EX-10.IV 5 l05797aexv10wiv.txt EXHIBIT 10(IV) EXHIBIT 10(iv) ADVANTAGE BANK SALARY CONTINUATION AGREEMENT THIS AGREEMENT is entered into this ________ day of _______________, 2002, by and between ADVANTAGE BANK, an Ohio savings bank located in Cambridge, Ohio (the "Company"), and NAME OF EXECUTIVE (the "Executive"). INTRODUCTION To encourage the Executive to remain an employee of the Company, the Company is willing to provide salary continuation benefits to the Executive. The Company will pay the benefits from its general assets. AGREEMENT The Company and the Executive agree as follows: ARTICLE 1 DEFINITIONS Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 1.1 "Camco" means Camco Financial Corporation, which is the holding company for the Company. 1.2 "Change of Control" means any one of the following events: (i) the acquisition of ownership or power to vote more than 25% of the voting stock of Camco; (ii) the acquisition of the ability to control the election of a majority of the directors of Camco; (iii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of Camco cease for any reason to constitute at least a majority thereof; provided, however, that any individual whose election or nomination for election as a member of the Board of Directors of Camco was approved by a vote of at least two-thirds of the directors then in office shall be considered to have continued to be a member of the Board of Directors of Camco; or (iv) the acquisition by any person or entity of "conclusive control" of Camco within the meaning of 12 C.F.R. Section 574.4(a), or the acquisition by any person or entity of "rebuttable control" within the meaning of 12 C.F.R. Section 574.4(b) that has not been rebutted in accordance with 12 C.F.R. Section 574.4(c). For purposes of this paragraph, the term "person" refers to an individual or corporation, partnership, trust, association, or other organization, but does not include the Executive and any person or persons with whom the Executive is "acting in concert" within the meaning of 12 C.F.R. Part 574. 1.3 "Code" means the Internal Revenue Code of 1986, as amended. 1.4 "Disability" means the Executive suffering a sickness, accident or injury which has been determined by the carrier of any individual or group disability insurance policy covering the Executive, or by the Social Security Administration, to be a disability rendering the Executive totally and permanently disabled. The Executive must submit proof to the Company of the carrier's or Social Security Administration's determination upon the request of the Company. 1.5 "Early Termination" means the Termination of Employment before Normal Retirement Age for reasons other than death, Disability, Termination for Cause or following a Change of Control. 1.6 "Early Termination Date" means the month, day and year in which Early Termination occurs. 1.7 "Effective Date" means January 1, 2002. 1.8 "Normal Retirement Age" means the Executive's 65th birthday. 1.9 "Normal Retirement Date" means the later of the Normal Retirement Age or Termination of Employment. 1.10 "Plan Year" means each calendar year from and after the Effective Date. 1.11 "Termination of Employment" means that the Executive ceases to be employed by the Company for any reason, voluntary or involuntary, other than by reason of a leave of absence approved by the Company. 1.12 "Years of Employment" means the total number of 12-month periods during which the Executive is employed on a full-time basis by the Company, inclusive of any leave of absence approved by the Company, beginning October 21, 1998. ARTICLE 2 LIFETIME BENEFITS 2.1 Normal Retirement Benefit. Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death or Termination for Cause (as defined in Section 5.1 of this Agreement) the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement. 2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is $__________. 2.1.2 Payment of Benefit. The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive's Normal Retirement Date for a period of 15 years. -2- 2.2 Early Termination Benefit. Upon Early Termination, the Company shall pay to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Agreement. 