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Exhibit 10(b)
THE BRUNSWICK BANK AND TRUST COMPANY
NON-QUALIFIED DEFERRED COMPENSATION PLAN
ADOPTION AGREEMENT
(1) EMPLOYER INFORMATION
A. The name of the Plan is the Brunswick Bank and Trust Company Non-
Qualified Deferred Compensation Plan
B. The name and address of the employer sponsoring the Plan is:
Brunswick Bancorp and
Brunswick Bank and Trust Company ("The Company")
XX Xxx 00
Xxx Xxxxxxxxx, XX 00000
C. The first day of the twelve month period for which the Company
pays taxes is January 1, 2000
(2) PLAN INFORMATION
A. The effective date of the Plan is January 1, 2000
B. The Plan year ends December 31st
(3) ELIGIBLE EMPLOYEES
Those key employees of the Company selected by the Compensation Committee
of the Board of Directors, specifically, Xxxxx X. Xxxxxx, at the date of
adoption and key employees, if any, subsequently designated.
(4) CONTRIBUTIONS
Discretionary Incentive Contributions
The Company may make Discretionary Incentive Contributions in any amounts
the Company's Compensation Committee of the Board of Directors shall
designate.
The Company currently intends to make Discretionary Incentive
Contributions for Xxxxx X. Xxxxxx as follows:
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Plan Year Ended Amount
--------------- ------
December 31, 2000 $72,000
December 31, 2001 $72,000
December 31, 2002 $72,000
December 31, 2003 $72,000
December 31, 2004 $72,000
These contributions will be subject to the vesting schedule selected as
designated in Section 5 below. Vesting schedules for subsequent Discretionary
Incentive Contributions shall be determined at the time designated by the
Compensation committee of the Board of Directors.
(5) VESTING OF DISCRETIONARY INCENTIVE CONTRIBUTIONS
Date Percentage
---- ----------
December 31, 2000 20%
December 31, 2001 40%
December 31, 2002 60%
December 31, 2003 80%
December 31, 2004 100%
(6) ACCOUNTS
The Trustee can invest each Participant's Account Balance as a separate
account, in which case the Trustee can, but is not required to, take into
consideration the investment preferences of the Participants.
(7) ADMINISTRATION
Plan Administrator
The Plan Administrator is legally responsible for the operation of the
Plan, including:
A. Keeping track of which employees are eligible to participate in
the Plan and the date each employee becomes eligible to
participate.
B. Maintaining Participants' Accounts, including all sub-accounts
required for
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different contribution types and payment elections, and keeping
track of all elections made by Participants under the Plan and any
other relevant information
C. Transmitting important communications to the Participants, and
obtaining relevant information from Participants such as changes
in investment selections
D. Filing important reports required to be submitted to governmental
agencies
The Plan Administrator will be the person or persons identified below:
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Name Xxxxxx Xxxxxxx
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Title Secretary
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Name
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Title
BRUNSWICK BANK AND TRUST COMPANY
By:
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Name and Title Xxxxxxxxx X. Xxxxxxx, Director
Witness:
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