Continuance of Retirement Benefits. For 36 months following the Date of Termination, the Executive will continue to be covered and accrue benefits under all employee retirement benefit plans and programs (“Retirement Plans”) in which the Executive was participating immediately prior to the Date of Termination based on the rate of accrual immediately prior to the Date of Termination (the “Retirement Continuance Benefit”). If participation in any Retirement Plan included in the Retirement Continuance Benefit is not possible under the terms of the Retirement Plan or any provision of law would create an adverse tax effect for the Company due to such participation, the Company will annually pay in cash to the Executive at the end of each year in the 36-month period following the Date of Termination the value of the Retirement Continuance Benefit accrual which is not provided through the Retirement Plans.
Appears in 4 contracts
Samples: Employment Agreement (Fauquier Bankshares, Inc.), Employment Agreement (Fauquier Bankshares Inc), Employment Agreement (Fauquier Bankshares, Inc.)