2.2.1 Amount of Benefit. The benefit under this Section 2.2 is the Early Termination Annual Benefit set forth in Schedule A for the Plan Year ending immediately prior to the Early Termination Date, determined by vesting the Executive in 10 percent of the Accrual Balance set forth in Schedule A for the first Plan Year (based on 10 percent credit for each two Years of Employment prior to the Effective Date of this Agreement) and an additional 10 percent of said amount for each succeeding Plan Year thereafter until the Executive becomes 100 percent vested in the Accrual Balance. Any increase in the annual benefit under Section 2.1.1 shall require the recalculation of this benefit on Schedule A. This benefit is determined by calculating a 15-year fixed annuity from the Accrual Balance, crediting interest on the unpaid balance at an annual rate of 8.0 percent, compounded monthly. 2.2.2 Payment of Benefit. The Company shall pay the annual benefit determined in accordance with Section 2.2.1 to the Executive in 12 equal monthly installments commencing with the month following Termination of Employment. 2.3 Disability Benefit. If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement. 2.3.1 Amount of Benefit. The benefit under this Section 2.3 is the Disability Annual Benefit set forth in Schedule A for the Plan Year ending immediately prior to the date in which the Termination of Employment occurs (except during the first Plan Year, the benefit is the amount set forth for Plan Year 1), determined by vesting the Executive in 100 percent of the Accrual Balance. Any increase in the annual benefit under Section 2.1.1 would require the recalculation of the Disability benefit on Schedule A. This benefit is determined by calculating a 15-year fixed annuity from the Accrual Balance, crediting interest on the unpaid balance at an annual rate of 8.0 percent, compounded monthly. 2.3.2 Payment of Benefit. The Company shall pay the annual benefit determined in accordance with Section 2.3.1 to the Executive in 12 equal monthly installments commencing with the month following Termination of Employment for a period of 15 years. 2.4 Change of Control Benefit. Upon a Change of Control followed within 12 months by the Executive's Termination of Employment, the Company shall pay to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Agreement. 2.4.1 Amount of Benefit. The benefit under this Section 2.4 is the Change of Control Annual Benefit set forth in Schedule A for the Plan Year ending immediately prior to the date in which Termination of Employment occurs (except during the first Plan Year, the benefit is the amount set forth for Plan Year 1), determined by vesting the Executive in -3- 100 percent of the Accrual Balance. Any increase in the annual benefit under Section 2.1.1 would require the recalculation of the Change of Control benefit on Schedule A. This benefit is determined by calculating a 15-year fixed annuity from the Accrual Balance, crediting interest on the unpaid balance at an annual rate of 8.0 percent, compounded monthly. 2.4.2 Payment of Benefit. The Company shall pay the annual benefit determined in accordance with Section 2.4.1 above to the Executive in 12 equal monthly installments commencing with the month following Termination of Employment for a period of 15 years. 2.4.3 Election for Lump Sum Payment. Notwithstanding the provisions for the payment of benefits in monthly installments set forth in this Agreement, upon the occurrence of a Change in Control, the Executive may elect to receive the value of the benefit he is entitled to pursuant to Section 2.4.2 or the value of any remaining benefits he is entitled to receive pursuant to Section 2.1, Section 2.2, Section 2.3 or Article 3 of this Agreement in a lump sum calculated under the following procedures: (a) First, the Company will calculate the present value of the annual benefit the Executive is entitled to receive by applying an interest factor equal to 120 percent of the applicable federal rate (or other interest factor prescribed by the Internal Revenue Service in regulations issued under Section 280G of the Code) as of the date of calculation over the period of the acceleration; and (b) Second, reduce the amount produced by the computation prescribed in paragraph (a) above by five percent. ARTICLE 3 DEATH BENEFITS 3.1 Death During Active Service. If the Executive dies while in the active service of the Company, the Company shall pay to the Executive's beneficiary the benefit described in this Section 3.1. This benefit shall be paid in lieu of the benefits under Article 2. 