Exhibit 10(xiv)
MONROE BANCORP
EXECUTIVES' 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 Executives' 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 3.2 of the Plan) which he or
she would otherwise receive on account of services rendered to the Company or to
Monroe Bank (the "Bank") as an executive officer:
(a) Base Salary Election
(SELECT ONLY ONE)
_____ Percent (_______%) of my base salary
_____ Dollars ($________) of my base salary
(b) Bonus Election
(SELECT ONLY ONE)
_____ Percent (_______%) of my annual bonus
_____ Dollars ($________) of my annual bonus
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 elections may be amended prospectively by the Participant by delivering a
new Participation Agreement to the Cashier of the Bank. However, a new Base
Salary Election will not be effective unless delivered prior to the commencement
of the Plan Year for which it is to apply. A new Bonus Election will not be
effective unless delivered on or before the June 30th of the Plan Year for which
the Bonus being deferred is payable.
2. All compensation deferred under this Agreement will be distributed
to the Participant (or his or her designated beneficiaries) upon his or her
death or Disability or, if earlier, upon the following date selected by the
Participant:
(SELECT ONLY ONE)
_____ As soon as practicable following the date the
Participant terminates employment with the Company
and Bank.
_____ ______________________ (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.
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).
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_______ Quarterly
_______ Semi-annually
_______ Annually
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 shall 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 shall obligate the Company or the Bank to
retain the Participant in his or her capacity as an executive officer or
employee of the Company or the Bank.
9. This Agreement shall 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,
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administrators, executors and assigns of the Participant and the successors and
assigns of the Company and the Bank. Provided, however, the requirements of this
Paragraph shall 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 shall 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 shall 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
beneficiaries. No loan shall be made by the Company or the Bank 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 Xxxxxxxxxx 0, 0, 0 xxx 0 xxxxx xx 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 shall 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:
____________________________________
