Compensation, Expenses and Benefits. (a) Company shall pay to Employee, and Employee shall accept from Company, during the Employment Period, and in consideration for the services to be performed by Employee, a salary at the rate of not less than $140,920.00 per annum (the "Annual Salary"), less deductions required by law and Employee authorized deductions, payable in such equal periodic installments as Company may determine, but not less frequently than monthly. Each year the salary of the Employee shall be reviewed and a salary amount set for the following year by the Board of Directors based upon recommendations of its Compensation and Benefits Committee, in accordance with the Company's established salary administration plan. In the event that a mutual agreement cannot be reached then the salary shall remain at the same level as that of the previous year. (b) In addition to the Annual Salary described in Section 5(a) above, Company agrees to reimburse Employee promptly (in accordance with policies and procedures adopted by the Board of Directors of Company) for all reasonable and necessary expenses actually incurred by Employee in connection with the Company's business, including, without limitation, all reasonable and necessary expenses of travel, lodging, entertainment, and meals away from home incurred by Employee in the course of his employment hereunder. Employee agrees to keep and maintain such records of the aforesaid expenses as Company may require and to account to Company therefore prior to any such reimbursement. Employee shall comply with all reasonable and lawful policies and procedures applied by Company from time to time to its employees generally and relating to or regulating the nature and extent of reimbursement expenses, and the manner of accounting and reimbursement therefor. (c) Company hereby agrees to make available to Employee, during the Employment Period, all benefits which are generally available to similarly situated employees of the Company, subject to and on a basis consistent with the terms and conditions of such benefits. In addition, Company agrees to provide Employee, during the Employment Period, with the following benefits: (1) An automobile for his use in carrying out his duties to the Company and its affiliates. If necessary, the Employee will be allowed to use the Bank automobile for personal use provided an accounting is kept concerning the dates and mileage for personal use. Such accounting shall be made to the Compensation & Benefits Committee on a quarterly basis. The Employee shall, on a quarterly basis, reimburse the Company for his personal use at the then current Federal rate. (2) A non-contributory qualified employee profit-sharing plan; including participation in the Company's 401(k) Plan that provides for the Company to match the Employee's contributions in accordance with Company's match of senior officer's contributions to such plan generally. (3) A non-contributory employee group life insurance plan which will provide life insurance for Employee in the amount equal to two times Employee's annual salary (or a maximum of $250,000.00) during all times that Employee remains an active employee. (4) A non-contributory accident and health insurance plan for the payment of medical care expenses for Employee. (5) A non-contributory deferred compensation plan pursuant to the term of Exhibit "A" attached. (6) A non-contributory disability income plan wherein the Company will provide the Employee with the following disability income payable to age 65 and after a 90 day waiting period: disability income equal to sixty percent (60%) of the Employee's annual salary as it exists from time to time up to a maximum benefit of $5,000.00 per month. The Company, in its sole discretion, may apply for additional insurance in its own name and for its own benefit covering the Employee for life, medical, or disability insurance, in any amount deemed advisable and the Employee shall have no right, title or interest therein. The Employee shall submit to any required examination and shall execute and assign and/or deliver such application and policies necessary to effectuate such insurance coverage. The Company shall require the Employee to have a thorough annual physical examination and will reimburse the Employee for the
Appears in 2 contracts
Samples: Employment Agreement (Carolina First Bancshares Inc), Employment Agreement (Carolina First Bancshares Inc)
Compensation, Expenses and Benefits. (a) Company shall pay to EmployeeExecutive, and Employee Executive shall accept from Company, during the Employment Period, and in consideration for the services to be performed by EmployeeExecutive, a salary at the rate of not less than $140,920.00 156,963 per annum (the "Annual Salary"), less deductions required by law and Employee deductions authorized deductionsby the Executive, payable in such equal periodic installments as Company may determine, but not less frequently than monthly. Each year the salary of the Employee Executive shall be reviewed and a salary amount set for the following year by the Board of Directors based upon recommendations of its Compensation and & Benefits Committee, in accordance with the Company's established salary administration plan. In the event that a mutual agreement cannot be reached then the salary shall remain at the same level as that of the previous year.
(b) In addition to the Annual Salary described in Section 5(a4(a) above, Company agrees to reimburse Employee Executive promptly (in accordance with the policies and procedures adopted by the Board of Directors of Company) for all reasonable and necessary expenses actually incurred by Employee Executive in connection with the Company's business, including, without limitation, all reasonable and necessary expenses of travel, lodging, entertainment, and meals away from home incurred by Employee Executive in the course of his employment hereunder. Employee Executive agrees to keep and maintain such records of the aforesaid expenses as Company may require and to account to Company therefore therefor prior to any such reimbursement. Employee shall comply with all reasonable and lawful policies and procedures applied by Company from time to time to its employees generally and relating to or regulating the nature and extent of reimbursement expenses, and the manner of accounting and reimbursement therefor.
