Common use of Share Salary Clause in Contracts

Share Salary. During the Stub Period, the Company shall pay to Executive a gross monthly share salary of $25,000.00, payable at the time that base salary is payable to the Executive and pro-rated for any partial month during the Stub Period, in grants of unrestricted shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), having a Fair Market Value (as defined below) on the date of grant equal to the pro rata portion of the share salary payable on each such pay date. During the Initial Term, the Company shall pay to Executive a gross annual share salary of $300,000.00 payable, at the time that base salary is payable to the Executive, in grants of unrestricted shares of the Common Stock, having a Fair Market Value on the date of grant equal to the pro rata portion of the share salary payable on each such pay date (the “Share Salary”). For purposes of this Agreement, “Fair Market Value” shall mean, as of any specified date, the closing price of the Common Stock as reported in The Wall Street Journal’s New York Stock Exchange (“NYSE”) — Composite Transactions listing for such day (corrected for obvious typographical errors), or if the shares are listed for trading on the NYSE but no closing price is reported in such listing for such day, then the last reported closing price for such shares on the NYSE, or if such shares are not listed or traded on the NYSE, the closing sales price on any national securities exchange on which the Common Stock is traded, or if the Common Stock is not traded on any national securities exchange, then the mean of the reported high and low sales prices for such shares in the over-the-counter market, as reported on the National Association of Securities Dealers Automated Quotations System, or if such prices shall not be reported thereon, the mean between the closing bid and asked prices reported by the National Quotation Bureau Incorporated, or in all other cases, the fair market value of a share of Common Stock as determined in good faith by the Board. The Board may, but shall have no obligation to, engage one or more appraisers in making its determination of Fair Market Value, and the Fair Market Value as determined by the Board may be higher or lower than any such appraisal. In making its determination of Fair Market Value, the Board shall comply with Section 409A (as defined below), to the extent applicable, and the applicable Internal Revenue Service and Treasury Department regulations thereunder. Following the Initial Term, the Share Salary shall be reviewed for increase (but not decrease) at the discretion of the Board annually during the Term, and, if adjusted, such adjusted amount shall become the “Share Salary” for purposes of this Agreement.

Share Salary. During the Stub Period, the Company shall pay to Executive a gross monthly share salary of $25,000.0062,500.00, payable at the time that base salary is payable to the Executive and pro-rated for any partial month during the Stub Period, in grants of unrestricted shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), having a Fair Market Value (as defined below) on the date of grant equal to the pro rata portion of the share salary payable on each such pay date. During the Initial Term, the Company shall pay to Executive a gross annual share salary of $300,000.00 750,000.00 payable, at the time that base salary is payable to the Executive, in grants of unrestricted shares of the Common Stock, having a Fair Market Value on the date of grant equal to the pro rata portion of the share salary payable on each such pay date (the “Share Salary”). For purposes of this Agreement, “Fair Market Value” shall mean, as of any specified date, the closing price of the Common Stock as reported in The Wall Street Journal’s New York Stock Exchange (“NYSE”) — Composite Transactions listing for such day (corrected for obvious typographical errors), or if the shares are listed for trading on the NYSE but no closing price is reported in such listing for such day, then the last reported closing price for such shares on the NYSE, or if such shares are not listed or traded on the NYSE, the closing sales price on any national securities exchange on which the Common Stock is traded, or if the Common Stock is not traded on any national securities exchange, then the mean of the reported high and low sales prices for such shares in the over-the-counter market, as reported on the National Association of Securities Dealers Automated Quotations System, or if such prices shall not be reported thereon, the mean between the closing bid and asked prices reported by the National Quotation Bureau Incorporated, or in all other cases, the fair market value of a share of Common Stock as determined in good faith by the Board. The Board may, but shall have no obligation to, engage one or more appraisers in making its determination of Fair Market Value, and the Fair Market Value as determined by the Board may be higher or lower than any such appraisal. In making its determination of Fair Market Value, the Board shall comply with Section 409A (as defined below), to the extent applicable, and the applicable Internal Revenue Service and Treasury Department regulations thereunder. Following the Initial Term, the Share Salary shall be reviewed for increase (but not decrease) at the discretion of the Board annually during the Term, and, if adjusted, such adjusted amount shall become the “Share Salary” for purposes of this Agreement.

