ex10_3.htm


  
Exhibit 10.3


 





	
TWO RIVER COMMUNITY BANK



Supplemental Executive Retirement Agreements









 




 THIRD AMENDMENT


TO THE


TWO RIVER COMMUNITY BANK


SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT


DATED JANUARY 1, 2005


FOR


WILLIAM D. MOSS







THIS THIRD AMENDMENT is adopted on and as of this 19th day of January, 2012 by and between Two River Community Bank (the “Bank”), a New Jersey chartered bank the principal address of which is 1250 Highway 35 South, 07748 Middletown, New Jersey, and William D. Moss (the “Executive”).   







The undersigned, in consideration of their respective promises and undertakings, which are acknowledged to be adequate, hereby amend the Two River Community Bank Supplemental Executive Retirement Agreement as follows:


 


Section 2.1.1 is amended by deleting “Fifty Thousand Dollars ($50,000)” and inserting in its stead “One Hundred Thousand Dollars ($100,000)”.







Schedule A shall be deleted in its entirety and replaced by the Schedule A attached hereto.


 


IN WITNESS WHEREOF, the Bank and the Executive, intending to be legally bound, hereby execute and deliver this Third Amendment.

  




	EXECUTIVE:	 	 	TWO RIVER COMMUNITY BANK	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ William D. Moss	 	 	By /s/ Nicole Nielsen	 
	 	 	 	 	 
	William D. Moss	 	 	Nicole Nielsen	 
	 	 	 	Title Vice President H.R. Manager	 









 


 


 




1





  











  




 




	  	
Supplemental Executive Retirement Plan

	
Plan Year Reporting


	  	
Schedule A

	  







 





William Moss


 


Birth Date: 5/2/1957


Normal Retirement: 5/2/2022, Age 65





	  	  	
Early Termination

	
Disability

	
Change in Control

	
Pre-retire.


	  	  	  	  	  	
Death Benefit


	  	  	
Annual Benefit2

	
Annual Benefit2

	
Annual Benefit2

	  
	  	  	
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

	
Account Value

	
Account Value

	
Account Value

	
Account Value


	  	
(1)

	
(2)

	
(3)

	
(4)

	
(5)


	
Nov 2011 1

	
54

	
13,504

	 	
26,816

	 	
66,028

	 	
635,073

	 
	
Dec 2011

	
54

	
14,457

	 	
28,401

	 	
66,461

	 	
639,238

	 
	
Dec 2012

	
55

	
20,396

	 	
37,554

	 	
69,120

	 	
664,807

	 
	
Dec 2013

	
56

	
26,734

	 	
46,133

	 	
71,885

	 	
691,400

	 
	
Dec 2014

	
57

	
33,496

	 	
54,174

	 	
74,760

	 	
719,056

	 
	
Dec 2015

	
58

	
40,710

	 	
61,710

	 	
77,750

	 	
747,818

	 
	
Dec 2016

	
59

	
48,408

	 	
68,772

	 	
80,860

	 	
777,731

	 
	
Dec 2017

	
60

	
56,622

	 	
75,392

	 	
84,095

	 	
808,840

	 
	
Dec 2018

	
61

	
65,385

	 	
81,596

	 	
87,459

	 	
841,193

	 
	
Dec 2019

	
62

	
74,736

	 	
87,410

	 	
90,957

	 	
874,841

	 
	
Dec 2020

	
63

	
84,712

	 	
92,860

	 	
94,595

	 	
909,835

	 
	
Dec 2021

	
64

	
95,357

	 	
97,968

	 	
98,379

	 	
946,228

	 
	
May 2022

	
65

	
100,000

	 	
100,000

	 	
100,000

	 	
961,819

	 





 


1   The first line reflects just the initial values as of November 1, 2011.


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


*  IF THERE ISA 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 BENFIT AMOUNT BASED ON THE DATE OF THE EVENT.