(c) Company hereby agrees to make available to EmployeeExecutive, during the Employment Period, all benefits which are generally available to similarly situated employees executives of the Company, subject to and on a basis consistent with the terms and conditions of such benefits. In addition, Company agrees to provide EmployeeExecutive, during the Employment Period, with the following benefits:
(1) An automobile for his use in carrying out his duties to the Company and its affiliates. If necessary, the Employee Executive will be allowed to use the Bank such automobile for personal use provided an accounting account is kept concerning the dates and mileage for personal use. Such accounting account shall be made to the Compensation & Benefits Committee on a quarterly basis. The Employee Executive shall, on a quarterly basis, reimburse the Company for his personal use at the then current Federal rate. Upon retirement, the Company shall transfer title of such automobile to the Executive.
(2) A non-contributory qualified employee profit-sharing plan; including participation in the Company's 401(k) Plan that provides for the Company to match the EmployeeExecutive's contributions in accordance with the Company's match of senior officer's officers' contributions to such plan generally.
(3) A non-contributory employee group life insurance plan which will provide life insurance for Employee Executive in the amount equal to two times EmployeeExecutive's annual salary (or a maximum of $250,000.00) during all times that Employee Executive remains an active employeeexecutive officer of the Company and/or its affiliates.
(4) A non-contributory accident and health insurance plan for the payment of medical care expenses for EmployeeExecutive and Executive's family.
(5) Executive and Executive's family shall be eligible for participation in, and shall receive all benefits under the welfare benefit plans, practices, policies and programs provided by the Company and its affiliates (including, without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and travel accident insurance, plans and programs) (collectively, "Welfare Plans") to the extent applicable generally to executives of the Company and its subsidiaries.
(6) Executive shall be entitled to fringe benefits in accordance with the plans, practices, programs and policies of the Company and its affiliates made available to executives of the Company and its subsidiaries.
(7) A non-contributory deferred compensation plan pursuant to the term terms of Exhibit "A" attachedA attached hereto, which notwithstanding anything to the contrary contained herein, shall continue in full force and effect.
(6) 8) A non-contributory disability income plan wherein the Company will provide the Employee Executive with the following disability income payable to age 65 and after a 90 90-day waiting period: disability income equal to sixty percent (60%) of the EmployeeExecutive's annual salary as it exists from time to time up to a maximum benefit of $5,000.00 per month. The Company, in its sole discretion, may apply for additional insurance in its own name and for its own benefit covering the Employee Executive for life, medical, or disability insurance, in any amount deemed advisable advisable, and the Employee Executive shall have no right, title or interest therein. The Employee Executive shall submit to any required examination and shall execute and assign and/or deliver such application and policies necessary to effectuate effect such insurance coverage. The Company shall require the Employee Executive to have a thorough annual physical examination and will reimburse the Employee Executive for thethe expense. The first such examination shall be made no later than December 31, 1999.
(9) Club dues to a civic club and a country club which may include any required initiation fees. The payment of all dues are subject to approval by the Board of Directors.
(d) Executive shall, in addition to his Annual Salary, be eligible to receive an annual bonus determined as follows: for each and every calendar year of this Agreement, beginning with 1999, the Executive shall be eligible to earn a bonus based on performance goals, in an amount not less than $62,785 per year. Each year the Compensation & Benefits Committee shall make recommendations to the Board of Directors concerning the setting of the performance goals for that year, after consulting with the Executive. The goals shall be specific and a fixed dollar amount and the attainment of each goal shall be stated. Each year as a bonus the Executive may be paid nothing, or the amount of the maximum possible bonus, or any amount in between, depending on how many of the goals are reached. Nothing herein is intended to or shall prevent the Company from providing, in its discretion, additional bonus and/or additional compensation to the Executive, and further the Executive, notwithstanding anything to the contrary contained herein, shall participate in all stock option and benefit and Welfare Plans of the Company and its affiliates on the same basis as all other senior officers of the Company and its affiliates. The bonus provided for hereunder shall be payable with respect to the fiscal year immediately preceding the year in which the bonus is paid and shall not be payable if the Executive voluntarily terminates his employment prior to the end of the fiscal year or if the Executive is terminated for Cause (as defined in Section 6(c) below) prior to the end of the fiscal year. In the event that the Executive dies, is terminated because of illness or disability or is terminated by the Company without Cause, prior to the end of the fiscal year, a pro rata portion of such bonus, if otherwise earned, shall nevertheless be paid to the Executive or his estate, as the case may be. The pro rata portion shall be based upon the number of days the Executive was employed by the Company during such fiscal year as compared to 365.
(e) Following the Executive's termination and prior to him reaching age 65, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue, at Executive's expense, health insurance and other benefits to the Executive and/or the Executive's family at least equal to those which would have been provided to them in accordance with the Company's and its affiliates' plans, programs, practices and policies generally, and as otherwise described in this Agreement if the Executive's employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other senior officers of the Company and its affiliates and their families, provided, however, that if the Executive becomes re-employed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time or commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until three years after the date of termination and to have retired on the last day of such period.
