SEC Contract Filing

Filing Date: 2023-03-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>2
<FILENAME>amendmentto2017plan-ex105.htm
<DESCRIPTION>EX-10.5
<TEXT>
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<title>Document</title></head><body><div id="i0e73ea47046148c29a38b6bd2e397e89_33"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exhibit 10.5</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">AMENDMENT NO. 1 OF THE</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">SOUTHERN STATES BANCSHARES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2017 INCENTIVE STOCK COMPENSATION PLAN</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">This Amendment to the Southern States Bancshares 2017 Incentive Stock Compensation Plan is adopted as of the 21st day of December 2022 by Southern States Bancshares, Inc. (the &#8220;Company&#8221;), an Alabama corporation.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">WHEREAS, the Company previously adopted the 2017 Incentive Stock Compensation Plan as of May 16, 2018, which was subsequently amended and restated on June 23, 2021 to include the original Plan and all amendments made through June 23, 2021 (the &#8220;Plan&#8221;)&#59;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">WHEREAS, the Company desires to amend the Plan to authorize the granting of Restricted Stock Unit Awards.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">NOW THEREFORE, the Plan is hereby amended as follows&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:10.5pt">Article I of the plan, Section 1.02, Definitions, is amended as follows&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Section 1.02(h) is hereby deleted and replaced with the following&#58;</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(h) &#34;Grant Date,&#34; as used with respect to a particular Option, Restricted Stock or Restricted Stock Unit Award, means the date as of which such Option, right, award or unit is granted by the Committee pursuant to the Plan.</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Section 1.02(i) is hereby deleted and replaced with the following&#58;</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(i) &#34;Grantee&#34; means the person to whom an Option, Restricted Stock or Restricted Stock Unit Award is granted by the Committee pursuant to the Plan.</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">New Section 1.02(s) is hereby added, reading as follows&#58;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> (s) &#8220;Restricted Stock Unit Agreement&#8221; means the agreement between the Company and a Grantee under which the Grantee is granted a Restricted Stock Unit Award pursuant to the Plan.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">New Section 1.02(t) is hereby added, reading as follows&#58;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> (t) &#8220;Restricted Stock Unit Award&#8221; means an award of one or more units representing the right to receive shares of the Company&#8217;s Common Stock in the future. Such award shall be granted by the Committee pursuant to the Plan and is restricted in a manner and for a specified period of time as determined by the Committee. Restricted Stock Units will be s