Compensation and General Benefits. As compensation for his --------------------------------- services under this Agreement, the Executive shall be compensated as follows: (a) The Companies shall pay the Executive an annual salary which is not less than the greater of (i) a base salary of $115,000 per annum, or (ii) any subsequently established higher annual base salary. Such salary shall be payable in periodic equal installments which are no less frequent than monthly. Such salary shall be subject to normal periodic review at least annually for increases based on the salary policies of the Companies and contributions to the enterprises. (b) The Executive shall be entitled to participate in such pension, profit sharing, stock incentive, stock option, stock purchase, incentive, group and individual disability, group and individual life, survivor income, sickness, accident, dental, medical or health insurance and other plans of the Companies which are in effect immediately prior to the effective date of this Agreement or in any other or additional benefit programs, plans or arrangements of the Companies which may be established by the Companies, as and to the extent any such benefit programs, plans or arrangements are or may from time to time be in effect, as determined by the Companies and terms hereof. The Companies shall neither (i) terminate or amend any benefit program, plan or arrangement of the Companies pursuant to which the Executive, or his dependents, beneficiaries or estate, is or shall be entitled to benefits, nor (ii) terminate or amend any formula or method set forth in any benefit program, plan or arrangement of the Companies pursuant to which the amount and type of benefits to which the Executive, or his dependents, beneficiaries or estate, is or shall be entitled thereunder are determined, if such termination or amendment would in any way modify or deprive the Executive, or his dependents, beneficiaries or estate, of any benefits to which he, or his dependents, beneficiaries or estate, is or shall be entitled under any benefit program, plan or arrangement of the Companies, unless (a) the Executive expressly consents in writing to such termination or amendment or (B) the amendment is required by law or regulation and the Companies shall, to the extent necessary, provide, pay or provide for payment of amounts equal to any benefits lost or reduced by such amendment. Throughout the period of his employment hereunder, the Executive shall be entitled to the receipt of any personal benefits from the Companies at the Companies' expense including, but not limited to, any other perquisites provided by the Companies to executives with comparable authority or duties. The term "benefit programs, plans, or arrangements of the Companies" as used in this Agreement refers to the matters in this paragraph 1.2(b).
Appears in 1 contract
Compensation and General Benefits. As compensation for his --------------------------------- services under this Agreement, the Executive shall be compensated as follows:
(a) The Companies Corporation shall pay to the Executive an annual base salary which is not less than the greater of (i) a his rate of annual base salary from the Corporation immediately prior to the date of $115,000 per annumthis Agreement, or (ii) any subsequently established higher annual base salary. Such salary shall be payable in periodic equal installments which are no less frequent than monthlythe periodic installments relating to the Executive's salary immediately prior to the date of this Agreement. Such salary shall be subject to normal periodic review at least annually for increases based on the salary policies of the Companies Corporation and the Executive's contributions to the enterprisesenterprise.
(b) The Throughout the Employment Period, the Executive shall be entitled to participate in such pension, profit sharing, stock incentive, bonus or incentive compensation, stock option, stock purchase, incentive, group and individual disability, group and individual life, survivor income, sickness, accident, dental, medical or and health insurance benefits and other plans of the Companies Corporation which are in effect immediately prior to the effective date of this Agreement or and in any other successor or additional benefit programs, plans or arrangements of the Companies Corporation which may be established by the CompaniesCorporation, as and to the extent any such benefit programs, plans or and arrangements are or may from time to time be in effect, as determined by the Companies Corporation and the terms hereofhereof and as and to the extent that the Executive is eligible to participate in such plans under the terms of such plans. The Companies During the Employment Period, the Corporation shall neither (i) terminate or amend any benefit program, plan or arrangement of the Companies Corporation pursuant to which the Executive, or his dependents, beneficiaries or estate, is or shall be entitled to benefits, nor (ii) terminate or amend any formula formula, method or method benefit payment option set forth in any benefit program, plan or arrangement of the Companies Corporation pursuant to which the amount amount, timing and type of benefits to which the Executive, or his dependents, beneficiaries or estate, is or shall be entitled thereunder are determineddetermined or paid, if such termination or amendment would in any way modify in a manner adverse to the interests of the Executive or deprive the Executive, or his dependents, beneficiaries