Document:

Second Amendment to Executive Employment Agreement (Dee)

 EXHIBIT 10.2 
 SECOND AMENDMENT 
 TO

 EXECUTIVE EMPLOYMENT AGREEMENT (DEE) 
 Pursuant to Section 14 of the Executive Employment Agreement effective as of August 31, 2001 (the “Agreement”) entitled “Waiver;
Modification,” the parties to the Agreement hereby modify the Agreement in this Second Amendment (“Amendment”) as provided below. 
 Section 4 (c) shall be amended by adding a new subsection 4(c) (v) as follows: 
 (v) DEFERRED COMPENSATION:
The Company shall contribute a predetermined amount monthly , as determined by the Company’s Compensation Committee to the deferred compensation account of Officer, such account to be maintained under the Company’s deferred compensation
plan as in First State Bancorporation Deferred Compensation Plan (as in effect prior to 2005) (“Plan”). 
 Section 6(b)(iii) and 6(c)(iii) shall be amended by deleting the provisions in their entirety and by replacing them with the following sentence:  
 Continued participation in the Company’s fringe benefits set forth in Section 4(c); provided, however, that such continuation of benefits after termination shall not apply to those fringe benefits which
require a minimum number of hours of employment for participation, such as 401k, life insurance and other employee insurance. The Company shall purchase medical benefits and insurance equivalent to the Company’s medical insurance and benefits
coverage on the date of termination for the severance period; provided, however, if the Officer secures equivalent coverage for continued medical benefits and insurance for the severance period the cost of such coverage shall be reimbursed for the
severance term. 
 The Officer, to the extent determined to be nondiscriminatory under the Company’s qualified employee benefit plans,
shall become fully vested in his benefits under such plans. Additionally, the Officer shall become fully vested with respect to any of the Company’s non-qualified benefit plans in which he is a participant. 
 All other provisions of the Agreement and the First Amendment to the Agreement shall remain in full force except as amended by this Amendment.

  

 1 

 Dated this 25th day of July 2007 
  

			
	 FIRST STATE BANCORPORATION

		
	 BY:
	 	 /S/ MICHAEL R. STANFORD

	 TITLE:
	 	 PRESIDENT AND CEO

	
	 EXECUTIVE

	
	 /S/ H. PATRICK DEE

	 H. PATRICK DEE

  

 2Second Amendment to Executive Employment Agreement (Spencer)

 EXHIBIT 10.3 
 SECOND AMENDMENT 
 TO

 EXECUTIVE EMPLOYMENT AGREEMENT (SPENCER) 
 Pursuant to Section 14 of the Executive Employment Agreement effective as of March 1, 2003 (the “Agreement”) entitled “Waiver;
Modification,” the parties to the Agreement hereby modify the Agreement in this Second Amendment (“Amendment”) as provided below. 
 Section 6(b)(iii) and 6(c)(iv) shall be amended by deleting the provisions in their entirety and by replacing them with the following sentence:  
 Continued participation in the Company’s fringe benefits set forth in Section 4(c); provided, however, that such continuation of benefits after termination shall not apply to those fringe benefits which
require a minimum number of hours of employment for participation, such as 401k, life insurance and other employee insurance. The Company shall purchase medical benefits and insurance equivalent to the Company’s medical insurance and benefits
coverage on the date of termination for the severance period; provided, however, if the Officer secures equivalent coverage for continued medical benefits and insurance for the severance period the cost of such coverage shall be reimbursed for the
severance term. 
 The Officer, to the extent determined to be nondiscriminatory under the Company’s qualified employee benefit plans,
shall become fully vested in his benefits under such plans. Additionally, the Officer shall become fully vested with respect to any of the Company’s non-qualified benefit plans in which he is a participant. 
 Section 6 shall be amended by adding the following provision as Section 6 (h): 
 (h)(vi) 280G GROSS UP. If the aggregate of all payments or benefits made or provided to the Executive under this Agreement and under all
other plans and programs of the Company (the “Aggregate Payment”) is determined to constitute a parachute payment, as such term is defined in Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended (the
“Code”), the Company shall pay to the Executive, prior to or coincident with the time any excise tax imposed by Section 4999 of the Code (the “Excise Tax”) is payable with respect to such Aggregate Payment, an
additional amount that, after the imposition of all penalties, income, excise and other federal, state and local taxes thereon, is equal to the sum of the Excise Tax on the Aggregate Payment and interest and penalties imposed with respect to the
Excise Tax and such additional amount (“Additional Amount”). The determination of whether the Aggregate Payment constitutes a Parachute Payment and, if so, the amount to be paid to the Executive and the time of payment pursuant to
this Section 6(e) shall be made by an independent auditor (the “Auditor”) selected by the Company. Notwithstanding the foregoing, in the event that the 

  

