Document:

Ex-10.4

 

Exhibit 10.4

First Commerce Bank

Supplemental Executive Retirement Plan

PARTICIPATION AGREEMENT

     THIS PARTICIPATION AGREEMENT (the “Participation Agreement”) is entered into as of this ___
day of ___, 2005 by and between First Commerce Bank (the “Employer”), and D. Glenn
Hardison, an executive of the Employer (the “Participant”).

RECITALS:

     WHEREAS, the Employer has adopted the (“Plan”) effective as December 15,
2005, and the Administrator has determined that the Participant shall be eligible to
participate in the Plan on the terms and conditions set forth in this Participation Agreement and
the Plan.

     NOW, THEREFORE, in consideration of the foregoing and the agreements and covenants set forth
herein, the parties agree as follows:

     1. Definitions. Except as otherwise provided, or unless the context otherwise
requires, the terms used in this Participation Agreement shall have the same meanings as set forth
in the Plan.

     2. Plan. Plan means the First Commerce Bank Supplemental Executive Retirement Plan,
as the same may be altered or supplemented in any validly executed Participation Agreement.

     3. Incorporation of Plan. The Plan, a copy of which is attached hereto as Exhibit
A, is hereby incorporated into this Participation Agreement as if fully set forth herein, and
the parties hereby agree to be bound by all of the terms and provisions contained in the Plan. The
Participant hereby acknowledges receipt of a copy of the Plan and, subject to the foregoing,
confirms his understanding and acceptance of all of the terms and conditions contained therein.

     4. Effective Date of Participation. The effective date of the Participant’s
participation in the Plan shall be  December15, 2005 (the “Participation Date”).

     5. Normal Retirement Age. The Participant’s Normal Retirement Age for purposes of the
Plan and this Participation Agreement is age sixty-five (65).

     6. Year of Participation. For each full calendar year a Participant participates in
this Plan such Participant shall be credited with one (1) year of participation.

     7. Prohibition Against Funding. Should any investment be acquired in connection with
the liabilities assumed under this Plan and Participation Agreement, it is expressly understood and
agreed that the Participants and Beneficiaries shall not have any right with respect to, or claim
against, such assets nor shall any such purchase be construed to create a trust of any kind or a
fiduciary relationship between the Employer and the Participants, their Beneficiaries, or any other
person. Any such assets shall be and remain a part of the general, unpledged, unrestricted assets
of the Employer, subject to the claims of its general creditors. It is the express intention of
the parties hereto that this arrangement shall be unfunded for tax purposes and for purposes of
Title I of ERISA. The Participant shall be required to look to the provisions of the Plan and to
the Employer itself for enforcement of any and all benefits due under this Participation Agreement,
and, to the

 

 

extent the Participant acquires a right to receive payment under the Plan and this
Participation Agreement, such right shall be no greater than the right of any unsecured general
creditor of the Employer. The Employer shall be designated the owner and beneficiary of any
investment acquired in connection with its obligation under the Plan and this Participation
Agreement.

     8. Provisions Related to SERP Benefit.

	 	(a)	 	SERP Benefit. The SERP Benefit for the Participant
shall be an annual benefit of $30,000 for a period not to exceed
fifteen (15) calendar years.
	 
	 	(b)	 	Vesting. Participant shall vest in their Accrued SERP
Benefit based on the following schedule:

	 	 	 	 	 	 	 	 	 
	Participant’s	 	Percentage (%) vested in
	Years of Participation	 	Participant's Accrued SERP Benefit
	 
	1
	 	 	0	%
	2
	 	 	20	%
	3
	 	 	40	%
	4
	 	 	60	%
	5
	 	 	80	%
	6
	 	 	100	%

	 	(c)	 	Early Retirement. Notwithstanding anything to the
contrary contained herein, in the event Participant elects Early Retirement,
Participant shall be eligible to receive one-hundred percent 100% of their
Accrued SERP Benefit. The aforementioned Early Retirement benefit shall be
payable in a lump sum distribution as soon as administratively feasible
following Participant’s termination. For purposes of this Agreement, “Early
Retirement” shall mean Participant’s termination of employment with the
Employer prior to the Participant’s attainment of sixty-five (65) years of age
and subsequent to the Participant’s attainment of sixty (60) years of age.
	 
