FIRST AMENDMENT TO THE MONTEREY COUNTY BANK
Exhibit 10.(ii)A(11)
FIRST AMENDMENT
TO THE
MONTEREY COUNTY BANK
SUPPLEMENTAL LIFE INSURANCE AGREEMENT
FOR
XXXXXXX X. XXXXXXXXXXX
THIS AMENDMENT is adopted this 31st day of October, 2006, by and between by and between MONTEREY COUNTY BANK located in Monterey, California (the “Bank”), and XXXXXXX X. XXXXXXXXXXX (the “Executive”).
The Bank and the Executive executed the MONTEREY COUNTY BANK SUPPLEMENTAL LIFE INSURANCE AGREEMENT on October 26, 2006 (the “Agreement”).
Under the terms of Article 11, the undersigned hereby amends, in part, the Agreement for the purpose changing the calculation of benefits to be paid thereunder.
Section 1.1 of the Agreement shall be deleted in its entirety.
The following Section 1.12a shall be added to the Agreement immediately following Section 1.12:
1.12a “Schedule A” means the schedule attached to this Agreement and made a part hereof.
Sections 2.2.1 and 2.2.2 of the Agreement shall be deleted in their entirety and replaced by the following:
2.2.1 Death Prior to Separation from Service. If the Executive dies while employed by the Bank, the Executive’s Beneficiary shall be entitled to a benefit equal to the amount shown on Schedule A minus the benefit amount paid to the Executive’s beneficiary designated in Agreement 2.
2.2.2 Death After Separation from Service. If, pursuant to Article 3, the Executive has a Vested Insurance Benefit at the date of death, the Executive’s Beneficiary shall be entitled to a benefit equal to the amount shown on Schedule A minus the benefit amount paid to the Executive’s beneficiary designated in Agreement 2. If the Executive has not achieved a Vested Insurance Benefit on the date of death, the Beneficiary will not be entitled to a benefit under this Agreement.
IN WITNESS OF THE ABOVE, the Bank hereby consents to this First Amendment.
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MONTEREY COUNTY BANK |
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By |
illegible |
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Title |
Executive Vice President |
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AMENDMENT TO
MONTEREY COUNTY BANK
SUPPLEMENTAL LIFE INSURANCE AGREEMENT
EXHIBIT A
(for Xxxxxxx Xxxxxxxxxxx)
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Age of Insured at the |
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Amount of Death Benefit, or 100% |
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60 |
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$ |
2,940,000 |
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61 |
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$ |
2,940,000 |
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62 |
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$ |
2,940,000 |
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63 |
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$ |
2,940,000 |
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64 |
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$ |
2,940,000 |
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65 |
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$ |
2,500,000 |
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66 |
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$ |
2,500,000 |
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67 |
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$ |
2,496,686 |
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68 |
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$ |
2,493,768 |
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69 |
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$ |
2,489,057 |
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70 |
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$ |
1,809,170 |
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71 |
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$ |
1,779,912 |
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72 |
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$ |
1,771,844 |
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73 |
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$ |
1,759,932 |
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74 |
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$ |
1,750,960 |
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75 |
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$ |
1,744,102 |
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76 |
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$ |
1,737,173 |
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77 |
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$ |
1,722,266 |
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78 |
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$ |
1,709,919 |
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79 |
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$ |
1,702,435 |
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80 |
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$ |
1,693,480 |
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81 |
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$ |
1,683,022 |
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82 |
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$ |
1,670,556 |
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83 |
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$ |
1,656,090 |
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84 or Older |
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$ |
1,639,629 |
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Policies: |
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Policy Number: |
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1) Southland Life |
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0600087068 |
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2) Xxxxx Xxxxxxx |
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X000000000 |
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0) Xxxxx Xxxxxxx |
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U200000513 |
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4) Xxxxxxxxx Xxxxxxxx |
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8658250 |
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5) New York Life |
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6) Jefferson Pilot |
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