Common use of ANNUAL DIRECT SALARY Clause in Contracts

ANNUAL DIRECT SALARY. As compensation for services rendered the Corporation and Bank under this Agreement, the Executive shall be entitled to receive from the Bank an annual direct salary of One Hundred Twenty-Five Thousand ($125,000.00) Dollars per year, (the "Annual Direct Salary") payable in substantially equal bi-monthly installments (or such other intervals of the Bank's payroll policy) prorated for any partial employment period. The Annual Direct Salary shall be reviewed annually, no later than November 30 of the then calendar year and shall be subject to such annual change (but not reduced below $125,000.00 without the Executive's written consent, except in cases of national financial depression or emergency when compensation reduction has been implemented by the Board of Directors for the Bank's senior management) as may be set by the Board of Directors of the Corporation and Bank taking into account the position and duties of the Executive and the performance of the Corporation and Bank under the Executive's leadership.

ANNUAL DIRECT SALARY. As compensation for services rendered the Corporation and Bank under this Agreement, the Executive shall be entitled to receive from the Corporation or Bank an annual direct salary of One Hundred TwentyFifty-Five Thousand Dollars ($125,000.00155,000) Dollars per year, year (the "“Annual Direct Salary") ”), payable in substantially equal bi-monthly weekly installments (or such other intervals of the intervals, consistent with Bank's ’s payroll policy) ), prorated for any partial employment period. The Annual Direct Salary shall be reviewed annuallyannually or earlier, but no later than November 30 December 31 of the then calendar year and shall be subject to such annual change in the discretion of Corporation and Bank (but not reduced below One Hundred Fifty-Five Thousand Dollars ($125,000.00 155,000), or the rate later established, without the Executive's ’s written consent, except in cases of national financial depression or emergency when compensation reduction has been implemented by the Board of Directors for the Bank's ’s senior management) ), as may be set by the Board of Directors of the Corporation and Bank taking into account the position position, duties and duties of the Executive and the performance of the Corporation and Bank under the Executive's leadership.

ANNUAL DIRECT SALARY. As compensation for services rendered the Corporation and Bank under this Agreement, the Executive shall be entitled to receive from the Corporation or Bank an annual direct salary of One Two Hundred Twenty-Five Thirty Thousand Dollars ($125,000.00230,000) Dollars per year, year (the "“Annual Direct Salary") ”), payable in substantially equal bi-monthly weekly installments (or such other intervals of the intervals, consistent with Bank's ’s payroll policy) ), prorated for any partial employment period. The After July 2007, the Annual Direct Salary shall be reviewed annually, no later than November June 30 of the then calendar year and shall be subject to such annual change in the discretion of Corporation and Bank (but not reduced below Two Hundred Thirty Thousand Dollars ($125,000.00 230,000), or the rate later established, without the Executive's ’s written consent, except in cases of national financial depression or emergency when compensation reduction has been implemented by the Board of Directors for the Bank's ’s senior management) ), as may be set by the Board of Directors of the Corporation and Bank taking into account the position and duties of the Executive and the performance of the Corporation and Bank under the Executive's ’s leadership.

ANNUAL DIRECT SALARY. As compensation for services rendered the Corporation and Bank under this Agreement, the Executive shall be entitled to receive from the Corporation or Bank an annual direct salary of One Hundred Twenty-Five Sixty Thousand Dollars ($125,000.00160,000) Dollars per year, year (the "“Annual Direct Salary") ”), payable in substantially equal bi-monthly weekly installments (or such other intervals of the intervals, consistent with Bank's ’s payroll policy) ), prorated for any partial employment period. The Annual Direct Salary shall be reviewed annually, no later than November 30 of the then calendar year annually and shall be subject to such annual change in the discretion of Corporation and Bank (but not reduced below One Hundred Sixty Thousand Dollars ($125,000.00 160,000), or the rate later established, without the Executive's ’s written consent, except in cases of national financial depression or emergency when compensation reduction has been implemented by the Board of Directors for the Bank's ’s senior management) ), as may be set by the Board of Directors of the Corporation and Bank taking into account the position position, duties and duties of the Executive and the performance of the Corporation and Bank under the Executive's leadership.

ANNUAL DIRECT SALARY. As compensation for ____________________ services rendered to the Corporation and Bank under this Agreement, the Executive shall be entitled to receive from the Bank Corporation an annual direct salary of One Hundred Twenty-Five and Six Thousand and Eighty and 00/100 ($125,000.00106,080.00) Dollars per year, (the "Annual Direct Salary") payable in substantially equal bi-monthly installments (or such other intervals of consistent with the Bank's payroll policy) policy prorated for any partial employment period. The Annual Direct Salary shall be reviewed annually, no later than November 30 December 15 of the then calendar year and shall be subject to such annual change (but not reduced below $125,000.00 100,000.00 without the Executive's written consent, except in cases of national financial depression or emergency when compensation reduction has been implemented by the Board of Directors for the Bank's senior management) as may be set by the Board of Directors of the Corporation and Bank taking into account the position and duties of the Executive and the performance of the Corporation and Bank under the Executive's leadership.

ANNUAL DIRECT SALARY. As compensation for services --------------------- rendered the Corporation and Bank under this Agreement, the Executive shall be entitled to receive from the Bank an annual direct salary of One Hundred TwentyEighty-Five five Thousand ($125,000.0085,000) Dollars per year, (the "Annual Direct Salary") payable in substantially equal bi-monthly installments (or such other intervals of intervals, consistent with the Bank's payroll policy) prorated for any partial employment period. The Annual Direct Salary shall be reviewed annually, no later than November 30 of the then calendar year and shall be subject to such annual change (but not reduced below $125,000.00 85,000 without the Executive's written consent, except in cases of national financial depression or emergency when compensation reduction has been implemented by the Board of Directors for the Bank's senior management) as may be set by the Board of Directors of the Corporation and Bank taking into account the position and duties of the Executive and the performance of the Corporation and Bank under the Executive's leadership.