 1 

 
amount of the Executive’s Excise Tax liability is subsequently determined to be greater than the Excise Tax liability with respect to which an initial
Additional Amount has been paid to the Executive under this Section 6(e), the Company shall pay to the Executive a further Additional Amount with respect to such additional Excise Tax (and any interest and penalties thereon) at the time and in
the amount determined in the same manner as the initial Additional Amount was determined so as to make the Executive whole, on an after-tax basis, with respect to such Excise Tax (and any interest and penalties thereon) and such additional amount
paid by the Company. In the event the amount of the Executive’s Excise Tax liability is subsequently determined to be less than the Excise Tax liability with respect to which an initial payment to the Executive has been made, the Executive
shall, as soon as practical after the determination is made, pay to the Company the amount of the overpayment by the Company, reduced by the amount of any relevant taxes already paid by the Executive and not refundable, all as determined by the
Auditor. The Executive and the Company shall cooperate with each other in connection with any proceeding or claim relating to the existence or amount of liability for Excise Tax, and all expenses incurred by the Executive in connection therewith
shall be paid by the Company promptly upon notice of demand from the Executive. 
 All other provisions of the Agreement and the First Amendment to the
Agreement shall remain in full force except as amended by this Amendment. 
 Dated this 25th day of July 2007 
  

			
	 FIRST STATE BANCORPORATION

		
	 BY:
	 	 /S/ MICHAEL R. STANFORD

	 TITLE:
	 	 PRESIDENT AND CEO

		
	 EXECUTIVE
	 	
	
	 /S/ CHRISTOPHER C. SPENCER

	 CHRISTOPHER C. SPENCER

  

 2Second Amendment to Executive Employment Agreement (Martin)

 EXHIBIT 10.4 
 SECOND AMENDMENT 
 TO

 EXECUTIVE EMPLOYMENT AGREEMENT (MARTIN) 
 Pursuant to Section 14 of the Executive Employment Agreement effective as of March 1, 2004 (the “Agreement”) entitled “Waiver;
Modification,” the parties to the Agreement hereby modify the Agreement in this Second Amendment (“Amendment”) as provided below. 
 Section 6(c)(iv) shall be amended by deleting the provisions in their entirety and by replacing them with the following sentence:  
 Continued participation in the Company’s fringe benefits set forth in Section 4(c); provided, however, that such continuation of benefits after termination shall not apply to those fringe benefits which
require a minimum number of hours of employment for participation, such as 401k, life insurance and other employee insurance. The Company shall purchase medical benefits and insurance equivalent to the Company’s medical insurance and benefits
coverage on the date of termination for the severance period; provided, however, if the Officer secures equivalent coverage for continued medical benefits and insurance for the severance period the cost of such coverage shall be reimbursed for the
severance term. 
 The Officer, to the extent determined to be nondiscriminatory under the Company’s qualified employee benefit plans,
shall become fully vested in his benefits under such plans. Additionally, the Officer shall become fully vested with respect to any of the Company’s non-qualified benefit plans in which he is a participant. 
 Section 6(c) shall be amended by adding the following provision as Section 6 (c)(vi): 
 (vi) The payments and benefits provided for in this Section 6(c) shall be reduced to the extent and only to the extent necessary to avoid any payment
or benefit provided for hereunder from constituting an “excess parachute payment” within the meaning of Section 280G(b)(1) of the Internal Revenue Code of 1986, as amended and any successors thereto (the “Code”), that would
be subject to an excise tax pursuant to Section 4999 of the Code. The determination of a reduction required to be made under this Section shall be made by a certified public accounting firm as may be designated by the Officer (but that is not
serving as accountant or auditor for the individual, entity or group effecting the Change of Control) (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Officer within fifteen business
days of the receipt of notice from either the Company or the Officer that there has been a termination of the Officer’s employment pursuant to Section 6(c) hereof, or such earlier time as is requested by the Company. All fees and expenses
of the Accounting Firm shall be borne by the Company. If any reduction is required, payments or benefits shall be reduced in the order specified by the Officer to the extent necessary to satisfy the requirements of the first sentence of this
Section. All determinations of the 

  

 1 

 
Accounting Firm shall be binding on the Company and the Officer. The Accounting Firm shall determine that payments or benefits shall be reduced only to the
extent that it is more likely than not that such payments or benefits, if not reduced, would be “excess parachute payments” subject to an excise tax under Section 4999 of the Code. In making the determinations required by this
Section, the Accounting Firm may rely on a benefit consultant, selected by it, as to whether any payments provided for in this Agreement are “reasonable compensation for personal services actually rendered” within the meaning of
Section 280G(b)(4) of the Code. The Company hereby agrees to pay all fees and expenses of the Accounting Firm and benefits consultant. 
 All other
provisions of the Agreement and the First Amendment to the Agreement shall remain in full force except as amended by this Amendment. 
 Dated this 25th day
of July 2007 
  

			
	 FIRST STATE BANCORPORATION

		
	 BY:
	 	 /S/ MICHAEL R. STANFORD

	 TITLE:
	 	 PRESIDENT AND CEO

	
	 EXECUTIVE

	
	 /S/ MARSHALL G. MARTIN

	 MARSHALL G. MARTIN

  

 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}]]