Annual Increase. During the Contract Period the Board of Directors of the Employer shall review annually, or at more frequent intervals which the Board determines to be appropriate, the Executive’s compensation and shall award him additional compensation to reflect the impact of inflation, the Executive’s performance, the performance of the Employer and the CPB corporate group, and competitive compensation levels, all as determined in the discretion of the Board of Directors of the Employer. Additional compensation may take any form including but not limited to increases in annual salary, incentive bonuses and/or bonuses not tied to performance. However, in no event shall the percentage increase in annual compensation be less than the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (New York and Northern New Jersey – All Items) during the preceding twelve months.
Appears in 4 contracts
Samples: Change in Control and Assumption Agreement (Community Partners Bancorp), Change in Control and Assumption Agreement (Community Partners Bancorp), Change in Control and Assumption Agreement (Community Partners Bancorp)
