Exhibit 10(xiii)
MONROE BANCORP
DIRECTORS' 2005 DEFERRED COMPENSATION PLAN
PARTICIPATION AGREEMENT
This Agreement made this ____day of ______________, ________ (the
"Effective Date"), by and between Monroe Bancorp (the "Company") and
_________________________________ (the "Participant"):
WITNESSETH
WHEREAS, the Participant has been designated by the Company as eligible
to participate in the Monroe Bancorp Directors' 2005 Deferred Compensation Plan
(the "Plan"); and
WHEREAS, the Participant desires to participate in the Plan;
NOW, THEREFORE, the Company and the Participant hereby agree as
follows:
1. The Participant hereby elects to defer the receipt of the following portion
of his or her Compensation (as defined in Section 3.1 of the Plan) which he or
she would otherwise receive on account of services rendered to the Company as a
director:
(SELECT ONLY ONE)
_____ Percent (_______%) of my Compensation
_____ Dollars ($________) of my Compensation
The foregoing elections will apply for Compensation payable for the first Plan
Year beginning after the Effective Date and for each Plan Year thereafter.
The election may be amended prospectively by the Participant by delivering a new
Participation Agreement to the Cashier of the Bank. However, a new election will
not be effective unless delivered prior to the commencement of the Plan Year for
which it is to apply.
2. The Participant understands that his or her Plan benefit will
normally be paid as soon as practicable following the date the Participant
terminates service as a director of the Company. However, the Participant
understands that by checking the line below and by filling in a date, the
payment or commencement of payment of his or her Plan benefit may be delayed.
_____ I hereby elect to delay the payment of my benefit
until _______________, if this date is later than
the date I cease to be a director of the Company.
(Fill in a specific date at least two years from
the Effective Date.)
This election may be changed, but only as provided in Section 4.1 of the Plan.
Notwithstanding the foregoing election, payment will be made or will commence as
soon as practicable following the Participant's ceasing to be a director due to
death or Disability.
3. In the event of the Participant's death before receipt of all
benefits payable to him or her under the Plan, any remaining benefits will be
paid to:
Primary Beneficiary(s):
-----------------------
Name Relationship Percentage
_______________________________ ______________ ___________
Contingent Beneficiary(s)
Name Relationship Percentage
_______________________________ ______________ ___________
_______________________________ ______________ ___________
_______________________________ ______________ ___________
If more than one beneficiary is designated to receive payments, all
amounts due under the Plan will be paid in the percentages indicated, per
stirpes, to such beneficiaries. If the Participant wishes to make a beneficiary
designation other than as allowed by this section, the Participant should attach
an addendum to this Participation Agreement which clearly indicates the
person(s), trust(s) or the estate which is to receive death benefits under the
Plan and the percentage which is to be paid to each.
In the event that no beneficiary is designated or all designated
beneficiary or beneficiaries predecease the Participant, such amount will be
paid as provided in the Plan.
4. Payment of all amounts to the Participant under the Plan will be
made as elected below:
(SELECT ONLY ONE)
______ (a) In a single sum.
______ (b) In substantially equal installments over a period
of ___ years (not to exceed 20 years).
_______ Quarterly
_______ Semi-annually
_______ Annually
______ (c) ______% in a single sum with the remainder paid
in substantially equal installments over a period
of _____ years (not to exceed 20 years).
_______ Quarterly
_______ Semi-annually
_______ Annually
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This election may be changed, but only as provided in Section 4.3 of the Plan.
5. If the Participant dies before receiving any payment from the Plan,
payment of all amounts to the beneficiary(s) will be made as elected below:
(SELECT ONLY ONE)
_______ (a) In a single sum.
_______ (b) In substantially equal installments over a period
of ______ years (not to exceed 20 years).
_______ Quarterly
_______ Semi-annually
_______ Annually
_______ (c) ______% in a single sum with the remainder paid
in substantially equal installments over a period
of _____ years (not to exceed 20 years).
_______ Quarterly
_______ Semi-annually
_______ Annually
6. If the Participant dies after payments from the Plan have begun,
payment of any remaining amounts to the beneficiary(s) will be made as elected
below:
(SELECT ONLY ONE)
_______ (a) Continue installment payments in the same manner
as paid to Participant.
_______ (b) In a single sum.
7. This Agreement will be subject to and governed by all terms and
provisions of the Plan, including the terms defined therein, and the Plan is
hereby incorporated by reference and made a part hereof.
8. Nothing in this Agreement will obligate the Company to retain the
Participant in his or her capacity as a director of the Company.
9. This Agreement may not be modified or amended except by an agreement
in writing signed by both parties prior to the Plan Year to which such
modification or amendment relates. This Agreement is binding upon the heirs,
administrators, executors and assigns of the Participant and the successors and
assigns of the Company. Provided, however, the requirements of this Paragraph
will not affect the Participant's right to amend this Agreement, concerning the
form and time of payment, pursuant to the applicable provisions of the Plan, so
long as such amendment is delivered to the Cashier of the Bank as provided in
Paragraph 1.
10. The Participant will not have any right to assign, pledge,
hypothecate, anticipate or in any way create a lien upon any amounts payable
under the Plan. No amounts payable under the Plan will be subject to assignment
or transfer or otherwise be alienable, either by voluntary or involuntary act or
by operation of law, or subject to attachment, execution, garnishment,
sequestration or other seizure under legal, equitable or other process, or be
liable in any way for the debts or defaults of the Participant and his or her
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beneficiaries. No loan will be made by the Company to the Participant of any
amounts payable to him or her under the Plan.
11. The Participant acknowledges that he or she has read and received a
copy of the Plan.
12. Elections under ▇▇▇▇▇▇▇▇▇▇ ▇, ▇, ▇ ▇▇▇ ▇ ▇▇▇▇▇ ▇▇ effective for the
Plan Year with respect to which the Agreement is executed and for all
Compensation deferred, and earnings thereon, in prior years of participation in
the Plan, subject to the restrictions of the Plan. For such purpose, such
election will constitute an amendment of all prior elections.
IN WITNESS WHEREOF, the parties hereunto have executed this Agreement
on the day and year first above written.
PARTICIPANT
___________________________________________
MONROE BANCORP
By:
____________________________________
Title:
____________________________________
