Benefits Tables. The following tables describe the benefits available to the Director, or the Director’s Beneficiary, upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 3. Except for death, each benefit described is in lieu of any other benefit herein.
Benefits Tables. The following tables describe the benefits available to the Executive, or the Executive’s Beneficiary, upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 3. Except for payments remaining at death (if any), each benefit described is in lieu of any other benefit herein. Separation from Service without Cause following Normal Retirement Age $60,000 per year Monthly installments Payments begin: 1st day of the month following Separation from Service Duration: 10 years Separation From Service Without Cause on or after age 62 but before age 63 $42,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Separation From Service without Cause on or after age 63 but before age 64 $48,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Separation From Service without Cause on or after age 64 but before Normal Retirement Age $54,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Voluntary Separation from Service, including termination for Disability Vested Accrued Liability Balance, as of Separation from Service Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Involuntary Separation from Service Without Cause Vested Accrued Liability Balance, as of Separation from Service Equal monthly installments over ten years Payments begin: 1st day of the month following Separation from Service Duration: 10 years Separation from Service Without Cause following Change in Control $60,000 per year Equal monthly installments over ten years Payments begin: 1st day of the month coincident with or following attainment of Normal Retirement Age
Benefits Tables. The following tables describe the benefits available to the Executive, or the Executive’s Beneficiary, upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 3. Except for death, each benefit described is in lieu of any other benefit herein. Normal Retirement Date (“NRD”) means any Separation from Service, other than for Cause or due to death, following April 1, 2030 Executive’s Separation from Service following attainment of the Normal Retirement Date. Annual benefit equal to $65,000 per year (“Annual Benefit”). Annual Benefit shall be distributed through equal monthly installments representing 1/12th of the Annual Benefit. Payments shall commence on the first day of the month immediately following the later of the date of the Executive’s separation from service or attainment of age 65 and shall continue for ten (10) years. Separation from Service prior to the Executive’s Normal Retirement Date for reasons other than Separation from Service within twenty-four (24) months following a Change in Control or Separation from Service for Cause. Accrued Liability Balance, as of the last day of the month immediately prior to Executive’s Separation from Service. The Accrued Liability Balance shall continue to accrue earnings at the Discount Rate until all monthly installments are completely distributed. Accrued Liability Balance shall be distributed in equal monthly installments. Payments shall commence on the first day of the month immediately following the later of the date of the Executive’s separation from service or attainment of age 65 and shall continue for ten (10) years. Change in Control followed within twenty-four (24) months by Executive’s Separation from Service. Annual Benefit as provided in Table A, hereinabove. Annual Benefit shall be distributed through equal monthly installments representing 1/12th of the Annual Benefit. Payments shall commence on the first day of the month immediately following the month of Executive’s Separation from Service and shall continue for ten (10) years. PLUMAS BANK SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT Executive’s death while actively employed with the Bank. Accrued Liability Balance, as of the last day of the month immediately prior to Executive’s death. The Accrued Liability Balance shall continue to accrue earnings at the Discount Rate until all monthly installments are completely distributed. Accrued Liability Balance shall be distributed in equal monthly installments...
Benefits Tables. The following tables describe the benefits available to the Executive, or the Executive’s Beneficiary, upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 3. Each benefit described is in lieu of any other benefit herein, except as expressly stated otherwise. Separation from Service following attainment of age 65 while in the employment of the Bank $53,252.00 per year Equal monthly installments Payments begin: 30 days following Separation from Service Duration: 180 months Separation from Service (voluntary or involuntary, except for Cause) prior to age 65 Vested portion of the Accrued Liability Balance, as of Separation from Service, according to the following vesting schedule: 10% per year until 100% vested after 10 Years of Service As elected: X Lump sum or ¨ Equal monthly installments Payment begins (elect one only): X 30 days following Separation from Service ¨ Upon attaining age 65*** If installments, duration: [check one box only]: ¨ 36 months ¨ 60 months ¨ 120 months Change in Control prior to age 65 100% of the *present value of the full Table A Retirement Benefit, as if Executive had attained the age of 65 in the employment of the Bank** As elected: X Lump sum or ¨ Equal monthly installments Payment begins (elect one only): X 30 days following Change in Control ¨ Upon attaining age 65*** If installments, duration: [check one box only]: ¨ 36 months ¨ 60 months ¨ 120 months The First, A National Banking Association Supplemental Executive Retirement Agreement Disability prior to age 65 100% of the Accrued Liability Balance, calculated as of the date of Disability As elected: X Lump sum or ¨ Equal monthly installments Payment begins (elect one only): X 30 days following Disability ¨ Upon attaining age 65*** If installments, duration: [check one box only]: ¨ 36 months ¨ 60 months ¨ 120 months *Present Value Calculations shall be done using the discount rate being used to accrue for these benefits at the time of Change in Control **If the Bank is under a regulatory order at the time of a Change in Control, the amount of benefit will be reduced to equal the amount available under a Separation from Service ***If payment at age 65 is elected, any Accrued Liability Balance will be credited with an interest rate equal to the discount rate being used at the time of the triggering payment event. Such rate shall be applied (compounded annually) from the date of the triggering payment event until payment commences. Dea...
