MBRG » Topics » Deferred Compensation Plans

This excerpt taken from the MBRG 10-K filed Mar 16, 2006.

Deferred Compensation Plans


Two deferred compensation plans were adopted for the President and two Executive Officers of the Company. Benefits are to be paid in monthly installments commencing at retirement and ending upon the death of the officer. The agreement provides that if employment is terminated for reasons other than death or disability prior to age 65, the amount of benefits would be reduced. The deferred compensation expense for 2005, 2004 and 2003, based on the present value of the retirement benefits, was $353,819, $182,583 and $57,881, respectively. The plans are unfunded; however, life insurance has been acquired on the life of the employees in amounts sufficient to help meet the costs of the obligations.



This excerpt taken from the MBRG 10-K filed Mar 16, 2005.

Deferred Compensation Plans


Two deferred compensation plans were adopted for the President and two Executive Officers of the Company.  Benefits are to be paid in monthly installments commencing at retirement and ending upon the death of the officer.  The agreement provides that if employment is terminated for reasons other than death or disability prior to age 65, the amount of benefits would be reduced.  The deferred compensation expense for 2004, 2003 and 2002, based on the present value of the retirement benefits, was $201,685, $57,881 and $31,476.  The plans are unfunded; however, life insurance has been acquired on the life of the employees in amounts sufficient to help meet the costs of the obligations.



EXCERPTS ON THIS PAGE:

10-K
Mar 16, 2006
10-K
Mar 16, 2005

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