EXECUTIVE DEATH BENEFIT MASTER AGREEMENT
UNITED NATIONAL BANK
Bridgewater, New Jersey
October 1, 1997
EXECUTIVE DEATH BENEFIT MASTER AGREEMENT
This Executive Death Benefit Master Agreement (the "Agreement"),
effective as of the 1st day of October, 1997, formalizes the understanding by
and between UNITED NATIONAL BANK (the"Bank"), a national banking association
with its principal place of business in New Jersey, and certain key employees,
hereinafter referred to as "Executive", who shall be approved by the Bank to
participate and who shall elect to become a party to this Executive Death
Benefit Master Agreement by execution of an Executive Death Benefit Joinder
Agreement ("Joinder Agreement") in a form provided by the Bank. Any reference
herein to "Holding Company" shall mean UNITED NATIONAL BANCORP, which shall join
in this Agreement solely for purposes of guaranteeing the payments to the
Executive hereunder.
W I T N E S S E T H :
WHEREAS, the Executives are employed by the Bank; and
WHEREAS, the Bank recognizes the valuable services heretofore performed
by such Executives and wishes to encourage continued employment; and
WHEREAS, the Executives wish to provide their beneficiaries with
benefits from and after death; and
WHEREAS, the Bank and the Executives wish to provide the terms and
conditions upon which the Bank shall pay such death benefits to the Executive's
beneficiaries after death; and
WHEREAS, the Bank and the Executives intend this Agreement to be
considered an unfunded arrangement, maintained primarily to provide death
benefits for such Executives, members of a select group of management or highly
compensated employees of the Bank and/or Corporation, for purposes of the
Employee Retirement Income Security Act of 1974, as amended; and
1
WHEREAS, the Bank has adopted this Executive Death Benefit Master
Agreement which controls all issues relating to the pre-retirement and
post-termination death benefits as described herein;
NOW, THEREFORE, in consideration of the premises and of the mutual
promises herein contained, the Bank and the Executive agree as follows:
SECTION I
DEFINITIONS
When used herein, the following words and phrases shall have the
meanings below unless the context clearly indicates otherwise:
1.1 "Accrued Benefit" means that portion of the Executive's Pre-Retirement
or Post- Termination Death Benefit which is required to be expensed and
accrued in accordance with generally accepted accounting principles
(GAAP). Any appropriate GAAP methodology may be selected by the Board
of Directors in the exercise of its sole discretion. The Accrued
Benefit shall be collectively maintained on the books of the Bank and
the Corporation for each Executive and the allocation of the expense
required during any plan year shall be determined in accordance with
the Executive's Allocation Percentage as shown in Exhibit A of this
Agreement.
1.2 "Act" means the Employee Retirement Income Security Act of 1974, as
amended from time to time.
1.3 "Bank" means UNITED NATIONAL BANK and any successor thereto.
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1.4 "Beneficiary" means the person or persons (and their heirs) designated
as Beneficiary in the Executive's Joinder Agreement to whom the
deceased Executive's death benefits are payable. If no Beneficiary is
so designated, then the Executive's Spouse, if living, will be deemed
the Beneficiary. If the Executive's Spouse is not living, then the
Children of the Executive will be deemed the Beneficiaries and will
take on a per stirpes basis. If there are no living Children, then the
Estate of the Executive will be deemed the Beneficiary.
1.5 "Benefit Expiration Age" means the age, upon the attainment of which,
as demonstrated in the Death Benefit Joinder Agreement, the Executive
is no longer entitled to a benefit under this Agreement.
1.6 "Cause" shall mean willful misconduct, breach of fiduciary duty
involving personal benefit to the Executive, conviction of a felony,
wilful breach or willful neglect by the Executive of his duties as an
Executive of the Holding Company or the Bank, or persistent negligence
or misconduct in the performance of such duties. For purposes of this
definition, no act or failure to act on the part of the Executive shall
be considered "willful" unless done or omitted not in good faith and
without reasonable belief that the action or omission was in the best
interest of the Holding Company or the Bank. If the termination for
Cause occurs after a Change in Control, the Executive shall not be
deemed to have been terminated for Cause hereunder unless and until:
(i) there shall have been delivered to the Executive a copy of a
certification by a majority of the non-officer members of the Board of
Directors of the Bank finding that, in the good faith opinion of such
majority, the Executive was guilty of conduct which was deemed to be
Cause for termination and specifying the particulars thereof in detail,
and (ii) after reasonable notice to the Executive there shall have been
an opportunity for the Executive, together with counsel to the
Executive, to be heard before such non-officer members of the Board of
Directors.
