|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the MBHI DEF 14A filed Apr 13, 2005. Compensation After Termination.
If Mr. Giancola’s employment
is terminated due to his death or disability, for cause,
voluntarily by Mr. Giancola or through the expiration of
the employment agreement, the Company and Midwest Bank will have
no further obligations to him. If Mr. Giancola’s
employment is terminated by the Company without cause, he shall
be entitled to receive severance pay of up to 100% of his then
base salary based upon the following severance vesting schedule,
with such payment being due within thirty days of his
termination.
If the severance payment to Mr. Giancola would cause the Company to contravene any law, regulation or policy applicable to the Company, such severance payment shall be made to the extent permitted by law, regulation or policy, and the remainder of such severance payment shall be made from time to time at the earliest time permitted by law, regulation or policy. In addition, until Mr. Giancola reaches age 65 or his earlier death before age 65, the Company shall at Mr. Giancola’s expense continue on his behalf and on behalf of his spouse and dependents medical, dental, and hospitalization benefits provided (x) to Mr. Giancola at any time during the 90-day period prior to his termination or (y) to other similarly situated executives who continue in the employ of the Company. The Company’s obligation with respect to the foregoing benefits shall be limited to the extent that Mr. Giancola obtains any such benefits pursuant to a subsequent employer’s benefit plans, in which case the Company may reduce the coverage of any benefits it is required to provide Mr. Giancola as long as the aggregate coverages and benefits of the combined benefit plans are no less favorable to Mr. Giancola than the coverages and benefits required to be provided under the agreement. 14
This excerpt taken from the MBHI DEF 14A filed Apr 1, 2005. Compensation After Termination.
If Mr. Giancola’s
employment is terminated due to his death or disability, for
cause, voluntarily by Mr. Giancola or through the
expiration of the employment agreement, the
13
Company and Midwest Bank will have no further
obligations to him. If Mr. Giancola’s employment is
terminated by the Company without cause, he shall be entitled to
receive severance pay of up to 100% of his then base salary
based upon the following severance vesting schedule, with such
payment being due within thirty days of his termination.
If the severance payment to Mr. Giancola would cause the Company to contravene any law, regulation or policy applicable to the Company, such severance payment shall be made to the extent permitted by law, regulation or policy, and the remainder of such severance payment shall be made from time to time at the earliest time permitted by law, regulation or policy. In addition, until Mr. Giancola reaches age 65 or his earlier death before age 65, the Company shall at Mr. Giancola’s expense continue on his behalf and on behalf of his spouse and dependents medical, dental, and hospitalization benefits provided (x) to Mr. Giancola at any time during the 90-day period prior to his termination or (y) to other similarly situated executives who continue in the employ of the Company. The Company’s obligation with respect to the foregoing benefits shall be limited to the extent that Mr. Giancola obtains any such benefits pursuant to a subsequent employer’s benefit plans, in which case the Company may reduce the coverage of any benefits it is required to provide Mr. Giancola as long as the aggregate coverages and benefits of the combined benefit plans are no less favorable to Mr. Giancola than the coverages and benefits required to be provided under the agreement.
| EXCERPTS ON THIS PAGE:
RELATED TOPICS for MBHI: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||
