Document:

ex10-17.htm

Exhibit 10.17

 

COLONIAL BANK, FSB

DIRECTOR SUPPLEMENTAL LIFE INSURANCE PLAN

 

THIS PLAN is made and entered into this 15th day of December, 2010, by COLONIAL BANK, FSB, a federally-chartered stock savings bank located in Vineland, New Jersey (the “Bank”) for the benefit of its non-employee directors (“Directors”) who are selected to and who participate in the Plan (“Participant(s)”).  Any reference to the “Company” herein shall mean Colonial Financial Services, Inc., a Maryland corporation that holds the Bank as its wholly-owned subsidiary.

 

INTRODUCTION

 

The Bank wishes to attract and retain highly qualified Directors.  To further this objective, the Bank is willing to divide the death proceeds of certain life insurance policies which are owned by the Bank on the lives of the participating Directors with the designated beneficiary of each insured participating Director.  The Bank will pay the life insurance premiums from its general assets.

 

Article 1

Definitions

 

Whenever used in this Plan, the following terms shall have the meanings specified:

 

1.1           “Change of Control” shall mean, with respect to the Company or the Bank, a change in control of a nature that: (i) would be required to be reported in response to Item 5.01 of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) without limitation such a Change in Control shall be deemed to have occurred at such time as (a) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of Company’s outstanding securities, except for any securities purchased by the Bank’s employee stock ownership plan or trust; or (b) individuals who constitute the Board on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the Company’s stockholders was approved by the same Nominating Committee serving under an Incumbent Board, shall be, for purposes of this clause (b), considered as though he were a member of the Incumbent Board; or (c) a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the Company or similar transaction in which the Bank or Company is not the surviving institution occurs or is effected; or (d)  a tender offer is made for 25% or more of the voting securities of the Company and the shareholders owning beneficially or of record 25% or more of the outstanding securities of the Company have tendered or offered to sell their shares pursuant to such tender offer and such tendered shares have been accepted by the tender offeror.

 

  

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1.2           “Compensation Committee” means either the Compensation Committee designated from time to time by the Bank’s Board of Directors or a majority of the Bank’s Board of Directors, either of which shall hereinafter be referred to as the Compensation Committee.

 

1.3           “Director” means a non-employee director of the Bank.

 

1.4           “Insured” means an individual whose life is insured.

 

1.5           “Insurer” means the insurance company issuing the life insurance policy on the life of the Insured.

 

1.6           “Participant” means a Director who is designated by the Compensation Committee as eligible to participate in this Plan and who elects in writing to participate in the Plan using the form attached hereto as Exhibit A, and signs a Split Dollar Endorsement for the Policy in which the Participant is the Insured.

 

1.7           “Policy” or “Policies” means the individual insurance policy or policies adopted by the Compensation Committee for purposes of insuring a Participant’s life under this Plan.

 

1.8           “Plan” means this instrument, including all amendments thereto.

 

1.9           “Termination for Cause” means that the Bank has terminated the Participant’s service or the Director terminates service with the Bank in anticipation of being terminated for, any of the following reasons: personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, or the willful violation of any law, rule, or regulation (other than minor traffic violations or similar offenses) or final cease-and-desist order.

 

Article 2

Participation

 

2.1           Eligibility to Participate.  The non-employee directors of the Bank shall be eligible to participate.

 

2.2           Participation.  An eligible Director may participate in this Plan by executing an Election to Participate and a Split Dollar Endorsement for each Policy or Policies.  The Split Dollar Endorsement shall bind the Participant and his or her beneficiaries, assigns and transferees, to the terms and conditions of this Plan.   A Director’s participation in the Plan is limited to those Policies where he or she is the Insured.

 

2.3           Termination of Participation.  A Participant’s rights under this Plan shall cease and his or her participation in this Plan shall terminate if either of the following events occur: (i) the Participant’s service with the Bank is terminated for reasons other than death or (ii) the plan is terminated per Article 8.  In the event that the Bank decides to maintain the Policy or Policies after the Participant’s Termination of Participation in the Plan, the Bank shall be the direct beneficiary of the entire death proceeds of the Policy or Policies.

 

  

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Article 3

Policy Ownership/Interests

 

3.1           Participant’s Interest.  Unless or until the Participant’s rights under the Plan shall terminate as provided in Section 2.3, with respect to the Policy or Policies, the Participant or the Participant’s assignee shall have the right to designate the beneficiary of the following death benefit amounts:

 

(a)           Death Benefit.  If the Participant was employed by the Bank at the time of death, the death benefit shall be the lesser of: (i) TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000), or (ii) the Net Death Benefit.

 

(b)           Net Death Benefit.  The “Net Death Benefit” shall be the net amount at risk under the Policy or Policies covering the Participant’s life as of the Participant’s date of death. For purposes of this Plan, “net amount at risk” shall mean, as of any date, the difference between the cash surrender value of the Policy and the total proceeds payable under the Policy upon the death of the Insured.

 

3.2           Bank’s Interest. The Bank is the sole owner of the Policies and shall have the right to exercise all incidents of ownership.  The Bank shall be the beneficiary of the Policies to the extent of each Policy’s cash surrender value plus any death benefits remaining after applying those amounts explicitly assigned to the Participant’s beneficiary pursuant to Section 3.1 above.  In addition, the Bank may replace each Policy with a comparable insurance policy to cover the benefit provided under this Plan and the Bank and the Participant shall execute a new Split Dollar Endorsement for each new Policy.  Each new Policy or any comparable policy shall be subject to the claims of the Bank’s creditors.  Any Policies subject to this Plan shall be treated as “bank owned life insurance (“BOLI”) subject to the provisions and limitations set forth in the Interagency Statement on the Purchase and Risk Management of Life Insurance (OCC 2004-56).

