Salary Continuation Plan. In consideration of this agreement, IMCB has entered into a Salary Continuation Agreement with Executive, substantially in the form approved by IMCB's board of directors on October 22, 2003 (the "Salary Continuation Agreement").
Salary Continuation Plan. Subject to Executive's successful passing of any required physical examination and insurability, as determined by Bank and Bank's insurance provider, Executive shall receive a salary continuation plan that provides for an annual $100,000 benefit when Executive reaches the age of 65 for up to 15 years, and a fully vesting death benefit for the benefit of Executive's family, subject to specific terms and conditions to be agreed upon by Executive and Bank.
Salary Continuation Plan. Bank shall provide for Executive a Salary Continuation Plan that provides for payments of $90,000 per year, for Xx. Xxxxxxxxxxx’x lifetime, if he remains with the Bank until normal retirement, commencing age 65. The Salary Continuation Plan shall provide the following with regard to the division of death proceeds should Xx. Xxxxxxxxxxx die before his sixty-fifth (65th) birthday; his beneficiary(ies) shall be entitled to an amount equal to $2,940,000 or the net at risk insurance portion of the proceeds, whichever amount is less. The net at risk insurance portion is the total proceeds less the cash value of the policy. Should Xx. Xxxxxxxxxxx die on or subsequent to his sixty-fifth (65th) birthday, his beneficiary(ies) shall be entitled to an amount equal to $1,000,000 plus the present value of the remaining retirement benefits due to Xx. Xxxxxxxxxxx or the net at risk insurance portion of the proceeds, whichever is less, and the Bank shall be entitled to the remainder of such proceeds.
Salary Continuation Plan. The Bank agrees that, in the event of the death of the Executive prior to the termination of this Agreement, in addition to any other life insurance benefits which are provided for under this Agreement, the Bank will pay the Executive's named beneficiary the sum of One Hundred Thousand Dollars ($100,000.00) per year for each of the four years following the Executive's death. Such amount shall be deemed a "salary continuation benefit" and shall be paid in equal monthly installments over the four year period. The Bank may purchase and maintain a life insurance policy on the Executive in an amount sufficient to fund such benefit and, in such event the Bank shall be the owner and beneficiary of such policy and solely responsible for the payment of premiums on such policy, but such benefit shall be due and payable whether or not such insurance is purchased and whether or not the Bank receives payment on any such policy.
Salary Continuation Plan. (a) At such time as Executive's employment with the Company shall terminate, Executive shall be entitled to receive from the Company 240 consecutive monthly payments of $15,000, the first payment of which shall be payable on the first day of the month succeeding the termination of Executive's employment. The amount of the monthly payments provided for in the immediately preceding sentence shall be increased at the rate of 12% per annum, compounded annually from January 1, 1998 to the date that the first payment thereof commences. The foregoing is referred to in this Agreement as the "Benefit."
(b) Upon the death of Executive, the payments provided for in Section 5(a) above (or, if Executive dies after termination of his employment and during the payment period contemplated by Section 5(a), any remaining such payments) shall be made to Executive's designated beneficiary or beneficiaries. The phrase "designated beneficiary or beneficiaries" shall mean Executive's spouse, if she shall survive Executive, or such other person or persons named from time to time by Executive in a signed instrument filed with the Company. If the designation made in any such signed instrument shall for any reason be ineffective, the phrase "designated beneficiary or beneficiaries" shall mean Executive's estate.
(c) The payment to Executive of the Benefit shall be subject to the condition that Executive shall comply with the provisions of Section 10 of this Agreement during the entire payment period and Executive shall comply with the provisions of Sections 9 and 12 of this Agreement, if said provisions are applicable by their terms, during the first two (2) years of the payment period.
(d) The Benefit payable under this Agreement shall not in any way be reserved or held in trust by the Company. Neither Executive nor any designated beneficiary or personal representative shall have any rights against the Company in respect of such Benefit other than the rights of an unsecured general creditor of the Company. Payments of the Benefit shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and shall not in any manner be liable or subject to the debts, contracts, liabilities, engagements or torts of Executive, nor of any designated beneficiary or personal representative. The Company shall not be obligated under any circumstances to fund its obligations under this Section 5, but it may, however, at its sole option elect to...
Salary Continuation Plan. The Employer shall pay one hundred per cent (100%) of the premiums, except the pension plan premiums, of a "salary continuation plan", in the event of sickness.
Salary Continuation Plan. Purpose ................................................
Salary Continuation Plan. In the event that the Employee should die during the term of this Agreement and prior to his retirement at age sixty-six (66), the Bank shall pay to his widow the following: during the first and second years after his death, monthly payments equal to one-twelfth of the annual salary set forth in Section 2(i) above, as last increased or decreased by the Board of Trustees ("First and Second Year Annual Salary Continuation"); thereafter, monthly payments shall be the sum per month which is the quotient of the amount of Seven Hundred Twenty Thousand Dollars ($720,000.00) divided by the number of months between the second anniversary of Employee's death and the date on which he would have attained his sixty-sixth (66th) birthday. In lieu of this payment, Employee's widow may elect within two (2) years after his death, to accept a lump sum payment of Seven Hundred Twenty Thousand Dollars ($720,000.00) in addition to the First and Second Year Annual Salary Continuation. As used in this section, the term "widow" means the person who is legally married to Employee at the date of his death and has been continuously married to Employee for at least one (1) full year prior to his death. Should Employee die without a widow, the lump sum benefit—Seven Hundred Twenty Thousand Dollars ($720,000.00)—plus the First and Second Year Annual Salary Continuation of what a widow would have received pursuant to this Section shall be payable to the estate of the Employee.
Salary Continuation Plan. Reasonably promptly after the Effective Date, the Company's Board of Directors will offer the Executive a Salary Continuation Plan, which will provide retirement benefits to the Executive.
Salary Continuation Plan. The Bank shall provide Executive a salary continuation plan that will provide, in general, the following:
(i) Upon attaining the age of sixty-five (65) years, the Executive, subject to the vesting schedule set forth herein, will receive Fifty Thousand ($50,000) Dollars per year for fifteen (15) years).
(ii) This benefit will vest at the rate of ten percent (10%) for each full year of employment with the Executive being one hundred percent (100%) vested after ten (10) years of employment with the Bank.
(iii) More detailed provisions, including change of control and forfeiture provisions, shall be set forth in a separate salary continuation plan, but those provisions shall be consistent with the general provisions set forth herein.
