Common use of Salary and Incentive Compensation Clause in Contracts

Salary and Incentive Compensation. For all services rendered by the Executive in any capacity during the Employment Period under this Agreement, the Executive shall be paid as compensation (i) an annual salary of $300,000, or such higher salary as may be negotiated from time to time by the Bank and the Executive (hereinafter referred to as the "annual base salary") plus (ii) a bonus payable within 30 days after the end of each calendar year equal to ten percent (10%) of the net pre-tax profits of the Bank during such year up to a maximum of fifty percent (50%) of the Executive's then annual base salary. The annual base salary shall be payable in equal bi-weekly installments. For purposes of calculating Executive's bonus, "net pre-tax profits" means the Bank's gross revenues for such calendar year less all operating expenses and charges to income in accordance with generally accepted accounting principles, consistently applied.

Salary and Incentive Compensation. For all services rendered by the Executive in any capacity during the Employment Period under this Agreement, the Executive shall be paid as compensation (i) an annual salary of $300,000125,000, or such higher salary as may be negotiated from time to time by the Bank and the Executive (hereinafter referred to as the "annual base salary") plus (ii) a bonus payable within 30 days after ------------------ the end of each calendar year equal to ten percent (10%) of the net pre-tax profits of the Bank during such year up to a maximum of fifty percent (50%) of the Executive's then annual base salary. The annual base salary shall be payable in equal bi-weekly installments. For purposes of calculating Executive's bonus, "net pre-tax profits" means the Bank's gross revenues for such calendar year -------------------- less all operating expenses and charges to income in accordance with generally accepted accounting principles, consistently applied.

Salary and Incentive Compensation. For all services rendered by the Executive in any capacity during the Employment Period under this Agreement, the Executive shall be paid as compensation (i) an annual salary of $300,000300,000.00, or such higher salary as may be negotiated from time to time by the Bank and the Executive (hereinafter referred to as the "“annual base salary"”) plus (ii) a bonus payable within 30 days after the end of each calendar year equal to ten percent (10%) of the net pre-tax profits of the Bank during such year up to a maximum of fifty percent (50%) of the Executive's ’s then annual base salary. The annual base salary shall be payable in equal bi-weekly installments. For purposes of calculating Executive's ’s bonus, "“net pre-tax profits" ” means the Bank's ’s gross revenues for such calendar year less all operating expenses and charges to income in accordance with generally accepted accounting principles, consistently applied.