KERN Sample Clauses

KERN. EARLY DISABILITY CHANGE OF EARLY TERMINATION ANNUAL CONTROL PLAN TERMIN- ANNUAL BENEFIT ANNUAL YEAR ATION BENEFIT PAYABLE BENEFIT ENDING BENEFIT ACCRUAL VESTING PAYABLE WITHIN PAYABLE DECEMBER LEVEL BALANCE SCHEDULE IMMEDIATELY ONE YEAR IMMEDIATELY ---------------------------------------------------------------------------------------------------- Rollover 1,092,768 ---------------------------------------------------------------------------------------------------- 2002 320,004 1,560,546 100% 320,004 359,556 320,004 ---------------------------------------------------------------------------------------------------- 2003 339,204 2,666,202 100% 339,204 359,556 339,204 ---------------------------------------------------------------------------------------------------- Dec 2004* 359,556 4,108,111 100% 359,556 359,556 359,556 ---------------------------------------------------------------------------------------------------- *Final Plan Year ends in the month in which Normal Retirement Age is attained. Assumes an implementation date of July 1, 2002. The first line of calculations reflects 6 months of data, July 2002 through December 2002. Benefit amount based on a beginning compensation of $320,004 inflating at 6.00% each year to $359,556 at retirement. Annual Benefit payment of $359,556 is 100% of projected final compensation. Benefit amount also includes a 3.00% guaranteed inflator during the payout period. FIRST AMENDMENT TO THE VALLEY INDEPENDENT BANK SPLIT DOLLAR AGREEMENT FOR DENNIS L. KERN THIS AMENDMXXX xx xxxxxxx this 1st day of July, 2002, by and between VALLEY INDEPENDENT BANK, located in El Centro, California (the "Company") and DENNIS L. KERN (the "Executive"). Xxx Xxxpany and the Executive executed the VALLEY INDEPENDENT BANK SPLIT DOLLAR AGREEMENT and SPLIT DOLLAR POLICY ENDORSEMENT on November 13, 2000 (the "Agreement"). The undersigned hereby amends, in part, said Agreement to update the split dollar death benefit under the Agreement and to update the Agreement for recent regulatory changes. Therefore, the following revisions shall be made:
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