Exhibit (10) E
SIXTH AMENDMENT TO
DEFERRED COMPENSATION AGREEMENT
This Sixth Amendment to the Deferred Compensation
Agreement is made effective as of this 13th day of June,
1995, by and between Mercantile-Safe Deposit & Trust Company
(hereinafter called "Corporation") and Xxxxxxx X. Xxxxx
(hereinafter called "Employee").
WHEREAS, Corporation and Employee entered into a
Deferred Compensation Agreement dated September 30, 1982,
and a First Amendment thereto dated October 24, 1983, and a
Second Amendment thereto dated March 13, 1984, and a Third
Amendment thereto dated January 1, 1987, and a Fourth
Amendment thereto dated December 8, 1987, and a Fifth
Amendment thereto dated January 1, 1989 (hereinafter
referred to as the "Agreement"); and
WHEREAS, the Agreement specifies in part that
Employee is entitled to certain supplemental retirement
benefits; and
WHEREAS, Corporation and Employee wish to modify
the terms of such supplemental retirement benefits; and
WHEREAS, Mercantile Bankshares Corporation has
approved and adopted effective as of January 1, 1991, The
Cash Balance Plan For Employees Of Mercantile Bankshares
Corporation And Participating Affiliates, amended and
restated as of January 1, 1991(the "Cash Balance Plan"), in
which Corporation is a participating employer; and
WHEREAS, in light of Mercantile Bankshares
Corporation's amendment and restatement of the Cash Balance
Plan, Corporation and Employee desire to make certain
changes to the Agreement; and
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WHEREAS, Employee continues to perform valuable
services for Corporation and Corporation has the present
desire to retain his services until his death or retirement.
NOW, THEREFORE, in order to carry out the purposes
of the Agreement, in consideration of the foregoing and
other good and valuable consideration, receipt of which is
hereby acknowledged, Corporation and Employee hereby agree
as follows:
1. Section 5 is hereby amended effective as of
the effective date of this Amendment to read as follows:
5. Normal Retirement. If Employee remains in
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Corporation's active employ until Employee attains
age sixty (60), Employee shall be entitled to
receive, when he retires or his employment
otherwise terminates other than by reason of his
death, an annual benefit until the later of (i)
Employee's death or (ii) the expiration of the
minimum term set forth below in this Section 5.
This benefit is expressed on an annual basis but
shall be payable monthly. The amount of the
benefit and the minimum term thereof will vary
based upon Employee's age at the time of
retirement or termination, as set forth below:
Employee's Age at Minimum Term for
Retirement or Annual Benefit which Benefit is
Termination Payable
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60 $67,300 20 years
61 75,700 19 years
62 85,400 18 years
63 126,000 17 years
64 126,000 16 years
65 126,000 15 years
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Monthly payment of this benefit shall commence
within one (1) month after Employee's retirement
or termination.
2. Paragraph (b) of Section 12 is hereby amended
effective as of the effective date of this Amendment to read
as follows:
12. Coordination With Other Benefit Plans.
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(b) Employee's benefits under The Cash Balance
Plan For Employees Of Mercantile Bankshares
Corporation And Participating Affiliates (the
"Cash Balance Plan"), as that plan shall exist
from time to time, shall be based on Employee's
reduced salary provided for in Section 2.
Employee shall, however, be entitled to a
Supplemental Pension Benefit under this Agreement
when he retires or his employment otherwise
terminates. The amount of this Supplemental
Pension Benefit shall be equal to the actuarial
equivalent of a single-life annuity commencing at
age 65, but without reduction in the event
payments commence on or after attainment of age
63, payable over the Employee's life, that
provides a monthly benefit of $8,645.21.
Within the 90-day period prior to Employee's
retirement or other termination of employment, and
subject to the consent of the Corporation,
Employee may choose the method of payment of this
Supplemental Pension Benefit from among the then
methods enumerated under the Cash Balance Plan;
provided, however, that in no event may a lump sum
method of payment be elected. In the event
Employee dies before the commencement of payment
of his Supplemental Pension Benefit, his
beneficiary's right to a death benefit ( if any)
attributable to such Supplemental Pension Benefit
shall be governed by the terms of the Cash Balance
Plan; the amount and form of payment of such death
benefit shall also be governed by the terms of the
Cash Balance Plan. In no event shall spousal
consent be necessary for the effectuation of any
method of payment (or for the designation of any
beneficiary) of the Supplemental Pension Benefit
even though such consent might otherwise be
required under the Cash Balance Plan. The
conversion of this Supplemental Pension Benefit to
an actuarial equivalent for purposes of this
Agreement shall be governed in all respects by the
actuarial assumptions set forth in the Cash
Balance Plan.
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3. Effective as of the effective date of this
Amendment, Appendix I shall be deleted in its entirety.
4. In all other respects, the provisions of the
Agreement remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the parties hereto have
executed this Sixth Amendment to the Agreement as of the day
and year first above written.
ATTEST: Mercantile-Safe Deposit & Trust Company
/s/ Xxxx X. X'Xxxxxx, Xx. By: /s/ X. X. Xxxxxxx
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Xxxx X. X'Xxxxxx, Xx. X. Xxxxxxx Xxxxxxx
(SEAL)
WITNESS:
/s/ Xxxxxxxx X. Xxxx By: /s/ Xxxxxxx X. Xxxxx (SEAL)
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Xxxxxxxx X. Xxxx Xxxxxxx X. Xxxxx, Executive
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