Common use of Employee Benefits and Perquisites Clause in Contracts

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 in or receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank in the future to its senior executives, including any stock benefit plans, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements.

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 for a face amount equaling twice the same basis as for all employees amount of Executive’s base salary rounded up to the Bank next thousand dollars 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, 2002 and 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 coverage until Executive attains age seventy (70) at the rate of 66 2/3% of Executive’s Base Salary after the 90th day of disability benefits on as defined in the same basis as provided for all employees of the Bankpolicy;; (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 in or receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank in the future to its senior executives, including any stock benefit plans, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements.

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 's payment of premiums for life insurance on Executive’s '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, 2002 and restated as of January 1, 2005 and restated as of December 11, 2009 between Executive and the Bank; (iii) the Bank’s '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 's payment to Executive of $5,000 per year for an individual retirement account contribution; (v) the Bank’s '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 '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 's established mileage rates); and (vii) the Bank’s 's reimbursement of up to $5,000 (net after taxes) for Executive’s 's membership in a country club of Executive’s 's choosing; provided, however, that such reimbursement shall not continue after termination of Executive’s 's employment with the Bank. The Bank shall not, without Executive’s 's prior written consent, make any changes in such plans, arrangements or perquisites that would adversely affect Executive’s '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 in or receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank in the future to its senior executives, including any stock benefit plans, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements.

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 's payment of premiums for life insurance on Executive’s '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 '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 's payment to Executive of $5,000 per year for an individual retirement account contribution; (v) the Bank’s '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 '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 's established mileage rates); and (vii) the Bank’s 's reimbursement of up to $5,000 (net after taxes) for Executive’s 's membership in a country club of Executive’s 's choosing; provided, however, that such reimbursement shall not continue after termination of Executive’s 's employment with the Bank. The Bank shall not, without Executive’s 's prior written consent, make any changes in such plans, arrangements or perquisites that would adversely affect Executive’s '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 in or receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank in the future to its senior executives, including any stock benefit plans, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements.