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CACB » Topics » Deferred Compensation Agreements.

This excerpt taken from the CACB DEF 14A filed Mar 11, 2008.
Deferred Compensation Agreements. The Bank has DCAs in place for the NEOs. DCAs are very common within the industry and eighty-eight percent (88%) of the Peer Group currently utilize deferred compensation plans. The Bank has established a deferral account for the NEOs on its books, which collects the annual deferral and interest. The deferral account is solely used as a measuring device, and the NEO is a general unsecured creditor of the Bank regarding the payment of benefits. The DCA also provides payouts in the event of the following terminations: early retirement, disability, change of control, financial hardship, and death.

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     The table below summarizes the terms of the DCAs in place for each of the NEOs.

Payable in Equal Installments
as set forth below or in a
Lump Sum within 90 days of Normal Current
Agreement Termination upon Normal Retirement Deferral
NEO      Date      Retirement      Date      Election
Patricia L. Moss 1995, Over 15 years 62 plus 25 % 
  amended 10 years
4/25/02 of service   
Michael J. Delvin 1998, Over 10 years 62 plus 25 %
amended 10 years
4/25/02 of service 
Gregory D. Newton 1998, Over 10 years   62 plus 25 %
amended 10 years
4/25/02 of service 
Peggy L. Biss  1995, Over 15 years 62 plus 25 %
amended 10 years
4/25/02 of service 
Frank R. Weis  1995, Over 15 years 62 plus 25 %
amended 10 years
4/25/02 of service   

     

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