Appears in 1 contract
Samples: Employment Agreement (Carolina First Bancshares Inc)
Compensation, Expenses and Benefits. (a) Company ). Employer shall pay to Employee, and Employee shall accept from CompanyEmployer, during the Employment Period, and in consideration for the services to be performed by Employee, a salary at the rate of not less than $140,920.00 91,249.00 per annum (the "Annual Salary"), less deductions required by law and Employee authorized deductions, payable in such equal periodic installments as Company Employer may determine, but not less frequently than monthly. Each Provided, however, that each year the salary of the Employee shall be reviewed and a salary amount set for the following year by mutual agreement with the Board of Directors based upon recommendations of its Compensation and Benefits Committee, in accordance with the Company's established salary administration planDirectors. In the event that a mutual agreement cannot be reached then the salary shall remain at the same level as that of the previous year.
(b) ). In addition to the Annual Salary described in Section 5(a6(a) above, Company Employer agrees to reimburse Employee promptly (in accordance with policies and procedures adopted by the Board of Directors of CompanyEmployer) for all reasonable and necessary expenses actually incurred by Employee in connection with the CompanyEmployer's business, including, without limitation, all reasonable and necessary expenses of travel, lodging, entertainment, and meals away from home incurred by Employee in the course of his employment hereunder. Employee agrees to keep and maintain such records of the aforesaid expenses as Company Employer may require and to account to Company Employer therefore prior to any such reimbursement. Employee shall comply with all reasonable and lawful policies and procedures applied by Company Employer from time to time to its employees generally and relating to or regulating the nature and extent of reimbursement expenses, and the manner of accounting and reimbursement therefor.
(c) Company ). Employer hereby agrees to make available to Employee, during the Employment Period, all benefits which are generally available to similarly situated employees of the CompanyEmployer, subject to and on a basis consistent with the terms and conditions of such benefits. In addition, Company Employer agrees to provide Employee, during the Employment Period, Employee with the following benefits:
(1) An automobile for his use A non-contributing qualified employee profit-sharing plan; additionally, participation in carrying out his duties to the Company and its affiliates. If necessary, the Employee will be allowed to use the Bank automobile for personal use provided an accounting is kept concerning the dates and mileage for personal use. Such accounting shall be made to the Compensation & Benefits Committee on a quarterly basis. The Employee shall, on a quarterly basis, reimburse the Company for his personal use at the then current Federal rateEmployer's 401(K) Plan.
(2) A non-contributory qualified employee profit-sharing plan; including participation in the Companycontributing employee's 401(k) Plan that provides for the Company to match the Employee's contributions in accordance with Company's match of senior officer's contributions to such plan generally.
(3) A non-contributory employee group life insurance plan which will provide life insurance for Employee in the amount equal to two (2) times Employee's annual salary (or a maximum of $250,000.00) during all times that Employee remains an active employee.
(43) A non-contributory contributing accident and health insurance plan for the payment of medical care expenses for Employee.
(54) A non-contributory contributing deferred compensation plan pursuant to the term terms of Exhibit "A" attached.
(65) A non-contributory contributing disability income plan wherein the Company Employer will provide the Employee with the following disability income payable to age 65 and after a 90 ninety (90) day waiting period: disability income equal to sixty percent (60%) of the Employee's annual salary as it exists from time to time up to a maximum benefit of $5,000.00 per month. The CompanyEmployer, in its sole sold discretion, may apply for additional insurance in its own name and for its own benefit covering the Employee for life, medical, or disability insurance, in any amount deemed advisable and the Employee shall have no right, title or interest therein. The Employee shall submit to any required examination and shall execute and assign and/or deliver such application and policies necessary to effectuate such insurance coverage. The Company shall Employee may require the Employee to have a thorough annual physical examination and will reimburse the Employee for thethe expense. Except as otherwise specifically set forth herein, nothing herein shall be construed to impose upon Employer any legal obligation to establish or maintain any particular benefit or benefits for any of its employees. (d). Employee shall also be eligible to receive an annual bonus based upon performance criteria to be determined by the Board of Directors of the Employer. The Board of Directors of the Employer shall determine the performance criteria to be meet by Employee for each fiscal year of Employer or other twelve (12) month period designated by the Board of Directors of the Employer during the term of this Agreement prior to the commencement of each fiscal year or such other period and shall cause such criteria to be communicated in writing to Employee. The amount of Employee's bonus shall be determined based upon the level of achievement of Employee as compared with the established performance criteria. The final determination concerning the levels of achievement attained by Employee and the amount of each such annual bonus shall be made by the Board of Directors of the Employer in its sole judgment. Any bonus earned by the Employee pursuant to this Section 6(d) shall be payable to Employee, less deductions required by law and Employee authorized deductions, no later than March 31 following the year to which such bonus relates. The bonus provided for hereunder shall be payable with respect to the fiscal year or such other period immediately preceding the year in which the bonus is paid and shall not be payable if the Employee is terminated for cause prior to the end of the fiscal year or such other period for which the bonus is to be paid. In the event that the Employee dies, is terminated because of illness or disability as provided in Section 9 of this Agreement or is terminated by the Employer without cause prior to the end of the fiscal year or such other period for which such bonus is to be paid, a pro rata portion of such bonus, if otherwise earned, shall nevertheless be paid to the Employee or his estate, as the case may be. The pro rata portion shall be based upon the number of days the Employee was employed by the Employer during such fiscal year as compared to 365.
