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Document Preview Deferred Compensation Agreement |
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Title: |
Deferred Compensation Agreement |
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Entities: |
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Date: |
2006 |
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Size: |
10KB total |
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Price: |
$31 |
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ID: |
#2547666 |
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DEFERRED COMPENSATION AGREEMENT
This Agreement (Agreement) is entered into as of this ________________ day of _______________, 2006, by and between _________________________________ (the Director) and First Community Corporation (the Company).
Whereas, Director serves as a Director of the Company;
Whereas, the Company wishes to reward Director for exemplary service in the past and continued service in the future; and
Whereas, this Agreement is subject to the terms and conditions of the First Community Corporation 2006 Non-Employee Director Deferred Compensation Plan (the Plan).
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:
Capitalized terms not defined will have the meanings ascribed to them in the Plan.
1. Deferred Compensation. Upon a written election in the form attached hereto delivered to the Company on or before December 31 of any calendar year, Director may elect to defer receipt of all or any part of any Compensation payable in respect of the calendar year following the year in which such election is made, and to have such amounts credited into a deferred compensation account (Account) maintained in the name of Director for bookkeeping purposes only. Deferral elections for a calendar year are irrevocable and expire at the end of each year. Directors initial election is attached hereto.
2. Deemed Investment of Account. The Company will maintain a Deferred Account for the Directors. A number of deferred stock units will be credited to the Directors Account, at the time such compensation would otherwise have been payable absent the election to defer, equal to (i) the otherwise payable amount divided by (ii) the fair market value of a share on the last trading day preceding the credit date. In addition, on each date on which a cash dividend is payable on the shares, the Directors Account shall be credited with a number of deferred stock units equal to (i) the per share cash dividend times the number of deferred stock shares then credited to the account, divided by (ii) the fair market value of a share on the last trading day preceding the dividend payment date.
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