As President and Chief. Executive Officer, the Executive shall serve under the direction of the Employer's board of directors and in accordance with the Employer's Articles of Incorporation and Bylaws, as each may be amended or restated from time to time. The Executive shall report directly to the board of directors. The Executive shall serve the Employer faithfully, diligently, competently, and to the best of the Executive's ability. The Executive shall exclusively devote full working time, energy, and attention to the business of the Employer and to the promotion of the Employer's interests throughout the term of this Agreement. Without the written consent of the board of directors of each of the Corporation and the Bank, during the term of this Agreement the Executive shall not render services to or for any person, firm, corporation, or other entity or organization in exchange for compensation, regardless of the form in which the compensation is paid and regardless of whether it is paid directly or indirectly to the Executive. Nothing in this section 1.2 shall prevent the Executive from managing personal investments and affairs, provided that doing so does not interfere with the proper performance of the Executive's duties and responsibilities under this Agreement.
As President and Chief. Executive Officer of PremierWest Bancorp, the Executive shall serve under the direction of PremierWest Bancorp's board of directors and in accordance with PremierWest Bancorp's Articles of Incorporation and Bylaws, as each may be amended or restated from time to time. As President and Chief Executive Officer of PremierWest Bank, the Executive shall serve under the direction of PremierWest Bank's board of directors and in accordance with PremierWest Bank's Articles of Incorporation and Bylaws, as each may be amended or restated from time to time. The Executive shall report directly to the board of directors. He shall serve PremierWest faithfully, diligently, competently, and to the best of his ability, and he shall exclusively devote his full time, energy, and attention to the business of PremierWest and to the promotion of PremierWest's interests throughout the term of this Employment Agreement. Without the written consent of PremierWest Bancorp's board of directors, the Executive shall not render services to or for any person, firm, corporation, or other entity or organization in exchange for compensation, regardless of the form in which such compensation is paid and regardless of whether it is paid directly or indirectly to the Executive. Nothing in this Article 2 shall prevent the Executive from managing his personal investments and affairs, provided that doing so does not interfere with the proper performance of his duties and responsibilities as President and Chief Executive Officer.
As President and Chief. Executive Officer of the Corporation, the Executive shall receive an annual base compensation of gross $550,000 ("Base Salary") to be paid in equal monthly installments, less the applicable deductions at source. Such compensation shall be reviewed annually by the Board of Directors of the Corporation in accordance with its internal policies in effect from time to time, but shall never be less than the amount stipulated herein.
As President and Chief. Executive Officer, the Executive shall serve under the boards of directors. The Executive shall report directly to the boards of directors. The Executive shall serve the Employer faithfully, diligently, competently, and to the best of the Executive’s ability. The Executive shall exclusively devote full working time, energy, and attention to the business of the Employer and to the promotion of the interests of the Employer throughout the term of this Agreement. Without the prior written consent of the board of directors of each of the Corporation and the Bank, during the term of this Agreement the Executive shall not render services to or for any person, firm, corporation, or other entity or organization in exchange for compensation, regardless of the form in which the compensation is paid and regardless of whether it is paid directly or indirectly to the Executive. Nothing in this Section 1.2 shall prevent the Executive from managing personal investments and affairs, provided that doing so does not interfere with the proper performance of the Executive’s duties and responsibilities under this Agreement.
As President and Chief. Executive Officer of the Company, Executive shall devote substantially all of his business time to such responsibilities and shall have full authority for management of the Company and all its operations, financial affairs, facilities and investments. Executive shall serve as a member of the Board, if so elected, shall act as a duly authorized representative of the Board, and shall be a member or an ex officio member of all committees of the Board, except the Human Resources and Audit Committees. Except as provided in paragraph 4 hereof, Executive shall not engage in any other employment or consulting activities during the Term or any Extended Term of this Agreement and shall exercise the highest degree of loyalty and the highest standards of conduct in the performance of his duties.
