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Employment Contract between Commercial Mutual Insurance Company and Successor Companies and John D.Reiersen

Insurance Agreement

Employment Contract between Commercial Mutual Insurance Company and Successor Companies and John D.Reiersen | Document Parties: KINGSTONE COMPANIES, INC. You are currently viewing:
This Insurance Agreement involves

KINGSTONE COMPANIES, INC.

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Title: Employment Contract between Commercial Mutual Insurance Company and Successor Companies and John D.Reiersen
Date: 4/7/2010
Industry: Insurance (Miscellaneous)     Sector: Financial

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Employment Contract between Commercial Mutual Insurance Company

 and Successor Companies and John D.Reiersen

 

 

Assumptions:

1.  

Mr. Reiersen will terminate his employment with The Robert Plan effective 11/10/06

2.  

Commercial Mutual (CMIC) will make up lost salary and benefits currently being received by Mr. Reiersen from the Robert Plan.

 

3.  

Mr. Reiersen will receive additional time off in each calendar year, and his salary level will be adjusted accordingly.

4.  

Effective date of Contract November 13, 2006

 

5.  

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 approval.

6.  

Mr. Reiersen 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.

 

 

Current salary and benefits:

Commercial Mutual Insurance Company

Salary $220,000. Current contract expires 12/31/07 Company life benefits of $100,000

Company DBL insurance

Company 401k plan

Dental insurance

Eligibility for CMIC profit sharing plan

25 time bank days

Acura MDX- Company car

Severance- One years pay-prorated in 2007.

 

 

Robert Plan-

Salary $75,000

Executive DBL Program

Dental Insurance

Life Insurance $75,000

Company pays 50% of supplementary life policy providing $380,000 in coverage

5 time bank days

 

 

 


 

 

 

Contract terms:

Period 11/13-12/31/06

Salary of $295,000

401k plan eligibility

Company life Insurance at $100,000 maximum

Payment of supplementary life insurance policy (approximately $2200 per year)

Time bank days- prorated days at 30 day level

Company holidays

Dental Insurance

Company DBL benefits

CMIC profit sharing plan eligibility

Company car- Acura MDX or equivalent

Severance one year's pay plus accrued time bank days

 

 

Period 1/1/07- 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 follows:

 

Salary $300,000 per annum

40 time bank days

Company 401k plan

Company profit sharing plan as approved by Board

Company life insurance

Supplemental life insurance benefit

Company DBL program

Company dental benefits

Company car- MDX or equivalent

Company holidays

Severance pay- Up to 6/30/07- balance of the year, plus accrued time bank days. From

7/1/07-


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