EXECUTIVE EMPLOYEE SALARY CONTINUATION AGREEMENT FOR TED T. AWERKAMP (As Amended and Restated Effective January 1, 2009) Mercantile Bank Quincy, Illinois
Exhibit 10.4
Execution
Copy
(As Amended and Restated Effective January 1, 2009)
Mercantile Bank
Quincy, Illinois
Quincy, Illinois
THIS AGREEMENT originally made effective as of the 8th day of December, 1994, between
Mercantile Bank (formerly known as Mercantile Trust & Savings Bank), an Illinois corporation (the
“Company”) and Xxx X. Xxxxxxxx (the “Participant”), and subsequently amended is hereby amended and
restated in its entirety, effective January 1, 2009.
WHEREAS, the Participant is an executive employee of the Company and as such has materially
contributed to the Company’s position; and
WHEREAS, the Company wishes to establish this Agreement for purposes of promoting in the
Participant the strongest interest in the successful operation of the Company and increased
efficiency in his work and to provide the Participant benefits upon retirement, death or other
termination of employment, in consideration of services to be performed after the date of this
Agreement but prior to his retirement.
NOW, THEREFORE, in consideration of the premises, the parties hereto agree as follows:
1. Definitions.
A. Administrative Committee — “Administrative Committee” shall mean the Retirement
Committee appointed from time to time by the Board of Directors of the Company.
B. Age — “Age” shall mean the age of the person as of his last birthday.
C. Change in Control — “Change in Control” shall mean the first to occur of any of
the following events: (a) any person or entity (other than Mercantile Bancorp, Inc.) becomes, subsequent to the date of this Agreement, the beneficial owner, directly or
indirectly, of 51% or more of the then issued and outstanding voting stock of the Company (and, for
the purposes hereof, a person will be considered to be a beneficial owner of such stock if such
person, directly or indirectly, through any contract, arrangement, understanding, relationship, or
otherwise has or shares voting power, which includes the power to vote or to direct the voting of
such stock, or investment power, which includes the power to dispose or to direct the disposition
of such stock); (b) the Company merges or consolidates with or reorganizes with or into any other
corporation or corporations other than its affiliates or engages in any other similar business
combination or reorganization; or (c) the Company sells, assigns or transfers all or substantially
all of its business and assets, in one or a series of related transactions, except any such sales
to affiliates.
D. Disability — “Disability” shall mean, if the Participant: (i) is unable to engage
in any substantial gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months; or (ii) is, by reason of any mental impairment which
can be expected to result in death or can be expected to last for a continuous period of not less
than twelve (12) months, receiving income replacement benefits for a period of not less than three
(3) months under an accident and health plan covering the Employer’s employees.
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E. Discharge for Cause — “Discharge for Cause” shall mean the termination of the
Participant’s employment with the Company because of (a) the Participant’s willful and continued
failure to substantially perform his duties (other than any such failure resulting from his
incapacity due to physical or mental illness), after a demand for substantial performance is delivered to him by the Company which specifically identifies the manner in which the Company
believes he has not substantially performed his duties; (b) any willful act of misconduct by the
Participant which is materially injurious to the Company, monetarily or otherwise; (c) a criminal
conviction of the Participant for any act involving the business and affairs of the Company; (d) a
criminal conviction of the Participant for commission of a felony; or (e) the removal of the
Participant by a regulatory agency. For purposes of this definition, no act or failure to act on
the Participant’s part will be considered “willful” unless done or omitted by him not in good faith
and without reasonable belief that his act or omission was in the best interest of the Company.
F. Early Retirement Date — “Early Retirement Date” shall mean the first day of the
month following the month in which the Participant reaches Age 60 years.
G. Good Reason — “Good Reason” shall mean any one or more of the following occurring
without the Participant’s consent:
(a) a reduction in Participant’s titles, duties or responsibilities,
(b) a significant reduction in Participant’s salary,
(c) a change in Participant’s situs of employment.
For purposes of the foregoing, the Participant’s base salary shall be deemed to be significantly
reduced if any cutback is imposed except as part of an overall cutback applied proportionately
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to all of the Company’s management employees or if the Participant fails to receive periodic increases
substantially proportionate to and coincident with the increases granted to management employees.
