Document:

exv10w12

 

Exhibit 10.12

Summary of Compensation for Named Executive Officers

Set forth below is a summary of the compensation provided by ZipRealty, Inc. (the “Company”) to its
named executive officers. This compensation is reviewed and determined at least annually by the
Compensation Committee of the Company’s Board of Directors and is subject to its continued
discretion. All of the Company’s named executive officers are at-will employees whose employment
status may be changed at any time in the discretion of the Company’s Board of Directors or Chief
Executive Officer, as applicable.

In order to meet the Company’s compensation objectives for its named executive officers, the
Compensation Committee awards three types of annual compensation: base salaries, incentive bonuses
and equity grants.

Base Salaries. Effective April 1, 2005, the named executive officers are scheduled to receive the
following annual base salaries in their current positions:

	 	 	 	 	 
	 	 	Annual Base	 
	Name and Principal Position	 	Salary ($)	 
	Eric A. Danziger
	 	$	325,000	 
	President and Chief Executive Officer
	 	 	 	 
	Gary M. Beasley
	 	 	225,000	 
	Executive Vice President and Chief Financial
Officer
	 	 	 	 
	William Scott Kucirek
	 	 	175,000	 
	Executive Vice President of New Market
Development
	 	 	 	 
	William C. Sinclair
	 	 	175,000	 
	Senior Vice President of Sales and Operations
	 	 	 	 
	Joseph Patrick Lashinsky
	 	 	175,000	 
	Vice President of Marketing and Business
Development
	 	 	 	 

The Compensation Committee determined these salaries after considering the Company’s ability to
attract and retain qualified individuals, certain salary comparables for the market, and the
Company’s desire to gradually adjust certain salaries to reflect market salaries and the skills of
the named executive officers.

Incentive Bonuses. The Compensation Committee granted incentive bonuses for the named executive
officers during fiscal year 2004. Those bonuses were not made under a plan but, rather, were
determined by the Compensation Committee in its discretion in light of the Company’s financial and
operating performance during the year, the efforts of

 

 

the named executive officers in completing the Company’s initial public offering, and the fact that
the proposed bonuses were required to be proportionately reduced if profits for fiscal year 2004
did not equal or exceed certain profit targets. The Compensation Committee is currently considering
the adoption of a bonus plan for the named executive officers for fiscal year 2005 based on the
achievement of certain objectives.

Equity Grants. The named executive officers received equity grants during fiscal year 2004 under
the Company’s 1999 Stock Option Plan and 2004 Equity Incentive Plan. Those grants were determined
based upon the Company’s financial success and the desire to align the interests of the named
executive officers and the Company’s stockholders in the creation of long-term value for the
Company’s stock. The Compensation Committee may grant equity to the named executive officers during
fiscal year 2005 after considering such matters as it deems appropriate. With respect to future
option grants, given the upcoming requirements concerning the expensing of stock options, the
Compensation Committee is considering alternative forms of compensation.

2004 Compensation. Base salaries, incentive bonuses and equity grants provided to the Company’s
named executive officers for fiscal year 2004 are included in the Company’s Proxy Statement for its
2005 Annual Meeting of Stockholders under the caption, “Executive compensation,” which has been
incorporated by reference into Item 11 of the Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2004.<PAGE>

                                  EXHIBIT 10.15

                               EVANS NATIONAL BANK
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

ARTICLE 1 PARTICIPATION AGREEMENT

      I, _____________, acknowledge my selection as a Participant in the Evans
      National Bank Supplemental Executive Retirement Plan in accordance with
      Section 2.1 of the Plan. Additionally, I acknowledge that I have read the
      Plan document and agree to be bound by its terms.

Executed this __ day of ___________,____.

_________________________________________
Participant

_________________________________________
Witness

Accepted by Evans National Bank

By: _____________________________________

                                       85<PAGE>

                                  EXHIBIT 10.16

                     OFFICERS' AND DIRECTORS' DEFERRAL PLAN
                    DEFFERRAL AND DISTRIBUTION ELECTION FORM

NAME OF PLAN: Evans National Bank Deferred Compensation Plan for Officers and
Directors

Please complete the following accurately and with a BALLPOINT PEN; PRINT
CLEARLY. The information you provide should be current as of the date the form
is completed. All participants who have fulfilled the eligibility requirements
to participate in the plan must complete all sections of the form.

SECTION I. - GENERAL INFORMATION (Please complete and review and correct any
information as needed.)

<TABLE>
<S>                            <C>                           <C>                        <C>
___________________________    __________________________    _______________________    ______________________
Last Name                      First Name                    Middle Initial             Sex (M or F)
___________________________    __________________________    _______________________    ______________________
Social Security Number         Date of Birth                 Employee #                 Date of Hire
                               (mmddyy)                      (If applicable)            (mmddyy)
___________________________    __________________________
Home Phone                     Work Phone
______________________________________________________________________________________________________________
Street Address

______________________________________________________________________________________________________________
Mailing Address

_________________________________________________________    _______________________    ______________________
City                                                         State                      Zip
</TABLE>

SECTION II. - DEFERRAL ELECTION (Check Yes & fill in % or check No.)