 

Article 4

Premiums

 

4.1           Premium Payment.  The Bank shall pay all premiums due on all Policies, so long as the Bank chooses to maintain the Policies in force.

 

4.2           Economic Benefit.  The Bank shall determine the economic benefit attributable to the Participant based on the amount of the current term rate for the Participant’s age multiplied by the aggregate death benefit payable to the Participant’s beneficiary.  The “current term rate” is the minimum amount required to be imputed under Internal Revenue Service Notice 2002-8, or any subsequent applicable authority.

 

4.3           Imputed Income.  The Bank shall impute the economic benefit to the Participant on an annual basis.  Annually, the Insured will recognize a taxable benefit equal to the assumed cost of insurance required by the Internal Revenue Service (“IRS”), as determined from time to time.  The Bank (or its administrator) will timely report to the Insured the amount of such imputed income each year on IRS Form 1099-MISC or its equivalent.

 

  

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Article 5

Assignment

 

Any Participant may assign without consideration all interests in his or her Policy or Policies and in this Plan to any person, entity or trust.  In the event a Participant shall transfer all of his or her interest in a Policy or Policies, then all of that Participant’s interest in his or her Policy or Policies and in the Plan shall be vested in his or her transferee, who shall be substituted as a party hereunder, and that Participant shall have no further interest in his or her Policy or Policies or in the this Plan.

 

Article 6

Insurers

 

Each Insurer shall be bound only by the terms of their corresponding Policy.  Any payments an Insurer makes or actions it takes in accordance with a Policy shall fully discharge it from all claims, suits and demands of all persons relating to that Policy.  The Insurers shall not be bound by the provisions of this Plan.  The Insurers shall have the right to rely on the Bank’s representations with regard to any definitions, interpretations, or Policy interests as specified under this Plan.

 

Article 7

Claims Procedure

 

7.1           Claims Procedure.  Any person or entity (“claimant”) who has not received benefits under the Plan that he or she believes should be paid shall make a claim for such benefits as follows:

 

7.1.1           Initiation – Written Claim.  The claimant initiates a claim by submitting to the Bank’s Human Resource Manager a written claim for the benefits.

 

7.1.2           Timing of Bank Response.  The Bank shall respond to such claimant within 90 days after receiving the claim.  If the Bank determines that special circumstances require additional time for processing the claim, the Bank can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day period, that an additional period is required.  The notice of extension must set forth the special circumstances and the date by which the Bank expects to render its decision.

 

7.1.3           Notice of Decision.  If the Bank denies part or all of the claim, the Bank shall notify the claimant in writing of such denial.  The Bank shall write the notification in a manner calculated to be understood by the claimant.  The notification shall set forth:

 

(a)           The specific reasons for the denial;

 

(b)           A reference to the specific provisions of the Plan on which the denial is based;

 

(c)           A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed;

 

  

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(d)           An explanation of the Plan’s review procedures and the time limits applicable to such procedures; and

 

(e)           A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review.

 

7.2           Review Procedure.  If the Bank denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Bank of the denial, as follows:

 

7.2.1           Initiation – Written Request.  To initiate the review, the claimant, within 60 days after receiving the Bank’s notice of denial, must file with the Bank’s Human Resource Manager a written request for review.

 

7.2.2           Additional Submissions – Information Access.  The claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim.  The Bank shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits.

 

7.2.3           Considerations on Review.  In considering the review, the Bank shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

 

7.2.4           Timing of Bank Response.  The Bank shall respond in writing to such claimant within 60 days after receiving the request for review.  If the Bank determines that special circumstances require additional time for processing the claim, the Bank can extend the response period by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required.  The notice of extension must set forth the special circumstances and the date by which the Bank expects to render its decision.

 

7.2.5           Notice of Decision.  The Bank shall notify the claimant in writing of its decision on review.  The Bank shall write the notification in a manner calculated to be understood by the claimant.  The notification shall set forth:

 

(a)           The specific reasons for the denial;

 

(b)           A reference to the specific provisions of the Plan on which the denial is based;

 

(c)           A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits; and

 

(d)           A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).

 

  

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Article 8

Amendments and Termination

 

8.1           Amendment or Termination of Plan. The Bank may amend or terminate the Plan at any time and may amend or terminate a Participant’s rights under the Plan at any time prior to a Participant’s death by written notice to the Participant.  Additionally, the Bank may sell, surrender, exchange, or transfer the insurance Policy or Policies purchased under this Plan at any time.  If the Bank decides to sell, surrender, transfer, or exchange the Policies while this Agreement is in effect, the Bank will first give the Participant or the Participant’s transferee the option to purchase the Policies for a period of 60 days from written notice of such intention.  The purchase price shall be an amount equal to the cash surrender value of the Policies.

 

8.2           Amendment or Termination of Plan Upon Change of Control.  Notwithstanding the provisions of section 8.1, in the event of a Change of Control occurring prior to the termination of this Plan, the Bank, or its successor, shall maintain in full force and effect each Policy that is in existence on the date the Change of Control occurs and shall not terminate or otherwise abrogate a Participant’s interest in the Policy or Policies, unless the Bank replaces the Policy or Policies with a comparable insurance Policy or Policies to cover the benefit provided under this Plan and the Bank and the Participant shall execute a new Split Dollar Endorsement.  The Policy or any comparable policy shall be subject to the claims of the Bank’s creditors.  This section 8.2 shall apply to all Participants in the Plan on the date the Change of Control occurs, including but not limited to a Participant whose service is terminated as a result of a Change of Control.

