Monroe Bank & Trust Salary Continuation Agreement
THIS AGREEMENT is made this 21st day of December, 2000, by and between Monroe Bank & Trust, a
Michigan-chartered commercial bank located in Monroe, Michigan (the "Company" and Ronald D. LaBeau (the
To encourage the Executive to remain an employee of the Company, the Company is willing to provide salary
continuation benefits to the Executive. The Company will pay the benefits from its general assets. None of the
conditions or events included in the definition of the term "golden parachute payment" that is set forth in 18(k)(4)
(A)(ii) of the Federal Deposit Insurance Act 12U.S.C. 1818(k)(4)(A)(ii) and in Federal Deposit Insurance
Corporation Rule 359.1(f)(1)(ii) 12 CFR 359.1(f)(1)(ii) exists or, to the best of knowledge of the Company, is
contemplated insofar as the Company is concerned.
The Executive and the Company agree as follows:
Whenever used in this Agreement, the following words and phrases shall have the meanings specified:
1.1 (Intentionally left blank)
(1) (Intentionally left blank)
(2) Intentionally left blank)
1.2 ""Code" means the Internal Revenue Code of 1986, as amended.
1.3 "Disability" means, if the Executive is covered by a Company-sponsored disability policy, total disability as
defined in such policy without regard to any waiting period. If the Executive is not covered by such a policy,
Disability means the Executive suffering a sickness, accident or injury which, in the judgment of a physician
satisfactory to the Company, prevents the Executive from performing substantially all of the Executive's normal
duties for the Company. As a condition to receiving any Disability benefits, the Company may require the
Executive to submit to such physical or mental evaluations and tests as the Company's Board of Directors deems
1.4 "Early Retirement Age" means the Executive's 60th birthday.
1.5 "Early Termination" means the Termi