SECOND AMENDMENT TO THE OFFICER SUPPLEMENTAL LIFE INSURANCE PLAN
Exhibit 10.10
SECOND AMENDMENT TO THE
OFFICER SUPPLEMENTAL LIFE INSURANCE PLAN
THIS SECOND AMENDMENT TO THE OFFICER SUPPLEMENTAL LIFE PLAN (this “Amendment”) is made as of August 8, 2019 by Two River Community Bank (“TRCB” or “Employer”), a banking corporation organized under the laws of the State of New Jersey, with its principal office at 000 Xxxxxxxxxx Xxxxxx, Xxxxxx Xxxxx, Xxx Xxxxxx 00000.
WHEREAS, TRCB executed the Officer Supplemental Life Insurance Agreement (the “Agreement”) dated January 1, 2005; and
WHEREAS, TRCB and the Executive executed the First Amendment to the Agreement on July 14, 2010; and
WHEREAS, Pursuant to Section 12.1 and 12.2 of the Agreement, TRCB has reserved to itself the right to amend the Agreement from time to time; and
WHEREAS, Pursuant to Section 12.2 of the Agreement, an amendment to the Agreement requires the consent of any vested participant; and
WHEREAS, TRCB wishes to amend the Agreement to revise the definition of Cause.
NOW THEREFORE, the Bank determines as follows:
Section 7.2 of the Agreement is amended and replaced as follows:
|
7.2 |
Termination for Cause. Notwithstanding any provision of this Plan to the contrary, the Participant shall forfeit any right to a benefit under this Plan if, at any time prior to a Change in Control, the Bank terminates the Participant's service for Cause. Termination of the Participant's service for "Cause" shall mean any of the following acts or circumstances: gross negligence or gross neglect of duties to TRCB; conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the executive’s employment with TRCB; or fraud, disloyalty, dishonesty or willful violation of any law or significant TRCB policy committed in connection with the executive's employment and resulting in a material adverse effect on TRCB.
|
IN WITNESS WHEREOF, the Bank hereby executes this amendment contingent with respect to each participant, upon the execution of the consent of such participant in the form attached hereto.
TWO RIVER COMMUNITY BANK
By: /s/ Xxxxxxx X. Xxxx
Xxxxxxx X. Xxxx
PARTICIPANT CONSENT TO THE SECOND AMENDMENT TO THE TWO RIVER COMMUNITY BANK OFFICER SUPPLEMENTAL LIFE INSURANCE AGREEMENT EFFECTIVE JANUARY 1, 2005
WHEREAS, TRCB executed the Officer Supplemental Life Insurance Agreement (the “Agreement”) dated January 1, 2005; and
WHEREAS, TRCB and the Executive executed the First Amendment to the Agreement on July 14, 2010; and
WHEREAS, Pursuant to Section 12.1 and 12.2 of the Agreement, TRCB has reserved to itself the right to amend the Agreement from time to time; and
WHEREAS, Pursuant to Section 12.2 of the Agreement, an amendment to the Agreement requires the consent of any vested participant; and
WHEREAS, TRCB wishes to amend the Agreement to revise the definition of Cause.
NOW THEREFORE, Participant consents to the amendment in the form attached hereto.
By:____________________
Xxxxxxx Xxxx
Date:__________________
PARTICIPANT CONSENT TO THE SECOND AMENDMENT TO THE TWO RIVER COMMUNITY BANK OFFICER SUPPLEMENTAL LIFE INSURANCE AGREEMENT EFFECTIVE JANUARY 1, 2005
WHEREAS, TRCB executed the Officer Supplemental Life Insurance Agreement (the “Agreement”) dated January 1, 2005; and
WHEREAS, TRCB and the Executive executed the First Amendment to the Agreement on July 14, 2010; and
WHEREAS, Pursuant to Section 12.1 and 12.2 of the Agreement, TRCB has reserved to itself the right to amend the Agreement from time to time; and
WHEREAS, Pursuant to Section 12.2 of the Agreement, an amendment to the Agreement requires the consent of any vested participant; and
WHEREAS, TRCB wishes to amend the Agreement to revise the definition of Cause.
NOW THEREFORE, Participant consents to the amendment in the form attached hereto.
