United National Bank & Trust Co. Salary Continuation Agreement with Scott E. Dodds

Contract Categories: Human Resources › Salary Continuation Agreements
Summary

This agreement between United National Bank & Trust Co. and executive Scott E. Dodds outlines a salary continuation plan. It specifies annual accruals, vesting schedules, and benefits payable upon early termination, disability, retirement, or a change in control. The agreement details the amounts Dodds will receive at various ages, with full vesting and benefits beginning at age 55. Payments are structured as either annual benefits or lump sums, depending on the event triggering the payout. The plan is designed to provide post-retirement income security for the executive.

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EX-10.9 7 l90603aex10-9.txt EXHIBIT 10.9 Exhibit 10.9
SCHEDULE A UNITED NATIONAL BANK & TRUST CO. SALARY CONTINUATION AGREEMENT SCOTT E. DODDS ------------------------------------------------------------------------------------------------------------------------------------ EARLY TERMINATION DISABILITY ANNUAL ANNUAL CHANGE-IN- BENEFIT BENEFIT 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 39 $13,179 0% $0 $0 $9,623 $311,080 ------------------------------------------------------------------------------------------------------------------------------------ 2 April 2003 40 $27,381 0% $0 $0 $18,554 $326,280 ------------------------------------------------------------------------------------------------------------------------------------ 3 April 2004 41 $42,686 0% $0 $0 $26,840 $342,222 ------------------------------------------------------------------------------------------------------------------------------------ 4 April 2005 42 $59,179 0% $0 $0 $34,530 $358,943 ------------------------------------------------------------------------------------------------------------------------------------ 5 April 2006 43 $76,952 0% $0 $0 $41,666 $376,482 ------------------------------------------------------------------------------------------------------------------------------------ 6 April 2007 44 $96,105 0% $0 $0 $48,288 $394,877 ------------------------------------------------------------------------------------------------------------------------------------ 7 April 2008 45 $116,745 0% $0 $0 $54,433 $414,171 ------------------------------------------------------------------------------------------------------------------------------------ 8 April 2009 46 $138,987 0% $0 $0 $60,135 $434,408 ------------------------------------------------------------------------------------------------------------------------------------ 9 April 2010 47 $162,956 0% $0 $0 $65,426 $455,634 ------------------------------------------------------------------------------------------------------------------------------------ 10 April 2011 48 $188,786 0% $0 $0 $70,336 $477,897 ------------------------------------------------------------------------------------------------------------------------------------ 11 April 2012 49 $216,621 0% $0 $0 $74,893 $501,248 ------------------------------------------------------------------------------------------------------------------------------------ 12 April 2013 50 $246,616 0% $0 $0 $79,121 $525,739 ------------------------------------------------------------------------------------------------------------------------------------ 13 April 2014 51 $278,941 0% $0 $0 $83,044 $551,427 ------------------------------------------------------------------------------------------------------------------------------------ 14 April 2015 52 $313,775 0% $0 $0 $86,685 $578,371 ------------------------------------------------------------------------------------------------------------------------------------ 15 April 2016 53 $351,313 0% $0 $0 $90,064 $606,631 ------------------------------------------------------------------------------------------------------------------------------------ 16 April 2017 54 $391,765 0% $0 $0 $93,199 $636,271 ------------------------------------------------------------------------------------------------------------------------------------ 17 April 2018 55 $435,358 100%(4) $435,358 $96,108 $96,108 $667,360 ------------------------------------------------------------------------------------------------------------------------------------ 18 April 2019 56 $482,335 100% $482,335 $98,808 $98,808 $699,969 ------------------------------------------------------------------------------------------------------------------------------------ 19 April 2020 57 $532,959 100% $532,959 $101,314 $101,314 $734,170 ------------------------------------------------------------------------------------------------------------------------------------ 20 April 2021 58 $587,513 100% $587,513 $103,638 $103,638 $770,042 ------------------------------------------------------------------------------------------------------------------------------------ 21 April 2022 59 $646,302 100% $646,302 $105,796 $105,796 $807,668 ------------------------------------------------------------------------------------------------------------------------------------ 22 April 2023 60 $709,655 100% $709,655 $107,798 $107,798 $847,131 ------------------------------------------------------------------------------------------------------------------------------------ 23 April 2024 61 $777,927 100% $777,927 $109,655 $109,655 $888,523 ------------------------------------------------------------------------------------------------------------------------------------ 24 April 2025 62 $851,498 100% $851,498 $111,379 $111,379 $931,937 ------------------------------------------------------------------------------------------------------------------------------------ 25 April 2026 63 $930,781 100% $930,781 $112,979 $112,979 $977,473 ------------------------------------------------------------------------------------------------------------------------------------ 26 April 2027 64 $1,016,219 100% $1,016,219 $114,463 $114,463 $1,025,234 ------------------------------------------------------------------------------------------------------------------------------------ 27 April 2028 65 $1,037,534(5) 100% $1,037,534 $114,700 $114,700 $1,037,534 ------------------------------------------------------------------------------------------------------------------------------------
EXECUTIVE'S ACCRUAL VESTED PLAN PLAN YEAR AGE AT PLAN BALANCE @ ACCRUAL YEAR ENDING YEAR END 7.5%(3) BALANCE -------------------------------------------------------------------------------- 28 April 2029 66 $967,451 $967,451 -------------------------------------------------------------------------------- 29 April 2030 67 $923,089 $923,089 -------------------------------------------------------------------------------- 30 April 2031 68 $875,282 $875,282 -------------------------------------------------------------------------------- 31 April 2032 69 $823,765 $823,765 -------------------------------------------------------------------------------- 32 April 2033 70 $768,248 $768,248 -------------------------------------------------------------------------------- 33 April 2034 71 $708,420 $708,420 -------------------------------------------------------------------------------- 34 April 2035 72 $643,949 $643,949 -------------------------------------------------------------------------------- 35 April 2036 73 $574,472 $574,472 -------------------------------------------------------------------------------- 36 April 2037 74 $499,602 $499,602 -------------------------------------------------------------------------------- 37 April 2038 75 $418,919 $418,919 -------------------------------------------------------------------------------- 38 April 2039 76 $331,972 $331,972 -------------------------------------------------------------------------------- 39 April 2040 77 $238,276 $238,276 -------------------------------------------------------------------------------- 40 April 2041 78 $137,306 $137,306 -------------------------------------------------------------------------------- 41 April 2042 79 $28,497 $28,497 -------------------------------------------------------------------------------- 42 April 2043 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) The "Change-in-Control Benefit" is the lump sum value of the Normal Retirement Age Accrual Balance ($1,037,534) discounted to the Plan Year ending immediately before the date on which the Termination of Employment occurs. This illustrative depiction uses the current 10-year Treasury Bill rate (4.78%) as of March 16, 2001. This rate is used for illustrative purposes only. The actual rate will be determined at change in control pursuant to Section 2.4.1 of the Salary Continuation Agreement. (4) Participant becomes 100 percent vested upon reaching age 55 on July 20, 2017. (5) Reflects three (3) months data prior to projected retirement in July 2027.