Appears in 1 contract
Samples: Employment Agreement (Carolina First Bancshares Inc)
Compensation, Expenses and Benefits. (a) Company Employer shall pay to Employee, and Employee shall accept from CompanyEmployer, during the Employment Period, and in consideration for the all services to be performed by Employee, a salary at the rate of not less than One Hundred Fifteen Thousand Dollars ($140,920.00 115,000.00) per annum year during the Employment Period (the "Annual Salary"), . The payment of the Salary as well as any bonuses Employee may be entitled to receive shall be less withholding and deductions required by law and Employee authorized deductions, payable in such equal periodic installments as Company may determine, but not less frequently than monthly. Each year and the salary of the Employee Salary shall be reviewed and a salary amount set for payable semi-monthly in arrears during the following year by the Board of Directors based upon recommendations of its Compensation and Benefits Committee, in accordance with the Company's established salary administration plan. In the event that a mutual agreement cannot be reached then the salary shall remain at the same level as that of the previous yearEmployment Period.
(b) In addition to the Annual Salary described in Section 5(a) above, Company Employee shall be eligible to receive a performance bonus for the 1999, 2000 and 2001 calendar years (and no other calendar years regardless of the renewal of any Employment Period hereunder) based upon certain revenues received by Employer as is detailed in Exhibit A attached hereto and incorporated herein.
(c) In addition to the Salary described in Section 5(a) above, Employee shall be eligible to participate in the executive bonus plan of CNT to the same extent comparatively situated executives of CNT so participate in such plan.
(d) In addition to the Salary described in Section 5(a) above, Employer agrees to reimburse Employee promptly (in accordance with policies and procedures adopted by the Board of Directors of CompanyEmployer or CNT from time to time) for all reasonable and necessary expenses actually incurred by Employee in connection with the CompanyEmployer's or CNT's business, including, including without limitation, limitation all reasonable and necessary expenses of travel, lodging, entertainment, and meals away from home incurred by Employee in the course of his employment hereunder. Employee agrees to keep and maintain such records of the aforesaid such expenses as Company Employer or CNT may require and to account to Company therefore Employer therefor prior to any such reimbursement. Employee shall comply with all reasonable and lawful policies and procedures applied by Company Employer or CNT from time to time to its employees generally and relating to or regulating regulating, the nature and extent of reimbursement reimbursable expenses, and the manner of accounting and reimbursement therefor.
(ce) Company Employer hereby agrees to make available to Employee, during the Employment Period, all benefits which are generally available to similarly similarly-situated employees of the CompanyEmployer or CNT, subject to and on a basis consistent with the terms and conditions of such benefits. In additionSuch benefits shall include benefits provided to similarly situated employees of CNT, Company agrees to provide Employeesuch as: health and dental insurance, during the Employment Period, with the following benefits:
(1) An automobile for his use in carrying out his duties to the Company and its affiliates. If necessarydisability insurance, the Employee will be allowed right to use the Bank automobile participate in a 401(k) plan, flexible spending accounts and eligibility to receive stock option grants for personal use provided an accounting is kept concerning the dates and mileage for personal use. Such accounting shall be made to the Compensation & Benefits Committee on a quarterly basis. The Employee shall, on a quarterly basis, reimburse the Company for his personal use at the then current Federal rateshares of stock in CNT.
(2f) A non-contributory qualified employee profit-sharing plan; including participation in the Company's 401(k) Plan that provides for the Company to match the Employee's contributions in In accordance with CompanyEmployer's match of senior officer's contributions to such plan generally.
(3) A non-contributory employee group life insurance plan which will provide life insurance stated policy regarding vacation time for Employee in employees, as the amount equal to two times Employee's annual salary (or a maximum of $250,000.00) during all times that Employee remains an active employee.
(4) A non-contributory accident and health insurance plan for the payment of medical care expenses for Employee.
(5) A non-contributory deferred compensation plan pursuant to the term of Exhibit "A" attached.
