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 a required physical examination and insurability, as determined by Bank and Bank's insurance provider, Executive shall receive a salary continuation plan as soon as practicable that provides for an annual $100,000 benefit when Executive reaches the age of 65 for up to 15 years, with such other terms as shall be agreed upon by Bank and Executive.
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."
Salary Continuation Plan. The Employer shall pay one hundred per cent (100%) of the premiums of a "salary continuation plan", in the event of sickness.
Salary Continuation Plan. Upon a termination of employment during or at the end of the Employment Period for any reason, the Company hereby agrees that the Executive shall be fully vested in the benefit provided under the Salary Continuation Plan, as in effect on the Effective Date, and that the benefit payable thereunder shall be based on his Annual Base Salary as provided in Section 3(B)(i).
Salary Continuation Plan. Effective as of the date hereof, the Company shall terminate the Company’s Salary Continuation Retirement Plan for Executive (the “Salary Continuation Plan”) and, provided that the Conditions are satisfied, the Company shall pay Executive a lump sum of $2,718,000, which payment shall be in lieu of any and all rights Executive may have under the Salary Continuation Plan, and Executive hereby agrees to the termination of the Salary Continuation Plan and relinquishment and cancellation of all such rights in exchange for the Company’s agreement pursuant hereto to pay such lump sum amount subject to the satisfaction the Conditions as of the date of such payment. This payment shall be made as soon as practicable following the closing of the Company’s bank financing in 2011, but in no event (i) prior to the date that is 12 months and 1 day following the date of termination of the Salary Continuation Plan, or (ii) later than September 30, 2011.
Salary Continuation Plan. (a) Commencing January 1, 1998, Consultant shall be entitled to receive from the Company 240 consecutive monthly payments of $6,250, increased at the rate of 12% per annum compounded annually from January 1, 1988, to January 1, 1998 (the foregoing being referred to in this Agreement as the "Benefit"). At January 1, 1998, the amount of the 240 equal monthly payments which shall commence on January 1, 1998, shall be $19,411.55.
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.