 

8.3           Waiver.  A Participant may, in the Participant’s sole and absolute discretion, waive his or her rights under the Plan at any time.  Any waiver permitted under this section 8.3 shall be in writing and delivered to the Board of Directors of the Bank.

 

Article 9

Miscellaneous

 

9.1           Binding Effect.  This Plan, in conjunction with each Split Dollar Endorsement, shall bind each Participant and the Bank, their beneficiaries, survivors, executors, administrators and transferees and any Policy beneficiary.

 

9.2           No Guarantee of Continued Service.  This Plan does not give a Participant the right to remain a non-employee director of the Bank.  It also does not interfere with a Participant’s right to terminate service at any time.

 

9.3           Applicable Law.  The Plan and all rights hereunder shall be governed by and construed according to the laws of the State of New Jersey, except to the extent preempted by the laws of the United States of America.

 

9.4           Notice.  Any notice, consent or demand required or permitted to be given under the provisions of this Plan by one party to another shall be in writing, shall be signed by the party giving or making the same, and may be given either by delivering the same to such other party personally, or by mailing the same, by United States certified mail, postage prepaid, to such party, addressed to his/her last known address as shown on the records of the Bank.  The date of such mailing shall be deemed the date of such mailed notice, consent or demand.

 

  

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9.5           Entire Agreement.  This Plan, along with the Split Dollar Endorsement, constitutes the entire agreement between the Bank and the Participant as to the subject matter hereof.  No rights are granted to the Participant by virtue of this Plan other than those specifically set forth herein.

 

9.6           Administration.  The Compensation Committee of the Bank’s Board of Directors shall have all powers which are necessary to administer this Plan, including but not limited to:

 

(a)           Interpreting the provisions of the Plan, in its sole discretion;

 

(b)           Establishing and revising the method of accounting for the Plan;

 

(c)           Maintaining a record of benefit payments; and

 

(d)           Establishing rules and prescribing any forms necessary or desirable to administer the Plan.

 

9.7           Designated Fiduciary.  For purposes of the Employee Retirement Income Security Act of 1974, if applicable, the Bank shall be the named fiduciary and plan administrator under the Plan.  The named fiduciary may delegate to others certain aspects of the management and operation responsibilities of the Plan, including the employment of advisors and the delegation of ministerial duties to qualified individuals.

 

[Signature Page Follows]

 

  

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IN WITNESS WHEREOF, the Bank executes this Plan as of the date indicated above.

 

	 	BANK:	 
	 	 	 
	 	COLONIAL BANK, FSB	 
	 	 	 	 
	
 

	
By

	/s/ Edward J. Geletka	 
	 	 	President and Chief Executive Officer	 

 

  

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EXHIBIT A

 

COLONIAL BANK, FSB

DIRECTOR SUPPLEMENTAL LIFE INSURANCE PLAN

 

ELECTION TO PARTICIPATE

 

I, ______________________________, an eligible director as determined in section 2.1 of COLONIAL BANK, FSB DIRECTOR SUPPLEMENTAL LIFE INSURANCE PLAN (the “Plan”) dated December 15, 2010, hereby elect to become a Participant of the Plan in accordance with Section 2.2 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 ____________________, 201__.

 

	 	 	 
	 Witness	 	Participant

 

  

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SPLIT DOLLAR ENDORSEMENT TO

COLONIAL BANK, FSB SPLIT DOLLAR AGREEMENT

 

ATTACHED TO POLICY NUMBER _______________

ON THE LIFE OF ___________________________________

 

The undersigned Owner requests that the above-referenced policy issued by _____________________________ (“Insurer”) shall provide for the following beneficiary designation and limited contract ownership rights to the Insured:

 

1.  Upon the death of the Insured, proceeds shall be paid in one sum to the Owner, its successors or assigns, to the extent of its interest in the policy.  It is hereby provided that the Insurer may rely solely upon a statement from the Owner as to the amount of proceeds it is entitled to receive under this paragraph.

 

2.  Any proceeds at the death of the Insured in excess of the amount paid under the provisions of the proceeding paragraph shall be paid in one sum to

 

______________________________________________________________________________________________________________________________

PRIMARY BENEFICIARY, RELATIONSHIP/SOCIAL SECURITY NUMBER

_____________________________________________________________________________________________________________________________.

CONTINGENT BENEFICIARY, RELATIONSHIP/SOCIAL SECURITY NUMBER

 

The exclusive right to change the beneficiary for the proceeds payable under this paragraph, to elect any optional method of settlement for the proceeds paid under this paragraph which are available under the terms of the policy and to assign all rights and interests granted under this paragraph are hereby granted to the Insured.  The sole signature of the Insured shall be sufficient to exercise said rights. The Owner retains all contract rights not granted to the Insured under this paragraph.

 

3.  It is agreed by the undersigned that this designation and limited assignment of rights shall be subject in all respects to the contractual terms of the policy.

 

4.  Any payment directed by the Owner under this endorsement shall be a full discharge of the Insurer, and such discharge shall be binding on all parties claiming any interest under the policy.

 

The undersigned for the Owner is signing in a representative capacity and warrants that he or she has the authority to bind the entity on whose behalf this document is being executed.

 

This endorsement rescinds and supersedes any/all prior endorsements for this policy.

 

Signed at _________________________________ on this _____ day of ____________, 201__.