(6) A non-contributory disability income plan wherein the Company will provide the Employee with the following disability income payable to age 65 and after a 90 day waiting period: disability income equal to sixty percent (60%) of the Employee's annual salary as it exists same may be amended from time to time up to a maximum benefit of $5,000.00 per month. The Company, by Employer in its sole discretion, may apply the number of days of available vacation for additional insurance in its own name and for its own benefit covering each year shall increase over time based upon the length of time Employee for life, medical, or disability insurance, in any amount deemed advisable and has been employed by Employer. For the purposes of this Agreement Employee shall have no rightas of the date hereof be considered a fifth year employee under such vacation policy, title or interest therein. The which level of seniority shall initially entitle Employee to twenty (20) days of paid vacation each year.
(g) In accordance with the terms and conditions of any applicable stock option plan of CNT and any related agreements, Employee shall submit be granted as of the date hereof options to any required examination purchase up to 25,000 shares of CNT's capital stock. Such options shall vest beginning on December 3, 1999 and shall execute and assign and/or deliver such application and policies necessary to effectuate such insurance coverage. The Company shall require the Employee to have a thorough annual physical examination and will reimburse the Employee for theeach December 3 thereafter until December 3, 2002 in increments of 6,250 shares.
Appears in 1 contract
Samples: Employment Agreement (Computer Network Technology Corp)
Compensation, Expenses and Benefits. (a) Company Employer shall pay to Employee, and Employee shall accept from CompanyEmployer, during the Employment Period, and in consideration for the all services to be performed by Employee, a salary at the rate of not less than One Hundred Forty Thousand Dollars ($140,920.00 140,000.00) per annum year during the Employment Period (the "Annual Salary"), . The payment of the Salary as well as of any bonuses Employee may be entitled to receive shall be less withholding and deductions required by law and Employee authorized deductions, payable in such equal periodic installments as Company may determine, but not less frequently than monthly. Each year and the salary of the Employee Salary shall be reviewed and a salary amount set for payable semi-monthly in arrears during the following year by the Board of Directors based upon recommendations of its Compensation and Benefits Committee, in accordance with the Company's established salary administration plan. In the event that a mutual agreement cannot be reached then the salary shall remain at the same level as that of the previous yearEmployment Period.
(b) In addition to the Annual Salary described in Section 5(a) above, Company Employee shall be eligible to receive a performance bonus for the 1999, 2000 and 2001 calendar years (and no other calendar years regardless of the renewal of any Employment Period hereunder) based upon certain revenues received by Employer as is detailed in Exhibit A attached hereto and incorporated herein.
(c) In addition to the Salary described in Section 5(a) above, Employee shall be eligible to participate in the executive bonus plan of CNT to the same extent comparatively situated executives of CNT so participate in such plan.
(d) In addition to the Salary described in Section 5(a) above, Employer agrees to reimburse Employee promptly (in accordance with policies and procedures adopted by the Board of Directors of CompanyEmployer or CNT from time to time) for all reasonable and necessary expenses actually incurred by Employee in connection with the CompanyEmployer's or CNT's business, including, including without limitation, limitation all reasonable and necessary expenses of travel, lodging, entertainment, and meals away from home incurred by Employee in the course of his employment hereunder. Employee agrees to keep and maintain such records of the aforesaid such expenses as Company Employer or CNT may require and to account to Company therefore Employer therefor prior to any such reimbursement. Employee shall comply with all reasonable and lawful policies and procedures applied by Company Employer or CNT from time to time to its employees generally and relating to or regulating regulating, the nature and extent of reimbursement reimbursable expenses, and the manner of accounting and reimbursement therefor.
(ce) Company Employer hereby agrees to make available to Employee, during the Employment Period, all benefits which are generally available to similarly similarly-situated employees of the CompanyEmployer or CNT, subject to and on a basis consistent with the terms and conditions of such benefits. In additionSuch benefits shall include benefits provided to similarly situated employees of CNT, Company agrees to provide Employeesuch as: health and dental insurance, during the Employment Period, with the following benefits:
(1) An automobile for his use in carrying out his duties to the Company and its affiliates. If necessarydisability insurance, the Employee will be allowed right to use the Bank automobile participate in a 401(k) plan, flexible spending accounts and eligibility to receive stock option grants for personal use provided an accounting is kept concerning the dates and mileage for personal use. Such accounting shall be made to the Compensation & Benefits Committee on a quarterly basis. The Employee shall, on a quarterly basis, reimburse the Company for his personal use at the then current Federal rateshares of stock in CNT.
(2f) A non-contributory qualified employee profit-sharing plan; including participation in the Company's 401(k) Plan that provides for the Company to match the Employee's contributions in In accordance with CompanyEmployer's match of senior officer's contributions to such plan generally.
(3) A non-contributory employee group life insurance plan which will provide life insurance stated policy regarding vacation time for Employee in employees, as the amount equal to two times Employee's annual salary (or a maximum of $250,000.00) during all times that Employee remains an active employee.
(4) A non-contributory accident and health insurance plan for the payment of medical care expenses for Employee.
(5) A non-contributory deferred compensation plan pursuant to the term of Exhibit "A" attached.
