Common use of Compensation -- Salary and Bonus Clause in Contracts

Compensation -- Salary and Bonus. In consideration for services rendered by Mx. Xxxxxx under this Agreement, the Company shall pay to Mx. Xxxxxx a salary at an annual rate equal to: (a) during the period beginning on January 1, 2009 and ending on December 31, 2009, no less than $________; (b) during each calendar year that begins after December 31, 2009, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 2009; or (c) for each calendar year that begins on or after a Change in Control, the product of Mx. Xxxxxx’x annual rate of salary in effect immediately prior to such calendar year, multiplied by the greatest of: (i) 1.06; (ii) the quotient of (A) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the immediately preceding calendar year, divided by (B) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the second preceding calendar year; and (iii) the quotient of (A) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company (other than Mx. Xxxxxx) who are assistant vice presidents or more senior officers, divided by (B) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company (other than Mx. Xxxxxx) who are assistant vice presidents or more senior officers; The salary payable under this section 5 shall be paid in approximately equal installments in accordance with the Company’s customary payroll practices. Nothing in this section 5 shall be construed as prohibiting the payment to Mx. Xxxxxx of a salary in excess of that prescribed under this section 5 or of additional cash or non-cash compensation in a form other than salary, to the extent that such payment is duly authorized by or under the authority of the Board. No portion of the compensation paid to Mx. Xxxxxx pursuant to this Agreement shall be deemed to be compensation received by Mx. Xxxxxx in his capacity as director of the Company.

Compensation -- Salary and Bonus. In consideration for services rendered by Mx. Xxxxxx Xxxxx under this Agreement, the Company shall pay to Mx. Xxxxxx Xxxxx a salary at an annual rate equal to: (a) during the period beginning on January 1, 2009 and ending on December 31, 2009, no less than $________; (b) during each calendar year that begins after December 31, 2009, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 2009; or (c) for each calendar year that begins on or after a Change in Control, the product of Mx. Xxxxxx’x Xxxxx’x annual rate of salary in effect immediately prior to such calendar year, multiplied by the greatest of: (i) 1.06; (ii) the quotient of (A) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the immediately preceding calendar year, divided by (B) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the second preceding calendar year; and (iii) the quotient of (A) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company (other than Mx. XxxxxxXxxxx) who are assistant vice presidents or more senior officers, divided by (B) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company (other than Mx. XxxxxxXxxxx) who are assistant vice presidents or more senior officers; The salary payable under this section 5 shall be paid in approximately equal installments in accordance with the Company’s customary payroll practices. Nothing in this section 5 shall be construed as prohibiting the payment to Mx. Xxxxxx Xxxxx of a salary in excess of that prescribed under this section 5 or of additional cash or non-cash compensation in a form other than salary, to the extent that such payment is duly authorized by or under the authority of the Board. No portion of the compensation paid to Mx. Xxxxxx Xxxxx pursuant to this Agreement shall be deemed to be compensation received by Mx. Xxxxxx Xxxxx in his capacity as director of the Company.

Compensation -- Salary and Bonus. In consideration for services rendered by Mx. Xxxxxx Xxxxxxxxx under this Agreement, the Company shall pay to Mx. Xxxxxx Xxxxxxxxx a salary at an annual rate equal to: (a) during the period beginning on January 1, 2009 and ending on December 31, 2009, no less than $________; (b) during each calendar year that begins after December 31, 2009, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 2009; or (c) for each calendar year that begins on or after a Change in Control, the product of Mx. Xxxxxx’x Xxxxxxxxx’x annual rate of salary in effect immediately prior to such calendar year, multiplied by the greatest of: (i) 1.06; (ii) the quotient of (A) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the immediately preceding calendar year, divided by (B) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the second preceding calendar year; and (iii) the quotient of (A) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company (other than Mx. XxxxxxXxxxxxxxx) who are assistant vice presidents or more senior officers, divided by (B) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company (other than Mx. XxxxxxXxxxxxxxx) who are assistant vice presidents or more senior officers; The salary payable under this section 5 shall be paid in approximately equal installments in accordance with the Company’s customary payroll practices. Nothing in this section 5 shall be construed as prohibiting the payment to Mx. Xxxxxx Xxxxxxxxx of a salary in excess of that prescribed under this section 5 or of additional cash or non-cash compensation in a form other than salary, to the extent that such payment is duly authorized by or under the authority of the Board. No portion of the compensation paid to Mx. Xxxxxx Xxxxxxxxx pursuant to this Agreement shall be deemed to be compensation received by Mx. Xxxxxx Xxxxxxxxx in his capacity as director of the Company.

