Employment Contract between
Commercial Mutual Insurance Company
and Successor Companies and
will terminate his employment with The Robert Plan effective
Mutual (CMIC) will make up lost salary and benefits currently being
received by Mr. Reiersen from the Robert Plan.
will receive additional time off in each calendar year, and his
salary level will be adjusted accordingly.
of Contract November 13, 2006
Title will be
President & CEO through 12/31/09 at which time Mr. Reiersen
will become a consultant to the Company. Mr. Reiersen's position as
Consultant will be annually renewed subject to Board
has the option of ending his position as President & CEO
effective 12/31/08, subject to providing at least one year's prior
notice of such election. Under this option, Mr. Reiersen will
become a Consultant to the Company, effective 1/01/09.
Mutual Insurance Company
$220,000. Current contract expires 12/31/07 Company life benefits
CMIC profit sharing plan
25 time bank
years pay-prorated in 2007.
50% of supplementary life policy providing $380,000 in
5 time bank
Insurance at $100,000 maximum
supplementary life insurance policy (approximately $2200 per
Time bank days-
prorated days at 30 day level
sharing plan eligibility
Acura MDX or equivalent
year's pay plus accrued time bank days
12/31/07- Mr. Reiersen's time bank days are increased to 40. A 5%
or $15,000 pay increase will become effective 1/01/07. In return
for the additional 10 time bank days, Mr. Reiersen will forgo
$10,000 of that raise. Salary and benefits will be as
40 time bank
sharing plan as approved by Board
life insurance benefit
MDX or equivalent
Up to 6/30/07- balance of the year, plus accrued time bank days.