THIRD AMENDMENT TO THE TWO RIVER COMMUNITY BANK SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT DATED JANUARY 1, 2005 FOR WILLIAM D. MOSS
Exhibit 10.3
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TWO RIVER COMMUNITY BANK
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THIRD AMENDMENT
TO THE
TWO RIVER COMMUNITY BANK
DATED JANUARY 1, 2005
FOR
XXXXXXX X. XXXX
THIS THIRD AMENDMENT is adopted on and as of this 19th day of January, 2012 by and between Two River Community Bank (the “Bank”), a New Jersey chartered bank the principal address of which is 0000 Xxxxxxx 00 Xxxxx, 00000 Xxxxxxxxxx, Xxx Xxxxxx, and Xxxxxxx X. Xxxx (the “Executive”).
The undersigned, in consideration of their respective promises and undertakings, which are acknowledged to be adequate, hereby amend the Two River Community Bank Supplemental Executive Retirement Agreement as follows:
Section 2.1.1 is amended by deleting “Fifty Thousand Dollars ($50,000)” and inserting in its stead “One Hundred Thousand Dollars ($100,000)”.
Schedule A shall be deleted in its entirety and replaced by the Schedule A attached hereto.
IN WITNESS WHEREOF, the Bank and the Executive, intending to be legally bound, hereby execute and deliver this Third Amendment.
| EXECUTIVE: | TWO RIVER COMMUNITY BANK | |||
| /s/ Xxxxxxx X. Xxxx | By /s/ Xxxxxx Xxxxxxx | |||
| Xxxxxxx X. Xxxx | Xxxxxx Xxxxxxx | |||
| Title Vice President H.R. Manager |
1
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Supplemental Executive Retirement Plan
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Plan Year Reporting
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Schedule A
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Xxxxxxx Xxxx
Birth Date: 5/2/1957
Normal Retirement: 5/2/2022, Age 65
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Early Termination
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Disability
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Change in Control
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Pre-retire.
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||||||
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Death Benefit
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|||||||||
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Annual Benefit2
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Annual Benefit2
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Annual Benefit2
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|||||||
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Amount Payable at
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Amount Payable at
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Amount Payable at
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Lump Sum
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||||||
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Separation from Service
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Normal Retirement Age
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Separation from Service
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Benefit
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||||||
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Based On
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Based On
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Based On
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Based On
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||||||
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Values
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Age
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Account Value
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Account Value
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Account Value
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Account Value
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||||
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(1)
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(2)
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(3)
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(4)
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(5)
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|||||
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Nov 2011 1
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54
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13,504
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26,816
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66,028
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635,073
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||||
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Dec 2011
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54
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14,457
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28,401
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66,461
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639,238
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Dec 2012
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55
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20,396
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37,554
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69,120
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664,807
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||||
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Dec 2013
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56
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26,734
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46,133
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71,885
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691,400
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||||
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Dec 2014
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57
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33,496
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54,174
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74,760
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719,056
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||||
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Dec 2015
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58
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40,710
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61,710
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77,750
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747,818
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||||
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Dec 2016
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59
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48,408
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68,772
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80,860
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777,731
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||||
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Dec 2017
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60
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56,622
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75,392
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84,095
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808,840
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||||
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Dec 2018
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61
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65,385
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81,596
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87,459
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841,193
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||||
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Dec 2019
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62
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74,736
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87,410
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90,957
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874,841
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||||
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Dec 2020
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63
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84,712
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92,860
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94,595
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909,835
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Dec 2021
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64
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95,357
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97,968
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98,379
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946,228
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May 2022
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65
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100,000
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100,000
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100,000
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961,819
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1 The first line reflects just the initial values as of November 1, 2011.
2 The annual benefit amount will be distributed in 12 equal monthly payments for a total of 180 monthly payments.
* IF THERE ISA CONFLICT IN ANY TERMS OR PROVISIONS BETWEEN THIS SCHEDULE A AND THE AGREEMENT, THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL BENFIT AMOUNT BASED ON THE DATE OF THE EVENT.