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1.7 "Children" means the Executive's children, both natural and adopted,
then living at the time payments are due the Children under this
Agreement.
1.8 "Change in Control" of the Holding Company or the Bank shall mean the
first to occur of any of the following events:
(a) Any person or entity or group of affiliate persons or entities
(other than the Holding Company) becomes a beneficial owner,
directly or indirectly, of 25% or more Holding Company's
and/or the Bank's voting securities or all or substantially
all of the assets of Holding Company and/or the Bank.
(b) Holding Company and/or the Bank enters into a definitive
agreement which contemplates the merger, consolidation or
combination of either Holding Company or the Bank with an
unaffiliated entity in which either or both of the following
is to occur: (i) the directors of Holding Company and/or Bank,
as applicable, immediately prior to such merger, consolidation
or combination will constitute less than a majority of the
board of directors of the surviving, new or combined entity;
or (ii) less than 75% of the outstanding voting securities of
the surviving, new or combined entity will be beneficially
owned by the stockholders of Holding Company immediately prior
to such merger, consolidation or combination; provided,
however, that if any definitive agreement to merge,
consolidate or combine is terminated without consummation of
the transaction, then no Change in Control shall be deemed to
have occurred pursuant to this paragraph (b).
(c) Holding Company and/or the Bank enters into a definitive
agreement which contemplates the transfer of all or
substantially all of Holding Company's and/or the Bank's
assets, other than to a wholly-owned subsidiary of Holding
Company; provided, however, that if any definitive agreement
to transfer assets is terminated without consummation of the
transfer, then no Change in Control shall be deemed to have
occurred pursuant to this paragraph (c).
(d) A majority of the members of the Board of Directors of either
Holding Company or the Bank shall be persons who: (i) were not
members of such Board on the date
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hereof ("current members"); and (ii) were not nominated by a
vote of the Board which included the affirmative vote of a
majority of the current members on the Board at the time of
their nomination ("future designees") and (iii) were not
nominated by a vote of the Board which included the
affirmative vote of a majority of the current members and
future designees, taken as a group, on the Board at the time
of their nomination.
1.9 "Effective Date" of this Agreement shall be October 1, 1997.
1.10 "Estate" means the estate of the Executive.
1.11 "Holding Company" means UNITED NATIONAL BANCORP and any successor
thereto.
1.12 "Spouse" means the individual to whom the Executive is legally married
at the time of the Executive's death.
1.13 "Pre-Retirement Death Benefit" means a lump sum benefit payable to
Executive's Beneficiary in the event of the Executive's death prior to
attainment of the Benefit Expiration Age. The Pre-Retirement Death
Benefit payable is set forth in the Executive Death Benefit Joinder
Agreement attached hereto.
1.14 "Post-Termination Death Benefit" means a lump sum benefit equal to the
amount set forth in the Executive's Death Benefit Joinder Agreement
payable to Executive's Beneficiary in the event of Executive's death
(i) after Executive's termination of employment for any reason, other
than Cause, and (ii) prior to Executive's attainment of the benefit
Expiration Age.
1.15 "Retirement Age" means the Executives retirement age, as set forth in
the Bank's pension plan, or if the Bank does not maintain a pension
plan, age 65.
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SECTION II
BENEFITS
2.1 Payment of Pre-Retirement Death Benefit. If the Executive is employed
by the Bank at the time of his death, the Executive's Beneficiary shall
be entitled to the Pre-Retirement Death Benefit. Such benefit shall be
payable within thirty (30) days of the Executive's death. No additional
benefits provided for in this Agreement shall be due to any Beneficiary
of the Executive.
2.2 Payment of Post-Termination Death Benefit. If the Executive dies, prior
to attainment of the Benefit Expiration Age and following termination
of service with the Bank, other than for Cause, the Executive's
Beneficiary shall be entitled to the Post-Termination Death Benefit.