_____ YES, I want to make a pre-tax deferral contribution to the Plan. I
      authorize the Bank to deduct the following percentage (no more than 100%)
      of my compensation from each paycheck and to credit that amount to pre-tax
      deferral portion of my Account.

      ______ Fee/Salary (if applicable)

      ______ Bonus (if applicable)

      ______ Other

______ NO, I do not wish to contribute to the Plan at this time.

                                       86

<PAGE>

SECTION III. - DISTRIBUTION ELECTION

I hereby designate a one time election to have any distribution of the balance
in my Deferred Compensation Account paid to me in installments as designated
below:

      ______ One lump sum;

      ______ Five (5) annual installments and with the amount of each
             installment determined as of each installment date by dividing the
             entire amount in my Deferred Compensation Account by the number of
             installments then remaining to be paid, with the final installment
             to be the entire remaining balance in the Deferred Compensation
             Account;

      ______ Ten (10) annual installments with the amount of each installment
             determined as of each installment date by dividing the entire
             amount in my Deferred Compensation Account by the number of
             installments then remaining to be paid, with the final installment
             to be the entire remaining balance in the Deferred Compensation
             Account; or;

      ______ Fifteen (15) annual installments with the amount of each
             installment determined as of each installment date by dividing the
             entire amount in my Deferred Compensation Account by the number of
             installments then remaining to be paid, with the final installment
             to be the entire remaining balance in the Deferred Compensation
             Account.

If a distribution election is not made herein, then the benefit shall be paid in
ten (10) annual installments as set forth herein.

SECTION IV. - AUTHORIZATION

I authorize the Bank to effect the elections specified on this Deferral,
Investment, and Distribution Election form. Any modification or revocation of
this Distribution Election as elected by the participant in the signed written
statement must be in writing, at least twelve (12) months prior to the date of
the first scheduled payment and shall not be effective earlier than twelve (12)
months after the modification is made. Additionally, such modification shall
extend the deferral period for a period of at least five (5) additional years
from the date the distribution was scheduled to begin. I understand that my
elections will remain in effect until I submit a change according to the
provisions of the Plan. Any modification to accelerate the distribution is
prohibited.

___________________________________________         _________________
Participant                                         Date

                                       87<PAGE>

                                  EXHIBIT 10.17

                         SPLIT DOLLAR POLICY ENDORSEMENT

Insured:

New York Life Policy No.

Mass Mutual Policy No.

Southland Policy No.

Supplementing and amending the application of Evans National Bank to New York
Life, Mass Mutual and Southland Life ("Insurer" or "Insurers"), the applicant
requests and directs that:

                                  BENEFICIARIES

      1.    Subject to the Evans National Bank Executive Life Insurance Plan
            (the "Plan"), the terms and conditions of which are incorporated by
            reference herein, the beneficiary designated by the Insured, or
            his/her transferee, shall be the beneficiary of the "Participant's
            interest" determined in accordance with Section 3.1 of the Plan.

      2.    The beneficiary of any remaining death proceeds shall be ENB
            Employers Insurance Trust, or any successor thereto.

                                    OWNERSHIP

      3.    The Ownership of the policy shall be ENB Employers Insurance Trust.
            The Owner shall have all ownership rights in the Policy except as
            may be specifically granted to the Insured or his/her transferee in
            paragraph (4) of this endorsement.

      4.    The Insured or his/her transferee shall have the right to assign all
            rights and interest in the policy with respect to that portion of
            the death proceeds designated in paragraph (1) of this endorsement,
            and to exercise all settlement options with respect to such death
            proceeds.

               MODIFICATION OF ASSIGNMENT PROVISIONS OF THE POLICY

Upon the death of the Insured, the interest of any collateral assignee of the
Owner of the policy designated in paragraph (3) above shall be limited to the
portion of the proceeds described in paragraph (2) above.

                                OWNERS AUTHORITY

The Insurer is hereby authorized to recognize the Owner's claim to rights
hereunder without investigating the reason for any action taken by the Owner,
including its statement of the amount of premiums it has paid on the policy. The
signature of the Owner shall be sufficient for the exercise of any rights under
this Endorsement and the receipt of the Owner for any sums received by it shall
be a

                                       88

<PAGE>

full discharge and release to the Insurer. Any transferee's rights shall be
subject to this Endorsement.

Signed at Angola, New York, this ______ day of _______________, 200.

EVANS NATIONAL BANK

By _________________________

Its ________________________

Acceptance and Beneficiary Designation

The Insured accepts and agrees to the foregoing and, subject to the rights of
the Owner as stated above, designates ____________________ as direct beneficiary
and

___________________________________ as contingent beneficiary of the portion of
the proceeds described in paragraph (1) above.

Signed at Angola, New York, this ____________day of ________________, 200  .

_______________________________
Insured

                                       89

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