United National Bank & Trust Co. Salary Continuation Agreement Schedule for James J. Pennetti

Contract Categories: Human Resources › Salary Continuation Agreements
Summary

This schedule is part of a Salary Continuation Agreement between United National Bank & Trust Co. and executive James J. Pennetti. It outlines the annual accrual balances, vesting percentages, and projected retirement benefits payable to Mr. Pennetti under various scenarios, including early termination, disability, and change in control. The agreement specifies the amounts and timing of benefits based on years of service and age, with full vesting achieved after 30 years of service. Payments are structured to begin at retirement and continue monthly, with specific lump sum and annual benefit amounts detailed for each year.

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EX-10.7 5 l90603aex10-7.txt EXHIBIT 10.7 Exhibit 10.7 SCHEDULE A UNITED NATIONAL BANK & TRUST CO. SALARY CONTINUATION AGREEMENT JAMES J. PENNETTI
EARLY TERMINATION DISABILITY ANNUAL ANNUAL BENEFIT BENEFIT CHANGE-IN-CONTROL EARLY PAYABLE AT PAYABLE AT BENEFIT EXECUTIVE'S ACCRUAL TERMINATION VESTED NORMAL NORMAL PAYABLE IN A PLAN PLAN YEAR AGE AT PLAN BALANCE @ VESTING ACCRUAL RETIREMENT RETIREMENT LUMP SUM YEAR ENDING YEAR END 7.5% (1) SCHEDULE BALANCE AGE (2) AGE (2) --------------------------------------------------------------------------------------------------------------------------- 1 April 2002 52 $27,486 0% $0 $0 $8,031 $652,190 --------------------------------------------------------------------------------------------------------------------------- 2 April 2003 53 $57,106 100%(3) $57,106 $15,484 $15,484 $652,190 --------------------------------------------------------------------------------------------------------------------------- 3 April 2004 54 $89,025 100% $89,025 $22,400 $22,400 $652,190 --------------------------------------------------------------------------------------------------------------------------- 4 April 2005 55 $123,422 100% $123,422 $28,818 $28,818 $652,190 --------------------------------------------------------------------------------------------------------------------------- 5 April 2006 56 $160,489 100% $160,489 $34,773 $34,773 $652,190 --------------------------------------------------------------------------------------------------------------------------- 6 April 2007 57 $200,435 100% $200,435 $40,299 $40,299 $652,190 --------------------------------------------------------------------------------------------------------------------------- 7 April 2008 58 $243,481 100% $243,481 $45,428 $45,428 $652,190 --------------------------------------------------------------------------------------------------------------------------- 8 April 2009 59 $289,869 100% $289,869 $50,186 $50,186 $652,190 --------------------------------------------------------------------------------------------------------------------------- 9 April 2010 60 $339,858 100% $339,858 $54,602 $54,602 $652,190 --------------------------------------------------------------------------------------------------------------------------- 10 April 2011 61 $393,728 100% $393,728 $58,700 $58,700 $652,190 --------------------------------------------------------------------------------------------------------------------------- 11 April 2012 62 $451,780 100% $451,780 $62,503 $62,503 $652,190 --------------------------------------------------------------------------------------------------------------------------- 12 April 2013 63 $514,339 100% $514,339 $66,032 $66,032 $652,190 --------------------------------------------------------------------------------------------------------------------------- 13 April 2014 64 $581,754 100% $581,754 $69,306 $69,306 $652,190 --------------------------------------------------------------------------------------------------------------------------- 14 April 2015 65 652,190(4) 100% $652,190 $72,100 $72,100 $652,190 --------------------------------------------------------------------------------------------------------------------------- 15 April 2016 66 $627,724 $627,724 --------------------------------------------------------------------------------------------------------------------------- 16 April 2017 67 $601,359 $601,359 --------------------------------------------------------------------------------------------------------------------------- 17 April 2018 68 $572,947 $572,947 --------------------------------------------------------------------------------------------------------------------------- 18 April 2019 69 $542,329 $542,329 --------------------------------------------------------------------------------------------------------------------------- 19 April 2020 70 $509,334 $509,334 --------------------------------------------------------------------------------------------------------------------------- 20 April 2021 71 $473,778 $473,778 --------------------------------------------------------------------------------------------------------------------------- 21 April 2022 72 $435,461 $435,461 --------------------------------------------------------------------------------------------------------------------------- 22 April 2023 73 $394,170 $394,170 --------------------------------------------------------------------------------------------------------------------------- 23 April 2024 74 $349,673 $349,673 --------------------------------------------------------------------------------------------------------------------------- 24 April 2025 75 $301,722 $301,722 --------------------------------------------------------------------------------------------------------------------------- 25 April 2026 76 $250,048 $250,048 ---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------- VESTED PLAN PLAN YEAR EXECUTIVE'S ACCRUAL BALANCE @ ACCRUAL YEAR ENDING AGE AT PLAN YEAR END 7.5% (1) BALANCE ---------------------------------------------------------------------------------------- 26 April 2027 77 $194,363 $194,363 ---------------------------------------------------------------------------------------- 27 April 2028 78 $134,354 $134,354 ---------------------------------------------------------------------------------------- 28 April 2029 79 $69,687 $69,687 ---------------------------------------------------------------------------------------- 29 April 2030 80 $0 $0 ----------------------------------------------------------------------------------------
(1) The Accrual Balance reflects payment at the beginning of each month during retirement. (2)Benefit is based on present value of the current payment stream of the vested accrual balance using a standard discount rate (7.50%). (3)Mr. Pennetti becomes 100% vested in the Early Termination Benefit upon reaching 30 years of service on May 22, 2002. (4)Reflects 12 months data prior to projected retirement in April 2015.