3.1.1 Amount of Benefit. The annual benefit under this Section 3.1 is the Normal Retirement Benefit amount described in Section 2.1.1. 3.1.2 Payment of Benefit. The Company shall pay the annual benefit to the Executive's beneficiary in 12 equal monthly installments commencing with the month following the Executive's death for a period of 15 years. 3.2 Death During Payment of a Lifetime Benefit. If the Executive dies after any lifetime benefit payments have commenced under Article 2 of this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Executive's beneficiary at -4- the same time and in the same amounts they would have been paid to the Executive had the Executive survived. 3.3 Death After Termination of Employment But Before Payment of a Lifetime Benefit Commences. If the Executive is entitled to a lifetime benefit under Article 2 of this Agreement but dies prior to the commencement of the benefit payments, the Company shall pay the same benefit payments to the Executive's beneficiary that the Executive was entitled to prior to death. The benefit payments shall commence on the first day of the month following the date of the Executive's death. ARTICLE 4 BENEFICIARIES 4.1 Beneficiary Designations. The Executive shall designate a beneficiary by filing a written designation with the Company. The Executive may revoke or modify the designation at any time by filing a new designation. Designations will only be effective if signed by the Executive and received by the Company during the Executive's lifetime. The Executive's beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Executive or if the Executive names a spouse as beneficiary and the marriage is subsequently dissolved. If the Executive dies without a valid beneficiary designation, all payments shall be made to the Executive's estate. 4.2 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Company may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit. ARTICLE 5 GENERAL LIMITATIONS 5.1 Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement if the Company terminates the Executive's employment for personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform assigned duties and responsibilities, willful violation of any law, rule, regulation or final cease and desist order (other than traffic violations or similar offenses), conviction of a felony or for fraud or embezzlement, or material breach of any provision of any written employment agreement between the Executive and the Company. 5.2 Suicide or Misstatement. The Company shall not pay any benefit under this Agreement if the Executive commits suicide within three years after the date of this Agreement. In addition, the Company shall not pay any benefit under this Agreement if the Executive has -5- made any material misstatement of fact on an employment application or resume provided to the Company or on any application for any benefits provided by the Company to the Executive. 5.3 Competition After Termination of Employment. The Company shall not pay any benefit under this Agreement if the Executive, without the prior written consent of the Company, engages in, becomes interested in, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a substantial shareholder in a corporation, or becomes associated with, in the capacity of employee, director, officer, principal, agent, or trustee, any enterprise conducted within a 50 mile radius of the location of any facility from which the Company conducts its business, which enterprise is, or may deemed to be, competitive with any business carried on by the Company as of the date of termination of the Executive's employment or retirement. This section shall not apply following a Change of Control. 5.4 Compliance with Section 280G of the Code. The Notwithstanding any other provision of this Agreement or any other agreement between the Executive and the Company to the contrary, the Company shall not pay any benefit to the extent the benefit under this Agreement and all other agreements between the Executive and the Company or the Holding Company would create an excise tax under the excess parachute rules of Section 280G of the Code. ARTICLE 6 CLAIMS AND REVIEW PROCEDURE 6.1 Claims Procedure. Any person or entity who has not received benefits under this Agreement that he or she believes should be paid ("Claimant") shall make a claim for such benefits as follows: 6.1.1 Initiation - Written Claim. The Claimant shall initiate a claim by submitting to the Company a written claim for the benefits. 