Exhibit 10.22A
AMENDMENT
ONE
UNITED SECURITY BANCSHARES,
INC.
NON-EMPLOYEE DIRECTORS’
DEFERRED COMPENSATION PLAN
WITNESSETH:
WHEREAS , United Security Bancshares, Inc. (the
“Holding Company”) hereto established a nonqualified
deferred compensation plan known as the United Security Bancshares,
Inc. Non-Employee Directors’ Deferred Compensation Plan (the
“Plan”);
WHEREAS , the American Jobs Creation Act of 2004 created
new Internal Revenue Code Section 409A (“Code
Section 409A”), which imposes documentary and
operational requirements on non-qualified deferred compensation
arrangements;
WHEREAS , amounts deferred under the Plan meet the
definition of “nonqualified deferred compensation” as
set forth in Code Section 409A; and
WHEREAS , the Holding Company desires to amend the Plan
as set forth herein to ensure that the Plan document and amounts
paid thereunder satisfy the requirements of Code Section 409A
and any and all Treasury regulations and guidance promulgated
thereunder.
NOW, THEREFORE
, the Holding Company, in accordance
with the provisions of the Plan pertaining to amendments thereof,
hereby amends the Plan, effective as of January 1, 2009, as
follows:
1. Section 2.6 of the Plan is
hereby amended and restated in its entirety to read as
follows:
“Section 2.6 ‘Deferral
Termination Date’ shall mean the date a Participant’s
termination of his or her directorship constitutes a
‘separation from service’ within the meaning of Treas.
Reg. Section 1.409A-1(h) or any successor provision or
guidance issued thereunder.”
2. Section 4.2(b) of the Plan
is hereby amended and restated in its entirety to read as
follows:
“(b) Subsequent to the initial
election by a Participant described in Section 4.1, the
Committee, in its sole discretion, may authorize a Participant to
extend the form of payment beyond that originally elected by the
Participant pursuant to Section 4.1. Such subsequent election
to extend the form of payment (i) may not take effect until at
least twelve (12) months after the date on which the
subsequent election is made, (ii) must further defer the
payment not less than five (5) years from the date such
payment would otherwise have been made, (iii) may not be made
less than twelve (12) months prior to the date of the first
scheduled payment, and (iv) may not otherwise accelerate the
payment, except as provided in Internal Revenue Code
Section 409A and any and all Treasury regulations and guidance
promulgated thereunder) (“Section 409A”). For
purposes