or estate, of any benefits benefit (including tax benefits) or benefit payment option to which he, or his dependents, beneficiaries or estate, is or shall be entitled under any benefit program, plan or arrangement of the CompaniesCorporation, unless (aA) the Executive expressly consents in writing to such termination or amendment or (B) or, in the amendment is required by law or regulation and event such consent has not been obtained, the Companies shall, to the extent necessary, provide, Corporation shall pay or provide for payment of amounts equal to any benefits benefits, including tax benefits, lost or reduced by such amendmentamendment or (B) -- the amendment is required by law or regulation. Throughout the period of his employment hereunderEmployment Period, the Executive shall be entitled to the receipt of any personal benefits from the Companies Corporation at the Companies' Corporation's expense which he has heretofore received from the Corporation including, but not limited to, the use of an automobile, the use of club memberships, as well as any other perquisites ordinarily provided by the Companies Corporation to executives with comparable authority or dutiestheir chairmen and chief executive officers. The group and individual disability programs provided for the Corporation's executive officers are continually being reviewed and the Executive will be entitled to come under the programs as revised in the event revisions are made which are approved by the Corporation's Boards of Directors. The term "benefit programs, plans, or arrangements of the CompaniesCorporation" as used in this Agreement refers to the matters in this paragraph Section 1.2(b). For purposes of this Agreement, "tax benefits" include, among other things, the benefits of non- taxable benefits, tax deferral, tax-free accumulation, special distribution taxation treatment and the like .
Appears in 1 contract
Samples: Executive Employment Agreement (RWD Technologies Inc)
Compensation and General Benefits. As compensation for his --------------------------------- services under this Agreement, the Executive shall be compensated as follows:
(a) The Companies shall pay the Executive an annual salary which is not less than the greater of (i) a base salary of $115,000 132,000.00 per annum, or (ii) any subsequently established higher annual base salary. Such salary shall be payable in periodic equal installments which are no less frequent than monthly. Such salary shall be subject to normal periodic review at least annually for increases based on the salary policies of the Companies and contributions to the enterprises.
(b) The Executive shall be entitled to participate in such pension, profit sharing, stock incentive, stock option, stock purchase, incentive, group and individual disability, group and individual life, survivor income, sickness, accident, dental, medical or health insurance and other plans of the Companies which are in effect immediately prior to the effective date of this Agreement or in any other or additional benefit programs, plans or arrangements of the Companies which may be established by the Companies, as and to the extent any such benefit programs, plans or arrangements are or may from time to time be in effect, as determined by the Companies and terms hereof. The Companies shall neither (i) terminate or amend any benefit program, plan or arrangement of the Companies pursuant to which the Executive, or his dependents, beneficiaries or estate, is or shall be entitled to benefits, nor (ii) terminate or amend any formula or method set forth in any benefit program, plan or arrangement of the Companies pursuant to which the amount and type of benefits to which the Executive, or his dependents, beneficiaries or estate, is or shall be entitled thereunder are determined, if such termination or amendment would in any way modify or deprive the Executive, or his dependents, beneficiaries or estate, of any benefits to which he, or his dependents, beneficiaries or estate, is or shall be entitled under any benefit program, plan or arrangement of the Companies, unless (a) the Executive expressly consents in writing to such termination or amendment or (B) the amendment is required by law or regulation and the Companies shall, to the extent necessary, provide, pay or provide for payment of amounts equal to any benefits lost or reduced by such amendment. Throughout the period of his employment hereunder, the Executive shall be entitled to the receipt of any personal benefits from the Companies at the Companies' expense including, but not limited to, any other perquisites provided by the Companies to executives with comparable authority or duties. The term "benefit programs, plans, or arrangements of the Companies" as used in this Agreement refers to the matters in this paragraph 1.2(b).
Appears in 1 contract
Compensation and General Benefits. As compensation for his --------------------------------- services under this Agreement, the Executive shall be compensated as follows:
(a) The Companies shall pay the Executive an annual salary which is not less than the greater of (i) a base salary of $115,000 125,500.00 per annum, or (ii) any subsequently established higher annual base salary. Such salary shall be payable in periodic equal installments which are no less frequent than monthly. Such salary shall be subject to normal periodic review at least annually for increases based on the salary policies of the Companies and contributions to the enterprises.
