Common use of 1Salary Clause in Contracts

1Salary. The Executive shall receive a salary at an annual rate of three hundred fifty-nine thousand and nine hundred forty dollars ($359,940) 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.

1Salary. The Executive shall receive a salary at an annual rate of three hundred fifty-nine fifteen thousand and nine four hundred forty dollars ($359,940315,400) 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.