	 	 	 	In the event Participant terminates their employment with the Employer prior
to attaining sixty (60) years of age, Participant shall only be entitled to
the vested portion of their Accrued SERP Benefit as provided for in
subsection (b) hereinabove. Such benefit shall be distributed to Participant
in a single lump sum distribution as soon administratively feasible following
Participant’s termination of employment with the Employer.
	 
	 	(d)	 	Change of Control. A Participant shall be one-hundred
percent (100%) vested in their SERP Benefit upon a Change of Control, as
provided for herein. Upon Change of Control, the payment of Participant’s SERP
Benefit determined hereunder, shall not be distributed to Participant or their
Beneficiary until the Participant’s employment with the Employer terminates.
Upon Participant’s termination, such SERP Benefit shall be paid out in a lump
sum distribution to Participant, or their Beneficiary, as soon as
administratively feasible.

 

 

	 	(e)	 	Form of SERP Benefit Payment. The annual SERP Benefit
shall be paid in equal monthly installments as of the first day of each
calendar month for fifteen (15) years following the Participant’s Normal
Retirement. The monthly distributions in any given year in which a SERP
Benefit is distributed, shall be equal to one-twelfth of the above-described
SERP Benefit each year for a total of fifteen (15) years. The above-described
SERP Benefit Payment will be contingent on the participant being a Specified
Employee as defined in Article IV, Section 4.3.
	 
	 	(f)	 	Post Retirement Death Benefit. Participant’s SERP
Benefit shall be payable for fifteen (15) years. In the event that the
Participant dies during the fifteen (15) year SERP Benefit distribution period,
your Beneficiary, as designated pursuant to this Participation Agreement, will
continue to receive the balance of the remaining SERP Benefit distributions, up
to and including, the distribution in year fifteen (15). All SERP Benefit
distributions shall cease after the 180th distribution.
	 
	 	(g)	 	Pre-Retirement Death Benefit Distribution. In the
event of Participant’s death prior to Normal Retirement, such Participant’s
Beneficiary(ies) shall be entitled to a Pre-Retirement Death Benefit equal to
the Accrued SERP Benefit. This Pre-Retirement Death Benefit shall be
distributed to Participant’s Beneficiary(ies): (1) in a lump sum amount as soon
as administratively feasible upon Employer notification; or (2) through monthly
installments equal to one-twelfth of the Normal Retirement SERP Benefit each
year for a total of fifteen (15) years. Such Pre-Retirement Death Benefit
distribution method shall be pursuant to Participant’s Beneficiary(ies)
election. In the event Participant’s Beneficiary(ies) fails to make a timely
distribution election, the automatic form of distribution shall be a lump sum
amount.
	 
	 	(h)	 	Disability. A Participant shall be one-hundred percent
(100%) vested in their Accrued SERP Benefit upon Disability, as provided for
herein. For purposes of this Plan, a Participant shall be considered disabled
if the Participant is, by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected
to last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than 3 months under an accident
and health plan covering employees of the participant’s employer, or as defined
by law.

9. General Provisions

     (a) No Assignment.

	 	 	 	No benefit under the Participation Agreement shall be subject in any manner
to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
or charge, and any such action shall be void for all purposes

 

 

	 	 	 	of the
Participation Agreement. No benefit shall in any manner be subject to the
debts, contracts, liabilities, engagements, or torts of any person, nor shall
it be subject to attachments or other legal process for or against any person,
except to such extent as may be required by law.

     (b) Headings.

	 	 	 	The headings contained in the Participation Agreement are inserted only as a
matter of convenience and for reference and in no way define, limit, enlarge,
or describe the scope or intent of this Plan nor in any way shall they affect
this Participation Agreement or the construction of any provision thereof.

     (c) Terms.

	 	 	 	Capitalized terms shall have meanings as defined herein. Singular nouns
shall be read as plural, masculine pronouns shall be read as feminine, and
vice versa, as appropriate.

     (d) Successors.

