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. Payments to the Beneficiary (ies) shall commence on the first day of the month immediately following the Executive’s death and shall continue for ten (10) years. Death prior to commencement of payments under Table A or Table B. The same benefit to which the Executive was entitled to prior to the Executive’s death. Benefit shall be distributed in equally monthly installments. Payments to the Beneficiary (ies) shall commence on the first day of the month immediately following the Executive’s death and shall continue for ten (10) years. Death during installment payout of benefit under Tables A or B. Remaining installment payments, if any, under Table A or B. In the same form of benefit distribution had the Executive lived. Payment(s) to the Beneficiary (ies) continue on same schedule as if Executive had lived.
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Samples: Supplemental Executive Retirement Agreement (Plumas Bancorp)
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. Table A: Retirement Benefit Normal Retirement Date (“NRD”) means any Separation from Service, other than for Cause or due to death, following = April 1, 2030 2026 Distribution Event Amount of Benefit Form of Benefit Timing of Benefit Distribution Executive’s Separation from Service following attainment of the Normal Retirement Date. Annual benefit equal to $65,000 48,000 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 month of the date of the Executive’s separation Separation from service or attainment of age 65 Service and shall continue for ten (10) years. Table B: Benefit Available Prior to Retirement Distribution Event Amount of Benefit Form of Benefit Timing of Benefit Distribution 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 their Normal Retirement Date 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 Table C: Death Benefit Distribution Event Amount of Benefit Form of Benefit Timing of Benefit Distribution 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. Payments to the Beneficiary (ies) shall commence on the first day of the month immediately following the Executive’s death and shall continue for ten (10) years. Death prior to commencement of payments under Table A or Table B. The same benefit to which the Executive was entitled to prior to the Executive’s death. Benefit shall be distributed in equally monthly installments. Payments to the Beneficiary (ies) shall commence on the first day of the month immediately following the Executive’s death and shall continue for ten (10) years. Death during installment payout of benefit under Tables A or B. Remaining installment payments, if any, under Table A or B. In the same form of benefit distribution had the Executive lived. Payment(s) to the Beneficiary (ies) continue on same schedule as if Executive had lived.
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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 month of the date of the Executive’s separation Separation from service or attainment of age 65 Service 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 their Normal Retirement Date 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. Payments to the Beneficiary (ies) shall commence on the first day of the month immediately following the Executive’s death and shall continue for ten (10) years. Death prior to commencement of payments under Table A or Table B. The same benefit to which the Executive was entitled to prior to the Executive’s death. Benefit shall be distributed in equally monthly installments. Payments to the Beneficiary (ies) shall commence on the first day of the month immediately following the Executive’s death and shall continue for ten (10) years. Death during installment payout of benefit under Tables A or B. Remaining installment payments, if any, under Table A or B. In the same form of benefit distribution had the Executive lived. Payment(s) to the Beneficiary (ies) continue on same schedule as if Executive had lived.
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (Plumas Bancorp)
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. Age Annual benefit equal to $65,000 per year twenty-five percent (“Annual Benefit”)25%) of Executive's average of highest five’(5) years compensation (salary and Deferred Compensation) prior to retirement. Annual Benefit shall be distributed through equal monthly Monthly installments representing 1/12th of the Annual Benefit. Payments shall commence on the first day of the month immediately Payment[s] begin: 30 days 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 Duration: 180 monthly (certain) installments Voluntary Separation from Service within twenty-four (24) months following a Change in Control or Separation from Service for Cause. Vested percentage of 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 (10no vesting until 6/4/12, then 4% per year thereafter until Normal Retirement Age, up to 100%). Annual installments (with no interest) years. PLUMAS BANK SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT Executive’s death while actively employed with the Bank. Payment[s] begin: 30 days following Separation from Service Duration: 10 years certain (amortized Accrued Liability Balance) Involuntary Separation from Service Accrued Liability Balance, as of Separation from Service Annual installments (Interest credited at the last day average Federal funds rate for the twelve (12) months immediately preceding Separation from Service) Payment[s] begin: 30 days following Separation from Service Duration: 10 years certain Change in Control Present Value of full Table A Retirement Benefit Lump sum Payment[s] begin: 30 days following Change in Control Disability Accrued Liability Balance, as of date of Disability Lump sum Payment[s] begin: 30 days following date of Disability THE LXXXX NATIONAL BANK SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT Death (while actively employed) 100% of the month immediately prior to Executive’s death. The Accrued Liability Balance shall continue Balance, as of date of death Lump sum Payment[s] begin (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 to the Beneficiary (ies) shall commence on the first day of the month immediately Beneficiary): Within 60 days following the Executive’s death and shall continue for ten (10) years. Death prior to commencement of payments under Table A or Table B. The same benefit to which the Executive was entitled to prior to the Executive’s death. Benefit shall be distributed in equally monthly installments. Payments to the Beneficiary (ies) shall commence on the first day of the month immediately following the Executive’s death and shall continue for ten (10) years. Death during installment payout of benefit under Tables A or B. B Remaining installment payments, if any, under Table A or B. In the same form of benefit distribution had the Executive lived. Payment(s) Monthly or Annual installments, as applicable Payment[s] to the Beneficiary (ies) continue on same schedule as if Executive had lived.
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (Lyons Bancorp Inc)