H. Involuntary Termination — “Involuntary Termination” shall mean either: (i) the
termination of the Participant’s employment by the Company other than a Discharge for Cause, or
(ii) the voluntary termination of Participant’s employment for Good Reason.
I. Normal Retirement Date — “Normal Retirement Date” shall mean the first day of the
month following the month in which the Participant reaches Age 65 years.
J. Specified Employee — “Specified Employee” means an employee who at the time of
Termination of Employment is a key employee of the Company, if any stock of the Company is publicly
traded on an established securities market or otherwise. For purposes of this Agreement, an
employee is a key employee if the employee meets the requirements of Code Section 416(i)(1)(A)(i),
(ii), or (iii) (applied in accordance with the regulations thereunder and disregarding section
416(i)(5)) at any time during the 12-month period ending on December 31 (the “identification
period”). If the employee is a key employee during an identification period, the employee is
treated as a key employee for purposes of this Agreement during the twelve (12) month period that
begins on the first day of April following the close of the identification period.
K. Termination of Employment — “Termination of Employment” means termination of the
Participant’s employment with the Company for reasons other than death. Whether a termination of
employment has occurred is determined based on whether the facts and circumstances indicate that
the Company and the Participant reasonably anticipated that no
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further services would be performed
after a certain date or that the level of bona fide services the Participant would perform after
such date (whether as an employee or as an independent contractor) would permanently decrease to no
more than twenty percent (20%) of the average level of bona fide services performed (whether as an
employee or an independent contractor) over the immediately preceding
thirty-six (36)
month period (or the full period of services to the Company if the Participant has been providing services to the Company less than
thirty-six (36) months).
month period (or the full period of services to the Company if the Participant has been providing services to the Company less than
thirty-six (36) months).
L. Vesting — For the purposes of this Agreement and the attached Salary Continuation
Vesting Schedule, which is attached hereto and made a part hereof as Exhibit A, the
Participant shall have zero vesting until he reaches Age 55 years at which time he shall become
fully 100% vested.
2. Eligibility.
The Participant is eligible for the benefits provided herein in accordance with the terms of
this Agreement upon the execution hereof.
The Participant shall cease to be the Participant at Termination of Employment. However, the
employment of the Participant shall not be deemed to be terminated by reason of an approved leave
of absence granted in accordance with uniform rules applied in a non—discriminatory manner.
3. Payment of Benefits.
3.1. Normal Retirement Benefit.
Upon the Participant’s Termination of Employment on or after the Normal Retirement Date, the
Company shall pay to the Participant, as compensation for services
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rendered prior to such date, the
sum of Sixty-Eight Thousand Nine Hundred Dollars ($68,900) per year, payable in monthly
installments of Five Thousand Seven Hundred Forty-One Dollars and Sixty-Six Cents ($5,741.66) each,
commencing on the first day of the month coincident with or next following the date of Termination
of Employment and continuing on the first day of each month thereafter for the life of the
Participant, but in any event until a minimum of one hundred eighty (180) payments have been made
to the Participant or the Participant’s beneficiary per Section 3.6(b).
3.2. Early Retirement Benefit.
Upon the Participant’s Termination of Employment on or after the Early Retirement Date but
prior to the Normal Retirement Date, the Company shall pay to the Participant, as compensation for
services rendered prior to such date, monthly payments equal to one-twelfth (1/12th) the
“Annual Benefit” for the Participant’s Age at the time of Termination of Employment as described in
the attached Schedule A. Such payments shall commence on the first day of the month coincident with
or next following the date of Termination of Employment, and shall continue on the first day of
each month thereafter for a period of fifteen (15) years, but in any event until a minimum of one
hundred eighty (180) payments have been made to the Participant or the Participant’s beneficiary
per Section 3.6(b).
3.3. Benefits Upon Disability.
Upon the Participant’s Termination of Employment prior to the Normal Retirement Date due to
Disability, the Company shall pay to the Participant, as compensation for services rendered prior
to such date, monthly payments equal to one-twelfth (1/12th) the “Annual Benefit”
(regardless of vesting) for the Participant’s Age at the time of such Disability
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termination
(determined by the Company), as described in the attached Schedule A. Such payments shall commence
on the first day of the month coincident with or next following the date of Termination of
Employment, and shall continue on the first day of each month thereafter for a period of fifteen
(15) years, but in any event until a minimum of one hundred eighty (180) payments have been made to
the Participant or the Participant’s beneficiary per Section 3.6(b).
