Common use of Compensation; Employment Agreements; Etc Clause in Contracts

Compensation; Employment Agreements; Etc. Enter into or amend or renew any employment, consulting, compensatory, severance, retention or similar agreements or arrangements with any director, officer or employee of Charter or CharterBank, or grant any salary, wage or fee increase or increase any employee benefit or pay any incentive or bonus payments, except (i) normal increases in base salary to employees in the Ordinary Course of Business and pursuant to policies currently in effect, provided that, such increases shall not result in an annual adjustment in base compensation (which includes base salary and any other compensation other than bonus payments) of more than five percent (5%) for any individual or three percent (3%) in the aggregate for all employees of Charter or CharterBank other than as disclosed in Charter Disclosure Schedule Section 5.01(c), provided further, that if the Closing Date has not occurred by October 1, 2018, the increases shall not result in an annual adjustment in base compensation of more than three percent (3%) in the aggregate for all employees of Charter or CharterBank other than as disclosed in Charter Disclosure Schedule Section 5.01(c), (ii) as may be required by Law, (iii) to satisfy contractual obligations existing or contemplated as of the date hereof, as previously disclosed to CenterState and set forth in Charter Disclosure Schedule Section 5.01(c), (iv) incentive or bonus payments either in accordance with past practice or in accordance with the terms of CharterBank Executive Incentive Plan and set forth in Charter Disclosure Schedule Section 5.01(c) or (v) severance in accordance with past practice and set forth in Charter Disclosure Schedule Section 5.01(c).

Compensation; Employment Agreements; Etc. Enter into or amend or renew any employment, consulting, compensatory, severance, retention or similar agreements or arrangements with any director, officer or employee of Charter NCC or CharterBankany of its Subsidiaries, or grant any salary, wage or fee increase or increase any employee benefit or pay any incentive or bonus payments, except (i) normal increases in base salary to employees in the Ordinary Course of Business and pursuant to policies currently in effect, provided that, such increases shall not result in an annual adjustment in base compensation (which includes base salary and any other compensation other than bonus payments) of more than five percent (5%) for any individual or three percent (3%) in the aggregate for all employees of Charter NCC or CharterBank any of its Subsidiaries other than as disclosed in Charter Disclosure Schedule Section 5.01(c), provided further, that if the Closing Date has not occurred by October 1, 2018, the increases shall not result in an annual adjustment in base compensation of more than three percent (3%) in the aggregate for all employees of Charter or CharterBank other than as disclosed in Charter NCC Disclosure Schedule Section 5.01(c), (ii) as may be required by Law, (iii) as may be required pursuant to the terms of any NCC Benefit Plan or to satisfy contractual obligations existing or contemplated as of the date hereofof this Agreement, as previously disclosed to CenterState and set forth in Charter NCC Disclosure Schedule Section 5.01(c), (iv) incentive or bonus payments either payments, in accordance with past practice or (to the extent applicable) including in accordance with the terms of CharterBank Executive the NCC 2011 Equity Plan, the NCC 2017 Equity Incentive Plan Plan, and the NCC 2018 Incentive Program, in each case as set forth in Charter NCC Disclosure Schedule Section 5.01(c) ), or (v) severance in accordance with past practice and set forth in Charter NCC Disclosure Schedule Section 5.01(c).