Common use of Interim Compensation Clause in Contracts

Interim Compensation. During the period between a Determination of Temporary Incapacity and a Determination of Long Term Incapacity the Executive shall receive full Base Salary for the first six (6) months of any such period and 60% of Base Salary for any subsequent period prior to a Determination of Long Term Incapacity. The Company will pay for the cost of all physicians’ fees and testing not reimbursed by insurance. The amounts payable to the Executive under this Section shall be reduced by any benefits paid to the Executive pursuant to any disability insurance for which the premiums were paid by the Company (“Company Disability Insurance”).

Appears in 3 contracts

Samples: Executive Employment Agreement (National Bankshares Inc), Executive Employment Agreement (National Bankshares Inc), Executive Employment Agreement (National Bankshares Inc)

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Interim Compensation. During the period between a Determination of Temporary Incapacity and a Determination of Long Term Incapacity Incapacity, the Executive shall receive full Base Salary for the first six (6) months of any such period and 60% of Base Salary for any subsequent period prior to a Determination of Long Term Incapacity. The Company will pay for the cost of all physicians’ fees and testing not reimbursed by insurance. The amounts payable to the Executive under this Section 4(c) shall be reduced by any benefits paid to the Executive pursuant to any disability insurance for which the premiums were paid by the Company (“Company Disability Insurance”).

Appears in 2 contracts

Samples: Executive Employment Agreement (National Bankshares Inc), Executive Employment Agreement (National Bankshares Inc)

Interim Compensation. During the period between a Determination of Temporary Incapacity and a Determination of Long Term Incapacity Incapacity, the Executive shall receive full Base Salary for the first six (6) months of any such period and 60% of Base Salary for any subsequent period prior to a Determination of Long Term Incapacity. The Company will pay for the cost of all physicians' fees and testing not reimbursed by insurance. The amounts payable to the Executive under this Section shall be reduced by any benefits paid to the Executive pursuant to any disability insurance for which the premiums were paid by the Company ("Company Disability Insurance").

Appears in 2 contracts

Samples: Executive Employmentagreement (National Bankshares Inc), Executive Employmentagreement (National Bankshares Inc)

Interim Compensation. During the period between a Determination of Temporary Incapacity and a Determination of Long Term Incapacity the Executive shall receive full Base Salary for the first six (6) months of any such period and 60% of Base Salary for any subsequent period prior to a Determination of Long Term Incapacity. The Company will pay for the cost of all physicians’ physician's fees and testing not reimbursed by insurance. The amounts payable to the Executive under this Section shall be reduced by any benefits paid to the Executive pursuant to any disability insurance the premiums for which the premiums were paid by the Company ("Company Disability Insurance").

Appears in 1 contract

Samples: Employment Agreement (National Bankshares Inc)

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Interim Compensation. During the period between a Determination of Temporary Incapacity and a Determination of Long Term Incapacity Incapacity, the Executive shall receive full Base Salary for the first six (6) months of any such period and 60% of Base Salary for any subsequent period prior to a Determination of Long Term Incapacity. The Company will pay for the cost of all physicians’ fees and testing not reimbursed by insurance. The amounts payable to the Executive under this Section 4(c) shall be reduced by any benefits paid to the Executive pursuant to any disability insurance for which the premiums were paid by the Company Bank (“Company Bank Disability Insurance”).

Appears in 1 contract

Samples: Executive Employment Agreement (National Bankshares Inc)

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