Such benefit shall be paid in a lump sum within ninety (90) days of the
Executive's death. No additional benefits provided for in this
Agreement shall be due to any Beneficiary of the Executive.
2.3 Additional Death Benefit Burial Expense. Upon the Executive's death,
the Executive's Beneficiary shall be entitled to receive a one-time
lump sum death benefit in the amount of Ten Thousand Dollars ($10,000).
This benefit shall be provided specifically for the purpose of
providing payment for burial and/or funeral expenses of the Executive.
Such death benefit shall be payable within thirty (30) days of the
Executive's death. The Executive's Beneficiary shall not be entitled to
such benefit if the Executive is terminated for Cause prior to death.
Notwithstanding anything in this Section 2.3 to the contrary, if the
Executive is also a participant in the Executive Deferred Compensation
Plan or Executive Deferred Bonus Plan under which an additional $10,000
death benefit for burial expenses is being paid, no such death benefit
shall be paid hereunder.
2.4 Benefits in the Event of a Change in Control. In the event of a
voluntary or involuntary termination of employment within three (3)
years following a Change in Control of the
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Holding Company or the Bank, other than due to the Executive's death,
the Executive shall be entitled to a benefit under this Section 2.4, in
lieu of any other benefit to which he might be entitled hereunder.
Commencing within thirty (30) days of the Executive's attainment of his
Retirement Age, the Executive shall receive an annual benefit of
Twenty-Five Thousand Dollars ($25,000) payable monthly, for a period of
One Hundred Twenty (120) Months. In the event the Executive dies before
all benefits are paid under this Section 2.4, the Executive's
Beneficiary shall be paid all remaining installments due and owing
hereunder.
2.5 Termination for Cause. If the Executive is terminated for Cause, all
benefits under this Agreement shall be forfeited and this Agreement
shall become null and void with regard to such Executive.
SECTION III
BENEFICIARY DESIGNATION
The Executive shall make an initial designation of primary and
secondary Beneficiaries upon execution of his Joinder Agreement and shall have
the right to change such designation, at any subsequent time, by submitting to
the Administrator in substantially the form attached as Exhibit A to the Joinder
Agreement, a written designation of primary and secondary Beneficiaries. Any
Beneficiary designation made subsequent to execution of the Joinder Agreement
shall become effective only when receipt thereof is acknowledged in writing by
the Administrator.
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SECTION IV
EXECUTIVE'S RIGHT TO ASSETS
The rights of the Executive, any Beneficiary, or any other person
claiming through the Executive under this Agreement, shall be solely those of an
unsecured general creditor of the Bank. The Executive, the Beneficiary, or any
other person claiming through the Executive, shall only have the right to
receive from the Bank those payments so specified under this Agreement. The
Executive agrees that he, his Beneficiary, or any other person claiming through
him shall have no rights or interests whatsoever in any asset of the Bank,
including any insurance policies or contracts which the Bank may possess or
obtain to informally fund this Agreement. Any asset used or acquired by the Bank
in connection with the liabilities it has assumed under this Agreement, unless
expressly provided herein, shall not be deemed to be held under any trust for
the benefit of the Executive or his Beneficiaries, nor shall any asset be
considered security for the performance of the obligations of the Bank. Any such
asset shall be and remain, a general, unpledged, and unrestricted asset of the
Bank.
SECTION V
RESTRICTIONS UPON FUNDING
The Bank shall have no obligation to set aside, earmark or entrust any
fund or money with which to pay its obligations under this Agreement. The
Executive, his Beneficiaries or any successor in interest to him shall be and
remain simply a general unsecured creditor of the Bank in the same manner as any
other creditor having a general claim for matured and unpaid compensation. The
Bank reserves the absolute right in its sole discretion to either purchase
assets to meet its obligations undertaken by this Agreement or to refrain from
the same and to determine the extent, nature, and method of such asset
purchases. Should the Bank decide to purchase assets such as life insurance,
mutual funds, disability policies or annuities, the Bank reserves the absolute
right, in its sole discretion, to terminate such assets at any time, in whole or
in part. At no time shall the Executive be deemed to have any lien, right, title
or interest in or to any specific
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investment or to any assets of the Bank. If the Bank elects to invest in a life
insurance, disability or annuity policy upon the life of the Executive, then the
Executive shall assist the Bank by freely submitting to a physical examination
and by supplying such additional information necessary to obtain such insurance
or annuities.
