OPOF » Topics » SECTION 5. AMENDMENT AND TERMINATION

These excerpts taken from the OPOF 10-K filed Mar 12, 2009.

SECTION 5. AMENDMENT AND TERMINATION

5.01 Amendment: The Employer shall have the right to amend this Section 162 Plan, at any time and from time to time, in whole or in part; however, in no event shall such amendment reduce the benefits to which the Executive is entitled at the time of such amendment. The Employer shall notify the Executive in writing of any amendment of this Section 162 Plan.

SECTION 5. AMENDMENT AND TERMINATION

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">5.01 Amendment: The Employer shall have the right to amend this Section 162 Plan, at any time and from time to time, in whole or in part;
however, in no event shall such amendment reduce the benefits to which the Executive is entitled at the time of such amendment. The Employer shall notify the Executive in writing of any amendment of this Section 162 Plan.

STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center">SECTION 6. MISCELLANEOUS

6.01
Limitation of Rights; Employment Relationship: Neither the execution of this Section 162 Plan nor any modification thereof, nor the creation of any fund or account, nor the payment of any benefits, shall be construed as giving the
Executive or other person any legal or equitable right against the Employer except as provided in this Section 162 Plan. In no event shall the terms of employment of the Executive be modified or in any way be affected by the Section 162
Plan.

6.02 Limitation on Assignment: Benefits under this Section 162 Plan may not be assigned, sold, transferred, or
encumbered, and any attempt to do so shall be void. The Executive’s or Beneficiary’s interest in benefits under the Agreement shall not be subject to debts or liabilities of any kind and shall not be subject to attachment, garnishment or
other legal process.

 


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6.03 Representations: The Employer does not represent or guarantee that any particular federal or
state income, payroll, personal property or other tax consequence will result from participation in this Section 162 Plan. The Executive should consult with professional tax advisors to determine the tax consequences of his participation in
this Section 162 Plan.

6.04 Severability: If a court of competent jurisdiction holds any provisions of this Section 162
Plan to be invalid or unenforceable, the remaining provisions of this Section 162 Plan shall continue to be fully effective.

6.05
Applicable Law: This Section 162 Plan shall be construed in accordance with applicable federal law and, to the extent otherwise applicable, the laws of Virginia.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">IN WITNESS WHEREOF, the Employer and the Executive have caused this Section 162 Plan to be executed by as of the day and date first set forth above.

 
































THE OLD POINT NATIONAL BANK
By: 

/s/ Louis G. Morris

 Louis G. Morris, President
 

 

 

EXECUTIVE

 


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CONSENT OF YOUNT, HYDE & BARBOUR, P.C.


Consent of Yount, Hyde & Barbour, P.C.



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Mar 12, 2009
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