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Document Preview Deferred Compensation Plan |
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Title: |
Deferred Compensation Plan |
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Entities: |
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Date: |
2006 |
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Size: |
Preview shows 7KB of 34KB total |
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Price: |
$41 |
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ID: |
#1444432 |
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PEOPLES STATE BANK
DEFERRED COMPENSATION PLAN
<PAGE>
.
.
.
TABLE OF CONTENTS
<TABLE>
<S> <C>
ARTICLE I. DEFINITIONS.................................................... 1
ARTICLE II. ADMINISTRATION................................................ 2
2.01. Administration of the Plan....................................... 2
2.02. Claims Procedure................................................. 2
ARTICLE III. PARTICIPATION................................................ 3
3.01. Eligibility to Participate....................................... 3
3.02. Modification of Participation.................................... 3
3.03. Termination of Participation..................................... 4
ARTICLE IV. DEFERRED COMPENSATION......................................... 4
4.01. Deferral of Bonuses by Officers.................................. 4
4.02. Deferral of Fees by Directors.................................... 4
ARTICLE V. ACCOUNTS AND INVESTMENTS....................................... 4
5.01. Establishment of Accounts........................................ 4
5.02. Allocation of Interest to Accounts............................... 4
5.03. Vesting of Accounts.............................................. 4
5.04. Statement of Accounts............................................ 5
ARTICLE VI. BENEFITS...................................................... 5
6.01. Benefit upon Officer's Normal Retirement, Disability and
Termination of Employment or Director's Cessation of Service as a
Director......................................................... 5
6.02. Method of Payment of Benefits.................................... 5
6.03. Death............................................................ 5
6.04. Commencement of Payments......................................... 5
7.01. Amendment by Board............................................... 6
7.02. Board's Right to Terminate....................................... 6
</TABLE>
<PAGE>
<TABLE>
<S> <C>
7.03. Change in Control................................................ 6
7.04. ERISA Compliance................................................. 7
ARTICLE VIII. MISCELLANEOUS............................................... 7
8.01. Unfunded Plan.................................................... 7
</TABLE>
<PAGE>
PEOPLES STATE BANK
DEFERRED COMPENSATION PLAN
WHEREAS, Peoples State Bank, a Michigan corporation (hereinafter referred
to as the "Bank"), established the Peoples State Bank Deferred Compensation Plan
(hereinafter referred to as the "Plan") for certain Officers and Directors of
the Bank, effective as of July 1, 1995.
WHEREAS, the Bank desires to amend and restate the Plan, effective as of
January 1, 1997.
NOW, THEREFORE, the Bank hereby amends and restates the Plan in its
entirety, effective as of January 1, 1997.
PURPOSE
The purpose of this Plan is to provide a means by which certain Officers
and Directors of the Bank may elect to defer the receipt of certain
compensation.
ARTICLE I. DEFINITIONS
1.01. "Beneficiary" means the individual, trust or estate designated by the
Participant to receive the Participant's benefits after his death on a
Designation of Beneficiary form prescribed by the Committee and filed with the
Bank before the Participant's death. A Participant may revoke, amend or alter
such Beneficiary designation at any time. In the absence of an effective
designation of Beneficiary, or if the Beneficiary does not survive the
Participant, the Participant's benefits shall be paid to the individual in (or
paid in equal shares by right of representation to the individuals in) the first
of the following classes of successive preference Beneficiaries in which there
shall be an individual surviving such Participant: (a) his spouse,(b) his issue;
(c) his parents; or (d) his brothers and sisters and issue thereof. If no such
Beneficiary survives the Participant, the Participant's benefits shall be paid
to the Participant's estate.
1.02. "Bank" means Peoples State Bank, a Michigan corporation, and any
successor, and any organization into which or with which the Bank may merge or
consolidate or to which all or substantially all of the Bank's assets may be
transferred.
1.03. "Board of Directors" or "Board" means the board of directors of
Peoples State Bank.
1.04. "Change in Control" means the time any person or entity acquires 50%
or more of the Bank's outstanding voting stock.
1.05. "Committee" means the Compensation and Benefits Committee appointed
by the Board of Directors to administer the Plan, or any successor thereto.
1.06. "Deferred Benefit" means the benefit payable to, or on behalf of, a
Participant upon his retirement, death, disability, or termination of employment
from the Bank or upon the cessation of service as a Director of the Bank, as
calculated under Article VII hereof.
1
<PAGE>
1.07. "Deferred Benefit Account" means the account or accounts maintained
on the books of the Bank for each Participant pursuant to Article VI. A
Participant's Deferred Benefit Account shall be utilized solely as a device for
the measurement and determination of the amounts to be paid to the Participant
shall not constitute or be treated as a trust fund of any kind.
1.08. "Director" means a director on the Board of Directors of Peoples
State Bank.
1.09. "Disability" or "Disabled Participant" means a physical or mental
condition of a Participant resulting in his failure to perform the normal duties
of his employment for a consecutive period of 90 days as determined by the
Committee in its sole discretion.
1.10. "Effective Date" means July 1, 1995.
1.11. "Normal Retirement Age" means the time at which a Participant attains
age 65.
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