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FIRST AMENDMENT TO THE
COMMUNITY FIRST BANK AND TRUST
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
WHEREAS, Community
First Bank and Trust the (“Bank”) sponsors the
Community First Bank and Trust Supplement Executive Retirement Plan
(the “Plan”); and
WHEREAS, the Bank
desires to amend the Plan to make changes required or permitted by
Section 409A of the Internal Revenue Code of 1986 and the
regulations promulgated thereunder.
NOW, THEREFORE, in
consideration of the premises, effective as of January 1,
2009, the Bank hereby amends the Plan in the following
respects:
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1.
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Section 2.15 of the Plan is
amended to provide as follows:
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2.15
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SERP BENEFIT. SERP Benefit means,
with respect to each Participant, an annual cash benefit in the
amount determined pursuant to the Participant’s Participation
Agreement and subject to any limitations specified
therein.
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2.
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Section 3.2 of the Plan is
amended to provided as follows:
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3.2
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PARTICIPATION. Each Executive who is
eligible to participate in the Plan shall enroll in the Plan by
entering into a Participation Agreement and completing such other
forms and furnishing such other information as the Administrator
may request. An Executive’s participation in the Plan shall
commence as of the date specified in the Participation Agreement.
Notwithstanding any other provision of the Plan or the applicable
Participation Agreement, with respect to the first year he is
eligible to participate, the Executive must execute and return his
Participation Agreemen
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