	 	 	 
	INSURED:	 	OWNER:
	 	 	 
	 	 	COLONIAL BANK, FSB
	 	 	 
	 	 	By	 

	Director	 	 
	 	 	Title  	 

 

 

10Unassociated Document

Exhibit 10.18

COLONIAL BANK, FSB

EXECUTIVE RETIREMENT INCENTIVE PLAN

This Executive Retirement Income Plan (the Plan”), effective January 1, 2011 (the “Effective Date”), formalizes the understanding by and between Colonial Bank, FSB, a federally chartered stock savings bank (the “Bank”), and certain of its executives, herein after referred to as “Executive(s).”  The Plan shall at all times satisfy Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder.

Article I

Purpose

The purpose of this Executive Retirement Incentive Plan (the “Plan”) is to provide supplemental retirement income to eligible participants who receive annual incentive awards of deferred compensation based on satisfaction of certain pre-determined benchmarks defined in the business plan of Colonial Bank, FSB (the “Bank”). This Plan formalizes the understanding by and between Colonial Bank, FSB (the “Bank”) and certain executive officers of the Bank that are eligible to participate in the Plan.  The Bank shall at all times satisfy Code Section 409A, and the provisions of the Plan shall be construed to effectuate such intentions.

Article II

Definitions

In this document, whenever the context so indicates, the singular or the plural number and the masculine or feminine gender shall be deemed to include the other, the terms “he,” “his,” and “him,” shall refer to a Participant or a beneficiary of a Participant, as the case may be, and, except as otherwise provided, or unless the context otherwise requires, the capitalized terms shall have the following meanings:

2.1           Account.  “Account” means the Account as maintained by the Bank in accordance with Article IV with respect to any deferral of Incentive Awards pursuant to this Plan.  An Executive’s Account shall be utilized solely as a device for the determination and measurement of the amounts to be paid to the Executive pursuant to the Plan.  An Executive’s Account shall not constitute or be treated as a trust fund of any kind.

2.2           Bank.  “Bank” means Colonial Bank, FSB, located in Vineland, New Jersey, or any successor to the business thereof, and any affiliated or subsidiary corporations designated by the Board.

2.3           Base Salary.  “Base Salary” means the Executive’s basic annual salary for the applicable Plan Year.

 

  

  

  

 

2.4           Beneficiary.  “Beneficiary”  means the person or persons (and their heirs) designated as a Beneficiary in an Executive’s Beneficiary Designation (attached as Exhibit B) to whom the deceased Executive’s benefits are payable.  If no Beneficairy is so designated, then the estate of the Executive shall be deemed the Beneficiary.

2.5           Board.  “Board” means the Board of Directors of the Bank.

2.6           Change in Control. “Change in Control” of the Company or the Bank shall mean  (i) a change in the ownership of the Company or the Bank, (ii) a change in the effective control of the Company or the Bank, or (iii) a change in the ownership of a substantial portion of the assets of the Company or the Bank.  For these purposes, a change in ownership of a corporation occurs on the date that any one person, or more than one person acting as a group acquires, ownership of stock of the Company or the Bank that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of such corporation.  For these purposes, a change in ownership will not be deemed to have occurred if no stock of the Company or the Bank is outstanding.  A change in the effective control of the Company or the Bank occurs on the date that either (i) any one person, or more than one person acting as a group acquires (or has acquired during the 12 month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company or the Bank possessing 30 percent or more of the total voting power of the stock of such Company or the Bank, or (ii) a majority of the members of the Company or the Bank’s board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company or the Bank’s board of directors prior to the date of the appointment or election, provided that this sub-section “(ii)” is inapplicable where a majority shareholder of the Company or the Bank is another corporation.  In the absence of an event described in “(i)” or “(ii)” of the preceding sentence, a change in the effective control of the Company or the Bank will not have occurred.  A change in a substantial portion of the Company or the Bank’s assets occurs on the date that any one person or more than one person acting as a group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company or the Bank that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company or the Bank, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.  For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Section 409A of the Code.

                2.7           Code.  “Code” means the Internal Revenue Code of 1986, as amended.

2.8           Committee.  “Committee” means the Committee appointed to administer the Plan pursuant to Article V.

2.9           Company.  “Company” means Colonial Financial Services, Inc., a Maryland corporation and the holding company of the Bank.

 

  

  

  

 

2.10         Early Retirement Age.  “Early Retirement Age” means age sixty (60).

2.11         Executive.  “Executive” means an executive officer who is designated by the Board to participate in the Plan.  Individuals initially designated by the Board to participate in the Plan are identified on Schedule A attached hereto.  Persons who become eligible following the adoption of the Plan shall be set forth on Schedule A upon designation by the Board.

2.12         Disability.  An Executive shall be considered “Disabled” if the Executive:

(a)           is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death, or last for a continuous period of not less than 12 months; or

(b)           by reason of any medically determinable physical or mental impairment which can be expected to result in death, or last for a continuous period of not less than 12 months, is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Executive’s employer.

 

(c)            is determined to be disabled by the Social Security Administration.

 

2.13         Incentive Award.  “Incentive Award” means an award made by the Bank to an Executive on the basis of satisfaction of certain pre-determined goals set by the Board during or prior to the first quarter of calendar year and communicated to the Executive by the Bank.

2.14         Normal Retirement Age.  “Normal Retirement Age” means age sixty-five (65).

2.15         Normal Retirement Benefit.  “Normal Retirement Benefit” means a benefit equal to one hundred percent (100%) of Executive’s Account.

2.16         Plan Year.  “Plan Year” means the period from January 1 to December 31.

2.17         Prime Rate.  “Prime Rate” means the “prime rate” published in The Wall Street Journal from time to time reflecting the base rate charged at large U.S. money center commercial banks, provided, however, for purposes of this Plan, the Prime Rate shall never be less than five percent (5%) nor greater than ten percent (10%).

