Document:

Exhibit 10(a)

 

AMENDMENT TO THE

PROTECTIVE LIFE CORPORATION

EXCESS BENEFIT PLAN

 

Protective Life Corporation (the “Company”) hereby amends the Protective Life Corporation Excess Benefit Plan (the “Plan”) as follows:

 

1.                                      Section 13 of the Plan is amended to read in its entirety as follows, effective as of December 1, 2013:

 

13.  Tax Withholding.  All payments under the Plan shall be subject to applicable federal, state and local tax withholding.  If taxes are imposed under the Federal Insurance Contributions Act or any other tax law (“Advance Taxes”) with respect to the Excess Benefits payable to a Participant or Beneficiary, the Company shall remit such Advance Taxes in such amounts and at such time or times as required or permitted by law.  To the extent required or permitted by applicable law (including Treasury Regulation 31.3121(v) or any successor thereto), the Company shall recover the Participant’s or Beneficiary’s portion of such Advance Taxes by (1) collecting payment therefore from the Participant or Beneficiary, (2) reducing the benefits actually paid from the Plan to the Participant or Beneficiary at the time such benefits are paid,  (3) distributing to the Participant or Beneficiary an amount equal to such portion of the Advance Taxes (plus any amounts as may be required to satisfy the tax withholding obligations and other required deductions with respect to such distribution), which distribution may be made prior to the date payment of the Excess Benefits otherwise begins under the Plan, and/or (4) reducing the value of the Excess Benefits otherwise payable hereunder to take into account, on an actuarial basis, the present value of all taxes remitted by the Company with respect to the Participant’s or Beneficiary’s portion of such Advance Taxes.

 

2.   Except as specifically set forth herein, the terms of Plan shall remain the same.

 

IN WITNESS WHEREOF, the Company has executed this Amendment on this 17th day of April, 2014, effective as set forth herein.

 

	
 
    	
PROTECTIVE LIFE CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ D. Scott Adams
    
	
 
    	
 
    	
D. Scott Adams
    
	
 
    	
 
    	
Senior Vice President and Chief
    
	
 
    	
 
    	
Human Resources OfficerExhibit 10(b)

 

AMENDMENT TO THE PROTECTIVE LIFE

CORPORATION DEFERRED COMPENSATION PLAN

FOR OFFICERS

 

Protective Life Corporation (the “Company”) hereby amends the Protective Life Corporation Deferred Compensation Plan for Officers (the “Plan”) as follows:

 

1.             Effective as of October 1, 2012, a new definition of “Annual Employee Contribution Limit” is added to Section 2 of the Plan after the definition of the term “Accounts,” such new definition to read in its entirety as follows:

 

“Annual Employee Contribution Limit” shall have the meaning set forth in the 401(k) Plan.

 

2.             Effective as of October 1, 2012, Section 7(a) of the Plan is amended to read in its entirety as follows:

 

(a) General Provisions.  Distribution of any amount credited to a Participant’s Accounts (other than amounts credited to the Protective Stock Fund) shall be payable in cash.  Distribution of any amount credited to a Participant’s Accounts in the Protective Stock Fund shall be partly in shares of Common Stock and partly in cash, with the cash portion equal to the sum of the tax withholding obligation and the value of any fractional stock equivalents with respect to the distribution.  Distributions shall be subject to such rules and procedures as the Company shall determine.  Any Plan provision or Participant election to the contrary notwithstanding, some or all of the balance in a Participant’s Accounts may be paid in a cash lump, as more fully provided in Section 7(q).

 

3.             A new Section 7(q) is added to the Plan after Section 7(p), such new Section 7(q) to read in its entirety as follows:

 

7(q). Lump Sum Payment of Certain Amounts below the Annual Employee Contribution Limit.  (1) Effective as of October 1, 2012, any Plan provision or Participant election to the contrary notwithstanding, if at any time (i) a Participant has died, become disabled or had a Termination of Employment, (ii) payment is due from one or more of the Participant’s Accounts, and (iii) the value of all of the Participant’s Accounts at the time the payment is due is less than the Annual Employee Contribution Limit, then the Company may elect to pay the entire balance of all (and not less than all) of the Participant’s Accounts in a cash lump sum.

