SEC Contract Filing

Filing Date: 2023-02-22

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>d474545dex103.htm
<DESCRIPTION>EX-10.3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT TO THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR ANDREW S. SAMUEL </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
Amendment (the &#147;Amendment&#148;) is entered into as of this 22nd day of February, 2023 by and between LINKBANK, a Pennsylvania chartered bank (the &#147;Bank&#148;), and Andrew S. Samuel (&#147;Executive&#148;). Capitalized terms which are not
defined herein shall have the same meaning as set forth in the Agreement (as defined below). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W I T N E S S E T H: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Executive is a party to a Supplemental Executive Retirement Plan Agreement with the Bank, dated as of October&nbsp;28, 2021
(the &#147;Agreement&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, LINKBANCORP, Inc., a Pennsylvania Corporation LINKBANCORP, Inc., a Pennsylvania
Corporation (the &#147;Corporation&#148;) and Partners Bancorp (&#147;Partners&#148;) have entered into an Agreement and Plan of Merger, dated as of February&nbsp;22, 2023 (the &#147;Merger Agreement&#148;), pursuant to which Partners will merge
with and into the Corporation, with the Corporation as the surviving entity (the &#147;Merger&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, in connection
with the Merger Agreement, the Bank and the Executive desire to amend the Agreement to provide that the Merger will not constitute a &#147;Change in Control&#148; for purposes of the Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Section&nbsp;6.1 of the Agreement provides that the Agreement may be amended upon the written consent of the parties; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, this Amendment complies with Section&nbsp;409A of the Code since the Amendment does not change the time or form of the payment
under the Agreement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the parties now wish to amend the Agreement as herein provided effective as of the date first
written above, and subject to the occurrence of the Effective Time (as such term is defined in the Merger Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW,
THEREFORE</B>, the Agreement is hereby amended, effective as of the date first written above, and conditioned upon, the occurrence of the Effective Time as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Amendment to Section</U><U></U><U>&nbsp;1.7 of the Agreement</U>. The following sentence is hereby added to the end of the definition of
&#147;Change in Control&#148; in Section&nbsp;1.7 of the Agreement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Notwithstanding the foregoing, for purposes of
this Agreement, the definition of Change in Control shall not include the following: (i)&nbsp;a merger by and between the LINKBANCORP, Inc. (the &#147;Corporation&#148;) and Partners Bancorp (&#147;Partners&#148;), in which Partners will merge with
and into the Corporation, with the Corporation as the surviving entity, (ii)&nbsp;a merger by and between the Bank and The Bank of Delmarva, a wholly-owned subsidiary of Partners, in which The Bank of Delmarva will merge with and into the Bank, with
the Bank as the surviving entity, (iii)&nbsp;a merger by and between the Bank </P>
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and Virginia Partners Bank, a wholly-owned subsidiary of Partners, in which Virginia Partners Bank will merge with and into the Bank, with the Bank as the surviving entity, each pursuant to an
Agreement and Plan of Merger entered into by and between the Corporation and Partners dated as of February&nbsp;22, 2023.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.
<U>Continuation of Agreement</U>. Except as expressly set forth herein, this Amendment shall not by implication or otherwise alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in
the Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect and shall be otherwise unaffected. </P>
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