Common use of Compensation Structure Clause in Contracts

Compensation Structure. Section 6.5.1 of the Vail ---------------------- Banks Disclosure Memorandum contains a true and complete list of the names, titles, responsibilities and compensation arrangements of each person whose earned compensation (including without limitation all salary, wages, bonuses and fringe benefits, other than those fringe benefits made available to all employees on a non-discriminatory basis), regardless of whether actually payable in such year, from Vail Banks and WestStar for the current fiscal year will equal or exceed $25,000. Section 6.5.1 of the Vail Banks Disclosure Memorandum contains copies of all written agreements, correspondence (other than outstanding offers of employment to prospective employees whose compensation levels will not exceed $25,000 in cash), memoranda and other written materials currently in effect which have been provided to such employees relating to their compensation.