Base Salary and Fringe Benefits. As compensation for the Employee’s services hereunder during the Employment Period, the Company shall pay the Employee a base salary of four hundred thousand ($400,000) dollars per annum, commencing July 1, 2018, and through the effective period of the contract unless amended by the Compensation Committee. .. Any base salary payable hereunder shall be paid in regular intervals in accordance with the Company’s payroll practices, but no less frequently than once each month. The Employee shall be entitled to participate in all fringe benefits the Company provides for its employees generally, and such other benefits as the Company provides generally for its senior executives. Such fringe benefits may include paid time off (vacation and sick days), right to unpaid FMLA time off, medical insurance coverage (health, dental and vision), and Employee Retirement Plan, as may exist from time to time. In addition, the Company shall maintain a Term Life Insurance policy for the Employee, valued at $2 Million, of which $1 Million shall be assigned to the Company and remaining to the Employee’s Estate.
Base Salary and Fringe Benefits. For all services rendered by the Executive Stockholder to the Company (and any subsidiary of the Company which may hereafter be established), the Company shall pay the Executive Stockholder a salary at the rate set by the Compensation Committee (the "Base Salary"), and payable (after deduction of applicable payroll taxes) in equal semi-monthly installments on the 1st and 16th day of each month or on the preceding business day if such day is a Saturday, Sunday or holiday. The Executive Stockholder shall also be eligible for and participate in such fringe benefits as shall be generally provided to executives of the Company, including (but not limited to) the following: medical insurance and other welfare benefit programs; incentive savings and retirement programs which may be adopted from time to time by the Company; stock option plans; and club memberships. The Executive Stockholder shall be entitled to paid vacation consistent with existing Company policy. The Company shall continue to maintain existing disability and "split-dollar" insurance agreements with respect to the Executive Stockholder on terms no less favorable to the Executive Stockholder than now existing.
Base Salary and Fringe Benefits. Except as otherwise provided herein, as compensation for these services hereunder, the Corporation will pay to Employee, in installments and on dates in accordance with its normal payroll, during the period of his employment hereunder, a base salary at the aggregate rate of one hundred seventy-five thousand ($175,000) per annum, subject to the right of the parties, by mutual agreement, to adjust such rate upward in respect of any future period after the date hereof, (hereinafter referred to as "Base Pay"). In addition the Corporation shall:
(a) Pay (i) a cash retention bonus in the amount of seven thousand five hundred dollars ($7,500) to Employee upon his commencement of employment with the Corporation, and (ii) a cash bonus equal to one year of Employee's Base Pay if, during the term of this Agreement, the Bank is no longer subject (whether or not the Bank has received formal notice of such) to any formal or informal enforcement action including cease and desist orders, written agreements or memorandum of understanding by any federal or state banking regulatory agency.
(b) Provide four (4) weeks paid vacation annually beginning January 1, 2004, with one (1) week paid vacation during the period of initial employment through December 31, 2003.
(c) Reimburse fees and expenses incurred in connection with business of the Corporation or the Bank, including fees for attendance at banking related conventions and similar items approved by the President & CEO.
(d) Provide an automobile allowance in the amount of $450 per month and pay for the insurance, maintenance and gasoline utilized by Employee while in Manistique, Michigan and while traveling to and from Columbus, Ohio, on a bi-monthly basis.
(e) During the term of this Agreement provide a living allowance to Employee of one thousand dollars ($1,000) per month.
Base Salary and Fringe Benefits. Except as otherwise provided herein, as compensation for these services hereunder, the Bank will pay to Employee, in installments and on dates in accordance with its normal payroll, during the period of her employment hereunder, a base salary at the aggregate rate of Sixty Six Thousand Dollars ($66,000) per year, subject to the right of the parties, by mutual agreement, to adjust such rate upward in respect of any future calendar year or years after the date hereof, hereinafter "Base Pay." In addition the Bank shall:
(a) Provide $50,000 in term life insurance, payable to the beneficiary of Employee's choice.
