Common use of 1Salary Clause in Contracts

1Salary. The Executive shall receive a salary at an annual rate of three hundred forty thousand dollars ($340,000) which will be paid ratably in accordance with the Bank’s normal payroll procedures including applicable deductions for withholding taxes and employee benefits. The Executive shall receive such annual increases in salary, if any, as may be determined by the Bank’s Board of Directors’ annual review of the Executive’s compensation each year during the term of this Agreement. Participation in deferred compensation, discretionary or performance bonus, retirement, stock option and other employee benefit plans and in fringe benefits shall not reduce the annual rate except to the extent the terms of such plans call for the payment or deferral of amounts deducted in accordance with the Company’s standard payroll practices. In connection with and in addition to the annual compensation, bonuses and benefits described in this paragraph and in Section 3.2 and 3.3 below, the Bank agrees to pay Executive, a one-time signing bonus of $25,000, payable in accordance with the Bank’s normal payroll procedures including applicable adjustments for withholding taxes, at the conclusion of the first pay period of Executive’s employment with the Bank following the Start Date. This signing bonus includes moving allowance consideration and is only payable to Executive once.

1Salary. The Executive shall receive a salary at an annual rate of three hundred forty thousand dollars ($340,000) which will be paid ratably in accordance with the Bank’s normal payroll procedures including applicable deductions for withholding taxes and employee benefits. The Executive shall receive such annual increases in salary, if any, as may be determined by the Bank’s Board of Directors’ annual review of the Executive’s compensation each year during the term of this Agreement. Participation in deferred compensation, discretionary or performance bonus, retirement, stock option and other employee benefit plans and in fringe benefits shall not reduce the annual rate except to the extent the terms of such plans call for the payment or deferral of amounts deducted in accordance with the Company’s standard payroll practices. In connection with and in addition to the annual compensation, bonuses and benefits described in this paragraph and in Section 3.2 and 3.3 below, the Bank agrees to pay Executive, a one-time signing bonus of $25,000, payable in accordance with the Bank’s normal payroll procedures including applicable adjustments for withholding taxes, at the conclusion of the first pay period of Executive’s employment with the Bank following the Start Effective Date. This signing bonus includes moving allowance consideration and is only payable to Executive once.