Compensation -- Salary and Bonus. In consideration for services rendered by MxXx. Xxxxxx Xxxxx under this Agreement, the Company Bank shall pay to MxXx. Xxxxxx Xxxxx a salary at an annual rate equal to: (a) during the period beginning on January 1, 2009 and ending on December 31, 2009, no less than $________388,000; (b) during each calendar year that begins after December 31, 2009, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 2009; or (c) for each calendar year that begins on or after a Change in Control, the product of MxXx. Xxxxxx’x Xxxxx'x annual rate of salary in effect immediately prior to such calendar year, multiplied by the greatest of: (i) 1.06; (ii) the quotient of (A) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the immediately preceding calendar year, divided by (B) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the second preceding calendar year; and (iii) the quotient of (A) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company Bank (other than MxXx. XxxxxxXxxxx) who are assistant vice presidents or more senior officers, divided by (B) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company Bank (other than MxXx. XxxxxxXxxxx) who are assistant vice presidents or more senior officers; The salary payable under this section 5 shall be paid in approximately equal installments in accordance with the Company’s Bank's customary payroll practices. Nothing in this section 5 shall be construed as prohibiting the payment to MxXx. Xxxxxx Xxxxx of a salary in excess of that prescribed under this section 5 or of additional cash or non-cash compensation in a form other than salary, to the extent that such payment is duly authorized by or under the authority of the Board. No . (d) no portion of the compensation paid to MxXx. Xxxxxx Xxxxx pursuant to this Agreement shall be deemed to be compensation received by MxXx. Xxxxxx Xxxxx in his capacity as director of the CompanyBank.

Compensation -- Salary and Bonus. In consideration for services rendered by MxXx. Xxxxxx under this Agreement, the Company Bank shall pay to MxXx. Xxxxxx a salary at an annual rate equal to: (a) during the period beginning on January 1, 2009 and ending on December 31, 2009, no less than $________541,000; (b) during each calendar year that begins after December 31, 2009, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 2009; or (c) for each calendar year that begins on or after a Change in Control, the product of MxXx. Xxxxxx’x Xxxxxx'x annual rate of salary in effect immediately prior to such calendar year, multiplied by the greatest of: (i) 1.06; (ii) the quotient of (A) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the immediately preceding calendar year, divided by (B) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the second preceding calendar year; and (iii) the quotient of (A) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company Bank (other than MxXx. Xxxxxx) who are assistant vice presidents or more senior officers, divided by (B) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company Bank (other than MxXx. Xxxxxx) who are assistant vice presidents or more senior officers; The salary payable under this section 5 shall be paid in approximately equal installments in accordance with the Company’s Bank's customary payroll practices. Nothing in this section 5 shall be construed as prohibiting the payment to MxXx. Xxxxxx of a salary in excess of that prescribed under this section 5 or of additional cash or non-cash compensation in a form other than salary, to the extent that such payment is duly authorized by or under the authority of the Board. No . (d) no portion of the compensation paid to MxXx. Xxxxxx pursuant to this Agreement shall be deemed to be compensation received by MxXx. Xxxxxx in his capacity as director of the CompanyBank.

Compensation -- Salary and Bonus. In consideration for services rendered by MxXx. Xxxxxx Xxxxxxxxx under this Agreement, the Company Bank shall pay to MxXx. Xxxxxx Xxxxxxxxx a salary at an annual rate equal to: (a) during the period beginning on January 1, 2009 and ending on December 31, 2009, no less than $________686,000; (b) during each calendar year that begins after December 31, 2009, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 2009; or (c) for each calendar year that begins on or after a Change in Control, the product of MxXx. Xxxxxx’x Xxxxxxxxx'x annual rate of salary in effect immediately prior to such calendar year, multiplied by the greatest of: (i) 1.06; (ii) the quotient of (A) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the immediately preceding calendar year, divided by (B) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the second preceding calendar year; and (iii) the quotient of (A) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company Bank (other than MxXx. XxxxxxXxxxxxxxx) who are assistant vice presidents or more senior officers, divided by (B) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company Bank (other than MxXx. XxxxxxXxxxxxxxx) who are assistant vice presidents or more senior officers; The salary payable under this section 5 shall be paid in approximately equal installments in accordance with the Company’s Bank's customary payroll practices. Nothing in this section 5 shall be construed as prohibiting the payment to MxXx. Xxxxxx Xxxxxxxxx of a salary in excess of that prescribed under this section 5 or of additional cash or non-cash compensation in a form other than salary, to the extent that such payment is duly authorized by or under the authority of the Board. No . (d) no portion of the compensation paid to MxXx. Xxxxxx Xxxxxxxxx pursuant to this Agreement shall be deemed to be compensation received by MxXx. Xxxxxx Xxxxxxxxx in his capacity as director of the CompanyBank.

