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."
Salary Continuation Plan. Upon a termination of employment during 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. 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. Section 5 of the Employment Agreement is hereby amended by the addition of a new subsection (f), as follows:
Salary Continuation Plan. The Bank shall provide Executive a salary continuation plan that will provide, in general, the following:
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.