SECTION VI
ALIENABILITY AND ASSIGNMENT PROHIBITION
Neither the Executive nor any Beneficiary under this Agreement shall
have any power or right to transfer, assign, anticipate, hypothecate, mortgage,
commute, modify or otherwise encumber in advance any of the benefits payable
hereunder, nor shall any of said benefits be subject to seizure for the payment
of any debts, judgments, alimony or separate maintenance owed by the Executive
or his Beneficiary, nor be transferable by operation of law in the event of
bankruptcy, insolvency or otherwise. In the event the Executive or any
Beneficiary attempts assignment, communication, hypothecation, transfer or
disposal of the benefits hereunder, the Bank's liabilities shall forthwith cease
and terminate with respect to such Executive or Beneficiary
SECTION VII
ACT PROVISIONS
7.1 Named Fiduciary and Administrator. The Bank shall be the Named
Fiduciary and Administrator (the "Administrator") of this Agreement. As
Administrator, the Bank shall be responsible for the management,
control and administration of the Agreement as established herein. The
Administrator may delegate to others certain aspects of the management
and operational responsibilities of the Agreement, including the
employment of advisors and the delegation of ministerial duties to
qualified individuals.
7.2 Claims Procedure and Arbitration. In the event that benefits under this
Agreement are not paid to the Executive's Beneficiary and such
claimant(s) feel they are entitled to receive
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such benefits, then a written claim must be made to the Administrator
within sixty (60) days from the date payments are refused. The Bank and
its Board shall review the written claim and, if the claim is denied,
in whole or in part, they shall provide in writing, within ninety (90)
days of receipt of such claim, their specific reasons for such denial,
reference to the provisions of this Agreement upon which the denial is
based, and any additional material or information necessary to perfect
the claim. Such writing by the Bank and its Board shall further
indicate the additional steps which must be undertaken by claimants if
an additional review of the claim denial is desired.
If claimants desire a second review, they shall notify the
Administrator in writing within sixty (60) days of the first claim
denial. Claimants may review this Agreement, or any documents relating
thereto and submit any issues and comments, in writing, they may feel
appropriate. In its sole discretion, the Administrator shall then
review the second claim and provide a written decision within sixty
(60) days of receipt of such claim. This decision shall state the
specific reasons for the decision and shall include reference to
specific provisions of this Agreement upon which the decision is based.
If claimants continue to dispute the benefit denial based upon
completed performance of this Agreement or the meaning and effect of
the terms and conditions thereof, then claimants may submit the dispute
to mediation, administered by the American Arbitration Association
("AAA") (or a mediator selected by the parties) in accordance with the
AAA's Commercial Mediation Rules. If mediation is not successful in
resolving the dispute, it shall be settled by arbitration administered
by the AAA under its Commercial Arbitration Rules, and judgment on the
award rendered by the arbitrators) may be entered in any court having
jurisdiction thereof.
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SECTION VIII
MISCELLANEOUS
8.1 No Effect on Employment Rights. Nothing contained herein will confer
upon the Executive the right to be retained in the service of the Bank
nor limit the right of the Bank to discharge or otherwise deal with the
Executive without regard to the existence of the Agreement.
8.2 State Law. The Agreement is established under, and will be construed
according to, the laws of the State of New Jersey, to the extent such
laws are not preempted by the Act and valid regulations published
thereunder.
8.3 Severability. In the event that any of the provisions of this Agreement
or portion thereof, are held to be inoperative or invalid by any court
of competent jurisdiction, then: (1) insofar as is reasonable, effect
will be given to the intent manifested in the provisions held invalid
or inoperative, and (2) the validity and enforceability of the
remaining provisions will not be affected thereby.
8.4 Incapacity of Recipient. In the event the Executive is declared
incompetent and a conservator or other person legally charged with the
care of his person or Estate is appointed, any benefits under the
Agreement to which such Executive is entitled shall be paid to such
conservator or other person legally charged with the care of his person
or Estate. Except as provided above in this paragraph, when the Bank's
Board of Directors, in its sole discretion determines that the
Executive is unable to manage his financial affairs, the Board may
direct the Bank to make distributions to any person for the benefit of
the Executive.
