ex10_17.htm


  
Two River Community Bank


Supplemental Executive Retirement Agreement



Second Amendment







 Exhibit 10.17





 






SECOND AMENDMENT






TO THE


TWO RIVER COMMUNITY BANK


SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT


DATED JANUARY 1, 2005


FOR


ALAN B. TURNER












THIS SECOND AMENDMENT is entered into this 1st day of March, 2010, by and between TWO RIVER COMMUNITY BANK, a state-chartered commercial bank located in Middletown, New Jersey (the “Bank”), and ALAN B. TURNER (the “Executive”).







WHEREAS, the Bank and the Executive executed the Supplemental Executive Retirement Agreement on January 1, 2005 (the “Agreement”);







WHEREAS, the Bank and the Executive amended the Agreement on October 31, 2008;







WHEREAS, Section 8.1 of the Agreement provides that the Agreement may be amended upon mutual consent of the parties thereto; and







WHEREAS, the parties desire to increase the value of the benefits payable to the Executive under the Agreement;







NOW, THEREFORE, it is agreed by and between the Bank and the Executive as follows:












Section 2.1.1 of the Agreement shall be amended and replaced as follows:








	
  

	
2.1.1

	
Amount of Benefit.  The annual benefit under this Section 2.1 is Seventy-One Thousand Dollars ($71,000).

















IN WITNESS WHEREOF, the parties have executed this Second Amendment as of the date indicated above.


 




	EXECUTIVE:	 	BANK:
	 	 	 	 
	 	 	TWO RIVER COMMUNITY BANK
	 	 	 	 
	 	 	 	 
	 	 	By	 
	ALAN B. TURNER	 	Title	
 


	
 

	 	 	
 







 






  





  











  






 




	  	
Schedule A Attached to 2nd Amendment Dated March 1, 2010

	
Plan Year Reporting


	  	
Schedule A

	  





 


Alan B. Turner



	      	
Birth Date: 8/29/1963

	 	
Early Termination

	 	
Disability

	 	
Change in Control

	 	
Pre-retire.


	  	
Normal Retirement: 8/29/2028, Age 65

	 	  	 	  	 	  	 	
Death


	  	  	 	  	 	
Annual Benefit2

	 	
Annual Benefit2

	 	
Annual Benefit2

	 	
Benefit


	  	  	 	  	 	
Amount Payable at

	 	
Amount Payable at

	 	
Amount Payable at

	 	
Lump Sum


	  	  	 	  	 	
Separation from Service

	 	
Normal Retirement Age

	 	
Separation from Service

	 	
Benefit


	  	  	 	  	 	
Based On

	 	
Based On

	 	
Based On

	 	
Based On


	  	
Values

	 	
Age

	 	
Accrual

	 	
Accrual

	 	
Benefit

	 	
Accrual


	  	  	 	
(1)

	 	
(2)

	 	
(3)

	 	
(4)

	 	
(5)


	  	
Mar 20101

	 	
46

	 	
5,605

	 	
18,597

	 	
34,367

	 	
330,548


	  	
Dec 2010

	 	
47

	 	
7,172

	 	
22,542

	 	
35,509

	 	
341,530


	  	
Dec 2011

	 	
48

	 	
9,166

	 	
27,002

	 	
36,929

	 	
355,191


	  	
Dec 2012

	 	
49

	 	
11,294

	 	
31,183

	 	
38,406

	 	
369,399


	  	
Dec 2013

	 	
50

	 	
13,565

	 	
35,102

	 	
39,943

	 	
384,175


	  	
Dec 2014

	 	
51

	 	
15,988

	 	
38,774

	 	
41,540

	 	
399,542


	  	
Dec 2015

	 	
52

	 	
18,573

	 	
42,216

	 	
43,202

	 	
415,524


	  	
Dec 2016

	 	
53

	 	
21,331

	 	
45,442

	 	
44,930

	 	
432,145


	  	
Dec 2017

	 	
54

	 	
24,274

	 	
48,466

	 	
46,727

	 	
449,431


	  	
Dec 2018

	 	
55

	 	
27,414

	 	
51,299

	 	
48,596

	 	
467,408


	  	
Dec 2019

	 	
56

	 	
30,764

	 	
53,955

	 	
50,540

	 	
486,104


	  	
Dec 2020

	 	
57

	 	
34,338

	 	
56,444

	 	
52,562

	 	
505,548


	  	
Dec 2021

	 	
58

	 	
38,152

	 	
58,777

	 	
54,664

	 	
525,770


	  	
Dec 2022

	 	
59

	 	
42,222

	 	
60,963

	 	
56,851

	 	
546,801


	  	
Dec 2023

	 	
60

	 	
46,564

	 	
63,013

	 	
59,125

	 	
568,673


	  	
Dec 2024

	 	
61

	 	
51,196

	 	
64,933

	 	
61,490

	 	
591,420


	  	
Dec 2025

	 	
62

	 	
56,139

	 	
66,733

	 	
63,949

	 	
615,077


	  	
Dec 2026

	 	
63

	 	
61,413

	 	
68,420

	 	
66,507

	 	
639,680


	  	
Dec 2027

	 	
64

	 	
67,041

	 	
70,001

	 	
69,168

	 	
665,267


	  	
Aug 2028

	 	
65

	 	
71,000

	 	
71,000

	 	
71,000

	 	
682,891







 


1   The first line reflects just the initial values as of March 1, 2010.


2   The annual benefit amount will be distributed in 12 equal monthly payments for a total of 180 monthly payments.



* IF THERE IS A CONFLICT IN ANY TERMS OR PROVISIONS BETWEEN THIS SCHEDULE A AND THE AGREEMENT, THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT.