Employment Contract between Commercial Mutual Insurance Company
and Successor Companies and John D.Reiersen
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
Eligibility for CMIC profit sharing plan
25 time bank days
Acura MDX- Company car
Severance- One years pay-prorated in 2007.
Executive DBL Program
Life Insurance $75,000
Company pays 50% of supplementary life policy providing $380,000 in coverage
5 time bank days
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
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.
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 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/