Common use of ANNUAL DIRECT SALARY Clause in Contracts

ANNUAL DIRECT SALARY. As compensation for services rendered the Corporation under this Agreement, the Executive shall be entitled to receive from the Corporation an annual direct salary of not less than $460,000 per year, (the "Annual Direct Salary") payable in substantially equal monthly installments (or such other more frequent intervals as may be determined by the Board of Directors of the Corporation as payroll policy for senior executive officers) prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the Board of Directors on each anniversary of this Agreement and shall be adjusted in accordance with the prevailing market value of the position and the current pay increase practice of the Corporation. In no event shall the Annual Direct Salary be decreased without the expressed written consent of the Executive.

Appears in 2 contracts

Samples: Executive Employment and Severance Agreement (FNB Corp/Fl/), Executive Employment and Severance Agreement (First National Bankshares of Florida Inc)

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ANNUAL DIRECT SALARY. As compensation for services rendered the Corporation Bank under this Agreement, the Executive shall be entitled to receive from the Corporation Bank an annual direct salary of not less than $460,000 70,000 per year, (the "Annual Direct Salary") payable in substantially equal monthly installments (or such other more frequent intervals as may be determined by the Board of Directors of the Corporation Bank as payroll policy for senior executive officers) prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the Board of Directors on each anniversary of this Agreement and shall be adjusted in accordance with the prevailing market value of the position and the current pay increase practice practices of the CorporationCorporation and the Bank. In no event shall the Annual Direct Salary be decreased without the expressed written consent of the Executivedecreased.

Appears in 1 contract

Samples: Executive Employment Agreement (Ml Bancorp Inc)

ANNUAL DIRECT SALARY. As compensation for services rendered rendered, the Corporation Bank under this Agreement, the Executive shall be entitled to receive from the Corporation Bank an annual direct salary of not less than $460,000 125,000 per year, (the "Annual Direct Salary") payable in substantially equal monthly installments (or such other more frequent intervals as may be determined by the Board of Directors of the Corporation Bank as payroll policy for senior executive officers) prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the Board of Directors on each anniversary of this Agreement and shall be adjusted in accordance with the prevailing market value of the position and the current pay increase practice of the CorporationBank. In no event shall the Annual Direct Salary be decreased without the expressed written consent of the Executivedecreased.

Appears in 1 contract

Samples: Executive Employment Agreement (Ml Bancorp Inc)

ANNUAL DIRECT SALARY. As During the term of this Agreement, as compensation for services rendered the Corporation to Company under this Agreement, the Executive shall be entitled to receive from the Corporation Company an annual direct salary of not less than $460,000 320,000 per yearyear commencing as of January 1, 2006 (the "β€œAnnual Direct Salary") ”). The Annual Direct Salary shall be payable in substantially equal monthly installments (or such other more frequent intervals as may be determined by the Board of Directors of the Corporation as payroll policy for senior executive officers) biweekly installments, prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the Board in January of Directors on each anniversary of year this Agreement is in effect and shall may be adjusted in accordance with the discretion of the Board after taking into account the prevailing market value of the position and the then current pay increase practice of the CorporationCompany. In no event shall the Annual Direct Salary be decreased without the expressed express written consent of the Executive.

Appears in 1 contract

Samples: Executive Employment Agreement (United America Indemnity, LTD)

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ANNUAL DIRECT SALARY. As compensation for services rendered the Corporation Bank under this Agreement, the Executive shall be entitled to receive from the Corporation Bank an annual direct salary of not less than $460,000 145,000 per year, (the "Annual Direct Salary") payable in substantially equal monthly installments (or such other more frequent intervals as may be determined by the Board of Directors of the Corporation Bank as payroll policy for senior executive officers) prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the Board of Directors on each anniversary of this Agreement and shall be adjusted in accordance with the prevailing market value of the position and the current pay increase practice practices of the CorporationCorporation and the Bank. In no event shall the Annual Direct Salary be decreased without the expressed written consent of the Executivedecreased.

Appears in 1 contract

Samples: Executive Employment Agreement (Ml Bancorp Inc)

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