(b) Provide four (4) weeks paid vacation annually.
(c) Pay for and provide to Employee reasonable and customary disability insurance. In the event the parties are unable to agree on what shall constitute "reasonable and customary" the decision of the Bank shall be conclusive, provided, however, that such insurance shall provide Employee with a monthly disability insurance payment equal to not less than 60% of her monthly Base Pay and Employee shall be entitled to receive 100% of her Base Pay during the first ninety (90) days of any disability of Employee.
(d) Provide for the Employee's participation in other employee benefit plans or programs of the Bank, if any, to the extent that her position, tenure, salary and other qualifications make her eligible to participate, subject to the rules and regulations applicable thereto including employee bonus plans, if any, as the same may be in effect from time to time.
(e) Reimbursement of fees and expenses incurred in connection with business of the Bank including, fees for attendance at banking related conventions and similar items approved by the Board of Directors.
Base Salary and Fringe Benefits. Except as otherwise provided herein, as compensation for these services hereunder, the Bank will pay to Employee, in installments and on dates in accordance with its normal payroll, during the period of his employment hereunder, a base salary at the aggregate rate of One Hundred Twenty One Thousand Dollars ($121,000) per year, subject to the right of the parties, by mutual agreement, to adjust such rate upward in respect of any future calendar year or years after the date hereof, hereinafter "Base Pay." In addition the Bank shall:
(a) Provide $135,000 in term life insurance, payable to the beneficiary of Employee's choice.
(b) Provide to the spouse and/or children of Employee upon the death of Employee the benefits set forth in an agreement between the Employee and the Bank dated
Base Salary and Fringe Benefits. Except as otherwise provided herein, as compensation for these services hereunder, the Corporation will pay to Employee, in installments and on dates in accordance with its normal payroll, during the period of his employment hereunder, a base salary at the aggregate rate of One hundred twenty-five thousand dollars ($125,000) per year, subject to the right of the parties, by mutual agreement, to adjust such rate upward on a basis no less favorable than upward adjustments provided as a class to other senior Employees of the Corporation, in respect of any future calendar year or years after the date hereof, hereinafter "Base Pay". In addition the Corporation shall:
(a) Pay for and provide to the Employee for his exclusive use a full-sized automobile, the make and model of which shall be of the Corporation's choosing, equipped with a car phone.
(b) Provide $250,000 in term life insurance, payable to the beneficiary of Employee's choice.
(c) Provide four weeks paid vacation annually.
(d) Pay all of Employee's reasonable moving expenses incurred in connection with his initial relocation to Medixx Xxxnty.
(e) Pay for and provide to Employee reasonable and customary disability insurance. In the event the parties are unable to agree on what shall constitute "reasonable and customary" the decision of the Corporation shall be conclusive, provided, however, that such insurance shall provide Employee with a monthly disability insurance payment equal to not less than 60% of his monthly Base Pay.
(f) Reimburse Employee for any costs incurred in connection with his continuation of family medical insurance pursuant to his "COBRA" rights for a period of eighteen months commencing as of the date first written above.
Base Salary and Fringe Benefits. Your base salary will be $330,000 on an annualized basis, less payroll deductions and all required withholdings, payable semi-monthly. You will be entitled to twenty (20) days paid time off each year pursuant to the Company’s policies, accruing on a monthly basis. You will be eligible for the Company’s standard benefits, which will be available to you the first of the month following your date of hire. The benefits will include paid holidays, medical, dental, vision, short-term and long-term disability insurance, life insurance and a 401K plan. The Company may modify benefits from time to time, in its sole discretion.