2.18         Retirement Benefit.  “Retirement Benefit” means a benefit payable from the Plan calculated in accordance with Section 3.2 hereof.  If the Executive has more than 20 Years of Service and has attained the Early Retirement Age, the Retirement Benefit shall be the Normal Retirement Benefit.

 

  

  

  

2.19         Separation from Service.  “Separation from Service” or “Separates from Service” means the Executive’s retirement or other termination of employment with the Bank within the meaning of Code Section 409A.  No Separation from Service shall be deemed to occur due to military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six months or, if longer, so long as the Executive’s right to reemployment is provided by law or contract.  If the leave exceeds six months and the Executive’s right to reemployment is not provided by law or by contract, then the Executive shall have a Separation from Service on the first date immediately following such six-month period.

Whether a Separation from Service has occurred is determined based on whether the facts and circumstances indicate that the Bank and the Executive reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the employee would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to an amount less than 50% of the average level of bona fide services performed over the immediately preceding 36 months (or such lesser period of time in which the Executive performed services for the Bank).  The determination of whether an Executive has had a Separation from Service shall be made by applying the presumptions set forth in the Treasury Regulations under Code Section 409A.

2.20         Specified Employee  “Specified Employee” means a key employee within the meaning of Code Section 409A and the Treasury regulations issued thereunder.

2.21         Termination for Cause.  “Termination for Cause” shall be determined by the Board of Directors and shall include any of the following: termination because of the Director’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, or willful violation of any law, rule, or regulation (other than minor traffic violations or similar offenses) or final cease-and-desist order.

2.22         Valuation Date.  “Valuation Date” means the last day of each Plan Year and such other dates as determined form time to time by the Committee.

2.23         Vested Account Balance.  “Vested Account Balance” means the aggregate vested percentage of an Executive’s Incentive Awards.

2.24         Years of Service.  “Years of Service” shall be the number of consecutive twelve month periods commencing on the Executive’s initial date of hire through the date on which the Executive has a Separation of Service.  For these purposes, partial Years of Service of less than 6 months shall not be counted.

 

  

  

  

 

Article III

Eligibility and Benefits

3.1           Eligibility and Service.

(a)            Eligibility.  Eligibility to participate in the Plan shall be limited to those Executives who are selected to participate by the Board and who complete a Participation Agreement indicating the manner in which any benefit payable hereunder shall be paid.  Such Participation Agreement shall be completed within thirty (30) days of initial eligibility to participate in the Plan.

(b)            Service.  An Executive must have both twenty (20) Years of Service with the Bank and must Separate from Service on or after the Early Retirement Age in order to receive the Normal Retirement Benefit.  If an Executive has a Separation from Service on or after attainment of the Early Retirement Age and after completing at least five (5) Years of Service but less than twenty (20) Years of Service, the Director will be entitled to a Retirement Benefit, but will not be entitled to the Normal Retirement Benefit.  The manner in which the Retirement Benefit is calculated is set forth in Section 3.2 hereof.

3.2           Determination of Benefits.  An Executive who Separates from Service prior to attainment of Early Retirement Age, other than due to death or Disability or following a Change in Control, shall be entitled to a Retirement Benefit in accordance with Section 3.2(a).

(a)            Based on Vesting in Incentive Awards.  An Executive shall vest separately in each Incentive Award received at the rate of twenty percent (20%) per year.

Example: An Executive who has received Incentive Awards for five years shall be vested in his or her Account as follows:

	
  

	
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100% vested in Incentive Award received in Year One.

	
  

	
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80% vested in Incentive Award received in Year Two.

	
  

	
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60% vested in Incentive Award received in Year Three.

	
  

	
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40% vested in Incentive Award received in Year Four.

	
  

	
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20% vested in Incentive Award received in Year Five.

(b)           Benefit on Separation from Service after Normal Retirement Age.  If an Executive has a Separation from Service before 20 Years of Service, his benefit will be calculated in accordance with Section 3.2(a) above.  If the Executive has a Separation from Service after attainment of Early Retirement Age or Normal Retirement Age and 20 Years of Service, he or she will be entitled to the Normal Retirement Benefit.

(c)           Benefit in the Event of Death or Disability.  In the event of an Executive’s death or Disability during employment, the Executive will become 100% vested in his or her Incentive Awards and Account balance, without regard to whether the Executive has attained the Early Retirement Age or Normal Retirement Age and 20 Years of Service.

 

  

  

  

 

(d)           Benefit in the event of a Change in Control.  In the event of the occurrence of a Change in Control during an Executive’s employment, the Executive will become 100% vested in his or her Account balance, without regard to whether the Executive has attained the Early Retirement Age or Normal Retirement Age and 20 Years of Service.  Notwithstanding anything herein to the contrary, if the payment of the benefit hereunder, when aggregated with the other payments to which the Executive would be entitled that are contingent on the Change in Control, would cause an Executive to have an “excess parachute payment” under Code Section 280G, the benefit payable hereunder shall be reduced to avoid such excess parachute payment.

(e)           Benefit in the Event of Termination for Cause.  In the event of an Executive’s Termination for Cause, any benefit to which the Executive is entitled hereunder shall be forfeited.

 

3.3          Time and Manner of Payment

 

(a)           The benefits paid under Sections 3.2(a) on Separation from Service shall be paid in annual installments over a 15 year period (with interest at the Prime Rate) if the Executive has a Separation from Service on or after age 60 and over a 5 year period (with interest at the Prime Rate) if the Executive has a Separation from Service prior to age 60).  Notwithstanding the foregoing, if the Executive makes a timely election on his Participation Agreement, the Executive’s vested Account will be paid in a lump sum rather than in installments.  In the event Executive is a Specified Employee, the benefit payable hereunder, or the initial installment thereof, shall be paid on the first day of the seventh month following Separation from Service, and except in the case of a lump sum distribution, shall be payable thereafter on each annual anniversary of such date.  The benefit payable to an Executive who is not a Specified Employee shall be payable commencing on the first business day of the month following the month in which the Executive has a Separation from Service, and except in the case of a lump sum distribution, shall be payable thereafter on each annual anniversary of such date.

