Common use of COMPENSATION AND BENEFITS DURING TERM OF EMPLOYMENT Clause in Contracts

COMPENSATION AND BENEFITS DURING TERM OF EMPLOYMENT. 4.1 The Bank shall pay Employee during the Term of Employment $125,000.00 per annum paid on a monthly basis, with such increases as provided in Section 4.2 below, as salary (the "Salary"). The Bank may also pay such bonus compensation ("Bonus Compensation") as may be determined by the Board of Directors of the Bank in its sole discretion. 4.2 If this Agreement is extended pursuant to Section 2.6 above, the Salary for such extension period, or periods, as the case may be, will be determined by the Board of Directors in its sole discretion. 4.3 Employee shall be entitled to participate in any plan of the Bank relating to stock options, stock purchases, pensions, thrift, profit sharing, group life insurance, health, dental and disability coverage, education, or other retirement or employee benefits that the Bank has adopted or may adopt for the benefit of its employees. Employee shall also be entitled to participate in any other fringe benefits which are now or may become applicable to the Bank's employees and any other benefits which are commensurate with the duties and responsibilities to be performed by Employee under this Agreement. 4.4 The Bank will reimburse Employee for necessary and reasonable business expenses related to the business of the Bank incurred by him in the performance of his duties hereunder. Employee will be entitled to such reimbursement upon providing to the Bank appropriate documentation or receipts reflecting any such business expenses. 4.5 Employee will be entitled to four weeks of paid vacation during each calendar year during the Term of Employment hereof, to be taken at such times as shall not unreasonably interfere with or impede the operation of the Bank. 4.6 During the Term of this Agreement, the Bank will provide Employee with the use of a 1995 Ford Explorer. When the vehicle is 36 months old or has been driven 50,000 miles, whichever comes first, the Bank will eliminate use of the vehicle. Instead, the Employee will be given a car allowance, pursuant to the car policy then in effect.

COMPENSATION AND BENEFITS DURING TERM OF EMPLOYMENT. 4.1 The Bank shall pay Employee during the Term of Employment $125,000.00 135,000 per annum paid on a monthly basis, with such increases as provided in Section 4.2 below, as salary (the "Salary"). The Bank may also pay such bonus compensation ("Bonus Compensation") as may be determined by the Board of Directors of the Bank in its sole discretion. 4.2 If this Agreement is extended pursuant to Section 2.6 above, the Salary for such extension period, or periods, as the case may be, will be determined by the Board of Directors in its sole discretion. 4.3 Employee shall be entitled to participate in any plan of the Bank relating to stock options, stock purchases, pensions, thrift, profit sharing, group life insurance, health, dental and disability coverage, education, or other retirement or employee benefits that the Bank has adopted or may adopt for the benefit of its employees. Employee shall also be entitled to participate in any other fringe benefits which are now or may become applicable to the Bank's employees and any other benefits which are commensurate with the duties and responsibilities to be performed by Employee under this Agreement. 4.4 The Bank will reimburse Employee for necessary and reasonable business expenses related to the business of the Bank incurred by him in the performance of his duties hereunder. Employee will be entitled to such reimbursement upon providing to the Bank appropriate documentation or receipts reflecting any such business expenses. 4.5 Employee will be entitled to four weeks of paid vacation during each calendar year during the Term of Employment hereof, to be taken at such times as shall not unreasonably interfere with or impede the operation of the Bank. 4.6 During the Term of this Agreement, the Bank will provide Employee with the use of a 1995 Ford Explorer1998 vehicle. When the vehicle is 36 months old or has been driven 50,000 miles, whichever comes first, the Bank will eliminate review this policy and in its discretion furnish Employee with a new vehicle, allow Employee to continue to use of the vehicle. Insteadvehicle noted above, the or provide Employee will be given a car with an automobile allowance, pursuant to the car policy then in effect.