(6) A non-contributory disability income plan wherein the Company will provide the Employee with the following disability income payable to age 65 and after a 90 day waiting period: disability income equal to sixty percent (60%) of the Employee's annual salary as it exists same may be amended from time to time up to a maximum benefit of $5,000.00 per month. The Company, by Employer in its sole discretion, may apply the number of days of available vacation for additional insurance in its own name and for its own benefit covering each year shall increase over time based upon the length of time Employee for life, medical, or disability insurance, in any amount deemed advisable and has been employed by Employer. For the purposes of this Agreement Employee shall have no rightas of the date hereof be considered a fifth year employee under such vacation policy, title or interest therein. The which level of seniority shall initially entitle Employee to twenty (20) days of paid vacation each year.
(g) In accordance with the terms and conditions of any applicable stock option plan of CNT and any related agreements, Employee shall submit be granted as of the date hereof options to purchase up to 50,000 shares of CNT's capital stock. Such options shall vest beginning on December 3, 1999 and each December 3 thereafter until December 3, 2002 in increments of 12,500 shares.
(h) Employee shall be eligible to participate in CNT's Executive Deferred Compensation Plan in accordance with the terms and conditions of such plan.; it being acknowledged and agreed that any required examination and payments made pursuant to Section 5(b) hereof shall execute and assign and/or deliver be treated as if they were non-existent when determining Employee's rights to benefits under such application and policies necessary to effectuate such insurance coverage. The Company shall require the Employee to have a thorough annual physical examination and will reimburse the Employee for theplans.
Appears in 1 contract
Samples: Employment Agreement (Computer Network Technology Corp)
Compensation, Expenses and Benefits. (a) Company Employer shall pay to Employee, and Employee shall accept from CompanyEmployer, during the Employment Period, and in consideration for the services to be performed by Employee, a salary at the rate of not less than $140,920.00 100,536.00 per annum (the "Annual Salary"), less deductions required by law and Employee authorized deductions, payable in such equal periodic installments as Company Employer may determine, but not less frequently than monthly. Each Provided, however, that each year the salary of the Employee shall be reviewed and a salary amount set for the following year by mutual agreement with the Board of Directors based upon recommendations of its Compensation and Benefits Committee, in accordance with the Company's established salary administration planDirectors. In the event that a mutual an agreement cannot be reached then as to the salary amount, the salary shall remain at be that for the same level as that previous year increased by an amount equal to the rate of increase of the Producers' Price Index All Commodities U.S. Labor Department Bureau of Labor Statistics for the previous year.
(b) In addition to the Annual Salary described in Section 5(a6 (a) above, Company Employer agrees to reimburse Employee promptly (in accordance with policies and procedures adopted by the Board of Directors of CompanyEmployer) for all reasonable and necessary expenses actually incurred by Employee in connection with the CompanyEmployer's business, including, without limitation, all reasonable and necessary expenses of travel, lodging, entertainment, and meals away from home incurred by Employee in the course of his employment hereunder. Employee agrees to keep and maintain such records of the aforesaid expenses as Company Employer may require and to account to Company Employer therefore prior to any such reimbursement. Employee shall comply with all reasonable and lawful policies and procedures applied by Company Employer from time to time to its employees generally and relating to or regulating the nature and extent of reimbursement expenses, and the manner of accounting and reimbursement therefor.
(c) Company Employer hereby agrees to make available to Employee, during the Employment Period, all benefits which are generally available to similarly situated employees of the CompanyEmployer, subject to and on a basis consistent with the terms and conditions of such benefits. In addition, Company Employer agrees to provide Employee, during the Employment Period, Employee with the following benefits:.
(1) An automobile for his use in carrying out his duties to the Company and its affiliates. If necessary, the Employee will be allowed to use the Bank automobile for personal use provided an accounting is kept concerning the dates and mileage for personal use. Such accounting shall be made to the Compensation & Benefits Committee on a quarterly basis. The Employee shall, on a quarterly basis, reimburse the Company for his personal use at the then current Federal rate.
(2) A non-contributory contributing qualified employee profit-sharing plan; including plan and participation in the CompanyEmployer's 401(k) Plan that provides for the Company to match the Employee's contributions in accordance with Company's match of senior officer's contributions to such plan generally.
(3) A non-contributory employee group life insurance plan which will provide life insurance for Employee in the amount equal to two times Employee's annual salary (or a maximum of $250,000.00) during all times that Employee remains an active employee.
(4) A non-contributory accident and health insurance plan for the payment of medical care expenses for Employee.
(5) A non-contributory deferred compensation plan pursuant to the term of Exhibit "A" attached.
