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EXHIBIT 10.2
NEW IBERIA BANK
NONQUALIFIED DEFERRED COMPENSATION PLAN
AGREEMENT made December 1, 1991, between The New Iberia
Bank, a domestic corporation (the "Corporation"), and Xxxxxx Xxxxxx (the
"Employee").
WHEREAS, Employee has performed valuable services to the
Corporation for a period of more than five (5) years, and the Corporation
wishes to reward and encourage the continuance of such services, it is
therefore agreed:
1. Payments Upon Termination of Employment
a. Amount. If the Employee continues employment with
the Corporation until he attains at least age 63,
then the Corporation shall pay to the Employee at
termination of employment an amount payable monthly
for ten (10) years in accordance with the following
Schedule:
Employment Continued Monthly
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at Least Until Age: Amount:
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63 $1,144
65 $1,261
b. Form of Payment. If an amount becomes due under this
paragraph by reason of the Employee's termination of
employment, then such amount shall be paid to the
Employee in accordance with subparagraph (a) above,
beginning within sixty (60) days of the termination
of the Employee's employment.
c. Death of Employee. If the Employee becomes entitled
to monthly payments under this paragraph, but the
Employee dies before he receives all such monthly
payments, then the remainder of such monthly payments
due under this paragraph shall continue to be made to
the Employee's Designated Beneficiary upon written
verification of the Employee's death.
2. Payment Upon Death
a. Amount. Upon the Employee's death prior to his
termination of employment, the Corporation shall pay
to the Designated Beneficiary the amount of
$100,000.00.
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b. Form of Payment. If an amount becomes due under this
paragraph, then such amount shall be paid to the
Designated Beneficiary in a lump sum within one
hundred and twenty (120) days of the date the
Corporation receives written verification of the
Employee's death.
3. Designated Beneficiary. The Designated Beneficiary referred
to in this Agreement may be designated or changed by the
Employee (without the consent of any prior beneficiary) on a
form provided by the Corporation and delivered to the
Corporation before his death. If no such beneficiary shall
have been designated, or if no Designated Beneficiary shall
survive the Employee, any amount payable under this Agreement
shall be payable to the Employee's estate.
4. Limitation on Obligation to Pay Death Benefit. The
Corporation shall not be obligated to pay the death benefit
described in paragraph 2 above, if the employee's death is on
account of suicide within the two year period beginning with
the date this Agreement is signed.
5. General Creditor Only of Corporation. The rights of the
Employee or any Designated Beneficiary of the Employee shall
be solely those of an unsecured creditor of the Corporation.
If the Corporation shall acquire an insurance policy or any
other asset in connection with the liabilities assumed by it
hereunder, then, except as otherwise expressly provided, such
policy or other asset shall not be deemed to be held under any
trust for the benefit of the Employee or his Designated
Beneficiary or to be collateral security for the performance
of the obligations of the Corporation but shall be and remain,
a general, unpledged, unrestricted asset of the Corporation.
6. No Trust. Nothing contained in the Agreement and no action
taken pursuant to the provisions of this Agreement shall
create or be construed to create a trust of any kind, or a
fiduciary relationship between the Corporation and the
Employee, his Designated Beneficiary or any other person.
7. No Assignment. The right of the Employee or any other person
to the payment of deferred compensation or other benefits
under this Agreement shall not be assigned, transferred,
pledged, or encumbered except by Will or by the laws of
descent and distribution.
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8. Corporation's Powers and Liabilities. The Corporation shall
have full power and authority to interpret and administer this
Agreement. The Corporation's interpretations and construction
of any provision or action taken under this Agreement shall be
binding and conclusive on all persons for all purposes. No
member of the Corporation shall be liable to any person for
any action taken or omitted in connection with the
interpretation and administration of this Agreement unless
attributable to the member's willful misconduct or lack of
good faith.
9. Binding Effect. This Agreement shall be binding upon and
inure to the benefit of the Corporation, its successors and
assigns and the Employee and his heirs, executors,
administrators, and legal representatives.
10. Governing Law. This Agreement shall be construed in
accordance with and governed by the law of the State of
Louisiana.
11. Notice. Any notice to be delivered under this Agreement shall
be given in writing and delivered, personally or by certified
mail, postage prepaid, addressed to the Corporation or
Employee at their last know address.
12. Headings. Headings in this Agreement are for convenience only
and shall not be used to interpret or construe its provisions.
13. Source of Benefits. The amounts payable to the Employee shall
be paid exclusively from the general assets of the
Corporation.
14. Forfeitures of Benefits. Notwithstanding anything to the
contrary contained in this Agreement, the Employee shall
forfeit all benefits under this Agreement if it is determined
by the Corporation that he has acted in a manner which is
prejudicial to the Corporation's interest.
15. Waiver. A waiver of one or more provisions of this Agreement
shall not effect any other provisions of this Agreement, such
that the remaining provisions will remain in full force and
effect.
16. Termination of Employment. This agreement shall not obligate
the Corporation to continue the employment of the Employee or
limit the right of the corporation to terminate the Employee's
employment. Termination of the Employee's employment with the
Corporation for any
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reason, whether by action of the Corporation or Employee,
shall immediately terminate the Employee's participation in
the Agreement and all further obligations of either party to
the other except as otherwise provided in the Agreement. In
no event shall the Agreement, by its terms or implications,
constitute an employment contract of any nature whatsoever
between the Corporation and the Employee.
Thus, done and signed, this 2nd day of January, 1992.
WITNESS: THE NEW IBERIA BANK
/s/ XXXXXX X. XXXXXXXXX BY: /s/ XXXXXXX X. XXXXXX
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Xxxxxxx X. Xxxxxx
/s/ XXXXXX XXXXXX /s/ XXXXXX XXXXXX
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Xxxxxx Xxxxxx
In accordance with Item 2a of this Agreement, I hereby name
Xxxxxx Xxxxxx, my wife, whose date of birth is Mar 3, 1938 and resides at
0000 Xxxxxx Xxxx, Xxx Xxxxxx, XX as revocable beneficiary in the event of my
death.
If the beneficiary named above dies, I name the following
revocable contingent beneficiaries to become the beneficiary.
NAME ADDRESS RELATIONSHIP DATE OF BIRTH
Children by law
Dated at New Iberia on Jan. 2, 1992.
/s/ XXXXXX X. XXXXXXXXX /s/ XXXXXX XXXXXX
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Witness Signature of Employee
