Loan Parties acknowledge and agree that (a) the
Credit Agreement is not a “Warehousing Facility” as that term is used and defined in the Credit
Agreement and (b) no Loan Party will grant or permit any Liens on Bank Financed Warehouse Loans
and notwithstanding anything to the contrary set forth in the Credit Agreement or any other Loan
Document, absent a default in the performance of the obligations under this clause (b) or any
other Event of Default, Borrower shall not be required to (i) execute any documents granting or
perfecting a lien in favor of Lenders or Administrative Agent in connection with any Bank Financed
Warehouse Loan or (ii) deliver such Bank Financed Warehouse Loans (or the documents evidencing the
same) to Administrative Agent and/or Lenders .

     SECTION 1.16 Loan Documents. Except as expressly set forth herein, the amendments
provided herein shall not by implication or otherwise limit, constitute a waiver of, or otherwise
affect the rights and remedies of the Lenders or the Administrative Agent under the Amended
Agreement or any other Loan Document, nor shall they constitute a waiver of any Event of Default
other than as specifically set forth herein, nor shall they alter, modify, amend or in any way
affect any of the terms, conditions, obligations, covenants or agreements contained in the Amended
Agreement or any other Loan Document. Each of the amendments provided herein shall apply and be
effective only with respect to the provisions of the Amended Agreement specifically referred to by
such amendments. Except as expressly amended herein, the Amended Agreement and the other Loan
Documents shall continue in full force and effect in accordance with the provisions thereof. As
used in the Amended Agreement, the terms “Agreement”, “herein”, “hereinafter”, “hereunder”,
“hereto” and words of similar import shall mean, from and after the date hereof, the Amended Agreement.

[Signature Pages to Follow]

4

 

     IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to
be duly executed and delivered as of the date first above written.

	 	 	 	 	 	 	 	 
	 	 	BORROWER:
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	HOLIDAY FENOGLIO FOWLER, L.P., a Texas limited
partnership
	 
	 	 	 	 	 	 
	 	 	By:	 	Holliday GP Corp., a Delaware corporation,
its general partner
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ John H. Pelusi, Jr.
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	John H. Pelusi, Jr., President

First Amendment

Signature Page

S-1

 

	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as

Administrative Agent and as Lender
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Steven P. Renwick
	 

	 	 	 	 
	 

	 	Name:
	 	Steven P. Renwick
	 

	 	Title:
	 	Senior Vice President

 

 

	 	 	 	 	 	 
	ACKNOWLEDGED AND AGREED

by the undersigned Subsidiary Guarantors:
	 
	 	 	 	 
	 
	 	 	 	 
	HFF PARTNERSHIP HOLDINGS LLC, a

Delaware limited liability company
	 
	 	 	 	 
	 
	 	 	 	 
	By:	 	/s/ John H. Pelusi, Jr.
	 	 	 
	 	 	John H. Pelusi, Jr., Manager
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	HOLLIDAY GP CORP.,

a Delaware corporation
	 
	 	 	 	 
	 
	 	 	 	 
	By:	 	/s/ John H. Pelusi, Jr.
	 	 	 
	 	 	John H. Pelusi, Jr., President
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	HFF LP ACQUISITION LLC,

a Delaware limited liability company
	 
	 	 	 	 
	 
	 	 	 	 
	By: HFF Holdings LLC, its sole member
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John H. Pelusi, Jr.
	 

	 	 	 	 
	 

	 	 	 	John H. Pelusi, Jr., Managing Member

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}]]