8.5 Recovery of Estate Taxes. If the Executive's gross estate for federal
estate tax purposes includes any amount determined by reference to and
on account of this Agreement, and if
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the Beneficiary is other than the Executive's estate, then the
Executive's estate shall be entitled to recover from the Beneficiary
receiving such benefit under the terms of the Agreement an amount by
which the total estate tax due by Executive's estate, exceeds the total
estate tax which would have been payable if the value of such benefit
had not been included in the Executive's gross estate. If there is more
than one person receiving such benefit, the right of recovery shall be
against each such person.
8.6 Unclaimed Benefit. The Executive shall keep the Bank informed of his
current address and the current address of his Beneficiaries. The Bank
shall not be obligated to search for the whereabouts of any person. If
the location of the Executive is not made known to the Bank as of the
date upon which any payment of any benefits may first be made, the Bank
shall delay payment of the Executive's benefit payment(s) until the
location of the Executive is made known to the Bank; however, the Bank
shall only be obligated to hold such benefit payment(s) for the
Executive until the expiration of thirty-six (36) months. Upon
expiration of the thirty-six (36) month period, the Bank may discharge
its obligation by payment to the Executive's Beneficiary. If the
location of the Executive's Beneficiary is not made known to the Bank
by the end of an additional two (2) month period following expiration
of the thirty-six (36) month period, the Bank may discharge its
obligation by payment to the Executive's Estate. If there is no Estate
in existence at such time or if such fact cannot be determined by the
Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit
any rights to the balance, if any, of the Executive's Accrued Benefit
provided for such Executive and/or Beneficiary under this Agreement.
8.7 Limitations on Liability. Notwithstanding any of the preceding
provisions of the Agreement, neither the Bank, nor any individual
acting as an employee or agent of the Bank, or as a member of the Board
of Directors shall be liable to the Executive or any other person for
any claim, loss, liability or expense incurred in connection with the
Agreement.
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8.8 Gender. Whenever in this Agreement words are used in the masculine or
neuter gender, they shall be read and construed as in the masculine,
feminine or neuter gender, whenever they should so apply.
8.9 Effect on Other Corporate Benefit Agreements. Nothing contained in this
Agreement shall affect the right of the Executive to participate in or
be covered by any qualified or non-qualified pension, profit sharing,
group, bonus or other supplemental compensation or fringe benefit
agreement constituting a part of the Bank's existing or future
compensation structure.
8.10 Suicide. Notwithstanding anything to the contrary in this Agreement,
the benefits otherwise provided herein shall not be payable if the
Executive's death results from suicide, whether sane or insane, within
twenty-six (26) months after the execution of this Agreement. If the
Executive dies during this twenty-six (26) month period due to suicide,
all benefits under this Agreement shall be forfeited and this Agreement
shall become null and void.
8.11 Headings. Headings and sub-headings in this Agreement are inserted for
reference and convenience only and shall not be deemed a part of this
Agreement.
8.12 Inurement. This Agreement shall be binding upon and shall inure to the
benefit of the Bank, its successors and assigns, and the Executive, his
successors, heirs, executors, administrators, and Beneficiaries.
8.13 Establishment of a Rabbi Trust. The Bank shall establish a rabbi trust
into which the Bank shall contribute assets which shall be held
therein, subject to the claims of the Bank's creditors in the event of
the Bank's "Insolvency" (as defined in such rabbi trust agreement),
until the contributed assets are paid to the Executive and/or his
Beneficiary in such manner and at such times as specified in this
Agreement. It is the intention of the Bank that the
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contribution or contributions to the rabbi trust shall provide the Bank
with a source of funds to assist it in meeting the liabilities of this
Agreement.
8.14 Source of Payments. All payments provided in this Agreement shall be
timely paid in cash or check from the general funds of the Bank or the
assets of the rabbi trust. The Holding Company, however, guarantees
payment and provision of all amounts and benefits due to the Executive
and, if such amounts are not timely paid or provided by the Bank, or
the rabbi trust, such amounts and benefits shall be paid or provided by
the Holding Company.
