EXHIBIT 10.3
AMENDMENT
TO THE EXECUTIVE SUPPLEMENTAL
RETIREMENT PLAN AGREEMENT AND THE LIFE
INSURANCE ENDORSEMENT METHOD SPLIT DOLLAR PLAN
AGREEMENT DATED OCTOBER 20, 1999
This Amendment, made and entered into this 7th day of April, 2003, by and
between Gwinnett Banking Company, a Bank organized and existing under the laws
of the State of Georgia, hereinafter referred to as the, "Bank", and Xxxx X.
Xxxxxxxx, a Key Employee and Executive of the Bank, hereinafter referred to as
the, "Executive", shall effectively amend the Executive Supplemental Retirement
Plan Agreement and the Life Insurance Endorsement Method Split Dollar Plan
Agreement dated October 20, 1999 as follows:
1. Subparagraph I (D) titled, "Early Retirement Date" shall be deleted in its
entirety and replaced with the following: "Early Retirement Date" shall mean
retirement of the Executive from service with the Bank which is effective prior
to his Normal Retirement Age, provided the Executive has attained at least age
sixty (60). "Early Retirement Age" shall mean the date on which the Executive
attains age sixty (60).
2. Subparagraph I (H) titled, "Index", shall be amended to add the following
life insurance policies to said Agreement:
I. DEFINITIONS
H. Index:
Insurance Company: Massachusetts Mutual Life Insurance
Company
Policy Form: Flexible Premium Adjustable Life
Policy Name: SL11B-9900
Insured's Age and Sex: 58, Male
Riders: According to the health of the proposed
insured
Ratings: None
Option: Level
Face Amount: $236,340
Premiums Paid: $117,000
Number of Premium Payments: Single
Assumed Purchase Date: April 7, 2003
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Insurance Company: New York Life Insurance & Annuity
Corporation
Policy Form: Flexible Premium Adjustable Life
Policy Name: BOLI 20.1
Insured's Age and Sex: 58, Male
Riders: According to the health of the proposed
insured
Ratings: None
Option: Level
Face Amount: $235,188
Premiums Paid: $117,000
Number of Premium Payments: Single
Assumed Purchase Date: April 7, 2003
3. Subparagraph I (K) titled, "Normal Retirement Age" shall be deleted in its
entirety and replaced with the following: "Normal Retirement Age" shall mean the
date on which the Executive attains age sixty-two (62).
4. Page one (1) of the Life Insurance Endorsement Method Split Dollar Agreement
shall be amended to add the following life insurance policies to said Agreement:
Insurer: Massachusetts Mutual Life Insurance Company
Policy Number: 0053980
Insurer: New York Life Insurance & Annuity Corporation
Policy Number: 56604467
This Amendment shall be effective the 7th day of April, 2003. To the extent
that any paragraph, term, or provision of said agreement is not specifically
amended herein, or in any other amendment thereto, said paragraph, term, or
provision shall remain in full force and effect as set forth in said October 20,
1999 agreements.
IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully
read this Amendment and executed the original thereof on the first day set forth
hereinabove, and that, upon execution, each has received a conforming copy.
GWINNETT BANKING COMPANY
Lawrenceville, Georgia
/s/ Xxxx X. Xxxxx By: /s/ Xxxx Xxxxx VP Controller
-------------------------- ------------------------ Title
Witness
/s/ Xxxxxxxx X. Burll /s/ Xxxx X. Xxxxxxxx
-------------------------- ----------------------------
Witness Xxxx X. Xxxxxxxx
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