(6) A non-contributory disability income plan wherein the Company will provide the Employee with the following disability income payable to age 65 and after a 90 day waiting period: disability income equal to sixty percent (60%) of the Employee's annual salary as it exists from time to time up to a maximum benefit of $5,000.00 per month. The Company, in its sole discretion, may apply for additional insurance in its own name and for its own benefit covering the Employee for life, medical, or disability insurance, in any amount deemed advisable and the Employee shall have no right, title or interest therein. The Employee shall submit to any required examination and shall execute and assign and/or deliver such application and policies necessary to effectuate such insurance coverage. The Company shall require the Employee to have a thorough annual physical examination and will reimburse the Employee for the401(K)
Appears in 1 contract
Samples: Employment Agreement (Carolina First Bancshares Inc)
Compensation, Expenses and Benefits. (a) Company Employer shall pay to Employee, and Employee shall accept from Company, during the Employment Period, and in consideration for the services to be performed by Employee, a salary at the rate of not less than $140,920.00 90,000.00 per annum (the "Annual Salary"), less deductions required by law and Employee authorized deductions, payable in such equal periodic installments as Company Employer may determine, but not less frequently than monthly. Each Provided, however, that each year the salary of the Employee shall be reviewed and a salary amount set for the following year by mutual agreement with the Board of Directors based upon recommendations of its Compensation and Benefits Committee, in accordance with the Company's established salary administration planDirectors. In the event that a mutual an agreement cannot be reached then as to the salary amount, the salary shall remain at the same level as be that of set for the previous year.
(b) In addition to the Annual Salary described in Section 5(a6(a) above, Company Employer agrees to reimburse Employee promptly (in accordance with policies and procedures adopted by the Board of Directors of CompanyEmployer) for all reasonable and necessary expenses actually incurred by Employee in connection with the CompanyEmployer's business, including, without limitation, all reasonable and necessary expenses of travel, lodging, entertainment, and meals away from home incurred by Employee in the course of his her employment hereunder. Employee agrees to keep and maintain such records of the aforesaid expenses as Company Employer may require and to account to Company Employer therefore prior to any such reimbursement. Employee shall comply with all reasonable and lawful policies and procedures applied by Company Employer from time to time to its employees generally and relating to or regulating the nature and extent of reimbursement expenses, and the manner of accounting and reimbursement therefor.
(c) Company Employer hereby agrees to make available to Employee, during the Employment Period, all benefits which are generally available to similarly situated employees of the CompanyEmployer, subject to and on a basis consistent with the terms and conditions of such benefits. In addition, Company Employer agrees to provide Employee, during the Employment Period, Employee with the following benefits:.
(1) An automobile for his use in carrying out his duties to the Company and its affiliates. If necessary, the Employee will be allowed to use the Bank automobile for personal use provided an accounting is kept concerning the dates and mileage for personal use. Such accounting shall be made to the Compensation & Benefits Committee on a quarterly basis. The Employee shall, on a quarterly basis, reimburse the Company for his personal use at the then current Federal rate.
(2) A non-contributory contributing qualified employee profit-sharing plan; including plan and participation in the CompanyEmployer's 401(k) Plan that provides for the Company to match the Employee's contributions in accordance with Company's match of senior officer's contributions to such plan generally.
(3) A non-contributory employee group life insurance plan which will provide life insurance for Employee in the amount equal to two times Employee's annual salary (or a maximum of $250,000.00) during all times that Employee remains an active employee.
(4) A non-contributory accident and health insurance plan for the payment of medical care expenses for Employee.
(5) A non-contributory deferred compensation plan pursuant to the term of Exhibit "A" attached.
(6) A non-contributory disability income plan wherein the Company will provide the Employee with the following disability income payable to age 65 and after a 90 day waiting period: disability income equal to sixty percent (60%) of the Employee's annual salary as it exists from time to time up to a maximum benefit of $5,000.00 per month. The Company, in its sole discretion, may apply for additional insurance in its own name and for its own benefit covering the Employee for life, medical, or disability insurance, in any amount deemed advisable and the Employee shall have no right, title or interest therein. The Employee shall submit to any required examination and shall execute and assign and/or deliver such application and policies necessary to effectuate such insurance coverage. The Company shall require the Employee to have a thorough annual physical examination and will reimburse the Employee for the401(K)
Appears in 1 contract
Samples: Employment Agreement (Carolina First Bancshares Inc)
Compensation, Expenses and Benefits. (a) Company Upon the Effective Time, the Bank shall pay to the Employee a transition bonus of $105,000. Following Closing, the Bank shall pay Employee, as an additional transition bonus, $8,781.25 in equal monthly amounts through the first anniversary of the Effective Time, and Employee shall accept from CompanyBank, during the Employment Period, and in consideration for the services to be performed by Employee, a salary at the rate of not less than $140,920.00 92,500.00 per annum (the "Annual Salary"), less deductions required by law and Employee authorized deductions, payable in such equal periodic installments as Company the Bank's Board of Directors may determine, but not less frequently than monthly. Each year the salary of the Employee shall be reviewed and a salary amount set for the following year by the Board of Directors based upon recommendations of its Compensation and Benefits Committee, in accordance with the Company's established salary administration plan. In the event that a mutual agreement cannot be reached then the salary shall remain at the same level as that of the previous year. The Employee shall initially hold a job grade of 28 in the Company's job grading system.