	 	 	 	This Participation Agreement shall be binding upon each of the parties and
shall also be binding upon their respective successors the Employer’s
assigns.

     (e) Amendments.

	 	 	 	This Participant Agreement may not be modified or amended except by a duly
executed instrument in writing signed by the Employer and the Participant.

 

 

IN WITNESS WHEREOF, each of the parties has caused this Participation Agreement to be executed as
of the day first above written.

	 	 	 	 	 	 	 	 	 	 	 
	PARTICIPANT:	 	FIRST COMMERCE BANK:
	 
	 	 	 	 	 	 	 	 	 	 
	D. Glenn Hardison	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Signature of Participant	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	ATTESTED:	 	ATTESTED:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:	 	Title:	 	 	 	 	 	 
	 

	 
	 	 	 	 	 	 	 	 

 

 

LIST OF COLLATERAL DOCUMENTS

EXHIBIT A

FIRST COMMERCE BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

EXHIBIT B

FIRST COMMERCE BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

BENEFICIARY DESIGNATION

 

 

EXHIBIT B

FIRST COMMERCE BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

BENEFICIARY DESIGNATION

     In the event of the Participant’s death, any benefits to which the Participant may be entitled
shall be paid to the Beneficiary designated below. This Beneficiary Designation shall be subject
to the terms and conditions set forth in the Plan and shall supersede all prior Beneficiary
Designations made by the Participant. This Beneficiary Designation shall be attached to and become
part of that certain Participation Agreement, dated as of December 15, 2005, between the
Employer and the Participant.

          Primary Beneficiary:                                                                                                   

          Secondary
Beneficiary:                                                   
                                         

     IN WITNESS WHEREOF, the Participant has executed this Beneficiary Designation as of the date
indicated.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 
	 

	 	Signature	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	D. Glenn Hardison	 	 
	 

	 	 	 	 
	 	 	Printed Name of Participant
	 
	 	 	 	 	 	 
	 

	 	Dated:Ex-10.45

 

Exhibit 10.5

First Commerce Bank

Supplemental Executive Retirement Plan

PARTICIPATION AGREEMENT

     THIS PARTICIPATION AGREEMENT (the “Participation Agreement”) is entered into as of this ___
day of                     , 2005 by and between First Commerce Bank (the “Employer”), and William B.
Marsh, an executive of the Employer (the “Participant”).

RECITALS:

     WHEREAS, the Employer has adopted the (“Plan”) effective as December 15,
2005, and the Administrator has determined that the Participant shall be eligible to
participate in the Plan on the terms and conditions set forth in this Participation Agreement and
the Plan.

     NOW, THEREFORE, in consideration of the foregoing and the agreements and covenants set forth
herein, the parties agree as follows:

     1. Definitions. Except as otherwise provided, or unless the context otherwise
requires, the terms used in this Participation Agreement shall have the same meanings as set forth
in the Plan.

     2. Plan. Plan means the First Commerce Bank Supplemental Executive Retirement Plan,
as the same may be altered or supplemented in any validly executed Participation Agreement.

     3. Incorporation of Plan. The Plan, a copy of which is attached hereto as Exhibit
A, is hereby incorporated into this Participation Agreement as if fully set forth herein, and
the parties hereby agree to be bound by all of the terms and provisions contained in the Plan. The
Participant hereby acknowledges receipt of a copy of the Plan and, subject to the foregoing,
confirms his understanding and acceptance of all of the terms and conditions contained therein.

     4. Effective Date of Participation. The effective date of the Participant’s
participation in the Plan shall be December 15, 2005 (the “Participation Date”).

     5. Normal Retirement Age. The Participant’s Normal Retirement Age for purposes of the
Plan and this Participation Agreement is age sixty-five (65).

     6. Year of Participation. For each full calendar year a Participant participates in
this Plan such Participant shall be credited with one (1) year of participation.

