but unused vacation days, (4) an immediate acceleration of vesting for all outstanding equity incentive awards, and (5) medical insurance benefits currently in effect for the twenty-four months following such termination. If an Employment Agreement is terminated based on a qualified disability (as described in the Employment Agreements), the terminated Executive Officer is entitled to receive a lump-sum payment equal to two times such Executive Officers base compensation then in effect, as well as an immediate acceleration of vesting for all outstanding equity incentive awards. If an Employment Agreement is terminated based on the death of an Executive Officer, the Executive Officers estate (or his heirs) will receive a lump-sum payment equal to such Executive Officers base compensation then in effect, and all outstanding equity incentive awards held by such Executive Officer shall immediately vest. Finally, in the event of a change in control (as defined in the Employment Agreements), the Executive Officers, as applicable, will be entitled to (A) a change of control benefit of $500,000 for Mr. Reading and McAfee and $283,333 for Mr. McDowell, and (B) the immediate acceleration of vesting for all outstanding equity incentive awards held by the Executive Officers.
Effective January 1, 2016, the annual base salaries under the agreements were increased to $606,900 for Mr. Reading, $438,600 for Mr. McAfee and $408,000 for Mr. McDowell .
Messrs. Reading, McAfee and McDowells employment agreements may each be terminated by the Company prior to the expiration of their term. See Executive Compensation — Post Termination/Change-in-Control Benefits below for a detailed discussion of the termination and change in control provisions contained in these agreements.
We do not have any executive retention and severance arrangements or change in control agreements with our Named Executive Officers other than those described above.
Compensation of Named Executive Officers
Mr. Reading joined our Company in November 2003 as Chief Operating Officer and, effective November 1, 2004, was promoted to President and Chief Executive Officer. Under his employment agreement with us (see Employment and Consulting Agreements above), Mr. Readings annual base salary is subject to adjustment by the Compensation Committee. For the last three years, his annual base salary was $560,000 (during 2013), $577,000 (during 2014), $595,000 (during 2015) and further increased to $606,900 effective as of January 1, 2016. During each of 2013, 2014 and 2015, Mr. Reading participated in an executive incentive plan specific to such year that was approved by the Compensation Committee and filed with the SEC on Form 8-K. In accordance with such executive incentive plans, Mr. Reading (i) was granted 30,000 shares of restricted stock and was paid a cash bonus of $369,516 for 2013 and (ii) was granted 40,000 shares of restricted stock and was paid a cash bonus of $721,250 for 2014. As previously disclosed, for 2015, Mr. Reading was paid a cash bonus of $124,950 on March 11, 2016 and was granted 22,720 shares of restricted stock on February 29, 2016.
Mr. McAfee joined our Company in September 2003 as Chief Financial Officer and, effective November 1, 2004, was promoted to Executive Vice President. Under his employment agreement with us (see Employment and Consulting Agreements above), Mr. McAfees annual base salary is subject to adjustment by the Compensation Committee. For the last three years, his annual base salary was $410,000 (during 2013), $420,000 (during 2014) and $430,000 (during 2015) and further increased to $438,600 effective as of January 1, 2016. During each of 2013, 2014 and 2015, Mr. McAfee participated in an executive incentive plan specific to such year that was approved by the Compensation Committee and filed with the SEC on Form 8-K. In accordance with such executive incentive plans, Mr. McAfee (i) was granted 15,000 shares of restricted stock and was paid a cash bonus of $278,880 for 2013 and (ii) was granted 20,000 shares of restricted stock and was paid a cash bonus of $525,000 for 2014. As previously disclosed, for 2015, Mr. McAfee was paid a cash bonus of $90,300 on March 11, 2016 and was granted 11,360 shares of restricted stock on February 29, 2016.
Mr. McDowell joined our Company in October 2003 as Vice President of Operations overseeing the west region and, effective January 24, 2005, was promoted to Chief Operating Officer. Mr. McDowells employment agreement with us was entered into on May 24, 2007 and was amended and restated as of February 9, 2016 (see Employment and Consulting Agreements above). For the last three years, his annual base salary was $365,000 (during 2013), $377,000 (during 2014) and $400,000 (for 2015) and further increased to $408,000 effective as of January 1, 2016. During each of 2013, 2014 and 2015, Mr. McDowell participated in an executive incentive plan specific to such year that was approved by the Compensation Committee and filed with the SEC on Form 8-K. In accordance with such executive incentive plans, Mr. McDowell (i) was granted 15,000 shares of restricted stock and was paid a cash bonus