By:____________________
Xxxxxxx Xxxxxxxxxx
Date:__________________
PARTICIPANT CONSENT TO THE SECOND AMENDMENT TO THE TWO RIVER COMMUNITY BANK OFFICER SUPPLEMENTAL LIFE INSURANCE AGREEMENT EFFECTIVE JANUARY 1, 2005
WHEREAS, TRCB executed the Officer Supplemental Life Insurance Agreement (the “Agreement”) dated January 1, 2005; and
WHEREAS, TRCB and the Executive executed the First Amendment to the Agreement on July 14, 2010; and
WHEREAS, Pursuant to Section 12.1 and 12.2 of the Agreement, TRCB has reserved to itself the right to amend the Agreement from time to time; and
WHEREAS, Pursuant to Section 12.2 of the Agreement, an amendment to the Agreement requires the consent of any vested participant; and
WHEREAS, TRCB wishes to amend the Agreement to revise the definition of Cause.
NOW THEREFORE, Participant consents to the amendment in the form attached hereto.
By:____________________
Xxxx Xxxxxx
Date:__________________
PARTICIPANT CONSENT TO THE SECOND AMENDMENT TO THE TWO RIVER COMMUNITY BANK OFFICER SUPPLEMENTAL LIFE INSURANCE AGREEMENT EFFECTIVE JANUARY 1, 2005
WHEREAS, TRCB executed the Officer Supplemental Life Insurance Agreement (the “Agreement”) dated January 1, 2005; and
WHEREAS, TRCB and the Executive executed the First Amendment to the Agreement on July 14, 2010; and
WHEREAS, Pursuant to Section 12.1 and 12.2 of the Agreement, TRCB has reserved to itself the right to amend the Agreement from time to time; and
WHEREAS, Pursuant to Section 12.2 of the Agreement, an amendment to the Agreement requires the consent of any vested participant; and
WHEREAS, TRCB wishes to amend the Agreement to revise the definition of Cause.
NOW THEREFORE, Participant consents to the amendment in the form attached hereto.
By:____________________
Xxxxx Xxxxxxxx
Date:__________________
PARTICIPANT CONSENT TO THE SECOND AMENDMENT TO THE TWO RIVER COMMUNITY BANK OFFICER SUPPLEMENTAL LIFE INSURANCE AGREEMENT EFFECTIVE JANUARY 1, 2005
WHEREAS, TRCB executed the Officer Supplemental Life Insurance Agreement (the “Agreement”) dated January 1, 2005; and
WHEREAS, TRCB and the Executive executed the First Amendment to the Agreement on July 14, 2010; and
WHEREAS, Pursuant to Section 12.1 and 12.2 of the Agreement, TRCB has reserved to itself the right to amend the Agreement from time to time; and
WHEREAS, Pursuant to Section 12.2 of the Agreement, an amendment to the Agreement requires the consent of any vested participant; and
WHEREAS, TRCB wishes to amend the Agreement to revise the definition of Cause.
NOW THEREFORE, Participant consents to the amendment in the form attached hereto.
By:____________________
Xxxx Xxxxxxxxx
Date:__________________
PARTICIPANT CONSENT TO THE SECOND AMENDMENT TO THE TWO RIVER COMMUNITY BANK OFFICER SUPPLEMENTAL LIFE INSURANCE AGREEMENT EFFECTIVE JANUARY 1, 2005
WHEREAS, TRCB executed the Officer Supplemental Life Insurance Agreement (the “Agreement”) dated January 1, 2005; and
WHEREAS, TRCB and the Executive executed the First Amendment to the Agreement on July 14, 2010; and
WHEREAS, Pursuant to Section 12.1 and 12.2 of the Agreement, TRCB has reserved to itself the right to amend the Agreement from time to time; and
WHEREAS, Pursuant to Section 12.2 of the Agreement, an amendment to the Agreement requires the consent of any vested participant; and
WHEREAS, TRCB wishes to amend the Agreement to revise the definition of Cause.
NOW THEREFORE, Participant consents to the amendment in the form attached hereto.
By:____________________
Xxxxx Xxxxxxxxxxx
Date:__________________
8