(b)           The benefits paid under Section 3.2(b) due to death or Disability shall be paid in annual installments over a 15 year period (with interest at the Prime Rate) or, in the event the Executive has made a timely election for a lump sum payment on death or Disability, in a lump sum, commencing within sixty days of death or the determination of Disability.

(c)           The benefits paid under Section 3.2(c) upon the occurrence of a Change in Control shall be paid to the Executive in a lump sum on the effective date of the Change in Control, regardless of whether the Executive has had a Separation of Service.  If an Executive has Separated from Service prior to a Change in Control and a Change in Control occurs while the Executive is receiving benefits hereunder, the remaining benefit due to the Executive shall be paid in a lump sum on the effective date of the Change in Control.

 

  

  

  

 

Article IV

Incentive Award Accounts

4.1           Accounts.  For record keeping purposes only, an Account shall be maintained for each Executive.  Separate subaccounts shall be maintained to the extent necessary to properly reflect the Executive’s total Account balance.

4.2           Determination of Accounts.   An Executive’s Account as of each Valuation Date will consist of the Incentive Awards granted to the Executive, plus earnings thereon at the Prime Rate, and decreased by distributions, since that Valuation Date.

4.3           Crediting of Interest.   The Committee will credit the Executive’s Account with earnings on a monthly basis.  The interest credited to each Account will be a rate of interest equal to the Prime Rate.

4.4           Statement of Accounts.  The Committee shall submit to each Executive, within ninety (90) days after the end of the calendar year, a statement setting forth the balance to the credit of the Account maintained for the Executive as of the immediately preceding calendar year.  Said statement shall also reflect the vested balance in the Executive’s Account, as determined in accordance with Section 3.2(a) hereof.

Article V

Administration

5.1           Committee; Duties.  This Plan shall be administered by the Committee, which shall be appointed by the Board.  The Committee shall have the authority to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and decide or resolve any and all questions, including interpretations of this Plan, as may arise in connection with the Plan.  A majority vote of the Committee members shall control any decision.

5.2           Agents.  The Committee may, from time to time, employ other agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with counsel who may be counsel to the Bank.

5.3           Binding Effect of Decisions.  The decision or action of the Committee in respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules of regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan.

5.4           Indemnity of Committee. The Bank shall indemnify and hold harmless the members of the Committee against any and all claims, loss, damage, expense or liability arising from any action or failure to act with respect to this Plan, except in the case of gross negligence or willful misconduct.

 

  

  

  

 

Article VI

Claims Procedure

6.1           Claim.  Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under the Plan shall present the request in writing to the Committee, which shall respond in writing within thirty (30) days.

6.2           Denial of Claim.  If the claim or request is denied, the written notice of denial shall state:

(a)           The reasons for denial, with specific reference to the Plan provisions on which the denial is based.

(b)           A description of any additional material or information required and an explanation of why it is necessary.

 

(c)           An explanation of the Plan’s claim review procedure.

6.3           Review of Claim.  Any person whose claim or request is denied or who has not received a response within thirty (30) days may request review by notice given in writing to the Committee.  The claim or request shall be reviewed by the Committee who may, but shall not be required to, grant the claimant a hearing.  On review, the claimant may have representation, examine pertinent documents, and submit issues and comments in writing.

6.4           Final Decision.  The decision on review shall normally be made within sixty (60) days.  If an extension of time is required for a hearing or other special circumstances, the claimant shall be notified and the time limit shall be one hundred twenty (120) days.  The decision shall be in writing and shall state the reasons and the relevant Plan provisions.

6.5           Arbitration. If a claimant continues to dispute the benefit denial based upon complete performance of this Plan or the meaning and effect of the terms and conditions thereof, then the claimant may submit the dispute to mediation, administered by the American Arbitration Association (“AAA”) (or a mediator selected by the parties) in accordance with the AAA’s Commercial Mediation Rules.  If mediation is not successful in resolving the dispute, it shall be settled by arbitration administered by the AAA under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

 

  

  

  

 

Article VII

Amendment and Termination of the Plan

7.1           Amendment.  The Board may at any time amend the Plan in whole or in part, provided, however, that no amendment shall be effective to decrease or restrict the amount accrued to the date of the amendment in any Account maintained under the Plan.

7.2           Bank’s Right to Terminate.  The Board may at any time partially or completely terminate the Plan if, in its judgment, the tax, accounting, or other effects of the continuance of the Plan, or potential payments thereunder, would not be in the best interests of the Bank.

(a)           Partial Termination.  The Board may partially terminate the Plan by discontinuing Incentive Awards.  In the event of such a partial termination, the Plan shall continue to operate and be effective with regard to Incentive Awards made prior to the effective date of such partial termination.

(b)           Complete Termination.  The Bank may, in its discretion, elect to terminate the Plan in any of the following three (3) circumstances and accelerate the payment of the entire unpaid balance or payments of the Executive’s benefits as if the Executive experienced a Separation from Service on the date of such termination in accordance with Code Section 409A:

(i)           The Administrator may terminate the Plan within twelve (12) months of a corporate dissolution taxed under Code Section 331, or with approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Executive’s gross income in the latest of (i) the calendar year in which the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practicable.

