Salary Continuation Plan Hypothetical Termination Benefits Schedule for William Loving and Pendleton Community Bank, Inc.

Contract Categories: Human Resources › Salary Continuation Agreements
Summary

This document outlines a hypothetical benefits schedule for William Loving under the Salary Continuation Plan with Pendleton Community Bank, Inc. It details the annual benefit amounts payable upon normal retirement at age 65, with payments made monthly over 15 years. The schedule shows how benefits vest over time, increasing each year until full vesting at retirement. The actual benefits will be determined by the terms of the plan agreement and may differ from the amounts shown in this illustration.

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EX-10.4 5 l32032aexv10w4.htm EX-10.4 EX-10.4
Exhibit 10.4
         
 
Salary Continuation Plan
  Plan Year Reporting
Hypothetical Termination Benefits Schedule
William Loving
     
Birth Date: 3/28/1955
  Early Voluntary Termination
Plan Anniversary Date: 1/1/2009
    
Normal Retirement: 3/28/2020, Age 65
  Annual Benefit 2
Normal Retirement Payment: Monthly for 15 years		   Amount Payable at
  Normal Retirement Age
                                 
            Benefit           Based On
Values   Age   Level   Vesting   Benefit
as of   (1)   (2)   (3)   (4)
 
Dec 2008 1
     53       54,663       8.33 %     4,555  
Dec 2009
     54       54,663       16.67 %     9,111  
Dec 2010
     55       54,663       25.00 %     13,666  
Dec 2011
     56       54,663       33.33 %     18,221  
Dec 2012
     57       54,663       41.67 %     22,776  
 
Dec 2013
     58       54,663       50.00 %     27,332  
Dec 2014
     59       54,663       58.33 %     31,887  
Dec 2015
     60       54,663       66.67 %     36,442  
Dec 2016
     61       54,663       75.00 %     40,997  
Dec 2017
     62       54,663       83.33 %     45,552  
 
Dec 2018
     63       54,663       91.67 %     50,108  
Dec 2019
     64       54,663       100.00 %     54,663  
Mar 2020
     65       54,663       100.00 %     54,663  
 
1   The first line reflects 12 months of data, January 2008 to December 2008.
 
2   The annual benefit amount will be paid for 15 years.
 
*   The purpose of this hypothetical illustration is to show the participant’s annual benefit based on various termination assumptions. Actual benefits are based on the terms and provisions of the plan agreement. Consequently, actual benefits may differ from those shown on this Hypothetical Termination Benefits Schedule.
     
Salary Continuation Plan for Pendleton Community Bank, Inc — Franklin, WV   Securities offered through Clark Securities, Inc., DBA CCFS, Inc. in Texas
1002388 46672 364449 v7.09.14.07 02/22/2008:11 SCP—E,F NB   Member FINRA & SIPC, Dallas, TX 75201, (800)  ###-###-####.