Attached files
| file | filename |
|---|---|
| 8-K - 8-K - BANK OF KENTUCKY FINANCIAL CORP | v203765_8k.htm |
| EX-10.3 - EX-10.3 - BANK OF KENTUCKY FINANCIAL CORP | v203765_ex10-3.htm |
| EX-10.1 - EX-10.1 - BANK OF KENTUCKY FINANCIAL CORP | v203765_ex10-1.htm |
Exhibit 10.2
BANK
OF KENTUCKY
CRESTVIEW,
KENTUCKY
EXECUTIVE
PRIVATE PENSION PLAN
AMENDMENT
# 2
The
undersigned, a duly authorized officer of Bank of
Kentucky (“Company”) hereby adopts this Amendment Number 2 to the
Bank of Kentucky Executive Private Pension Plan, adopted on September 1,
2003 (“Plan”).
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1.
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In
order to provide a definition of “Separation from Service” for purposes of
new Section 6.3 that comports with that contained in Treas. Reg. Section
1.409A-1(h), a new Section 2.21 hereby added to read as follows, and
existing Section 2.21 is hereby redesignated as Section 2.22, effective 12
months after adoption of this Amendment
#2:
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SEPARATION
FROM SERVICE has the meaning described in Treas. Reg. Section 1.409A-1(h), which
provides that an employee separates from service with the employer if the
employee dies, retires, or otherwise has a termination of employment with the
employer.
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2.
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In
order to provide for one form of benefit distribution, Section 5 is hereby
deleted and substituted therefor is a new Section 5 to read as follows,
effective January 1, 2005:
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SECTION
5 - GENERAL BENEFIT PROVISIONS
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5.1
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FORM
OF RETIREMENT BENEFITS. Upon the Annuity Starting Date, the Participant’s
Accrued Benefit shall be paid in the form of an
Annuity.
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5.2
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GENERAL
COMMENCEMENT OF BENEFITS RULE. Payment of the benefit under the Plan shall
commence no later than the 15th
day of the third calendar month after the date on which the Participant
both has attained his Normal retirement Age and terminated his employment
with the Employer. Under no circumstances may the Participant,
directly or indirectly, designate the taxable year of payment.
Notwithstanding anything is this Plan to the contrary, in the case of any
key employee (as defined in Code section 416(i)) during a time at which
the stock of the Company is publicly traded on an established securities
market or otherwise, a payment may not be made before the date that is six
months after the date of separation from service (or, if earlier than the
end of the six-month period, the date of death of the
key employee).
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1
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3.
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In
order to provide that a Separation from Service as defined in new Section
2.21 prior to Normal Retirement Age is a permissible payment event,
Sections 6.2 and 6.3 of the Plan are hereby deleted and substituted
therefor is a new Section 6.2 to read as follows, effective 12 months
after adoption of this Amendment
#2:
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6.2
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DISTRIBUTION UPON SEPARATION
FROM SERVICE. A Participant who has incurred
a Separation from Service on or after he has completed 5 Years of Service
but before his attainment of Normal Retirement Age shall receive a lump
sum distribution in the amount of the Actuarial Equivalent of his vested
Accrued Benefit determined in accordance with the following
table:
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Years of Service
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Vested Percentage of Accrued
Benefit
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Less
than 5
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0%
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5
but less than 6
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50%
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6
but less than 7
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60%
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7
but less than 8
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70%
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8
buy less than 9
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80%
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9
but less than 10
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90%
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10
or more
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100%
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Such
lump sum distribution shall be made within ninety (90) days of the Separation
from Service. Under no circumstances may the Participant, directly or
indirectly, designate the taxable year of payment.
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4.
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All
other provisions of the Plan not otherwise affected by this amendment are
hereby ratified and affirmed.
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IN
WITNESS WHEREOF, the undersigned duly authorized officer of Bank of Kentucky
hereby executes this Amendment Number 2 on this the 17th day of
November, 2010.
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BANK
OF KENTUCKY
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By:
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Robert W. Zapp
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As
Its:
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President
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2