6.1.2 Timing of Company Response. The Company shall respond to such Claimant within 90 days after receiving the claim. If the Company determines that special circumstances require additional time for processing the claim, the Company 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 Company expects to render its decision. 6.1.3 Notice of Decision. If the Company denies part or all of the claim, the Company shall notify the Claimant in writing of such denial. The Company 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, -6- (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, (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. 6.2 Review Procedure. If the Company denies part or all of the claim, the Claimant shall have the opportunity for a full and fair review by the Company of the denial, as follows: 6.2.1 Initiation - Written Request. To initiate the review, the Claimant, within 60 days after receiving the Company's notice of denial, must file with the Company a written request for review. 6.2.2 Additional Submissions - Information Access. The Claimant may submit written comments, documents, records and other information relating to the claim. The Company shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant's claim for benefits. 6.2.3 Considerations on Review. In considering the review, the Company 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. 6.2.4 Timing of Company Response. The Company shall respond in writing to the Claimant within 60 days after receiving the request for review. If the Company determines that special circumstances require additional time for processing the claim, the Company 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 Company expects to render its decision. 6.2.5 Notice of Decision. The Company shall notify the Claimant in writing of its decision on review. The Company 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, -7- (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 (as defined in applicable ERISA regulations) 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). ARTICLE 7 AMENDMENTS AND TERMINATION This Agreement may be amended or terminated only by a written agreement signed by the Company and the Executive. Notwithstanding the foregoing, the Company may amend or terminate this Agreement at any time if, pursuant to legislative, judicial or regulatory action, continuation of the Agreement would (i) cause benefits to be taxable to the Executive prior to actual receipt, or (ii) result in significant financial penalties or other significantly detrimental ramifications to the Company (other than the financial impact of paying the benefits). ARTICLE 8 ARBITRATION PROCEDURES Any controversy or claim arising out of or relating to this Plan that is not resolved under Article VII shall be settled by arbitration in Cambridge, Ohio in accordance with the then prevailing rules and regulations of the American Arbitration Association by a single arbitrator. The award rendered by the arbitrator shall be final and binding on the parties and may be entered in any court having jurisdiction. The parties waive any claim to any damages in the nature of punitive, exemplary or statutory damages in excess of compensatory damages, or any form of damages in excess of compensatory damages, and the arbitrator is specifically divested of any power to award damages in the nature of punitive, exemplary or statutory damages in excess of compensatory damages, or any form of damages in excess of compensatory damages. Each party shall bear its own costs in connection with the arbitration and shall share equally the fees and expenses of the arbitrator. Each party agrees that any legal proceeding instituted to enforce an arbitration award hereunder will be brought in a court of competent jurisdiction (either state or federal) in Ohio and hereby submits to personal jurisdiction of such courts and irrevocably waives any