Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall pay to him a salary at an annual rate of $350,000, payable in approximately equal installments in accordance with the Company’s customary payroll practices for senior officers. The Board of Directors of the Company (“Board”) shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 2 contracts
Samples: Merger Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc)
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall continue to pay to him a salary at an annual rate of $350,000[ ], payable in approximately equal installments in accordance with the Company’s customary payroll practices for senior officers. The Board of Directors of the Company (“Board”) shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 2 contracts
Samples: Employment Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc)
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall continue to pay to him her a salary at an annual rate of $350,000228,177.77, payable in approximately equal installments in accordance with the Company’s customary payroll practices for senior officers. The Board of Directors of the Company (“Board”) shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 1 contract
Samples: Employment Agreement (Western New England Bancorp, Inc.)
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company Bank shall continue to pay to him a salary at an annual rate of [$350,000250,000], payable in approximately equal installments in accordance with the CompanyBank’s customary payroll practices for senior officers. The Prior to each Anniversary Date, the Board of Directors of the Company (“Board”) shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 1 contract
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall continue to pay to him a salary at an annual rate of $350,000250,000, payable in approximately equal installments in accordance with the Company’s customary payroll practices for senior officers. The Prior to each Anniversary Date, the Board of Directors of the Company (“Board”) shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 1 contract
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall continue to pay to him a salary at an annual rate of $350,000[ ], payable in approximately equal installments in accordance with the Company’s customary payroll practices for senior officers. The Board of Directors of the Company (“Board”) shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 1 contract
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall continue to pay to him a salary at an annual rate of $350,000416,078, payable in approximately equal installments in accordance with the Company’s 's customary payroll practices for senior officers. The Board of Directors of the Company (“"Board”") shall review the Executive’s 's annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 1 contract
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall pay to him a salary at an annual rate of $350,000, payable in approximately equal installments in accordance with the Company’s 's customary payroll practices for senior officers. The Board of Directors of the Company (“Board”) shall review the Executive’s 's annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
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Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall continue to pay to him a salary at an annual rate of $350,000180,913.82, payable in approximately equal installments in accordance with the Company’s customary payroll practices for senior officers. The Board of Directors of the Company (“Board”) shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 1 contract
Samples: Employment Agreement (Western New England Bancorp, Inc.)
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall pay to him Executive a salary at an initial annual rate of $350,000, 600,000 payable in approximately equal installments in accordance with the Company’s 's customary payroll practices for senior officers. The Board of Directors Prior to each anniversary of the Company date of this Agreement occurring during the Employment Period, or on such other date as the Board may determine, but in no event greater than twelve (“Board”12) months between reviews, the Board shall review the Executive’s 's annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company or Bank for services hereunder at such times, and in such amounts and on such terms and conditions as the Board may determine from time to time.
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Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall pay to him a salary at an initial annual rate of ____________ DOLLARS ($350,000_______), payable in approximately equal installments in accordance with the Company’s their respective customary payroll practices for senior officers. The Company's Board of Directors of the Company (“Board”) shall review the Executive’s 's annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in at its discretion, approve an increase thereina salary increase. In addition to salary, the Executive may receive other cash compensation from the Company for services forservices hereunder at such times, in such amounts and on such terms and conditions as the Board of Directors of the Company may determine from time to timedetermine.
Appears in 1 contract
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall continue to pay to him a salary at an annual rate of $350,000200,000, payable in approximately equal installments in accordance with the Company’s 's customary payroll practices for senior officers. The Board of Directors of the Company (“Board”) shall review the Executive’s 's annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 1 contract
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall continue to pay to him a salary at an annual rate of $350,000221,780, payable in approximately equal installments in accordance with the Company’s 's customary payroll practices for senior officers. The Board of Directors of the Company (“Board”) shall review the Executive’s 's annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 1 contract
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall continue to pay to him a salary at an annual rate of $350,000211,484, payable in approximately equal installments in accordance with the Company’s 's customary payroll practices for senior officers. The Board of Directors of the Company (“"Board”") shall review the Executive’s 's annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 1 contract
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall continue to pay to him a salary at an annual rate of $350,000315,000, payable in approximately equal installments in accordance with the Company’s 's customary payroll practices for senior officers. The Board of Directors of the Company (“Board”) shall review the Executive’s 's annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
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Cash Compensation. (a) In consideration for the services to be rendered by the Executive hereunder, the Company shall pay to him her a salary at an initial annual rate of EIGHTY-SEVEN THOUSAND TWO HUNDRED DOLLARS ($350,00087,200), payable in approximately equal installments in accordance with the Company’s customary payroll practices for senior officers. The Prior to each Anniversary Date occurring during the Employment Period, the Board of Directors of the Company (“Board”) shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation and perquisites from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
(b) If elected to the Board, and if Executive chooses to serve on such Board, Executive will not be compensated for such service in the same manner as other members of the Board.
Appears in 1 contract
Cash Compensation. (a) In consideration for the services to be rendered by the Executive hereunder, the Company Bank shall pay to him her a salary at an initial annual rate of EIGHTY-SEVEN THOUSAND TWO HUNDRED DOLLARS ($350,00087,200), payable in approximately equal installments in accordance with the CompanyBank’s customary payroll practices for senior officers. The Prior to each Anniversary Date occurring during the Employment Period, the Board of Directors of the Company (“Board”) shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation and perquisites from the Company Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
(b) If elected to the Board, and if Executive chooses to serve on such Board, Executive will not be compensated for such service in the same manner as other members of the Board.
Appears in 1 contract
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall continue to pay to him a salary at an annual rate of $350,000, 252,918.12 payable in approximately equal installments in accordance with the Company’s 's customary payroll practices for senior officers. The Board of Directors of the Company (“Board”) shall review the Executive’s 's annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 1 contract
Samples: Employment Agreement (Western New England Bancorp, Inc.)
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall continue to pay to him a salary at an annual rate of $350,000, 225,000 payable in approximately equal installments in accordance with the Company’s customary payroll practices for senior officers. The Board of Directors of the Company (“Board”) shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 1 contract
Samples: Employment Agreement (Western New England Bancorp, Inc.)
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall continue to pay to him a salary at an annual rate of $350,000250,000, payable in approximately equal installments in accordance with the Company’s customary payroll practices for senior officers. The Prior to each Anniversary Date, the Board of Directors of the Company (“Board”) shall review the Executive’s annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash compensation from the Company for services hereunder at such times, in such amounts and on such terms and conditions as the Board may determine from time to time.
Appears in 1 contract
Cash Compensation. In consideration for the services to be rendered by the Executive hereunder, the Company shall pay to him a salary at an initial annual rate of ____________ ($350,000_______), payable in approximately equal installments in accordance with the Company’s their respective customary payroll practices for senior officers. The Company's Board of Directors of the Company (“Board”) shall review the Executive’s 's annual rate of salary during the regular employee review process and at such other times during the Employment Period as it deems appropriate, but not less frequently than once every twelve (12) months, and may, in at its discretion, approve an increase thereina salary increase. In addition to salary, the Executive may receive other cash compensation from the Company or the Bank for services hereunder at such times, in such amounts and on such terms and conditions as the Board Boards of Directors the Company may determine from time to timedetermine.
Appears in 1 contract