ANNUAL DIRECT SALARY. During the term of this Agreement, as compensation for services rendered to Company under this Agreement, the Executive shall be entitled to receive from the Company an annual direct salary of not less than $320,000 per year commencing January 1, 2003 (the "Annual Direct Salary"). Executive's Annual Direct Salary shall be payable in substantially equal bi-weekly installments, prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the Board in January of each year this Agreement is in effect and may be adjusted in the discretion of the Board after taking into account the prevailing market value of the position and the then current pay increase practice of the Company. In no event shall the Annual Direct Salary be decreased without the express written consent of the Executive.
ANNUAL DIRECT SALARY. The Executive’s annualized base salary based on the highest base salary rate in effect for any pay period ending with or within the thirty-six (36) consecutive calendar month period ending on or immediately before the date on which it is being calculated, multiplied by twelve (12). Annual Direct Salary will be determined without including any employee or fringe benefits, bonuses, incentives or other compensation (other than base salary) paid or earned during the calculation period.
ANNUAL DIRECT SALARY. As compensation for services rendered the Corporation and Bank under this Agreement, the Executive shall be entitled to receive from the Bank an annual direct salary of One Hundred Twenty-Five Thousand ($125,000.00) Dollars per year, (the "Annual Direct Salary") payable in substantially equal bi-monthly installments (or such other intervals of the Bank's payroll policy) prorated for any partial employment period. The Annual Direct Salary shall be reviewed annually, no later than November 30 of the then calendar year and shall be subject to such annual change (but not reduced below $125,000.00 without the Executive's written consent, except in cases of national financial depression or emergency when compensation reduction has been implemented by the Board of Directors for the Bank's senior management) as may be set by the Board of Directors of the Corporation and Bank taking into account the position and duties of the Executive and the performance of the Corporation and Bank under the Executive's leadership.
ANNUAL DIRECT SALARY. Company shall pay to Executive a base salary --------------------- in an amount to be determined by the Committee. This salary shall be paid in regular, substantially equal installments in accordance with the regular payroll practices of the Company, less any and all applicable deductions for taxes, medical benefits, etc.
ANNUAL DIRECT SALARY. As compensation for services rendered the Corporation under this Agreement, the Executive shall be entitled to receive from the Corporation an annual direct salary of not less than $460,000 per year, (the "Annual Direct Salary") payable in substantially equal monthly installments (or such other more frequent intervals as may be determined by the Board of Directors of the Corporation as payroll policy for senior executive officers) prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the Board of Directors on each anniversary of this Agreement and shall be adjusted in accordance with the prevailing market value of the position and the current pay increase practice of the Corporation. In no event shall the Annual Direct Salary be decreased without the expressed written consent of the Executive.
ANNUAL DIRECT SALARY. As compensation for services rendered to the Corporation and Bank under this Agreement, the Executive shall be entitled to receive from the Bank an annual direct salary of Two Hundred Twenty Thousand ($220,000) Dollars per year, (the “Annual Direct Salary”) payable in substantially equal bi-monthly installments (or such other intervals of the Bank’s payroll policy) prorated for any partial employment period. The Annual Direct Salary shall be reviewed annually, no later than December 30 of the then calendar year and shall be subject to such annual change (but not reduced below $220,000 without the Executive’s written consent) as may be set by the Board of Directors of the Corporation and Bank taking into account the position and duties of the Executive and the performance of the Corporation and Bank under the Executive’s leadership.
ANNUAL DIRECT SALARY. During the term of this Agreement, as compensation for services rendered to Company under this Agreement while Executive is employed with the Company, the Executive shall be entitled to receive from the Company an annual direct salary of not less than $250,000 per year, subject to all applicable federal, state and/or local tax and other withholdings, commencing as of Executive’s date of employment (the “Annual Direct Salary”). Executive’s Annual Direct Salary shall be payable in substantially equal biweekly installments, and shall be prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the CEO and/or UAI Board no later than April of each year this Agreement is in effect, commencing with calendar year 2010, and may be adjusted in the discretion of the CEO and/or UAI Board after taking into account the prevailing market value of the position and the then current pay increase practice of the Company. In no event shall the Annual Direct Salary be decreased without the express written consent of the Executive.
ANNUAL DIRECT SALARY. As compensation for services rendered, the Bank under this Agreement, the Executive shall be entitled to receive from the Bank an annual direct salary of not less than $110,000 per year, (the "Annual Direct Salary") payable in substantially equal monthly installments (or such other more frequent intervals as may be determined by the Board of Directors of the Bank as payroll policy for senior executive officers) prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the Board of Directors on each anniversary of this Agreement and shall be adjusted in accordance with the prevailing market value of the position and the current pay increase practice of the Bank. In no event shall the Annual Direct Salary be decreased. These Amendments supercede any and all Amendments, either oral or in writing, between the parties with respect to Subparagraphs 1 and 4(a) of the Agreement. This Amendment and the Agreement contain all of the covenants and agreements between the parties with respect to the employment of the Executive by the Corporation and the Bank. All of the remaining recitals and paragraphs of the Agreement are hereby reaffirmed, reratified, and reapproved by the parties hereto.
ANNUAL DIRECT SALARY. As compensation for services rendered the Bank under this Agreement, the Executive shall be entitled to receive from the Bank an annual direct salary as determined by the CEO and the Board of Directors from time to time (the “Annual Direct Salary”), payable in accordance with regular pay periods for officers of the Bank and prorated for any partial employment period. The Annual Direct Salary shall be reviewed annually as of the first of January of each calendar year and shall be subject to such annual increase as may be set by the CEO and the Board of Directors of the Bank taking into account the position and duties of the Executive and the performance of the Executive.
ANNUAL DIRECT SALARY. For purposes of this Agreement, Annual Direct Salary shall be defined as the fixed, gross, base annual salary paid to the Executive at such time as the Corporation customarily pays its other senior officers and shall not include any benefits, bonuses, incentives or other compensation.
