Common use of ANNUAL DIRECT SALARY Clause in Contracts

ANNUAL DIRECT SALARY. During the term of this Agreement, as compensation for services rendered to Company under this Agreement while Executive is employed with the Company, the Executive shall be entitled to receive from the Company an annual direct salary of not less than $250,000 per year, subject to all applicable federal, state and/or local tax and other withholdings, commencing as of Executive’s date of employment (the “Annual Direct Salary”). Executive’s Annual Direct Salary shall be payable in substantially equal biweekly installments, and shall be prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the CEO and/or UAI Board no later than April of each year this Agreement is in effect, commencing with calendar year 2010, and may be adjusted in the discretion of the CEO and/or UAI Board after taking into account the prevailing market value of the position and the then current pay increase practice of the Company. In no event shall the Annual Direct Salary be decreased without the express written consent of the Executive.

Appears in 2 contracts

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

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ANNUAL DIRECT SALARY. During the term of this Agreement, as compensation for services rendered to Company under this Agreement while Executive is employed with the Company, the Executive shall be entitled to receive from the Company an annual direct salary of not less than $250,000 350,000 per year, subject to all applicable federal, state and/or local tax and other withholdings, commencing as of Executive’s date of employment (the “Annual Direct Salary”). Executive’s Annual Direct Salary shall be payable in substantially equal biweekly installments, and shall be prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the CEO and/or UAI Board no later than in April of each year this Agreement is in effect, commencing with calendar year 20102009, and may be adjusted in the discretion of the CEO and/or UAI Board after taking into account the prevailing market value of the position and the then current pay increase practice of the Company. In no event shall the Annual Direct Salary be decreased without the express written consent of the Executive.

Appears in 1 contract

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

ANNUAL DIRECT SALARY. During the term of this Agreement, as compensation for services rendered to Company under this Agreement while Executive is employed with the Company, the Executive shall be entitled to receive from the Company an annual direct salary of not less than $250,000 275,000 per year, subject to all applicable federal, state and/or local tax and other withholdings, commencing as of Executive’s your date of employment (the “Annual Direct Salary”). Executive’s Annual Direct Salary shall be payable in substantially equal biweekly installments, and shall be prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the CEO and/or UAI Board no later than in April of each year this Agreement is in effect, commencing with calendar year 20102009, and may be adjusted in the discretion of the CEO and/or UAI Board after taking into account the prevailing market value of the position and the then current pay increase practice of the Company. In no event shall the Annual Direct Salary be decreased without the 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. During the term of this Agreement, as compensation for services rendered to Company under this Agreement while Executive is employed with the Company, the Executive shall be entitled to receive from the Company an annual direct salary of not less than $250,000 300,000 per year, subject to all applicable federal, state and/or local tax and other withholdings, commencing as of Executive’s your date of employment (the “Annual Direct Salary”). Executive’s Annual Direct Salary shall be payable in substantially equal biweekly installments, and shall be prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the CEO and/or UAI Board no later than in April of each year this Agreement is in effect, commencing with calendar year 2010, and may be adjusted in the discretion of the CEO and/or UAI Board after taking into account the prevailing market value of the position and the then current pay increase practice of the Company. In no event shall the Annual Direct Salary be decreased without the express written consent of the Executive.

Appears in 1 contract

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

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