Compensation -- Salary and Bonus. (a) In consideration for services rendered by Mx. Xxxxxx the Officer under this Agreement, the Company Bank shall pay to Mx. Xxxxxx the Officer a salary at an annual rate equal to: (ai) during the twelve month period beginning on January April 1, 2009 1997 and ending on December March 31, 20091998, no less than $________; (bii) during each calendar year twelve month period that begins after December March 31, 20091998, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 2009; orfor the prior twelve month period; (ciii) for each calendar year twelve month period that begins on or after a Change in Control, the product of Mx. Xxxxxx’x the Officer's annual rate of salary in effect immediately prior to such calendar yeartwelve-month period, multiplied by the greatest greater of: (i) 1.06; (iiA) the quotient of (A1) the U.S. City Average All Items Department of Labor Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribeN.Y.-Northeastern N.J.) for October of the immediately preceding calendar year, divided by (B2) the U.S. City Average All Items Department of Labor Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribeN.Y.-Northeastern N.J.) for October of the second preceding calendar year; and (iiiB) the quotient of (A1) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company Bank (other than Mx. Xxxxxxthe Officer) who are assistant vice presidents or more senior officers, divided by (B2) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company Bank (other than Mx. Xxxxxxthe Officer) who are assistant vice presidents or more senior officers; . (b) The salary payable under this section 5 4(a) shall be paid in approximately equal installments in accordance with the Company’s Bank's customary payroll practices. Nothing in this section 5 4 shall be construed as prohibiting the payment to Mx. Xxxxxx the Officer of a salary in excess of that prescribed under this section 5 4(a) or of a bonus of additional cash or non-cash compensation in a form other than salarycompensation, to the extent that such payment is duly authorized by or under the authority of the Board. . (c) No portion of the compensation paid to Mx. Xxxxxx the Officer pursuant to this Agreement shall be deemed to be compensation received by Mx. Xxxxxx him in his capacity as a director of the CompanyBank.

Compensation -- Salary and Bonus. In consideration for services rendered by Mx. Xxxxxx Xxxxx under this Agreement, the Company Bank shall pay to Mx. Xxxxxx Xxxxx a salary at an annual rate equal to: (a) during the period beginning on January 1, 2009 and ending on December 31, 2009, no less than $________388,000; (b) during each calendar year that begins after December 31, 2009, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 2009; or (c) for each calendar year that begins on or after a Change in Control, the product of Mx. Xxxxxx’x Xxxxx'x annual rate of salary in effect immediately prior to such calendar year, multiplied by the greatest of: (i) 1.06; (ii) the quotient of (A) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the immediately preceding calendar year, divided by (B) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the second preceding calendar year; and (iii) the quotient of (A) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company Bank (other than Mx. XxxxxxXxxxx) who are assistant vice presidents or more senior officers, divided by (B) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company Bank (other than Mx. XxxxxxXxxxx) who are assistant vice presidents or more senior officers; The salary payable under this section 5 shall be paid in approximately equal installments in accordance with the Company’s Bank's customary payroll practices. Nothing in this section 5 shall be construed as prohibiting the payment to Mx. Xxxxxx Xxxxx of a salary in excess of that prescribed under this section 5 or of additional cash or non-cash compensation in a form other than salary, to the extent that such payment is duly authorized by or under the authority of the Board. No . (d) no portion of the compensation paid to Mx. Xxxxxx Xxxxx pursuant to this Agreement shall be deemed to be compensation received by Mx. Xxxxxx Xxxxx in his capacity as director of the CompanyBank.

Compensation -- Salary and Bonus. In consideration for services rendered by Mx. Xxxxxx Xxxxxxxxx under this Agreement, the Company Bank shall pay to Mx. Xxxxxx Xxxxxxxxx a salary at an annual rate equal to: (a) during the period beginning on January 1, 2009 and ending on December 31, 2009, no less than $________686,000; (b) during each calendar year that begins after December 31, 2009, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 2009; or (c) for each calendar year that begins on or after a Change in Control, the product of Mx. Xxxxxx’x Xxxxxxxxx'x annual rate of salary in effect immediately prior to such calendar year, multiplied by the greatest of: (i) 1.06; (ii) the quotient of (A) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the immediately preceding calendar year, divided by (B) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the second preceding calendar year; and (iii) the quotient of (A) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company Bank (other than Mx. XxxxxxXxxxxxxxx) who are assistant vice presidents or more senior officers, divided by (B) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company Bank (other than Mx. XxxxxxXxxxxxxxx) who are assistant vice presidents or more senior officers; The salary payable under this section 5 shall be paid in approximately equal installments in accordance with the Company’s Bank's customary payroll practices. Nothing in this section 5 shall be construed as prohibiting the payment to Mx. Xxxxxx Xxxxxxxxx of a salary in excess of that prescribed under this section 5 or of additional cash or non-cash compensation in a form other than salary, to the extent that such payment is duly authorized by or under the authority of the Board. No . (d) no portion of the compensation paid to Mx. Xxxxxx Xxxxxxxxx pursuant to this Agreement shall be deemed to be compensation received by Mx. Xxxxxx Xxxxxxxxx in his capacity as director of the CompanyBank.

