Document:

EX-10.5

 Exhibit 10.5 
 AMENDMENT TO THE 
 WILSON BANK AND TRUST EXECUTIVE SALARY CONTINUATION
AGREEMENT 
 WHEREAS, Wilson Bank and Trust (the “Bank”) and John C. McDearman III, (the “Executive”)
previously entered into the Wilson Bank and Trust Executive Salary Continuation Agreement (the “Agreement”), originally effective as of January 1, 2006; and 
 WHEREAS, the Agreement is designed to provide retirement benefits (the “Benefits”) to the Executive upon certain enumerated events, payable out of the Bank’s general assets; and 

WHEREAS, the Bank and the Executive most recently amended the Agreement on January 1, 2009, to make changes required by
Section 409A of the Internal Revenue Code of 1986, as amended; and 
 WHEREAS, the Bank and the Executive have agreed to
further amend the Agreement to (i) clarify the payment of benefits thereunder following the Executive’s disability and (ii) freeze the accrual of Benefits under the Agreement as of October 1, 2012. 

NOW, THEREFORE, effective November 23, 2012, the Bank and the Executive hereby amend the Agreement as follows: 

1. A new Section 2.2 is added to the Agreement, which shall provide as follows: 

2.2 FREEZE IN ACCRUED BENEFIT. 
 Effective October 1, 2012, notwithstanding anything herein to the contrary, (i) no additional service or compensation will be credited under the Agreement and (ii) the accrued benefits
hereunder will be frozen such that no additional benefits (including disability and death benefits under Sections 5 and 6 herein) will be accrued under this Agreement. Such frozen accrued benefits will be paid in accordance with the current terms of
the Agreement in a manner consistent with Section 409A of the Code, subject to the freezing of such benefits in accordance with this Section 2.2. 

 2. Section 6 of the Agreement is amended to provide as follows: 

DISABILITY BENEFIT PRIOR TO RETIREMENT 
 In the event the Executive should become Disabled while actively employed by the Bank any time after the effective date of this Agreement but prior to retirement or early retirement, the Executive will be
entitled to the benefit described in this Section 6 in lieu of any other benefit under this Agreement. The Disability benefit shall be payable for total of one hundred eighty (180) months (the “Disability Payment Period”).
Initially, the annual Disability benefit will equal sixty percent (60%) of the Executive’s base salary and bonus at the time of the Disability and shall be payable in equal monthly installments (1/12th of the annual benefit) commencing on the first (1st) day of the third month following the date of the
Executive’s Disability and payable until the Executive reaches Normal Retirement Age. At Normal Retirement Age, the Disability benefit will be reduced to an annual amount equal to the Normal Retirement Benefit as provided for in
Section 4(a) above as if the Executive separated from service at the Executive’s Normal Retirement Age and such reduced amount shall continue in equal monthly installments (1/12th of the annual benefit) for the remaining portion the Disability Payment Period. 

Disability shall mean Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months or (ii) is, by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and
health plan covering employees of the Bank. Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering employees of the Bank, provided that the definition of
Disability applied under such Disability insurance program complies with the requirements of Section 409A. Upon the request of the Plan Administrator, the Executive must submit proof to the Plan Administrator of Social Security
Administration’s or the provider’s determination. 
 3. To the extent that any paragraph, term or provision of said
Agreement is not specifically amended herein, or in any other amendment thereto, said paragraph, term or provision shall remain in full force and effect as set forth in said Agreement 

[Remainder of page intentionally left blank. Signature page follows.] 

  
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 IN WITNESS WHEREOF, both parties hereto acknowledge that each has carefully read and
considered this Amendment and consent to the changes contained herein. Both parties have caused this Amendment to the Amended and Restated Wilson Bank and Trust Executive Salary Continuation Agreement to be executed this 23rd day of November, 2012,
effective November 23, 2012. 
  

