Salary Continuation Agreement. From and after Executive's date of termination, Executive shall continue to be covered by, and entitled to the benefits provided under, Executive's Salary Continuation Agreement with the Company, payable in accordance with the terms of said agreement. If Executive is entitled to benefits under this Section 5(c), he will be treated as having his employment terminated by the Company without "Cause" as described in the Salary Continuation Agreement.
Salary Continuation Agreement. The Executive is entitled to ------------------------------- the benefits described in a certain Amended and Restated Salary Continuation Agreement, between Community and Executive dated January 1, 2004 ("Salary Continuation Agreement").
Salary Continuation Agreement. Executive consents to the freezing of benefit accruals under that Amended Salary Continuation Agreement, dated October 24, 2007, and as amended from time to time, between the Bank and Executive (as amended, the “Salary Continuation Agreement”) as of April 30, 2011. If, as of the Effective Date, the Salary Continuation Agreement has not been terminated or if benefits due under the Salary Continuation Agreement have not been fully paid, the Bank shall take such action as soon as practicable, but in no event later than thirty (30) days after the Effective Date, to terminate, if necessary, the Salary Continuation Agreement and to pay the Accrual Balance (as defined in the Salary Continuation Agreement and determined as of April 30, 2011) to the Executive in a lump sum; provided, however, that no benefits shall be paid in a manner or at a time that would cause the Executive’s benefits under the Salary Continuation Agreement to be subject to the imposition of tax on the Executive under Section 409A of the Internal Revenue Code of 1986 and applicable rules and regulations thereunder (the “Code”).
Salary Continuation Agreement. The parties acknowledge that Executive and Bank are parties to a Salary Continuation Agreement dated as of July 15, 2005. Each of the Employer and Executive agrees to fulfill its obligations under such Salary Continuation Agreement in accordance with the terms thereof.
Salary Continuation Agreement. The Bank and the Executive shall use their best efforts to finalize and enter into a Salary Continuation Agreement and Endorsement Split Dollar Agreement. The Salary Continuation Agreement shall provide for an annual benefit payable to the Executive in equal monthly installments for his lifetime, beginning after his termination of service with the Bank on or after attaining age 65. Unless the Salary Continuation Agreement or Endorsement Split Dollar Agreement explicitly provides otherwise, whether benefits are properly payable to the Executive under the Salary Continuation Agreement or the Endorsement Split Dollar Agreement shall be determined solely by reference to those agreements, except that the Executive shall forfeit all benefits under the Salary Continuation Agreement and Endorsement Split Dollar Agreement for violation of the covenant against competition in Section 7.3 of this Employment Agreement.
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. For the avoidance of doubt, from and after Executive’s date of termination, Executive shall continue to be covered by, and entitled to the benefits under, Executive’s Salary Continuation Agreement dated as of January 1, 2008, payable in accordance with the terms of said agreement.
Salary Continuation Agreement. The Bank and the Executive have entered into a Salary Continuation Agreement and accompanying Endorsement Split Dollar Agreement dated as of , 2006. Unless the Salary Continuation Agreement or the Endorsement Split Dollar Agreement explicitly provides otherwise, whether benefits are properly payable to the Executive under the Salary Continuation Agreement or to the Executive’s beneficiary(ies) under the Endorsement Split Dollar Agreement shall be determined solely by reference to those agreements, as the same may be amended.
Salary Continuation Agreement. You also participate in an executive salary continuation agreement. Under the terms of that agreement, upon a change in control, you are entitled to an annual benefit (paid in monthly installments beginning at age 65 equal to $60,000 for the remainder of your life).
Salary Continuation Agreement. The Bank and the Executive have entered into a Salary Continuation Agreement dated as of , 2005. Unless the Salary Continuation Agreement explicitly provides otherwise, whether benefits are properly payable to the Executive under the Salary Continuation Agreement shall be determined solely by reference to that agreement.
