SECOND AMENDMENT TO THE TIB BANK OF THE KEYS SALARY CONTINUATION AGREEMENT
Exhibit
10.17
SECOND
AMENDMENT TO THE
TIB
BANK OF THE KEYS
SALARY
CONTINUATION AGREEMENT
THIS
SECOND AMENDMENT executed on this ________ day of __________________, 2006,
by
and between the TIB BANK OF THE KEYS, a Florida banking corporation located
in
Key Largo, Florida (the “Company”), and __________________ (the
“Executive”).
On
__________________, the Company and the Executive executed the TIB BANK OF
THE
KEYS SALARY CONTINUATION AGREEMENT (the “Agreement”).
The
undersigned hereby amends, in part, said Agreement for the purpose of 1)
changing the percentage of the Benefit Basis for purposes of determining the
Normal Retirement Benefit and Change of Control Benefit, and 2) changing the
discount rate used in calculating the accrual balance from a fixed rate to
a
rate that can change periodically in accordance with Generally Accepted
Accounting Principles.
Therefore,
Section
2.1.1 of the Agreement shall be added to the Agreement as
follows:
2.1.1
Amount of Benefit.
The
annual benefit under this Section 2.1 is an amount equal to forty three percent
(43.0%) of the Benefit Basis.
Section
2.4.1 of the Agreement shall be added to the Agreement as
follows:
2.4.1
Amount of Benefit.
The
annual benefit under this Section 2.4 is an amount equal to forty three percent
(43.0%) of Inflated Compensation.
EXHIBIT
I of the Agreement is hereby amended to replace any reference to a fixed
discount rate to now be at a rate determined periodically to be in conformity
to
Generally Accepted Accounting Principles.
Except
as
amended herein by this Second Amendment, the Agreement and the First Amendment
remains in full force and effect.
IN
WITNESS OF THE ABOVE,
the
Executive and the Company have agreed to this Second Amendment.
EXECUTIVE: |
COMPANY:
TIB
BANK OF THE KEYS
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