Supplemental Executive Retirement Plan Agreement
|
|
|
|
|
Click "Add to Cart" button to purchase document.
Documents are
emailed immediately after purchase.
You can also browse
documents by
title,
category, or
company... or click
here
for help finding documents. |
|
|
|
Title: |
Supplemental Executive Retirement Plan Agreement |
|
Entities: |
Logan County Bancshares Inc |
|
Date: |
2004 |
|
Size: |
17KB total |
|
Price: |
$44 |
|
ID: |
#1255522 |
|
|
|
|
|
|
|
Start of
Preview |
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT
BY AND BETWEEN
LOGAN BANK & TRUST COMPANY AND
EDDIE D. CANTERBURY
LOGAN BANK & TRUST COMPANY (the Company) hereby enters into this Supplemental Executive Retirement Plan Agreement (the Agreement) with EDDIE D. CANTERBURY (the Participant) in accordance with the terms set forth below, effective as of this 28th day of October, 2003.
WHEREAS, the Participant is the President and CEO of the Company; and
WHEREAS, the Participant has provided many years of dedicated service to the Company, which has contributed greatly to the Companys success; and
WHEREAS, the Company is hopeful that the Participant will continue to contribute to the future success of the Company; and
WHEREAS, the company desires to reward the Participant for such past services and to encourage the Participant to continue in his dedicated service for the Company; and
WHEREAS, the Participant desires to receive benefits under this Agreement for his years of dedicated service and continuing responsibilities to the Company;
NOW, THEREFORE, the Company and Participant agree to the following terms of this Agreement;
Section 1. Definitions. Except as otherwise provided herein, the terms with initial capitalization set forth below shall be defined as follows:
(a) Bass Salary. The Participants annual Base Salary, as determined by the Board of Directors of the Company for the year of the Participants Entitlement
Date shall not be less than One Hundred Thirty Thousand Dollars ($130,000.00) or exceed One Hundred Seventy Thousand Dollars ($170,000.00), excluding bonus, any contributions to a qualified or non-qualified retirement plan or health insurance coverage.
(b) Beneficiary. The participants Beneficiary shall be the individual(s) designated by the Participant in writing on the form attached to this Agreement as APPENDIX A and communicated to the Company. If the Participant fails to designate a Beneficiary, the Beneficiary shall be the Participants spouse if then living and if not living, then to the Participants estate,
(c) Change of Control. A Change of Control of the Company shall be deemed to have occurred in the event of a cumulative transfer of more than fifty percent (50%) of the voting stock of the Company from the effective date of the Agreement. For purposes of this Agreement, however, transfers on account of deaths or gifts, transfers between family members or transfers to a qualified retirement plan maintained by the Company shall not be considered in determining whether there has been a Change of Control.
(d) Code. The Internal Revenue Code of 1986, as amended.
(e) Committee. The Board of Directors of the Company, except that the Participant may not be involved in decisions regarding the payment of the Participants own benefit.
(f) Company. LOGAN BANK & TRUST COMPANY and its successors or assigns.
(g) Disability. Disability shall mean the inability of a Participant to engage in the duties of his present employment by reason of any medically determinable physical or mental impairment that can be expected to result in death, or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. The permanence and degree of such impairment shall be
2