									
		 		 	 WILSON BANK AND TRUST
 Lebanon, Tennessee

					
	Witness:	 	/s/ Lisa Pominski	 		 	By:	 	/s/ Elmer Richerson
		 		 		 	Title:	 	President
					
	Witness:	 	/s/ Gary Whitaker	 		 		 	/s/ John C. McDearman III
		 		 		 		 	 John C. McDearman III

  
 3EX-10.6

 Exhibit 10.6 
 SECOND AMENDMENT TO THE 
 WILSON BANK AND TRUST AMENDED AND RESTATED LIFE
INSURANCE 
 ENDORSEMENT METHOD SPLIT DOLLAR PLAN AGREEMENT 

WHEREAS, Wilson Bank and Trust (the “Bank”) and James Randall Clemons, (the “Executive”) established the Wilson Bank
and Trust Amended and Restated Life Insurance Endorsement Method Split Dollar Plan Agreement (the “Agreement”), originally effective as of March 30, 1995; and 
 WHEREAS, the Bank and the Executive most recently amended the Agreement on October 7, 2002, to make changes regarding the division of the death proceeds thereunder; and 

WHEREAS, the Bank and the Executive desire to amend the Agreement to clarify that the Executive shall not be entitled to any death
proceeds under the Agreement or the underlying insurance policy following the Executive’s termination of employment. 

NOW, THEREFORE, effective November 23, 2012, the Bank and the Executive hereby amend the Agreement as follows. 

1. Section VI.A. of the Agreement is amended to provide as follows: 

 

	 	A.	Upon the death of the Insured while employed by the Bank, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an
amount equal to one hundred percent (100%) of the net-at-risk insurance portion of the proceeds. Notwithstanding the foregoing, or any other provision of this Agreement, upon the death of the Insured subsequent to a termination of service
(except in the case of the Insured’s assumption of the Agreement pursuant to Section IX herein), all proceeds (including any death benefit) payable hereunder shall be retained by the Bank and neither the Insured nor their beneficiary(ies) shall
have any rights regarding the proceeds under this Agreement. The net-at-risk insurance portion is the total proceeds less the cash value of the policy. 

 2. Section IX. is amended to provide as follows: 

 

	 	IX.	TERMINATION OF AGREEMENT 

This Agreement shall terminate upon the occurrence of any one of the following: 

 

	 	A.	The Insured shall terminate employment with the Bank for any reason; or 

  

	 	B.	Surrender, lapse, or other termination of the policy by the Bank. 

 Upon such termination, the Insured (or assignee) shall have a fifteen (15) day option to receive from the Bank an absolute assignment of the policy in consideration of a cash payment to the Bank,
whereupon this Agreement shall terminate. Such cash payment referred to hereinabove shall be the greater of: 
  

	 	A.	The Bank’s share of the cash value of the policy on the date of such assignment, as defined in this Agreement; or 

 

	 	B.	The amount of the premiums that have been paid by the Bank prior to the date of such assignment. 

If, within said fifteen (15) day period, the Insured fails to exercise said option, fails to procure the entire aforestated cash
payment, or dies, then the option shall terminate and the Insured (or assignee) agrees that all of the Insured’s rights, interest and claims in the policy shall terminate as of the date of the termination of this Agreement. 

The Insured expressly agrees that this Agreement shall constitute sufficient written notice to the Insured of the Insured’s option
to receive an absolute assignment of the policy as set forth herein. 
 Except as provided above, this Agreement shall terminate
upon distribution of the death benefit proceeds in accordance with Paragraph VI above. 
 3. Section XV is amended to provide as
follows: 
  

	 	XV.	Change of Control 

Change of Control shall be deemed to be the cumulative transfer of more than fifty percent (50%) of the voting stock of the Bank
from the date of this Agreement. For purposes of this Agreement, transfers on account of death or gifts, transfers between family members, or transfers to a qualified retirement plan maintained by the Bank shall not be considered in determining
whether there has been a Change of Control. Upon a Change of Control, the Insured shall become one hundred percent (100%) vested in the benefits the Insured is entitled to hereunder, subject to the termination of the Insured’s rights upon
his or her termination of employment as provided in Section VI.A. 

  
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 4. To the extent that any paragraph, term or provision of said Agreement is not specifically
amended herein, or in any other amendment thereto, said paragraph, term or provision shall remain in full force and effect as set forth in said Agreement 
 IN WITNESS WHEREOF, both parties hereto acknowledge that each has carefully read and considered this Second Amendment and consent to the changes contained herein. Both parties have caused this Second
Amendment to the Wilson Bank and Trust Amended and Restated Life Insurance Endorsement Method Split Dollar Plan Agreement to be executed this 23rd day of November, 2012, effective November 23, 2012. 

 

									
		 		 	 WILSON BANK AND TRUST
 Lebanon, Tennessee

					
	Witness:	 	/s/ Lisa Pominski	 		 	By:	 	/s/ Elmer Richerson
		 		 		 	Title:	 	President
					
	Witness:	 	/s/ Gary Whitaker	 		 		 	/s/ Randall Clemons
		 		 		 		 	 James Randall Clemons

  
 3

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