Other Compensation or Benefits Contract Clauses (107)

Other Compensation or Benefits. In addition to the Adjusted Base Compensation and Incentive Bonus and any other compensation provided hereunder, Bank shall provide President with the following: (a) A one-month vacation, at full pay. (b) A health insurance, an accident insurance and disability insurance of a type and in an amount generally made available by Bank to its executive employees, at Bank's sole cost and expense. (c) A group term life insurance that is generally available to Bank's executive employees, at Bank's sole e...xpense and cost. As additional consideration for the making of this Agreement by the President, the Bank agrees that such policy shall at Bank's sole cost and expense be maintained in full force and effect at all times from the date hereof, if conditions of Bank's group insurance coverage permit, during the remaining life of the President, and until her death, notwithstanding and regardless of the conclusion of term of this Agreement, the termination of employment of the President by the Bank in the capacity of President or any change in the capacity of her employment or the terms or conditions thereof, and without any condition whatsoever other than the making of this Agreement. (d) A motor vehicle, at Bank's sole cost and expense, together with comprehensive insurance including public liability, in amounts not less than the amount required by law. All reasonable operating expenses shall be paid by Bank. (e) A membership in a golf and country club located within the Bank's service area, at Bank's sole cost and expense. Upon termination of this Agreement, Bank's obligation to pay the fixed monthly dues for such membership shall cease and the ownership of such membership shall vest in the President, provided, however, that President continues to pay such fixed monthly dues from the date of termination. (f) Free utilities-power, water, sewer, telephone-at the President's primary residence. (g) A life insurance on such terms as is mutually agreeable between the parties, at Bank's sole expense and cost, in the sum of $500,000.00. (h) A bank owned life insurance that offers retirement benefits that is or will be made generally available to Bank's executive employees, at Bank's sole expense and cost. View More

Other Compensation or Benefits. You acknowledge that, except as expressly provided in this Agreement or the Consulting Agreement, you will not receive any additional compensation, severance or benefits after the Separation Date, except as specifically outlined above.