Managing Director's Compensation definition
Managing Director's Compensation. Managing Director shall be paid $180,000 annually, payable on a bi-monthly basis plus a $500 per month car allowance and normal company benefits. Managing Director shall also, subject to the terms and conditions in this Agreement, be entitled to a percentage of Pre- Tax Net Income from West operations. Compensation paid from "West" to any employee will be as reflected in the mutually agreed budget for "West" operations, which is attached as Schedule D to this Agreement. Any additional compensation paid to "West" employees other than the compensation as reflected in the budget will be paid, unless otherwise agreed in writing by Bank, from Managing Director's Profit Participation Distribution. See Schedule B for calculation of the Profit Participation Distribution.