3.4. Other Terminations of Employment.
(a) Voluntary Termination of Employment Prior to the Early Retirement Date. Upon the
Participant’s voluntary Termination of Employment prior to reaching the Early Retirement Date, for reasons other than death or Disability, the Company
shall pay the vested “Annual Benefit,” if any, for the Participant’s Age at the time of voluntary
Termination of Employment as described in the attached Schedule A, and the Participant shall have
no further right to receive any additional benefit hereunder. The Company shall pay the benefit to
the Participant in one hundred eighty (180) equal monthly installments commencing on the first day
of the month coincident with or next following the date of Termination of Employment.
(b) Involuntary Termination of Employment Prior to the Early Retirement Date. Upon
the Participant’s Involuntary Termination of Employment prior to reaching the Early Retirement
Date, for reasons other than death, Disability or Discharge for Cause, the Company shall pay shall
pay to the Participant, as compensation for services rendered prior to such date, monthly payments
equal to one-twelfth (1/12th) the “Annual Benefit” (regardless of vesting) for the
Participant’s Age at the time of such Disability
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termination, as described in the attached Schedule
A. Such payments shall commence on the first day of the month coincident with or next following
the date of Termination of Employment, and shall continue on the first day of each month thereafter
for a period of fifteen (15) years, but in any event until a minimum of one hundred eighty (180)
payments have been made to the Participant or the Participant’s beneficiary per Section 3.6(b).
(c) Involuntary Termination of Employment for Cause. Upon the Participant’s Discharge
for Cause at any time, the Participant shall forfeit any and all rights, vested and unvested, that
the Participant has in and to any benefits under this Agreement and the Company shall have no
obligation to pay any benefit to the Participant under the terms of this Agreement.
3.5. Change in Control Benefits.
If there occurs a Change in Control while the Participant is in the service of the Company
(where such Change in Control also qualifies as a “change in control event” permitted under Code
Section 409A), but prior to reaching Normal Retirement Date, the Company shall pay to the
Participant the Normal Retirement Benefit provided in Section 3.1 of this Agreement, with such
payments commencing as of the first day of the month following the Normal Retirement Date
3.6. Survivorship Benefits.
(a) Prior to Commencement of Normal or Early Retirement Benefits. If the Participant
dies while in the service of the Company (whether or not he is fully vested) or after a Termination
of Employment where Participant was or became entitled to a benefit under this Agreement prior to
or upon such termination, but prior to commencement of any
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benefit payments under this Agreement,
the Company shall pay to the Participant’s beneficiary a survivor’s benefit of one hundred eighty
(180) equal monthly installments of Five Thousand Seven Hundred Forty-one and 66/100 Dollars
($5,741.66) commencing on the first day of the month after the Participant’s death and continuing
on the first day of each month thereafter until all such payments are completed. In the event a
beneficiary dies before receiving all the survivor’s benefit payments, the remaining payments shall
be paid to the legal representative of the beneficiary’s estate. Payment of the survivor’s benefit
shall relieve the Company of the obligation to pay any other benefit which the Participant would
have otherwise received, under the terms of this Agreement.
(b) After Commencement of Benefits. If the Participant dies after any benefit
payments have commenced, but prior to receiving all of the scheduled minimum number of monthly payments, the Company shall pay the remaining monthly payments to the Participant’s
beneficiary. In the event a beneficiary dies before receiving all the remaining payments, the
then-remaining payments shall be paid to the legal representative of the beneficiary’s estate.
3.7. Recipients of Payments: Designation of Beneficiary.
All payments to be made by the Company shall be made to the Participant, if living. In the
event of the Participant’s death prior to the receipt of all benefit payments, all subsequent
payments to be made under this Agreement shall be to the beneficiary or beneficiaries of the
Participant. The Participant shall designate a beneficiary by filing a written notice of such
designation with the Company in such form as the Company may prescribe. The Participant may revoke
or modify said designation at any time by a further written
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designation. The Participant’s
beneficiary designation shall be deemed automatically revoked in the event of the death of the
beneficiary or, if the beneficiary is the Participant’s spouse, in the event of dissolution of
marriage. If no designation shall be in effect at the time any benefits payable under this
Agreement shall become due, the beneficiary shall be the spouse of the Participant, or if no spouse
is then living, the legal representative of the Participant’s estate.