Share Salary. During the Stub PeriodTerm and subject to the last sentence of this subsection (b), the Company shall pay to Executive a gross monthly share salary of $25,000.00, payable at the time that base salary is payable to the Executive and pro-rated for any partial month during the Stub Period, in grants of unrestricted shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), having a Fair Market Value (as defined below) on the date of grant equal to the pro rata portion of the share salary payable on each such pay date. During the Initial Term, the Company Bank shall pay to Executive a gross annual share salary of $300,000.00 600,000.00, pro-rated for any partial calendar year during the Term and payable, at the time that base salary is payable to the Executive, in grants of unrestricted shares of the Common Stock of the Company (“Common Stock”), having a Fair Market Value on the date of grant equal to the pro rata portion of the share salary payable on each such pay date (the “Share Salary”). For purposes of this Agreement, “Fair Market Value” shall mean, as of any specified date, the closing price of the Common Stock as reported in The Wall Street Journal’s 's New York Stock Exchange (“NYSE”) — - Composite Transactions listing for such day (corrected for obvious typographical errors), or if the shares are listed for trading on the NYSE but no closing price is reported in such listing for such day, then the last reported closing price for such shares on the NYSE, or if such shares are not listed or traded on the NYSE, the closing sales price on any national securities exchange on which the Common Stock is traded, or if the Common Stock is not traded on any national securities exchange, then the mean of the reported high and low sales prices for such shares in the over-the-counter market, as reported on the National Association of Securities Dealers Automated Quotations System, or if such prices shall not be reported thereon, the mean between the closing bid and asked prices reported by the National Quotation Bureau Incorporated, or in all other cases, the fair market value of a share of Common Stock as determined in good faith by the Company's Board of Directors (the “Board”). The Board may, but shall have no obligation to, engage one or more appraisers in making its determination of Fair Market Value, and the Fair Market Value as determined by the Board may be higher or lower than any such appraisal. In making its determination of Fair Market Value, the Board shall comply with Section 409A (as defined below), to the extent applicable, and the applicable Internal Revenue Service and Treasury Department regulations thereunder. Following A precondition to the Initial Term, the payment of Share Salary shall be reviewed to the Executive for increase (but not decrease) at any period beginning on or after June 1, 2013 is Flagstar's receipt from the discretion Executive of a properly signed and executed Mutual Release of Claims Agreement, in the form attached hereto as Exhibit A, and the expiration of the Board annually during the Term, and, if adjusted, such adjusted amount shall become the “Share Salary” for purposes of this AgreementRevocation Period (as defined therein).

Share Salary. During the Stub Period, the Company shall pay to Executive a gross monthly share salary of $25,000.00, payable at the time that base salary is payable to the Executive and pro-rated for any partial month during the Stub Period, in grants of unrestricted shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), having a Fair Market Value (as defined below) on the date of grant equal to the pro rata portion of the share salary payable on each such pay date. During the Initial Term, the Company shall pay to Executive a gross annual share salary of $300,000.00 600,000.00, pro-rated for any partial calendar year during the Term and payable, at the time that base salary is payable to the Executive, in grants of unrestricted shares of the Common Stock, having a Fair Market Value on the date of grant equal to the pro rata portion of the share salary payable on each such pay date (the “Share Salary”). For purposes of this Agreement, “Fair Market Value” shall mean, as of any specified date, the closing price of the Common Stock as reported in The Wall Street Journal’s New York Stock Exchange (“NYSE”) — Composite NYSE”)—Composite Transactions listing for such day (corrected for obvious typographical errors), or if the shares are listed for trading on the NYSE but no closing price is reported in such listing for such day, then the last reported closing price for such shares on the NYSE, or if such shares are not listed or traded on the NYSE, the closing sales price on any national securities exchange on which the Common Stock is traded, or if the Common Stock is not traded on any national securities exchange, then the mean of the reported high and low sales prices for such shares in the over-the-counter market, as reported on the National Association of Securities Dealers Automated Quotations System, or if such prices shall not be reported thereon, the mean between the closing bid and asked prices reported by the National Quotation Bureau Incorporated, or in all other cases, the fair market value of a share of Common Stock as determined in good faith by the Board. The Board may, but shall have no obligation to, engage one or more appraisers in making its determination of Fair Market Value, and the Fair Market Value as determined by the Board may be higher or lower than any such appraisal. In making its determination of Fair Market Value, the Board shall comply with Section 409A (as defined below), to the extent applicable, and the applicable Internal Revenue Service and Treasury Department regulations thereunder. Following the Initial Term, the Share Salary shall be reviewed for increase (but not decrease) at the discretion of the Board annually during the Term, and, if adjusted, such adjusted amount shall become the “Share Salary” for purposes of this Agreement.

