Common use of Participation in Retirement and Employee Benefit Plans Clause in Contracts

Participation in Retirement and Employee Benefit Plans. Fringe -------------------------------------------------------------- Benefits. The Officer shall be entitled to participate in any plan relating to -------- deferred compensation, stock awards, stock options, stock purchases, pension, thrift, profit sharing, group life insurance, medical coverage, disability coverage, education, or other retirement or employee benefits that the Savings Bank or the Holding Company have adopted, or may, from time to time adopt, for benefit of their executive employees and for employees generally, subject to the eligibility rules of such plans. The Officer shall also be entitled to participate in any other fringe benefits which are now or may be or become applicable to the Officer or the Savings Bank's other executive employees, including the payment of reasonable expenses for attending annual and periodic meetings of trade associations, and any other benefits which are commensurate with the duties and responsibilities to be performed by the Officer under this Agreement. Additionally, the Officer shall be entitled to such vacation and sick leave as shall be established under uniform employee policies promulgated by the Directors. The Savings Bank shall reimburse the Officer for all out-of-pocket reasonable and necessary business expenses which the Officer may incur in connection with his services on behalf of the Savings Bank. The Savings Bank also agrees to provide the Officer with one automobile of an appropriate class and quality owned or leased by the Savings Bank for use in connection with the Officer's duties hereunder.

Participation in Retirement and Employee Benefit Plans. Fringe -------------------------------------------------------------- Benefits. The Officer shall be entitled to participate in any plan relating to -------- deferred compensation, stock awards, stock options, stock purchases, pension, thrift, profit sharing, group life insurance, medical coverage, disability coverage, education, or other retirement or employee benefits that the Savings Bank or the Holding Company have adopted, or may, from time to time adopt, for benefit of their executive employees and for employees generally, subject to the eligibility rules of such plans. The Officer shall also be entitled to participate in any other fringe benefits which are now or may be or become applicable to the Officer or the Savings Bank's other executive employees, including the payment of reasonable expenses for attending annual and periodic meetings of trade associations, and any other benefits which are commensurate with the duties and responsibilities to be performed by the Officer under this Agreement. Additionally, the Officer shall be entitled to such vacation and sick leave as shall be established under uniform employee policies promulgated by the Directors. The Savings Bank shall reimburse the Officer for all out-of-pocket reasonable and necessary business expenses which the Officer may incur in connection with his services on behalf of the Savings Bank. The Savings Bank also agrees to provide the Officer with one automobile of an appropriate class and quality owned or leased by the Savings Bank for use in connection with the Officer's duties hereunder.

Participation in Retirement and Employee Benefit Plans. Fringe -------------------------------------------------------------- Benefits. The Officer shall be entitled to participate in any plan relating to -------- deferred compensation, stock awards, stock options, stock purchases, pension, thrift, profit sharing, group life insurance, medical and dental coverage, disability coverage, education, or other retirement or employee benefits that the Savings Bank or the Holding Company have adopted, or may, from time to time adopt, for benefit of their executive employees and for employees generally, subject to the eligibility rules of such plans. The Officer shall also be entitled to participate in any other fringe benefits which are now or may be or become applicable to the Officer or the Savings Bank's other executive employees, including the payment of reasonable expenses for attending annual and periodic meetings of trade associations, and any other benefits which are commensurate with the duties and responsibilities to be performed by the Officer under this Agreement. Additionally, the Officer shall be entitled to such vacation and sick leave as shall be established under uniform employee policies promulgated by the Directors. The Savings Bank shall reimburse the Officer for all out-of-pocket reasonable and necessary business expenses which the Officer may incur in connection with his services on behalf of the Savings Bank. The Savings Bank also agrees to provide the Officer with one automobile of an appropriate class and quality owned or leased by the Savings Bank for use in connection with the Officer's duties hereunder.