3.8. Restriction on Timing of Distributions.
Notwithstanding any provision of this Agreement to the contrary, if the Participant is
considered a Specified Employee, the provisions of this Section 3.8 shall govern all distributions
hereunder. If benefit distributions which would otherwise be made to the Participant due to a
Termination of Employment are limited because the Participant is a Specified Employee, then such
distributions shall not be made during the first six (6) months following Termination of
Employment. Rather, any distribution which would otherwise be paid to the Participant during such period shall be accumulated and paid to the Participant in a
lump sum on the first day of the seventh (7th) month following the Termination of
Employment. All subsequent distributions shall be paid in the manner specified.
3.9. Distributions Upon Income Inclusion Under Section 409A of
the Code.
If, pursuant to Code Section 409A, the Federal Insurance Contributions Act or other state,
local or foreign tax, the Participant becomes subject to tax on the amounts deferred hereunder,
then the Company may make a limited distribution to the Participant in accordance with the
provisions of Treasury Regulations Section 1.409A-3(j)(vi), (vii) and (xi). Any such distribution
will decrease the Participant’s benefit hereunder.
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3.10. Change in Form or Timing of Distributions.
All changes in the form or timing of distributions hereunder must comply with the following
requirements. The changes:
(a) may not accelerate the time or schedule of any distribution, except as provided in Code
Section 409A and the regulations thereunder;
(b) must, for benefits distributable under Sections 3.1, 3.2, 3.4(a) and 3.4(b), delay the
commencement of distributions for a minimum of five (5) years from the date the first distribution
was originally scheduled to be made; and
(c) must take effect not less than twelve (12) months after the election is made.
(d) Notwithstanding the foregoing, to the extent that any changes pursuant to the amendment
and restatement of this Agreement which constitute a change in the form or timing of distributions
under Code Section 409A, such changes shall be effective as of January 1, 2009, in accordance with
the transition relief provided under IRS Notice 2007-86.
4. Administration and Interpretation of this Agreement.
The Administrative Committee shall administer and interpret this Agreement. Interpretation by
the Administrative Committee shall be final and binding upon the Participant. The Administrative
Committee may adopt rules and regulations relating to this Agreement as it may deem necessary or
advisable for the administration thereof.
5. Claims Procedure.
If the Participant or the Participant’s beneficiary (hereinafter referred to as a “Claimant”)
is denied all or a portion of an expected benefit under this Plan for any reason, he
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or she may file a claim with the Administrative Committee. The Administrative Committee shall notify the
Claimant within sixty (60) days of allowance or denial of the claim, unless the Claimant receives
written notice from the Administrative Committee prior to the end of the sixty (60) day period
stating that special circumstances require an extension of the time for decision. The notice of
the Administrative Committee’s decision shall be in writing, sent by mail to Claimant’s last known
address, and, if a denial of the claim, must contain the following information:
(a) the specific reasons for the denial;
(b) specific reference to pertinent provisions of the Plan on which the denial is based; and
(c) if applicable, a description of any additional information or material necessary to
perfect the claim, an explanation of why such information or material is necessary, and an
explanation of the claims review procedure.
6. Review Procedure.
(a) A Claimant is entitled to request a review of any denial of his or her claim by the
Administrative Committee. The request for review must be submitted in writing within sixty (60)
days of mailing of notice of the denial. Absent a request for review within the sixty (60) day
period, the claim will be deemed to be conclusively denied. The Claimant or his or her
representative shall be entitled to review all pertinent documents, and to submit issues and
comments orally and in writing.
(b) If the request for review by a Claimant concerns the interpretation and application of the
provisions of the Agreement and the Company’s
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obligations, then the review shall be conducted by a
separate committee consisting of three (3) persons designated or appointed by the Administrative
Committee. The separate committee shall afford the Claimant a hearing and the opportunity to
review all pertinent documents and submit issues and comments orally and in writing and shall
render a review decision in writing, all within sixty (60) days after receipt of a request for a
review, provided that, in special circumstances (such as the necessity of holding a hearing) the
separate committee may extend the time for decision by not more than sixty (60) days upon written
notice to the Claimant. The Claimant shall receive written notice of the separate committee’s
review decision, together with specific reasons for the decision and reference to the pertinent
provisions of this Agreement.
