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.
EX-10.9 7 l90603aex10-9.txt EXHIBIT 10.9 Exhibit 10.9
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.