 

(2) Any Plan provision or Participant election to the contrary notwithstanding, if (i) payment is due from any Participant Account first established after 2012, and (ii) the value of such Account at the time the payment is due is less than the Annual Employee Contribution Limit, then the Company may elect to pay the entire balance of such Account in a cash lump sum.

 

 

4.   Except as specifically set forth herein, the terms of Plan shall remain the same.

 

IN WITNESS WHEREOF, the Company has executed this Amendment on this 17th day of April, 2014, effective as set forth herein.

 

	
 
    	
PROTECTIVE   LIFE CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   D. Scott Adams
    
	
 
    	
 
    	
D.   Scott Adams
    
	
 
    	
 
    	
Senior   Vice President and Chief
    
	
 
    	
 
    	
Human   Resources OfficerExhibit 4.3

 

	
 
    	
Richard   J. Bradfield
    
	
 
    	
Senior Vice President   and Treasurer
    
	
 
    	
PHH Corporation
    
	
 
    	
3000 Leadenhall Road
    
	
 
    	
Mt. Laurel, NJ 08054
    

 

Securities and Exchange Commission

100 F Street, NE

Washington, DC 20549

 

May 8, 2014

 

Subject:   PHH Corporation Quarterly Report on Form 10-Q for the period ended March 31, 2014 — File No. 001-07797

 

To whom it may concern:

 

Neither PHH Corporation (the “Company”) nor any of its consolidated subsidiaries has outstanding any instrument with respect to long-term debt not being registered under which the total amount of securities authorized thereunder exceeds 10% of the total assets of the Company and its subsidiaries on a consolidated basis other than those instruments filed or incorporated by reference as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. In accordance with paragraph (b)(4)(iii) of Item 601 of Regulation S-K (17 CFR Sec. 229.601), the Company hereby agrees to furnish to the Securities and Exchange Commission, upon request, a copy of each instrument that defines the rights of holders of such long term debt and that is not filed or incorporated by reference as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013.

 

Very truly yours,

 

PHH Corporation

 

	
/s/ Richard J.   Bradfield
    	
 
    	
 
    
	
Richard J. Bradfield
    	
 
    
	
Senior Vice President   and TreasurerExhibit 10.1

 

Repurchase Agreement between Citizens First Corporation and U. S. Department of the Treasury dated January 15, 2014.

 

UNITED STATES DEPARTMENT OF THE TREASURY

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

 

January 15, 2014

 

Ladies and Gentlemen:

 

Reference is made to that certain Letter Agreement incorporating the Securities Purchase Agreement — Standard Terms (the “Securities Purchase Agreement”), dated as of the date set forth on Schedule A hereto, between the United States Department of the Treasury (the “Investor”) and the company set forth on Schedule A hereto (the “Company”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement.  Pursuant to the Securities Purchase Agreement, at the Closing, the Company issued to the Investor the number of shares of the series of its preferred stock set forth on Schedule A hereto (the “Preferred Shares”) and a warrant to purchase the number of shares of its common stock set forth on Schedule A hereto (the “Warrant”).

 

In connection with the consummation of the repurchase (the “Repurchase”) by the Company from the Investor, on the date hereof, of the number of Preferred Shares listed on Schedule A hereto (the “Repurchased Preferred Shares”), as permitted by the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009:

 

(a)       The Company hereby acknowledges receipt from the Investor of the share certificate(s) set forth on Schedule A hereto representing the Preferred Shares; and

 

(b)           The Investor hereby acknowledges receipt from the Company of a wire transfer to the account of the Investor set forth on Schedule A hereto in immediately available funds of the aggregate purchase price set forth on Schedule A hereto, representing payment in full for the Repurchased Preferred Shares at a price per share equal to the Liquidation Amount per share, together with any accrued and unpaid dividends to, but excluding, the date hereof.

 

The Investor and the Company hereby agree that, notwithstanding Section 4.4 of the Securities Purchase Agreement, immediately following consummation of the Repurchase, but subject to compliance with applicable securities laws, the Investor shall be permitted to Transfer all or a portion of the Warrant with respect to, and/or exercise the Warrant for, all or a portion of the number of shares of Common Stock issuable

 

 

thereunder, at any time and without limitation, and Section 4.4 of the Securities Purchase Agreement shall be deemed to be amended in order to permit the foregoing.  The Company shall take all steps as may be reasonably requested by the Investor to facilitate any such Transfer.