COMPENSATION AND BENEFITS DURING TERM OF EMPLOYMENT. 4.1 The Bank shall pay Employee during the Term of Employment $125,000.00 145,000.00 per annum paid on a monthly basis, with such increases as provided in Section 4.2 below, as salary (the "Salary"). The Bank may also pay such bonus compensation ("Bonus Compensation") as may be determined by the Board of Directors of the Bank in its sole discretion. 4.2 If this Agreement is extended pursuant to Section 2.6 above, the Salary for such extension period, or periods, as the case may be, will be determined by the Board of Directors in its sole discretion. 4.3 Employee shall be entitled to participate in any plan of the Bank relating to stock options, stock purchases, pensions, thrift, profit sharing, group life insurance, health, dental and disability coverage, education, or other retirement or employee benefits that the Bank has adopted or may adopt for the benefit of its employees. Employee shall also be entitled to participate in any other fringe benefits which are now or may become applicable to the Bank's employees and any other benefits which are commensurate with the duties and responsibilities to be performed by Employee under this Agreement. 4.4 The Bank will reimburse Employee for necessary and reasonable business expenses related to the business of the Bank incurred by him in the performance of his duties hereunder. Employee will be entitled to such reimbursement upon providing to the Bank appropriate documentation or receipts reflecting any such business expenses. 4.5 Employee will be entitled to four weeks of paid vacation during each calendar year during the Term of Employment hereof, to be taken at such times as shall not unreasonably interfere with or impede the operation of the Bank. 4.6 During the Term of this Agreement, the Bank will provide Employee with the use of an automobile of a 1995 Ford Explorertype approved by the Board and commensurate with Employee's position hereunder. When the vehicle is 36 months old or has been driven 50,000 miles, whichever comes first, the The Bank will eliminate use of pay for the vehicle. Instead, the Employee will be given a car allowance, pursuant expenses related to the car policy then in effectoperation and maintenance of such automobile. The Bank agrees to reimburse Employee for such expenses. The Bank may, however, pay Employee on the 1st day of any month during the Term of Employment hereof a monthly amount calculated to equal the monthly expenses related to the operation and maintenance of such automobile.

COMPENSATION AND BENEFITS DURING TERM OF EMPLOYMENT. 4.1 The Bank shall pay Employee during the Term of Employment $125,000.00 113,900 per annum paid on a monthly basis, with such increases as provided in Section 4.2 below, as salary (the "Salary"). The Bank may also pay such bonus compensation ("Bonus Compensation") as may be determined by the Board of Directors of the Bank in its sole discretion. 4.2 If this Agreement is extended pursuant to Section 2.6 above, the Salary for such extension period, or periods, as the case may be, will be determined by the Board of Directors in its sole discretion. 4.3 Employee shall be entitled to participate in any plan of the Bank relating to stock options, stock purchases, pensions, thrift, profit sharing, group life insurance, health, dental and disability coverage, education, or other retirement or employee benefits that the Bank has adopted or may adopt for the benefit of its employees. Employee shall also be entitled to participate in any other fringe benefits which are now or may become applicable to the Bank's employees and any other benefits which are commensurate with the duties and responsibilities to be performed by Employee under this Agreement. 4.4 The Bank will reimburse Employee for necessary and reasonable business expenses related to the business of the Bank incurred by him in the performance of his duties hereunder. Employee will be entitled to such reimbursement upon providing to the Bank appropriate documentation or receipts reflecting any such business expenses. 4.5 Employee will be entitled to four weeks of paid vacation during each calendar year during the Term of Employment hereof, to be taken at such times as shall not unreasonably interfere with or impede the operation of the Bank. 4.6 During the Term of this Agreement, the Bank will provide Employee with the use of a 1995 Ford Explorer1998 vehicle. When the vehicle is 36 months old or has been driven 50,000 miles, whichever comes first, the Bank will eliminate review this policy and in its discretion furnish Employee with a new vehicle, allow Employee to continue to use of the vehicle. Insteadvehicle noted above, the or provide Employee will be given a car with an automobile allowance, pursuant to the car policy then in effect.

COMPENSATION AND BENEFITS DURING TERM OF EMPLOYMENT. 4.1 The Bank shall pay Employee during the Term of Employment $125,000.00 100,000.00 per annum paid on a monthly basis, with such increases as provided in Section 4.2 below, as salary (the "Salary"). The Bank may also pay such bonus compensation ("Bonus Compensation") as may be determined by the Board of Directors of the Bank in its sole discretion. 4.2 If this Agreement is extended pursuant to Section 2.6 above, the Salary for such extension period, or periods, as the case may be, will be determined by the Board of Directors in its sole discretion. 4.3 Employee shall be entitled to participate in any plan of the Bank relating to stock options, stock purchases, pensions, thrift, profit sharing, group life insurance, health, dental and disability coverage, education, or other retirement or employee benefits that the Bank has adopted or may adopt for the benefit of its employees. Employee shall also be entitled to participate in any other fringe benefits which are now or may become applicable to the Bank's employees and any other benefits which are commensurate with the duties and responsibilities to be performed by Employee under this Agreement. 4.4 The Bank will reimburse Employee for necessary and reasonable business expenses related to the business of the Bank incurred by him in the performance of his duties hereunder. Employee will be entitled to such reimbursement upon providing to the Bank appropriate documentation or receipts reflecting any such business expenses. 4.5 Employee will be entitled to four weeks of paid vacation during each calendar year during the Term of Employment hereof, to be taken at such times as shall not unreasonably interfere with or impede the operation of the Bank. 4.6 During the Term of this Agreement, the Bank will provide Employee with the use of a 1995 Ford Explorer. When the vehicle is 36 months old or has been driven 50,000 miles, miles whichever comes first, the Bank will eliminate the use of the vehicle. Instead, the Employee will be given a car allowance, pursuant to the car policy then in effect.