(ii)           The Board may terminate the Plan within the thirty (30) days preceding a Change in Control (but not following a Change in Control), provided that the Plan shall only be treated as terminated if all substantially similar arrangements sponsored by the Bank are terminated so that the Executive and all participants under substantially similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the date of the termination of the arrangements.  For these purposes, “Change in Control” shall be defined in accordance with the Treasury Regulations under Code Section 409A.

(iii)           The Board may terminate the Plan provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all arrangements sponsored by the Bank that would be aggregated with this Plan under Treasury Regulations Section 1.409A-1(c) if the Executive covered by this Plan was also covered by any of those other arrangements are also terminated; (iii) no payments other than payments that would be payable under the terms of the arrangement if the termination had not occurred are made within twelve (12) months of the termination of the arrangement; (iv) all payments are made within twenty-four (24) months of the termination of the arrangements; and (v) the Bank does not adopt a new arrangement that would be aggregated with any terminated arrangement under Treasury Regulations Section 1.409A-1(c) if the Executive participated in both arrangements, at any time within three years following the date of termination of the arrangement.

 

  

  

  

 

Article VIII

Miscellaneous

8.1           Unfunded Plan.  This Plan is intended to be an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of management or highly compensated employees.  This Plan is not intended to create an investment contract, but to provide tax planning opportunities and retirement benefits to eligible individuals who have elected to participate in the Plan.  Eligible individuals are select members of management who, by virtue of their position with the Bank, are uniquely informed as to the Bank’s operations and have the ability to materially affect the Bank’s profitability and operations.

8.2           Unsecured General Creditor.  Executives and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interest or claims in any property or assets of the Bank, nor shall they be Beneficiaries of, or have any rights, claims or interests in any life insurance policies, annuity contracts or the proceeds therefrom owned or which may be acquired by the Bank.  Such policies or other assets of the Bank shall not be held under any trust for the benefit of Executives, their Beneficiaries, heirs, successors or assigns, or held in any way as collateral security for the fulfilling of the obligations of the Bank under this Plan.  Any and all of the Bank’s assets and policies shall be, and remain, the general, unpledged, unrestricted assets of the Bank.  The Bank’s obligation under the Plan shall be that of an unfunded and unsecured promise of the Bank to pay money in the future.

8.3           Trust Fund.  The Bank shall be responsible for the payment of all benefits provided under the Plan.  At its discretion, the Bank may establish one or more trusts, with such trustees as the Board may approve, for the purpose of providing for the payment of such benefits.  Such trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Bank’s creditors.  To the extent any benefits provided under the Plan are actually paid from any such trust, the Bank shall have no further obligation with respect thereto, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid by, the Bank.

8.4           Payment to Executive, Legal Representative or Beneficiary.  Any payment to any Executive or the legal representative, Beneficiary, or to any guardian or committee appointed for such Executive or Beneficiary in accordance with the provisions hereof, shall, to the extent thereof, be in full satisfaction of all claims hereunder against the Bank, which may require the Executive, legal representative, Beneficiary, guardian or committee, as a condition precedent to such payment, to execute a receipt and release thereof in such form as shall be determined by the Bank.

 

  

  

  

 

8.5           Nonassignability.  Neither an Executive nor any other person shall have any right to commute, sell, assign, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and nontransferable.  No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by an Executive or any other person, nor be transferable by operation of law in the event of an Executive’s or any other person’s bankruptcy or insolvency.

8.6           Terms.  Whenever any words are used herein in the masculine, they shall be construed as though they were used in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply.

8.7           Captions.  The captions of the articles, sections and paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.

8.8           Governing Law.  The provisions of this Plan shall be construed and interpreted according to the laws of the State of New Jersey.

8.9           Validity.  In case any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted herein.

8.10         Notice.  Any notice or filing required or permitted to be given to the Committee under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to any member of the Committee, the Plan Administrator, or the Secretary of the Bank.  Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.

8.11         Successors.  The provisions of this Plan shall bind and inure to the benefit of Colonial Bank, FSB and its successors and assigns.  The term “successors” as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of Colonial Bank, FSB, and successors of any such corporation or other business entity.

 

  

  

  

 

8.12         Payment of Employment and Code Section 409A Taxes.  Any distribution under this Plan shall be reduced by the amount of any taxes required to be withheld from such distribution.  This Plan shall permit the acceleration of the time or schedule of a payment to pay employment related taxes as permitted under Treasury regulation Section 1.409A-3(j) or to pay any taxes that may become due at any time that the arrangement fails to meet the requirements of Code Section 409A and the regulations and other guidance promulgated thereunder.  In the latter case, such payments shall not exceed the amount required to be included in income as the result of the failure to comply with the requirements of Code Section 409A.

8.13        Acceleration of Payments.  Except as specifically permitted herein or in other sections of this Plan, no acceleration of the time or schedule of any payment may be made hereunder.  Notwithstanding the foregoing, payments may be accelerated hereunder by the Bank, in accordance with the provisions of Treasury Regulation Section 1.409A-3(j)(4) and any subsequent guidance issued by the United States Treasury Department.  Accordingly, payments may be accelerated, in accordance with requirements and conditions of the Treasury Regulations (or subsequent guidance) in the following circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance with ethics agreements with the Federal government; (iii) in compliance with ethics laws or conflicts of interest laws; (iv) in limited cash-outs (but not in excess of the limit under Code Section 402(g)(1)(B)); (v) to apply certain offsets in satisfaction of a debt of the Executive to the Bank; (vi) in satisfaction of certain bona fide disputes between the Executive and the Bank; or (vii) for any other purpose set forth in the Treasury Regulations and subsequent guidance.