 

In addition, the Company agrees that in the event it elects to repurchase the Warrant, it shall deliver to the Investor within 15 calendar days of the date hereof a notice of intent to repurchase the Warrant, which notice shall be in accordance with Section 4.9(b) of the Securities Purchase Agreement (the “Warrant Repurchase Notice”).  In the event the Company does not deliver the Warrant Repurchase Notice to the Investor within 15 calendar days of the date hereof, the Investor hereby provides notice, pursuant to Section 4.5(p) of the Securities Purchase Agreement, of its intention to sell the Warrant, such notice to be effective as of the first day following the end of such 15-day period.

 

In the event that the Company delivers a Warrant Repurchase Notice and the Company and the Investor fail to agree on the Fair Market Value of the Warrant pursuant to the procedures (including the Appraisal Procedure), and in accordance with the time periods, set forth in Section 4.9(c) of the Securities Purchase Agreement or the Company revokes the delivery of such Warrant Repurchase Notice, then the Investor hereby provides notice of its intention to sell the Warrant.

 

This letter agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.

 

This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.  Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed sufficient as if actual signature pages had been delivered.

 

[Remainder of this page intentionally left blank]

 

 

In witness whereof, the parties have duly executed this letter agreement as of the date first written above.

 

	
UNITED STATES DEPARTMENT OF
    	
 
    	
 
    
	
THE TREASURY
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Timothy J. Bowler
    	
 
    	
 
    
	
Name:   Timothy J. Bowler
    	
 
    	
 
    
	
 
    	
 
    	
Title:   Acting Assistant Secretary for
    
	
 
    	
 
    	
Financial   Stability
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
COMPANY:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
CITIZENS   FIRST CORPORATION
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   J. Steven Marcum
    	
 
    	
 
    
	
 
    	
 
    	
Name:   J. Steven Marcum
    
	
 
    	
 
    	
 
    
	
Title:   Executive Vice President
    	
 
    	
 
    
	
Chief   Financial Officer
    	
 
    	
 
    

 

 

SCHEDULE A

 

	
General   Information:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date   of Letter Agreement incorporating the Securities Purchase Agreement: 
    	
 
    	
December 19, 2008
    
	
 
    	
 
    	
 
    
	
Name   of the Company: 
    	
 
    	
Citizens First Corporation
    
	
 
    	
 
    	
 
    
	
Corporate   or other organizational form of the Company:
    	
 
    	
corporation
    
	
 
    	
 
    	
 
    
	
Jurisdiction   of organization of the Company:
    	
 
    	
Kentucky
    
	
 
    	
 
    	
 
    
	
Number   and series of preferred stock issued to the Investor at the Closing:
    	
 
    	
250 Shares Fixed Rate Cumulative Perpetual Preferred   Stock, Series A
    
	
 
    	
 
    	
 
    
	
Number   of Initial Warrant Shares:
    	
 
    	
254,218
    
	
 
    	
 
    	
 
    
	
Terms   of the Repurchase:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Number   of Preferred Shares repurchased by the Company:
    	
 
    	
93
    
	
 
    	
 
    	
 
    
	
Share   certificate number (representing the Preferred Shares previously issued to   the Investor at the Closing):
    	
 
    	
PS/A-3
    
	
 
    	
 
    	
 
    
	
Per   share Liquidation Amount of Preferred Shares:
    	
 
    	
$35,116
    
	
 
    	
 
    	
 
    
	
Accrued   and unpaid dividends on Preferred Shares:
    	
 
    	
$27,214.90
    
	
 
    	
 
    	
 
    
	
Aggregate purchase price for Repurchased Preferred Shares:
    	
 
    	
$3,293,002.90
    
	
 
    	
 
    	
 
    
	
Investor wire information for payment of purchase price: 
    	
 
    	
ABA Number:  021000018
    Bank:   The Bank   of New York Mellon
    Account Name:     BETA EESA Preferred Account
 Account Number:     GLA/111567

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