Deferred Compensation Plan
Exhibit 10.3
THIS DEFERRED COMPENSATION PLAN (this “Agreement”), adopted this 1st day of April, 2022, by and between by and between Peoples Security Bank and Trust Company (the “Employer”) and Xxxxx X. Xxxxxx (the “Executive”), formalizes the agreements and understanding between the Employer and the Executive.
WITNESSETH:
WHEREAS, the Executive is employed by the Employer;
WHEREAS, the Employer desires to establish a deferred compensation arrangement for the benefit of the Executive;
WHEREAS, the Employer and the Executive intend this Agreement shall at all times be administered and interpreted in compliance with Code Section 409A, and
WHEREAS, the Employer intends this Agreement shall at all times be administered and interpreted in such a manner as to constitute an unfunded nonqualified deferred compensation arrangement, maintained primarily to provide supplemental retirement benefits for the Executive, a member of select group of management or highly compensated employee of the Employer.
NOW THEREFORE, in consideration of the premises and of the mutual promises herein contained, the Employer and the Executive agree as follows:
DEFINITIONS
For the purpose of this Agreement, the following phrases or terms shall have the indicated meanings:
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Date | Contribution |
April 1, 2022 | $25,000.00 |
December 31, 2022 | $25,000.00 |
December 31, 2023 | $25,000.00 |
December 31, 2024 | $25,000.00 |
December 31, 2025 | $25,000.00 |
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BENEFICIARIES
ADMINISTRATION
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CLAIMS AND REVIEW PROCEDURES
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AMENDMENT AND TERMINATION
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MISCELLANEOUS
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IN WITNESS WHEREOF, the Executive and a representative of the Employer have executed this Agreement document as indicated below:
Executive:Employer:
Peoples Security Bank and Trust Company
/s/ Xxxxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxxx
Xxxxx X. HubbleIts: President
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