7. Life Insurance and Funding.
The Company in its discretion may apply for and procure as owner and for its own benefit,
insurance on the life of the Participant, in such amounts and in such forms as the Company may
choose. The Participant shall have no interest whatsoever in any such policy or policies, but at
the request of the Company he shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or
companies to whom the Company has applied for insurance.
The rights of the Participant, or his beneficiary, or estate, to benefits under the Plan shall
be solely those of an unsecured creditor of the Company. Any insurance policy or other assets
acquired by or held by the Company in connection with the liabilities assumed by it pursuant to the
Plan shall not be deemed to be held under any trust for the benefit of the Participant, his
beneficiary, or his estate, or to be security for the performance of the
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obligations of the Company
but shall be, and remain, a general, unpledged, and unrestricted asset of the Company.
If this Agreement is funded through insurance on the life of the Participant, then in the
event of the Participant’s death during the first two (2) years after the effective date of this
Agreement, and if the Participant’s death was a result of suicide or if the Participant made any
material misstatement or failed to make a material disclosure of information in any documentation
which the Participant is requested to complete in connection with this Agreement, then no death
benefits under the terms of this Agreement will be payable, unless and to the extent that the Board
of Directors of Company, in their absolute discretion, may otherwise determine.
8. Assignment of Benefits.
Neither the Participant nor any other beneficiary under the Plan shall have any right to
assign the right to receive any benefits hereunder, and in the event of any attempted assignment or
transfer, the Company shall have no further liability hereunder.
9. Employment Not Guaranteed by Agreement.
Neither this Agreement nor any action taken hereunder shall be construed as giving the
Participant the right to be retained as an employee of the Company for any period.
10. Taxes.
The Company shall deduct from all payments made hereunder all applicable federal or state
taxes required by law to be withheld from such payments.
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11. Amendments and Termination.
11.1. Amendments.
The Company may amend this Agreement unilaterally by written action.
11.2. Plan Termination Generally.
The Company may terminate this Agreement unilaterally by written action. The benefit
hereunder shall be the amount the Company has accrued with respect to the Company’s obligations
hereunder as of the date the Agreement is terminated. Except as provided in Section 11.3, the
termination of this Agreement shall not cause a distribution of benefits under this Agreement.
Rather, after such termination benefit distributions will be made at the earliest distribution
event permitted under Article 3.
11.3. Plan Terminations Under Section 409A.
Notwithstanding anything to the contrary in Section 11.2, if this Agreement terminates in the
following circumstances:
(a) Within thirty (30) days before or twelve (12) months after a change in the ownership or
effective control of the Company, or in the ownership of a substantial portion of the assets of the
Company as described in Section 409A(a)(2)(A)(v)) of the Code, provided that all distributions are
made no later than twelve (12) months following such termination of the Agreement and further
provided that all the Company’s arrangements which are substantially similar to the Agreement are
terminated so the Participant and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated
arrangements within twelve (12) months of the such terminations;
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(b) Upon the Company’s dissolution or with the approval of a bankruptcy court provided that
the amounts deferred under the Agreement are included in the Participant’s gross income in the
latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which
the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar
year in which the distribution is administratively practical; or
(c) Upon the Company’s termination of this and all other arrangements that would be aggregated
with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Participant
participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and
liquidation does not occur proximate to a downturn in the financial health of the Company, (ii) all
termination distributions are made no earlier than twelve (12) months and no later than twenty-four
(24) months following such termination, and (iii) the Company does not adopt any new arrangement
that would be a Similar Arrangement for a minimum of three (3) years following the date the Company
takes all necessary action to irrevocably terminate and liquidate the Agreement;
The Company may distribute the amount the Company has accrued with respect to the Company’s
obligations hereunder, determined as of the date of the termination of the Agreement, to the
Participant in a lump sum subject to the above terms.
12. Construction.
This Agreement shall be construed according to the laws of the State of Illinois.
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13. Form of Communication.
Any election, application, claim, notice or other communication required or permitted to be
made by the Participant to the Company shall be made in writing and in such form as the Company
shall prescribe. Such communication shall be effective upon mailing, if sent by first class mail,
postage pre—paid, and addressed to the Company’s office at 000 Xxxxx Xxxxxx, Xxxxxx, XX 00000.
