Document:

ex-10.20

 

 LOAN AGREEMENT
 February 6, 2018
 

 Hampshire Avenue Sdn Bhd, (the “Lender”) of 156 Jalan Utama, 10450  Georgetown, P. Penang, Malaysia agrees to advance CAD$10,000 (the “Principal Sum”) to VGrab Communications Inc. (the “Borrower”) of 1130 W. Pender Street, Unit 820, Vancouver, BC V6E 4A4. The funds will be advanced on February 6, 2018 (the “Effective date”).
 

 The Borrower agrees to repay the Principal Sum on demand, together with interest calculated and compounded monthly at the rate of 4% per year (the “Interest”) from February 6, 2018. The Borrower is liable for repayment for the Principal Sum and accrued Interest and any costs that the Lender incurs in trying to collect the Principal Sum and the Interest.
 

 The Borrower will evidence the debt and its repayment of the Principal Sum and the Interest with a promissory note in the attached form.
 

 	 	
	 LENDER
	 BORROWER

	 Hampshire Avenue Sdn Bhd
	 VGrab Communications Inc.

	  
	  

	 Per:
	 Per:

	  
	  

	 /s/ Ahmad Mazlanbin Ahmad
	 /s/ Lim Hun Beng

	 Name: Ahmad Mazlanbin Ahmad
	 Name: Lim Hun Beng

	 Position: CEO
	 Position: Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 PROMISSORY NOTE
 

 	 	
	 Principal Amount:  CAD$10,000
	 February 6, 2018

 

 

 FOR VALUE RECEIVED VGrab Communications Inc., (the “Borrower”) promises to pay on demand to the order of Hampshire Avenue Sdn Bhd (the “Lender”) the sum of $10,000 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum from February 6, 2018 (“Effective Date”) both before and after maturity, default and judgment at the Interest Rate as defined below.
 

 For the purposes of this promissory note, Interest Rate means 4 per cent per year.  Interest at the Interest Rate must be calculated and compounded monthly not in advance from and including the Effective Date (for an effective rate of 4.07% per annum calculated monthly), and is payable together with the Principal Sum when the Principal Sum is repaid.
 

 The Borrower may repay the Principal Sum and the Interest in whole or in part at any time.
 

 The Borrower waives presentment, protest, notice of protest and notice of dishonour of this promissory note.
 

 

 BORROWER
 VGrab Communications Inc.
 

 Per:
 

 /s/ Lim Hun Beng
 Name: Lim Hun Beng
 Position: DirectorEX-10.6

 Exhibit 10.6 
 BSB Bancorp, Inc. 
 INCENTIVE COMPENSATION PLAN 

2018 
 Purpose of the Plan

 BSB Bancorp, Inc. (the Company) has adopted this Incentive Compensation Plan (the Plan) for the purpose of supporting the organizational
and financial objectives of the Company as defined in the Company’s Business Plan. This Plan provides incentive compensation (Incentive Awards) to certain named Executive Officers and other key contributing officers (the Participants).
The Plan is designed to ensure that participants do not take on undue risk to achieve payouts. All participants with responsibility for managing risk have goals for risk control and clawback provisions in the Plan. 

The Plan is further intended to attract, motivate, and retain high quality executives and to support continued growth and profitability of the Company.
Participation in the Incentive Plan is dependent upon one’s responsibility within the Company and ability to influence the Company’s strategic outcomes.    Individual incentive payout targets will be shared with each
participant. It is important to note that this Plan is established to reward and recognize participants for meeting set objectives. This Plan is not meant to be a substitute for salary increases. 

Key Terms 
  

	 	•	 	 Incentive Awards 

  

	 	•	 	 Plan year 

  

	 	•	 	 Business Plan 

  

	 	•	 	 Company-Wide Goals 

  

	 	•	 	 Individual Goals 

  

	 	•	 	 Performance Categories 

  

	 	•	 	 Maximum Target 

  

	 	•	 	 Clawback Policy 

Performance Objectives 
  

	 	•	 	 The Business Plan outlines key strategic initiatives approved by the Board of Directors. Each Division Head will review the Business Plan with
Participants within his or her group. Together, they should identify up to six specific and measurable Individual Goals to support the Business Plan. Company-Wide Goals and their weightings must be approved by the Compensation Committee.

  
 1 

 Company-Wide Goals include the Performance Categories: 

 

	 	•	 	 Deposit growth 

  

	 	•	 	 Loan growth 

  

	 	•	 	 Net interest income 

  

	 	•	 	 Fee income 

  

	 	•	 	 Non-interest expense 

 

	 	•	 	 Expense control 

  

	 	•	 	 Credit quality and portfolio management 

 Individual Goals should include up to six of the following: 
  

	 	•	 	 Deposit Growth 

  

	 	•	 	 Loan Growth 

  

	 	•	 	 Expense Control 

  

	 	•	 	 Credit Quality / Portfolio Management 

  

	 	•	 	 Fee Income 

  

	 	•	 	 Net Interest Margin 

  

	 	•	 	 Teamwork 

  

	 	•	 	 Compliance 

  

	 	•	 	 Customer Service – externally and to other colleagues 

 

	 	•	 	 Personal Accomplishments applying to the Guiding Principles 

 

	 	•	 	 Community Involvement 

  

	 	•	 	 Referrals to other business units 

  

	 	•	 	 Personal goals include major projects or initiatives 

 After the year end close, Participants in the Plan will report on the achievement of their Individual Goals. Division Heads will summarize individual achievements and recommend to the Company President
the percentage payout based on the Individual Goals achieved. The Director of Human Resources will calculate the payouts and report to the President for approval of the Compensation Committee. Incentive awards will be calculated on year to date
regular earnings (exclusive of commissions or incentive payments). 
 The Compensation Committee will be responsible for any interpretation of
the Plan relating to the Executive Officers named in the Company’s annual proxy statement (“Named Executive Officers”), including the Company President, and the Compensation Committee’s decision shall be final and binding on all
parties. The Company President will be responsible for any interpretation of the Plan relating to all Participants, other than the Named Executive Officers, and his decision shall be final and binding on all parties. 

