New Jersey
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000-51889
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20-3700861
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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1250 Highway 35 South, Middletown, New Jersey
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07748
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(Address of principal executive offices)
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(Zip Code)
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(732) 706-9009
Registrant’s telephone number, including area code
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N/A
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(Former name or former address, if changed since last report.)
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In the event that a participant separates from service prior to age 65 for reasons other than death, disability, an involuntary termination for cause, or a change in control, the participant is entitled to an annual benefit based on his age at the time he separates from service ($3,934 and $4,701 for Messrs. Abrahamian and Werner, respectively, as of December 31, 2012), commencing within 30 days after he separates from service and paid in monthly installments for 15 years;
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In the event that a participant becomes disabled while in active service prior to age 65, the participant is entitled to an annual benefit based on his age at the time he becomes disabled ($7,831 and $8,552 for Messrs. Abrahamian and Werner, respectively, as of December 31, 2012), commencing within 30 days after he attains age 65 and paid in monthly installments for 15 years;
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In the event that a participant dies while in active service prior to age 65, the participant is entitled to a benefit based on his age at the time of his death ($431,576 and $457,728 for Messrs. Abrahamian and Werner, respectively, as of the date of the 2012 SERP Agreements), paid in a lump sum within 90 days after receipt by the Bank of the Executive’s death certificate; and
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In the event that a change in control occurs while a participant is a full-time employee, the participant is entitled to an annual benefit based on his age at the time of the change in control ($43,485 and $46,120 for Messrs. Abrahamian and Werner, respectively, as of the date of the 2012 SERP Agreements), commencing within 30 days after he separates from service and paid in monthly installments for 15 years.
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The annual benefit that he receives in the event that he separates from service prior to age 65 for reasons other than death, disability, an involuntary termination for cause, or a change in control, based on his age at the time he separates from service, has been increased to $14,457 as of December 31, 2011;
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The annual benefit that he receives in the event that he becomes disabled while in active service prior to age 65, based on his age at the time he becomes disabled, has been increased to $28,401 as of December 31, 2011;
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The death benefit that his estate is entitled to in the event that he dies while in active service prior to age 65, based on his age at the time of his death, has been increased to $639,238 as of December 31, 2011; and
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The annual benefit that he receives in the event that a change in control occurs while he is a full-time employee, based on his age at the time of the change in control, has been increased to $66,461 as of December 31, 2011.
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COMMUNITY PARTNERS BANCORP | ||||
Dated:
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January 19, 2012
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By:
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/s/ A. Richard Abrahamian | |
A. Richard Abrahamian
Executive Vice President & Chief Financial Officer
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