SECTION IX
AMENDMENT/REVOCATION
This Agreement shall not be amended, modified or revoked at any time,
in whole or part, without the mutual written consent of the Executive and the
Bank and such mutual consent shall be required even if the Executive is no
longer employed by the Bank.
SECTION X
EXECUTION
10.1 This Agreement sets forth the entire understanding of the parties
hereto with respect to the transactions contemplated hereby, and any
previous agreements or understandings between the parties hereto
regarding the subject matter hereof are merged into and superseded by
this Agreement.
10.2 This Agreement shall be executed in triplicate, each copy of which,
when so executed and delivered, shall be an original, but all three
copies shall together constitute one and the same instrument.
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IN WITNESS WHEREOF, the Bank and the Holding Company have caused this
Agreement to be executed on this day and date first above written.
UNITED NATIONAL BANK:
By: _______________________
---------------------------
(Title)
UNITED NATIONAL BANCORP:
By:
(Title)
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EXECUTIVE DEATH BENEFIT JOINDER AGREEMENT
I, A. Xxxxxxx Xxxxxxxxxx, hereby apply for approval by UNITED NATIONAL
BANK to participate in the Executive Death Benefit Master Agreement ("Master
Agreement") established on October 1, 1997, by UNITED NATIONAL BANK, as such
Master Agreement may now exist or hereafter be modified; and do further agree to
the terms and conditions thereof.
I understand that receipt by my Beneficiary of the Pre-Retirement or
Post-Termination Death Benefit is contingent upon my compliance with the
provisions of the Agreement.
I understand that if I die while employed by the Bank or voluntarily or
involuntarily terminate employment at the Bank, for reasons other than Cause, my
Beneficiary will be entitled to a Pre-Retirement Death Benefit or
Post-Termination Death Benefit in accordance with the following schedule:
Age at Death Death Benefit
------------ -------------
38 126,953
39 123,363
40 119,705
41 115,976
42 112,171
43 108,288
44 104,322
45 100,269
46 96,126
47 91,886
48 87,547
49 83,103
50 78,550
51 73,881
52 69,093
53 64,179
54 59,133
16
55 53,950
56 48,624
57 43,147
58 37,513
59 31,715
60 25,746
61 19,598
62 13,263
63 6,733
64 0
17
I further understand that I am entitled to review or obtain a copy of
the Master Agreement, at any time, and may do so by contacting the Bank.
This Joinder Agreement shall become effective upon execution (below) by
(i) the Executive, (ii) a duly authorized officer of the Bank and (iii) a duly
authorized officer of the Corporation.
Dated this 1st day of October, 1997.
(Executive)
(Bank's duly authorized Officer)
(Corporation's duly authorized Officer)
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EXECUTIVE DEATH BENEFIT JOINDER AGREEMENT
I, Xxxxxxx X. Xxxxxxx, hereby apply for approval by UNITED NATIONAL
BANK to participate in the Executive Death Benefit Master Agreement ("Master
Agreement") established on October 1, 1997, by UNITED NATIONAL BANK, as such
Master Agreement may now exist or hereafter be modified; and do further agree to
the terms and conditions thereof.
I understand that receipt by my Beneficiary of the Pre-Retirement or
Post-Termination Death Benefit is contingent upon my compliance with the
provisions of the Agreement.
I understand that if I die while employed by the Bank or voluntarily or
involuntarily terminate employment at the Bank, for reasons other than Cause, my
Beneficiary will be entitled to a Pre-Retirement Death Benefit or
Post-Termination Death Benefit in accordance with the following schedule:
Age at Death Death Benefit
45 78,681
46 75,431
47 72,106
48 68,703
49 65,217
50 61,645
51 57,983
52 54,226
53 50,370
54 46,412
55 42,345
56 38,165
57 33,867
58 29,445
59 24,895
60 20,210
61 15,384
62 10,412
63 5,286
64 0
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I further understand that I am entitled to review or obtain a copy of
the Master Agreement, at any time, and may do so by contacting the Bank.
This Joinder Agreement shall become effective upon execution (below) by
(i) the Executive, (ii) a duly authorized officer of the Bank and (iii) a duly
authorized officer of the Corporation.