Share Salary. During the Stub PeriodTerm, the Company shall pay to Executive a gross monthly share salary of $25,000.00and continuing until December 31, payable at the time that base salary is payable to the Executive and pro-rated for any partial month during the Stub Period, in grants of unrestricted shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), having a Fair Market Value (as defined below) on the date of grant equal to the pro rata portion of the share salary payable on each such pay date. During the Initial Term2015, the Company shall pay to Executive a gross annual share salary of $300,000.00 600,000, pro-rated for any partial calendar year during the Term (which proration period for 2013 shall begin on the Effective Date) and payable, at the time that base salary is payable to the Executive, in grants of unrestricted shares of the Common Stock of the Company (the "Common Stock") pursuant to the Company’s 2006 Equity Incentive Plan, having a Fair Market Value on the date of grant equal to the pro rata portion of the share salary payable on each such pay date (the “"Share Salary”"). For purposes of this Agreement, “"Fair Market Value” " shall mean, as of any specified date, the closing price of the Common Stock as reported in The the Wall Street Journal’s New York Stock Exchange (“"NYSE”") — - Composite Transactions listing for such day (corrected for obvious typographical errors), or if the shares are listed for trading on the NYSE but no closing price is reported in such listing for such day, then the last reported closing price for such shares on the NYSE, or if such shares are not listed or traded on the NYSE, the closing sales price on any national securities exchange on which the Common Stock is traded, or if the Common Stock is not traded on any national securities exchange, then the mean of the reported high and low sales prices for such shares in the over-the-counter market, as reported on the National Association of Securities Dealers Automated Quotations System, or if such prices shall not be reported thereon, the mean between the closing bid and asked prices reported by the National Quotation Bureau IncorporatedOTC Bulletin Board or the OTC Markets Group, Inc., or in all other cases, the fair market value of a share of Common Stock as determined in good faith by the Board. The Board may, but shall have no obligation to, engage one or more appraisers in making its determination of Fair Market Value, and the Fair Market Value as determined by the Board may be higher or lower than any such appraisal. In making its determination of Fair Market Value, the Board shall comply with Section 409A (as defined below), to the extent applicable, and the applicable Internal Revenue Service and Treasury Department regulations thereunder. Following the Initial Term, the Share Salary shall be reviewed for increase (but not decrease) at the discretion of the Board annually during the Term, and, if adjusted, such adjusted amount shall become the “Share Salary” for purposes of this Agreement.

