During Executive definition

During Executive s employment, the Corporation shall cause Executive to be covered by all the Corporation's employee benefit plans, in effect from time to time, for which Executive is eligible, including without limitation, any retirement plan or group insurance. The Corporation does not presently have any group life insurance or group long-term disability insurance program; however, the Corporation is in the process of exploring the implementation of such programs. Upon implementation, it is the Corporation's present expectation that the Executive will be covered by group life insurance in an amount equal to at least one year's Base Salary and group long-term disability insurance. In addition, to facilitate Executive's travel on Corporation business, during employment the Corporation shall furnish Executive, without cost to Executive, but in accordance with any applicable IRS requirements and limitations, a Corporation owned or leased, and Corporation insured, automobile chosen by the Corporation. Notwithstanding the foregoing, Executive recognizes that each year the Corporation must report to the IRS an amount of income to be charged to Executive as taxable income representing the fair value of Executive's personal use of such automobile. In addition, the Corporation shall pay or reimburse all reasonable expenses of maintaining and operating such automobile.

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During Executive s employment, the Corporation shall cause Executive to be covered by all the Corporation's employee benefit plans, in effect from time to time, for which Executive is eligible, including without limitation, any retirement plan or group insurance.

During Executive s active employment with Employer, Executive shall be provided a monthly car allowance in the amount of $600.00.

Examples of During Executive in a sentence

• During Executive Officer’s seven (7) month term of employment, he shall also be entitled to standard bank holidays and sick time consistent with that provided to other executives employed at the Bank.

• During Executive' s employment with the Company, the Company shall maintain the insurance it currently has with respect to (i) directors' and officers' liability , (ii) errors and omissions and (iii) general liability insurance providing coverage to Executive to the same extent as other senior executives of the Company.

• During Executive' s employment with the Company and thereafter, so long as Executive may have liability arising out of his service as an officer or director of the Company, the Company agrees to continue and maintain a director's and officer's liability insurance policy covering Executive with coverage no less than that available to active directors and officers of the Company.

• During Executive Employee's employment, Executive Employee agrees not to copy, refer to, or in any way use information that is proprietary to any third party (including any previous employer).

More Definitions of During Executive

During Executive s employment, the Corporation shall cause Executive to be covered by all the Corporation's employee benefit plans, in effect from time to time, for which Executive is eligible, including without limitation, any retirement plan or group insurance. In addition, to facilitate Executive's travel on Corporation business, during employment the Corporation shall furnish Executive, without cost to Executive, but in accordance with any applicable IRS requirements and limitations, a Corporation owned or leased, and Corporation insured, automobile chosen by the Corporation. Notwithstanding the foregoing, Executive recognizes that each year the Corporation must report to the IRS an amount of income to be charged to Executive as taxable income representing the fair value of Executive's personal use of such automobile. In addition, the Corporation shall pay or reimburse all reasonable expenses of maintaining and operating such automobile.

During Executive s Protection Period, Executive's Employer shall continue to provide Executive and Executive's family with medical and/or health benefits on the same basis as provided to active executive management employees immediately prior to Executive's Date of Termination; provided, however, that Executive shall continue to pay the costs (including premiums and co-payments) he was required to pay for such medical and/or health coverage prior to his Date of Termination (in the event such continuation of coverage is not permitted under the Employer's medical and/or health plan, such coverage shall be secured through COBRA continuation coverage which shall be provided at the Employer's expense for the duration of Executive's Protection Period).

During Executive s employment, the Company shall pay Executive an annualized base salary of $440,000 ("Base Salary") payable in equal installments pursuant to the Company's customary payroll policies in force at the time of payment (but in no event less frequently than monthly), less all required and authorized payroll deductions and state and federal withholdings. Executive's Base Salary may be adjusted from time to time in the sole discretion of the Board or the Compensation Committee of the Board (the "Compensation Committee") and shall be reviewed annually by the Compensation Committee.