EXECUTIVE SALARY CONTINUATION AGREEMENTS Sample Clauses

EXECUTIVE SALARY CONTINUATION AGREEMENTS. In respect of each and every Bank Executive Salary Continuation Agreement, Bank shall use its best efforts to (i) amend Section 1.2 to include BPFH in the definition of the Corporation immediately after the consummation of the Merger, for the purposes of such section, (ii) amend Section 5.1(2) of each such agreement to provide that voluntary termination shall include any voluntary termination of employment prior to the applicable retirement age set forth in Section 3.1 of each such agreement, and (iii) amend Section 5.1 to add a new subsection (5) that provides, notwithstanding any other provision of such Section 5.1, if the executive terminates his/her employment for "good reason" within a period of one (1) year after the consummation of a transaction constituting a change in control pursuant to such agreement as amended by the foregoing, then the Bank will pay the executive's "vested" amount upon such terms and conditions and commencing at such time as the Bank shall determine. For purposes of this Section 6.13 and such amendment, the executive shall be deemed to have terminated his/her employment for "good reason" if the executive terminates his/her employment with the Bank as a result of such executive not being placed in a position comparable in pay and status to that held by the executive prior to the consummation of a transaction constituting a change in control. Comparable pay and status shall be defined to mean a position (i) with a similar scope of duties and responsibilities with the Bank, in its capacity as a subsidiary of BPFH following the Merger or such other applicable entity, after giving effect to such change in control in each case, (ii) at a base salary not less than 100% of the executive's base salary, (iii) with a substantially similar opportunity to participate in bonus programs and (iv) with a substantially equivalent package of benefits taken as a whole. Each of the foregoing factors shall be as compared to the duties and responsibilities, base salary, opportunity to participate in bonus programs and benefits package that the executive enjoyed prior to such change in control. Further, a position will not be considered a position of comparable pay and status if the executive is required to work at a new work site that is more than 30 miles from the executive's work site immediately prior to such change in control. Further, Bank shall also amend Section 5.1(4)(a) of each such agreement to provide that such subsection shall not apply ...
Sample 1
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EXECUTIVE SALARY CONTINUATION AGREEMENTS. At and as of the Effective Time of the Merger, BPFH shall assume each and every Bank Executive Salary Continuation Agreement, as amended pursuant to Section 6.13.
Sample 1
EXECUTIVE SALARY CONTINUATION AGREEMENTS. Employer and Employee previously entered into Executive Salary Continuation Agreements dated April 28, 1993 and February 4, 1997 ("Salary Continuation Agreements"). As of the date of this Agreement, Employee shall be deemed fully vested in the amounts described in the column identified as "Accrued Salary Continuation Liability" for plan year six (6) of the 1993 Salary Continuation Agreement ($101,889) and for plan year two (2) of the 1997 Salary Continuation Agreement ($33,226). Hereafter, the aggregate of these vested amounts ($135,115) shall accrue interest at a rate of 6.5% per annum until paid in full. Upon Employee attaining age 62, Employee shall receive payment of the vested sum in sixty (60) equal monthly installments together with accrued interest, payable with each installment, on the first day of each month. Should Employee die after age 62, commencing ninety (90) days following the date of his death, FRSB shall make all remaining payments owed to Employee's designated beneficiary. In the event of Employee's death prior to age 62, commencing ninety (90) days following the date of his death, FRSB shall pay all sums owed to Employee's designated beneficiary in sixty (60) equal monthly installments, payable on the first day of each month. If Consultant has not designated a beneficiary, the payments described herein shall be made to the Consultant's surviving spouse or, if none, to the duly qualified personal representative, executor or administrator of Consultant's estate.
Sample 1

Related to EXECUTIVE SALARY CONTINUATION AGREEMENTS

  • Salary Continuation If the Executive becomes totally disabled during the term of this Agreement, his full salary shall be continued for 360 days from the date of the disabling injury or onset of the disability illness.

  • Benefit Continuation (a) For leaves taken pursuant to Clause 21.1, 21.2 and 21.3 the Employer shall maintain coverage for medical, extended health, dental, group life and long-term disability, and shall pay the Employer’s share of these premiums. (b) Notwithstanding Clause 21.4(a) above, should an employee be deemed to have resigned in accordance with Clause 21.5 the Employer will recover monies paid pursuant to this clause.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Accrued Salary On the Separation Date, the Company will pay you all accrued salary earned through the Separation Date, subject to standard payroll deductions and withholdings. You will receive these payments regardless of whether or not you sign this Agreement.

  • Termination Benefits (a) Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the involuntary termination of the Executive’s employment (other than for Termination for Cause or death), or by the Executive for Good Reason, the Employers shall: (i) pay the Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a lump sum payment within thirty (30) days of the Date of Termination an amount equal to three (3) times the Executive’s average annual compensation for the five most recent taxable years that the Executive has been employed by the Employers or such lesser number of years in the event that the Executive shall have been employed by the Employers for less than five years. For this purpose, annual compensation shall include base salary and any other taxable income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, pension and profit sharing plan contributions or benefits (whether or not taxable), severance payments, retirement benefits, and fringe benefits paid or to be paid to the Executive or paid for the Executive’s benefit during any such year; and (ii) cause to be continued life insurance and non-taxable medical, dental and disability coverage substantially identical to the coverage maintained by the Employers for the Executive prior to his Date of Termination, except to the extent such coverage may be changed in its application to all employees on a nondiscriminatory basis. Such coverage and payments shall cease upon the expiration of thirty-six (36) full calendar months from the Date of Termination. (b) Notwithstanding the foregoing, to the extent required to avoid penalties under Section 409A of the Code, the cash severance payable under Section 3 of this Agreement shall be delayed until the first day of the seventh month following the Executive’s Date of Termination. (c) For purposes of this Agreement, a “termination of employment” shall mean a “Separation from Service” as defined in Section 409A of the Code and the regulations promulgated thereunder, such that the Employers and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or as an independent contractor) over the immediately preceding thirty-six (36) month period.

  • Executive Benefits The Executive shall be entitled to participate in all benefit programs of the Company currently existing or hereafter made available to executives and/or other salaried employees, including, but not limited to, pension and other retirement plans, group life insurance, hospitalization, surgical and major medical coverage, sick leave, disability and salary continuation, vacation and holidays, cellular telephone and all related costs and expenses, long-term disability, and other fringe benefits.

  • Severance Period For purposes of this Agreement, “Severance Period” means the period of time commencing immediately after Executive’s separation of service from the Company through the date that is six (6) months following such separation date, plus an additional two (2) months for every fully completed Year of Service; provided, however, that in all cases the Severance Period will end no later than on the twelve (12)-month anniversary of the date of Executive’s termination of employment.

  • Vacation Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.

  • Employment Period Compensation In consideration of the other provisions of this Agreement, and the Executive’s agreement to execute a Release Agreement, substantially in the form attached hereto as Exhibit B, in the event of his termination under relevant circumstances pursuant to which he would be paid severance benefits, ESC shall provide the Executive with the following payments and benefits, both those set forth in this section and elsewhere in this Agreement:

  • Base Compensation The Bank agrees to pay the Employee during the ----------------- term of this Agreement a salary at the rate of $76,000 per annum, payable in cash not less frequently than monthly; provided, that the rate of such salary shall be reviewed by the Board of Directors of the Bank not less often than annually, and Employee shall be entitled to receive annually an increase at such percentage or in such an amount as the Board of Directors in its sole discretion may decide.

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