objection as to venue in such courts, and further agrees not to plead or claim in any such court that any such proceeding has been brought in an inconvenient forum. ARTICLE 9 MISCELLANEOUS 9.1 Binding Effect. This Agreement shall bind the Executive and the Company, and their beneficiaries, survivors, executors, successors, administrators and transferees. -8- 9.2 No Guarantee of Employment. This Agreement is not an employment policy or contract. It does not give the Executive the right to remain an employee of the Company, nor does it interfere with the Company's right to discharge the Executive. It also does not require the Executive to remain an employee nor interfere with the Executive's right to terminate employment at any time. 9.3 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner. 9.4 Reorganization. In the event the Company merges or consolidates into or with another company, reorganizes or sells substantially all of its assets to another company, firm, or person , the term "Company" as used in this Agreement shall be deemed to refer to the successor or survivor company and such succeeding or continuing company, firm, or person shall discharge the obligations of the Company under this Agreement. 9.5 Tax Withholding. The Company shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. 9.6 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of Ohio, except to the extent preempted by the laws of the United States of America. 9.7 Unfunded Arrangement. The Executive and beneficiary are general unsecured creditors of the Company for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's life is a general asset of the Company to which the Executive and beneficiary have no preferred or secured claim. 9.8 Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein. 9.9 Administration. The Company shall have powers which are necessary to administer this Agreement, including but not limited to: (a) Establishing and revising the method of accounting for the Agreement; (b) Maintaining a record of benefit payments; (c) Establishing rules and prescribing any forms necessary or desirable to administer the Agreement; and (d) Interpreting the provisions of the Agreement. -9- 9.10 Named Fiduciary. The Company shall be the named fiduciary and plan administrator under this Agreement. It may delegate to others certain aspects of the management and operational responsibilities including the employment of advisors and the delegation of ministerial duties to qualified individuals. IN WITNESS WHEREOF, the Executive and the Company have signed this Agreement. EXECUTIVE: COMPANY: Advantage Bank By ---------------------------------- --------------------------------- Name of Executive Title ------------------------------- BENEFICIARY DESIGNATION ADVANTAGE BANK SALARY CONTINUATION AGREEMENT NAME OF EXECUTIVE I designate the following as beneficiary of any death benefits under this Agreement: Primary: ------------------------------------------------------------------------ -------------------------------------------------------------------------------- Contingent: --------------------------------------------------------------------- -------------------------------------------------------------------------------- NOTE: TO NAME A TRUST AS BENEFICIARY, PLEASE PROVIDE THE NAME OF THE TRUSTEE(S) AND THE EXACT NAME AND DATE OF THE TRUST AGREEMENT. I understand that I may change these beneficiary designations by filing a new written designation with the Company. I further understand that the designations will be automatically revoked if the beneficiary predeceases me, or, if I have named my spouse as beneficiary and our marriage is subsequently dissolved. Signature --------------------------------- Date -------------------------------------- Received by the Company this ______ day of _________________, 200_. By ---------------------------------------- Title ------------------------------------ Attached for each named executive officer that has entered into a salary Continuation Agreement is a Schedule A disclosing the amounts payable under such agreement. -2- Clark/Bardes Consulting ADVANTAGE BANK PLAN YEAR REPORTING SALARY CONTINUATION PLAN - SCHEDULE A
RICHARD C. BAYLOR EARLY TERMINATION DIABILITY CHANGE OF CONTROL DOB: 2/8/1955 Plan Anniv Date: 1/1/2003 Retirement Age: 65 Installment Installment Installment Payments: Monthly Installments Payable Immediately Payable Immediately Payable Immediately -------------------- -------------------- -------------------- BENEFIT ACCRUAL Based On Based On Based On PERIOD LEVEL BALANCE Vesting Accrual Vesting Accural Vesting Accural ENDING AGE (1) (2) (3) (4) (5) (6) (7) (8) ------ --- ------- ------- ------- -------- ------- -------- ------- -------- Dec2002(1) 47 410,100 91,745 10% 1,045 100% 10,451 100% 10,451 Dec2003 48 410,100 191,105 20% 4,354 100% 21,770 100% 21,770 Dec2004 49 410,100 298,712 30% 10,209 100% 34,029 100% 34,029 Dec2005 50 410,100 415,250 40% 18,922 100% 47,305 100% 47,305 Dec2006 51 410,100 541,461 50% 30,841 100% 61,683 100% 61,683 Dec2007 52 410,100 678,147 60% 46,352 100% 77,254 100% 77,254 Dec2008 53 410,100 826,178 70% 65,882 100% 94,117 100% 94,117 Dec2009 54 410,100 986,495 80% 89,904 100% 112,380 100% 112,380 Dec2010 55 410,100 1,160,119 90% 118,943 100% 132,159 100% 132,159 Dec2011 56 410,100 1,348,153 100% 153,580 100% 153,580 100% 153,580 Dec2012 57 410,100 1,551,794 100% 176,779 100% 176,779 100% 176,779 Dec2013 58 410,100 1,772,338 100% 201,903 100% 201,903 100% 201,903 Dec2014 59 410,100 2,011,186 100% 229,112 100% 229,112 100% 229,112 Dec2015 60 410,100 2,269,859 100% 258,580 100% 258,580 100% 258,580 Dec2016 61 410,100 2,550,001 100% 290,493 100% 290,493 100% 290,493 Dec2017 62 410,100 2,853,395 100% 325,055 100% 325,055 100% 325,055 Dec2018 63 410,100 3,181,970 100% 362,486 100% 362,486 100% 362,486 Dec2019 64 410,100 3,537,817 100% 403,024 100% 403,024 100% 403,024 Dec2020 65 410,100 3,599,933 100% 410,100 100% 410,100 100% 410,100
February 2020 Retirement, 3/1/2020 First Payment Date (1) The first line reflects 12 months of data, January 2002 to December 2002. Clark/Bardes Consulting ADVANTAGE BANK PLAN YEAR REPORTING SALARY CONTINUATION PLAN - SCHEDULE A
DAVID S. CALDWELL EARLY TERMINATION DIABILITY CHANGE OF CONTROL DOB: 12/28/1962 Plan Anniv Date: 1/1/2003 Retirement Age: 65 Installment Installment Installment Payments: Monthly Installments Payable Immediately Payable Immediately Payable Immediately -------------------- -------------------- -------------------- BENEFIT ACCRUAL Based On Based On Based On PERIOD LEVEL BALANCE Vesting Accrual Vesting Accural Vesting Accural ENDING AGE (1) (2) (3) (4) (5) (6) (7) (8) ------ --- ------- ------- ------- -------- ------- -------- ------- -------- Dec2002(1) 40 140,900 14,772 0% 0 100% 1,683 100% 1,683 Dec2003 41 140,900 30,770 10% 351 100% 3,505 100% 3,505 Dec2004 42 140,900 48,096 20% 1,096 100% 5,479 100% 5,479 Dec2005 43 140,900 66,861 30% 2,285 100% 7,617 100% 7,617 Dec2006 44 140,900 87,182 40% 3,973 100% 9,932 100% 9,932 Dec2007 45 140,900 109,190 50% 6,219 100% 12,493 100% 12,493 Dec2008 46 140,900 133,025 60% 9,092 100% 15,154 100% 15,154 Dec2009 47 140,900 158,838 70% 12,666 100% 18,095 100% 18,095 Dec2010 48 140,900 186,794 80% 17,023 100% 21,279 100% 21,279 Dec2011 49 140,900 217,070 90% 22,256 100% 24,728 100% 24,728 Dec2012 50 140,900 249,859 100% 28,464 100% 28,464 100% 28,464 Dec2013 51 140,900 285,369 100% 32,509 100% 32,509 100% 32,509 Dec2014 52 140,900 323,827 100% 36,890 100% 36,890 100% 36,890 Dec2015 53 140,900 365,476 100% 41,635 100% 41,635 100% 41,635 Dec2016 54 140,900 410,583 100% 46,773 100% 46,773 100% 46,773 Dec2017 55 140,900 459,433 100% 52,338 100% 52,338 100% 52,338 Dec2018 56 140,900 512,338 100% 58,365 100% 58,365 100% 58,365 Dec2019 57 140,900 569,634 100% 64,892 100% 64,892 100% 64,892 Dec2020 58 140,900 631,685 100% 71,961 100% 71,961 100% 71,961 Dec2021 59 140,900 698,887 100% 79,616 100% 79,616 100% 79,616 Dec2022 60 140,900 771,666 100% 87,907 100% 87,907 100% 87,907 Dec2023 61 140,900 850,486 100% 96,886 100% 96,886 100% 96,886 Dec2024 62 140,900 935,849 100% 106,611 100% 106,611 100% 106,611 Dec2025 63 140,900 1,028,296 100% 117,142 100% 117,142 100% 117,142
Clark/Bardes Consulting ADVANTAGE BANK PLAN YEAR REPORTING SALARY CONTINUATION PLAN - SCHEDULE A