(b) In addition to the Annual Salary described in Section 5(a4(a) above, Company the Bank agrees to reimburse Employee promptly (in accordance with policies and procedures adopted by the Board Boards of Directors of Companythe Company and the Bank) for all reasonable and necessary expenses actually incurred by Employee in connection with the CompanyBank's business, including, without limitation, all reasonable and necessary expenses of travel, lodging, entertainment, and meals away from home incurred by Employee in the course of his employment hereunder. Employee agrees to keep and maintain such records of the aforesaid expenses as Company the Bank may require and to account to Company Bank therefore prior to any such reimbursement. Employee shall comply with all reasonable and lawful policies and procedures applied by the Bank and the Company from time to time to its employees generally and relating to or regulating the nature and extent of reimbursement expenses, and the manner of accounting and reimbursement therefor.
(c) Company Bank hereby agrees to make available to Employee, during the Employment Period, all benefits which are the Company makes generally available to similarly situated employees of the Company's bank subsidiaries, subject to and on a basis consistent with the terms and conditions of such benefits, as these may be in effect from time to time. In addition, Company Bank agrees to provide Employee, during the Employment Period, with the following benefits:
(1) An A suitable automobile for his use in carrying out his duties to the Company Bank and its affiliates. If necessary, the Employee will be allowed to use the Bank automobile for personal use provided an accounting is kept concerning the dates and mileage for personal use. Such accounting shall be made to the Compensation & Benefits Committee on a quarterly basis. The Employee shall, on a quarterly basis, reimburse the Company Bank for his personal use at the then current Federal raterate approved by the Company.
(2) A non-contributory qualified employee profit-sharing plan; including participation in the Company's 401(k) Plan that provides for the Company to match the Employee's contributions in accordance with Company's match of senior officer's contributions to such plan generally.
(3) A non-contributory employee group life insurance plan which will provide term life insurance for Employee in the amount equal to two times Employee's annual salary (or a maximum of $250,000.00) during all times that Employee remains an active employee.
(4) A non-contributory accident and health insurance plan for the payment of medical care expenses for Employee.
(5) A non-contributory deferred compensation plan pursuant to the term of Exhibit "A" attached.
(6) A non-contributory disability income plan wherein the Company will provide the Employee with the following disability income payable to age 65 and after a 90 day waiting period: disability income equal to sixty percent (60%) of the Employee's annual salary as it exists from time to time up to a maximum benefit of $5,000.00 per month. The Company, in its sole discretion, may apply for additional insurance in its own name and for its own benefit covering the Employee for life, medical, or disability insurance, in any amount deemed advisable and the Employee shall have no right, title or interest therein. The Employee shall submit to any required examination and shall execute and assign and/or deliver such application and policies necessary to effectuate such insurance coverage. The Company Employee shall have the first such examination by no later December 31, 1998 or such later date as may be mutually agreeable. The Bank shall require the Employee to have a thorough annual physical examination and will reimburse the Employee for thethe expense. The first such examination shall be made no later than December 31, 1998.
(6) Club dues to a civic club and a country club which may include any required initiation fees. The payment of all dues are subject to approval by the Bank's Board of Directors.
(d) Employee shall, in addition to his annual salary, be eligible, beginning in 1999, to earn a bonus based on the Employee meeting his performance goals, in accordance with each year's officer incentive compensation plan or successor plan, if any such plan is in effect for such year. For 1998, the Employee shall receive any bonus he may be entitled to under any plan disclosed to the Company as part of the Merger Agreement. Each year the Company's Compensation & Benefits Committee shall make recommendations to the Bank's Board of Directors concerning the setting of the performance goals for that year, after consulting with the Employee. The goals shall be specific and a fixed dollar amount for the attainment of each goal shall be stated. Each year, the Employee may be paid nothing as a bonus, or the amount of the maximum possible bonus, or any amount in between depending on the Employee's achievement of such goals. Nothing herein is intended to or shall prevent the Bank from providing, in its discretion, additional bonus and/or additional compensation to the Employee, and further the Employee, notwithstanding anything to the contrary contained herein shall participate in all stock option, and benefit and welfare plans of the Company and its affiliates on the same basis as all other senior officers of the Company and its Bank subsidiaries.
(e) Pursuant to the Carolina First Long-Term Incentive Compensation Plan, the Employee will be granted, immediately following the Effective Time, options on 7,500 shares of based upon the closing price of shares of Company Common Stock on the date of grant. Such options shall vest ratably in equal annual amounts over six years beginning one year after the Effective Time and shall have a term of 10 years.
(f) The employee shall have three weeks of paid vacation annually, which, for 1998, shall include any vacation time taken prior to the Effective Time.
Appears in 1 contract
Samples: Employment Agreement (Carolina First Bancshares Inc)