Base Salary and Fringe Benefits. Except as otherwise provided herein, as compensation for these services hereunder, the Corporation will pay to Employee, in installments and on dates in accordance with its normal payroll, during the period of his employment hereunder, a base salary at the aggregate rate of One Hundred Thirty Six Thousand Five Hundred Dollars ($136,500) per year, subject to the right of the parties, by mutual agreement, to adjust such rate upward in respect of any future calendar year or years after the date hereof, (hereinafter referred to as "Base Pay"). It is the intent of the parties that the base salary set forth herein will be reviewed for the year 2002 after the Compensation Committee of the Corporation has conducted its annual review of Employee for the year ended December 31, 2001. In addition the Corporation shall:
(a) Pay for and provide to the Employee for his exclusive use a full-sized automobile, the make and model of which shall be mutually agreed to between the Corporation and the Employee, which automobile shall be equipped with a car phone.
(b) Provide $250,000 in term life insurance, payable to the beneficiary of Employee's choice.
(c) Provide four (4) weeks paid vacation annually.
(d) Pay for and provide to Employee reasonable and customary disability insurance that shall provide Employee with a monthly disability insurance payment equal to not less than 60% of his monthly Base Pay in the event of disability.
(e) Provide comprehensive health and medical insurance coverage at least comparable to that provided to other employees of the Company.
(f) Reimburse fees and expenses incurred in connection with business of the Corporation or the Bank including fees for attendance at banking related conventions and similar items approved by the Board of Directors.
Base Salary and Fringe Benefits. Except as otherwise provided herein, as compensation for these services hereunder, the Corporation will pay to Employee, in installments and on dates in accordance with its normal payroll, during the period of his employment hereunder, a base salary at the aggregate rate of one hundred fifty thousand dollars ($150,000) per year, subject to the right of the parties, by mutual agreement, to adjust such rate upward in respect of any future calendar year or years after the date hereof, (hereinafter referred to as "Base Pay"). In addition the Corporation shall:
(a) Provide four (4) weeks paid vacation annually.
(b) Reimburse fees and expenses incurred in connection with business of the Corporation or the Bank including fees for attendance at banking related conventions and similar items approved by the Board of Directors.
(c) Provide an executive automobile and pay for the insurance, maintenance and gasoline utilized by Employee.
(d) Provide a membership to Coldwater Country Club, and such other clubs as agreed to by the parties from time to time, and pay for all dues, fees and assessments.
Base Salary and Fringe Benefits. Except as otherwise provided herein, as compensation for these services hereunder, the Corporation will pay to Employee, in installments and on dates in accordance with its normal payroll, during the period of his employment hereunder, a base salary at the aggregate rate of thirty thousand dollars ($30,000) per month, subject to the right of the parties, by mutual agreement, to adjust such rate upward in respect of any future period after the date hereof, (hereinafter referred to as "Base Pay"). In addition the Corporation shall:
(a) Pay (i) a cash retention bonus in the amount of ten thousand dollars ($10,000) to Employee upon his commencement of employment with the Corporation, and (ii) if, during the term of this Agreement the Bank is no longer subject to any formal or informal enforcement action including cease and desist orders, written agreements or memorandum of understanding by any federal or state banking regulatory agency, the Bank will pay to Employee a cash bonus equal to one year of Employee's Base Pay at such time.
(b) Provide six (6) weeks paid vacation annually beginning January 1, 2004, with three (3) weeks paid vacation during the period of initial employment through December 31, 2003. Each January 1, Employee may, at his election, receive a cash payment for any unused vacation at his then rate of Base Pay.
(c) Reimburse fees and expenses incurred in connection with business of the Corporation or the Bank, including fees for attendance at banking related conventions and similar items approved by the Board of Directors.
(d) Provide an executive automobile and pay for the insurance, maintenance and gasoline utilized by Employee.
(e) Provide a per diem reimbursement to Employee for each day he is in Manistique, Michigan during the term of this Agreement to cover Employees living expenses, in the amount of at least one hundred dollars ($100) per day, not to exceed one thousand dollars ($1,000) in any calendar month, subject however, to upward adjustment with the consent of the Corporation which shall not unreasonably be withheld, in the event Employee demonstrates his reasonable ordinary living expenses, including housing and meals, exceeds such per diem amount.