     7. Prohibition Against Funding. Should any investment be acquired in connection with
the liabilities assumed under this Plan and Participation Agreement, it is expressly understood and
agreed that the Participants and Beneficiaries shall not have any right with respect to, or claim
against, such assets nor shall any such purchase be construed to create a trust of any kind or a
fiduciary relationship between the Employer and the Participants, their Beneficiaries, or any other
person. Any such assets shall be and remain a part of the general, unpledged, unrestricted assets
of the Employer, subject to the claims of its general creditors. It is the express intention of
the parties hereto that this arrangement shall be unfunded for tax purposes and for

 

 

purposes of Title I of ERISA. The Participant shall be required to look to the provisions of
the Plan and to the Employer itself for enforcement of any and all benefits due under this
Participation Agreement, and, to the extent the Participant acquires a right to receive payment
under the Plan and this Participation Agreement, such right shall be no greater than the right of
any unsecured general creditor of the Employer. The Employer shall be designated the owner and
beneficiary of any investment acquired in connection with its obligation under the Plan and this
Participation Agreement.

	 	8.	 	Provisions Related to SERP Benefit.

	 	(a)	 	SERP Benefit. The SERP Benefit for the Participant
shall be an annual benefit of $50,000 for a period not to exceed
fifteen (15) calendar years.
	 
	 	(b)	 	Vesting. Participant shall vest in their Accrued SERP
Benefit based on the following schedule:

	 	 	 	 	 	 	 
	 	 	Participant’s	 	Percentage (%) vested in
	 	 	Years of Participation	 	Participant's Accrued SERP Benefit
	 
	 
	 	1	 	 	0	%
	 
	 	2	 	 	20	%
	 
	 	3	 	 	40	%
	 
	 	4	 	 	60	%
	 
	 	5	 	 	80	%
	 
	 	6	 	 	100	%

	 	(c)	 	Early Retirement. Notwithstanding anything to the
contrary contained herein, in the event Participant elects Early Retirement,
Participant shall be eligible to receive one-hundred percent 100% of their
Accrued SERP Benefit. The aforementioned Early Retirement benefit shall be
payable in a lump sum distribution as soon as administratively feasible
following Participant’s termination. For purposes of this Agreement, “Early
Retirement” shall mean Participant’s termination of employment with the
Employer prior to the Participant’s attainment of sixty-five (65) years of age
and subsequent to the Participant’s attainment of sixty (60) years of age.
	 
	 	 	 	In the event Participant terminates their employment with the Employer prior
to attaining sixty (60) years of age, Participant shall only be entitled to
the vested portion of their Accrued SERP Benefit as provided for in
subsection (b) hereinabove. Such benefit shall be distributed to Participant
in a single lump sum distribution as soon administratively feasible following
Participant’s termination of employment with the Employer.
	 
	 	(d)	 	Change of Control. A Participant shall be one-hundred
percent (100%) vested in their SERP Benefit upon a Change of Control, as
provided for herein. Upon Change of Control, the payment of Participant’s SERP
Benefit determined hereunder, shall not be distributed to Participant or their
Beneficiary until the Participant’s employment with the Employer terminates.
Upon Participant’s termination, such SERP Benefit shall be

 

 

	 	 	 	paid out in a lump sum distribution to Participant, or their Beneficiary, as
soon as administratively feasible.
	 
	 	(e)	 	Form of SERP Benefit Payment. The annual SERP Benefit
shall be paid in equal monthly installments as of the first day of each
calendar month for fifteen (15) years following the Participant’s Normal
Retirement. The monthly distributions in any given year in which a SERP
Benefit is distributed, shall be equal to one-twelfth of the above-described
SERP Benefit each year for a total of fifteen (15) years. The above-described
SERP Benefit Payment will be contingent on the participant being a Specified
Employee as defined in Article IV, Section 4.3.
	 
	 	(f)	 	Post Retirement Death Benefit. Participant’s SERP
Benefit shall be payable for fifteen (15) years. In the event that the
Participant dies during the fifteen (15) year SERP Benefit distribution period,
your Beneficiary, as designated pursuant to this Participation Agreement, will
continue to receive the balance of the remaining SERP Benefit distributions, up
to and including, the distribution in year fifteen (15). All SERP Benefit
distributions shall cease after the 180th distribution.
	 
