Employment Contract between
Commercial Mutual Insurance Company
and Successor Companies and
John D.Reiersen
Assumptions:
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Mr. Reiersen
will terminate his employment with The Robert Plan effective
11/10/06
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Commercial
Mutual (CMIC) will make up lost salary and benefits currently being
received by Mr. Reiersen from the Robert Plan.
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Mr. Reiersen
will receive additional time off in each calendar year, and his
salary level will be adjusted accordingly.
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Effective date
of Contract November 13, 2006
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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.
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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.
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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-
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
