Common use of Salary Continuation Agreement Clause in Contracts

Salary Continuation Agreement. To the extent that the Executive's termination of employment with the Employer occurs prior to the Executive attaining "Normal Retirement Age" as defined under the terms of the Heartland Community Bank Salary Continuation Agreement (as modified from time to time), the Company (or its designee) will pay the Executive the present value of the amount, if any, by which (i) the Executive's "vested Accrual Balance" determined under the Heartland Community Bank Salary Continuation Agreement as if the Executive had continued to be employed with the Employer for twenty-four (24) additional months following his termination of employment with the Employer (determined by taking into account the impact of additional vesting and any increases to the liability accrued by the Employer, under generally accepted accounting principles, in order to provide the benefits under the Heartland Community Bank Salary Continuation Agreement) exceeds (ii) the "vested Accrual Balance" determined under the Heartland Community Bank Salary Continuation Agreement as of the effective date of the Executive's actual termination of employment with the Employer. Any such payments required under this Subsection 4(d) shall be made in lump sum within an administratively reasonable period (but not to exceed sixty (60) days) after the Release Effective Date described in Section 5.

Salary Continuation Agreement. To the extent that the Executive's ’s termination of employment with the Employer occurs prior to the Executive attaining "“Normal Retirement Age" ” as defined under the terms of the Heartland Community Bank Salary Continuation Agreement (as modified from time to time), the Company (or its designee) will pay the Executive the present value of the amount, if any, by which (i) the Executive's "’s “vested Accrual Balance" ” determined under the Heartland Community Bank Salary Continuation Agreement as if the Executive had continued to be employed with the Employer for twenty-four (24) additional months following his termination of employment with the Employer (determined by taking into account the impact of additional vesting and any increases to the liability accrued by the Employer, under generally accepted accounting principles, in order to provide the benefits under the Heartland Community Bank Salary Continuation Agreement) exceeds (ii) the "“vested Accrual Balance" ” determined under the Heartland Community Bank Salary Continuation Agreement as of the effective date of the Executive's ’s actual termination of employment with the Employer. Any such payments required under this Subsection 4(d) shall be made in lump sum within an administratively reasonable period (but not to exceed sixty (60) days) after the Release Effective Date described in Section 5.