Share Salary. During the Stub Period, the Company shall pay to Executive a gross monthly share salary of $25,000.00, payable at the time that base salary is payable to the Executive and pro-rated for any partial month during the Stub Period, in grants of unrestricted shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), having a Fair Market Value (as defined below) on the date of grant equal to the pro rata portion of the share salary payable on each such pay date. During the Initial Term, the Company shall pay to Executive a gross annual share salary of $300,000.00 300,000.00, pro-rated for any partial calendar year during the Term (which proration period for 2013 shall begin on the Effective Date) and payable, at the time that base salary is payable to the Executive, in grants of unrestricted shares of the Common Stock of the Company (the “Common Stock”) pursuant to the Company's 2006 Equity Incentive Plan, having a Fair Market Value on the date of grant equal to the pro rata portion of the share salary payable on each such pay date (the “Share Salary”). For purposes of this Agreement, “Fair Market Value” shall mean, as of any specified date, the closing price of the Common Stock as reported in The Wall Street Journal’s 's New York Stock Exchange (“NYSE”) — - Composite Transactions listing for such day (corrected for obvious typographical errors), or if the shares are listed for trading on the NYSE but no closing price is reported in such listing for such day, then the last reported closing price for such shares on the NYSE, or if such shares are not listed or traded on the NYSE, the closing sales price on any national securities exchange on which the Common Stock is traded, or if the Common Stock is not traded on any national securities exchange, then the mean of the reported high and low sales prices for such shares in the over-the-counter market, as reported on the National Association of Securities Dealers Automated Quotations System, or if such prices shall not be reported thereon, the mean between the closing bid and asked prices reported by the National Quotation Bureau IncorporatedOTC Bulletin Board or the OTC Markets Group, Inc., or in all other cases, the fair market value of a share of Common Stock as determined in good faith by the Board. The Board may, but shall have no obligation to, engage one or more appraisers in making its determination of Fair Market Value, and the Fair Market Value as determined by the Board may be higher or lower than any such appraisal. In making its determination of Fair Market Value, the Board shall comply with Section 409A (as defined below), to the extent applicable, and the applicable Internal Revenue Service and Treasury Department regulations thereunder. Following the Initial Term, the The Share Salary shall be reviewed for increase (but not decrease) at the discretion of the Board annually during the Term, and, if adjustedincreased, such adjusted increased amount shall become the “Share Salary” for purposes of this Agreement.

Share Salary. During the Stub Period, the Company shall pay to Executive a gross monthly share salary of $25,000.00, payable at the time that base salary is payable to the Executive and pro-rated for any partial month during the Stub Period, in grants of unrestricted shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), having a Fair Market Value (as defined below) on the date of grant equal to the pro rata portion of the share salary payable on each such pay date. During the Initial Term, the Company shall pay to Executive a gross annual share salary of $300,000.00 600,000.00, pro-rated for any partial calendar year during the Term (which proration period for 2013 shall begin on the Effective Date) and payable, at the time that base salary is payable to the Executive, in grants of unrestricted shares of the Common Stock of the Company (the “Common Stock”) pursuant to the Company's 2006 Equity Incentive Plan, having a Fair Market Value on the date of grant equal to the pro rata portion of the share salary payable on each such pay date (the “Share Salary”). For purposes of this Agreement, “Fair Market Value” shall mean, as of any specified date, the closing price of the Common Stock as reported in The Wall Street Journal’s 's New York Stock Exchange (“NYSE”) — - Composite Transactions listing for such day (corrected for obvious typographical errors), or if the shares are listed for trading on the NYSE but no closing price is reported in such listing for such day, then the last reported closing price for such shares on the NYSE, or if such shares are not listed or traded on the NYSE, the closing sales price on any national securities exchange on which the Common Stock is traded, or if the Common Stock is not traded on any national securities exchange, then the mean of the reported high and low sales prices for such shares in the over-the-counter market, as reported on the National Association of Securities Dealers Automated Quotations System, or if such prices shall not be reported thereon, the mean between the closing bid and asked prices reported by the National Quotation Bureau IncorporatedOTC Bulletin Board or the OTC Markets Group, Inc., or in all other cases, the fair market value of a share of Common Stock as determined in good faith by the Board. The Board may, but shall have no obligation to, engage one or more appraisers in making its determination of Fair Market Value, and the Fair Market Value as determined by the Board may be higher or lower than any such appraisal. In making its determination of Fair Market Value, the Board shall comply with Section 409A (as defined below), to the extent applicable, and the applicable Internal Revenue Service and Treasury Department regulations thereunder. Following the Initial Term, the The Share Salary shall be reviewed for increase (but not decrease) at the discretion of the Board annually during the Term, and, if adjustedincreased, such adjusted increased amount shall become the “Share Salary” for purposes of this Agreement.