Base Salary Reduction. The failure of the Company to pay or cause to be paid Executive’s Base Salary, when due hereunder or reduction in Executive’s Base Salary (other than as a result of an across the board reduction proportionately affecting substantially all other senior executive officers of the Company);
Base Salary Reduction. The Participant may elect to reduce his base salary by a specified percentage thereof (not to exceed 15%) and, in lieu of receiving such salary, receive a number of Shares of the Company, subject to the terms, conditions and restrictions set forth herein (“Restricted Stock”), equal to the amount of such salary reduction divided by a dollar amount equal to the Fair Market Value of a Share on the date on which such Restricted Stock is received. In the first year of the Participant’s eligibility to participate in the Plan, an election to reduce the Participant’s salary for the period of that initial year of eligibility subsequent to the election must be made within 30 days after the date that the Participant becomes eligible so to participate (the “Initial Election Deadline”). An election so made during the initial year of eligibility (“Initial Salary Election”) shall become irrevocable on the Initial Election Deadline and shall be effective beginning with the first pay period that ends after the Initial Election Deadline. Any election to reduce salary otherwise payable in a calendar year after the Participant’s initial year of eligibility shall be effective beginning with the first pay period that ends after January 1 of the calendar year next following the calendar year in which such election is made (and shall become irrevocable on December 31 of the calendar year in which such election is made with respect to the next calendar year). Any cancellation of, or other change in, any such salary reduction election shall become effective as of the first pay period ending after January 1 of the calendar year next following the calendar year in which notice of such cancellation or change is filed (and any such notice shall become irrevocable on December 31 of the calendar year in which it is filed with respect to the next calendar year). Any salary reduction hereunder shall apply ratably to the Participant’s salary for each pay period covered by such election. Restricted Stock shall be issued for the account of the Participant, or allocated to the account of the Participant from Shares previously purchased by the Company, in respect of such salary reductions on the last business day in each calendar quarter ending March 31, June 30, September 30 and December 31 (each such date, a “Quarterly Allocation Date”). The number of shares of Restricted Stock issued or allocated to the Participant on each Quarterly Allocation Date shall be based upon the aggregate salary re...
Base Salary Reduction. Pursuant to the terms of my Deferred Compensation Agreement with the Bank, I hereby elect to defer, pursuant to the terms of Section 1 of the Agreement, $48,000.00 of my trustee fees, effective January 1, 1998. I recognize that my election to defer shall be effective for the calendar year set forth in the immediately preceding paragraph and all calendar years thereafter until I amend or revoke the election. I recognize that any such amendment or revocation can only be effective as of the beginning of the calendar year following my delivery of such amendment or revocation to the Board of Investment of the Bank.
Base Salary Reduction. Effective January 4, 2009, Executive’s base salary in effect as of December 31, 2008 shall be reduced by five percent (5%) (the “2009 5% Base Salary Reduction”).
Base Salary Reduction. The Company shall reduce Executive’s Base Salary to $293,475 effective May 1, 2020 (the “Base Salary Reduction”). Subject to Section 2 below, Executive acknowledges and agrees that: (a) the Base Salary Reduction is not a salary deferral; (b) the Base Salary Reduction shall not constitute “Good Reason” under the Agreement with respect to a material decrease in Base Salary; (c) Executive waives any and all rights to terminate his employment for “Good Reason” pursuant to Section 5(a) of the Agreement relating to the Base Salary Reduction; and (d) Executive waives all claims against the Company relating to the Base Salary Reduction.
Base Salary Reduction. Effective November 1, 2012, Executive’s Salary shall be reduced to $210,000 per annum. Executive agrees that such reduction shall not constitute a Good Reason termination pursuant to Section 5(c)(ii) of the Agreement and Executive waives any claims that such reduction constitutes a Good Reason termination.
Base Salary Reduction. Effective as of April 1, 2023, your annual base salary rate will be reduced temporarily from $608,867 (“Previous Salary”) to $487,094, to be paid in accordance with the Company’s customary payroll procedures. In addition, effective as of the earlier of: (1) January 1, 2025; or (2) a Change in Control (as defined in the Employment Agreement), your annual base salary rate will be reinstated to $608,867, or such other amount agreed between you and the Compensation Committee of the Board of Directors of the Company (the “Committee”).
Base Salary Reduction. Paragraph 3(a)(i) of the Original Agreement is hereby amended so that, effective for pay periods beginning on and after November 21, 2011, the Executive’s annual base salary of Four Hundred Thousand Dollars ($400,000.00) (the “Original Base Salary”) shall be reduced by 10% to an annual base salary of Three Hundred Sixty Thousand Dollars ($360,000.00) (the “Reduced Base Salary”). The Reduced Base Salary shall remain in effect until restored to the Original Base Salary or such other amount in excess of the Reduced Base Salary by action of the Board.
Base Salary Reduction. Section 2.4(a)(i) of the Agreement is hereby deleted in its entirety and replaced with the following: “Effective April 1, 2019, the Executive’s Base Salary shall be at the rate of US$240,000 per annum.”
