GRANT OF DEFERRED COMPENSATION. Pursuant to Section 2.1.1 of the Performance Driven Plan between the Bank and the Participant, the Bank hereby makes a Grant to the Participant’s Deferral Account in the amount of $ . The Bank makes this Grant effective as of , 20 . BANK: UNITED LABOR BANK, F.S.B. By: Title: Acknowledged: PARTICIPANT: Xxxxx Xxxx United Labor Bank, F.S.B Performance Driven Plan Performance Targets Addendum A Performance Targets Percentage For Plan Year Commencing October 1, 2009 ROAE Component of Award (75% of Total) ROAA Component of Award (25% of Total) Total Award Earned Percentage is... If ROAE is … % of Total Target Award Earned is … If ROAA is … % of Total Target Award Earned is … < 7.50% 0.00% < 0.63% 0.00% 7.50% 37.50% 0.63% or greater 25.00% 8.00% 56.25% 8.93% or greater 75.00% United Labor Bank, F.S.B Performance Driven Plan Beneficiary Designation Form { } New Designation { } Change in Designation I, Xxxxx Xxxx, designate the following as Beneficiary under the Plan: Primary: % % Contingent: % % Notes: • Please PRINT CLEARLY or TYPE the names of the beneficiaries. • To name a trust as Beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement. • To name your estate as Beneficiary, please write “Estate of [your name]”. • Be aware that none of the contingent beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you. I understand that I may change these beneficiary designations by delivering a new written designation to the Plan Administrator, which shall be effective only upon receipt and acknowledgment by the Plan Administrator prior to my death. 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. Name: Xxxxx Xxxx Signature: Date: SPOUSAL CONSENT (Required if someone other than the spouse is named Beneficiary and Plan Administrator requests): I consent to the Beneficiary designation above, and acknowledge that if I am named Beneficiary and our marriage is subsequently dissolved, the designation will be automatically revoked. Spouse Name: Signature: Date: Received by the Plan Administrator this day of , 20 By:
GRANT OF DEFERRED COMPENSATION. 2.1 New Participants; Credit to Participant's Account Employer shall admit new Participants into the Plan no later than the last day of the calendar year in the year preceding the first year in which the Participant is to be a Participant in the Plan or as permitted by Code section 409A. For each year in which this Plan is in effect, the Employer may credit to the Participant's Account a number of shares of American Physicians Service Group, Inc. stock as determined by the Committee (the "Annual Credit") (the cumulative sum of all Annual Credits for Participant collectively referred to as the "Shares"), as a book entry only and Participant shall become entitled to receive the Shares in accordance with Article IV hereto. Each year's Annual Credit shall include any shares of American Physicians Service Group, Inc. which were allocated to Participant as a result of a forfeiture by another participant under this Plan.
GRANT OF DEFERRED COMPENSATION. The Company hereby grants to Participant maximum deferred compensation of $866,685.03 (“Maximum Deferred Compensation Amount”), which represents Participant’s Initial IDR Share (as defined in the Agreement) as of the Grant Date, which is the maximum deferred compensation which Participant is entitled to earn under the terms and conditions set forth herein and in the Plan, including, without limitation, the vesting and other financial requirements, employment restrictions and other conditions more specifically set forth herein and in the Plan, subject only to Participant’s execution of this Grant. The Company and Participant understand and agree that this Grant is in all respects subject to the terms, definitions and provisions of the Plan and the Agreement, all of which are incorporated herein by reference, except to the extent otherwise expressly provided in this Grant, and terms not otherwise defined in this Grant or the Plan shall have the meanings set forth in the Agreement.
GRANT OF DEFERRED COMPENSATION. The Company hereby grants to the Executive, on the terms and conditions hereinafter set forth, deferred compensation of $12,500,000 pursuant to the terms and conditions of this Agreement (the “Deferred Compensation”).