Dated this 1st day of October, 1997.
(Executive)
(Bank's duly authorized Officer)
(Corporation's duly authorized Officer)
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EXECUTIVE DEATH BENEFIT JOINDER AGREEMENT
I, Xxxxxxx X. Xxxx, Xx., hereby apply for approval by UNITED NATIONAL
BANK to participate in the Executive Death Benefit Master Agreement ("Master
Agreement") established on October 1, 1997, by UNITED NATIONAL BANK, as such
Master Agreement may now exist or hereafter be modified; and do further agree to
the terms and conditions thereof.
I understand that receipt by my Beneficiary of the Pre-Retirement or
Post-Termination Death Benefit is contingent upon my compliance with the
provisions of the Agreement.
I understand that if I die while employed by the Bank or voluntarily or
involuntarily terminate employment at the Bank, for reasons other than Cause, my
Beneficiary will be entitled to a Pre-Retirement Death Benefit or
Post-Termination Death Benefit in accordance with the following schedule:
Age at Death Death Benefit
44 64,052
45 61,580
46 59,051
47 56,464
48 53,815
49 51,102
50 48,322
51 45,471
52 42,546
53 39,545
54 36,462
55 33,296
56 30,041
57 26,655
58 23,172
59 19,589
60 15,901
61 12,103
62 8,190
63 4,157
64 0
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I further understand that I am entitled to review or obtain a copy of
the Master Agreement, at any time, and may do so by contacting the Bank.
This Joinder Agreement shall become effective upon execution (below) by
(i) the Executive, (ii) a duly authorized officer of the Bank and (iii) a duly
authorized officer of the Corporation.
Dated this 1st day of October, 1997.
(Executive)
(Bank's duly authorized Officer)
(Corporation's duly authorized Officer)
22
EXECUTIVE DEATH BENEFIT JOINDER AGREEMENT
I, Xxxxxx X. Xxxxxxxx, hereby apply for approval by UNITED NATIONAL
BANK to participate in the Executive Death Benefit Master Agreement ("Master
Agreement") established on October 1, 1997, by UNITED NATIONAL BANK, as such
Master Agreement may now exist or hereafter be modified; and do further agree to
the terms and conditions thereof.
I understand that receipt by my Beneficiary of the Pre-Retirement or
Post-Termination Death Benefit is contingent upon my compliance with the
provisions of the Agreement.
I understand that if I die while employed by the Bank or voluntarily or
involuntarily terminate employment at the Bank, for reasons other than Cause, my
Beneficiary will be entitled to a Pre-Retirement Death Benefit or
Post-Termination Death Benefit in accordance with the following schedule:
Age at Death Death Benefit
42 76,340
43 73,700
44 71,004
45 68,248
46 65,431
47 62,548
48 59,596
49 56,574
50 53,476
51 50,300
52 47,042
53 43,698
54 40,264
55 36,736
56 33,111
57 29,382
58 25,547
59 21,599
60 17,535
61 13,348
62 9,034
63 4,586
64 0
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I further understand that I am entitled to review or obtain a copy of
the Master Agreement, at any time, and may do so by contacting the Bank.
This Joinder Agreement shall become effective upon execution (below) by
(i) the Executive, (ii) a duly authorized officer of the Bank and (iii) a duly
authorized officer of the Corporation.
Dated this 1st day of October, 1997.
(Executive)
(Bank's duly authorized Officer)
(Corporation's duly authorized Officer)
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EXECUTIVE DEATH BENEFIT JOINDER AGREEMENT
BENEFICIARY DESIGNATION
The Executive, under the terms of the Executive Death Benefit Master
Agreement executed by UNITED NATIONAL BANK of, Bridgewater, New Jersey, dated
October 1, 1997, hereby designates the following Beneficiary to receive any
guaranteed payments or death benefits under such Agreement, following his death:
PRIMARY BENEFICIARY: ____________________________________
SECONDARY BENEFICIARY: _________________________________
This Beneficiary Designation hereby revokes any prior Beneficiary
Designation which may have been in effect.
Such Beneficiary Designation is revocable.
DATE: ______________________, 19___
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(WITNESS) EXECUTIVE
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(WITNESS)
Exhibit A
25