At the beginning of each Plan year, but no later than March 15th of the Plan Year, the Compensation Committee will consider changes for the upcoming year and determine the weighting
for each performance metric. 

  
 2 

 The Compensation Committee may consider extraordinary occurrences impacting Bank earnings which may be
excluded when determining the performance against goals to ensure that the best interests of the Company are protected. 
 Incentive Plan
Participants 
 The Compensation Committee shall designate the Participants in the Plan who are Named Executive Officers. The Company
President is authorized to name Participants in the Plan other than the Named Executive Officers. Officers hired prior to the third Quarter (October 1), will be included in the plan. A master list of Participants will be shared with the Company
President, Compensation Committee, and Senior Management. 
 At the Beginning of Plan Year 

 

	 	•	 	 Participants will identify up to six specific and measurable individual goals in support of the Business Plan. 

 

	 	•	 	 The Division Head will review those goals and approve. 

 

	 	•	 	 A copy will be provided to the Participant, the Division Head, and Human Resources for their recordkeeping. 

 

	 	•	 	 The Incentive Plan will be reviewed and approved by the Compensation Committee and recommended to the Board. 

 

	 	•	 	 Plan Participants will be notified of approved Performance Categories and weightings. 

After Close of the Plan Year 
  

	 	•	 	 The Chief Financial Officer will calculate and report the Company financial results for the prior year. 

 

	 	•	 	 The Division Head will receive each Participant’s self-evaluation of their performance to Individual Goals. 

 

	 	•	 	 The Human Resource Director will calculate the Percent Awards for each participant based on the weighting of Company-Wide and Individual Goal
achievement. 

  

	 	•	 	 The results will be recommended to the Compensation Committee for approval by the Board. 

 

	 	•	 	 Payouts will be made in March of the year following the Plan Year. Participants must be employed at the time of payout. 

Definitions 
 Each group of Officers has
a Maximum Target bonus as a percentage of their salaries. The Maximum Target is met when an individual achieves all objectives and exceeds the important objectives. The incentive payout for each officer classification will be weighted to include a
percentage based on Company-Wide Goals and a percentage based on Individual Goals. Company-Wide Goals will be weighted higher than Individual Goals when considering incentive recommendations for Executive Officers. For the President and Executive
Vice Presidents, Company-Wide Goals are weighted at 75%, for Senior Vice Presidents 50%, and for Vice Presidents and other Officers 25%. The Compensation Committee will determine the performance against the Company-Wide Goals. 

  
 3 

 The following table represents the weighting structure. 

 

									
	 Title
	  	Weight attributed to
Company-Wide Goals	 	 	Weight attributed 
to
Individual Goals	 
	 President / CEO and Executive Officers
	  	 	75	% 	 	 	25	% 
	 Senior Vice Presidents
	  	 	50	% 	 	 	50	% 
	 Vice Presidents
	  	 	25	% 	 	 	75	% 
	 Other Officers
	  	 	25	% 	 	 	75	% 
	 Other Colleagues
	  	 	0	 	 	 	100	% 

 Other Considerations 
 It is not possible to consider all issues that will invariably materialize as plans are developed and implemented. Therefore, the Bank President will act on individual cases as issues are identified. The
plan is “discretionary” based on individual performance consistent with the business plan. Participants on final written warning will be disqualified from receiving an incentive payout for the plan year. The Compensation Committee
will also weigh progress on Regulatory matters in determining the performance of management with respect to Company-Wide Goals. 
 Eligible participants are required to return a signed acknowledgement of this policy by March 15 annually. 

Withholding for Taxes 
 The Company shall
deduct from all payments under this Plan any federal or state taxes required by law to be withheld with respect to such payments. This payment is subject to 401k deductions and Company match. No other voluntary deductions will be taken from this
payment. 
 Clawback Policy 

Any bonus or incentive compensation paid or payable under this Plan is subject to the Clawback Policy for Incentive Compensation adopted by BSB Bancorp,
Inc. on December 21, 2016. 

  
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 BSB Bancorp, Inc. 

2018 Incentive Plan Ranges 
  

			
		 	2017 Plan Targets
	President / CEO	 	0 – 50%
	Executive Vice Presidents	 	0 – 40%
	Senior Vice Presidents	 	0 – 30%
	Vice Presidents	 	0 – 25%
	All Other Officers	 	0 – 15%
	All Other Colleagues	 	0 – 6%

  
 5 

 BSB Bancorp, Inc. 

INCENTIVE COMPENSATION PLAN 
 2018 ACKNOWLEDGEMENT 
  

			
	Employee Name	 	  

		 	(Print Name)

 I acknowledge the receipt of the 2018 BSB Bancorp, Inc. Incentive Plan document and I understand it is my
responsibility to read and understand the Plan. 
 The Plan is subject to change annually. 

 

			
	  

	Employee Signature	  	Date

 Return the signed copy to HR by March 15 for recordkeeping. 

  
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