Benefits Tables. The following tables describe the benefits available to the Executive upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 3. Except for death, each benefit described is in lieu of any other benefit herein. Separation from Service following Normal Retirement Age An annual amount equal to twenty-five percent (25%) of the Executive’s annualized base salary, as provided by the Bank’s payroll department, for the calendar year in which the Executive attained their Normal Retirement Age Annual benefit payment Payments shall begin within thirty (30) days following Separation from Service and shall be payable on the same date each year thereafter for the duration.Duration: Fifteen (15) years Voluntary Separation from Service Vested Benefit of the Accrued Liability Balance as of effective date of Separation from Service Lump sum Payment shall be made within thirty (30) days following Separation from Service Involuntary Separation from Service without Cause Vested Benefit of the Accrued Liability Balance as of effective date of Separation from Service Lump sum Payment shall be made within thirty (30) days following Separation from Service Change in Control followed within twenty-four (24) months by the Executive’s Separation from Service Present Value of the Table A Retirement Benefit Lump sum Payment shall be made within thirty (30) days following Separation from Service Disability Vested Benefit of the Accrued Liability Balance as of date effective date of Disability Lump sum Payment shall be made within thirty (30) days following Disability
Benefits Tables. The following tables describe the benefits available to the Executive, or the Executive’s Beneficiary, upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 2 or Section 9.1. Each benefit described in each table below is in lieu of any other benefit, except where expressly stated otherwise. Separation from Service following Executive’s 67th birthday 100% of the Deferral Account balance, plus interest credited thereon, plus 100% of the Supplemental ESOP Account and Supplemental Savings Account Lump sum Payment will be made within 30 days following Separation from Service
Benefits Tables. The following tables describe the benefits available to Executive, or the Executive’s Beneficiary, upon the occurrence of certain prescribed events. In addition to any other definitions set forth herein, capitalized terms have the meanings given them in Article 3. Separation from Service following 100% Vesting Vested Benefit as of Separation from Service Lump Sum Payment: As determined by the Employer Credit Election Form Voluntary Separation from Service Vested Benefit as of Separation from Service Lump Sum Payment: As determined by the Employer Credit Election Form Involuntary Separation from Service Vested Benefit as of Separation from Service Lump Sum Payment: As determined by the Employer Credit Election Form Disability Vested Benefit as of Separation from Service Lump Sum Payment: As determined by the Employer Credit Election Form Death Vested Benefit as of Separation from Service Lump Sum Payment: As determined by the Employer Credit Election Form The Benefit shall be immediately 100% vested.
Benefits Tables. The following tables describe the benefits available to the Executive, or the Executive’s Beneficiary, upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 3. Each benefit described in this Article 1 is in lieu of any other benefit herein described, and the benefit to which the Executive of Beneficiary is entitled shall be determined by the first event described herein to occur. Any subsequent event (other than death during an installment payment of benefits) shall not entitle the Executive or Beneficiary to other or additional benefit payments).
Benefits Tables. The following tables describe the benefits available to the Executive, or the Executive’s Beneficiary, upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 3. Each benefit described is in lieu of any other benefit herein, except as expressly stated otherwise. Separation from Service following attainment of age 67 $75,000.00 per year Equal annual installments Payments begin: First day of first month following Separation from Service and on each subsequent anniversary thereafter Duration of payments: 10 years Note: Payment subject to delay pursuant to Section 9.14(b) Voluntary Separation from Service prior to age 67 An amount equal to the vested Accrued Liability Balance, subject to the following vesting schedule: Executive shall vest in the Accrued Liability Balance at the rate of 10% per Year of Plan Participation, commencing with the Effective Date of this Agreement, until 100% vested at the end of 10 Years of Plan Participation. Lump sum Payment begins: on the date that is the first anniversary of Separation from Service Note: payment subject to delay pursuant to Section 9.14(b) Involuntary Separation from Service without Cause prior to age 67 100% of the Accrued Liability Balance, as of the date of Separation from Service Lump sum Payment begins: on the date that is the first anniversary of Separation from Service Note: payment subject to delay pursuant to Section 9.14(b) Change in Control prior to age 67 followed within 12 months by: (i) Involuntary Separation from Service or (ii) Separation from Service for “Good Reason” 100% of the Accrued Liability Balance, calculated as if Executive had attained age 67 while employed by the Bank, and discounted back to the date of Executive’s Separation from Service at the rate in effect under the Agreement at that time. Lump sum Payment begins: First day of the month following Separation from Service Note: Payment subject to delay pursuant to Section 9.14(b) Disability prior to age 67 100% of the Accrued Liability Balance, calculated as of date of Disability Select one: ☐ lump sum or ☐Equal annual installments for ______years (not to exceed 10) Payments begin: First day of the month following Disability If payable in annual installments, each subsequent payment will be made on the anniversary of the first payment
Benefits Tables. The following tables describe the benefits payable to the Executive upon the occurrence of certain events. Capitalized terms have the meanings given them in Article 3. Except for death, each benefit described is in lieu of any other benefit herein.
Table A: Distribution Age Benefit Table B: Benefit Available Prior to Executive’s Distribution Age
