Employee Benefits and Perquisites. During the Employment Term, the Executive will be entitled to (i) participate in all employee benefit plans, programs, arrangements or policies that are from time to time made available by the Company generally to its senior executives, including, without limitation, the Company’s life insurance, long-term disability, and health plans (“Employee Benefits”); and (ii) the perquisites and other fringe benefits that are from time to time made available by the Company generally to its senior executives and to such perquisites and fringe benefits that are from time to time made available by the Company to the Executive in particular, subject to any applicable terms and conditions of any specific perquisite or other fringe benefit; provided, however, that nothing contained herein shall be deemed to require the Company to adopt, maintain or provide any particular plan, program, arrangement, policy, perquisite or fringe benefit. The Executive shall be required to comply with the conditions attendant to coverage by such plans and shall comply with and be entitled to benefits only in accordance with the terms and conditions of such plans as they may be amended from time to time. The Executive agrees to cooperate and participate in any medical or physical examinations as may be required in connection with the applications for such life and/or disability insurance policies.
Employee Benefits and Perquisites. During the Term, the Executive shall be entitled to receive all benefits and perquisites of employment generally available to other members of the Company’s senior executive management, upon Executive’s satisfaction of the eligibility or participation criteria therefor. The Company reserves the right to modify or terminate employee benefits and perquisites at its discretion.
Employee Benefits and Perquisites. During the Term, Executive shall be eligible to participate in all benefit plans made available by the Company Group to its executives generally. Such benefits shall be subject to the applicable limitations and requirements imposed by the terms of such benefit plans and shall be governed in all respects in accordance with the terms of such plans as in effect from time to time. Nothing in this Section 4(a), however, shall require the Company or any member of the Company Group to maintain any benefit plan or provide any type or level of benefits to its current or former employees, including Executive.
Employee Benefits and Perquisites. Executive will be eligible to participate in the employee benefit plans and programs generally available to the Company’s senior executives, subject to the terms and conditions of such plans and programs. Executive will be entitled to other benefits and perquisites that are made available to other senior executives of the Company, each in accordance with and subject to the eligibility and other provisions of such plans and programs. The Company reserves the right to amend, modify or terminate any of its benefit plans or programs at any time and for any reason.
Employee Benefits and Perquisites. The Executive shall be entitled to participate in the employee benefit programs and receive other perquisites generally available to employees of the Company holding positions similar to the Executive.
Employee Benefits and Perquisites. During the Employment Term, the Executive shall be eligible to participate in the Company's employee benefit plans (including, without limitation, its health insurance and short term and long term disability insurance plans) on the same basis as those benefits are generally made available to other executives of the Company. All of the benefits and perquisites described in this Section 5 shall hereafter be referred to collectively as the "BENEFITS".
Employee Benefits and Perquisites. During the Term, Executive shall be eligible to participate in the employee benefit plans and perquisites and fringe benefit programs of the Company on a basis no less favorable than such benefits and perquisites are provided by the Company from time to time to the Company’s other senior executives. Without limiting the foregoing, Executive shall be entitled to receive the following perquisites during the Term:
Employee Benefits and Perquisites. The Bank shall provide Executive with employee benefit plans, arrangements and perquisites substantially equivalent to those in which Executive was participating or from which he was deriving benefit immediately prior to the commencement of the term of this Agreement, including:
(i) the Bank’s payment of premiums for life insurance on Executive’s life on the same basis as for all employees of the Bank and including $50,000 of accidental death and dismemberment coverage, where Executive has the right to designate the beneficiary(ies) of such policies;
(ii) the Deferred Compensation Plan dated March 9, 1995 between Executive and Atlantic Coast Federal Credit union (the predecessor to the Bank) and the Supplemental Retirement Agreement (“SERP”) dated November 1, 2002, restated as of January 1, 2005 and restated as of December 11, 2009 between Executive and the Bank;
(iii) the Bank’s payment of premiums for a long term disability insurance policy providing for long term disability benefits on the same basis as provided for all employees of the Bank;
(iv) the Bank’s payment to Executive of $5,000 per year for an individual retirement account contribution;
(v) the Bank’s reimbursement of out-of-pocket expenses of up to $2,500 on January 1st and July 1st each year for health insurance for Executive and his dependents, plus reimbursement of out-of-pocket expenses for an annual physical examination for Executive at the Mayo Clinic or such other facility as Executive may determine;
(vi) the Bank’s reimbursement of up to $750 each month to Executive as a car allowance (provided, however, that the Bank shall not reimburse Executive for costs associated with such automobile, except for travel which is business related, which shall be reimbursed at the Bank’s established mileage rates); and
(vii) the Bank’s reimbursement of up to $5,000 (net after taxes) for Executive’s membership in a country club of Executive’s choosing; provided, however, that such reimbursement shall not continue after termination of Executive’s employment with the Bank. The Bank shall not, without Executive’s prior written consent, make any changes in such plans, arrangements or perquisites that would adversely affect Executive’s rights or benefits thereunder, except as to any changes that are applicable to all participating employees or as reasonably or customarily available. Without limiting the generality of the foregoing provisions of this Section 3(c), Executive will be entitled to participate...
Employee Benefits and Perquisites. Subject to the terms and conditions of the Company's plans and policies, during the Employment Period, the Executive shall be entitled to participate in all retirement, health and welfare plans provided by the Company and applicable to the other peer executives of the Company. The Company agrees during the Employment period to maintain the existing vacation, car, medical and deferral plans.
Employee Benefits and Perquisites. During the Employment Period, you will be entitled to employee benefits and perquisites on terms that are no less favorable than those provided to other executive officers of the Company from time to time, provided that such benefits and perquisites will include an annual executive physical at the Mayo Clinic, reimbursement for tax, estate and financial planning, eligibility to participate in the Company’s deferred compensation plan(s) and use of the company plane for business purposes in accordance with the Company’s policies for plane use as in effect from time to time. Annual Compensation Review Your compensation and benefits generally will continue to be subject review for upward adjustment at the same time as other executive officers of the Company (at least annually) to ensure that your compensation and benefits are commensurate with market practices for the Company’s peer group. Severance and Termination Provisions Notwithstanding anything to the contrary, prior to the date of the Company’s 2024 annual meeting of stockholders (the “Expiration Date”), your removal from, or the failure to appoint, re-elect or re-nominate you to, as applicable, your positions as the President and Chief Executive Officer of the Company and as a member of the Board (or as Chairman of the Board) will require the affirmative vote of at least 75% of the members of the Board (excluding you). The Severance Agreement shall continue to replace the definitions of “Good Reason” and “Change in Control Protection Period” with the definitions set forth below under “Definitions.” In addition, if your employment is terminated without Cause or for Good Reason during the Employment Period, your outstanding Company equity awards (including any Cimarex equity awards converted in accordance with the Merger Agreement and any Company equity awards granted after the Merger) will accelerate and vest in full (with achievement of any applicable performance metrics determined based on actual performance as of the date of your termination of employment). This provision shall apply to all of your Company equity awards granted during the Employment Period and any of your Cimarex equity awards converted in accordance with the Merger Agreement, notwithstanding anything to the contrary in the applicable award agreements. Upon the expiration of the Employment Period, if your employment with the Company is continuing, then the Company will enter into a change in control agreement with you that is consist...