	 	(g)	 	Pre-Retirement Death Benefit Distribution. In the
event of Participant’s death prior to Normal Retirement, such Participant’s
Beneficiary(ies) shall be entitled to a Pre-Retirement Death Benefit equal to
the Accrued SERP Benefit. This Pre-Retirement Death Benefit shall be
distributed to Participant’s Beneficiary(ies): (1) in a lump sum amount as soon
as administratively feasible upon Employer notification; or (2) through monthly
installments equal to one-twelfth of the Normal Retirement SERP Benefit each
year for a total of fifteen (15) years. Such Pre-Retirement Death Benefit
distribution method shall be pursuant to Participant’s Beneficiary(ies)
election. In the event Participant’s Beneficiary(ies) fails to make a timely
distribution election, the automatic form of distribution shall be a lump sum
amount.
	 
	 	(h)	 	Disability. A Participant shall be one-hundred percent
(100%) vested in their Accrued SERP Benefit upon Disability, as provided for
herein. For purposes of this Plan, a Participant shall be considered disabled
if the Participant is, by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected
to last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than 3 months under an accident
and health plan covering employees of the participant’s employer, or as defined
by law.

	 	9.	 	General Provisions

	 	(a)	 	No Assignment.

 

 

	 	 	 	No benefit under the Participation Agreement shall be subject in any manner
to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, or charge, and any such action shall be void for all purposes of
the Participation Agreement. No benefit shall in any manner be subject to
the debts, contracts, liabilities, engagements, or torts of any person, nor
shall it be subject to attachments or other legal process for or against any
person, except to such extent as may be required by law.
	 
	 	(b)	 	Headings.
	 
	 	 	 	The headings contained in the Participation Agreement are inserted only as a
matter of convenience and for reference and in no way define, limit, enlarge,
or describe the scope or intent of this Plan nor in any way shall they affect
this Participation Agreement or the construction of any provision thereof.
	 
	 	(c)	 	Terms.
	 
	 	 	 	Capitalized terms shall have meanings as defined herein. Singular nouns
shall be read as plural, masculine pronouns shall be read as feminine, and
vice versa, as appropriate.
	 
	 	(d)	 	Successors.
	 
	 	 	 	This Participation Agreement shall be binding upon each of the parties and
shall also be binding upon their respective successors the Employer’s
assigns.
	 
	 	(e)	 	Amendments.
	 
	 	 	 	This Participant Agreement may not be modified or amended except by a duly
executed instrument in writing signed by the Employer and the Participant.

 

 

IN WITNESS WHEREOF, each of the parties has caused this Participation Agreement to be executed as
of the day first above written.

	 	 	 	 	 	 	 	 	 	 	 
	PARTICIPANT:	 	FIRST COMMERCE BANK:
	 
	 	 	 	 	 	 	 	 	 	 
	William B. Marsh

	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Signature of Participant	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	ATTESTED:	 	ATTESTED:
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	 	 	 	 	Title:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

 

 

LIST OF COLLATERAL DOCUMENTS

EXHIBIT A

FIRST COMMERCE BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

EXHIBIT B

FIRST COMMERCE BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

BENEFICIARY DESIGNATION

 

 

EXHIBIT B

FIRST COMMERCE BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

BENEFICIARY DESIGNATION

     In the event of the Participant’s death, any benefits to which the Participant may be entitled
shall be paid to the Beneficiary designated below. This Beneficiary Designation shall be subject
to the terms and conditions set forth in the Plan and shall supersede all prior Beneficiary
Designations made by the Participant. This Beneficiary Designation shall be attached to and become
part of that certain Participation Agreement, dated as of December 15, 2005, between the
Employer and the Participant.

	 	 	 	 	 	 	 
	 

	 	Primary Beneficiary:

	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Secondary Beneficiary:

	 	 
	 

	 	 	 	 	 	 

     IN WITNESS WHEREOF, the Participant has executed this Beneficiary Designation as of the date
indicated.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Signature	 	 
	 
	 	 	 	 	 	 
	 	 	William B. Marsh	 	 
	 	 	 	 	 
	 	 	Printed Name of Participant	 	 
	 
	 	 	 	 	 	 
	 

	 	Dated:

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