Compensation -- Salary and Bonus. In consideration for services rendered by MxXx. Xxxxxx under this Agreement, the Company shall pay to MxXx. Xxxxxx a salary at an annual rate equal to: (a) during the period beginning on January 1, 2009 2003 and ending on December 31, 20092003, no less than $________; (b) during each calendar year that begins after December 31, 20092003, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 20092003; or (c) for each calendar year that begins on or after a Change in Control, the product of MxXx. Xxxxxx’x annual rate of salary in effect immediately prior to such calendar year, multiplied by the greatest of: (i) 1.06; (ii) the quotient of (A) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the immediately preceding calendar year, divided by (B) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the second preceding calendar year; and (iii) the quotient of (A) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company (other than MxXx. Xxxxxx) who are assistant vice presidents or more senior officers, divided by (B) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company (other than MxXx. Xxxxxx) who are assistant vice presidents or more senior officers; The salary payable under this section 5 shall be paid in approximately equal installments in accordance with the Company’s customary payroll practices. Nothing in this section 5 shall be construed as prohibiting the payment to MxXx. Xxxxxx of a salary in excess of that prescribed under this section 5 or of additional cash or non-cash compensation in a form other than salary, to the extent that such payment is duly authorized by or under the authority of the Board. No Xxxxx.Xx portion of the compensation paid to MxXx. Xxxxxx pursuant to this Agreement shall be deemed to be compensation received by MxXx. Xxxxxx in his capacity as director of the Company.

Compensation -- Salary and Bonus. (a) In consideration for services rendered by Mx. Xxxxxx the Officer under this Agreement, the Company Bank shall pay to Mx. Xxxxxx the Officer a salary at an annual rate equal to: (ai) during the twelve month period beginning on January May 1, 2009 1997 and ending on December 31April 30, 20091998, no less than $________; (bii) during each calendar year twelve month period that begins after December 31April 30, 20091998, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 2009; orfor the prior twelve month period; (ciii) for each calendar year twelve month period that begins on or after a Change in Control, the product of Mx. Xxxxxx’x the Officer's annual rate of salary in effect immediately prior to such calendar yeartwelve-month period, multiplied by the greatest greater of: (i) 1.06; (iiA) the quotient of (A1) the U.S. City Average All Items Department of Labor Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribeN.Y.-Northeastern N.J.) for October of the immediately preceding calendar year, divided by (B2) the U.S. City Average All Items Department of Labor Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribeN.Y.-Northeastern N.J.) for October of the second preceding calendar year; and (iiiB) the quotient of (A1) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company Bank (other than Mx. Xxxxxxthe Officer) who are assistant vice presidents or more senior officers, divided by (B2) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company Bank (other than Mx. Xxxxxxthe Officer) who are assistant vice presidents or more senior officers; . (b) The salary payable under this section 5 4(a) shall be paid in approximately equal installments in accordance with the Company’s Bank's customary payroll practices. Nothing in this section 5 4 shall be construed as prohibiting the payment to Mx. Xxxxxx the Officer of a salary in excess of that prescribed under this section 5 4(a) or of a bonus of additional cash or non-cash compensation in a form other than salarycompensation, to the extent that such payment is duly authorized by or under the authority of the Board. . (c) No portion of the compensation paid to Mx. Xxxxxx the Officer pursuant to this Agreement shall be deemed to be compensation received by Mx. Xxxxxx him in his capacity as a director of the CompanyBank.