8.14         Required Regulatory Provisions.  The following provisions are included for the purposes of complying with various laws, rules and regulations applicable to the Bank:

(a)           Notwithstanding anything herein contained to the contrary, if the Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the affairs of the Bank pursuant to a notice served under section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act (the “FDI Act”), 12 U.S.C. §1818(e)(3) or 1818(g)(1), the Bank’s obligations under this Plan shall be suspended as of the date of service of such notice, unless stayed by appropriate proceedings.  If the charges in such notice are dismissed, the Bank, in its discretion, may (i) pay to the Executive all or part of the compensation withheld while the Bank’s obligations hereunder were suspended and (ii) reinstate, in whole or in part, any of the obligations which were suspended.

(b)           Notwithstanding anything herein contained to the contrary, if the Executive is removed and/or permanently  prohibited from participating in the conduct of the Bank’s affairs by an order issued under section 8(e)(4) or 8(g)(1) of the FDI Act, 12 U.S.C. §1818(e)(4) or (g)(1), all prospective obligations of the Bank under this Plan shall terminate as of the effective date of the order, but vested rights and obligations of the Bank and the Executive shall not be affected.

(c)           Notwithstanding anything herein contained to the contrary, if the Bank is in default (within the meaning of section 3(x)(1) of the FDI Act, 12 U.S.C. §1813(x)(1), all prospective obligations of the Bank under this Agreement shall terminate as of the date of default, but vested rights and obligations of the Bank and the Executive shall not be affected.

 

  

  

  

 

(d)           Notwithstanding anything herein contained to the contrary, all prospective obligations of the Bank hereunder shall be terminated, except to the extent that a continuation of this Plan is necessary for the continued operation of the Bank as determined:  (i) by the Director of the OTS or his designee or the Federal Deposit Insurance Corporation (“FDIC”), at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in section 13(c) of the FDI Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OTS or his designee at the time such Director or designee approves a supervisory merger to resolve problems related to the operation of the Bank or when the Bank is determined by such Director to be in an unsafe or unsound condition.  The vested rights and obligations of the parties shall not be affected.

(e)  Any payments made pursuant to this Plan are subject to and conditioned upon their compliance with section 18(k) of the FDI Act, 12 U.S.C. §1828(k) and any regulations promulgated thereunder.

[Signature Page Follows]

 

  

  

  

 

IN WITNESS WHEREOF, the Bank, acting through its authorized officer, has adopted this Plan as of the day and date first set forth above.

 

	
ATTEST:

	 	
COLONIAL BANK, FSB

	 	 	 
	/s/ Joseph Sidebotham	 	By: 	/s/ Edward J. Geletka 
	 	 	 	 
	Secretary	 	 	President and Chief Executive Officer

                                                                                  

  

  

  

 

Exhibit A

COLONIAL BANK, FSB

2011 EXECUTIVE RETIREMENT INCENTIVE PLAN

PARTICIPATION AGREEMENT

Name:________________________________________________________________________________________________________________________

I understand that I have been selected to participate in the Colonial Bank, FSB 2011 Executive Retirement Incentive Plan (“Plan”) and agree to be subject to the terms and conditions of said Plan.  I understand that I generally will not be entitled to a benefit under said Plan unless I reach the Early Retirement Age prior to my Separation from Service, unless my separation is due to my death or disability.  Subject to Separation from Service on or after attainment of the Early Retirement, I understand that I will vest in each annual Incentive Award (if any) at the rate of 20% per year.  Accordingly, if I become entitled to a benefit under this Plan on my Separation from Service, I elect to receive my benefit in the following form.

I hereby elect to receive the payment in (select one):

______                                annual installments;

______                                a lump sum.

In the event of a Change in Control, I understand that my entire Account Balance will become vested and I will receive the benefit in a lump sum on the effective date of the Change in Control.  If a Change in Control occurs after my Separation from Service while I am receiving benefits any remaining benefits to which I am entitled will be paid in a lump sum on the effective date of the change in control.

 

	
Date

	 	
Participant

 

  

  

  

 

Exhibit B

COLONIAL BANK, FSB

2011 EXECUTIVE RETIREMENT INCENTIVE  PLAN

BENEFICIARY DESIGNATION

 

The Executive, under the terms of the 2011 Executive Incentive Retirement Plan executed by Colonial Bank, FSB, hereby designates the following Beneficiary to receive any guaranteed payments or death benefits under such Plan, following his death:

PRIMARY BENEFICIARY:

 

Name:__________________________________________________________________               % of Benefit:______________________________________

 

Address: ______________________________________________________________________________________________________________________

 

Name:__________________________________________________________________               % of Benefit:______________________________________

 

Address: ______________________________________________________________________________________________________________________

Check here if you want the offspring of any Primary Beneficiary who dies to receive the share that otherwise would have been paid to that Primary Beneficiary:_____________

 

SECONDARY BENEFICIARY (if all Primary Beneficiaries pre-decease the Participant):

Name:__________________________________________________________________               % of Benefit:______________________________________

 

Address: ______________________________________________________________________________________________________________________

 

Name:__________________________________________________________________               % of Benefit:______________________________________

 

Address: ______________________________________________________________________________________________________________________

Check here if you want the offspring of any Secondary Beneficiary who dies to receive the share that otherwise would have been paid to that Secondary Beneficiary:_____________

This Beneficiary Designation hereby revokes any prior Beneficiary Designation which may have been in effect and this Beneficiary Designation is revocable.

 

	
Date

	 	
Participant

 

  

  

  

SCHEDULE A

The following Executives have been designated by the Board of Directors of Colonial Bank, FSB to participate in the Colonial Bank, FSB 2011 Executive Incentive Retirement Plan:

	
Name

	 	
Participant Date

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