Common use of ANNUAL DIRECT SALARY Clause in Contracts

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. 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 '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 '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 's leadership.

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 Fifty Thousand ($220,000250,000) Dollars per year, 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 $220,000 250,000 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. 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 One Hundred Twenty Ninety Thousand ($220,000190,000) 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 $220,000 190,000 without the Executive’s written consent) as may be set by the Board of Directors of the Corporation and Bank Bank, upon recommendation of the President and Chief Executive Officer, taking into account the position and duties of the Executive and the performance of the Corporation and Bank under the Executive’s leadershipBank.