Compensation -- Salary and Bonus. In consideration for services rendered by Mx. Xxxxxx under this Agreement, the Company Bank shall pay to Mx. Xxxxxx a salary at an annual rate equal to: (a) during the period beginning on January 1, 2009 and ending on December 31, 2009, no less than $________541,000; (b) during each calendar year that begins after December 31, 2009, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 2009; or (c) for each calendar year that begins on or after a Change in Control, the product of Mx. Xxxxxx’x Xxxxxx'x annual rate of salary in effect immediately prior to such calendar year, multiplied by the greatest of: (i) 1.06; (ii) the quotient of (A) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the immediately preceding calendar year, divided by (B) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the second preceding calendar year; and (iii) the quotient of (A) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company Bank (other than Mx. Xxxxxx) who are assistant vice presidents or more senior officers, divided by (B) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company Bank (other than Mx. Xxxxxx) who are assistant vice presidents or more senior officers; The salary payable under this section 5 shall be paid in approximately equal installments in accordance with the Company’s Bank's customary payroll practices. Nothing in this section 5 shall be construed as prohibiting the payment to Mx. Xxxxxx of a salary in excess of that prescribed under this section 5 or of additional cash or non-cash compensation in a form other than salary, to the extent that such payment is duly authorized by or under the authority of the Board. No . (d) no portion of the compensation paid to Mx. Xxxxxx pursuant to this Agreement shall be deemed to be compensation received by Mx. Xxxxxx in his capacity as director of the CompanyBank.

Compensation -- Salary and Bonus. In consideration for services rendered by MxXx. Xxxxxx Xxxxxxxxx under this Agreement, the Company shall pay to MxXx. Xxxxxx Xxxxxxxxx a salary at an annual rate equal to: (a) during the period beginning on January 1, 2009 2003 and ending on December 31, 20092003, no less than $________; (b) during each calendar year that begins after December 31, 20092003, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 20092003; or (c) for each calendar year that begins on or after a Change in Control, the product of MxXx. Xxxxxx’x Xxxxxxxxx’x annual rate of salary in effect immediately prior to such calendar year, multiplied by the greatest of: (i) 1.06; (ii) the quotient of (A) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the immediately preceding calendar year, divided by (B) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the second preceding calendar year; and (iii) the quotient of (A) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company (other than MxXx. XxxxxxXxxxxxxxx) who are assistant vice presidents or more senior officers, divided by (B) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company (other than MxXx. XxxxxxXxxxxxxxx) who are assistant vice presidents or more senior officers; The salary payable under this section 5 shall be paid in approximately equal installments in accordance with the Company’s customary payroll practices. Nothing in this section 5 shall be construed as prohibiting the payment to MxXx. Xxxxxx Xxxxxxxxx of a salary in excess of that prescribed under this section 5 or of additional cash or non-cash compensation in a form other than salary, to the extent that such payment is duly authorized by or under the authority of the Board. No Xxxxx.Xx portion of the compensation paid to MxXx. Xxxxxx Xxxxxxxxx pursuant to this Agreement shall be deemed to be compensation received by MxXx. Xxxxxx Xxxxxxxxx in his capacity as director of the Company.

Compensation -- Salary and Bonus. In consideration for services rendered by MxXx. Xxxxxx Xxxxx under this Agreement, the Company shall pay to MxXx. Xxxxxx Xxxxx a salary at an annual rate equal to: (a) during the period beginning on January 1, 2009 2003 and ending on December 31, 20092003, no less than $________; (b) during each calendar year that begins after December 31, 20092003, such amount as the Board may, in its discretion, determine, but in no event less than the rate in effect on December 31, 20092003; or (c) for each calendar year that begins on or after a Change in Control, the product of MxXx. Xxxxxx’x Xxxxx’x annual rate of salary in effect immediately prior to such calendar year, multiplied by the greatest of: (i) 1.06; (ii) the quotient of (A) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the immediately preceding calendar year, divided by (B) the U.S. City Average All Items Consumer Price Index for All Urban Consumers (or, if such index shall cease to be published, such other measure of general consumer price levels as the Board may, in good faith, prescribe) for October of the second preceding calendar year; and (iii) the quotient of (A) the average annual rate of salary, determined as of the first day of such calendar year, of the officers of the Company (other than MxXx. XxxxxxXxxxx) who are assistant vice presidents or more senior officers, divided by (B) the average annual rate of salary, determined as of the first day of the immediately preceding calendar year, of the officers of the Company (other than MxXx. XxxxxxXxxxx) who are assistant vice presidents or more senior officers; The salary payable under this section 5 shall be paid in approximately equal installments in accordance with the Company’s customary payroll practices. Nothing in this section 5 shall be construed as prohibiting the payment to MxXx. Xxxxxx Xxxxx of a salary in excess of that prescribed under this section 5 or of additional cash or non-cash compensation in a form other than salary, to the extent that such payment is duly authorized by or under the authority of the Board. No Xxxxx.Xx portion of the compensation paid to MxXx. Xxxxxx Xxxxx pursuant to this Agreement shall be deemed to be compensation received by MxXx. Xxxxxx Xxxxx in his capacity as director of the Company.