DAVID S. CALDWELL EARLY TERMINATION DIABILITY CHANGE OF CONTROL DOB: 12/28/1962 Plan Anniv Date: 1/1/2003 Retirement Age: 65 Installment Installment Installment Payments: Monthly Installments Payable Immediately Payable Immediately Payable Immediately -------------------- -------------------- -------------------- BENEFIT ACCRUAL Based On Based On Based On PERIOD LEVEL BALANCE Vesting Accrual Vesting Accural Vesting Accural ENDING AGE (1) (2) (3) (4) (5) (6) (7) (8) ------ --- ------- ------- ------- -------- ------- -------- ------- -------- Dec2026 64 140,900 1,128,416 100% 128,548 100% 128,548 100% 128,548 Dec2027 65 140,900 1,236,846 100% 140,900 100% 140,900 100% 140,900
December 2027 Retirement, 1/1/2028 First Payment Date (1) The first line reflects 12 months of data, January 2002 to December 2002. Clark/Bardes Consulting ADVANTAGE BANK PLAN YEAR REPORTING SALARY CONTINUATION PLAN - SCHEDULE A
D. EDWARD RUGG EARLY TERMINATION DIABILITY CHANGE OF CONTROL DOB: 9/12/1954 Plan Anniv Date: 1/1/2003 Retirement Age: 65 Installment Installment Installment Payments: Monthly Installments Payable Immediately Payable Immediately Payable Immediately -------------------- -------------------- -------------------- BENEFIT ACCRUAL Based On Based On Based On PERIOD LEVEL BALANCE Vesting Accrual Vesting Accural Vesting Accural ENDING AGE (1) (2) (3) (4) (5) (6) (7) (8) ------ --- ------- ------- ------- -------- ------- -------- ------- -------- Dec2002(1) 48 98,300 22,972 100% 2,617 100% 2,617 100% 2,617 Dec2003 49 98,300 47,851 100% 5,451 100% 5,451 100% 5,451 Dec2004 50 98,300 74,795 100% 8,521 100% 8,521 100% 8,521 Dec2005 51 98,300 103,975 100% 11,845 100% 11,845 100% 11,845 Dec2006 52 98,300 13,557 100% 15,445 100% 15,445 100% 15,445 Dec2007 53 98,300 169,802 100% 19,344 100% 19,344 100% 19,344 Dec2008 54 98,300 206,868 100% 23,566 100% 23,566 100% 23,566 Dec2009 55 98,300 247,010 100% 28,139 100% 28,139 100% 28,139 Dec2010 56 98,300 290,484 100% 33,092 100% 33,092 100% 33,092 Dec2011 57 98,300 337,567 100% 38,455 100% 38,455 100% 38,455 Dec2012 58 98,300 388,557 100% 44,264 100% 44,264 100% 44,264 Dec2013 59 98,300 443,779 100% 50,555 100% 50,555 100% 50,555 Dec2014 60 98,300 503,585 100% 57,368 100% 57,368 100% 57,368 Dec2015 61 98,300 568,354 100% 64,746 100% 64,746 100% 64,746 Dec2016 62 98,300 638,500 100% 72,737 100% 72,737 100% 72,737 Dec2017 63 98,300 714,467 100% 81,391 100% 81,391 100% 81,391 Dec2018 64 98,300 796,740 100% 90,764 100% 90,764 100% 90,764 Sep2019 65 98,300 862,895 100% 98,300 100% 98,300 100% 98,300
September 2019 Retirement, 10/1/2019 First Payment Date (1) The first line reflects 12 months of data, January 2002 to December 2002. Clark/Bardes Consulting ADVANTAGE BANK PLAN YEAR REPORTING SALARY CONTINUATION PLAN - SCHEDULE A
Mark A. Severson EARLY TERMINATION DIABILITY CHANGE OF CONTROL DOB: 1/7/1954 Plan Anniv Date: 1/1/2003 Retirement Age: 65 Installment Installment Installment Payments: Monthly Installments Payable Immediately Payable Immediately Payable Immediately -------------------- -------------------- -------------------- BENEFIT ACCRUAL Based On Based On Based On PERIOD LEVEL BALANCE Vesting Accrual Vesting Accural Vesting Accural ENDING AGE (1) (2) (3) (4) (5) (6) (7) (8) ------ --- ------- ------- ------- -------- ------- -------- ------- -------- Dec2002(1) 48 197,400 49,189 0% 0 100% 5,641 100% 5,641 Dec2003 49 197,400 102,461 10% 1,175 100% 11,750 100% 11,750 Dec2004 50 197,400 160,154 20% 3,673 100% 18,366 100% 18,366 Dec2005 51 197,400 222,636 30% 7,659 100% 25,532 100% 25,532 Dec2006 52 197,400 290,304 40% 13,317 100% 33,292 100% 33,292 Dec2007 53 197,400 363,588 50% 20,848 100% 41,696 100% 41,696 Dec2008 54 197,400 442,955 60% 30,478 100% 50,797 100% 50,797 Dec2009 55 197,400 528,909 70% 42,458 100% 60,654 100% 60,654 Dec2010 56 197,400 621,998 80% 57,064 100% 71,330 100% 71,330 Dec2011 57 197,400 722,812 90% 74,602 100% 82,891 100% 82,891 Dec2012 58 197,400 831,995 100% 95,412 100% 95,412 100% 95,412 Dec2013 59 197,400 950,239 100% 108,972 100% 108,972 100% 108,972 Dec2014 60 197,400 1,078,297 100% 123,657 100% 123,657 100% 123,657 Dec2015 61 197,400 1,216,985 100% 139,562 100% 139,562 100% 139,562 Dec2016 62 197,400 1,367,183 100% 156,786 100% 156,786 100% 156,786 Dec2017 63 197,400 1,529,848 100% 175,440 100% 175,440 100% 175,440 Dec2018 64 197,400 1,706,013 100% 195,643 100% 195,643 100% 195,643 Sep2019 65 197,400 1,721,338 100% 197,400 100% 197,400 100% 197,400
January 2019 Retirement, 2/28/2019 First Payment Date (1) The first line reflects 12 months of data, January 2002 to December 2002.