14. Captions.
The captions at the head of a section or a paragraph of this Agreement are designed for
convenience of reference only and are not to be resorted to for the purpose of interpreting any
provision of this Agreement.
15. Severability.
The invalidity of any portion of this Agreement shall not invalidate the remainder thereof,
and said remainder shall continue in full force and effect.
16. Binding Effect.
This Agreement shall be binding upon and shall inure to the benefit of the Company and the
Participant, and each of their successors, heirs, personal representatives and permitted assigns.
No sale of substantially all of the Company’s assets shall be made without the buyer expressly
assuming the obligation of this Agreement. The Company further agrees that it will not be a party
to any merger, consolidation or reorganization unless and until its obligations hereunder are
expressly assumed by the successor or successors.
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17. Compliance with Code Section 409A.
This Agreement shall be interpreted and administered consistent with Code Section 409A.
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IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the date first set
forth above.
| Mercantile Bank Quincy, Illinois |
||||
| By | /s/ J. Xxxxxx Xxxxxx III | |||
| J. Xxxxxx Xxxxxx III Its President & CEO |
||||
| /s/ Xxx X. Xxxxxxxx | ||||
| Xxx X. Xxxxxxxx | ||||
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Schedule A
Hypothetical Termination Benefits Schedule
Xxx Xxxxxxxx |
||
Date of Birth
|
8/24/1957 | |
Plan Anniversary Date
|
1/1/2010 | |
Normal Retirement
|
8/24/22, Age 65 | |
Normal Retirement Payment
|
Monthly for 15 years |
| (1) | (2) | (3) | (4) | (5) | ||||||||||||||||
| Normal | ||||||||||||||||||||
| Discount | Retirement | Account | Annual | |||||||||||||||||
| Value as of: | Rate | Benefit | Value | Benefit1 | Vesting | |||||||||||||||
Dec 2008 |
222,654 | 22,434 | 0 | % | ||||||||||||||||
| 12/31/08 Rollover Accrual Balance |
||||||||||||||||||||
12/31/20092 |
6.00 | % | 68,900 | 245,123 | 24,698 | 0 | % | |||||||||||||
Dec 2010 |
6.00 | % | 68,900 | 268,978 | 27,102 | 0 | % | |||||||||||||
Dec 2011 |
6.00 | % | 68,900 | 294,305 | 29,654 | 0 | % | |||||||||||||
Dec 2012 |
6.00 | % | 68,900 | 321,193 | 32,363 | 100 | % | |||||||||||||
Dec 2013 |
6.00 | % | 68,900 | 349,740 | 35,239 | 100 | % | |||||||||||||
Dec 2014 |
6.00 | % | 68,900 | 380,048 | 38,293 | 100 | % | |||||||||||||
Dec 2015 |
6.00 | % | 68,900 | 412,225 | 41,535 | 100 | % | |||||||||||||
Dec 2016 |
6.00 | % | 68,900 | 446,387 | 44,977 | 100 | % | |||||||||||||
Dec 2017 |
6.00 | % | 68,900 | 482,655 | 48,632 | 100 | % | |||||||||||||
Dec 2018 |
6.00 | % | 68,900 | 521,161 | 52,512 | 100 | % | |||||||||||||
Dec 2019 |
6.00 | % | 68,900 | 562,041 | 56,631 | 100 | % | |||||||||||||
Dec 2020 |
6.00 | % | 68,900 | 605,443 | 61,004 | 100 | % | |||||||||||||
Dec 2021 |
6.00 | % | 68,900 | 651,522 | 65,647 | 100 | % | |||||||||||||
Aug 2022 |
6.00 | % | 68,900 | 683,810 | 68,900 | 100 | % | |||||||||||||
| 1 | The annual benefit amount will be distributed in 12 equal monthly payments for a total of 180 monthly payments. | |
| 2 | The first line reflects 12 months of data, January 2009 to December 2009. |
The purpose of this hypothetical illustration is to show the participant’s
annual benefit based on various termination assumptions.
Actual benefits are based on the terms and provisions of the plan agreement.
Consequently, actual benefits may differ from those shown on this Hypothetical
Termination Benefits Schedule.
