Common use of Incentive Benefit Clause in Contracts

Incentive Benefit. The Board shall provide an Employee who resigns in accordance with this Plan $40,000. The aforementioned amount shall be paid in four (4) annual $10,000 installments. The first annual installment shall be paid no later than August 31st of the calendar year in which the resignation is effective and the subsequent annual installments shall be made on or before August 31st. Subject to applicable contribution limits under the Internal Revenue Code (the "IRC"), the installment payments by the Board shall be made as a non-elective employer paid lump sum contribution to the IRC 403(b) plan to be established by the Board. If any amount of the contribution exceeds the Employee's applicable contribution limit, the portion of the contribution in excess of the Employee's applicable contribution limit shall be paid directly to the Employee, subject to applicable employment tax withholding. The 403(b) plan shall be established through MEA Financial Services or another provider mutually agreed upon by the Board and the- Association.