Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in employee and executive benefit plans and programs of the Bank, as presently in effect or as they may be modified or added to by the Bank from time to time, subject to the eligibility and other requirements of such plans and programs, including without limitation plans providing pensions, supplemental pensions, supplemental and other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, as well as savings, profit-sharing, and stock ownership plans. The Bank makes no commitment under this Section 5(b) to provide participation opportunities to Executive in all benefit plans and programs or at levels equal to (or otherwise comparable to) the participation opportunity of any other executive. In furtherance of and not in limitation of the foregoing, during the Term:
(i) Executive will participate as Senior Vice President in all executive and employee vacation and time-off programs;
(ii) The Bank will provide Executive with coverage as Senior Vice President with respect to long-term disability insurance;
(iii) Executive will be covered by Bank-paid group term life insurance;
(iv) Executive will be entitled to benefits under the Supplemental Savings and Retirement Plan (the “SERP”) in accordance with the terms thereof, with the effective date of Executive's participation therein to be the Effective Date; and
(v) Following Executive’s completion of five years of “Credited Service” with the Bank (within the meaning provided in the SERP) or earlier termination of employment in accordance with Section 6(c) of this Agreement by reason of Executive’s Disability (as defined in Section 8(d)), Executive will be entitled to payment of a retirement benefit (the “Retirement Benefit”) equal to $40,000 per year (subject to reduction as provided hereinbelow) for a period of 20 years, commencing on the first day of the month coinciding with or immediately following the later of his attainment of age 60 or termination of service with the Bank. In the event that Executive’s service with the Bank shall be terminated prior to his attainment of age 60 for any reason other than death as provided in Section 6(b), Disability as provided in Section 6(c), termination by the Bank without Cause as provided in Sections 7(c) and (e), or termination by Executive for Good Reason as provided in Sections 7(d) and (f), such $4...
Employee and Executive Benefit Plans. During the Extended Employment Period, benefit plans, practices, policies and programs, in the aggregate, shall provide Executive with benefits substantially no less favorable than those provided by the Company to senior executives in similar capacities. During the Extended Employment Period, in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Extension Date or, if more favorable to the Executive, those provided generally at any time after the Extension Date to other peer executives of the Company and its affiliated companies.
Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in employee and executive benefit plans and programs of the Bank, as presently in effect or as they may be modified or added to by the Bank from time to time, subject to the eligibility and other requirements of such plans and programs, including without limitation plans providing pensions, supplemental pensions, supplemental and other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, as well as savings, profit-sharing, and stock ownership plans. The Bank makes no commitment under this Section 5(b) to provide participation opportunities to Executive in all benefit plans and programs or at levels equal to (or otherwise comparable to) the participation opportunity of any other executive. In furtherance of and not in limitation of the foregoing, during the Term:
(i) Executive will participate as Executive Vice President in all executive and employee vacation and time-off programs;
(ii) The Bank will provide Executive with coverage as Executive Vice President with respect to long-term disability insurance;
(iii) Executive will be covered by Bank-paid group term life insurance; and
(iv) Executive will be entitled to benefits under the Supplemental Savings and Retirement Plan (the “SERP”) in accordance with the terms thereof, with the effective date of Executive’s participation therein to be the Effective Date.
Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in all employee, executive benefit and special individual plans and programs of the Company, as presently in effect or as they may be modified or added to by the Company from time to time, to the extent such plans and programs are available to other senior executives or employees of the Company, subject to the eligibility and other requirements of such plans and programs, including, without limitation, plans providing health and medical insurance, life insurance, disability insurance and accidental death or dismemberment insurance, and pension or other retirement plans, savings plans, vacation and time-off programs, profit-sharing plans, stock purchase plans and stock ownership plans; provided, however, that such plans and programs, in the aggregate, shall provide Executive with benefits and compensation and incentive award opportunities substantially no less favorable than those provided by the Company to Executive under such plans and programs as in effect on the Effective Date.
Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in all employee and executive benefit plans and programs of the Company, as presently in effect or as they may be modified or added to by the Company from time to time, to the extent such plans are available to similarly situated senior executives or employees of the Company, subject to the eligibility and other requirements of such plans and programs, including without limitation plans providing pensions, other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, and participation in savings, profit-sharing, and stock ownership plans. In furtherance of and not in limitation of the foregoing, during the Term:
(i) Executive will participate in all executive and employee vacation and time-off programs;
(ii) The Company will provide Executive with coverage by long-term disability insurance and benefits substantially no less favorable (including any required contributions by Executive) than such insurance and benefits provided to Executive on the Effective Date;
(iii) Executive will be covered by Company-paid group term life insurance providing a death benefit of one and one-half (1 1/2) times Executive's Annual Base Salary but not to exceed $150,000; and
(iv) The Executive will be covered by a nonqualified supplemental employee retirement plan ("SERP") which will provide to Executive a lifetime monthly benefit. Executive acknowledges that his rights to the deferred compensation provided for in this Section 5(b) shall be no greater than those of a general unsecured creditor of the Company, and that such rights may not be pledged, collateralized, encumbered, hypothecated, or liable for or subject to any lien, obligation, or liability of Executive, or be assignable or transferable by Executive, otherwise than by will or the laws of descent and distribution, provided that Executive may designate one or more beneficiaries to receive any payment of such amounts in the event of his death.
Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in all employee and executive benefit plans and programs of the Company, as presently in effect or as they may be modified or added to by the Company from time to time, to the extent such plans are available to other senior executives or employees of the Company, subject to the eligibility and other requirements of such plans and programs, including without limitation plans providing pensions, other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, and participation in savings, profit-sharing, and stock ownership plans; provided, however, that, except as provided in the first sentence of Section 5(c)(iv) below, such benefit plans and programs, in the aggregate, shall provide Executive with benefits and compensation and incentive award opportunities substantially no less favorable than those provided by the Company to Executive under such plans and programs as in effect on the Effective Date. In furtherance of and not in limitation of the foregoing, during the Term:
(i) Executive will participate as Vice President-General Counsel & Secretary in all executive and employee vacation and time-off programs;
(ii) The Company will provide Executive with coverage as Vice President-General Counsel & Secretary in group and executive long-term disability insurance and benefits substantially no less favorable (including any required contributions by Executive) than such insurance and benefits in effect on the Effective Date;
(iii) Executive will be covered by Company-paid group and individual term life insurance substantially no less favorable (including any required contributions by Executive) than such group and individual term life insurance coverage in effect on the Effective Date; and
(iv) Executive will be entitled to retirement benefits substantially no less favorable than those under the qualified and nonqualified defined benefit pension plans of the Company as in effect on the Effective Date; provided, however, that the maximum annual retirement under such plans and programs shall be limited to 50% of final average compensation. For purposes of calculating such benefits, Executive's compensation shall include 100% of annual base salary and 100% of annual incentive compensation. Service of the Executive which is considered in determining such benefits shall include the post-termination pe...
Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in employee and executive benefit plans and programs of the Bank, as presently in effect or as they may be modified or added to by the Bank from time to time, subject to the eligibility and other requirements of such plans and programs, including without limitation plans providing pensions, supplemental pensions, supplemental and other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, as well as savings, profit-sharing, and stock ownership plans. The Bank makes no commitment under this Section 5(b) to provide participation opportunities to Executive in all benefit plans and programs or at levels equal to (or otherwise comparable to) the participation opportunity of any other executive. In furtherance of and not in limitation of the foregoing, during the Term:
(i) Executive will participate as President in all executive and employee vacation and time-off programs;
(ii) The Bank will provide Executive with coverage as President with respect to long-term disability insurance;
(iii) Executive will be covered by Bank-paid group term life insurance; and
(iv) Executive shall be entitled to participate in a supplemental executive retirement plan in accordance with such terms as the Committee shall determine based on emerging and best practices. In addition, subject to meeting eligibility requirements, Executive shall be entitled to participate in the Supplemental Savings and Retirement Plan.
Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in all employee and executive benefit plans and programs of the Company, as presently in effect or as they may be modified or added to by the Company from time to time, to the extent such plans are generally available to other senior executives or employees of the Company, subject to the eligibility and other requirements of such plans and programs, including, without limitation, plans providing retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, as well as savings, profit-sharing, 401(k) and stock ownership plans. In addition, Executive shall be eligible to participate in and receive or participate in perquisites under policies implemented by the Board and the Committee. It is understood that no minimum level of perquisites is guaranteed hereunder, and that the Company may make available compensation and benefits to one or more individual executives that will not be deemed “generally available” to senior executives. In furtherance of and not in limitation of the foregoing, during the Term Executive will participate as Senior Vice President, San Diego in all executive and employee vacation and time-off programs; provided that Executive shall be entitled to a minimum of 20 business days of vacation annually.
Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in employee and executive benefit plans and programs of the Bank, as presently in effect or as they may be modified or added to by the Bank from time to time, subject to the eligibility and other requirements of such plans and programs, including without limitation plans providing pensions, supplemental pensions, supplemental and other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, as well as savings, profit-sharing, and stock ownership plans. The Bank makes no commitment under this Section 5(b) to provide participation opportunities to Executive in all benefit plans and programs or at levels equal to (or otherwise comparable to) the participation opportunity of any other executive. In furtherance of and not in limitation of the foregoing, during the Term:
(i) Executive will participate as President and Chief Executive Officer in all executive and employee vacation and time-off programs;
(ii) The Bank will provide Executive with coverage as President and Chief Executive Officer with respect to long-term disability insurance;
(iii) Executive will be covered by Bank-paid group term life insurance; and
(iv) Executive will commence participation in 2012, provided Executive is employed under this Agreement on the date participation is to commence, in a supplemental executive retirement plan in accordance with such terms as the Committee shall determine based on emerging and best practices. In addition, subject to meeting eligibility requirements, Executive shall be entitled to participate in the Supplemental Savings and Retirement Plan.
Employee and Executive Benefit Plans. Executive shall be entitled during the Term to participate, without discrimination or duplication, in employee and executive benefit plans and programs of the Bank, as presently in effect or as they may be modified or added to by the Bank from time to time, subject to the eligibility and other requirements of such plans and programs, including without limitation plans providing pensions, supplemental pensions, supplemental and other retirement benefits, medical insurance, life insurance, disability insurance, and accidental death or dismemberment insurance, as well as savings, profit-sharing, and stock ownership plans. In furtherance of and not in limitation of the foregoing, during the Term:
(i) Executive will participate as President and Chief Executive Officer in all executive and employee vacation and time-off programs;
(ii) The Bank will provide Executive with coverage as President and Chief Executive Officer with respect to long-term disability insurance;
(iii) Executive will be covered by Bank-paid group term life insurance and a Bank-paid individual term life insurance policy in the face amount of $1,400,000 for so long as Executive shall remain actively employed by the Bank;
(iv) Upon Executive’s termination of employment with the Bank for any reason, Executive will be entitled to participate in such retiree medical, dental and life insurance plans as the Bank may, from time to time, offer in accordance with the terms of such plans; and
(v) Executive will be entitled to benefits under the Supplemental Savings and Retirement Plan and the Supplemental Executive Retirement Plan (collectively, the “SERPS”) in accordance with the terms thereof, with the effective date of Executive’s participation therein to be not later than the Effective Date.
