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Exhibit 10.5
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STOCK YARDS BANK AND
TRUST COMPANY
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EXECUTIVE
NONQUALIFIED DEFERRED COMPENSATION PLAN (the "Plan")
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EMPLOYER
CONTRIBUTION AGREEMENT
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The following Participant is hereby made eligible for Employer
Credits to the Plan, on the terms set forth herein:
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Name: Sam Smith
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Date Employer Credits shall be determined and deemed
credited:
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As soon as practicable after December 31, 2006 with respect to
2006 Employer Credits, and as soon as practicable after the end of
each future calendar year while the Participant is an Active
Participant, with respect to each such future year.
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Annual amount or formula for Employer Credits:
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1. SOSP Transfer
Credit . $60,000, as if
credited on December 31, 2006, plus
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2. Restoration
Credit . For 2006, provided
that the Participant remains employed until December 31, 2006, an
amount equal to 8% of all Participant's total compensation as
defined in the Employer's 401(k) and Employee Stock Ownership Plan
and Trust (the "KSOP") for 2006, without regard to the base salary
or the Code Section 401(a)(17) limits thereon, less the
compensation actually taken into account for purposes of the KSOP
with such limits applied.
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For 2007 and future years, provided that the Participant remains
employed until December 31, a contribution to make up for the lost
opportunity for employer contributions on some portions of pay and
dependent on the Employee's actual combined plan deferrals. This
amount will be either A or B below:
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A.
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If that the Participant has, as of January 1 of the year for
which a contribution is being calculated, elected to defer as
between the KSOP and the Nonqualified Plan (and without regard to
any later-in-the-year changes in the KSOP deferral elections), a
dollar amount that is at least equal to "A" multiplied by
"C", then the Nonqualfied Employer Credit for the year shall be an
amount equal to
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[(A + B) x C] - D
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Where,
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"A" means the maximum percentage of pay that the Employer makes
as a matching contribution to the KSOP in the year for which the
contribution is being calculated.
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"B" means the percentage of pay that is used to determine the
Employer's ESOP Contribution to the KSOP in the year for which the
contribution is being calculated.
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"C" means the Participant's total compensation as defined in the
KSOP, without regard to the base salary or the Code Section
401(a)(17) limit thereon; provi
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