Executive’s Base Salary is reduced, or there is any material delay in the payment of Executive's Base Salary, or there is any material reduction in the nature and amount of benefits (including benefits under the Incentive Plan or the Stock Option Plan or any successor plans thereto) theretofore provided to Executive pursuant to Section 2;
Executive’s Base Salary. The Annual Bonus shall be pro-rated for any year of employment and paid in a single lump sum no later than March 15, of the year following the calendar year in which the Annual Bonus, if any, was earned. For clarity, any Annual Bonus payment made to Executive shall be purely discretionary and shall not form part of Executive’s contractual compensation under this Agreement. The first review of the target Annual Bonus percentage will occur in January 2020 and thereafter the target Annual Bonus percentage shall be reviewed on an annual basis. If the Company makes an Annual Bonus payment to Executive in respect of a particular calendar year, it shall not be obliged to make subsequent Annual Bonus payments in respect of subsequent calendar years. Executive must be employed by the Company on December 31st of the calendar year on which the bonus is based in order to be eligible to receive the Annual Bonus. Any Annual Bonus payments shall be paid to Executive less applicable deductions and withholding as required by law. Nothing in this Agreement will preclude the Board from changing or altering the objective criteria referred to under Section 4(b)(i), in whole or in part, in the Board’s sole discretion.
Executive’s Base Salary. The Annual Bonus shall be pro-rated for any year of employment and paid in a single lump sum no later than March 15, of the year following the calendar year in which the Annual Bonus, if any, was earned. For clarity the Executive will be eligible to receive an Annual Bonus for each calendar year where the objective criteria referred to in Section 4(b)(i) above are met unless as a result of the overall performance of the Company and any Group Company in any particular calendar year, the Board or an authorized delegate thereof determines that: (i) no annual bonuses (or equivalent payments) will be paid to any senior executives of the Company and/or of any Group Company with respect to such calendar year, in which case the Annual Bonus will not be paid to the Executive; or (ii) reduced annual bonuses (or equivalent payments) will be paid to any senior executives of the Company and/or of any Group Company with respect to such calendar year, in which case the Annual Bonus payable to the Executive shall also be reduced. Executive must be employed by the Company on December 31st of the calendar year on which the bonus is based in order to be eligible to receive the Annual Bonus. Any Annual Bonus payments shall be paid to Executive less applicable deductions and withholding as required by law. Nothing in this Agreement will preclude the Company from changing or altering the objective criteria referred to under Section 4(b)(i), in whole or in part, in the Company’s sole discretion.
Executive’s Base Salary. Executive’s base salary shall be in an amount set by the Board, but under no circumstances will be less than One Million Dollars ($1,000,000) per annum (“Base Salary”), which Base Salary shall be payable in regular installments in accordance with the Company’s general payroll practices and shall be subject to customary withholding and other deductions required by law or authorized in writing by Executive.
Executive’s Base Salary. For any Fiscal Year in which the Executive is employed by the Company hereunder for a period constituting less than an entire Fiscal Year (such period, a "Partial Year"), the incentive compensation payable hereunder in respect of any such period shall be (i) based upon the Company's level of performance during the Partial Year, and (ii) shall be in an amount equal to the incentive compensation which would be so payable if such period constituted the entire Fiscal Year in which it occurs multiplied by a fraction, the numerator of which shall be the number of days in the Partial Year and the denominator of which shall be 365. The incentive compensation payable hereunder in respect of the 1997 Fiscal Year shall be $71,521 (the product of $115,000 times a fraction, the numerator of which is the number of days between the Commencement Date and December 31, 1997 and the denominator of which is 365).
Executive’s Base Salary is reduced other than as the result of a program applied on a proportionately equivalent basis to all executives of the Bank; or any other failure by the Bank to comply with Section 4(i);
Executive’s Base Salary. If the Executive’s termination occurs during the 3-month period prior to a Change in Control, the same payments schedule as set forth in Section 6(c) shall apply with any additional severance amount owed due to the increased Severance Payment paid within thirty (30) days of the Change in Control.
Executive’s Base Salary. Section 5(a) of the Employment Agreement is replaced in its entirety with the following new Section 5(a):
Executive’s Base Salary. Executive shall receive an annual Base Salary of $300,431.25 payable according to the customary payroll practices of Company and subject to all required withholding taxes. The Committee, pursuant to provisions of Section 2.0, may increase this annual base salary upon relevant circumstances. Executive shall be reviewed at least annually. At least annually the Compensation Committee will review Executive’s Base Salary for competitiveness and appropriateness in the industry. Any increase in annual Base Salary awarded to the Executive by Company, shall constitute a new annual Base Salary for the purpose of this Agreement. To be effective such changes in the annual Base Salary shall be in writing signed by the Company.
Executive’s Base Salary. The Annual Bonus shall be payable to Executive within fifteen (15) days following the completion of the year-end audit.