Participation in Retirement and Employee Benefit Plans. Fringe -------------------------------------------------------------- Benefits. The Officer shall be entitled to participate in any plan relating to -------- deferred compensation, stock awards, stock options, stock ownership plan, stock purchases, pension, thrift, profit sharing, group life insurance, medical and dental coverage, disability coverage, education, or other retirement or employee benefits that the Savings Bank or the Holding Company have adopted, or may, from time to time adopt, for benefit of their executive employees and for employees generally, subject to the eligibility rules of such plans. The Officer shall also be entitled to participate in any other fringe benefits which are now or may be or become applicable to the Officer or the Savings Bank's other executive employees, including the payment of reasonable expenses for attending annual and periodic meetings of trade associations, and any other benefits which are commensurate with the duties and responsibilities to be performed by the Officer under this Agreement. Additionally, The Savings Bank agrees to provide the Officer shall be entitled to such vacation with one automobile of an appropriate class and sick leave as shall be established under uniform employee policies promulgated quality owned or leased by the DirectorsSavings Bank for use in connection with the Officer's duties hereunder. The Savings Bank further agrees to pay on behalf of the Officer during the term of this Agreement the regular monthly dues for the Officer's membership in the Scotch Xxxxxxx Country Club and the Laurinburg Rotary Club. The Savings Bank shall reimburse the Officer for all out-of-pocket reasonable and necessary business expenses which the Officer may incur in connection with his services on behalf of the Savings Bank. The Savings Bank also agrees to provide Additionally, the Officer with one automobile of an appropriate class shall be entitled to such vacation and quality owned or leased sick leave as shall be established under uniform employee policies promulgated by the Savings Bank for use in connection with the Officer's duties hereunderDirectors.

Participation in Retirement and Employee Benefit Plans. Fringe -------------------------------------------------------------- Benefits. The Officer shall be entitled to participate in any plan relating to -------- deferred compensation, stock awards, stock options, stock purchases, pension, thrift, profit sharing, group life insurance, medical and dental coverage, disability coverage, education, or other retirement or employee benefits that the Savings Bank or the Holding Company have adopted, or may, from time to time adopt, for benefit of their executive employees and for employees generally, subject to the eligibility rules of such plans. The Officer shall also be entitled to participate in any other fringe benefits which are now or may be or become applicable to the Officer or the Savings Bank's other executive employees, including the payment of reasonable expenses for attending annual and periodic meetings of trade associations, and any other benefits which are commensurate with the duties and responsibilities to be performed by the Officer under this Agreement. Additionally, the Officer shall be entitled to such vacation and sick leave as shall be established under uniform employee policies promulgated by the DirectorsBoard. The Savings Bank shall reimburse the Officer for all out-of-pocket reasonable and necessary business expenses which the Officer may incur in connection with his services on behalf of the Savings Bank. The Savings Bank also agrees to provide the Officer with one automobile of an appropriate class and quality owned or leased by the Savings Bank for use in connection with the Officer's duties hereunder.

Participation in Retirement and Employee Benefit Plans. Fringe -------------------------------------------------------------- Benefits. The Officer shall be entitled to participate in any plan relating to -------- deferred compensation, stock awards, stock options, stock purchases, pension, thrift, profit sharing, group life insurance, medical and dental coverage, disability coverage, education, or other retirement or employee benefits that the Savings Bank or the Holding Company have adopted, or may, from time to time adopt, for benefit of their executive employees and for employees generally, subject to the eligibility rules of such plans. The Officer shall also be entitled to participate in any other fringe benefits which are now or may be or become applicable to the Officer or the Savings Bank's other executive employees, including the payment of reasonable expenses for attending annual and periodic meetings of trade associations, and any other benefits which are commensurate with the duties and responsibilities to be performed by the Officer under this Agreement. Additionally, the Officer shall be entitled to such vacation and sick leave as shall be established under uniform employee policies promulgated by the Directors. The Savings Bank shall reimburse the Officer for all out-of-pocket reasonable and necessary business expenses which the Officer may incur in connection with his services on behalf of the Savings Bank. The Savings Bank also agrees to provide the Officer with one automobile of an appropriate class and quality owned or leased by the Savings Bank for use in connection with the Officer's duties hereunder.

Participation in Retirement and Employee Benefit Plans. Fringe -------------------------------------------------------------- Benefits. The Officer shall be entitled to participate in any plan relating to -------- deferred compensation, stock awards, stock options, stock purchases, pension, thrift, profit sharing, group life insurance, medical and dental coverage, disability coverage, education, or other retirement or employee benefits that the Savings Bank or the Holding Company have adopted, or may, from time to time adopt, for benefit of their executive employees and for employees generally, subject to the eligibility rules of such plans. The Officer shall also be entitled to participate in any other fringe benefits which are now or may be or become applicable to the Officer or the Savings Bank's other executive employees, including the payment of reasonable expenses for attending annual and periodic meetings of trade associations, and any other benefits which are commensurate with the duties and responsibilities to be performed by the Officer under this Agreement. Additionally, the Officer shall be entitled to such vacation and sick leave as shall be established under uniform employee policies promulgated by the DirectorsBoard. The Savings Bank shall reimburse the Officer for all out-of-pocket reasonable and necessary business expenses which the Officer may incur in connection with his services on behalf of the Savings Bank. 3 The Savings Bank also agrees to provide the Officer with one automobile of an appropriate class and quality owned or leased by the Savings Bank for use in connection with the Officer's duties hereunder.