(b) The Executive shall be entitled to participate in such pension, profit sharing, stock incentive, stock option, stock purchase, incentive, group and individual disability, group and individual life, survivor income, sickness, accident, dental, medical or health insurance and other plans of the Companies which are in effect immediately prior to the effective date of this Agreement or in any other or additional benefit programs, plans or arrangements of the Companies which may be established by the Companies, as and to the extent any such benefit programs, plans or arrangements are or may from time to time be in effect, as determined by the Companies and terms hereof. The Companies shall neither (i) terminate or amend any benefit program, plan or arrangement of the Companies pursuant to which the Executive, or his dependents, beneficiaries or estate, is or shall be entitled to benefits, nor (ii) terminate or amend any formula or method set forth in any benefit program, plan or arrangement of the Companies pursuant to which the amount and type of benefits to which the Executive, or his dependents, beneficiaries or estate, is or shall be entitled thereunder are determined, if such termination or amendment would in any way modify or deprive the Executive, or his dependents, beneficiaries or estate, of any benefits to which he, or his dependents, beneficiaries or estate, is or shall be entitled under any benefit program, plan or arrangement of the Companies, unless (a) the Executive expressly consents in writing to such termination or amendment or (B) the amendment is required by law or regulation and the Companies shall, to the extent necessary, provide, pay or provide for payment of amounts equal to any benefits lost or reduced by such amendment. Throughout the period of his employment hereunder, the Executive shall be entitled to the receipt of any personal benefits from the Companies at the Companies' expense including, but not limited to, any other perquisites provided by the Companies to executives with comparable authority or duties. The term "benefit programs, plans, or arrangements of the Companies" as used in this Agreement refers to the matters in this paragraph 1.2(b).
Appears in 1 contract
Compensation and General Benefits. As compensation for his --------------------------------- services under this Agreement, the Executive shall be compensated as follows:
(a) The Companies Bank shall pay the Executive an annual salary which is not less than the greater of (i) a base salary of $115,000 150,000.00 per annum, or (ii) any subsequently established higher annual base salary. Such salary shall be payable in periodic equal installments which are no less frequent than monthly. Such salary shall be subject to normal periodic review at least annually for increases based on the salary policies of the Companies Bank and contributions to the enterprises.
(b) The Executive shall be entitled to participate in such pension, profit sharing, stock incentive, stock option, stock purchase, incentive, group and individual disability, group and individual life, survivor income, sickness, accident, dental, medical or health insurance and other plans of the Companies Bank which are in effect immediately prior to the effective date of this Agreement or in any other or additional benefit programs, plans or arrangements of the Companies Bank which may be established by the CompaniesBank, as and to the extent any such benefit programs, plans or arrangements are or may from time to time be in effect, as determined by the Companies Bank and terms hereof. The Companies Bank shall neither (i) terminate or amend any benefit program, plan or arrangement of the Companies Bank pursuant to which the Executive, or his dependents, beneficiaries or estate, is or shall be entitled to benefits, nor (ii) terminate or amend any formula or method set forth in any benefit program, plan or arrangement of the Companies Bank pursuant to which the amount and type of benefits to which the Executive, or his dependents, beneficiaries or estate, is or shall be entitled thereunder are determined, if such termination or amendment would in any way modify or deprive the Executive, or his dependents, beneficiaries or estate, of any benefits to which he, or his dependents, beneficiaries or estate, is or shall be entitled under any benefit program, plan or arrangement of the CompaniesBank, unless (a) the Executive expressly consents in writing to such termination or amendment or (B) the amendment is required by law or regulation and the Companies Bank shall, to the extent necessary, provide, pay or provide for payment of amounts equal to any benefits lost or reduced by such amendment. Throughout the period of his employment hereunder, the Executive shall be entitled to the receipt of any personal benefits from the Companies Bank at the Companies' Bank's expense including, but not limited to, any other perquisites provided by the Companies Bank to executives with comparable authority or duties. The term "benefit programs, plans, or arrangements of the CompaniesBank" as used in this Agreement refers to the matters in this paragraph 1.2(b).
Appears in 1 contract
