Compensation Benefits and Reimbursement. (a) Base Salary. In consideration of Executive's performance of the
responsibilities and duties set forth in
this Agreement, Section 2, the Bank
will shall provide Executive the compensation specified in this Agreement. The Bank
will shall pay Executive a salary of
$150,000.00 $128,000.08 per year ("Base Salary").
Such The Base Salary
will shall be payable
in accordance biweekly, or with
the customary payroll practices such other frequency as officers of the
Bank. Bank are generally paid. During
... the term of this Agreement, the Base Salary shall be reviewed from time to time by the Board or by a committee designated by the Board, and the Bank may consider increasing, increase, but not decreasing (other than decrease (except for a decrease which that is generally applicable to all senior officers of the Bank and in a percentage not in excess of the percentage decrease for other senior officers), management employees) Executive's Base Salary as the Board deems appropriate. Salary. Any change increase in Base Salary will shall become the "Base Salary" for purposes of this Agreement. 2 (b) Bonus Compensation. (i) Annual Bonus. Executive will be eligible for an annual performance-based bonus, based on the criteria determined by the Board. Additionally, Executive will be eligible for a discretionary bonus in the sole discretion of the Board. Executive shall be eligible entitled to participate equitable participation in incentive compensation and bonuses in any bonus plan or arrangement of the Bank or the Company in which senior management Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of the other compensation to which Executive is entitled under this Agreement. (c) Benefit Plans. Employee Benefits. The Bank shall provide Executive will be entitled to participate in all with employee benefit plans, arrangements and perquisites offered substantially equivalent to employees and officers those in which Executive was participating or from which he was deriving benefit immediately prior to the commencement of the Bank. term of this Agreement, and the Bank shall not, without Executive's prior written consent, make any changes in such plans, arrangements or perquisites that would adversely affect Executive's rights or benefits thereunder, except as to any changes that are applicable to all participating employees. Without limiting the generality of the foregoing provisions of this Section 3(c), Executive also will be entitled to participate in and receive benefits under any employee benefit plans including including, but not limited to to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank and/or the Company in the future to management employees, its senior executives, including any stock benefit plans, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. (d) Vacation. Paid Time Off. Executive will shall be entitled to paid vacation time each year during the term of this Agreement measured (measured on a fiscal or calendar year basis, in accordance with the Bank's 2 customary practices, usual practices), as well as sick leave, holidays and other paid absences in accordance with the Bank's policies and procedures for officers. senior executives. Any unused paid time off during an annual period will shall be treated in accordance with the Bank's personnel policies as in effect from time to time. (e) Expense Reimbursements. The Bank will shall also pay or reimburse Executive for all reasonable travel, entertainment and other reasonable expenses incurred by Executive during the course of performing his obligations under this Agreement, including, without limitation, fees for memberships in such clubs and organizations as Executive and the Board shall mutually agree are necessary and appropriate in connection with the performance of his duties under this Agreement, upon substantiation presentation to the Bank of an itemized account of such expenses in accordance with applicable policies and procedures such form as the Bank may reasonably require, provided that such payment or reimbursement shall be made as soon as practicable but in no event later than March 15 of the Bank. All reimbursements pursuant to this Section 3(e) shall be paid promptly by the Bank and in any event no later than 30 business days year following the date on year in which the expense was incurred. such right to such payment or reimbursement occurred.
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Compensation Benefits and Reimbursement. (a) Base Salary.
In consideration of Executive's performance of the responsibilities and duties set forth in this Agreement, the Bank will provide Executive the The compensation specified
under this Agreement shall constitute the salary and benefits paid for the duties described in
this Agreement. Section 2. The Bank
will shall pay Executive
as compensation a salary of
$150,000.00 not less than $213,150 per year ("Base Salary"). Such Base Salary
will shall be payable
in accordance biweekly, or w
...ith the customary payroll practices of the Bank. such other frequency as officers and employees are generally paid. During the term period of this Agreement, Executive's Base Salary shall be reviewed at least annually. Such review may be conducted by the Board CEO, and the Bank may consider increasing, increase, but not decreasing (other than decrease (except a decrease which that is generally applicable to all senior officers of the Bank and in a percentage not in excess of the percentage decrease for other senior officers), employees) Executive's Base Salary as the Board deems appropriate. Any change (with any increase in Base Salary will to become the "Base Salary" for purposes of this Agreement. Agreement). (b) Bonus. Bonus and Incentive Compensation. Executive shall will be eligible entitled to participate incentive compensation and bonuses as provided in any bonus plan or arrangement of the Bank or the Company in which senior management Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of the other compensation to which Executive is entitled under this Agreement. (c) Benefit Plans. Employee Benefits. The Bank will provide Executive will be entitled to participate in all with employee benefit plans, arrangements and perquisites offered substantially equivalent to employees and officers those in which Executive was participating or otherwise deriving benefit from immediately prior to the beginning of the Bank. term of this Agreement, and the Bank will not, without Executive's prior written consent, make any changes in such plans, arrangements or perquisites which would adversely affect Executive's rights or benefits thereunder, except as to any changes that are applicable to all participating employees or as reasonably or customarily available. Without limiting the generality of the foregoing provisions of this Section 3(c), Executive also will be entitled to participate in or receive benefits under any employee benefit plans including including, but not limited to to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank in the future to management employees, its senior executives, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. 2 (d) Vacation. Paid Time Off. Executive will shall be entitled to paid vacation time each year during the term of this Agreement measured Employment Period (measured on a fiscal or calendar year basis, in accordance with the Bank's 2 customary practices, usual practices), as well as sick leave, holidays and other paid absences in accordance with the Bank's policies and procedures for officers. senior executives. Any unused paid time off during an annual period will shall be treated in accordance with the Bank's personnel policies as in effect from time to time. (e) Expense Reimbursements. The During the Employment Period, the Bank will shall pay or reimburse Executive for all reasonable travel, entertainment and other reasonable expenses incurred by Executive during the course of performing his obligations under this Agreement, including, without limitation, fees for memberships in such organizations as Executive and upon presentation to the Board mutually agree are necessary and appropriate in connection with the performance Bank of his duties under this Agreement, upon substantiation an itemized account of such expenses in accordance with applicable policies and procedures of such form as the Bank. Bank may reasonably require. All reimbursements pursuant to under this Section 3(e) shall be paid promptly as soon as practicable by the Bank and in any event Bank; provided, however, that no payment shall be made later than 30 business days March 15 of the year immediately following the date on year in which the expense was incurred.
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