Common use of Cash Compensation Clause in Contracts

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an annual rate of $[ ], payable in approximately equal installments in accordance with the Bank’s customary payroll practices for senior officers. The Board shall review the Executive’s annual rate of salary at such times during the Employment Period as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 6 contracts

Samples: Employment Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc)

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Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an annual rate of $[ ]160,000, payable in approximately equal installments in accordance with the Bank’s 's customary payroll practices for senior officers. The Board shall review the Executive’s 's annual rate of salary at such times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 2 contracts

Samples: Employment Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an annual rate of $[ ]350,000, payable in approximately equal installments in accordance with the Bank’s Bank ‘s customary payroll practices for senior officers. The Board of Directors of the Bank (“Board”) shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 2 contracts

Samples: Settlement Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank Company shall continue to pay to him a salary at an annual rate of $[ ]250,000, payable in approximately equal installments in accordance with the Bank’s Company's customary payroll practices for senior officers. The Board shall review the Executive’s 's annual rate of salary at such times during the Employment Period as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company or the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Rome Bancorp Inc)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an annual rate of $[ ]315,000, payable in approximately equal installments in accordance with the Bank’s 's customary payroll practices for senior officers. The Board shall review the Executive’s 's annual rate of salary at such times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Westfield Financial Inc)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him her a salary at an annual rate of $[ ], 243,092.20 payable in approximately equal installments in accordance with the Bank’s 's customary payroll practices for senior officers. The Board shall review the Executive’s 's annual rate of salary at such times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Western New England Bancorp, Inc.)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an initial annual rate of $[ ]130,000, payable in approximately equal installments in accordance with the Bank’s customary payroll practices for senior officers. The Board shall review the Executive’s annual rate of salary at such times during the Employment Period times, as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase thereinin such annual rate of salary. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Merrill Merchants Bancshares Inc)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an annual rate of $[ ]221,780, payable in approximately equal installments in accordance with the Bank’s 's customary payroll practices for senior officers. The Board shall review the Executive’s 's annual rate of salary at such times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Westfield Financial Inc)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an annual rate of $[ ], 225,000 payable in approximately equal installments in accordance with the Bank’s customary payroll practices for senior officers. The Board shall review the Executive’s annual rate of salary at such times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Western New England Bancorp, Inc.)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an annual rate of $[ ]180,913.82, payable in approximately equal installments in accordance with the Bank’s customary payroll practices for senior officers. The Board shall review the Executive’s annual rate of salary at such times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Western New England Bancorp, Inc.)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him her a salary at an annual rate of $[ ]180,000, payable in approximately equal installments in accordance with the Bank’s customary payroll practices for senior officers. The Board shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Westfield Financial Inc)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an initial annual rate of $[ ]190,000, payable in approximately equal installments in accordance with the Bank’s customary payroll practices for senior officers. The Board shall review the Executive’s annual rate of salary at such times during the Employment Period times, as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase thereinin such annual rate of salary. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Merrill Merchants Bancshares Inc)

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Cash Compensation. (a) In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an initial annual rate of EIGHTY THOUSAND DOLLARS ($[ ]80,000), payable in approximately equal installments in accordance with the Bank’s 's customary payroll practices for senior officers. The Prior to each Anniversary Date occurring during the Employment Period, the Board shall review the Executive’s 's annual rate of salary at such times during the Employment Period as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Federal Bank (Af Bankshares Inc)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an annual rate of $[ ]211,484, payable in approximately equal installments in accordance with the Bank’s 's customary payroll practices for senior officers. The Board shall review the Executive’s 's annual rate of salary at such times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Westfield Financial Inc)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an annual rate of $[ ]200,000, payable in approximately equal installments in accordance with the Bank’s 's customary payroll practices for senior officers. The Board shall review the Executive’s 's annual rate of salary at such times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Westfield Financial Inc)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an annual rate of $[ ]350,000, payable in approximately equal installments in accordance with the Bank’s Bank 's customary payroll practices for senior officers. The Board of Directors of the Bank (“Board”) shall review the Executive’s 's annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Chicopee Bancorp, Inc.)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him her a salary at an initial annual rate of $[ ]112,500, payable in approximately equal installments in accordance with the Bank’s customary payroll practices for senior officers. The Board shall review the Executive’s annual rate of salary at such times during the Employment Period times, as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase thereinin such annual rate of salary. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Merrill Merchants Bancshares Inc)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him a salary at an annual rate of $[ ]416,078, payable in approximately equal installments in accordance with the Bank’s 's customary payroll practices for senior officers. The Board shall review the Executive’s 's annual rate of salary at such times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Employment Agreement (Westfield Financial Inc)

Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Bank shall continue to pay to him her a salary at an annual rate of $[ ]180,000, payable in approximately equal installments in accordance with the Bank’s Bank ‘s customary payroll practices for senior officers. The Board shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.

Appears in 1 contract

Samples: Settlement Agreement (Westfield Financial Inc)

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