Exhibit 10.2
BANCFIRST SURVIVOR BENEFIT
AGREEMENT
THIS BANCFIRST SURVIVOR BENEFIT
AGREEMENT (the “Agreement”), is made as of this 15th
day of November, 2006, at Oklahoma City, Oklahoma by and between
Darryl Schmidt (hereinafter referred to as the
“Employee”), and BancFirst, an Oklahoma banking
corporation (hereinafter referred to as the “Bank”). In
consideration of the mutual covenants hereinafter set forth and for
good and valuable consideration, the Employee and the Bank hereby
agree as follows:
ARTICLE 1
Definitions
1.1 Administrator shall mean
the Treasurer of the Bank or other person or persons appointed by
the Board of Directors of the Bank to administer the Agreement
pursuant to Article 6 of the Agreement.
1.2 Beneficiary shall mean
the person(s) or entity designated as such in accordance with
Article 5 of the Agreement.
1.3 Bank shall mean
BancFirst.
1.4 ERISA shall mean the
Employee Retirement Income Security Act of 1974, as
amended.
1.5 Agreement Year shall mean
the calendar year.
1.6 Termination of Employment
shall mean the date of the cessation of the Employee’s
employment with the Bank for any reason whatsoever, whether
voluntary or involuntary, including retirement or disability but
not as a result of the Employee’s death.
ARTICLE 2
Participation
2.1 Enrollment . Employee
shall file a completed and fully executed Bank Owned Life Insurance
Consent Form and such other insurance applications and forms as may
be reasonably requested by the Administrator; provided, this
Agreement shall only become effective at such time as insurance
coverage on the Employee has been secured for the Bank.
2.2 Insurability . The
Employee is not automatically entitled to receive benefits provided
under this Agreement. He must satisfy the requirements for the Bank
to obtain insurance on his or her life before being eligible to
receive benefits under the Agreement. The Employee shall cooperate
with the Bank by furnishing any and all information requested by
the Administrator, in order to facilitate the payment of benefits
hereunder. If the Employee refuses to so cooperate, the Bank shall
have no further obligation to the Employee under the Agreement. In
the event of the Employee’s suicide during the first two
(2) years in the Agreement, or if the Employee makes any
material misstatement of information, then no benefits shall be
payable to
the Employee under the Agreement, except that
benefits may be payable in a reduced amount in the sole discretion
of the Administrator.
ARTICLE 3
Death Benefits
3.1 Death Benefit . In the
event of the Employee’s death prior to Termination of
Employment, the Bank shall pay to the Employee’s Beneficiary
a death benefit equal to one hundred and fifty thousand dollars
($150,000). The Beneficiary shall have no direct interest in the
proceeds of any insurance policy purchased by the Bank to
facilitate payment of the death benefit and any and all proceeds
payable from any policy purchased pursuant to this Agreement on the
life of the Employee shall belong to the Bank. The death benefit
shall be paid within ten (10) days from receipt by the Bank of
the death proceeds from the underlying life insurance
policy.
3.2 Termination of Employment
. Upon the Employee’s Termination of Employment for any
reason, including retirement or disability, all benefits provided
under this Agreement shall cease as of the effective date of such
Termination of Employment.
ARTICLE 4
Amendment and Termination of
Agreement
4.1 Amendment or Termination of
the Agreement . The Bank may, at any time, direct the
Administrator to amend or terminate the Agreement. In the event
that the Bank terminates the Agreement, the Employee shall not have
any interest in any insurance policy purchased by the Bank to
provide benefits under this Agreement.
ARTICLE 5
Beneficiaries
5.1 Beneficiary Designation .
The Employee shall have the right, at any time, to designate any
person or persons as Beneficiary (both primary and contingent) to
whom payment under the Agreement shall be made in the event of the
Employee’s death. The Beneficiary designation shall be
effective when it is submitted in writing to, and acknowledged by,
the Administrator during the Employee’s lifetime on a form
prescribed by the Administrator.
5.2 Revision of Designation .
The submission of a new Beneficiary designation shall cancel all
prior Beneficiary designations. Unless the Employee has made an
irrevocable designation, any finalized divorce of a Employee
subsequent to the date of a Beneficiary designation shall revoke
such Executive’s Beneficiary designation, unless in the case
of divorce, the previous spouse was not designated as
Beneficiary.
5.3 Absence of Valid
Designation . If the Employee fails to designate a Beneficiary
as provided above, or if the Beneficiary designation is revoked by
divorce, or otherwise without execution of a new designation, or if
every person designated as Beneficiary dies prior to complete
distribution of the policy proceeds, then the Administrator shall
direct the distribution of such benefits to the Employee’s
estate.
2
ARTICLE 6
Administration/Claims
Procedures
6.1 Administration . The
Agreement will
